In the fifth edition of Track2Realy Brand X Report 2016-17, Sobha makes a hattrick of brand leadership. Godrej Properties is only developer to be in top 10 across the nation while Puravankara emerges as brand performer of the year, scaling up from 9th position to fourth position this year.
The development is currently under construction and is expected to be completed in the last quarter of 2018. The project has been one of the star performers of the London residential market with over 78 units worth almost USD 170 million (GBP 130 million) sold since its launch in May 2016. Construction is being carried out by Multiplex, the construction arm of global investment major, Brookfield.
Moving forward, the moot point is whether the builders would decide to postpone their new launches keeping RERA in mind to avoid mid way issues. Within the built environment of real estate it is increasingly being questioned as to whether penalising builders for delays in the projects is justified given they rely on so many external factors. At one point government is coming up with consumer friendly RERA 2017 on the other hand government does not have any system or mechanism to give time bound permission to real estate sector developer, then how government will be successful in implementing the real estate.
Urban planning experts believe this is a much deeper question because it is not just about the existing urban centres but also about the way urbanisation is eventually going to happen in this country. As per the UN statistics the urban population of 40 crore in India would be 60 crore in less than 20 years of time. It clearly suggests that the existing cities won’t be able to fit in this additional 20 crore population, whether indigenous or migrants.
‘Location, Location & Location’ has been the tried and tested format of success in the Indian real estate. It has been the best calling card for the developers. Many even assumed that if the developer has got a piece of land in any of the highly desirable locations, that itself is enough to sell the project.
Are the CBDs really losing out as the benchmark of economic activity in the major cities of India? Well, if only Gurgaon business destinations as against Connaught Place or Nehru Place in Delhi-NCR are any indication, or if only BKC and Navi Mumbai as against Nariman Point in Mumbai is any indication, then the CBDs have lost a significant ground by all means of reputation and economic scale.
It is the roll out of the policies by the respective urban bodies that have been behind the BKC emerging as a case study of urbanisation with booming economy while Noida ending up as a ghost city sitting over piles of unsold housing stock. Both the markets nevertheless had the tremendous potential in its early stage of inception.
The proposed Delhi Mumbai Industrial Corridor (DMIC) also promises to change the Faridabad landscape opening floodgates of opportunity. The DMIC stretch that touches Faridabad-Palwal is poised to open floodgates of economic opportunities with world class infrastructure at the doorsteps of Faridabad.
As per the data available with Track2Realty, the real estate think-tank group, Bangalore rental yields are highest in the country. It is range bound between 3-4 per cent, depending upon the location. The property prices are still much lower than many other cities, including the financial capital of India, Mumbai, or the Delhi-NCR market.
Godrej Properties has signed a new deal to develop a residential group housing project in the heart of Hinjawadi IT Park, Phase I, Pune.