Tax rebates for individual taxpayers could revive the residential property market
Anshuman Magazine, CMD of CBRE South Asia writes how tax…
Anshuman Magazine, CMD of CBRE South Asia writes how tax…
In 1959, Charles E Lindblom, the American political scientist, published a paper in the Public Administration Review entitled The Science of ‘Muddling Through’. In this, he contrasted what he called the ‘root method’ of decision-making with the ‘branch approach’.
Much like in Bangalore, the primary catalyst for Pune’s residential real estate market are the Information Technology and Information Technology-Enabled Services sectors.
For working-class home buyers in Mumbai, there aren’t too many…
Mumbai saw a steep rise in property prices during the boom period of 2008. However, the economic slowdown in 2009 led to a property market crash which made itself very tangible in Mumbai in the first quarter of 2009, stabilizing by the middle of year and rising again between the 3rd and 4th quarters.
Residential sales in Hyderabad remained modest in 4Q10. Although the city witnessed many launches, sales did not pick up. Market sentiment, especially among investors, stayed low as political uncertainty persisted.
Kolkata is fundamentally a Tier II city, and its real estate market is not as volatile as those of the primary cities. Because of this, Kolkata’s residential property sector was not as seriously impacted by the nationwide slump in the real estate market as cities like Mumbai, Delhi, Pune or Hyderabad.
The western cities of Ahmedabad and Mumbai, along with the southern tech hub of Bengaluru, all experienced healthy price appreciation in the 15-21% range whereas Chennai in south and Kolkata in east saw robust growth of 22% compared to the previous year, indicating strong economic activity and housing demand in these metros. This trend points to sustained demand in these economically vital centers. Pune, often seen as a more affordable alternative to Mumbai, also saw an 18% increase, suggesting it’s maintaining its appeal for homebuyers while still seeing significant price growth.
Emaar India the Indian business entity of brand Emaar, famous for developing Burj Khalifa, is now entering the Mumbai market with an offering in Alibag. The company will be introducing a coveted villa – only destination for the who’s who of Mumbai- the financial capital of India. It will soon be launching its first ultra-luxury villa project, The Casa Venero in Alibag, Maharashtra. The company has set up their sales lounge in the Oberoi.
The report further observed that growing interest in under-construction (UC) properties has resulted in a capital appreciation of 11% QoQ across the tracked cities, with significant growth seen in Thane (19.5% QoQ), Gurugram (17.3% QoQ) and Noida (14.5% QoQ). Additionally, the report indicated that demand for 3BHK units continues to dominate, accounting for 50% or more of total demand in most cities, except for Chennai, Navi Mumbai, and Thane, where 2BHK units remain the preferred choice.