Pune is virtually unrecognizable from the sleepy, laid-back city it was a few decades ago. There were no signs of any significant real estate action in the erstwhile Punyanagari before that. Today, however, Pune numbers in the Top Seven property hotspots within the country.
8 out of every ten home buyers in the Indian cities are sulking with the unfair trade practices of the real estate developers. Only 20 per cent of the buyers said they received a defect-free home and timely possession. The low customer satisfaction index was as much evident with developers offering affordable housing as with luxury housing.
It is an established fact that scheduled infrastructure projects tend to increase the value of properties in the adjoining areas. This occurs because the infrastructure project becomes a part of USP for the developers or property owners. There have been instances where property prices have increased 50-70% from the announcement of an infrastructure initiative until the operational phase.
Demand for mid-segment residential units in Mumbai is far greater than available and future supply, therefore growth is expected in 2011. In the industrial sector, cities such as Ahmedabad, Vadodara and other port cities in Gujarat are seeing the highest growth.
India has been ranked as the most preferred real estate destination among the Asia Pacific region as foreign investors still consider the country to be extremely viable, according to a report released by ULI-PwC. “India, and particularly Mumbai and New Delhi, are ranked the foremost real estate market destinations as the residential properties have maintain the growth momentum, and foreign investors still consider this market to be extremely viable,” the report titled ‘Emerging trends in Real Estate in Asia Pacific 2011′, said.
Emaar MGF today challenged a single judge’s dismissal of its plea for restraining Delhi Development Authority from encashing its bank guarantee worth Rs. 183 crore due to delay in completion of the Commonwealth Games village.
While many of the retailers are cribbing about the high cost of retail outlets, the retail empire with revenues of around Rs.10,000 crore, Future Group seems to believe in the conventional wisdom of joining if not beating the rivals. The Group is eyeing a piece of India’s booming real estate sector—putting finishing touches to new homes.
After the Convention of confederation of real estate developers’ association of India (CREDAI) where the Finance Minister Pranab Mukherjee urged the realty sector to be poor sensitive, it seems the affordable housing is the buzz word now. National Real Estate Development Council (NAREDCO), the apex body for real estate and housing sectors under the aegis of Ministry of Housing & Urban Poverty Alleviation, Government of India, also announced that its convention is aimed at realizing the “Housing for All” call of Prime Minister of India, Dr. Manmohan Singh.
Finance Minister Pranab Mukherjee has urged the real estate sector to be sensitive to the purchasing power of the poor while pricing their housing units. Speaking at the 10th national convention of the Confederation of Real Estate developers” Association of India (CREDAI) in New Delhi on Dec 16, Mukherjee also called for greater integrity in development, construction and marketing or real estate business.
The 10th National Convention (NATCON) of Confederation of Real Estate Developers’ Association of India (CREDAI) is being held in New Delhi, Dec 16-17, and the focus this year is on the affordable housing. The convention will be attended by more than 600 leading real estate developers, heads of financial institutions, fund managers, bankers, state & central government representatives, realty professionals and international experts. The convention will highlight the areas of concern in providing affordable housing to meet the growing need of creating inclusive development in the sector.