India is a land of eclectic real estate that has always been catering to the needs and wants of several prevailing segments of buyers, owners, developers, and investors. In case you and your family are looking to change your house in the near future, the million-dollar question for you would be whether you should buy or rent in the new year of 2022
The Indian real estate market, which came to a standstill in 2020 because of the first wave of the pandemic and lock downs, has shown indomitable resilience and crafted its way forward in 2021
The housing sector in India quickly adopted to digitalization and innovation and witnessed a demand shift with buyers looking for best-in-class amenities
The registration of homes in full 2021 was the highest in a decade."These strong numbers reflect the confident mood of homebuyers," says Amit Goyal, CEO of India Sotheby's International Realty
Hyderabad accounted for 31 per cent of new launches between January-September 2021, followed by Mumbai (18 per cent), Pune (17 per cent), Bengaluru (16 per cent) and Delhi NCR (10 per cent), showed data from JLL
Registration of residential properties in Mumbai municipal region stood at 1,441 units during the first week of November on strong demand during Diwali festival, according to Knight Frank India. The registration data is for properties bought in both primary and secondary (re-sale) market
Arunachal Pradesh Land Records granted land rights for the citizen of the state and after that only the state government has also moved towards fast digitalisation of its land record. Under the Arunachal Pradesh (Land Settlement and Records) Act of 2000, the state people did not have land titles
Indeed, the Indian real estate sector has been transformed significantly over the last decade. This transformation has been accelerated further by the central government’s reformative steps to bring ‘Acche Din’ to the realty sector
Experts from the Indian housing fraternity discussed how proptech is revolutionising the real estate industry and throwing up more opportunities for all stakeholders
The performance in October, with normal stamp duty rates, has also surpassed the registration numbers seen during the year-ago period, when a total of 7,928 deals were registered during a period of stamp duty rebates
As per the data available from the Government's Department of Registration and Stamps, the month of September 2021 saw 7,799 properties being registered in Mumbai, up 15% from the previous month of August 2021 which saw sales of 6784 units and 39% from a year ago where September 2020 saw sales of 5597 units in spite of the stamp duty cut announced by the Maharashtra Government during that period
Thirty million families who did not have a pukka roof above their heads have got a chance to become millionaires only through one scheme, "it is a big feat", Modi said
The Union Cabinet, in June 2021, approved The Model Tenancy Act, 2021 for circulation to all states and UTs for adoption by way of enacting new legislation or amending the existing rentals laws. The Model Tenancy Act, 2021 aims to create an effective regulatory ecosystem in India to govern landlord-tenant relationships
Nagpur: Realty sector has reportedly regained momentum as the city is moving to normalcy post the second wave of Covid-19 pandemic. Implementation of new unified development control and promotion regulations (UDCPR) has also helped.
Mumbai: There's real money to be made in real estate these days.
Brick-and-mortar is slowly emerging from the shadows of virtual sheen, as cuts in stamp duty and financing rates by top lenders such as HDFC, Kotak Mahindra and State Bank of India fuel a rally in property stocks.
Moving past the second wave of the pandemic, the commercial real estate sector is on the path of gradual recovery. Prior to COVID-19, the real estate industry was at its prime with commercial and residential activities in full swing. However, with the imposition of an abrupt lockdown in 2020, the real estate sector faced a slowdown in activities; and despite these hurdles, the industry has managed to overcome the challenges.
The office in UAE will cater to the NRI and High-Net-Worth Individuals (HNWI) with project offerings spread across India, the property consultant said. The company has set an annual revenue target of Rs 1,000 crore from NRI sales in projects spread across Mumbai, Pune and Bengaluru.
The pandemic has brought uncountable hardships and havoc, the housing market has recovered better than most other segments due to low mortgage rates and a shift from urban to suburban lifestyles. After the first lockdown, people realized the benefits of owning a home; therefore the second wave of COVID-19 had little impact on the industry. By supporting construction workers in being vaccinated as soon as possible, it boosted construction conversation. The vaccination campaign is likely to be expedited even more, lowering the risk factor. Vaccines' broader reach ensured better management and increased construction activity, which benefited realtors.
With work from home trending to be the new norm, residential real estate remains an appealing option from an investment perspective. As the sector gears up, digital expansions in real estate have already entered into a new phase, and it is an affirmative sign that the Indian real estate sector is now a globally recognized industry. It is condensing tech and innovation to enhance business operations and change the industry standard to transform the market. However, the growth of India’s escalating real estate sector was slightly flawed briefly by the global pandemic, but the challenge emphatically led the way and fast-paced the shift.
In Mumbai Metropolitan Region (MMR) alone, consultants expect 2 million sq. ft of launches in the coming festive months with 25-30 big launches planned.
The option of virtual site visits was initially reserved for NRI customers but now is the new normal for the entire customer base. VR technology such as Oculus Rift devices allowed customers to experience the township, key highlights, and amenities on offer.
With more than 1.42 billion inhabitants – an increase of a billion in less than 60 years – India will overtake China to become the most populous country on Earth in less than two years. Projections by the World Bank predict the number will grow to 1.64 billion by 2050.
As the pandemic instigated major lifestyle changes that forced people to stay at home for a long time, it acutely changed the way the spaces within the house were utilized.
For starters, any transfer of property to non-resident Indians (NRIs) and persons of Indian origin (PIOs) must comply with the Foreign Exchange Management Act (FEMA). The person bequeathing the property should have also acquired it in compliance with FEMA regulations or any other foreign exchange law in force at the time of acquisition of the property
Value of owning a home gains momentum in India
The value of owning a home is underpinned during the Covid-19 crisis and it gained momentum on grounds of safety and stability it offered.
The resurgence of demand for homes in Q3 and Q4 of FY 2021-22 was the only silver lining in an otherwise bleak year for the real estate sector. After the uncertainty witnessed between March and September 2020, residential sales demonstrated commendable recovery by recording huge sale volumes across price points in Q3 and Q4 of FY 2020-21. Measures such as stamp duty reduction, low interest on home loans and pent up demand helped pave the way for a short-lived but timely recovery.
Higher demand in Mumbai for larger homes, According to a recent Knight Frank report, the Mumbai region witnessed property registrations jump to a 10-year high for July 2021.
The second wave of COVID-19 has halted the recovery rate of the real estate sector. It has unprecedentedly disrupted the activities of new project launches and sales. Unfortunately, the pandemic has once again put a brake on the operations of the sector. As per industry experts, the sales have started falling since mid-April and the situation is likely to worsen in case the third wave persists.
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While property prices have grown at a CAGR of 1-6% across the high-end segment and around 2–7% across the mid-segment since 2010, the per capita GDP grew at a CAGR of 4.0% between 2010 and 2020. Pune led sales activity with an approximately 26% share, followed by Mumbai (19%). It was closely followed by Hyderabad and Delhi-NCR with 18% and 17% shares, respectively.
The devastating impact of the second wave of COVID-19 in India will stagnate price growth by crushing demand and offsetting the benefits given to builders by the government
Experts in the country’s real estate sector are rubbing their hands with glee as the once-suffering residential property market in India is coming back to life in style and taking real estate stocks up with them.
Thorat said, “The revenue ministry has emphasised on e-registration of properties. The digital registration process will enable sale and purchase of housing projects.
Mumbai: The Bombay high court has issued notice to Vasai Virar Municipal Corporation (VVMC) on a petition alleging that the corporation wants to acquire part of their building for constructing a tunnel for the Mumbai-Gujarat Bullet Train.
It is set to launch project in the national capital being developed in joint venture with Singapore sovereign wealth fund GIC. After receiving good customer response for independent floors in Gurugram, DLF said it will launch more such products in the market for sale
Both are happening. Between January and April, Bengaluru leased about 3 million sq ft, out of which share of our company is 750,000 sq ft even rent collection is 98-99%, so we are pretty stable
Low-interest rates, conducive government policies, flexible payment plans, easy investment opportunities and use of technologies have played a vital role in driving the growth in real estate
Mumbai will continue to remain the economic nerve centre of India despite the near-term disruption. The outlook remains bright, supported by proactive government policies, business dynamism and the general resilience of the city’s residents
The regulator has formed a committee to consider recommendations on two key issues – model agreements for commercial and residential apartments and plots, and drafts of allotment letters
The second wave of Covid-19 and the rollback of the stamp duty cut in Maharashtra impacted the housing sales in April, showed a report by Knight Frank India
Panvel is situated in the district of Raigarh at the entrance of the Konkan Division and has a history of the Mughal regime for some three hundred years. Since it is close to Mumbai, this is a very famous spot. Once a major "Rice Market" near Mumbai was known to Panvel
Home loans business, a relatively safer segment of banks' lending, is expected to bounce back after falling to an 11-year low in India as the government gives incentives for people to own their own houses, builders drop prices amid a glut and pent-up demand comes to the fore
The year 2020 has led to unforeseen changes in various sectors of the economy, and real estate has not been an exception. It remained exposed to multiple challenges, which altered its demand-supply dynamics. However, the sentiment is gradually improving, and realtors are looking forward to 2021 with high hopes
Ajmera Realty and Infra India Ltd. (BSE: 513349 & NSE: AJMERA) a leading real estate company with PAN India and International presence announced its Q4 FY 21 & FY 21 reporting strong growth numbers
It is not only pent-up demand that will push growth but the country is going through a structural transformation in housing demand. This is because of a combination of first-time homebuyers, and customers moving up the property ladder to shift to larger homes or acquiring a second home in another location, that is at play
The regulator is looking to streamline the process of hearing and disposal of the complaints referred to MahaRERA Conciliation and Disputes Resolution Forum, for which the procedural guidelines should be prescribed by the MahaRERA for hearing of complaints referred by MahaRERA
The real estate sector is one of the bellwethers of the Indian economy. It is also the highest employment generating sector in the country besides agriculture and contributes 7 percent to the country’s GDP
The real estate sector may be amongst the last to recover from the current COVID-19 pandemic crisis. The adverse impact of lockdown is not just visible on demand across real estate segments, but also on Private Equity (PE) investments
With improved buyer sentiment, we see a positive impact on the fence sitters who will now come out and invest, further increasing the demand for more dynamic layouts considering the new normal
A city of mangroves and flamingos; a seaside metropolis steeped in commerce; a powerhouse of arts and culture: Mumbai’s eclectic appeal draws people from across the world. Among them are many NRIs (non-resident Indians) who aspire to own real estate in Mumbai. And if you’re one of them, there’s good news—Snapping up your dream house in Maximum City just got a lot easier
Several functions in industries such as manufacturing, healthcare, aviation, hospitality etc. cannot be carried out from home. For the next one or two quarters, office space demand will remain muted
: The real estate industry in India has been fighting debilitating battles on multiple fronts for several years now. The sales are nowhere near the heydays of 2011-13 and the reforms that the Government has implemented since 2014 have made it impossible to carry out business the way it was done earlier. The biggest blow to the industry was the NBFC crisis in 2018
As some deadlocked projects are picked up by stressed asset managers, the sector can expect higher asset deliveries and a higher degree of expertise in the sector. This will bring new energy to sectors that currently have an average inventory overhang of 47 months in eight major housing markets, according to a recent October-December quarterly report on PropTiger.com
The Maharashtra cabinet on Wednesday approved a proposal offering 50 per cent waiver in premium to developers on real estate projects till December 31, 2021
The US-based Oaktree Capital in its bid claimed that post resolution, DHFL's NCDs would be assigned an AAA rating if their resolution plan is accepted, they said.
The developer, Siddhi Vinayak Enterprise, had marketed a project Windward Business Park in Vadodara and received bookings for the same without registering the project with the Gujarat Real Estate Regulatory Authority.
The AAR bench, though, added the amount will be subject to GST at the time of actual supply of service—when maintenance services or repairs of common areas and facilities are carried out, in future, by utilising these deposits.
BMC has said shop owners can only return to operate their shops once the fire NOC is re-issued and they are convinced about the structural stability of the mall after assessing audit reports.
The office space bought by Matondkar is on the sixth floor of the building with total area of 96.61 square metres (1,039.901 square feet). According to those close to the deal, she paid Rs 36,000 per square feet.
The RBI kept the repo rate unchanged in its October policy review, but announced some measures that are likely to encourage homebuyers and give a boost to lending and real estate.
In 2021, the southern cities such as Bengaluru and Hyderabad are placed comfortably to lead the path to recovery; emerging asset classes, such as student housing, co-living and senior housing are expected to pick up and flexible workspaces may make a strong comeback.
The coronavirus (COVID-19) pandemic dented new launches, leading to an unprecedented "significantly high" gap between the supply and sales, according to ANAROCK.
Cooperatives sector experts said as per a model bylaw of 2014, even if the general body decides on using it by defining its purpose, there is no need for the society to seek the deputy registrar or coop department's nod.
"At a time when the Worli and N M Joshi Marg BDD chawl redevelopment project is moving ahead it would have been unfortunate for this important project in central Mumbai to be stalled. This is good news," he said.
It directed the builder to pay interest of 9% pa on the Rs 8.4 crore already paid by Rajesh and Surali Joshi who had booked six flats in Wintergreen project in Borivli (east).
Real experts say it may take 12-18 months for the market to bounce back. The first segment to see an uptick will likely be the rental market after offices reopen and people return from their hometowns.
FlyBlade India recently launched helicopter services between Mumbai and YOOVillas Helipad. YOOVillas is India’s first and only YOO-branded villa enclave.
The pandemic has worsened the slowdown in India’s housing sector. However, home sales picked up in Q2, on the back of stagnant prices, lower interest rates and pent-up demand, even as they remained lower than 2019 sale levels. Mint explores the state of India’s real estate.
With a determined focus on timely delivery of real estate projects, Mr Ajay Chaudhary, CMD, Ace Group, has steered his firm to newer heights of glory while fulfilling the dreams and aspirations of the seekers of both affordable and luxury housing.
It made this statement before a bench of Justice Shahrukh Kathawalla and Justice Riyaz Chagla at the hearing of an application for interim reliefs filed by four shop owners who referred to the October 22 fire that broke out in a mobile accessories shop on the second floor and spread to other floors.
Developers are keen to reduce home inventory levels, which are at historically high levels, to increase cash flows during the pandemic, according to brokers and real estate consultants
The COVID-19 crisis has come as a sudden blow to the real estate sector in India. In addition to the halt in construction activities in the first three months of the outbreak of novel Coronavirus, there has also been a significant drop in the number of new residential launches across major metro cities since March 2020. In Apr-Jun 2020, hardly 1,400 housing units were added across top eight metro cities.
Byculla police registered the FIR against six directors of D B Realty—Shahid Balwa, Nasir Rafique, Sunita Goenka, Maryam Khan, Vinod Goenka and Jagat Killawala—and Tribeca director Sanket Borkar.
Last year a consortium led by Haldiram Snacks and two property developers, namely Pioneer Facor IT Infradevelopers and Sanar Property had expressed interest in bidding for the hill city. It is unclear whether they have submitted final bids.
The subsidiary is proposing to raise Rs 150 crore through non-convertible debentures (NCDs), which will also be backed by the Puravankara Group. At the end of financial year 2019-20 (April-March) Jaganmata had Rs 35.1 crore of debt outstanding, which was held entirely by the parent company.
Of the two plots, the company will be selling 6.4 acre at its project Arihant Akarshan in Chokha locality of the city, while over half an acre will be from the project Arihant Adita on Gangana Road, the company said in a regulatory filing.
The three hotels have been identified by the agency as the Fab Hotels group. "The attached three hotels are owned by Libra Realtors Pvt Ltd, Deewan Realtors Pvt Ltd, Rakesh Kumar Wadhawan, Romy Mehra, Libra Hotels Pvt Ltd and its directors," the agency said in a statement.
The company has inked the deal with Xander Investment Management, the owner of the commercial office building Pinehurst at Bengaluru’s Golf Links Business Park.
The company’s transaction value in real estate business rose to Rs 1,537.9 crore. The property transactions grew 5% on-year during the quarter as against industry drop of 50%.
Total income for the September quarter Rs 214.9 crore, down 48% from a year ago. However, the company’s income rose 55.1% sequentially from April-June quarter.
NBCC has awarded the project to Girdhari Lal Constructions and Altis Holding Corporation joint venture. A ‘bhoomi pujan’ was conducted at the project site on Wednesday.
Total income stood at Rs 50.70 crore in the second quarter of this fiscal, as against Rs 1,101.90 crore in the corresponding period of the previous year, according to a regulatory filing.
Total income stood at Rs 220.07 crore in the second quarter of this fiscal as against Rs 623.81 crore in the corresponding period of the previous year.
The company is proposing to raise Rs 165 crore through NCDs, which will also be backed by the Puravankara Group. At the end of 2019-20, Melmont had Rs 130.2 crore of debt outstanding, which was held entirely by the parent, the ratings agency said.
The latest example of a foreign investor stepping in came Tuesday, when India’s central bank asked Singapore-based DBS Group Holdings Ltd.’s India unit to take over capital-starved Lakshmi Vilas Bank Ltd.
BMC took possession of the Rs 200-crore property from the lessees, Prakash and Manoj Pandya, after they were charged with carrying out illegal constructions and digging a well without permission for the past several years.
While the year-on-year comparison for the first nine months of 2020 shows 35% decline in sanctions at 117 loans, the sequential growth is an indication of improving demand and liquidity scenario in the real estate sector.
On November 12, MahaRERA rejected a plea for compensation sought by Ashley Serrao and his father who had purchased a flat in Runwal Greens in Mulund in 2012.
The Reserve Bank of India’s House Price Index, which tracks home prices in 10 Indian cities, shows that return from owning housing real estate has plunged dramatically. The average return from owning real estate over the last decade has been 11.6% per year. Mint explores.
It is during this period that gated work campuses gained popularity among corporates, for whom innovative building designs and structures became the key to growth in a fast-developing and highly competitive world.
Many consumers haven’t paid their bills since the lockdown, complaining they were overcharged. If consumers from the rest of the state are included, then 1.35 crore consumers of MSEDCL have bill arrears to the tune of Rs 5,003 crore.
The Bombay HC has rapped a developer who has gone to celebrate Diwali in Mahabaleshwar while residents of a Santacruz housing society which is to be redeveloped by him have been awaiting transit rent for six months.
The four final bids for DHFL, submitted by Oaktree, Piramal Group, Adani Capital and SC Lowy, were to be put to vote Tuesday. DHFL is the first financial company in India to be put through a revamped administration framework.
Monetizing real estate assets can help corporate India retire long term debt of USD 341 billion according to JLL Research. An uncertain economic scenario has forced corporate finance heads to reimagine real estate assets as sources of funds to reduce debt.
The ‘Advanced Pick and Drop’ programme, ensures customer safety with a no-contact pick-up and drop service and live vehicle tracking in a completely paperless process.
Many consumers haven’t paid their bills since the lockdown, complaining they were overcharged. If consumers from the rest of the state are included, then 1.35 crore consumers of MSEDCL have bill arrears to the tune of Rs 5,003 crore.
On November 12, MahaRERA rejected a plea for compensation sought by Ashley Serrao and his father who had purchased a flat in Runwal Greens in Mulund in 2012.
Monetizing real estate assets can help corporate India retire long term debt of USD 341 billion according to JLL Research. An uncertain economic scenario has forced corporate finance heads to reimagine real estate assets as sources of funds to reduce debt.
When you are getting a desk lamp, then make sure that it can be easily adjusted and allow you to finely adjust the focus of the beam and glare of light as per your requirements.
The study is based on findings from the India Residential Energy Survey (IRES) 2020 conducted by CEEW in collaboration with the Initiative for Sustainable Energy Policy (ISEP) covering nearly 15,000 households across 152 districts in 21 states.
Sinha said, "Today's launch marks another step of the government towards the establishment of an accountable and transparent governing system where the welfare of common citizen is at the core.".
“The cumbersome process of auction and allotment of plots and tenements is proposed to be simplified and made more transparent by migrating the entire process onto a well-developed software,” GHB chairman Subhash Shirodkar said.
Average new home prices in 70 major cities climbed 0.6% in August from a month earlier, a touch better than a 0.5% increase in July, according to Reuters calculations based on data released by the National Bureau of Statistics on Monday.
“Over 342 cases were heard online and 187 orders issued during the period,” a MahaRERA official said, adding that the office was at present working in a 100% digital way.
The project, Anandghan in Pune, had come to a standstill in 2018, "leaving flat buyers high and dry", observed the a bench of Justice Ujjal Bhuyan and Justice Abhay Ahuja.
Corporate guarantors include Gadgil Holdings Private Limited and Dajikaka Gadgil Developers Private Limited, and also individual guarantors Saurabh Gadgil and Radhika Gadgil, for paying dues of Rs 112 crore as of August 28.
1,500 hutments were demolished in Ambedkar Nagar in 2017 for allegedly encroaching on mangrove land; committee set up to examine if slum dwellers can be rehabilitated.
Net absorption of commercial real estate across the top 8 cities declined over 73% from a year ago and 49.5% on-quarter to 3.72 million sq ft during the quarter as fresh transaction activity remained muted, showed data from Cushman & Wakefield.
The company has leased the space to Boston-headquartered State Street Corporation, US conglomerate Hasbro, American-Canadian digital media and broadcasting company Vice Media, and Temasek Holdings’ portfolio company STTelemedia.
A flat purchaser for one of the construction projects by Bhagtani builders has approached the Bombay High Court seeking an Enforcement Directorate investigation into the case against them, terming the Mumbai Economic Offences Wing’s investigation as inadequate.
“Our collections grow in the range of 10-15%. Last year, the receipts grew close to 10%. But this year, there is uncertainty,” said an official of the stamp and registration department.
The Shopping Centres Association of India (SCAI) has said that over the last two months, the organised retail industry has suffered losses of over Rs 90,000 crore and large-scale unemployment is a real possibility in the absence of financial relief and government support.
MMC chairperson Ryan Braganza said the proposal to waive off the rent from March to August will be forwarded to the directorate of municipal administration for approval.
The order was in an application by a Kandivli resident, Mohan Brahme that the project by J P Realtors and Suraksha Realty is without environmental nod though area is over 20,000 sqm.
The CBD officials said that apart from repairing the defunct lights they would also erect more than 250 new LED streetlights with poles at various places.
Buildings first converted into a shelter for migrants and then into quarantine center; beneficiaries say rent not paid in 7 months, the builder says all payments made till March.
Besides Investcorp, Nexus Ventures Partners, Mirae Assets and Trifecta Capital, among others, participated in the funding round, taking the total capital raised by the company to USD 90 million, Zolostays said in a statement.
The developer will be allowed a floor space index of 2.5 in a green zone. The 15,000 EWS units will comprise 50% of the project, while the balance will be for sale in the open market.
Indian Oil’s registered office building stands on a 1,200-sq m plot in BKC’s C-50 zone that was allocated in April 2004 for a lease period of 80 years.
Apart from the government-sponsored and SBICAP Ventures-managed last-mile fund for stuck projects, several large institutional investors are also getting active through their own distress or special opportunities funds.
Sunteck will be developing the entire project in phases over the next 5-7 years and is estimated to have a total development potential of 4.5 million sq ft with revenue of Rs 5,000 crore.
