Housing sales across seven major cities are estimated to fall 47 per cent year-on-year to 1.38 lakh units this year on lower demand because of the COVID-19 pandemic, according to property consultant Anarock. New housing supply, too, is likely to fall 46 per cent to 1.28 lakh units in 2020 in seven cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, Bengaluru, Hyderabad, Chennai and Kolkata.
India's real estate industry staged a rebound from 2020's downturn, with housing sales seen rising by over 50 per cent. The performance, though short of pre-COVID levels, has property developers hoping for stronger gains in the New Year and the beginning of a long upcycle. A strong foundation has been laid this year for revival in the Indian real estate sector, which is projected to reach $1 trillion mark by 2030 from $200 billion in the pre-pandemic year.
RBI, in its first bi-monthly monetary policy statement, left the short-term lending rate, or repo rate, unchanged at 8 per cent and the cash reserve ratio static at 4 per cent.
Seek easing of asset classification guidelines for better credit flow.
Builders were questioned on unfair trade practices.
Builders on Friday blamed the Noida and Greater Noida development authorities for the current crisis and warned of similar problems in future due to their faulty land acquisition process.
Private real estate developers whose projects at Greater Noida have been thrown into limbo by the Supreme Court's decision to quash the acquisition of land from farmers assured investors today that their money would be returned with interest if they want.
Considering the scarcity of land for development projects in Kerala, there should be optimal use of the land being held by the public sector companies, experts said.
While sale of residential properties increased only marginally despite plethora of steps taken by the government through the year, office space leasing rose 40 per cent to touch an all-time high of 46.5 million sq ft -- a trend that drew investors to lap up India's first Real Estate Investment Trust at an issue size of nearly Rs 5,000 crore.
Cut to 2019, and his name evokes grief and anger among more than 40,000 homebuyers who are fighting for the keys to their flats, which they should have rightfully got more than seven years back.
Projects in Delhi-NCR, delayed by a much as 6-7 years
Increase in income from agriculture and growth in overall rural economy coupled with huge migration of labourers to the Gulf countries are impacting the steady flow of masons, plumbers, electricians and other skilled and unskilled job workers in the construction sector.
Undeterred by the real estate crisis after Dubai World's request to creditors for a standstill on repayment of its $60 billion debt until May, the Confederation of Real Estate Developers' Associations of India (Credai) has stuck to its original plan to hold its national convention during January 23-25 in Dubai.
Realty prices may go up by anything between 10 to 15 per cent in the next six to nine months, with demand exceeding supply, real estate developers said on Friday.
Urban development minister Jaipal Reddy said on Friday that he would also ask the finance minister to review his decision to bring the real estate sector under the service tax net. Real estate players were unanimous that the extra burden would be passed to the consumer if, indeed, the service tax is imposed.
For those in the EWS and LIG category who wish to take a loan up to Rs 600,000, there is an interest subsidy of 6.5 per cent for a tenure of 15 years.
They sought further cut in interest rates as well as reforms.
The jewellery industry has welcomed the government's decision to ban old Rs 500 and Rs 1,000 notes, saying gold demand will rise as people will have more faith in the precious metal than the currency notes. But the unorganised builders and secondary (resale) property market would be adversely impacted.
Realty firms and consultants hoped however that this would be the last round of monetary tightening by the central bank.
The top court granted two weeks to the Centre and RBI to file the affidavit and place before it the decisions taken in this regard.
A person in the 30% income tax bracket with a Rs 40 lakh home loan at 9% interest rate would, under the Rs 3.5 lakh interest exemption, will save Rs 105,000 in tax in the first year, against Rs 60,000 under the previous interest exemption of Rs 2 lakh.
The Supreme Court asked the Centre and the RBI on Monday to place on record the K V Kamath committee recommendations on debt restructuring in view of Covid-19 related stress on various sectors as well as the notifications and circulars issued so far on loan moratorium.
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RBI on Wednesday surprised the markets by leaving key policy rates unchanged, notwithstanding persistent high inflationary pressure.
The real estate industry today hailed the RBI's decision to cut key interest rate, saying the move will boost housing demand and also improve sentiments in the sluggish property market.
There was no relief for existing home buyers who are stuck in stalled projects and are paying both rent and EMI on their home loans.
RBI has taken a balanced approach in the credit policy considering various developments across the globe and their near term impact.
Suburbs from Vile Parle to Goregaon have 205 unsold units.
GST rates on under-construction houses maybe reduced from 12 pc with input tax credit to 5 pc without ITC. Similarly, the rate for under-construction affordable houses could come down to 3 per cent without input tax credit, from the current 8 per cent.
The new law would boost home buyer confidence as well as investment in the realty sector.
Realty players want single window clearance for all affordable projects, reports Karan Choudhury.
Massive crowds thronged liquor stores, more vehicles plied on roads and cab-hailing platforms resumed services as India entered the third phase of the lockdown on Monday with further easing of curbs except in containment zones in the shadow of the highest rate of recovery yet from coronavirus.
Fresh guidelines were issued by the government on Wednesday for enforcing the second phase of the coronavirus lockdown, with the Union home ministry barring all kinds of public transport and prohibiting opening of public places during this period.
'The government has just scratched the tip of the surface with the recent announcement. They are not realising the gravity of the situation.'
It has brought down the minimum capital requirement to $5 million from $10 million.
SBI, the country's largest lender, first announced a rate cut of 0.25 per cent in its home loan rates on Thursday, forcing HDFC, the second biggest home loan financier, to respond.
he hike in service tax rate from 12.5 per cent to 14 per cent will increase the costs of buying
Currently, there's a shortfall of 23 million houses in India.
However, the realty players will have to pursue their long-pending demands with the state government for abolition of the Urban Land Ceiling Act, speedy approvals to expedite redevelopment of Maharashtra Housing and Area Development Authority buildings, development of cluster development, rental and affordable housing.
Hailing clear majority for Narendra Modi-led BJP in the polls, real estate experts on Friday said a stable government at the Centre will help revive the property market.
Dalhousie square has close to 55 historic landmarks.
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