Despite of the high work pressure, unprofessional work culture & depressing environment, it has been the fat pay packet that was a magnet for the professionals to join real estate. However, the slowdown has exposed the professionals to a new reality check where job cuts are across the board, career growth is stagnant and it is increasingly getting depressive for the professionals to continue with a job in the sector.
Immediately after the earthquake in Delhi-NCR a builder sends a group WhatsApp message that says: Our project in Noida is NCR’s 1st and only earthquake resistant structure with seismic zone V compliance approved by IIT Bombay. Possession next month.” It does not go down well in the collective consciousness as an impression gains ground that the developers are evaluating the opportunity cost in times of a natural calamity. This message nevertheless raises more questions than it tries to answer that the given project is earthquake complaint.
One-sided builder-buyer contract, late delivery of the possession and poor quality of construction is an accepted reality in the Indian real estate. A prominent developer in Noida Extension is reportedly forcing its buyers to sign the modified apartment buyer contracts with extended possession date and reduced penalty for delay in handing over the apartments. “Otherwise, we are ready and willing to refund the entire booking amount along with 11 per cent interest, without any deductions,” says the forwarding of the letter sent to the buyers.
“How long can a sector survive which is borrowing at 48 per cent from private lenders to serve the interest of previous debt raised at much lower rate,” asks a banker. His concern is not without valid reasons. Developers experimented with all funding options but still many of them are now being forced to seek other sources of funding which not only comes at a significantly higher cost but also where the source of fund is unregulated.
When Roshan Abbas, a property broker operating out of Mira Road of Western Suburb, claimed that the region would be the catalyst of housing revival in the Mumbai Metropolitan Region (MMR), many thought this to be claims of a broker glorifying his catchment area. Some of the critics even dismissed it as another marketing stunt on the eve of the festive season of Navratra.
The meteoric growth of e-commerce in India in recent years was broadly seen as a threat to physical retail. Seemingly bearing this out, ASSOCHAM states that e-commerce has grown at a compounded annual growth rate (CAGR) of ~30%, while retail sector growth has been at 15% CAGR over the last five years.
Weekend homes, also called second homes or vacation homes, are currently an oasis of market activity in India’s the otherwise lacklustre residential real estate sector. In earlier years, only the affluent could and would invest in them – today, these properties are generating interest even from the country’s middle class.
Eleven real estate developers have come together to promote the…
Home Credit India Finance, a Non-Banking Financial Company (NBFC) has announced a festive campaign that offers customers, especially first-time borrowers in over 30 cities across 13 states, a chance to buy products of their choice at customized EMIs.
Office space take-up by corporates in the first nine months of the 2015 calendar year rose to 30 million sq ft, 11% more than 27 million sq ft in the same period last year, according to a new report by property consultancy Colliers International.