Residential sales in Hyderabad remained modest in 4Q10. Although the city witnessed many launches, sales did not pick up. Market sentiment, especially among investors, stayed low as political uncertainty persisted.
Nearly all the real estate developers, a whopping 96 per cent, across the country are cribbing for the sectors’ continued under representation in the Union Budget over the years.
If you are living as a tenant in Mumbai and seeking to buy a house this year, there seem to be quite a few confusions going around. While some of the reports and projected forecasts may give you a ray of hope, it would rather mislead you and your wait for a cheaper home may actually cost you to pay more in future.
While the Indian realtors have often cribbed on the issue of under representation of the sector in respective budget, they have seldom admitted the fact that the real estate has been a divided house over their wants and needs. Navin M Raheja, MD, Raheja Developers suggests a way out and asserts that tax sops given to real estate will actually increase the government revenue.
Concerned over excessive flow of banking funds to the real estate sector, the Reserve Bank of India (RBI) has said lenders will provide loans only up to 80 per cent of the cost of property. Following the RBI directive, a home buyer will necessarily have to arrange at least 20 per cent of the property value on his own before seeking loan from a bank.
After the Convention of confederation of real estate developers’ association of India (CREDAI) where the Finance Minister Pranab Mukherjee urged the realty sector to be poor sensitive, it seems the affordable housing is the buzz word now. National Real Estate Development Council (NAREDCO), the apex body for real estate and housing sectors under the aegis of Ministry of Housing & Urban Poverty Alleviation, Government of India, also announced that its convention is aimed at realizing the “Housing for All” call of Prime Minister of India, Dr. Manmohan Singh.
With the reasonable expectation of a roof over the head not very long ago, the real estate boom in the last decade has scaled up the liberty of choice for the average home buyers. While the aspirations of even the middle and lower middle income with moderate budgets have gone up, there are very many residential projects launched in recent times that seem to fill the gap with the promise of faster deliveries, hi-tech amenities, luxurious lifestyle, lush green surroundings within the affordable range of 20-40 lakhs.
Spanning 5.35 acres, the project offers 676 residential units in spacious 2 and 3-bedroom configurations spanning four towers. The size of 2 BHK units ranges from 993 sq. ft. to 1,107 sq. ft., and 3 BHK units between 1,309 sq. ft. and 1,424 sq. ft. Homes in Provident Bayscape are vaastucompliant and feature several design aspects unique to Chennai residents’ needs, including designated‘Kolam’ area, dedicated ‘puja’ space, and a separate handwash area.
The western cities of Ahmedabad and Mumbai, along with the southern tech hub of Bengaluru, all experienced healthy price appreciation in the 15-21% range whereas Chennai in south and Kolkata in east saw robust growth of 22% compared to the previous year, indicating strong economic activity and housing demand in these metros. This trend points to sustained demand in these economically vital centers. Pune, often seen as a more affordable alternative to Mumbai, also saw an 18% increase, suggesting it’s maintaining its appeal for homebuyers while still seeing significant price growth.
Shapoorji Pallonji Real Estate (SPRE) has entered a joint venture with Kanodia’s real estate venture KREEVA to develop a luxury residential project in Sector 46, one of the most premium residential localities within Gurugram.
Spanning across 1.74 acres, the project will consist of luxury apartments, targeting discerning homebuyers in the National Capital Region (NCR). The project will offer a perfect blend of modern design, superior construction quality, and state-of-the-art amenities, offering a new standard of urban living to the residents of Gurugram.