There are very few case studies where the developers have flocked out to cities on sheer promise without registering their presence in the four metro cities. However, such migration to magnet territory is today quite visible in Gujarat where the developers from other states are increasingly flocking, most notably in the city of Ahmedabad.
As per Colliers Research, RERA and GST compliance will remain a challenge for several developers for at least the next six months. We expect a decline in the number of launches in H2 2017. However, the sales are likely to pick up during the festive season due to higher optimism among buyers after RERA.
Swapan will be responsible for developing new avenues of growth in Eastern Region and will work closely with clients to provide innovative and value driven transaction solutions that are in line with their strategic goals. Swapan will be reporting to Anshul Jain, Managing Director, India, Cushman & Wakefield.
Indirapuram has been the introduction of Delhi-Noida-Ghaziabad to modern living that was till then the privilege of only the luxury buyers of Gurgaon. Most of the residents of Mayur Vihar, IP Extension and adjoining areas of Delhi were exposed to the modern urban housing with club, swimming pool and other high-end amenities in this market. Other residents of Noida and Ghaziabad had till then availed only the plotted developments and apartment with amenities was introduced to them here only.
The question is in the absence of high paying economic activity like IT/ITeS will the city keep the desired pace to sustain the projected growth and the life style. Critics often point out that in the absence of steadfast pace of economic activity the market may end up being another investors’ haven. However, developers active in this market maintain that more employment opportunities have seen people preferring to stay in Bhiwadi than commute to work. Also, a large number of floating population from nearby cities and across the country is still high, which needs to be catered to in terms of their aspiration and lifestyle choices. The rise of nuclear families have further seen emergence of more demand for dwelling units in the region.
Urbanisation is inevitable and it changes the very look and feel of the cities across the country. However, probably none other city has been completely transformed the way cities like Ahmedabad and Vadodara and traditional old world charm has been overtaken by a thriving urban metropolis.
What has also fuelled this inventory creation is the fact that the Centre recently gave infrastructure status to smaller homes. This will help builders get funds easily and also give them more time of five years from the current three years to complete the projects.
Mostly as of now only the developers of integrated townships have got into the healthcare investment. The dilemma of whether or not to have healthcare facility in the project also comes with whether the developer should himself get into the operational side of running it or it should be outsourced post the investment.
The data available with Track2Realty suggests that more than half of the property transactions in the last three years have been with the under-construction property. However, purchase of under-construction properties is not as simple as it appears from the standpoint of construction timelines. The process needs extra caution from legal standpoint to make sure the second buyer is not caught between the developers’ vague commitments and the first buyers’ exit without the mandatory processes.
Mumbai, as a matter of fact, demands rental housing to be promoted as the feasibility of such an option provides a broad choice of homes to both the investors as well as the expat professionals. The recent economic turmoil also underscored the many advantages of renting and raised the barriers to home ownership, sparking a surge in demand that has buoyed rental markets across the MMR.