In a highly competitive property market of North Bengaluru, Provident Housing in its quest to raise the bar has experimented with Deansgate, a Manchester townhouse-style residences. Track2Realty reviews as to whether this theme-based project could make a market differentiator.
Puravankara Limited in the second quarter (Q2FY24) ending September 30, 2023 has reported sales of INR 1,600 crore, an increase of 102% Y-o-Y. Sales volume for the quarter stood at 2.01 msft, up by 89% Y-o-Y with a strong collection of INR 879 crore (+70% Y-o-Y).
Isn’t it ironic that in a country where the number of unsold housing units is skyrocketing, the business of real estate continues to be a seller’s market? Contrary to the developers’ influence peddling that the housing market is by and large a buyer’s market now, the fact lies that the developers continue to take the buyers for a ride. The developers’ exploitative practices are not limited to the delay of the project, but also default in delivering the promised amenities, and, most glaringly, with one-sided unfair contract. Track2Realty explains the options before the home buyers.
The quest for property has not subsided among the Indians; nor do they have any doubts over the appreciation potential of real asset. They still consider property the tangible asset class that is less prone to market volatility, compared to stock market and other avenues of investment. However, they need a bit of cushioning this festive season to take a plunge into the property market.
Indian real estate has historically been very optimistic on the eve of every festive season. The post festive season sales number may not back the pre-festive bullishness, but the sector has been known to be hoping to make merry year after year. After all, real estate is a sentiment driven business and the stakeholders try best to create an ambience of positivity to bring the fence sitting buyers back to the market, often with festive discounts and freebies.
Analysts tracking the market believe lease model is always easy and better in comparison to the sales model in commercial property. For a lessee it gives a strategic option of rethinking if it is not giving the desired outcome considering all different aspects and factors involved in any particular kind of business. For a developer also, it works as an indirect sales model where a developers can comfortably sale the lease area to an investor who can enjoy both the benefits of property appreciation as well as the lease money.
Isn’t it ironic that in a country where housing shortage is at the core of policy debates, housing surplus in top Indian cities is juxtaposed to that. As a matter of fact, the reality of unsold housing units poses an even greater degree of imbalance than the housing shortage. But then unsold inventory is a symptom and not the cause of malaise in the housing market of the country. A Track2Realty report.
The input cost escalation has indeed brought the catch 22 situation for the real estate developers in this part of the world. As per the industry estimates, the input cost of various construction raw materials has surged from 20-35 per cent in the last 12-18 months. The property prices in the proportional ratio have not increased and in most of the micro markets across India the prices during the said period are at a standstill.
The months before the festive season are generally lull for the property market. Indians are mentally wired to buy the high valuables on the auspicious dates during the festivals. However, this seems to be changing in the property market this time around, as economic rationale indicates preference over religious beliefs. The vast majority of the home buyers anticipate price appreciation during the festive season.
The report of an impending housing recession in the US housing market is a worrying factor for a section of analysts in India. As per the reports coming out of the US market, the pricing remains firm but the sales have slowed down. As per a report by the NAR (National Association of Realtors), the home sales have slowed down for six consecutive months in July. Track2Realty reports.