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Nothing hurts Indian real estate more than their inability to connect with the consumers and showcase them was is their legal right. The seeds of lack of trust in the minds of the buyers are sown at the time of booking itself as the developers do not find it necessary to showcase approvals, even when asked to, and it continues throughout the construction lifecycle.
There is a general apprehension that because of large-scale discretionary concessions given by the planning authority to almost each and every project, it may eventually compromise with the essential requirements once the new DP relaxes the norms. They suggest the DP must ensure that the BMC (Brihan Mumbai Municipal Corporation) should not grant approvals to projects which are devoid of recreational areas, open spaces and fire safety.
As per the data available with Track2Realty, the real estate think-tank group, Bangalore rental yields are highest in the country. It is range bound between 3-4 per cent, depending upon the location. The property prices are still much lower than many other cities, including the financial capital of India, Mumbai, or the Delhi-NCR market.
Most of the homebuyers as well as the other stakeholders of India’s housing market share the sentiments of this homebuyers. The Reserve Bank of India has indeed surprised many while keeping the repo rate unchanged at 6.25 per cent at the beginning of the new fiscal year. Even a symbolic rate cut would have helped the market change its outlook towards the economy.
Bangalore has become a hub for NRIs & HNIs. Bangalore has a large base of expatriates who live in the city and working abroad, families of these residents are well travelled, cultured and have sophisticated tastes. Growth in the IT Industry and a rapidly increasing number of High Net-Worth Individuals and movement of expatriates has brought Bangalore real estate in to prime focus for NRIs
Word-of-mouth publicity is a wish of all the developers both for sales and branding, yet the quest is to rope in a celebrity brand ambassador even if it has the only photo-opportunity connect with the project. Of late, there are a few case studies where the developers have used buyers as brand ambassadors.
In terms of pure economics renting out a property as against buying it may sound to be logical due to poor rental yield across India, the market reality beyond fiscal prudence is not that simple. In most of the Indian cities the tenants have to pass through a number of uncomfortable questions ranging from food habits to personal lifestyle choice before they can get a rental property for living. The process itself is very tedious and prone to leave grey zones.
Goregaon is gradually scaling up as luxury destination at the price of premium locality. Most of the new offerings are in the BHK plus and the analysts tracking the local property market are apprehensive that due to the short supply of smaller units the prices may hit the roof pretty soon.
Bangalore-based Nitesh Estates plans to grow its commercial & rental assets to more than 5 million sq. ft. of space in the near future. This includes locations in the central business districts and significant micro markets of Bengaluru. Nitesh Estates will develop and acquire A-Grade commercial & rental assets with an investment of around Rs. 1500- crore across multiple projects.
Godrej Properties has signed a new deal to develop a residential group housing project in the heart of Hinjawadi IT Park, Phase I, Pune.