83% of the CEOS plan to hire more in the new year.
Leading property developers, such as Oberoi Realty, Tata Realty and Infrastructure, and Hiranandani, have turned to redevelopment of existing buildings in the expensive parts of Mumbai as a way of augmenting revenue. Experts estimate that Mumbai's redevelopment projects could be worth Rs 30,000 crore. As such, they are not new. What is new is that the big developers are interested in them. Leading the race is Oberoi Realty, which has set up a separate team for these projects.
Hiranandnani's new venture is well-timed, but it will face heavy competition from both international majors and domestic peers like Adani Group.
Farmers too will get better deals
Durable goods companies and retailers say online sales won't compensate for the fall in offline sales.
'I suggest a cut in the GST rates and an infusion of Rs 1.2 trillion into the economy in six months.'
Around 576,000 housing units, worth Rs 4.64 trillion, are delayed in seven major cities of the country
Several on-site labourers in the city want to take special trains being run to transport workers back home. The rising number of COVID-19 cases in the city has caused anxiety among them.
Experts say that the lockdown and its aftermath will further quicken the consolidation in the real estate sector, which has been taking place since 2012, with more small players going out of the business and bigger, branded players dominating the market.
CREDAI-MCHI, a body of developers in Mumbai, has pegged the drop in sales booking at around 80 per cent in the February-March period this year. This is the second highest fall in residential sales in the past five years, after Q1, 2017, when the decline, due to the note ban, was 37 per cent.
Experts said the builders will now factor in their losses arising from the removal of input tax credit when they pass on the benefits to end users while the latter may want the entire GST cut to be given to them.
With the insistence on data centres to be onshore, entities in real estate believe there is going to be a rise in demand for specialised Grade-A commercial spaces to set these up.
Although residential sales faced a major set back in Q2, they made a comeback with help of pent up demand.
Commerce and Industry Minister Piyush Goyal that the players in the sector should start lowering prices and, if the worst comes to the worst, write off investment as bad business decisions.
The world's biggest lockdown that shut a majority of the factories and businesses, suspended flights, stopped trains and restricted movement of vehicles and people, may have cost the Indian economy Rs 7-8 lakh crore during the 21-day period, analysts and industry bodies said.
Falling sales since demonetisation has alarmed CEOs, who want to save cash till the economy recovers.
Corporate leaders said a stable government at the Centre will help boost infrastructure spend, address agricultural distress, and encouraging employment.
Hurun Report and GROHE India named Lodha Developers' M P Lodha and family as India's richest real estate entrepreneur with a wealth of Rs 31,960 crore, followed by DLF's vice chairman Rajiv Singh and Embassy group founder Jitendra Virwani in the second and third position respectively. Total wealth of top 100 Indians in the real estate sector stood at Rs 2,77,080 crore -- up 17 per cent against 2018. While Mumbai accounted for six of the top 10 and 37 of the 100 names, Delhi and Bengaluru had 19 residents each who featured on the list. Smita V Crishna of Godrej Properties featured as the richest woman.
Urban planners and real estate experts say bad town planning in Mumbai and rising deaths during the ongoing pandemic are a "sad reality". Dev Chatterjee and Raghavendra Kamath report.
Office space on mill land in central Mumbai expected to reach 16 mn sq ft by 2021.
What does the National Educational Policy 2020 mean for students, parents and teachers?
'The government has just scratched the tip of the surface with the recent announcement. They are not realising the gravity of the situation.'
Assembly elections coming up in November and December could offer a window of opportunity to the government to make GST attractive through rate cuts.
Experts, however, caution that though the moves are positive for the sector as a whole, they don't expect much gain in the near-term.
Renowned realtors are shying away from the private equity (PE) route to raise funds.
Big Mumbai developers' inventory at Rs 53.4 crore.
Raghavendra Kamath reports on what ails India's real estate sector.
Real estate biggies expcet single window clearance for upcoming projects.
A decline in the real estate sector, rising debt and the company's alleged involvement in 2G scam caused damage to the business and its image.
New law could pose challenges of cost escalation, increased paperwork, fear developers.
'For 20 years, successive governments have failed to provide housing for the poor. Here, they were to get 400 sq ft flats for Rs 54,000,' says Prakash Ambedkar who was arrested by the Maharashtra government for getting thousands of people to submit forms for these apartments.
Today, people are happily raising 80-85 per cent through home loans, and if they still don't have enough, the rest is raised through a personal loan.
I-T lens on current account deposits over Rs 12.5 lakh. All the news and more post demonetisation.
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