Just when the real estate industry bodies had firmed up their public posturing to halt construction with allegation of cartelisation by the cement & steel producers, there was uneasiness at the developers’ end. Many of them had their back of the envelope calculation as to whether the construction strike would actually help or hurt the business. Track2Realty tries to get into the depth of the issue.
In an interesting year when Godrej Properties lost its sheen, Sobha Limited yet again bounced back as the National Brand Leader after a gap of 2 years. The 10th edition of Track2Realty BrandXReport 2021-22 finds that the market perception vis-à-vis the brands could change dramatically, and it takes all the more care to retain the Brand Leadership than reaching at the top.
Gender equality, or rather lack of it, in the business of real estate is a reality that no one would deny. Real estate by all means is a man’s world in this part of the world. Barring a few exceptions, where the wives or daughters of the developer have been given spotlight, a typical real estate enterprise doesn’t have a sizeable presence of women workforce. A Track2Realty Pan-India Survey.
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.
The Union Budget 2022-23 lacked any fresh ideas as far as the real estate in general and the housing market in particular is concerned. Most of the announcements are more or less the extension of the old schemes and roadmaps. The euphoria of the industry stakeholders ahead of the budget turned into a deafening silence in the next few hours of budget speech.
Brooklyn Towers, spread across 8 acres of land houses a total of 1,305 residential apartments in 1BHK, 2BHK and 2.5 BHK units of 495 sq. ft to 1193 sq. ft. meeting the needs of the customers who appreciate contemporary living with the best-in-class amenities and offerings.
Tracking the sentiment is not that easy in the business of Indian real estate. There is no ideal predictive model that could assess the sentiments of both the developers as well as the buyers. The leading voices of the sector has never been very consistent with their budget wish list and the post budget customary note. The most important stakeholders, the home buyers, are more often than not completely ignored when it comes to sentiment assessment post the Union Budget.
The real estate market of Uttar Pradesh in general and Noida-Greater Noida in particular is hotbed of consumer grievances, ranging from delay to default and unmet promises to builder’s high handedness. As per the industry estimate nearly 40% home buyers’ grievances in India are reported to be from this market alone. It is hence no surprise that even when the Real Estate Regulatory Authority proposes to clean the market, the builders devise their own ways & means to dispose it.
The industry data of faster recovery and record home sales conceal more than it intends to reveal. The rosy outlook fails to address the fact that this is a K-shaped recovery where a handful of large developers with sound financials have grown at the cost of the large universe of the developers. More importantly, the sales registration data doesn’t differentiate between primary market sale and distress sale in the secondary market.
On the eve of every Union Budget the real estate stakeholders get into a huddle to set the narrative that could influence the fiscal policy. They are conscious of the fact that the business of real estate gets more affected by the fiscal policy than the recurring monetary policy that shapes the outcome of floating interest rates every now and then. A Track2Realty analysis.