With the Maharashtra Government indicating to introduce Blockchain in property transactions, this new technology is in the spotlight. There are more questions in the public domain than answers as subject matter experts are few. In an exclusive interview with Ravi Sinha, Tushar Shrivastava, Co-founder & CTO, PropertyPistol.com decodes how Blockchain is the future of real estate transactions.
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.
The National Company Law Tribunal (NCLT) has agreed to initiate insolvency proceedings against real estate developer Ansal Properties & Infrastructures (Ansal API). The petition for the same was filed by 126 flat buyers of one of the company’s housing projects called “The Fernhill”.
Real estate developer M3M India has purchased a 13-acre land parcel in Noida. The outright purchase has been through e-auctions and the developer plans to invest around Rs 2,400 crore to develop a mixed-use project. M3M India has a major presence in Gurugram and this is part of the company’s market expansion to Noida through this project.
The Indian real estate has been known to dole out discounts & freebies every festive season to reap the auspicious spirit. It worked well for the sector for quite some time as the Indians are traditionally known to buy property during the festivals. However, the slowdown in the last five years made the marketing strategists look for alternative ways & means to bring the buyers back to the property market during the festive season. Track2Realty analyses the market trend.
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.
I meet a number of stakeholders across the built environment of Indian real estate. One common narrative that has gained ground within the built environment over the years is that “this is the best time to buy a house.” Mind you! This narrative was being pushed through the throat even before Covid. Even though the real estate market in general and the housing market in particular has been going through a turbulent phase, the narrative has never changed its course.
Buy a house with mortgage and then get so frustrated with the delays that you just stop paying the EMIs. This sounds funny, illegal and outrageous, but has already started trending in the world’s largest property market of China. The global property markets in general and susceptible markets like India in particular are watching the developments in the neighbourhood with a hope & prayer that such unpleasant events should not confront them. A Track2Realty analysis.
Ramneek Patel, an MNC executive in Gurugram is on a company leased accommodation and the HR is deducting INR 40,000 per month for his rented apartment. Now that the Goods & Service Tax (GST) has been imposed for rental residential units to companies, he has been told by the company that the said liability will be passed on to the employees living in company leased apartments. They can otherwise find an apartment on their own.