Bhumika Group is also developing a shopping mall, high-street retail and office space and serviced apartments in the first phase. The company is giving retail space in shopping malls on lease, while office space, high-street retail and service apartments are on sale model.
By the late evening the area bears a deserted look. Local youths with no source of livelihood are on prowl to pounce over what in their understanding is elite class living in apartments. And this so-called elite class is dawn to dusk EMI serving class, helpless to save the little bit of luxury showered on the family with hard earned money.
Is there something in the very DNA of the city that makes every global forecast refer Chennai as the future city on the global map? Analysts believe Chennai is not only the capital city of Tamil Nadu but is also the largest industrial and commercial centre in South India. The Greater Chennai Corporation (GCC) is the flagship Urban Local Body in the Chennai Metropolitan Area (CMA). The Greater Chennai Corporation (GCC) is the oldest municipal Institution in India.
This policy ‘trishul’ brought about a paradigm shift in the way Indian real estate does business and laid the groundwork for improved transparency and efficiency in the sector. However, while end-user and investor confidence were rekindled for real estate, it did not exactly set the industry on fire with renewed interest.
The survey clearly suggests marriage is as much a choice for women as mortgage, and marriage is definitely not predestination of home ownership. Even among the married couples the role of the women is changing and they are increasingly getting on the driver’s seat when buying a house.
This is hardly surprising – a woman’s relationship with her home is unique; and while any other ‘relationship status’ may change in today’s rapidly-evolving socio-economic scenario, owning a home in her name gives her the ultimate security in a changing world.
About 40% of all the new launches in 2018 were under the affordable segment. Cities such as Bengaluru, Chennai, Hyderabad, Kolkata and NCR witnessed maximum launches in the affordable segment that is below INR5 million. Mumbai on the other hand witnessed more launches in the mid segment housing, in the range of INR 5-10 million.
PEL had previously announced a strategic co-investment fund with Ivanhoé Cambridge, to provide long term equity capital to blue chip residential developers across the five major metro cities in India (Mumbai, Bengaluru, NCR, Pune and Chennai). Ivanhoé Cambridge had allocated an initial US$ 250 Mn towards this fund.
Gross leasing activity is recorded at 50 million square feet in 2018, highest in last eight years driven by buoyant leasing in Bengaluru and NCR. Compared to the previous year, gross leasing increased by 17% as occupiers continued to expand and consolidate. The top 3 sectors contributing to gross leasing were IT-ITeS with 43%, flexible workplaces with 14% and BFSI with 12% share.
National Real Estate Development Council (NAREDCO has requested Government to address the key concerns of the real estate industry and home buyers, offer tax incentives across housing segments and boost buyer’s confidence through a slew of measures in the upcoming interim Union Budget 2019-20.