Some discussions about best practices in the Indian real estate has started because today the investors also do not want their money to be locked in an asset that is neither growing nor is likely to get delivered. Worse even, there is no authority or court in India that has been successful in getting a stalled project restarted or in forcing a bankrupt builder into selling his assets to compensate his allottees.
Smart Home is a concept which is gaining acceptance with the Indian consumers these days as many residential developers are incorporating this concept in their luxury projects. Essentially, a smart home integrates state of the art technology in the electrical devices that enhances the experience as well as makes life easier. With a busy lifestyle, the affluent consumers nowadays demand integrated houses which can be controlled remotely.
When you offer a good quality 1 BHK apartment, with a well-planned society, to a slum dweller, you are offering sheer luxury to that person/family. Moving into a proper apartment, in a semi high-rise, for urban-challenged citizens in Mumbai not only means luxury but a life-transforming development.
Affordable housing and Mumbai often sound to be quite contradictory. The peninsular city with limited land parcels and load on the infrastructure often makes an urban planner fumble for offering any sustainable solution. Critics hence dismiss the very idea of affordable housing in the city. In Mumbai the development and growth of affordable housing has also been facing significant challenges owing to a gamut of fiscal, regulatory and urban issues.
A closer look at some of the leading property markets of the country, like Mumbai, Pune, Chennai, Hyderabad and Bangalore, clearly suggest that the market is poised for an upswing in the next few years. More importantly, it is not just the analysts but also the home-buyers who are today; ready to bet high on the long term growth story of the property market in these leading cities.
The anticipation of the international airport has been behind the property purchase in the region. The investors in this part of the world are hence forced to tavel to one or two hours to Mumbai for their domestic and international flights. The ordeal is unlikely to be over in the next three to four years till the Navi Mumbai International Airport actually takes off.
There is currently a shortage of 20 million homes. By 2030, 590 million Indians will live in cities, necessitating a further $2.1 trillion of capital investment in infrastructure. The challenge to house the future population is urban in scope and unprecedented in scale.
What makes Mumbai a global real estate market to bet on? There are many USPs of the city property market to make it a global property market, like luxury landscape of the city; its positioning as a job market; social life of Mumbai; investment in the city; appreciation potential; and insulation against price crash. Mumbai is one of those markets that have also weathered the slowdown challenges without crash; not even New York, London or Dubai have this distinction.
A high rental growth was seen mostly in South cities like Bengaluru, Chennai and Hyderabad where y-o-y change ranged between 8-17% at some locations. In H1 2017, Bengaluru and Hyderabad both witnessed single digit vacancy levels hovering between 8-9% due to a dearth of quality Grade A stock, thus leading to increased rental values in some micro markets.
Many of the homebuyers in their desperate instinct are thinking of immediately stopping EMIs (Equated Monthly Installments) to banks. However, many of them are conscious of the fact that stopping EMI is not a solution. If buyers stop servicing their home loans (as they are not sure if they will get a house), it may impact their credit rating.