Track2Realty Exclusive: With a vision to make India a housing surplus nation from being the housing shortage country, CREDAI has been campaigning to make the business environment congenial for growth. But the realty bill, in its current form and shape, stifles the honest developer and scares away new entrepreneurs from entering the sector.
Track2Realty: Investment-grade office space demand slowed down in the first quarter of 2014, with around 6.3 million sq. ft. of Grade A office space getting absorbed across the leading cities of the country. Transaction activity was dominated by the National Capital Region (NCR), Bangalore and Chennai.
Track2Realty: A burgeoning automobile ancillary industry and the IT/ITeS sector’s growing presence have been the major growth drivers behind the notable transformation of Maharashtra’s second largest city—Pune. Over the past couple of years, the city’s IT sector in particular has seen significant growth, leading to sustained demand for office space in the city.
Track2Realty: Although the Interim Budget announcement supporting affordable housing was welcomed by the real estate industry, the segment has a long way ahead as yet. To begin with, there is considerable supply shortage in this arena—pegged at 18.78 million for the 12th Five Year Plan (2012–2017) by the Ministry of Housing and Urban Poverty Alleviation Ministry (HUPA), of which 96% is in the EWS and LIG categories. Housing shortage for the EWS stands at almost 11 million homes, while that for LIG stands at 7.41 million homes.
Track2Realty: Godrej Properties has added a new project in Sector 79, Gurgaon to its development portfolio. The land parcel measures 17.4 acres and the project will be developed as a premium residential housing project. The expected saleable area in the project is .15 million square meters (1.6 million sq. ft.).
Track2Realty Exclusive: Property markets are often referred with reference to their key demand drivers. Every city has a key demand driver as far as the growth of the property market is concerned. Some have it by home grown end-user demand; others have it with investors finding it magnet for future while many have expat community driving the property market due to increased urbanisation and the professional opportunities.
Track2Realty Exclusive: 2014 is the year when, to some extent, not only the real estate market but the economy as a whole will have the impact of being in an election year. This is because real estate gets affected as approvals get delayed during this time. A couple of months before even the State elections, slowdown in deals happens on which new approvals are pending.
Track2Realty Exclusive: To say that the property market of Mumbai has been subdued for quite some time would be stating the obvious. Reports of inventory pile up and appreciation despite slow sales have only made the sentiments bearish. The macro-economic outlook in the last over a year has also not supported the cause of real estate market in the city. Amidst this gloomy scenario, comes the festival of Akshay Tirtiya which has traditionally been known for property acquisition in the city.
Track2Realty Exclusive: Is there any co-relation between luxury properties, High Net Worth Individuals (HNIs) and Akshay Tirtiya? Prime facie, it may seem to be very innocuous question but for those who are tracking the property market of Mumbai find not only a co-relation among the three, but also find the three working in tandem can ignite the property market as well.
Track2Realty Exclusive: If you ever thought religious sentiments only affect the home buyers in affordable category, then probably you have neither been exposed to the India’s costliest property market trends in South Mumbai, nor have you monitored the transactions in this region during Akshay Tirtiya.