Kick-starting a Consumer Redresser Mechanism, The Maharashtra Chamber of Housing Industry (MCHI), the representative body of real estate industry, has decided to enforce a “Code of Conduct.” among its developer members.
While the real estate market in India is far from satisfactory, a section of real estate developers are exploring opportunities in neighboring nations including Sri Lanka and Bangladesh as the governments, seeking to boost economic growth, are providing incentives to develop infrastructure.
The median age of the country is likely to gradually increase from about 29 to 38 by 2050. Similarly, the proportion of aged people (above 60 years) is likely to increase from about 11% in 2024 to 21% in 2050. At the global level, over the next three decades (by 2050), of the 2.1 billion people above 60 years, India would account for a 17% share indicating a significant demand growth for senior care including housing in the country.
The overall leasing by luxury brands across the formats stood at 0.6 mn. sq. ft. in 2023, at almost 170% Y-o-Y growth. While High Streets constituted a 45% share in the overall luxury retail leasing in 2023, luxury brands’ stores in Malls followed at 40% and standalone stores accounted for the remaining 15%. This surge in leasing has been accompanied by the entry and expansion of various international luxury fashion, watch and jewellery brands across different locations. The eight cities tracked for leasing include Delhi-NCR, Mumbai, Bangalore, Kolkata, Pune, Ahmedabad, Chennai, and Hyderabad.
Maharashtra has started property e-registrations and the State is reportedly all set to also introduce blockchain. What is Blockchain? It is a technology by which users can keep a historic ledger of every transaction that has happened in the past for any asset be it a crypto currency or a piece of real estate like land or building. Track2realty analyses whether blockchain would be the future of real estate transactions.
Projects worth INR 4,64,300 crore for a total of 575,900 units are already significantly behind schedule. These 5,75,900 units have been stuck since 2013 or before. However, what is even more disturbing than these staggering number is the fact that in many of the states RERA has been diluted to the extent that it allows the erring developers with the existing projects to get away with the fault lines.
Access to land is a critical factor for economic growth and poverty reduction. For government, industry, and citizens to be able to use this asset effectively and to minimise disputes, it is important to have access to reliable land and property records. Digitizing these land records is critical for ensuring India’s economic growth, as accessible, high quality records not only helps increase the visibility and availability of land for large-scale investment opportunities, but at an individual level, also makes it possible for the public to transact land and use it for seeking credit in a dispute-free environment.
It was expected to be a future ready budget and the overtones in the power corridors were also self-congratulatory in advance. It finally turned out to be pretty ordinary budget for the real estate sector. The stakeholders are nevertheless looking for the silver lining here and there. The most critical stakeholder, the home buyer, is pretty disappointed with the Union Budget 2021-22.
Union Budget every year is the time when all the stakeholders of the Indian economy look up to the Finance Minister with optimism. Track2Realty noted that across the industries the wants & needs of the demand & supply side are not as juxtaposed as with the real estate. While the developers lobby hard to get the best deal out of the Union Budget, the buyers have their own set of choices and concerns. The Finance Minister is expected to walk a tightrope to balance the concerns of various stakeholders.
According to the report titled “The Herald of a New Chapter: Student Accommodation in India”, the Student Housing/Co-Living space is expected to witness an investment worth USD 700 million and an addition of 0.6 million beds by 2023 across the country. The Student Housing segment is witnessing rapid growth across all the major markets in the country and expected to witness a growth of 36 percent between 2019 to 2023.