Track2Realty-Agencies: The contribution of the real estate sector to India’s GDP has been estimated at 6.3 per cent in 2013, and the segment is expected to generate 7.6 million jobs in the same period, according to a report.
Track2Realty Exclusive: Some developers assert the redevelopment can add value in ways more than one and depends on the location and area of redevelopment. Diipesh Bhagtani Executive Director Jaycee Homes says in a particular location where the flats are already huge, a developer cannot offer a still larger space but can offer luxury.
Track2Realty: The newly elected leadership of realtors apex body CREDAI has embarked on a multi-pronged agenda to work closely with the various governments with focus on affordable housing, green buildings and water harvesting and skill development among construction workers.
Track2Realty Exclusive: With the number of approval-oriented steps adding up to more than 50, the process can stretch over a year and a half to two years. A system that is so obviously fraught with hurdles and red tape will naturally deter potential builders of integrity.
Track2Realty Exclusive: Compared to other countries in Asia, India still lags behind on the transparency parameter. But we are increasingly scaling up with the data availability for the retail and residential sectors improving across all tiers led by the fast-paced development of the residential sector and modern retail formats.
Track2Realty Exclusive: These are the logical road to reforms and cutting time on approvals. Such a move will go well with the government and thus reinforce the confidence of the buyers also.
Track2Realty: The real estate sector has welcomed the Union Housing Minister Ajay Maken’s move to accord infrastructure status to affordable housing on expected lines. The industry body CREDAI has nevertheless called for extending similar treatment to the entire housing sector again on expected lines. However, the market dynamics defy any dreams of mass housing or cheap housing even for the economically weaker sections.
Track2Realty Exclusive: Slow economic growth affecting housing market
The recent Indian economic growth has been hampered by several domestic and global factors, resulting in the GDP growth plunging to 3 years low at 5.3% in 2QFY13[1]. Factors such as weak global economy, high interest rates, high inflation, high fiscal deficit, and lack of reforms were the primary reason affecting the GDP growth.
Track2Realty Exclusive: The best part is that the banks are now a party to revive the property drive in the city. They are also hosting property exhibitions, introducing combo products that offer further interest rate reduction on a car loan if a customer has already taken a home loan and are sugar coating home loan products, besides cutting interest rates and waiving processing fees to pep up demand for home loans.
Sending positive signs from easing the cash crunch for the realty sector, Secretary for Financial Services D K Mittal on Monday, Sep 17, asked the commercial banks to focus on funding partially completed projects on a priority basis and development of projects in small towns.