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Dissatisfaction among the homebuyers was noticed at every level, and every set of buyers had their own set of grievances. Of course, the level & extent of dissatisfaction is different in different phases of house purchase and ownership.
The slowdown was predicted much ahead to the introduction of GST and RERA and we were prepared for it. Whenever there is a new law or regulation, changes are bound to impact any market and we must cautiously tread the transition phase. At the same time, the impact usually does not last long as people adapt to changes quickly. We continue to see good traction in our business despite these market challenges. Our business is based on certain core values, which we amplify to face tough challenges.
What has made Bangalore real estate market so very different? Has Bangalore been just blessed with climatic conditions, thriving economy of the region and talent pool or the developers in the city have been conscious to learn from the mistakes of other markets?
Embassy Group has been conferred the prestigious ‘Sword of Honour’ by the British Safety Council for three of its business parks – Embassy Manyata Business Park, Embassy TechVillage in Bangalore and Embassy TechZone in Pune.
An outside view on the Indian real estate market may get confused with the fact that mismatch in delivery and performance is lesser in luxury projects than even affordable housing. Isn’t it a fact that buyers in low income housing are more price conscious and more concerned to check & cross check than those nouveau riche who have enough money to splurge?
It is true that the GST burden is today a huge deterrent in the housing market and a large share of homebuyers are now waiting for the project to be ready as the ready to move apartment won’t attract GST burden. The problem, however, is with millions of buyers who are in the mid cycle of construction and the GST has suddenly added to their already over stretched budget in the housing market.
The report states that 10,785 acres or around 18% of lake area has been encroached in 1,547 lakes in the two districts and also names over 75 companies in a list of offenders. The report blames almost all the prominent developers in the city. This includes developers like Prestige Group, Sobha Limited, Bagmane Group, NICE (Nandi Infrastructure Corridor Enterprises Limited) and Oasis Apartments, among others.
The Gurugram Police has registered FIR under section 420, 406, 120B of IPC and other sections against Ajay Bijli, his brother Sanjeev Kumar Bijli, daughter Niharika Bijli along with PVR Limited and Eight persons including Renuka Ramnath, Amit Burman, Vikram Bakshi and others.
With the reasonable expectation of a roof over the head not very long ago, the real estate boom in this part of the world has scaled up the liberty of choice for the average homebuyers. While the aspirations of even the middle and lower middle income with moderate budget have gone up, there are very many residential projects launched in recent times that seem to fill the gap with the promise of hi-tech amenities, luxurious lifestyle, lush green surroundings within the range of Rs. 30-70 lakhs.
Technology is a great enabler that is today helping to reduce the construction timelines, cost of construction & optimise land competence. Pre-cast construction methods such as Alu-form and Waffle Crete technology and new construction materials such as Autoclaved Aerated Lightweight Concrete Blocks, fly ash bricks and building blocks made of mud that has been stabilised with cement or lime are alternative technological advancements.