Will the realty regulator finally become reality?
For the last four years everyone within the built environment of Indian real estate, homebuyers included, wanted a real estate regulator but the consensus eluded.
For the last four years everyone within the built environment of Indian real estate, homebuyers included, wanted a real estate regulator but the consensus eluded.
The pan-India survey by Track2Realty finds that that close to two-third, as many as 58 per cent of the real estate professionals admit to suffer some form of depression or general anxiety disorder due to demanding schedules, high stress levels and lack of performance-linked rewards.
At a time when attracting the best talent is as challenging as retaining them, and lack of quality professionals affecting the fortunes of many sectors, including the Indian real estate, it is appalling to note that the developers have yet not learnt the value of professionals.
A few may have succeeded but most of the developers have failed to position themselves right during the slowdown. In the process Track2Realty finds that the brand realty has taken a severe beating, losing the trust of both the end-users and the investors. The brand positioning that differentiates between the two different realty companies is today negligible with developers’ focus to sell. That, unfortunately, is not working for them and commanding premium over the brand reputation today is a far cry. Our team speaks to a cross section of developers, analysts and brand experts who may differ with each other but nearly all agree that sector has to come out of the Catch 22 situation.
From being the governance wild child to maturing into a market influencer, India’s real-estate sector has transformed in the past decade, with a paradigm shift from family owned businesses to corporates along with a few companies listing on stock exchanges. The change began with the government opening doors to Foreign Direct Investment (FDI) in 2005 and then welcoming the next wave of stability as corporate houses brought image restoration for the sector. Led by corporate entities, realty companies soon adopted corporate governance wherein transparency began to trickle down into the system as a norm slowly.
Track2Realty Exclusive: The property markets of the financial capital Mumbai and the political capital Delhi has always been exposed to the reality that it is the expat Indians, the working class professionals, who are the key demand drivers of property. However, in the last over a decade or so this outlook on the migrant work force has become a pan-India phenomenon.
Track2Realty Exclusive: Not that Hitender Tyagi of Noida was a prosperous landlord, yet he felt like the one with his small piece of 12 acre of agricultural land. Today this ailing farmer feels like a pauper who was forced to do away with his source of bread and butter as his land was forcibly acquired by the Noida Authority.
Track2Realty: As e-commerce attains new heights and presents a number of opportunities for the real estate sector in general—and the warehousing segment in particular—CBRE recommends strategies for landlords and e-retailers for attaining a win-win scenario.
Track2Realty Exclusive: In 2014, India elected a new Central Government with absolute majority after three decades. The absolute majority helped in the formation of the strong government capable of taking decisive steps without much opposition. Likewise, several pro-business reforms were introduced to propel the infrastructure growth and to infuse a positive sentiment for the future of the real estate sector including revitalising Special Economic Zones (SEZs), development of several industrial corridors, creation of 100 smart cities, relaxation in FDI norms in real estate, supporting affordable housing sector, introduction of REITs and InVITs etc
Track2Realty: In a market still defined by significant lack of transparency, real estate consultancies play a complex and responsibility-driven role in all real estate transactions, especially in the case of high-value property assets. In large ticket sized transactions such as those involved in Grade A office spaces, there can be no margin for error. Transparency, ethics and accurate market information play an inalienable role in closing such deals.