With the real estate industry reeling under an unprecedented crisis, top developers from across the country will meet in Pune for a two-day CREDAI conclave starting Wednesday to brainstorm and find solutions to revive the sector that contributes 6.5% to the GDP.
It has been strangely characteristic for the real estate and construction industry in India to remain unregulated and unrecognized, even though it is one of the largest employers and contributors to national growth.
Assotech Realty has said it will take pan-India stride by opening serviced residence in 25 major cities across India.
Parsvnath Developers is raising Rs 120 crore from Kotak Realty Fund for a new 100-acre integrated township project on Sohna Road in Gurgaon. Kotak Realty fund will get a 20% stake in the special purpose vehicle that will develop the yet unnamed project, according to the sources close to the development.
If only the secondary market was any indicator of real estate growth, the argument that that the real estate market is turning bearish in Chandigarh would have been true. But while the prices have softened a bit in the city, the beneficiary is the periphery of Chandigarh that makes the overall property market in the city very bullish and overall economy vibrant.
Sunil Dahiya: Pranay, the most important thing is the background of the investor from the developer’s perspective. My understanding may be a little limited because I come form the Delhi NCR market and as you know, it is a very localized subject. But being in the governing council of NAREDCO at the national level, where Knight Frank is knowledge partner, one of the presentations that we had in 2008 with the idea that where the industry has lost its bearing and funding was the main agenda.
By allowing external commercial borrowings (ECBs) in the low-cost housing segment, the supply of affordable housing projects will increase in the outskirts of Mumbai in areas such as Karjat, Boisar, Nalasopara, Virar, Dombivili etc. on the heels of increased liquidity for budget home projects.
A city with almost every household having one family member working in the Gulf, Kochi or Cochin’s resident population is waking up to new business avenues. This transition is also leading to a growing demand for commercial and residential property.
It is a highly disappointing budget. The Finance Minister has miserably failed in highlighting the importance the role of Housing in economy, employment generation, apart from the very need of housing. The announcements on ECB for affordable housing is a minor respite but still meaningless.
The Union Budget 2012-13 has left the Indian real estate sector grope with the indecision yet again and everyone is wondering whether the Finance Minister’s offer is glass half full or half empty for them.