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.
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.
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.
While there seems to be a crisis of credibility in the real estate sector on part of the investors, a survey by the Associated Chambers of Commerce and Industry of India (Assocham) says otherwise. It says the traditional investment options like gold, government bonds and bank fixed deposits are considered old school.
There is a lot of housing supply coming in, but the affordable variety is not happening where it is needed the most – in the central regions of cities like Mumbai, where properties are extremely overpriced now. Nevertheless, this is causing newer locations to be developed in the further suburbs, so the residential market is expanding.
The Maharashtra Chamber of Housing Industry’s (MCHI) 14th India Realty Expo 2010 has expressed satisfaction over the non resident Indians (NRIs) keen interest. The MCHI said in a statement that many NRI couples were looking up and evaluating options and the Participating developers and banks have reported receiving “solid enquiries” and many expect deals to be closed.
Keys Hotels, one of the leading players in the mid-market brand of New York-based Berggruen Hotels, has announced plans to develop 15 hotels across India in the next three years with a total investment of Rs 550 crore.
In India the early 1990s experienced the shopping malls expanding their footprint with well designed, built on international formats of retailing and integrated with entertainment and restaurants to provide a complete family experience. Shopping centers till then were designed and built to house several shops in a single facility.
There have been many cases where the project gets a kick start and invites bookings only on the paper. The property dealer with their minor gains/commission advices the gullible buyers to put their money in the projects. The prospective buyer must take the help of a local advocate and request him to prepare a search report.