The holy river Saryu flows quietly; unmindful of the fact that on its bank, Ayodhya is fast emerging as the epicenter of economic growth and global tourism hub. The property landscape of the sleepy city till recently has made a giant stride in the last three years. Envisaged as a spiritual center and tourism hub, Ayodhya is also attracting big ticket economic corridors. A Track2Realty report.
First, residential project delay is not a pan-India phenomenon and only limited to major metropolitan cities of Delhi NCR and Mumbai in terms of quantum as well as value of projects. Second, the slowdown in completion of projects is not across the entire spectrum of housing categories but significantly visible in upper-mid and premium categories. What is needed is perhaps a push from the government and funding agencies along with a strict code of conduct among developers which will improve the situation. Going forward, developers should take cognizance of the situation at hand and accordingly realign their marketing strategies so that their launches are in sync with people’s affordability and demand.
Even as India’s middle-class grapples with the prospect of an uncertain future in their careers and financial ability – the main drivers of housing demand – the rise of India’s super-rich continues unabated. According to Credit Suisse report, there were an estimated 3.42 lakh dollar-millionaires in India as on mid-2018 who collectively held around USD 6 trillion. It is forecast that 5.26 lakh Indian dollar millionaires’ wealth will be around USD 8.8 trillion by 2023. Market fluctuations make very little difference to the personal networth of these individuals.
Construction consultancy firm, Linesight has opened offices in Mumbai. Linesight intends to focus on Mumbai, Pune, Bangalore and the Hyderabad metro cities of India as part of its expansion plans in the region.
About 40% of all the new launches in 2018 were under the affordable segment. Cities such as Bengaluru, Chennai, Hyderabad, Kolkata and NCR witnessed maximum launches in the affordable segment that is below INR5 million. Mumbai on the other hand witnessed more launches in the mid segment housing, in the range of INR 5-10 million.
The project named Atelier Greens, focuses on offering lifestyle beyond the carpet area, drawing inspiration from making spaces where art of living grows naturally.
Analysts active in Navi Mumbai firmly believe that this NRI has got more than one upcoming node in Navi Mumbai where he can invest. Interestingly, the upcoming nodes have been more holistically planned and promise to have better infrastructure.
In terms of price point luxury properties in Dubai are more attractive than any such option in Mumbai and Bangalore. Moreover, the kind of rental returns that are there in the gulf city is no match to any Indian city. Add to it tax-free returns and attractive capital appreciation and your cost & benefit analysis is heavily loaded in favour of benefits. Last, but not the list, is the quality of life in Dubai
It is generally accepted in the Indian market that rental yields in the country are often much lower than elsewhere in the world because relatively few people seek rented homes: 66 per cent of homes in Indian cities and 90 per cent of homes in rural areas are owner occupied.
No one is talking about the need for developing satellite cities, at least as of now. This is not because there is any lack of vision with regards to ever increasing urbanisation, but so much virgin territories are there to be developed that the priority is to develop those pockets first. The load on land has also not reached to an alarming level were the infrastructure crumbles, as witnessed in other major cities across the country.