There had suddenly been a deafening silence when the RBI Governor Dr Raghuram Rajan recently asked the real estate developers to reduce the home prices. However, the economist in Rajan was not making a faux pass. He could rather see a supply side of bubble in the making. Therefore, he came harsh on the sector.
In many ways, the year 2015 was a defining one for the residential real estate segment in India. This was the period when the market began to evolve, along with customer expectations as well as market dynamics.
The IT/ITeS sector has clearly been driving corporate real estate in the country; and consequently, much of the development in this space is being propelled by IT and back-office demand for workspaces, as per CBRE’s India report – Real Estate & Workplace Strategies of Shared Services Occupiers.
Despite of the high work pressure, unprofessional work culture & depressing environment, it has been the fat pay packet that was a magnet for the professionals to join real estate. However, the slowdown has exposed the professionals to a new reality check where job cuts are across the board, career growth is stagnant and it is increasingly getting depressive for the professionals to continue with a job in the sector.
Mahindra Lifespace Developers Limited (MLDL), the real estate and infrastructure development arm of the Mahindra Group, has launched Luminare Solaris, the next phase of its luxury residential project in Gurgaon, located at Sector 59, Golf Course Extension Road.
The FDI relaxation by the Government of India is being hailed as a game changer across the Indian real estate sector. The developers even point out that now since the government has relaxed foreign direct investment norms in the construction sector by removing two major conditions related to minimum built up area and capital requirement, it simply means that any project under construction, regardless of size, can have access to FDI. So, it is going to help the cause of affordable housing.
When the Government of India was announcing relaxation with FDI norms a day ahead of Diwali, many analysts thought it to be a Diwali gift for 15 core sectors that could also prolong the festive spirit for the real estate sector.
Haryana Government would like to address it as pro-farmer move, the real estate sector would like to hail it as investment friendly and others within the built environment of real estate would like to call it a step that would bring to the market more supply and hence affordability.
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In the real estate market consumer activism in India may have been high in recent times, but consumer awareness is pretty low. Most of the first time home buyers even fail to differentiate between what they want and what they need in an apartment, forget about their knowledge with regard to legalities and necessary checklist. The mismatch between developers’ offerings and buyers’ perception is a critical missing link leading to an impression gaining ground that the developer has not fulfilled his promise.