In an interesting year when Godrej Properties lost its sheen, Sobha Limited yet again bounced back as the National Brand Leader after a gap of 2 years. The 10th edition of Track2Realty BrandXReport 2021-22 finds that the market perception vis-à-vis the brands could change dramatically, and it takes all the more care to retain the Brand Leadership than reaching at the top.
The home buyers have for long alleged that the RERA has failed to provide them substantial relief in the wake of project delay or defaults. Now the Allahabad High Court has also taken cognizance of the issue and has not only questioned reasons of non-execution but also asked for the roadmap as to how RERA Recovery Certificates would be executed.
The industry data of faster recovery and record home sales conceal more than it intends to reveal. The rosy outlook fails to address the fact that this is a K-shaped recovery where a handful of large developers with sound financials have grown at the cost of the large universe of the developers. More importantly, the sales registration data doesn’t differentiate between primary market sale and distress sale in the secondary market.
Shantanu Rastogi has invested in supporting ambitious entrepreneurs who are doing innovative work to serve the large Indian consumption basket. He has immense trust and belief in the your-space brand and its mission. On his recent investment in your-space, Shantanu Rastogi, said “There is a significant unmet need for safe, comfortable, convenient and affordable lodging & community spaces for 30M+ migrant undergrad and post-grad students in India. India being one of the largest suppliers of skilled talent across engineering, medicine, law, finance and several other professions to the world, needs high quality student housing operators to address this large and growing demand alongside high quality universities and institutions”
Home buyers point out that it is not only lengthy litigation that defeats their cause but also the fact that the builder continues to challenge the orders of the District Commission in higher courts. Over and above that the builder can also file multiple false cases against the harassed home buyers. The home buyers hence demand that the way NCDRC admits the challenged judgment of the State Commissions on a case-to-case basis, the State Commissions should also adopt the same practice.
2022 won’t be an easy year for the average Indian home buyer in terms of making a conscious decision of buying a house. The fundamentals of the market and macroeconomic outlook indicates 2022 could be even more challenging than 2021 for more than one reason. The rising input cost of construction has put a serious question mark over the feasibility of the business in a price sensitive market. Many of the developers with thin profit margins are facing a catch-22 where the input cost hike is compelling for escalation but the demand side is not ready to absorb the hike.
Across the world the commercial real estate, most notably the retail and office spaces, have been hit the most due to Covid-induced new normal. It is hence being debated as to whether commercial real estate would be able to reinvent itself to remain relevant in the post-Covid world where the Work From Home and online shopping threatens to eat up the market share of till-recently lucrative business models of retail and office space. Track2Realty explores the need for innovation.
The Allahabad High Court has rapped the District Magistrate of Gautam Buddh Nagar for non-compliance of RERA Recovery Certificates (RC). The Court has also directed the DM Suhas LY to appear before the court on October 4 to explain the inaction in the RCs issued by the Real Estate Regulatory Authority (RERA) in several cases.
There are multiple factors why the home sales in monsoons are subdued. One obvious reason is that the Indians traditionally don’t make any high value purchases after Akshay Tirtiya and before Ganesh Chaturthi. Since a home is the most emotional & aspirational product; is life’s biggest purchase; and is in most of the case for the lifetime; the Indians prefer to wait till the beginning of the festive season. Inauspicious period of Shraddh and Pitripaksh also falls during the monsoon season, where the traditional belief is that any new purchase will invite the curse of the ancestors.
Driving down the Noida-Greater Noida property market in general and the Greater Noida West, better known as Noida Extension in popular parlance, could be a delightful rendezvous for any news hungry journalist. Which scribe won’t want a dose of controversy and sensationalism for filing a juicy story? And this market has it all – housing project delays, defaults, cheating, harassment, builders’ high handedness, blatant lies with oozing confidence, and last but not the least, consumer protest all around.