In a good news for the hassled home buyers of Amrapali Group, the Supreme Court on Friday was informed that 11,858 flats will be delivered in 2 to 3 months of which 5, 428 units will be handed over the possession in October. A bench of Chief Justice UU Lalit and Justice Bela M Trivedi was informed by court receiver senior advocate R Venkataramani that in the upcoming festive season next month 5,428 flats which have been completed by the NBCC will be given to the home buyers with electricity and water connection. "We are facing some issues in providing electricity and water connections to the other 6,430 completed flats and once the connections are provided and they receive completion certificates, these units will be handed over to the home buyers in the next two to three months", he said.
The COVID-19 pandemic affected the residential property market during the April-June period last year but sales have improved in affordable homes segment since July onwards, reflecting economic recovery in the real estate sector, according to the Economic Survey. The National Housing Bank's (NHB) Housing Price Indices (HPIs) are a broad measure of movement of residential property prices observed within a geographic boundary. The NHB-RESIDEX captures two housing price indices -- HPI@ Assessment Prices and HPI@ Market Prices - Under Construction Properties based on the data available for 50 cities with quarterly updation.
Home sales in the top 10 cities - Ahmedabad, Bengaluru, Chandigarh, Chennai, Hyderabad, Kochi, Kolkata, Mumbai Metropolitan Region (MMR), National Capital Region (NCR) and Pune - have declined at a compound annual growth rate of 8% since 2011.
Provisions of RERA, subsidy under PMAY and relaxation in PF withdrawal to buy a house will aid affordable housing, points out Harsh Roongta.
Experts say this is a good time to buy a house for self-use, points out Sanjay Kumar Singh.
Unless security is given paramount importance, it is difficult for real estate activity to pick momentum in J&K.
Builders bet on affordable homes as luxury sales dip, however, signs of revival after note ban and Rera are slowly visible
Consolidation is happening because of a prolonged slowdown in residential sales which has also brought down the business of brokerages.
New law could pose challenges of cost escalation, increased paperwork, fear developers.
Owing to the risk perception attached with the segment by banks, the residential realty segment has been increasingly relying on non-banking financial companies and housing finance companies to raise debt financing, reports Abhijit Lele.
Institutional investment in real estate jumped nearly 9-fold during the April-June quarter to $1.35 billion, mainly driven by the inflow of funds in the warehousing projects, according to property consultant JLL India. In its 'Capital Markets Update Q2 2021', JLL India reported that institutional investors deployed $1,357 million in real estate during the second quarter of the 2022 calendar year as against a mere $155 million in the year-ago period.
'I suggest a cut in the GST rates and an infusion of Rs 1.2 trillion into the economy in six months.'
A bench of Justices Arun Mishra and U U Lalit said, if home buyers are not ready to pay their outstanding amount, then the court will have to bundle up the projects.
On July 23, the apex court had cracked its whip on errant builders for breaching the trust reposed by homebuyers and ordered cancellation of the registration of Amrapali Group under the real estate law RERA, and ousted it from its prime properties in the NCR by nixing the land leases.
A host of dynamic reforms, policies and announcements during the last five years are expected to reach its logical fruition in the second term, says Ankit Kansal.
Bengaluru-based developers, such as Puravankara Limited and Sowparnika Projects, have witnessed over 85-90 per cent of their customers being first time buyers or end users.
Around 576,000 housing units, worth Rs 4.64 trillion, are delayed in seven major cities of the country
After giving negative or low returns from 2013-2016, the Nifty Realty Index is up a whopping 91.14 per cent, making it the best performer year-to-date. Can you still make money in this sector? Sanjay Kumar Singh finds out.
It will bear fruit in the next five years, which is why FDI is so strong. The foreigners clearly know what Indians don't, asserts T C A Srinivasa-Raghavan.
On the other hand, the Yogi Adityanath government has 'completed nine lakh houses under the scheme and 14 lakh are under construction', Modi said, reeling out comparative figures.
While office and mall properties enjoyed revival and saw some big PE deals, residential real estate was hit by double whammy - stagnating prices and demonetisation
A fourth of the property market is cash-based and this has affected home sales after high value notes were scrapped.
Real estate will prosper, small developers won't.
If the real estate sector is properly managed, it could drive not just finance but demand for a range of products and services, observes T N Ninan.
'Waiting for a market correction and optimising entry time in the markets will be akin to missing the woods for the trees.'
Resolution to the bad loans problem has to be incremental, and the RBI has to ensure NPAs are not swept under the carpet, HDFC chairman Deepak Parekh tells Joydeep Ghosh.
The purchase or construction of houses by large numbers of people can add meaningfully to India's economic growth, points out Neelkanth Mishra.
While Indians don't buy property during May-September due to the holidays/rains/ religious reasons, buyers should scout for property now.
In the quarter ended September 30, the Pirojsha Godrej-led firm recorded Rs 492 crore net sales, up 49% year-on-year
The real estate sector is a major employment provider and the economy cannot afford its hard landing. Harsh Roongta suggests measures that can revive the under-construction market
Raghavendra Kamath reports on what ails India's real estate sector.
Analysts attribute the surge to a host of factors, particularly the interest shown by the retail investors in these two market segments.
'Some cases do not get a single hearing for 6 to 8 months, while some have been pending for as long as 8 years.'
The real estate Bill will stamp out illegal practices prevalent in the industry.
Puneet Wadhwa and Debashish Pachal locate real estate stocks to watch out for.
All real estate developers may not be able to avail the benefit of Reserve Bank of India's one-time restructuring scheme as they might not meet the required financial ratios and have the necessary credit rating, HDFC vice chairman and CEO Keki Mistry said. He was speaking at a real estate and infrastructure investor summit organised by Naredco. "Restructuring may not necessarily help every developer because not too many will be able to meet the criteria laid down in terms of meeting the various ratios and getting credit ratings," Mistry said.
Plan to lay off excess staff, trim salaries of top executives.
The finance ministry also said the maximum funding will be Rs 400 crore for any single project that will be seeking assistance from the 'special window' for completion of the 1,508 projects comprising about 4.58 lakh units.
Keki Mistry, vice chairman and CEO, HDFC tells Joydeep Ghosh and Chirag Madia that unlike some other players it never went for excesses and never took unreasonable risks.
Home buyers would be able to invoke Section 7 of the IBC against errant developers.
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