The Shapoorji Pallonji Group has announced its entry into National Capital Region (NCR) with the launch of its first residential project under the aspirational housing brand ‘Joyville’ in Gurugram (Sector 102). This is the fourth project under Joyville brand following Kolkata, Virar and Pune, respectively.
While 2018 lived up to a fair number of expectations, there were a few misses too, particularly in the case of clarity on GST norms. Key highlights of 2018 were the creation of positive sentiments in the market by way of a robust office space absorption by emerging segments, as well as increase in the number of new launches and sales in the affordable housing sector.
With high expectations from 2018, it was anticipated that the teething problems around policy initiative introduced in 2017 (RERA and GST) would ease out by the end of the year, bringing a new order of transparency and efficiency.
Central Park is making strides towards developing an intelligent community by leveraging modern technology to provide an improved quality of life for consumers by integrating fans, ACs, lights, video-door phones, panic buttons and smoke sensors, with third-party automation devices such as Amazon Alexa and Echo Dot to provide greater control and convenience.
The gross leasing activity in India was recorded at 36.4 million sq ft for the first nine months of 2018, up 26% YoY. Pan-India demand for Grade A office space was driven by the technology sector (48%) in Q3 2018, followed by banking and insurance representing 19% of the total leasing volume.
The Indian real estate sector has always been perceived by investors across the world as attractive proposition in terms of quality assets across segments. The recent policy changes and reforms have further shaped the perception of global investors on India as these reforms are seen as India’s endeavour to given an image makeover to the real estate business.
RERA was supposed to save the day for homebuyers, but that doesn’t seem to have happened – at least not yet. In many states RERA, in its present form, is currently either non-existent or a pale shade of what it was intended to be.
Now that the Real Estate Regulation Act (RERA) brings the brokers into its ambit, the question that still stands is: What are the grey zones left which are not defined in the prescribed Act? What if the broker or builder has made the verbal promises to the buyer? What would be legal position if the marketing firm/broker misleads the buyer without the knowledge or consent of the builder?How can buyer be compensated if he has bought the property on the promise of misleading claims?
It is not just the ambiguity around the RERA that makes the Indians feel there is no hope for them. Most of the reform measures have not touched upon the average Indian homebuyers, claim close to three fourth of the buyers, as many as 72%.
Kumari Builders and Developers is investing INR 300 crore in a 46-acre villa project in the city. Through this investment in Kumari Hamlets, the Bengaluru-based residential real estate developer is expanding its property portfolio by 1.8 million sq ft.