Sobha Limited has reported a 6% quarter-on-quarter increase in its net profit during the Q3 FY18. Its profit after tax (PAT) increased from INR 50.3 crore in Q2 FY18 to INR 53.4 crore in the quarter ending December.
It is noteworthy that Supertech has not only hit by the dissatisfied homebuyers but also been at the receiving end of government agencies and the law for two of its most ambitious projects, Emerald Court and Czar.
As per the recent Bangalore Development Authority’s (BDA) Revised Master Plan 2031 report, Bengaluru’s 1.18 crore citizens waste 60 crore man hours annually. This translates to INR 3,700 crore, including INR 1350 crore on fuel alone, and the rest on productivity (man hour) loss.
It seems the Union Finance Minister Arun Jaitley has failed to address the struggling and ailing real estate sector from the standpoint of both the homebuyers as well as the developers. However, what is all the more interesting is the fact that the developers are not overtly complaining. It is only the homebuyers who are sulking while the developers are trying best to put up a brave face.
The hopes of middle class homebuyers have dashed and they blame the Finance Minister for presenting an election-oriented budget. Many even question the direction of the government where the focus has suddenly shifted towards the rural and farm sector in the last full budget presented by this government.
The real estate markets across the major cities is today witness to a new spate of consumer activism which is more political in its functioning than consumer centric. Worse even, many of them even operate as the de facto consumer courts in advising others in how they should take on the builders.
The Consumer Confidence Report 20:20 finds that the developers who have been focused on the buyers with quality projects and meaningful dialogue have been rated higher by the consumers at a pan-India level.
ZiffyHomes, a Gurgaon-based home rental marketplace has raised seed funding of INR 2 crore from Individual investors. The round was led by Bikky Khosla, Angel Investor and CEO at TradeIndia.com and Anirudh Agarwal, Managing Director at Shree Sharda Group. The duo will also join ZiffyHomes as Board Members to mentor the team for fast growth.
A friendly budget is always on the wish list of everyone. Across the industries the stakeholders, including the consumers, have more or less the same expectations with the Finance Minister to call it a friendly budget. But in the context of the Indian real estate a friendly budget for the sector does not necessarily mean a homebuyer friendly budget.
Lonavala is about 64 kilometers from the city of Pune and 96 kilometers from the city of Mumbai. In terms of connectivity, Lonavala is on the Mumbai-Pune Expressway by road and is well connected to several other towns of Khopoli, Karjat, Talegaon Dabhade, etc.