Ever since the Securities and Exchange Board of India (SEBI) has cleared the fractional ownership framework for realty assets, there is an euphoria among the stakeholders. The built environment of Indian real estate that is always looking for new and exciting avenues to attract the investors. It has hence carried home the message that the “Next Big” investment basket has arrived. A Track2Realty report.
At the beginning of 2024, as the Indian real estate stakeholders (self-styled industry experts within the realty media landscape) are yet again influence peddling their bullish narrative, the reality check by Track2Realty clearly finds that the sales growth post-Covid has neither been broad based nor democratic. Real estate is yet again emerging as a parking lot of big money post the pandemic, as visible with the off-take of luxury & super luxury despite the stagnant job growth and wage growth.
In a highly competitive property market of North Bengaluru, Provident Housing in its quest to raise the bar has experimented with Deansgate, a Manchester townhouse-style residences. Track2Realty reviews as to whether this theme-based project could make a market differentiator.
Post Covid, the Indian real estate is witness to a K-shape recovery where the listed & larger players are increasing their market share at the cost of smaller ones. Prima facie, what sounds like a market-linked reform, have concerns & repercussions that run much deeper. Is the current criterion of assessing a market with fiscal performance justified? Can only a handful of branded developers be the answer to India’s housing woes, questions Track2Realty.
Should businesses continue to operate out of old jaded buildings at the heart of the city? Is it more convenient for the commercial activities to move to the upscale swanky offices on the periphery locations where the cost of doing business per square feet is much lesser? Is ‘Walk to Work’ only a city center reality across the urban pockets? These are the subjects of serious discussions across the built environment of commercial real estate world over, finds Track2Realty.
Provident Housing has garnered massive interest for its latest project, Provident Ecopolitan located in Aerospace Park in North Bengaluru. An overwhelming number of Expressions of Interest (EoIs) have been recorded ahead of the project launch on August 19, 2023. Ecopolitan has a total of 956 apartments in 1, 2 and 3 BHK configurations ranging from 625 sq. ft. to 1,427 sq. ft. with more than 60% lung spaces.
Prestige Group has emerged as the new Brand Leader of Indian real estate. The brand had continuously been closer to the Leadership and among the Top 3 National Brands. Brigade Group makes a giant leap and jumps from Number 5 to now the 2nd Best Brand of the business. DLF is continuously scaling up and now rests as 3rd Best Brand at the National level. Godrej Properties is losing its sheen as a Valuable Brand and slips down to Number 5 from Number 2 this fiscal year. Puravankara is also proving to be the Dark Horse of the National Brand Leadership and emerges from Number 7 to now at Number 5.
Ever since the beginning of the year 2023, the real estate industry stakeholders are going gaga with the narrative of a turnaround year. It is not that such misplaced optimism has not hurt their cause in the past, but the leading voices of the sector seem to believe that a false narrative would goad the home buyers to make a beeline at the sales office. The industry narrative is hence tilted towards what could easily be vouchsafed as misplaced optimism.
The Union Budget this time would be the last full budget ahead of the General Elections due next year. The real estate sector is yet again parroting the old demands, with the only difference being that the concerns of the home buyers too finds a place in their wish list. The developers have come to realise that the home buyers can no longer be ignored as they are the most necessary in the real estate business cycle.
Puravankara has closed its targeted AIF (Alternative Investment Fund) of INR 750 crore (including a green shoe option of INR 250 crore). The company targets the final close of the Fund by September 2022. The Fund will invest in a mix of plotted developments and mid-sized mass housing projects under the ‘Purva Land’ and ‘Provident Housing’ brands.