It was expected to be a future ready budget and the overtones in the power corridors were also self-congratulatory in advance. It finally turned out to be pretty ordinary budget for the real estate sector. The stakeholders are nevertheless looking for the silver lining here and there. The most critical stakeholder, the home buyer, is pretty disappointed with the Union Budget 2021-22.
Union Budget every year is the time when all the stakeholders of the Indian economy look up to the Finance Minister with optimism. Track2Realty noted that across the industries the wants & needs of the demand & supply side are not as juxtaposed as with the real estate. While the developers lobby hard to get the best deal out of the Union Budget, the buyers have their own set of choices and concerns. The Finance Minister is expected to walk a tightrope to balance the concerns of various stakeholders.
The 3rd ASLI Annual Senior Care Conclave starting, 22nd Jan, 2021, announced the Association of Senior Living India (ASLI) collaboration with Standards Wise International’s Indian subsidiary – Standards Wise International India (SWII) and CommonAge (CA) to roll out the first-ever standards and accreditation matrix for the private sector in the space of senior living and care communities in India.
In his budget wish list, Amit Modi, Director, ABA Corp & President (Elect), CREDAI Western UP, points out that the real estate sector in India has been through one of the most difficult periods last year due the pandemic effected slowdown in the economy. While there was an upward trajectory in the last quarter of year 2020, due to correction in prices, availability of affordable home loans and the general realization towards the importance of having an adequate shelter during the pandemic, but to seriously start the process of sector revival, there is an urgent and definitive need for reforms from the forthcoming Budget.
Budget after budget the industry voices across the built environment of the Indian real estate echo the causes & concerns of the supply side – builders. On the eve of the Union Budget 2021-22, it is imperative to address the issues that affect the demand side – buyers. Failing to address the buyers issues, would be detrimental to the revival of the sector which, in turn, is critically linked to the revival of the economy at large.
While India is gearing up for COVID-19 vaccine rollout nationally, the onslaught of pandemic posed enormous difficulties for healthy living among the senior cohort of the country. In order to assess and deliberate on the challenges, solutions and future roadmap for senior care and living in India, Association of Senior Living India (ASLI) in partnership with Unmukt – The Senior Hub, today announced its 3rd ASLI Annual Senior Care Conclave to be held virtually from Jan 22 -24, 2021 bringing together key stakeholders in the senior care industry.
In the financial sector, housing finance is relatively a new concept as the government took interest in the last two decades to diminish the housing problem in India. However, the participation of banks and financial institutions in the housing credit sector has swelled and the sector itself has evolved over the years, fuelled also by the concurrent evolution in government regulations in the sector and real estate industry as a whole.
Ever since the lockdown was imposed in March 2020 with Coronavirus scare at its peak, it seems the built environment of the Indian real estate is experiencing the Placebo Effect. The Placebo Effect is when an improvement is observed, despite an individual receiving a placebo as opposed to active medical treatment. In medical fraternity, it is estimated that 1 in 3 people experience the placebo effect. It seems every stakeholder, barring the home buyers, is experiencing the Placebo Effect in the property market.
If the Indian real estate was gasping for breath since long, Cronavirus has further pushed it to the ventilator. Track2Realty in an online poll finds that the challenge is no more limited to the unsold inventory, liquidity crisis & buyers’ reluctance, but to keep the existing buyers stay afloat. Job losses and salary cut threatens to make foreclosure a reality now.
The good news is that the Indian home buyers do understand that the lockdown post the Coronavirus was neither in the hands of the builders nor could have been anticipated. They hence don’t object to the period of six months being declared to be Force Majeure. The bad news is that the home buyers across the country feel the government’s declaration of Force Majeure is not in accordance with the law of natural justice. Track2Realty Online Poll finds that the home buyers are demanding equal leeway in the housing market.