Ever since the Securities and Exchange Board of India (SEBI) has cleared the fractional ownership framework for realty assets, there is an euphoria among the stakeholders. The built environment of Indian real estate that is always looking for new and exciting avenues to attract the investors. It has hence carried home the message that the “Next Big” investment basket has arrived. A Track2Realty report.
The Indian economy grew at 7.8 per cent in the first quarter of the current fiscal year, according to the data shared by National Statistical Office. The Reserve Bank of India (RBI) retained its GDP growth forecast of 6.5 per cent for FY 2023-24. The real estate sector is expected to expand to $5.8 trillion by 2047, contributing 15.5 per cent to the GDP from an existing share of 7.3 per cent, a joint report by Knight Frank and National Real Estate Development Council (NAREDCO) indicates.
Tracking the sentiment is not that easy in the business of Indian real estate. There is no ideal predictive model that could assess the sentiments of both the developers as well as the buyers. The leading voices of the sector has never been very consistent with their budget wish list and the post budget customary note. The most important stakeholders, the home buyers, are more often than not completely ignored when it comes to sentiment assessment post the Union Budget.
It was expected to be a future ready budget and the overtones in the power corridors were also self-congratulatory in advance. It finally turned out to be pretty ordinary budget for the real estate sector. The stakeholders are nevertheless looking for the silver lining here and there. The most critical stakeholder, the home buyer, is pretty disappointed with the Union Budget 2021-22.
For the media business also, the time has come to close this purpose gap — the distance between an organization’s stated aims and its lived behaviour. The longstanding view that the sole purpose of the media is to be the medium of information dissemination and thus maximize shareholder (read advertisers) value would quickly give way to a more balanced way of thinking. There is cut throat and hardly any differentiation in the content and message of an end number of media outlets today. Fortunately, that is our biggest strength with Track2Realty, whether it is in creating differentiation or minimising the purpose gap.
I often question how will honest journalism survive in this eco system. It is not that I don’t face the challenges and resistance of not being a party to this cartel of corruption. Forget the builders, even a large section of builders’ ‘paid & pet’ journalists have issues with me. I am, after all, a game spoiler for them who is spreading the negativity with brutal honest and ruthless journalism.
Some call it market intelligence and not due diligence where the focus should be more on the micro markets than general trends which could be misleading. However, there are many grey areas where in the absence of proper research and reliable data even the assessment of ground realities is not feasible.
The real estate industry stakeholders are elated with such a prospect since the tax slab being discussed at 5% & 12% is lower than the present taxation. Niranjan Hiranandani, President, NAREDCO said the move would benefit the consumers who will only have to pay one ‘final tax’ on the whole product. This is obviously a good thing to happen, and the real estate industry will welcome the move.
During the CREDAI national convention few years back, a miffed real estate seemed to settle scores with the then Union Urban Development Minister Kamal Nath. Displaying stiff opposition to the proposed real estate regulator, the builders’ body went critique to say it is not actually a regulator bill, but builders’ harassment and public amusement bill.
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