The uncertainty regarding the continuity of fiscal incentives is an area of growing concern among various stakeholders of Special Economic Zones (SEZs). Although, more than 40.0 million sq ft of new supply is scheduled for completion by 2020, which is currently mandatory to qualify for the companies to get income tax benefits in SEZs, it seems unlikely for all the projects to complete construction by then.
He came from Kolkata to Bangalore in 1993 to set up the Salarpuria Group’s construction business. But he believes that he was destined to be in this business. The business leader still carries the gratitude to point out that he was fortunate to be mentored by the best professional, Late Mr Salarpuria, in the industry which has goaded him to be where he is today.
The attraction for North Bangalore has been so profound for this location that most of the properties launched in recent times have been in North Bangalore only. It has definitely started overshadowing other hot property destinations like Outer Ring Road, Sarjapur and Whitefield.
An analysis by Track2Realty vis-à-vis the volume of office space consumption per household – not only in India but also internationally in London, Singapore, New York, Tokyo etc concludes that there is equilibrium when the office space consumption is around 60-65 sq feet per household. In India it is rather surprising that the ratio per household even in a city like Mumbai is 25 sq feet. Kolkata has a dismal only 14-15 sq feet office space per household. In Delhi-NCR it is again 20-25 sq feet per household.
The Consumer Confidence Report 20:20 finds that the developers who have been focused on the buyers with quality projects and meaningful dialogue have been rated higher by the consumers at a pan-India level.
Beyond the economic rationale, the developers assert that they are doing their homework properly. One of the largest developers claims it has its own empanelled brokers to give constant feedback on the market before the launch of any new project. They supplement it with a proper in-house research of the market, the catchment area, competition and other market forces.
What would hurt both the buyers as well as the builders is the fact that the property buying and selling would continue to be at standstill. The job market is not picking in any given industry and it would hurt the overall business.
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.
One of the most critical aspects of in business is ‘Caring Factor’. Every business on the face value tells its customers and stakeholders, including the employees, that it cares. It cares about them; it cares for them. It wants to make them feel loved and appreciated.
The prevailing sentiment among the home buyers is quite negative. The developers have definitely failed to identify the strategic and operational challenges that can goad the sector to adopt the best practices. There is no specified industry standard that can be widely accepted as best practice and the industry bodies are seen as builders’ lobbies.