Maharashtra has started property e-registrations and the State is reportedly all set to also introduce blockchain. What is Blockchain? It is a technology by which users can keep a historic ledger of every transaction that has happened in the past for any asset be it a crypto currency or a piece of real estate like land or building. Track2realty analyses whether blockchain would be the future of real estate transactions.
Ramneek Patel, an MNC executive in Gurugram is on a company leased accommodation and the HR is deducting INR 40,000 per month for his rented apartment. Now that the Goods & Service Tax (GST) has been imposed for rental residential units to companies, he has been told by the company that the said liability will be passed on to the employees living in company leased apartments. They can otherwise find an apartment on their own.
A TV debate after the Union Budget 2022-23 caught one of the IPCs (Independent Property Consultant) off guard when the anchor categorically blamed him for real estate not getting its due with the budget. In his defence he could only argue that it is not about one specific report but all the industry reports are guilty of creating such a goodwill for the sector. The satisfactory voices were so profound that the policy makers too found the business capable of self-sustaining without any fiscal incentives.
Across the world the commercial real estate, most notably the retail and office spaces, have been hit the most due to Covid-induced new normal. It is hence being debated as to whether commercial real estate would be able to reinvent itself to remain relevant in the post-Covid world where the Work From Home and online shopping threatens to eat up the market share of till-recently lucrative business models of retail and office space. Track2Realty explores the need for innovation.
Will the festive season of 2021 change the course of real estate is something that most of the analysts are curious to see. The festive season has just started and it is too early to guesstimate the exact sales volume & value growth at this point of time. But with a closer look at the Indian housing market one can probably vouchsafe that there are more catalysts of optimism than pessimism. How far this optimism is sentiment driven and to what extent the economic fundamentals support the business take-up is something that needs to be evaluated.
The COVID-19 lockdown has accelerated technology-led homebuying in India, making it possible to inspect properties online as well as negotiate and finalize deals. Virtual site visits are now a firm reality and a large chunk of the property selection and purchase process can now be done digitally.
There are altogether over 6.1 lakh affordable units under construction across the top 7 cities, of which NCR and MMR alone account for nearly 59% – or 3.59 lakh units. These units were launched between 2013 to 2019. Both cities together also have a 57% share (approx. 1.34 lakh units) of the overall unsold stock of 2.34 lakh units in the budget homes category. (Unsold affordable stock consists of both under-construction and ready-to-move homes.)
The affordable housing segment, which gained significant traction over the last few years, may also take a hit by COVID-19. The outbreak will significantly affect affordable housing’s target audience. With limited income and unemployment fears, buyers of affordable housing may defer purchase decisions, leading to an estimated 1-2% rise in unsold stock within this segment in 2020.
The three southern cities collectively saw residential sales of 61,400 units between January and September 2019 as against 64,420 units sold in the first three quarters of 2018. MMR and Pune, on the contrary, saw the sale of nearly 93,930 units in 2019 against 70,740 units in the corresponding period in 2018. Altogether, the top 7 cities recorded sales of 2,02,200 units in 2019 till September, of which western cities comprised 46% overall share while southern region consisted of 30% share.
After nearly two-and-half years since RERA deployment across the country, the Centre’s aim to enforce it in each state to regulate the Indian real estate sector has picked up momentum. There has been a 40% growth in project registrations under RERA in a year across the country – from around 32,306 projects in end of September 2018 to nearly 45,307 projects as on 5th October 2019.