Kumari Builders and Developers is planning to invest INR 500 crore over the next five years in building villas. The Bengaluru-based developer plans to expand its property portfolio by 1.8 million sq ft in the villa segment.
The first quarter of the year 2017 started with demonetization, a bold move undertaken by the government which was directed towards enhancing the liability of all the transactions and to make everyone and everything in the realty market accountable.
A Track2Realty pan-India survey finds that despite of high spending pattern of North Indians in general and Delhi-NCR in particular their investment and aspiration for a second home is far less than the citizens of Mumbai & Pune.
As home buyers rise up the economic ladder and get more exposed to the lifestyles of the rich in other countries, they demand similar services here in India as well. This phenomenon then becomes a ‘brand driver’ for developers who possess the skills and resources to cater to this segment.
The slowdown was predicted much ahead to the introduction of GST and RERA and we were prepared for it. Whenever there is a new law or regulation, changes are bound to impact any market and we must cautiously tread the transition phase. At the same time, the impact usually does not last long as people adapt to changes quickly. We continue to see good traction in our business despite these market challenges. Our business is based on certain core values, which we amplify to face tough challenges.
What has made Bangalore real estate market so very different? Has Bangalore been just blessed with climatic conditions, thriving economy of the region and talent pool or the developers in the city have been conscious to learn from the mistakes of other markets?
Embassy Group has been conferred the prestigious ‘Sword of Honour’ by the British Safety Council for three of its business parks – Embassy Manyata Business Park, Embassy TechVillage in Bangalore and Embassy TechZone in Pune.
It is true that the GST burden is today a huge deterrent in the housing market and a large share of homebuyers are now waiting for the project to be ready as the ready to move apartment won’t attract GST burden. The problem, however, is with millions of buyers who are in the mid cycle of construction and the GST has suddenly added to their already over stretched budget in the housing market.
The report states that 10,785 acres or around 18% of lake area has been encroached in 1,547 lakes in the two districts and also names over 75 companies in a list of offenders. The report blames almost all the prominent developers in the city. This includes developers like Prestige Group, Sobha Limited, Bagmane Group, NICE (Nandi Infrastructure Corridor Enterprises Limited) and Oasis Apartments, among others.
With the reasonable expectation of a roof over the head not very long ago, the real estate boom in this part of the world has scaled up the liberty of choice for the average homebuyers. While the aspirations of even the middle and lower middle income with moderate budget have gone up, there are very many residential projects launched in recent times that seem to fill the gap with the promise of hi-tech amenities, luxurious lifestyle, lush green surroundings within the range of Rs. 30-70 lakhs.