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Among the major factors contributing to the escalating ‘claustrophobia effect’ of shrinking apartment sizes, demand for affordable homes in metros tops the list. Also, buyers are increasingly looking to avail the government’s credit subsidy benefits for affordable housing. These require a home to be priced
Given the dynamic civic and social infrastructure in the area, the project lies in close proximity to posh localities- Versova, Lokhandwala and Juhu. The project is located between the two major connectivity nodes of New link Road and Veera Desai Road. Some of the major connectivity and infrastructure projects announced like the upcoming metro lines add considerable leverage to the acquisition. The project has easy access and direct connectivity to most of the Mumbai via road and metro.
There is no simple yardstick to calculate the exact number of units and the actual funds that are needed to complete them. Each delayed project is different in size, stage of completion, city and micro-location, etc. Also, various methodologies are used to reach an approximate number. After considering the government’s caveats – non-inclusion of projects under NCLT, and inclusion of mid and affordable units only, ANAROCK has shortlisted units launched in 2013 or before.
Additionally, the fact that the corpus will be completely professionally-driven including real estate experts, banking or housing finance specialists, it is likely to move more smoothly and in the right direction with little scope for misadventure. These specialists will need to identify such projects that are affordable and middle-income projects and are in need of last-mile funding for completion. The government’s move to relax commercial borrowing for affordable housing is another welcome step.
Co-working is gaining immense popularity in the new-age workforce providing hassle-free ways of working and networking. Innov8’s new centre is located in central Delhi, attracting the best minds to collaborate and work together. The new centre offers a dedicated desk starting at an affordable price of INR 10,999/- per month and with the recently launched flexi pass at INR 2,999/- per month and a day pass at INR 600/- per hour for a hot desk or a meeting room.
The city with a penchant for villas is mostly moving towards the periphery locations. In those locations the land cost is still very affordable. The buyers, mostly local communities, are preferring these plotted villas. Since the developers do not have the construction finance to bother, they can even hold it in the wake of slow sales.
Even as India’s middle-class grapples with the prospect of an uncertain future in their careers and financial ability – the main drivers of housing demand – the rise of India’s super-rich continues unabated. According to Credit Suisse report, there were an estimated 3.42 lakh dollar-millionaires in India as on mid-2018 who collectively held around USD 6 trillion. It is forecast that 5.26 lakh Indian dollar millionaires’ wealth will be around USD 8.8 trillion by 2023. Market fluctuations make very little difference to the personal networth of these individuals.
Traditionally, the festive quarter fares better than the previous quarters of the year when it comes to housing sales – the combination of religious sentiment and festive deals and freebies is a potent mix during this part of the year. For instance, Q4 2015 saw 70,000 homes sold in the seven major cities. However, as tempting as it was for developers to believe that this was an unshakeable performance standard, it was certainly shaken just a year later. After demonetization (DeMo) was announced in this critical quarter in 2016, housing sales halved to 32,100 units.
Furniture players are also experimenting with design and interior modelling of homes. Through an online presence and an influencer network, players are investing in this side of the business. As a result, furniture players are not just your simple sofa sellers, they are much more! They now offer new-age designs, suggest home improvement tips by way of customization and site visits by their own ‘design officers’. These specialized services win over the traditional furniture store operators in terms of post-sales services delivery and customer satisfaction.
Indian real estate is still a viable and fairly safe long-term investment option. Investors with a short-term view on ‘instant returns’ need to look elsewhere, but most other asset classes are quite volatile in nature and will continue to remain so. Indian residential real estate is a long-time favourite of resident Indians and NRIs, and recent trends suggest a positive outlook for this asset class going forward. Property prices have bottomed out and cannot possibly reduce further, especially since construction costs are gradually heading north.