Which is beneficial, buying a property or staying on rent? In the absence of a robust and reliable tool, these decisions were traditionally taken with gut feel or with the guidance of a close relative / friend, leaving scope for error. The real estate website Makaan.com has now launched India’s first Buy vs. Rent Index.
Dun and Bradstreet (D&B) India has announced the launch of ‘Millionaire Homes 2011’, after the successful series of Millionaire Homes 2009 and 2010 held in Mumbai, Delhi, Bangalore, Chennai and Hyderabad. The event is designed as a platform for connoisseurs of lifestyle and fine living, to experience some of the finest concepts in luxury homes in India.
Real estate developers have called for focussed support in the Budget for the first-time home buyer and measures to augment supply of housing for affordable and low income groups. Industry representatives have also called for a simplification of systems and tax reliefs as a step to bringing down costs and catalyse developments.
The RICS, an international, self regulatory professional body relating to real estate, has called for a mechanism for consumer protection and fair practices in real estate transactions. This will also help increase domestic and foreign investments in this sector.
The Confederation of Real Developers Association of India has said the Government could consider a scheme along the lines of the First-Time Home Buyer Tax Credit allowed in the US with the benefits going directly to the consumer.
I would say I am relatively dissatisfied with the focus of budget on realty sector in the last ten years. Our expectations have never been fulfilled and I now demand investments in infrastructure sector should be set as a priority, as good infrastructure is very necessary for the economic growth of the country.
India is today facing a unique challenge of dealing with high inflation, while continuing on its high growth trajectory. Boosting of supply in all industries, including through incentivizing of infrastructure development, streamlining of regulatory process to reduce time and costs for business and tax incentives for low cost housing are all important areas which will help reduce inflation and also enable growth rates to be maintained.
New research from Jones Lang LaSalle reveals that positive business sentiment and solid corporate hiring are buoying leasing demand in the office markets of Asia Pacific. In 2010, aggregate net take-up across major Tier I markets was more than double the level of the previous year.
Bharti-Walmart, a 50:50 joint venture between Bharti Enterprises and US-based Walmart, has roped in real estate company, Ansal API, to set up its cash-and-carry store in Lucknow.The ‘Best Price Modern Wholesale’ store in Lucknow will be spread over 60,000 sq feet in Sushant Golf City, a high-tech residential township being developed by the Ansals.
It seems the revival in the realty market has once again started attracting big ticket investments in the sector and even the corporate in the allied business want to reap the benefits. Nitco Ltd, known for flooring and interior aesthetics solutions provider, has now marked its foray in the real estate sector with the inauguration of its first commercial project- Nitco Biz Park.