Rajasthan-based real estate developer Trehan Group has launched a new residential project, ‘Shalimar Heights’ in the industrial town of Alwar, Rajasthan. The project is located at a 10-minute distance from India’s longest & costliest highway, the Delhi-Mumbai Expressway, and shares connectivity with metro cities and Tier 2 cities such as Jaipur, Gurugram, and other parts of the National Capital Region.
The National Company Law Tribunal (NCLT) has agreed to initiate insolvency proceedings against real estate developer Ansal Properties & Infrastructures (Ansal API). The petition for the same was filed by 126 flat buyers of one of the company’s housing projects called “The Fernhill”.
Real estate developer M3M India has purchased a 13-acre land parcel in Noida. The outright purchase has been through e-auctions and the developer plans to invest around Rs 2,400 crore to develop a mixed-use project. M3M India has a major presence in Gurugram and this is part of the company’s market expansion to Noida through this project.
While the COVID-19 has by and large dented the confidence level of the real estate developers, Aditya Kushwaha, CEO & Director of Axis Ecorp believes there are silver lining for the players who are forward looking in their approach. In an exclusive interview with Track2Realty, Kushwaha asserts that the Work From Home trend would shift the focus from top metro cities to open spaces in and around the tourist destinations. He therefore urges the government to look at the Holiday Home segment as a priority sector.
The real estate developers had a sigh of relief when the Government of India heeded to their demands for declaring Coronavirus hit construction under Force Majeure. The Union Finance Minister Nirmala Sitharaman assured the sector to issue an advisory to States and Union Territories and their regulatory authorities to extend the registration and completion date Suo-Moto by six months for all registered projects expiring on or after March 25, 2020 without individual applications.
Track2Realty approached to a number of real estate developers who are offering assured returns. Though all of them refused to speak ‘on record’ but privately they admit that their assured returns have failed due to market dynamics than intentional cheating.
Mumbai’s Dharavi, one of the largest slums in Asia, has been an area of contention for almost two decades now. For all its revelations, the recent blockbuster film ‘Kaala’ only underscored what Mumbaikars, human rights activists, urban planners and real estate developers have known for decades – there is no simple formula for unravelling the complex Dharavi equation.
Ever since I got into the hitherto-untouched & challenging business of brand rating of Indian real estate developers, I only get the reactions in extreme, depending upon whether the developer has been rated high or low. After all, every builder is a God’s gift to the world of brand, as per his own make-belief metrics.
The Indian real estate developers are going over-board in capturing the fantasy of the rich Indians who are also expat professionals. But they seem to have gone completely off target when understanding the long-term housing needs of these Non Resident Indians (NRIs).
The industry body Confederation of Real Estate Developers’ Association of India (CREDAI) has thus far failed to act against the erring builders. They had only been vocal with a resolve to suspend the members who have repeatedly gone back on promises to buyers.