Track2Realty Exclusive: A quest for brand new home is inherently ingrained in the psyche of Indians. However, that is fast changing, thanks to unmet commitment of developers in recent times, banks’ changed outlook and home buyers’ convenience in major cities. Track2Realty reads the pulse of home buyers to understand why resale apartment is no more a taboo and is rather preferred over the new launches and under-construction apartments.
Track2Realty Exclusive: What is the level of understanding and willingness among the Indian developers to create smart cities in a country which has been branded as a ‘reluctant urbaniser’ by many international experts?
Track2Realty Exclusive: Some developers assert the redevelopment can add value in ways more than one and depends on the location and area of redevelopment. Diipesh Bhagtani Executive Director Jaycee Homes says in a particular location where the flats are already huge, a developer cannot offer a still larger space but can offer luxury.
Track2Realty Exclusive: Congested city roads, traffic jams, pollution and on the top of all, constantly growing demographic pattern has given rise to a new lifestyle in urban areas. People have started preferring small flats or apartments owing to various reasons in comparison with old traditional bungalows or mansions.
Track2Realty Exclusive: If Planning, Finance, Technology and Skills are the four key components of smart urban living, India lacks substantially on all the given parameters. While the world is increasingly moving ahead with real estate products adding smart quotient, in India the debate still hovers around unlocking land value & monetizing it after master plan of respective cities failed to adopt the successful global urban experiences. Track2Realty debates whether smart city ingredients should be optional reforms of real estate or made a mandatory provision.
Track2Realty Exclusive: In India redevelopment is a huge market, where a developer has to work with cooperative housing societies. In Mumbai the process has already started due to additional FSI granted with the new development rules. The new DCR has made it easy for developers to negotiate with the societies because now they know what areas are sanctioned and there are no free areas.
Track2Realty Exclusive: The debate of promoter versus professional driven realty companies gained momentum in the year 2012 because high attrition at the top level of realty sector has been in the news throughout the year. The Managing Directors of Indiabulls Real Estate and Peninsula Land quit in the month of October. So did the real estate heads of two property funds, Indiareit and Everstone Capital. Most of them either moved to other realty companies, starting their own ventures or shifting streams to join consultancies.
Track2Realty: The voice of the real estate industry in Maharashtra, MCHI-CREDAI today opposed the Government’s decision to introduce LBT saying it goes against the home buyers’ interests.
Track2Realty: Opposing the Maharashtra government’s decision to impose local body tax (LBT) in lieu of octroi, developers’ apex body CREDAI Chairman Lalit Kumar Jain said the new levy will result in rise in corruption and be detrimental to business as well as consumers. There is a potential threat of it becoming breeding ground of corruption.
Track2Realty Exclusive: There is a school of thought within the sector which suggests the nature of the business is more suitable to be carried smoothly as promoter-driven. Though officially no one wanted to be quoted but some of the developers admitted to Track2Realty that the nature of real estate business demands more grounded entrepreneurs and not high flying professionals for whom more money in the sector is the only traction for job hopping.