The Finance Minister seems to be getting more appreciation than brickbats for renewing focus on the housing needs of Aam Aadmi. Even the real estate sector is divided and while the long awaited demands have not been fulfilled, a section of the realtors with affordable housing projects have appreciated the efforts.
Maharashtra Chambers of Housing Industry (MCHI), most prominent body of the real estate developers today described the Union Budget presented by the Finance Minister Pranab Mukherjee as “Budget with few positive steps focused on the common man who is interested in buying a house in rural and urban areas”.
With the reasonable expectation of a roof over the head not very long ago, the real estate boom in the last decade has scaled up the liberty of choice for the average home buyers. While the aspirations of even the middle and lower middle income with moderate budgets have gone up, there are very many residential projects launched in recent times that seem to fill the gap with the promise of faster deliveries, hi-tech amenities, luxurious lifestyle, lush green surroundings within the affordable range of 20-40 lakhs.
Real Estate and Finance Minister seem to be at logger heads over the wants and needs of the sector. Interestingly when one proposes and the other disposes, both of them justify their stand in the name of “Aaam Aadmi”, the common man who is the consumer and the end-user. But in this cacophony of confusion the “Aaam Aadmi” is often found wondering as to who will ask for his wish list with Union Budget.
DLF Brands, part of real estate company DLF, is venturing into the home furnishing segment. It aims to launch 30 home solution stores under the brand name ‘Pure Home+Living’ in the next three years at an investment of Rs 200 crore.
Pune based Phadnis Infrastructure, a group engaged in infrastructure development, hospitality business, real estate, power and telecommunication is off to a flying start in the infrastructure business. Phadnis Group has bagged a contract to build the prestigious ESIC Nursing College and Auditorium at ESIC Hospital, Indiranagar – Bangalore. The total project cost of this project is around Rs.62 Cr and the project is likely to be completed by March 2012.
KORUM, Mumbai’s largest Shopping Mall by Kalpataru Retail Ventures Pvt Ltd, a Kalpataru Group company, has won the ‘Emerging Retailer of the Year Award’ (Real Estate) at the 7th Asia Retail Congress, held in Mumbai recently.
The time of the year has come when everyone is dreaming about the Finance Minister’s briefcase. Though real estate is ready with its list of expectations, experts believe that this year it would be good to expect much from the government owing to the kind of fiscal deficit government is going through. Expectations are high because of the increase in home loan interest rates, which have hampered the affordability of the buyer.
Omaxe Ltd., the real estate and infrastructure development company has reported Consolidated Net Sales of Rs. 347.97 crore for the quarter ended December 31st 2010 as compared to Rs. 280.20 crore for the quarter ended December 31st 2009, registering a growth of 24.2%.
National Real Estate Development Council (NAREDCO), the apex body of real estate industry in the country, expects Finance Minister to grant infrastructure status to housing under section 801A of IT Act, 1961, thereby, treating housing at par to other infrastructure projects.