With the Maharashtra Government indicating to introduce Blockchain in property transactions, this new technology is in the spotlight. There are more questions in the public domain than answers as subject matter experts are few. In an exclusive interview with Ravi Sinha, Tushar Shrivastava, Co-founder & CTO, PropertyPistol.com decodes how Blockchain is the future of real estate transactions.
Ever since the beginning of the year 2023, the real estate industry stakeholders are going gaga with the narrative of a turnaround year. It is not that such misplaced optimism has not hurt their cause in the past, but the leading voices of the sector seem to believe that a false narrative would goad the home buyers to make a beeline at the sales office. The industry narrative is hence tilted towards what could easily be vouchsafed as misplaced optimism.
On Puravankara’s future plans he said, “We will continue to work towards expanding our market share,and we are excited to announce that in Q3FY23 the group has achieved increased revenue from projects by 77%, increased collection from operations by 87% from construction and delivery against the similar quarter in the previous year. This is supported by increased sales and new launches of over 4.11 msft in 9MFY23 with the last quarter of the current financial year adding another 2.17 msft. Our per Sq. Ft. of debt on under construction area has reduced by 49% from INR 2,524 to INR 1,291 over the last four years.
The Union Budget this time would be the last full budget ahead of the General Elections due next year. The real estate sector is yet again parroting the old demands, with the only difference being that the concerns of the home buyers too finds a place in their wish list. The developers have come to realise that the home buyers can no longer be ignored as they are the most necessary in the real estate business cycle.
The outlook for construction costs remains stable but cautious, as market volatility is likely to persist in 2023 along with monetary tightening, continued high inflation, a possibility of a recession in developed economies and geopolitical turmoil-related challenges going forward. Therefore, CBRE forecasts a marginal rise in the overall construction costs during 2023 across cities, with Mumbai likely to witness a sharper rise.
The National Company Law Appellate Tribunal (NCLAT) has set aside the order of National Company Law Tribunal (NCLT) that had directed to initiate insolvency proceedings against BPTP Ltd. The realty firm has now settled disputes with the operational creditor.
The Supreme Court had directed a probe by the Enforcement Directorate (ED) into alleged money laundering by the developers, that provided relief to over 42,000 home buyers of the Amrapali Group with the verdict.
The meeting was Chaired by UP Infrastructure and Industrial Development Commissioner and Noida Authority Chairman Arvind Kumar in presence of Noida Authority Chief Executive Officer Ritu Maheshwari. In relation to structural audit of multi-storey buildings located in the authority area, the statement said that “the structural policy was prepared by the Noida Authority on the demand of flat buyers and AOA, in which the Structural Audit Policy has been approved by the Authority Board with partial modifications.”
In an exclusive interview, Abhishek Kapoor, CEO of Puravankara said,”What is the value of a real estate? If you look at this quarter number compared to the last quarter number then my delivery is lesser. But next quarter again you will see a swing because next quarter and next to next quarter we have delivery in the pipeline. This year so far we have delivered 600 units but in the next two quarters we will deliver more than double; about 1500 units. So, that will factor in our revenue realisation. What is relevant for our business is our sales number & pre-sales number that has gone up to Rs 1300 crore for the first half of the year. It is all about the new accounting norms (IND AS 115),” says Kapoor.
Buy a house with mortgage and then get so frustrated with the delays that you just stop paying the EMIs. This sounds funny, illegal and outrageous, but has already started trending in the world’s largest property market of China. The global property markets in general and susceptible markets like India in particular are watching the developments in the neighbourhood with a hope & prayer that such unpleasant events should not confront them. A Track2Realty analysis.