Track2Realty Exclusive: The Indian real estate sector, often perceived as a sector with problems, is currently witnessing some sort of transformation. While the sector is now witnessing policy reforms, though at a slow pace, it is also witnessing increased professionalism in the way businesses are done in the country.
Track2Realty: According to recent CBRE report—How Global is the Business of Retail?—new trends identified in the global retail market saw retailers focusing on larger markets in 2013, with 83% of the survey cities witnessing at least one new entrant in the year (compared to 81% in 2012), while the top target markets saw a 28% rise in new entrants.
Track2Realty: Internationally, a building that reaches or exceeds the height of 150 metres is considered a skyscraper. Until recently, Mumbai was the only Indian city with high-rise buildings. The financial capital continues to see the highest demand for skyscrapers, as the only option to grow there is vertically. It now seems that in the coming decade, Maximum City will receive an even more cohesive skyline, with a host of projects in the race to touch the sky being constructed. The demand for high-rise buildings is certainly growing, and other cities are catching up.
Track2Realty: Describing Union Finance Minister’s Arun Jaitley’s maiden budget as “half glass full” and half filled with hopes, realtors’ apex body CREDAI Chairman Lalit Kumar Jain said it met with some expectations and left some out.
Track2Realty: The Union Budget 2014-15 was presented in the parliament under economic circumstances that required tax revenues to keep pace with targets. Considering the state of government finances and the current situation – below-normal monsoons, Middle East tension leading oil price volatility, the weakness of the India rupee etc., there was not much room for populism.
Track2Realty: In most metros such as Mumbai, redevelopment of old residential buildings is a normal and desirable occurrence. Without redevelopment, there would be no new supply in the fully developed city centres. Also, redevelopment is necessary because every building has an inbuilt shelf-life, after which it becomes unsafe, unattractive to the market and difficult to maintain.
Track2Realty: The alarm on a tough upcoming budget was sounded when the newly elected Prime Minister said that “time has come to take tough decisions in the interest of the nation. Prime Minister Narendra Modi is taking all due measures towards his vision of a ‘Shresht Bharat’, amidst some calibrated tough measures.
Track2Realty: Maharashtra Government will soon come out with cluster development policy. This was announced on Friday, June 27, by Sachin Ahir, Minister of State for Housing, Slum Improvement, Housing Repairs and Reconstruction, Urban Land Ceiling, Industries, Mines, Transport, Environment and Parliamentary Affairs. He was speaking at the real estate conclave organised by Confederation of Indian Industry (CII) in Mumbai.
Track2Realty Exclusive: The Government of India has been re-evaluating policy measures and modifying these or initiating fresh mandates in order to give a boost to the industry. Changes in policies pertaining to SEZs towards reducing area requirements, the easing of norms for external commercial borrowing (ECB) for development of affordable housing and the augmentation of limits for listed NCDs will go a long way in clearing bottlenecks faced by the sector.
Track2Realty: The problem of illegal buildings in Mumbai – and their impact on the existence of Mumbai’s citizens and organizations, as well as its real estate market – is not a recent phenomenon. In fact, it is as old as the BMC itself. Whether they were the result of corruption and collusion or lack of vigilance of, the issue has always persisted in what is India’s financial capital, which is also the country’s most space-challenged city.