Real Estate News & Information that Matters

Why India’s Youth Are Investing in Real Estate: A 2023 Perspective

Did you know that India is home to the world’s youngest population, with an average age of 29 years old? In fact, the country is home to one-fifth of the world’s population, creating a particularly beneficial demographic. As is expected, this has had a significant impact on the country’s economics and growth, with the country being the fifth largest economy in the world as per the International Monetary Fund (IMF).


Millennials, who account for 36 percent of the country’s population, in particular, have had a particularly defining impact on the various sectors in the country. With a spending power of over US $330 billion, this new generation has recently entered the real estate market and will account for 54 percent of homebuyers in 2023.


A recent survey by the global real estate investment firm highlights the positive home-owning sentiments of the younger Indians, with 44 percent keen on buying their first home in the next two years, far higher than the global average. This has undoubtedly led to the preferences of this generation shaping the Indian real estate market, especially in Tier 1 and Tier 2 cities.


In this blog, we endeavor to uncover the reasons why the younger Indian generation is going against the grain by investing in real estate early in life and moving on from other investment avenues.


  • The Indian economy has emerged as one of the fastest-growing economies in the world. While the rest of the world is undergoing one of the worst economic toils since the Great Depression, with the remnants of the pandemic and the ongoing Russian-Ukraine war tipping the international economies on a downward spiral, the Indian economy has stood strong. In fact, the country recorded a growth rate of 7.8 percent year-over-Y in the second quarter as opposed to 6.1 percent in the first quarter, putting the country on the path to becoming one of the fastest-growing major economies in the world.


The real estate sector, projected to grow to US$ 9.30 billion by 2040, has contributed significantly to this growth trajectory. The sector is the second-largest employer and is projected to account for 13 percent of the country’s GDP by 2025. In light of these facts, in addition to the growing disposable income of the middle class, it is only natural that investment in the real estate sector is at an all-time high in the country, with it being one of the top 10 appreciating residential markets in the world.


  • The Indian government has proactively introduced policies and programmes to encourage investment in real estate. The introduction of the Real Estate Regulatory Authority (RER) has significantly transformed the real estate sector in India. With the introduction of this framework, a veil of transparency and accountability has been imposed on the sale and purchase of all properties, protecting the interests of homebuyers.


Furthermore, the government has launched various affordable housing schemes, such as the Pradhan Mantri Awas Yojana (PMAY), which provides incentives and subsidies to both developers and homebuyers in the affordable housing segment.


Interestingly, a recent industry survey showcased a 60 percent inclination to invest in real estate as opposed to 3 percent in gold. Furthermore, out of those surveyed, a whopping 52 percent of Millennials and 35 percent of Gen X were planning to use their earnings from different avenues to invest in a home. This is a change from the previous generation, who usually invested in investment instruments like chits or stocks at this stage of their lives. The reason behind this shift is multifaceted and can be traced back to the pandemic.


The uncertainty of having a safe and secure living space during the two-year reign of pandemic terror is a feeling that the younger generation is all too familiar with. While the world was dealing with a catastrophe unprecedented in modern times, many people were displaced from their rented houses or simply could not afford to pay it during this time of economic uncertainty. This has instilled a deep desire in the youngsters to become house owners to ensure their safety. As per recent research, housing sales in the top 7 cities in India reached an all-time high with a 36 percent year-over-Y increase in Q2 2023 as compared to 2022.


Another interesting trend that has become increasingly evident in recent times is the popularity of aspirational and luxury properties among the younger generation. As many around the globe were shifted to remote work during the pandemic, the need for larger living spaces with designated work spaces and luxe amenities has become a new desire. Indeed, a recent study states that 48% of homebuyers prefer 3 BHK or larger residential spaces.


According to a survey by the Confederation of Indian Industry, 66% of Millennials invest in home ownership as a source of stable long-term income. As opposed to other investment classes such as stocks, bitcoins, etc. that are vulnerable to market fluctuations, the real estate sector in India has stood the test of time. In this contemporary period of financial uncertainty, real estate properties are a tangible and resilient asset class.


Not only can real estate spaces help build equity over time, but they can also facilitate wealth accumulation as they can be leveraged to invest in other areas. Further, investing in real estate can also lead to a steady source of passive income and consistent cash flow due to rental yields. To put this into perspective, rent in Gurgaon has increased by 28 percent year over year in 2023, encouraging many to invest in the Millennium City.

In another study, Delhi-NCR, particularly, was amongst the top 5 realty investment hotbeds in 2023, with a survey reporting a 9.6 percent Q-o-Q  growth as opposed to 4.6 percent across 13 cities surveyed. With high per capita and disposable income, seamless connectivity enabled by a progressive transit network, and a presence of over 250 of Fortune 500 companies, the city is understandably an attractive investment magnet. Let’s explore two of the hottest ultra-luxurious properties in Gurgaon.


DLF Privana : Located in Sector 76, Gurgaon, the 28-acre township of DLF Privana is brought to you by the real estate developer DLF, who has effectively transformed the face of the city in less than two decades. The community comprising 4BHK ultra-luxury properties is located right at the intersection of NH-48 and Dwarka Motorway, granting its residents seamless access to major commercial and business hubs in Delhi, NCR. From beautiful landscaped gardens to amenities like a plush clubhouse to benchmark security provisions and elegant fixtures, the residence is definitely an investment avenue you should look forward to.


Godrej Sector 49 Gurgaon: Newly launched in Gurgaon, Sector 49, Godrej 49 is the epitome of Godrej Properties’ dedication to deliver residential properties unparalleled in quality and innovation. Located in the hotspot investment destination Golf Course Extension Road, the 3 and 4 BHK ultra-luxury residences are built for those who want to live in an exclusive development that spoils its residents with only the best of everything.


In conclusion, the landscape of real estate investment in India is undergoing a profound transformation, driven by the energy and aspirations of its youthful population. As India stands resilient in the face of global economic challenges, the country’s booming real estate sector not only reflects the dreams and priorities of its millennial generation but also serves as a beacon of stability and growth in uncertain times.


Bengaluru – The Emerging NRI Investment Hotspot 

Bengaluru’s residential real estate is a significant investment destination now for NRIs. The allure of the Indian Silicon Valley can be traced back to an impressive lineup of infrastructure ventures, state-of-the-art IT corridors, a tranquil ambience, a secure cosmopolitan ethos and many other reasons.

Let’s dive more into what makes the investors look forward to the growth and the property market in Bangalore.


Diverse NRI Investments:

A remarkable sign that the investments pouring into our country, especially in Banaglore are distributed across the globe. Investors from diverse corners of the globe, spanning Asia, Singapore, the Middle East, and the United States, are putting substantial capital into Bengaluru’s thriving real estate landscape. Notably, NRIs based in the Middle East and Singapore are displaying a growing interest in reclaiming their roots and establishing a lasting presence in Bengaluru.

Bengaluru, Hyderabad, and Pune are among the preferred destinations for NRI investments in the real estate sector, as per the reports by trade experts.


2023 Investment Projections:

As per the expert prediction the NRI investments in India, are expected to surge to an impressive $80 billion by the close of 2023 and Bengaluru will get a major share of the number. This marks a noteworthy rise from the $65 billion invested in the last year. This exponential growth is due to India’s unwavering economic expansion, strategic government efforts and steps taken to streamline NRI investments.


Rupee Appreciation Impact 

The recent appreciation of the Indian rupee has made Indian assets more appealing to NRIs.

Bengaluru and Mumbai are the leading markets, with Bengaluru experiencing the highest residential price increase of around 11-12% year-on-year in the first half of the year.

For an investor outside India, this is a lucrative opportunity to get higher returns on property.

This substantial increase underscores Bengaluru’s growing prominence as a prime destination for NRI investments in the real estate sector, cementing its place as a thriving hub for lucrative opportunities in the Indian real estate landscape.


Real GDP Growth:

India’s real GDP growth, this year stands at 6.1% (as of March 2023) and is all set to further soar, expected to reach an impressive 6.5% by FY24. This robust economic performance lays down a welcoming carpet for NRIs looking to invest in the real estate sector, with Bengaluru taking centre stage.

NRIs are showing considerable interest across various asset classes, including the opulent luxury residential segments and the bustling Commercial Real Estate (CRE).

The introduction of India’s retail REIT, the ‘Nexus Select Trust,’ plus the swelling demand in the real estate landscape, is attracting NRI investors.

The city’s reputation as India’s IT nerve centre and a global tech hub is steering NRI investments towards co-working spaces and Grade A office spaces. This thriving ecosystem, marked by economic growth and innovation, positions Bengaluru as a prime destination for NRIs seeking lucrative real estate opportunities.

Bengaluru’s growth has been truly remarkable. The city has witnessed a tremendous increase in infrastructure development, with new IT corridors coming up, in suburban regions like Sarjapur.

As the undisputed IT hub and a renowned global tech city, Bengaluru is attracting substantial investments from NRIs. They are not only eyeing the booming real estate market but also recognizing the potential in co-working spaces and Grade A office spaces within the city. This flourishing ecosystem is making Bengaluru an even more enticing destination for savvy investors.


Bangalore’s Property Market Set for Major Price Surge: Here’s What You Need to Know

Property prices in the Silicon Valley of India, Bangalore, are primed to substantially increase from October 1, 2023. As per the latest statements by Revenue Minister Krishna Byre, the average increase in guidance value is proposed to be 20–30 percent, depending on the locality. This comes after the change was first suggested by the Chief Minister Siddaramaiah during the proposal of the state budget 2023–24 on July 7, 2023.

What does guidance value mean?

Before we delve into the nitty-gritty of what this spike would mean, let us first understand what guidance value means. Guidance value, or circle value, as it is often called in many states, is essentially the estimated value of land as per state government records. It is the minimum legal value at which a property can be registered in a state. Therefore, any change in the guidance value leads to an immediate change in the market value of the property.

Is there any regional variation in guidance values?

While, as per law, guidance values are supposed to be revised each year, the last time they were revised was in 2018–19 by a 25 percent hike. Now, after 5 years of gap, the state government of Karnataka’s Revenue Minister, Krishna Byre Gowda, has announced on September 19th the plan to raise the guidance value. While on average the guidance value will be hiked by 20–30 percent, the hike may vary in different regions. For instance, in areas where the property price in Bangalore is 200 times the guidance value, the latter might be increased only by 20–25 percent. However, in regions like the IT-dense hub of Electronic City, where the market value is 500 times the guidance value, the increment might be as much as 50 percent.

Why is establishing guidance value important?

The levying of a government-certained minimum property value is important because property taxes such as stamp duty and registration are one of the biggest lines of revenue for the state government. As per Mr. Gowda, Bangalore witnessed approximately ₹ 800 crores worth of property registrations till September 2023 since last year. Given these statistics and the legal mandate, the government’s decision to increase the guidance value appears to be a logical step. In addition to this, the monumental difference between the guidance value and the actual sale price has also led to the government’s move to align both and thereby curb black money transactions.

What impact has the move had?

The move has had a significant impact on the Karnataka real estate market, with the Sub Registrar office extending their hours from 8 a.m. to 8 p.m. until September 30th, with property buyers rushing to complete registration and avoid the increased prices.


Luxury vs. Ultra-Luxury Homes: Unveiling the Fine Line

The Indian real estate market is one of the most resilient avenues in the contemporary decade. While global macroeconomics was headed headwind due to the pandemic irrevocably changing the international markets, the Indian real estate market has stood strong and even witnessed impressive growth. This is evidenced by the fact that, as per the Indian Brand Equity Foundation, the sector is all set to reach US$1 trillion by 2030 from US$ 200 billion in 2021.


That is not to say that the sector has not weathered any shifts during this tumultuous period. Indeed, a rather interesting shift in buyer demand was noticed during this period. More and more buyers are now moving towards the luxury and ultra-luxury residential segments. While the change might seem rather disjointed with the circumstances of the time, the move is actually quite logical. This is because the pandemic forced everyone into the confinement of their homes, giving rise to demand for larger, more spacious homes equipped with top-of-the-line amenities to ensure comfort at all times.


Another reason for this move is all due to the increasing disposal of millennials, who have entered the housing market for the first time and aspire to live an elevated lifestyle. While earlier the affordable housing sector was the most popular one, the above reasons have led to a systematic shift in this trend. In fact, sales in the luxury residential market scaled by 151% year-over-year (y-o-y) in the quarter from January to March 2023.


However, while many people confuse the luxury and ultra-luxury markets, there is actually a considerable difference between the two segments. Let us delve into the nuances that set these two categories apart, helping you gain a better understanding of what each offers so that you can make an informed investment.



One of the primary factors that differentiates luxury residences from ultra-luxury ones is their location. While luxury residences are located in up-and-coming neighbourhoods slated to be prime hotspots in the coming years, with many social amenities in close proximity, ultra-luxury properties take this a step further. These residences are located in areas that are exclusive, with limited access and opportunities to invest. Such homes are situated in the most prestigious regions of the cities, with access to the best in everything. From five-star hotels to opulent fine dining restaurants to top-tier educational institutions, these residences are nestled amongst the best establishments in the country.

Not only that, these residences often have access to breathtaking views, waterfront access, mountain views, etc., further boosting the appeal of the property. For example, the residences might be perched upon a hilltop offering panoramic views of the ocean or be located in gated communities with access to private golf courses inside and the best social amenities outside.


Architecture and Design

Luxury residences are known for having upscale and tasteful interiors with aesthetically superior facades. With spacious rooms, elegant fixtures, and high-end finishes. However, ultra-luxury residences are an entire class apart, often designed by architects who are at the forefront of the industry, with designs cascading in innovation and sophistication. These residences are meticulously planned with keen attention to detail and decked with internationally renowned brand fixtures, offering nothing less than perfection. Ultra-luxury properties are heralded for pushing the envelope of what is possible in residential construction and often incorporate cutting-edge technologies, sustainable building practices, and unconventional design elements to achieve unparalleled aesthetics and functionality.


While both luxury and ultra-luxury properties offer amenities, they differ vastly in their extent and exclusivity. For instance, luxury properties often offer amenities like gymnasiums, swimming pools, or spas. On the other hand, ultra-luxury properties are known for adding a veil of exclusivity and privilege to the amenities they provide. Such properties might include reserved luxuries like indoor theatres, temperature-controlled pools, private golf courses, etc.

Now that we are clear on the distinction between luxury and ultra-luxury properties, let us explore why Millenium City, Gurgaon, is the perfect location for these investments. For one, the city is not only a major commercial and IT hub itself; it is also in the vicinity of the capital city of Delhi, major industrial corridors, and Special Economic Zones. The city also boasts some of the best social amenities and infrastructure in the country. Some of the best luxury and ultra-luxury properties in Gurgaon include:


DLF Privana: Located in Sector 77, Gurugram, DLF Privana is an ultra-luxury property in Gurgaon, emblematic of the best the realty pioneer DLF has to offer. These 4 BHK residences, with gorgeous Italian marble flooring and expansive rooms designed to maximise, are the epitome of exclusivity. In this 28-acre township, you get access to four premium educational institutions within the community, a plush 3-screen multiplex, and extravagant retail avenues. Not only that, here you get to relish in pristine open and green spaces, creating an idyllic haven for you to unwind.

Godrej 49: One of the hottest luxury properties in Gurgaon right now is Godrej’s latest launch in Sector 49, Gurgaon. This low-density development is perfect if you want a home that provides you all the advantages of being located in the heart of Millenium City while still preserving a sense of tranquility.Here you get to enjoy a multitude of amenities, like a stargazing galileo deck, an exclusive clubhouse, a state-of-the-art gym, etc.

Final thoughts

In summary, while luxury properties are characterised by upscale architectural design and meticulous attention to detail, ultra-luxury properties take architecture and design to an entirely different level. They are architectural marvels, known for their innovation, experimentation, and a level of sophistication that goes beyond imagination. These homes are not just places to live; they are expressions of art, technology, and the ultimate in residential luxury.


North Bengaluru Emerges as the New Investment Nexus

It was in the 1970’s that the world of the IT industry knocked on the doors of the city of Bangalore. In the span of just over 5 decades, the city is proudly known by its moniker, Silicon City of India, home to 400 Fortune 500 companies. Not only that, the city today is being recognised as the ‘Startup Capital’ of the country, with 10,000 startups currently operating in it.

While for the majority of the decades it has been the eastern corridor of the city dominating the real estate landscape, particularly when it comes to commercial spaces like IT parks, business hubs, etc., the city is recently witnessing a change in this trend. Erstwhile relegated to being underdeveloped, North Bangalore has been catching up with its counterpart to become one of the most sought-after real estate avenues in the country. Indeed, the region now proudly stands as a significant centre for employment, currently hosting a workforce of half a million individuals.

From suburban rail connectivity to arterial highways to Special Economic Zones, North Bangalore today has veritably metamorphosed into a major investment hub, with numerous residential projects cropping up. To make your future investment decisions easier, in this blog, we will endeavour to uncover the major reasons behind the transformation of this region into an opportune investment hub.


The Connectivity Revolution


Undoubtedly, it is the connectivity of a region that acts as a major determining factor in terms of a region’s investment potential. In fact, according to a recent study conducted, the presence of progressive metro connectivity has the potential to raise real estate prices by 30% in upcoming locations. It is no surprise then that North Bangalore’s climb to popularity has been propelled by the development of web-interconnected transit infrastructure. From being the second least preferred region in Bangalore in terms of units sold in 2019 to being the hottest destination after the East region post-pandemic, the North’s journey has indeed been unprecedented.

Presently, North Bangalore not only harbours but is also connected to major commercial and residential catchments in the city by Outer Ring Road, Bellary Road, New Airport Road, and Tumkur Road. By virtue of its location, it also lies in proximity to two major industrial hubs: the Bengaluru Mumbai Industrial Corridor and the Chennai Bengaluru Industrial Corridor.


Kempegowda International Airport (KIA):

It cannot be denied that a major contributor to turning the northern part of Silicon Valley into a commercial haven has surely been the inauguration of Kempegowda International Airport (KIA) in 2008. While in the past Bangalore’s tech industries were primarily located in Outer Ring Road (Central Silk Board—KR Puram), Electronic City, and ITPB in Whitefield, the pressure on limited infrastructure has led to overcrowding, bottleneck traffic jams, and incessantly rising property prices. The launch of Terminal 2 of KIA has further doubled the passenger handling capacity of KIA from 2.5 crore passengers annually to 5–6 crore, which is undoubtedly going to usher in a new era of commercial flourishment in the area. 


The development of the airport in North Bangalore, in combination with the saturation of other regions, has led to discerning investors turning their attention to this heretofore neglected locale. In fact, the next decade will witness a host of tech parks commencing operations in North Bangalore, with global IT powerhouse Infosys leasing 5 lakh sq. ft. at NorthGate.


Expansion of Metro and Rail Connectivity:

Another major reason for the increased rate of investment is Phase 2 of the Namma Metro Project by Bangalore Metro Rail Corporation Ltd. (BMRCL). Envisioned to strengthen connectivity between North Bengaluru and the rest of the city, Phase 2A includes the metro’s Blue Line connecting Central Silk Board and KR Puram, with 13 stations between them. Phase 2B, on the other hand, known as the airport line from Kasturi Nagar station to KIA, is envisaged to bring the airport and North Bangalore closer to the rest of the city.


In addition to this, South Western Railway has also launched suburban train services to the KIA halt station to further strengthen last-mile connectivity. Not only that, the first-of-kind 148.9-km Bengaluru Suburban Railway’s two corridors ( KSR Bengaluru-Yelahanka-Devanahalli, and Heelalige-Yelahanka-Rajanakunte) are proposed to be completed by 2028. In light of these developments, Hebbal in North Bangalore is primed to become a major transit hub by 2022, with three metro stations and one suburban railway station.


Proposed Developments:

As evidenced above, the Karnataka government has left no stone unturned to turn North Banglore into a commercial and residential hotspot, connected to all arterial roads. Another example of their ardent efforts to propel the Northern region is their proposed 74-km-long, 8-lane access-controlled motorway connecting Tumakuru and Hosur roads via Hessaraghatta Road, Doddaballapur Road, Ballari Road, Hennur Road, Old Madras Road, Hoskote Road, and Sarjapur Road. 

The 288 km-long Satellite Bengaluru Satellite Town Ring Road (STRR, NH 948A), a four-six-lane, access-controlled expressway linking satellite towns like Devanahalli with 12 others, is another proposal set to transform the real estate market in North Bangalore.


Infrastructure Catalysing Growth

In recent years, the state government of Karnataka has taken proactive measures to promote the region of North Bangalore as the next manufacturing, business, and IT hub. While in the late 1990s the area was primarily known as an industrial zone with companies such as BEL, BHL, and HMT, and later on the establishment of a Special Economic Zone with Embassy Manyata Business Park in 2006, it only changed soon after the launch of KIA. Today, the locale is a bustling commercial arena, with industry giants like SAP Labs India and L&T Phoenix operating in the area.

Not only that, the Karnataka government has also designated 2980 acres for a defence and aerospace park in Bagalur, out of which 950 acres of Bangalore Aerospace Park have already been occupied by aerospace giants like Airbus and Boeing. A further 250 acres have been earmarked for aerospace companies as Special Economic Zones to invite even more investments to the locale.

In addition to this, India’s first aerotropolis development, called Bengaluru Airport City, is also being planned, which is envisioned to escalate demand for satellite offices and residential units in the region. Planned to be completed by 2025, the 463-acre development is proposed to have numerous social amenities like fine dining restaurants, a concert area, retail avenues, an entertainment village,etc. Add to this, the Special Economic Zone near Devanahalli, with 900 acres already allotted to four companies, is set to quadruple the employment opportunities in the region, driving up demand for residential projects in North Bangalore.


Exceptional Homes Booming in North Bangalore

All these factors have clearly driven the employment opportunities in North Bangalore, with recent research studies affirming that North Bangalore will add a minimum of 3,50,000 jobs, accounting for 30% of office absorption by 2025. This commercial growth has multiplied supply requirements for residential units from 1,00,000 units to the existing 15,000 units. Therefore, investing in North Bangalore is definitely a propitious opportunity that discerning investors must capitalise on in the contemporary market. To make this choice easier for you, we have compiled a list of a few residential properties you must look into while making your decision.

Birla Trimaya: Located in Devanahalli, North Bangalore, the 50-acre community is designed to provide a tranquil haven in the midst of one of the most up-and-coming neighbourhoods in Silicon City. Just minutes away from KIA, the development, Birla Trimaya by virtue of its location, provides endless employment opportunities in addition to being a high-yield investment.

Provident Aerospace Park: Located in the industrial and research hub, Provident Aerospace Park, dedicated to the aerospace industry, the 13-acre development is dedicated to providing its residents with a slew of amenities designed to provide the utmost comfort. With over 40+ leisure and fitness amenities, the 3 and 4 BHK residences are definitely the ideal space to build a life that balances professional and personal life perfectly.

Provident Manchester: Want to live in the hub of one of the most desired and rapidly growing locations in Bangalore? Provident Manchester, located on IVC Road in North Bangalore, is the perfect place for you. Not only are you guaranteed to be located in an up-and-coming commercial hub, but you also get all the privacy you could ever dream of in this low-density gated townhouse community.

In conclusion, North Bengaluru’s remarkable rise to prominence as the city’s focal point is undeniably impressive. With its continued emphasis on infrastructure development and thriving business ventures, this region stands as a shining example of urban growth and progress. As the heart of new opportunities and innovation, North Bengaluru offers a glimpse into the dynamic future of our city.


The Ultimate Guide to Choosing a Good Location for Your Next Real Estate Investment

Jeff Bezos famously once said, “The three most important things in retail are location, location, location” and when it comes to real estate, truer words have never been spoken. While real estate has long been considered a favourable avenue of investment, simply investing in a property does not guarantee a profit. In fact, it is critical that a discerning investor keep numerous factors in mind while zeroing in on a real estate asset, be it commercial or residential, and the most critical of these is the location.


Indeed, a prime location can be the pivotal factor that decides whether your investment results in substantial returns or financial disappointments. While the process of choosing the best location to invest in property might seem daunting at first, we have decided to turn this into a hassle-free journey by providing you with a comprehensive step-by-step guide that will turn you into a real estate investing wizard.

1. Define your investment goals

Before you even embark on this investment journey, you need to ask yourself these questions: What is your investment goal? Are you looking for a property for yourself or as an investment? If you are leaning towards real estate as an investment option, is it going to be a short-term or long-term investment?


The reason for asking these questions is quite simple, as your answers will determine the kind of location you should invest in. For instance, when you are looking to buy residential space for your own use, you might want to consider investing in an area that is equipped with the best amenities suited to your individual needs. Whereas when you are looking to invest for the long term with the hopes of capital appreciation by selling the asset, you might want to consider an area that is developing to tow the line between expenditure and guaranteed returns.


On the other hand, if you want to generate a steady secondary source of income through rentals, you might want to consider a location that is rich in basic amenities and infrastructure. Knowing your objectives will help you narrow down your location options and make informed decisions.

2. Conduct in-depth research

Once you have gained clarity on your investment goals, it is critical to conduct exhaustive research on the location you are planning on investing in. From scrutinising the local economy of your region of interest to ensuring that the area is a low-unemployment domain, thorough analysis needs to be conducted. For instance, territories with a strong economy are usually accompanied by more job opportunities, resulting in a high influx of financially strong people moving to the area. This in turn leads to higher rents, rapid property appreciation, and healthy cash flow.


Other areas that need to be exhaustively studied are the market trajectory in the area, the cash flow of rental properties in the vicinity, vacancy rates, etc. For rental income, focus on neighbourhoods with high demand and low vacancy rates. For long-term appreciation of your property investment, consider areas with upcoming infrastructure developments and a history of real estate assets’ value growth.


Further, it is crucial to check the demand for the type of property you are investing in. For instance, the post-pandemic era has been especially kind to luxury residential spaces due to the increasing number of people working remotely or hybridly. Understanding the local demand in the neighbourhood you are venturing into is especially critical, as there are often situations where a certain type of property might be in high demand nationally but the locale might already be oversaturated with its supply.

3. Presence of neighbourhood amenities

Let us paint you a picture. You have found your dream house. It is palatial, with large windows and sunlight beaming in to wake you up in the morning. It has extraordinary architecture that is simultaneously aesthetically pleasing and enables comfortable living. And it is located in the middle of nowhere.


Now that the reverie that turned into a nightmare has ended, we are sure you understand why it is crucial to consider the amenities and services available in the neighbourhood. Access to good schools, public transportation, shopping centres, parks, and healthcare facilities can significantly impact property values and rental income potential.


For instance, according to a study conducted by the Queensland University of Technology, an average buyer is willing to pay a whopping 26% more for a property that is located in the catchment area of a reputed school. Not only that, even within the same neighbourhood, the price of houses dips by 4% per kilometre as the distance between the house and school increases.


Another study by the American Public Transportation Association stated that the median price of both residential and commercial spaces within half a mile of public transportation is significantly higher compared to others further away. Therefore, when looking for your next real estate investment, it is crucial to look for a locale that has numerous amenities in its vicinity.

Final thoughts

In conclusion, selecting the right location for your next real estate investment is a crucial decision that can significantly impact your success in the market. This ultimate guide has provided you with a comprehensive framework to make an informed choice. We’ve covered key factors like market trends, property type, neighbourhood characteristics, and investment goals. Remember, there is no one-size-fits-all solution, and what constitutes a “good” location can vary depending on your unique circumstances and objectives.

Furthermore, it’s essential to seek professional advice, engage with local experts, and leverage the power of technology and data analytics to make data-driven decisions. As the real estate market continues to evolve, we at SeedWill Consulting will help you rapidly adapt and keep a keen eye for emerging opportunities, which will be essential skills for successful investors. In the end, remember that real estate investing is not just about bricks and mortar; it’s about understanding the dynamics of the location and its potential to generate wealth over time.

Pune Shines Bright Becoming Affordable & Preferred Metro City: CRE Matrix Report

Pune is the most vibrant and affordable city that is located in the state of Maharashtra. It has emerged as the best in affordability and real estate sector investment. The changing landscape of real estate is recently highlighted in the CRE Matrix Report. The report attracts the attention of readers by crediting Pune to be the best city for real estate investments and profits.  


In the recently released Report by CRE Matrix, Pune is the most preferred real estate investment place. The report is of importance and the meeting is taking place at the CREDAI Pune Metro Auditorium. Hence basis of the report findings suggests that sales registration data is based on the RERA data. 


Ranjit Naiknavare, President of the CREDAI Pune Metro informs that “Pune is fastest and most affordable places in India when it comes to housing among all Metro cities, as fetched by the terms of Sold no of units in period Jan-June 2023.  

Even, the Pune Housing Market in H1-2023 (Primary excluding Re-Sales) has clocked sales of over 45,000 units worth over Rs 28,000 crore. Also, there is 90 percent growth over the first half of calendar year, meaning Pune’s real estate market has done phenomenally well in the last four years.”


Abhishek Gupta, CEO of the CRE Matrix states that “Pune has it has witnessed an increase in sales in the first half of 2023 with increase of 40% increase in total sales. Hence Pune sold 45,162 units in January to June 2019 respectively. He also says that housing units sold worth Rs 63 Lakh in 2023 is greater amounting to 37 as compared to the prices in 2019. 


Hence properties priced above Rs 1 Cr experienced growth of 250% in H1 CY’23. So the progress here tells about increased growth in luxury real estate too. 


G20 Puts Indian Real Estate in the Spotlight: A Game Changer for Investors

The G-20 Summit is an eminent international assembly, where esteemed leaders representing major economies collaborate and cooperate to find remedies for urgent global challenges. While the focus is primarily on political and financial matters, the influence of its agreements and decisions resonates globally, affecting everyday lives.


For the very first time, India is hosting the Summit, which will be the largest-ever gathering of 43 delegates. Unquestionably, it will draw attention to India from across the globe of discerning investors looking to harness the vast unexplored potential and opportunities.


Within the diverse sectors, real estate will experience a discernible multi-faceted influence. To discover the prospects that lie ahead of the Indian real estate sector, we will delve into how this event affects the trifecta of property trends, investments, and the future of the overall real estate landscape in India.


1. Fostering Positive Changes in Real Estate Trends

Foreign Direct Investment (FDI)

The G-20 Summit can significantly impact foreign direct investment (FDI) in the Indian real estate sector. Policies related to FDI are often discussed, and any changes can directly affect the flow of international capital into the Indian property market. The fact that India is hosting the event shows India’s commitment to economic stability which will further increase the likelihood of India being the centre of the influx of Investment.


Attracting Global Investors

India, as a prominent member of the G-20, aims to attract more foreign investments. Positive discussions at the summit can instil confidence in international investors, leading to increased FDI inflow. This, in turn, fuels development and growth in the real estate sector. This will in turn lead to a boost in property values making Indian real estate investment a lucrative prospect domestically and internationally.


Embracing Urbanisation Strategies & Sustainability

The new policies arising from the project will lead to the creation of smart cities, infrastructural development and betterment of the current provisions. Urbanisation will ensure more profitability on a better standard of living for the dwellers. Additionally, since the recent G-20 discussions have recently emphasized sustainability – it has spurred interest in the eco-friendly and energy-efficient properties in India. Homebuyers are increasingly looking for environmentally conscious homes, and developers are responding with green building designs and renewable energy solutions.


 2. Augmenting the Scope of Real Estate

Real Estate Market Dynamics

The G-20 discussions can lead to policy reforms and changes in economic regulations. These reforms can directly impact the ease of doing business in India’s real estate sector. Further, the immediate impact of the G-20 Summit on the Indian real estate market is the shift in property trends. Investors and homebuyers closely monitor the outcomes of the summit, as they can signal changes in economic policies and global trade dynamics.

Positive policy changes can lead to streamlined approval processes and reduced hurdles. This encourages more investors to participate in the Indian real estate market, fostering growth and development.

Currency Exchange Rates

Currency fluctuations are a vital concern for real estate investors. The G-20 Summit can influence exchange rates, impacting the attractiveness of Indian real estate for foreign investors. Investors often employ hedging strategies to mitigate currency risks. The G-20 discussions on global economic stability and monetary policies can prompt investors to adjust their hedging strategies, affecting their investment decisions in the Indian real estate market.


3. Impact on the Future

Infrastructure Development

The G-20 Summit often addresses infrastructure development to boost economic growth. Investments in infrastructure can enhance connectivity and accessibility, making certain areas more attractive for real estate development. Savvy investors often look for early signs of infrastructure development to identify the next promising real estate destination. As infrastructure projects materialise, previously untapped areas may become emerging real estate hotspots.

Technological Advancements

The G-20 discussions also touch upon technology’s role in economic growth. This can stimulate innovation in the Indian real estate sector, leading to the development of smart homes, virtual property tours, streamlined property purchase processes and improved property management systems.



The G-20 Summit holds the potential to shape the Indian real estate market in numerous ways. From influencing property trends and investments to driving policy reforms and infrastructure development, its impact is both immediate and long-lasting. As India continues to participate in this global event, it remains essential for real estate professionals and investors to stay informed and adapt to the evolving landscape.


The Road to Prosperity: Investing in Golf Course Extension Road, Gurgaon

Since India opened its doors to foreign investors in 1991, one of the cities that has undergone a transformation that would have been inconceivable a few decades ago is Gurugram. Today, the city is bejewelled with skyscrapers, leading retail brands, elite dining avenues, and, not to forget, 250 Fortune 500 companies.

Understandably, then, the city has attracted a plethora of investors, and with the rate at which the city’s infrastructure has been developing, this momentum will not be slowing down any time soon. Among the many investment destinations that have cropped up in recent years in the city, it is undoubtedly the Golf Course Extension Road that has garnered the most interest amongst end buyers and investors alike. 

Connecting the famous Golf Course Road to Sohna Main Road, the Golf Course Extension Road brings to you the ideal amalgamation of commercial and residential spaces, built in proximity to well-established catchment areas. From industry-leading IT companies to luxurious high-rises, the locale is fast emerging as a relatively affordable investment alternative. The locale includes a mix of old and new sectors, such as Sectors 61, 62, 65, 66, and 67, and Sectors 55, 56, 57, 49, and 50. Let’s explore why Golf Course Extension Road will be the perfect destination for your upcoming investment venture.

A Connected Ecosystem

The three most important factors while house hunting are location, location, location. Where people often fall short while purchasing real estate spaces, particularly residential ones, is that they end up prioritising the aesthetics of the space over its location. While you definitely must love the way your house looks, it needs to be kept in mind that it can always be later renovated to suit your tastes. However, the same cannot be said for your house’s location.

At Golf Course Extension Road, you get the advantage of investing in a locale that is seamlessly connected by a progressive transit network and infrastructure. Bringing the concept of ‘walk-to-work’ to life in India, the area is in the vicinity of some of the hottest commercial hubs in the country. For instance, when you stay here, Gurgaon’s foremost IT and business nucleus, Cyber Hub, is just a few minutes away from your home due to the provision of Rapid Metro Station Sector in Sector 56.
Not only that, the extensive roadway network in the area connects seamlessly to the National Highway-48, Gurgaon-Faridabad Road, Sohna Main Road, Delhi-Jaipur Expressway and the in-progress Delhi-Mumbai Industrial Corridor. The signal-free underpass on Golf Course Road has also worked to significantly reduce the commute time to the Indira Gandhi International Airport.

Residential Options

Did you know that, as per ANAROCK’s latest study, Golf Course Extension Road witnessed a supply of 13,960 residential units between 2013 and Q1 2023? Further, in the last few years, the area has witnessed a strong appreciation of 8%, staying strong even through the tumultuous period of the pandemic. 


The reason behind these trends is simple. Not only does the locale boast a strategic location, but it is also home to hundreds of residential offerings cropping up across a wide price range, catering to the needs of different individuals. Whether you are a bachelor looking for a smart home, a young couple looking for a home where you can build your future lives, or a retired elderly couple wanting a home in the midst of verdant green spaces, Golf Course Road Extension Road has the perfect option for you. Let us explore some of the best options for residential projects this booming locale has to offer:

  • Samsara Vilasa
    A joint project by the real estate tycoons Adani Realty and Brahma, Adani Samsara Vilasa brings 3 and 4 BHK luxury floors to an exclusive, low-rise community. Located in Sector 63, you get all the comforts of being situated on Golf Course Extension Road. At the same time, you also get the leisure of tranquility and privacy in the green, low-density residence. Whether you want to indulge in some relaxation time in open, lustrous green areas or play a friendly game of basketball, Samsara Vilasa has got you covered.

  • Birla Navya Avik
    Spread across an expansive land parcel of 27 acres, Birla Navya Avik is the culmination of a striking partnership between Birla Estates and Avarna Projects LLP. The 3.5 and 4.5 BHK premium apartments on Golf Course Extension Road have successfully redefined the manner in which sustainability can be inculcated in residential spaces. Conscient of the built spaces’ detrimental impact on the environment, the real estate giants, via this IGBC Gold Certified township, endeavour to start a real estate movement geared towards sustainability. From vast open and green spaces dedicated to reducing the heat island effect to expansive indoor spaces designed to allow ventilation and daylight penetration, the township is surely setting a sustainable blueprint for the future.

  • Signature Global City 63A
    When discussing sustainable flats on Golf Course Extension Road, we cannot miss the Signature Global City 63A. In this gated community, you will find a unique intersection of technology and sustainability. While the real estate tycoon has provided the development’s residents with hi-tech amenities like home automation provision, a concierge app, etc., they have also equipped the community with many sustainability-driven features such as rainwater harvesting systems, wastewater treatment and utilisation frameworks, energy-efficient lighting, etc.

In conclusion, Gurugram’s Golf Course Extension Road stands as a shining beacon in the realm of real estate investment. With its strategic location, seamless connectivity, and a plethora of residential options, this locale offers not just a place to live but a vision for the future. Its steady growth and resilience, even in challenging times, underscore its potential as a prime investment destination. As more investors recognise the advantages it presents, the road to prosperity here becomes clearer than ever. Whether you seek luxury, sustainability, or a seamless urban lifestyle, Golf Course Extension Road is poised to meet your needs. So, consider this thriving stretch of Gurugram for your next investment venture, where the promise of a prosperous future awaits. 

Dwarka Expressway: The Ultimate Investment Avenue


The coronavirus pandemic was one of the biggest challenges faced by humanity in the 21st century. While the world is still reeling from the aftermath of the pandemic, the Indian economy has persevered, becoming the third-most powerful in the world. And while the rest of the sectors were undergoing a massive downward trajectory, the real estate sector held strong. In fact, according to an estimate by the Ministry of Housing and Urban Affairs (MoHUA), India’s real estate sector is projected to hit US$ 1 trillion by 2030, up from US$ 200 billion in 2021.

In fact, real estate assets have long been the preferred instrument of investment in India, traditionally associated with security and assured appreciation. However, while investing in real estate is certainly a discerning wealth-building strategy, it is critical to invest in a space that is surrounded by progressive transit infrastructure.

Among the numerous options available to real estate investors, Dwarka Expressway, therefore, stands out as one of the best investment avenues. Also commonly known as the Northern Peripheral Road, the expressway located in the National Capital Region (NCR) of India has gained immense popularity in recent times, amongst investors and homeowners alike. In this blog, we will delve into the deluge of reasons why this expressway is emerging as one of the most sought-after investment hotspots in the country.

Strategic Location

One cannot negate the role the location of a real estate asset plays in its future growth and appreciation prospects. Whether you are investing as a future homeowner, an investor looking for a long-term steady source of income through rent, or an investor looking to simply flip the space for profit, its location is critical. The 27.6-kilometer-long Dwarka Expressway excels in the area.

Connecting Mahipalpur in Delhi to Kherki Daula Toll Plaza in Gurugram, the eight-lane elevated corridor has been designed to provide an alternate route between the capital city and the Millennium City. While earlier commuters had to utilise the congested Delhi-Gurugram Expressway to commute, the corridor will not only significantly reduce the travel duration between these two commercial and residential hubs but is also located in the vicinity of the upcoming Special Economic Zones. In addition to this, the expressway will provide seamless connectivity to the Southern Peripheral Road, Central Peripheral Road, and Old Gurugram via the Pataudi Road.

Not only that, the expressway provides flawless connectivity to the Indira Gandhi International Airport, the Delhi-Jaipur Highway, and the proposed Diplomatic Enclave. The approval of the Gurugram Metro Extension Plan, connecting Huda City Centre to Cyber City, with a metro station proposed at Dwarka Expressway, is set to further enhance the connectivity infrastructure of the locale.

An example of an investment that would be ideal due to its location is Hero Homes, a 2,3, and 4 BHK residential project on Dwarka Expressway, in Gurugram. These wellness inspired smart homes are located in proximity to major business and IT hubs, ensuring plenty of employment opportunities for its residents, along with an easy commute, that allows them to spend plenty of time with their families. 

Rapid Infrastructure Development


While connectivity is admittedly one of the critical factors to keep in mind, we cannot underestimate the value of a progressive social infrastructure, especially when it comes to modern homebuyers. This is especially true in the contemporary era, with millennials entering the homeowners’ market for the first time, their criteria when it comes to an ideal residential space is one where they have easy access to top-of-the-line social institutions.

Dwarka Expressway has for instance seen unprecedented infrastructure development, with numerous investments pouring in. Government’s initiatives such as the Pradhan Mantri Awas Yojana (PMAY) and Smart Cities have also played a significant part in propelling the area into an opportune investment avenue. In addition to this, the government’s induction of programmes such as RERA which has served to digitise land registries and market data has served to instil an added veneer of transparency in the dealings in the Indian real estate sector, by ensuring that there are no hidden costs in the dealing of real estate. This has served to instil a sense of confidence in both the veteran investors and those who are first-time investors in the sector.

The government initiatives, in addition to the connectivity advantage and presence of premium social institutions has led to development of a wide range of residential projects on Dwarka Expressway, catering to various budgets. From affordable apartments to luxury villas to independent floors, here you will find it all. Amidst a wide variety of apartments on Dwarka Expressway, it is M3M Crown 3 and 4 BHK ultra luxury homes that garner special attention. Spread across 75,000 sq. ft, the development boasts of amenities like the yoga lawn and golf putting greens, curated specially for your leisure. 


An Opportune Investment Avenue

According to industry insiders, the development of Dwarka Expressway will lead to appreciation of over 30-40% in the coming years. Due to its strategic location and rapid development, real estate prices in this region have consistently risen over the years. For long-term investors, this means a substantial increase in their property’s worth. It’s an excellent avenue for capital appreciation, making it an ideal investment choice.

Apart from capital appreciation, Dwarka Expressway also boasts a promising rental market. The influx of professionals working in the nearby business hubs and the growth of educational institutions has created a demand for rental properties. This makes it a lucrative option for investors seeking rental income.

Final thoughts

Dwarka Expressway stands out as a promising investment destination, boasting a strategic location that is complemented by its rapid development, appreciating property values, and diverse housing options, including apartments on Dwarka Expressway. This corridor not only offers a robust rental market but also benefits from government initiatives and future-ready infrastructure. As the National Capital Region continues to expand, Dwarka Expressway solidifies its position as a testament to the incredible investment opportunities within India’s real estate sector, making it an attractive choice for investors seeking long-term growth and stability.


Emerging Horizons: Why New Gurgaon Should Be Your Next Investment


Did you know that the real estate sector is the second-largest employer in India? In addition to this, the sector is projected to touch a US $1 trillion market size and contribute to approximately 18%–20% of the country’s GDP by 2030. Looking at these figures, it is no surprise that while the inclination to invest in real estate has always been integral to the Indian community, the latest decade has witnessed a multifold amplification of this trend. It is no wonder then that the Indian real estate developers operating in the country’s major urban centres are poised to complete a whopping 558,000 homes in 2023.


Understandably, then, the country, owing to the massive transformation led by the real estate sector, is today a global powerhouse. Among the numerous cities that have participated in the country’s metamorphosis, the city of Gurugram has proven itself unequivocally as the top option to work and reside. The Millenial City currently holds the distinction of being the second-largest technological hub and the third-largest financial and banking hub in the country.


In the last five years, however, an interesting trend has been observed by industry insiders. While central Gurugram has become synonymous with overcrowding and exorbitant property prices, it is the micromarket of New Gurugram that has been garnering attention for being a prime investment hotspot. In fact, according to a study conducted by ANAROCK, the micromarket has witnessed a 5% appreciation in the last four years. In the blog, we will endeavour to delve into reasons why New Gurugram is the ideal investment avenue for everyone, from end-buyers to investors.

Amenities, Accessibility, Affluence: New Gurugram’s Investment Allure

One of the key factors that one needs to consider when looking for a place to invest is its location. This is because the location of your investment can not only significantly affect its appreciation potential, but it can also define your lifestyle for many years to come if you are a homeowner. While the delineation of what an ideal location is might differ widely depending on the type of investment you might want to undertake, there are certain common factors that are indeed universal.


For instance, when you are looking for an ideal residential space, you must ensure that it is situated in the midst of every necessary social amenity, like educational institutions, hospitals, financial institutions, and recreational avenues. Also, modern homebuyers, who prioritise work-life balance and accessibility, would prefer their homes to be in the vicinity of major employment hubs. Further, it is critical that the transit infrastructure of the locale you have invested in is progressive. When you invest in a real estate asset in New Gurugram, you get to enjoy living and working in a thriving catchment that not only meets but exceeds these criteria.


  • A Location that Beckons
    • New Gurugram is strategically located between the capital city of Delhi, the prominent industrial hub of Manesar, and the commercial jewel of North India, Gurugram. It is also in close proximity to the major employment hubs of Neemrana, Bhiwadi, Sohna Road, and Cyber City.

      This has led to the micro market being a haven of attractive employment opportunities as well as a thriving ecosystem of major multinational corporations, SMEs, startups, and leading retail avenues.
    • The Public Investment Board (PIB) has approved the Gurugram Metro Extension Plan, under which a 28.5 km-long metro corridor will be constructed between Huda City Centre and Dwarka Expressway, with 27 elevated metro stations. Once completed, the line will increase connectivity between Gurugram and Dwarka Expressway, the latter being one of the most promising commercial hotspots in the country.
    • The micro market of New Gurugram is also a locale boasting amazing arterial roadways and progressive transit infrastructure. The locale is in proximity to  Kundli-Manesar-Palwal, Dwarka Expressway and National Highway-48.

      The sixteen-lane, access-controlled highway, Dwarka Expressway, also popularly known as Northern Peripheral Road, connects Mahipalpur in Delhi to Kherki Daula Toll Plaza. The corridor will not only substantially reduce traffic on the Delhi-Gurugram Expressway, by providing an alternative route but will also reduce commute time to Indira Gandhi International Airport.

      Further, the Delhi-Mumbai Corridor, proposed to be home to major industrial zones along it, will pass through New Gurugram. 
    • New Gurugram is situated near the planned ISBT along the Dwarka Expressway and holds the position for the upcoming railway station in Sector 101. These advancements play a pivotal role in enhancing the efficiency of the Delhi-NCR transportation network.

An ideal example of a residential development strategically located is the newly launched project in New Gurgaon, known as  M3M Golf Hills, by the ingenious developer M3M. Situated in the booming micromarket of New Gurugram, the residential project is located in the vicinity of top-of-the-class social institutions like the L.S. Convent School, the ultra luxurious hotel Hyatt Regency, making everything you could ever need easily accessible.


  • A Plethora of Residential Choices

    For those looking to invest in a real estate asset in 2023, New Gurugram provides the ideal opportunity. This is because the locale is emblematic of a paradise of choices for discernible investors. From residential spaces like luxury villas and independent floors to premium condominiums, the location has it all. Not only that, the developers in the city have strategically developed residences that are decked out with luxurious amenities that the modern dwellers of the city desire. With features like tiered security, eco-friendly features, and wellness facilities within integrated townships and gated communities, developers have ingeniously targeted the ambitious, rising middle-class demographic with their new projects.

    M3M Antalya Hills, for instance, is a residential project in New Gurgaon, that brings its occupants the perfect blend of green, secure and leisurely living spaces. Spread across an expansive 50-acres land parcel, it provides ultra-luxurious 2.5, 3.5 & 4.5 BHK Residences in Sectors 79A and 79B.


  • An Investors’ Paradise

    In addition to being the ideal place for buying your next home, New Gurugram is also an investment hotspot. This is because the locale boasts being the home of major multinational corporations, a seamless and accessible transit architecture, and a pandora of choices when it comes to residential spaces, catering to a wide range of price points. As the region witnesses growth in terms of infrastructure, commercial activities, and overall development, property values are likely to appreciate over time. Real estate property trends in the area corroborate a steady appreciating trend, and as the infrastructure development of the area continues, the appreciation momentum is projected to only intensify.

    When it comes to residential spaces it is a must to invest in one that not only checks all the criteria discussed above, but also one that is developed by a real estate magnate that has both experience and excellence. When it comes to Godrej Horizon in Sector 79, you will be assured you are investing in a residential project in the booming investment landscape of New Gurgaon, with the expert hand of the realty pioneer backing you. 


In conclusion, investing in New Gurugram presents an array of compelling reasons that extend far beyond the traditional boundaries of real estate opportunities. This burgeoning hub is not merely a location; it’s a strategic move towards a future enriched with possibilities. As we’ve explored throughout this blog, the convergence of factors such as strategic location, infrastructure development, economic growth backed by Fortune 500 companies, and a wide array of residential developments makes New Gurugram an investment prospect that holds significant promise.

Karnataka Introduces Digitized Property Cards for More Transparency by Sep 2024

Reforms towards enhanced transparency and simplified property transactions have started in the state of Karnataka. This time the state has decided to introduce digitized property cards by September 2024.


The decision to introduce digitized property cards shows its commitment to harnessing technology for the betterment of its citizens. The move is not just a mere modernization effort; it’s a strategic step towards minimizing fraud and streamlining property-related processes. In the long run, it holds immense promise for property owners, buyers, and the real estate sector at large.


What are UPOR or Digitized Property Cards?

While has many names UPOR card stands for “Urban Property Ownership Cards” and the aim is to provide property owners with comprehensive and government-issued certification of property ownership in urban areas. The UPOR contain detailed property sketches and ownership information, including rights, titles, and interests. This digital documentation eliminates the need for property owners to run around in the offices and seek support from authorities for matters like property boundary demarcation and post-sale support. It will be automated, removing the requirement for property owners to seek ‘khata’ transfers which is the norm as of now.


The digitized sketches empower citizens to manage their property partitions effortlessly.


Impact of the Initiative:

From the property ownership standpoint, this progressive move will be helpful for the government as well as buyers and sellers. It is a result of the government’s push for digitization and e-governance. Given below is everything that you need to know regarding this new reform.


The National Generic Document Registration System (NGDRS):

The digitized property cards initiative finds its roots in the National Generic Document Registration System (NGDRS). The ambitious project aims to create a unified and digitized database of property information, making property-related services quicker and more accessible to the public. This will be possible through this online registration system.


Unlocking the world of digitization – these UPOR cards are useful beyond serving the purpose of holding information and maintaining records. They will hold a treasure trove of information crucial for property transactions all in one place. From ownership details to property dimensions and location specifics, these cards will encapsulate a comprehensive snapshot of a property’s vital statistics.


Simplify Efficiency with Technology:

To ascertain the ease of property transactions, the new system will solve the issues without the need for cardholders to directly approach authorities. It is almost like this is the biggest piece missing in the current property purchasing and owning experience in India. You can enjoy many important benefits – it will ease the loan process for the property buyers, help with property demarcation, and property partition, empower property buyers and sellers with accurate information, expedite legal procedures, and significantly reduce the chances of property-related disputes.


A Step-by-Step Transformation:

The journey towards UPOR cards involves several stages. Property surveys, data assortment, and seamless integration are a few ways that will be the foundation for this initiative. This will ensure a harmonious blend of traditional property ownership with modern digital convenience. Property owners wil receive physical copies as well. This dual approach ensures that technology caters to a wider audience, embracing both the tech-savvy and those who prefer tangible documents.


The visionary move is the beginning of a transparent tomorrow for real estate and a testament to its commitment to creating a transparent and efficient property ecosystem. The new measures towards digitization will undoubtedly make property transactions more secure, convenient, and hassle-free for property owners and will also minimise inconvenience and delays. As we eagerly await the launch, it’s clear that Karnataka is seeing the dawn of the property landscape revolution and very soon other states will follow suit.


Tesla Leases Office Spaces in Pune’s Viman Nagar During a Meeting with Modi

US-based Electric Vehicle manufacturer, Tesla soon after a meeting with the top executives said that it has selected office spaces in Pune’s Viman Nagar Locality. Pune is known as one of Asia’s largest industrial hubs having more than 4,000 manufacturing enterprises.

Tesla’s Chief executive officer Elon Musk stated that a manufacturing unit will be established in India and already registered one Indian arm in Bangalore. The significance of the company is known by the fact that the automobile Industry is among the greatest in the manufacturing sector.

The company’s Indian Arm, Tesla Motor & Energy leased an area of 5,850 sq. ft. of co-working center on the first floor in Panhsil Business Park and it has an estimated monthly rental paid will be 11.65 lakhs with 5% escalation after every 12 months.

Therefore, Tesla would be able to tap into India’s expanding consumer base of 1.4 billion people, and India would be able to support its manufacturing drive by successfully persuading the most valuable automaker in the world to produce its vehicles on its soil.

Namma Metro – The Positive Catalyst of Bangalore Property Prices

The transformed cityscape of Bangalore owes its expansion to the advent of technology and innovation. People migrate to the city chasing dreams in the vibrant pulse of progress. In lieu of expensive rentals, demand for homes is on the rise. The metropolis is developing on the public front to meet the rising demand for properties.


The growth of public infrastructure is closely linked to better living conditions and thus, the prices. Transport development is of prime importance because it affects the accessibility of the project. After all, in real estate, connectivity holds the key to unlocking hidden potential. The Namma Metro has a rippling impact on Bangalore’s real estate market.


In this article, we will be exploring the profound impact that the Namma Metro project has had on property prices and the evolving urban landscape.


The Namma Metro is the epitome of modern urban planning. It has the potential to solve the problem of expensive commutation and traffic in Bangalore. With a broad number of working professionals, the web of seamless connectivity throughout the city in the form of the metro is what people need. Like arteries pumping life into its vibrant neighbourhoods, the metro lines have created a dynamic network, altering the landscape of Bangalore’s real estate market. It is a great sign of progress, fostering the rise of bustling commercial hubs and coveted residential enclaves.


With the introduction of the Namma Metro in the areas that were once considered distant outskirts have blossomed into sought-after residential destinations. After having such a dramatic impact on so many localities, the increasing property prices are only a logical by-product. However, this has a positive influence too. Many localities that were once overlooked have now become prime targets for homebuyers and investors alike. Even with the price increase, it draws residents towards it for the vibrant urban lifestyle and now the additional seamless connectivity. It fulfils the promise of a modern lifestyle that people dream of at a price they are ready to pay.


As it may not seem from a bird’s eye view, The Namma Metro’s impact extends beyond mere convenience; it has become a powerful catalyst for urban regeneration. As metro lines extend their reach, projects and infrastructure redevelopment has gained momentum. Areas surrounding metro stations have witnessed a metamorphosis, as dilapidated structures are revitalized, green spaces flourish, and even commercial establishments thrive in these regions post the introduction of the metro. The symbiotic relationship between the metro and real estate has birthed a new wave of architectural marvels, where modern high-rises and mixed-use developments stand tall, resulting in overall progress.


While the Namma Metro has undoubtedly brought about significant changes in Bangalore’s real estate landscape, it has also raised eyebrows and concerns with the surging property pricing. As property prices soar in close proximity to metro stations, affordability becomes a pressing issue for many. It is the other side of the coin which needs to be dealt with. With the increase in the number of.

As the Namma Metro project continues to expand its reach across Bangalore, the mix between real estate and metro connectivity proves to be quite profitable. The transformative power of the metro has infused new life into nearby localities, shaped property prices, and introduced a new era of development. As Bangalore continues to grow and thrive, the Namma Metro will be the harbinger of more progress and better connectivity.

Kolte Patil Developers Achieved a Sales Record of Rs. 701Cr in Q1 FY24

Pune-based real estate Kolte Patil Developers have achieved a sales target of Rs 701 cr in the first quarter of the financial year 2024 (Q1 FY24). An increase of 58% is estimated and the company’s sales volumes for the quarter is at 0.93 million square foot.

As per sources, the company attained a sales value of over Rs 700 cr third time consecutively and a remarkable launch of 1.38 million sqft in Pune. Here names of the two important projects of Pune located in Hinjwadai- the 24K Altura project in Baner and the Arezo-JKD project.

As compared to Q1 FY23, Q1F24 shows that the company’s collections stood at Rs 513 crore

witnessing an 8% rise YOY. Thus 4% YOY was improved by reaching Rs 7,545 per sq. ft by significant contributions from the 24K Altura Project in Baner.

“58%  sales improved by value and 52% by volume over Q1 FY23, which comes across with new launches and ongoing projects,” stated Rahul Talele, Group CEO of Kolte-Patil Developers Limited. Two projects in Mumbai with a topline potential of Rs. 1,200 crore and two projects in Pune with a topline potential of Rs. 1,300 crore were acquired by us in May 2023, respectively.

Real Estate Investment Soars: Institutional Investors Increase Allocation by 18%

Many significant deals are finalized in the office and residential segments. This has an Embassy Group’s successful at ₹ 1,4469 cr. M3M, a Realty developer has secured a ₹ 1809cr debt from another alternative investment firm PAG Credit and markets that are noted to be crucial for residential development.

When it comes to Institutional investment then it is very amazing news that India’s real estate sector remained robust at $ 1.7 billion in the first quarter of 2023. Even the office sector was the leading driver in this investment flow series and it accounts for 55% of the total during the Jan-March period. Even the residential was next at 22%.

In the office sector, with $ 0.9 billion 41% higher year on year, and large deals with quality assets were traded at 41 % higher value. However it is seen in recent times, that real estate investment is shifting into a phase where we can witness secondary market transactions and it may also see institutional owners fully or partially divesting portfolios.

One of the important aspects here is the large quality assets that are traded in the office and some of the selected logistics assets. Piyush Gupta says, “Preference of India in developing Asia- Pacific Markets is getting stronger. The foreign investments represented an overall 93% of the total investments in office assets and are driven by a rise in opportunities and platform that deals with developing Grade-A office assets.

Many deals stepped into the final stage of the office and residential segments. This has Embassy Group’s successful ₹ 1,469 cr and funding for office assets right from the Bain Capital of Embassy REIT’s purchase of assets. This is also going to be ₹408 cr Embassy sponsor.

Even the Realty developer i.e. M3M has secured ₹1,809 cr debt family from alternative investment firm PAG and ensures to make it a credit markets for residential development. The domestic investment in real estate has spiked up to 4 times year on year. Therefore it has a clear aim only at the residential segment despite higher lending rates.


Source: https://economictimes.indiatimes.com/news/india/the-buildup-looks-good-for-indian-realty/articleshow/99363237.cms


Proposed Gurgaon Metro Corridor To Boost Real Estate Sector

Real estate markets in and around these sectors will benefit and the metro line and the metro line will boost demands for residential real estate in the areas. It will also bring upliftment in the retail growth sector. Thus it will boost future growth in Gurgaon and realty players can bring land parcels close to the proposed metro railway line.

The 2.8 Km long corridor converts Huda City to Cybercity via Old Gurgaon. There are 27 stations including a stoppage at the Dwarka Expressway- “Gurugram is going to witness remarkable growth in its properties during 2022.” Real Estate projects are under construction phase or in the planning phase as these areas are going to benefit from the increased demand and planning phase in the areas.”

Besides, some of the prominent areas in Gurgaon, include Subhas Chowk, Hero Honda Chowk, and Udyog Vihar. Real Estate developers are going to announce the ‘Gurugram Metro’ that will be made during the Haryana Budget and will bring an increase in demand for commercial space and housing. The improvement in connectivity will also increase both businesses and homebuyers.

Ravish Kapoor, Managing Director, of ELAN group says: “The metro project is expected to improve the connectivity of the area, leading to a rise in demand for residential and commercial properties.

Rapid growth in the housing sector both for the affordable and luxury complex is being seen as an upsurge in Gurgaon. Near, there is the availability of easy transport facilities and gather the attention of potential buyers. There is a hindrance to Gurgaon’s progress due to heavy traffic flow, commuters, and buyers from residing and investing in Gurgaon.

Kunal Rishi, COO, of Paras Buildtech says that “The prospective Gurgaon Metro project is expected to make an efficient and environment-friendly transport system for the commuters of Gurugram and Dwarka Gurugram. It will also improve connectivity and ensure the facilitation of the buyers who have invested in the areas near Dwarka Expressway.

Real estate markets are witnessing a fall in the last few years and the biggest example is Gurgaon. It is called Millennium city and witnessed one of the highest counts in the unsold inventory. The demand also slowed as there was a delay in its completion. Thus it is believed that the surrounding Gurgaon would subside and there is a delay in the completion of multiple projects. There is improvement in connectivity and commercial activities allowing developers to get acquainted with the rise in prices. Rishi said that this opportunity is excellent when it comes to owners and investors who already contributed to investment.

Therefore, with the introduction of RERA, many efforts have been made by authorities to bring developers and book it while ensuring transparency and accountability. Gurgaon real estate is becoming popular and the main focus of the Central Government is affordable housing, cuts in GST rates, budget measures, and lower interest rates. Infrastructural developments are also making growth in property markets.

Source: https://economictimes.indiatimes.com/industry/services/property-/-cstruction/proposed-gurgaon-metro-corridor-to-help-the-real-estate-sector/articleshow/99120108.cms

India Shines As A Bright Spot: The Fears Of An Impending Recession To Shatter

Kristalina Georgieva addresses the people in G20 meeting that is taking place in Bengaluru. She says that the world is likely to avoid a recession in 2023 and gives the reason that the resilience of labour markets and a mild winter in Europe has helped countries in avoiding a recession. The rising prices, Inflation, high food prices, and climate changes will cause problems due to slow growth rates in many countries. Some banks are following monetary policies. This fact here indicates the global inflation going on in many countries.

Being apprehensive, Georgieva strongly believes that the World Economy is facing difficulties and pressure due to growth decreasing slowly. The authorities firmly assert that fostering resilience at all levels with an increase of 8.8% in 2022 and the funds that global consumer prices will bring hikes that would get down to 6.6% in 2023 and 0.1 % points high than October. Even in 2024, it further will slow down to 4.3% and around 84% of the countries will witness inflation in the anticipated rates to go low in 2023.

Georgieva said that “Inflation is witnessed finally trimming down in quite some countries. The chance of finally getting on top of the problem of the cost of living is a major disrupter for millions and millions of people, there is a ray of light at the end of this tunnel.” Even IMF is increasing its forecast for global economic growth and has strong US consumer spending and China’s constant support demand is there.

There is much focus on overcoming Europe being dependent on Russian Oil and Gas to avoid recession. China is bringing ways to grow more and India should start working on introducing structural reforms as the entire world is positive about India. But people are against ModiJi and foreign powers. Therefore, to make India a strong nation, the digital revolution is important, and the slogan Atmanirbhar Bharat will lift the course.

Why India is a bright spot? So here it is because the country has performed well and has been moving well when it comes to overcoming the impacts of the pandemic and thus creating new job opportunities. The IMF chief discussed the global economy’s prognosis for 2023 and noted that while it will be resilient, 2023 will be a little challenging.

Therefore, the G20 had made it quite evident that the commitment here is going to overcome gaps ad benefit debt-burdened countries. Stress lies in the fact that political agreement helps overcome disparities that are giving importance to a political agreement and giving overcoming financial architecture.

“The war in Ukraine is a great source of uncertainty. It is very uncertain how the war will evolve and this can make energy markets anxious. We hope for peace and calm and a stop to the war,” she said.

During his speech at the G20, PM Modi also said that financial stability is a serious threat and there has been a decline in confidence in International financial institutions and global concerns.


Why Old Madras Road Is The New Epicentre of Real Estate Boom

The sporadic growth spurts in the micro market of East Bengaluru since 2016 have drawn the attention of investors to the region in the past years. With the upgraded infrastructure and new development policies for the location, the place is all set to be the future of the real estate.

The city of Bengaluru is the nexus of technological progress in the country. To achieve maximum retail success investing adopting a strategic approach is a must. Exploring the growth sector on the eastern front of the city – Old Madras road is a perfect example of the same. The pandemic hampered the growth by a few but even then, the area was a hit amongst buyers.

Read the two-step analysis to understand why this locality has to be your next investment

Location Advantages:

It is important to note how the whole society worked

  • Interstate Network

The arterial connectivity of this location with NH4 makes it integral. This is the one way that connects prime cities like Pune, Mumbai and Chennai to Bangalore. The road was built to augment the trade with nearing states and cities. Consequentially the road has evolved into a booming hotspot of development at par with developed localities.

  • Arterial Connectivity

Localities near Old Madras Road are sitting right at the juncture of all prominent roads. Some roads intersecting in this region connect to Whitefield, MG Road, Koramangala and CBD are amongst the most important ones. It is also well-connected t the airport and railway station. Airport buses ply throughout the day which provides further convenience to the residents in the location.  The proposed Peripheral ring road shows that the locality foresees only growth in this times.

  • Infrastructural Superiority

Infrastructure makes this location the most desirable in the region. The well-defined commercial market has pushed the residential development of the city. The residential hub demands the region be abundant in public services and social amenities. Around 7 hospitals including MVJ Medical College and Research Hospital, Hoskote Mission Medical Centre and KR Puram Specialty Hospital are easily accessible. Garden City College, The Brigade School, DPS Whitefield are some educational institutions in the region. Popular and nearest Supermarts in the region are Safal, Star Bazaar, Orion Uptown, etc.

  • Thriving Technology

A tech hub attracts home buyers for the opportunities in the locality. The whole belt of OMR has about ten IT hubs. They include Shell New Technology Centre, Aerospace SEZ Zone, KIADB SEZ Zone, Bearys Global Research, Brigade Metropolis, ITPL, EPIP Zone, RMZ Infinity, Manyata Tech Park and Narsapura Industrial Hub. The location is expected to provide 3000 plus jobs in the coming years. It will only turn more eyes to the location bringing better returns to your investment.

  • Residential Market & Price Trends

Many renowned developers have launched their projects in this area. In the last few years (except 2019) this area has held about a 15% share of the total launches in the city – sometimes even reaching 28% (2020.)  Most properties – about two-thirds of all the launches-  have been mid-segment properties ranging from ₹40 Lakhs up to ₹80 Lakhs.

In the last few months launches had higher ticket-size projects. Ranging from ₹80 Lakhs to ₹1.5 Cr. It is the most profitable segment to invest in the market currently Brigade Calista is one such project which brings a holistic mix of a top name, high-class provision and spacious homes.

The market has observed a whopping 13% increase in prices. Eventually, in the last quarter of 2022, the average price was ₹5,371 per square foot. Budigere cross being teh one with the HAVG (highest average value growth.)

The aforementioned factors prove why this locality should be on top of your check list. Further, if you are looking for a particular investment option, the best residential project on Old Madras Road is Brigade Calista.

Why Bengaluru is a Bottomless Gold Mine for Property Investors

Bengaluru has been adorned with the title of the fastest-growing city. IT-centric growth of the city has augmented the scope of the real estate industry too. Even during the tumulous covid phase, the city maintained the In fact, the city has become a trendsetter in housing – challenging Mumbai and its satellite towns like Thane and Navi Mumbai.

Naturally, the question pops up: what keeps the real estate market thriving all year round? As mentioned above, does the tech explosion in play such a vital role? Is it the sole reason… If not what are the other factors? To answer all the questions popping up, below is a detailed analysis of all the important factors involved in the process.

Buyer Sentiments

Every property market is influenced by three integral factors: 1. Location 2. Inventory 3. Prices. These factors determine the worth of the project and eventually the demand for properties. However, the relevance of that property is different in every city. It is important to note why the buyers incline to certain directions before a [proper analysis. Let’s look at the factors that influence buyer sentiment in the market.

1. Demography: Studying demography is vital to understand buyer sentiment in the market. The Silicon Valley of India has experienced mass migration owing to the lucrative opportunities. IT/ITes working professionals are at the top of this list. People earn more and expect a higher standard of living. The city has a large number of buyers who will be owning their first homes. But, these homebuyers have money to invest in the homes, they want special features, all kinds of comforts and at the same time be well-connected to important localities and places. These homebuyers are younger and want to enjoy the finer luxuries of life.

2. Comfort over Prices : People have varied preferences for property in Bengaluru and thus, the market has every kind of option in the book from 1RKs to Sky Villas, Bungalows to Penthouses – the list seems to not have an end. Consumer Sentiment Survey by Anarock Group shows that about 31% of respondents are willing to explore new launches which was much higher than any other city in India.

3. Homes You can Show off : The idea of residences has transformed totally in the current times. Apartments are high in demand but the elements of having a spacious little corner home are still valued by homeowners. Thus, there is a trend of homes with wide well-lit balconies, if they have a private green pocket or garden it is a cherry on the cake.
Homebuyers of the city don’t just want homes, they want an experience. And as mentioned above, the buyers are comfortable spending big bucks on a good lifestyle. The developers find homes where they have a higher budget to add smart features suitable for providing the best amenities because they are not scrunched for making use of every corner. As a result, demand for homes ranging between ₹1 – ₹1.3 crores.

4. Saving Time is a Priority : The absolute pain point of most dissatisfied homeowners is the sluggish Bangalore traffic. The city of start-ups has many visionaries striving to make a name. In the process, traffic definitely is the one common enemy. The apt solution is putting up in the area with the easiest connectivity.

Concluding Figures

Considering the above-mentioned reasons, it will be easier to see the inclination of the buyers in the direction of certain properties. With respect to the four factors mentioned above here is the conclusion for the different properties:

1. Location: The primary choice is Bennypet – a locality which offers an interesting blend of class, lifestyle and quality homes. Whitefield is the all-time top-grossing locality and HSR Layout and Bellandur follow in line. Overall East Bengaluru is on top and seconded by localities in the centre of the city. Other than these Bangalore these locations offer a desirable appreciation and rapid infrastructural growth makes living here pretty convenient.

2. Inventory: As per the report by Anarock, over one-third of residents were looking for 2BHK homes. Priced under 80 Lakhs onwards this strata of housing provides the security of a gated enclave and smart features. The investors can reap a good ROI on them, so they are suitable for rental as well.

3. Pricing : As per the current trends in the market – post-pandemic – middle-income buyers are allocating more savings for their homes. The mid-segment makes up two-thirds of the total market. The mid-segment ranges from 45 Lakhs to 1.5 crores and the maximum number of homebuyers lie in this category itself.


PM Awas Yojana Outlay Increased By 66% To ₹ 79,000 Crore

The Union Budget 2023 gives a higher boost to affordable housing. It will witness an increase in the allocation for the PM Awas Yojana (PMAY) by 66%. The announcement brings the attention of the people to recent announcements made by Finance Minister Nirmala Sitaraman to create Urban Infrastructure in tier 2 & tier 3 cities. PMAY allocates over 79,000 cr for the same as against last year’s price of Rs. 48,000 crores.

PM Awas Yojana was launched in 2015 to provide affordable housing to citizens and it provides help to the middle-income community, low-income groups (LIG), and economically disadvantaged groups (EWS). The credit-linked subsidy theme also gives beneficiaries an interest subsidy to avail of loans to purchase a house or build the same.

Urban Infrastructure Development was managed by the National Housing Bank and will be used by public agencies to create urban infrastructure in Tier 2 and Tier 3 cities. Also, the fact of numbers here states that the center will spend Rs. 10, 0000 cr. per year for the fund. Thus, the funds will be established keeping in check the priority sector lending shortfall.

Ms. Sitaraman said that property tax governance reforms will be ensured by keeping in check ring-fencing user charges on urban infrastructure.” Hence this will improve the credit worth of municipal bodies by bringing incentivization in the cities. At the same time, cities/ towns will provide scientific management of dry and wet waste.

In the cities/ towns, the focus will remain on 100% mechanical desludging of sewers and septic tanks making a transition from manhole to machine-hole mode. In the budget speech, the finance minister said, “State and cities will be encouraged to undertake urban planning actions/ reforms- transform cities into “Sustainable cities of tomorrow.” Therefore, efficient use of land resources, urban infrastructure, transit-oriented development, and enhanced availability and affordability of urban land.

Dr. Niranjan Hiranandani, says that “Incremental PMAY allocation up to Rs.79,000 cr. will give impetus to affordable housing and benefit a wide segment of the homebuyer.

Best Residential Projects to Invest in Bangalore in 2022

Bangalore is unquestionably one of India’s top destinations for property investment owing to its vast and quick growth, as well as the booming IT industry. There has been a considerable influx of people into Bangalore from all over the world as it offers technological development, mobility, IT parks, and great places for work and recreation. Real estate investors acknowledge that there is going to be more demand for Bangalore real estate in the coming years. The past ten years have seen rapid growth in the city. In terms of technological progress and industrial growth, Bangalore is probably one of the most technologically sophisticated cities.

Below are the residential projects in Bangalore that are worth giving attention to as they can address your housing needs and desires adequately. Let’s have a look.

  1. Godrej Park Retreat


Godrej Properties’ magnificent residential development, Godrej Park Retreat, has everything you could want. The Godrej Park Retreat apartments have the best security, style, and comforts available. The advantages of this well-organized Property in Bangalore include high resale prices, carefully crafted property units, ultra-modern architecture, better quality residences, and easy commuting.  Given its convenient location and proximity to the rest of the city, Godrej Park Retreat Sarjapur is an excellent investment opportunity.

Godrej Park Retreat Bangalore offers unmatched accessibility to several local regions. Residents will receive access to a range of advantages after acquiring the apartment, including 85% open space, a car-free podium, a special adventure zone, covered parking, and well-ventilated areas. It offers incredible luxury apartments, all with spacious rooms, and two levels of club amenities. The Godrej Park Retreat Floor Plan features an ultra-modern layout. A person may discover 2 and 3 BHK Flats at this property, which provide spacious units and luxurious living for both adults and children to enjoy.

  1. Godrej Splendour


Another lovely residence built by the renowned developer Godrej Properties is titled Godrej Splendour Whitefield coming your way to treat you better. It is situated on a significant stretch of Bengaluru’s Belathaur Road, which is continually expanding as a result of the neighboring rapid development. Major educational institutions, medical facilities, shopping malls, amusement parks, commercial hubs, etc. are already adjacent to the project. It is offering 1, 2, and 3 BHK luxury yet modern apartments in sizes with upper-edge interior amenities.

Given that it is spread out over 18 acres of land and has numerous layers of security that offer a high level of safety for the residents, this particular Godrej property is a must-buy project. They keep your homes filled with an abundance of natural light and air, all thanks to their large windows and big balconies. Godrej Splendour has a huge clubhouse, a significant amount of green space, and more than 50 lifestyle amenities. So get ready to have a lifestyle that is exclusively available to you.

  1. Assetz Marq 3.0


One of India’s most renowned real estate developers, Assetz Property Group, is delivering yet another must-buy housing development in Bangalore. Assetz Marq 3.0, an integrated township project, is introduced here and is located on the Whitefield-Hosekote Main Road. It is situated in Whitefield, a popular neighborhood in Bangalore that has experienced rapid growth. Due to its excellent connectivity, proximity to industry, and an appropriate distance from the busy Whitefield roads, the Assetz Marq Whitefield area in Bangalore is not only rapidly growing but is also witnessing the formation of new residential complexes.

With Marq, Assetz Group provided apartments in Bangalore in response to the demand from clients. This project spans over 22 acres and offers world-class amenities such as squash courts, badminton courts, volleyball courts, and basketball courts. It also includes steam rooms, kid-friendly swimming pools, a clubhouse, party rooms, a linear park, and an amphitheater. The portfolio of three-bedroom residences for this property ranges in size from 1055 to 1196 square feet. Marq provides amenities such as sewage treatment facilities, organic waste converters, and rooftop swimming pools.

  1. Assetz 63 Degree East


The first thing that comes to mind when it comes to living and having a place to call home is the location since everyone needs a place where they can live in peace. Assetz 63 Degree East is a residential area that has been specially created to provide its inhabitants with a healthy community, brought to you by the Assetz Property Group, Bangalore’s top real estate developer. The fact that this project is an IGBC gold-rated* and pre-certified* property in the heart of Bangalore makes it a must-buy. It is conveniently located near Sarjapur, which is a region with excellent connectivity.

They provide 1 BHK, 2 BHK, and 3 BHK residential flats in Bangalore with first-rate conveniences and outstanding building standards. The living space of these apartments varies from 685 to 1157. An intercom system, state-of-the-art clubhouse, spa, sports courts, cycling lane, yoga room, game room, children’s park, party hall with a pantry, and many more fantastic facilities are all included in this project. This property boasts well-ventilated residences, an earthquake-resistant RCC structure, 68 percent open green space, and unrivaled facilities. These apartments in Bangalore were thoughtfully designed to meet your needs and establish a good balance between leisure and style.

  1. Prestige Finsbury Park


Everybody has a different idea of what their ideal house would be like; some like automated homes, while others prefer lavish ones. The Prestige Group created Prestige Finsbury Park, which serves all of these objectives, to satisfy the needs and preferences of various client segments. Both 3 and 2 BHK Flats in Bangalore at this property are thoughtfully designed by the Prestige Group with the group’s objective of sophistication, craftsmanship, and excellence in mind.

For someone looking for a house in the ideal location, owning property in Bangalore, especially in the Bagalur KIADB region, is a definite plus since one can gain quick access to the top medical institutions, schools, colleges, and other notable amenities. It has a wide range of amenities, including a modern clubhouse with cutting-edge technology, a large swimming pool, a well-equipped health club, a meditation pavilion, and cutting-edge protection mechanisms. Above all, the township is ecologically conscious and upholds its eco-friendly orientation, thanks to in-house trash management, water filtration systems, and rain harvesting frameworks.

  1. Prestige Meridian Park


A home that is surrounded by verdant fields and greenery is called the Prestige Meridian Park. It provides a variety of leisure activities that have been carefully planned to give residents a comfortable living environment, including relaxation, wellness, exercise, and enjoyment. Given that the Prestige Meridian Park is situated in one of Bangalore’s most desirable real estate areas, Sarjapur Road, one of the areas with the highest population growth, it is important to consider this location. This region is home to several IT employment centers and big tech parks, which makes commuting to work quite simple.

One may utilize a tennis court, running track, play area, and garden area, among other best-in-class amenities. The carpet space for the 3 BHK flats in Bangalore at this residential building ranges from 1122 to 1276 square feet. There are options for every homeowner, from modest studio apartments to opulent villas. Large, well-lit apartments that follow traditional Vaastu principles and have ideal directional alignment can be found here. This design approach gives residences excellent amenities, fewer walls, vivid light, and considerate places that are provided to its esteemed occupants for a truly seamless living.

  1. Shriram Blue


Everybody wants to live in a resort-style environment where they can easily spend their weekends, but having their place of employment close by is also a huge perk. Shriram Blue Bangalore, located in KR Puram just 15 minutes from Whitefield, offers both of these features.  It offers 1, 2, and 3 BHK apartments as well as all current amenities that are artfully incorporated into the spectacular infrastructure. The quick access to various significant regions is one of the essential aspects that Shriram Blue KR Puram, which is situated in a strategic location, has to offer.

The amenities provided by Shriram Blue to its residents are on par with the 5-star treatment one would receive in a luxury resort or hotel. The Morning Deck, Landscape Garden, Club Café, and Swimming Pool are just a few of the amenities offered.  The apartment is brand-new and offers you a unique experience. Overall, acquiring this property will bring peace to your body, mind, and spirit as you enjoy the scenery of the 250-acre, an exquisite lake.

  1. Shriram WYT Field


Prepare yourself to live the life you’ve always wanted, only at Shriram WYT Field. Shriram Properties designed this incredibly contemporary and roomy property.  This property’s position in Whitefield, Bangalore, offers several location advantages because it is easily accessible from Baiyappanahalli Metro Station, KR Puram Railway Station, and the city’s commercial areas. Spread across 11.3 acres of land, this particular property offers a wide-open space for the residents to walk in and get a lively experience of witnessing tranquil views.

This property in Whitefield offers 2- and 3-bedroom flats that are not just roomy but also come with two verandas and Vaastu-compliant features. There are two main clubhouses, as well as a swimming pool, an amphitheater, and a tonne of other interesting and cutting-edge amenities. This property, which spans 11.3 acres of land, provides a spacious place for inhabitants to walk in and enjoy the benefits of seeing flora and pleasant vistas. A BBQ deck, a party lounge, a Paw Park, WFH-enabled eateries, electric parking, a tech-enabled co-working space, and an aerobics center are just a few of the incredible amenities.

  1. Sobha Sentosa


The Sobha Sentosa project, with its vivid aesthetic and bright visual arrangement, embodies the pleasant lifestyle inspired by Singapore’s magnificent architectural construction. Since it is situated on Panathur Main Road in Bangalore, living here brings flexibility. Additionally, it is close to the best social infrastructure, including hospitals, IT parks, entertainment hubs, and educational institutions. In addition, residents in East Bangalore can benefit from the benefits of premier medical facilities, educational institutions, and IT hubs.

This project’s noteworthy location is host to superb infrastructure and is adjacent to Whitefield, Electronic City, Embassy Tech Village, and the Outer Ring Road. The Sobha Sentosa Floor Plan features opulent, 3 BHK residences with a room area ranging from 1507 to 1804 sq. ft. The project also includes Marina Bay Sands, which is modeled afterward and scaled down from Singapore’s most famous hotel. It is a worthy location to call home featuring unmatched amenities and precisely built that portray the happiness. Thus, owing to its panoramic surroundings, which include an expanse of green vistas and the renowned Panathur Lake, the area in Bangalore has been accredited as the best real estate location.

  1. Sobha Lake Gardens


The Sobha Developers are gearing up to rule the Chennai City real estate market with yet another iconic project. The project, titled Sobha Lake Gardens, would be constructed in Bangalore’s KR Puram. The project is located in KR Puram Bangalore, one of the city’s fastest-growing neighborhoods, and is easily accessible. It is not far between Hoodie and Whitefield, two newly developed areas of the city. The massive entrance to the vast metropolis Sobha Lake Gardens KR Puram will add to the project’s distinctiveness.

Apartments in the Sobha Lake Gardens floor plan come with 1, 2, 2.5, and 3 bedrooms, giving residents the lifestyle they’ve always wanted. The project also has all the modern conveniences necessary to give its occupants a good standard of living. A jogging path, amphitheater, swimming pool, well-kept garden, children’s play area, and many other amenities will be part of the project. It is also noteworthy since it is the closest property to a lake. Yele Mallappa Shetty Lake is a good companion since it gives life’s ups and downs a soothing rhythm.


Buy 1,2 & 3 BHK premium residences in Whitefield Bangalore Starting from ₹39.99 Lakhs* Onwards – Enquire Now – Godrej Splendour

How Cutting Edge Technology is Helping Home-buyers to Find their Dream Home?

In every step of buying a house in the age of technical knowledge lest technology plays a major role. 

The trajectory of investing in homes has increased tenfold in recent years and this is to be credited to the advancement and incorporation of technology in real estate. Traditionally the operation of real estate has been human-intensive but this has overturned and now a record number of people have started to search property online. This shift has intensified with the advent of a pandemic since it is safer and more convenient, it also has resulted in the dissolution of exploitative middlemen or brokers with the online listing. Countless perks come with the online listing of property of the many, get a satisfying aerial view of the compound. 

Has the Real Estate business arrived at a  new era of technology-led change, though?

Definitely, it has, but to many observers, It is still hard to process that barely a few years ago it was entirely dependent on newspaper and other listings, real estate brokers, and word-of-mouth advertising to find a dream home for everyone. The cycle of time of change in the real estate market, more and more property hunting has reached to web search and inroads of Protech has reached new heights. 

Property technology or PropTech especially in India is still a nascent concept and is in an evolving phase. Though it has been in a slow-growth process the path to easing all legal complexities has taken shape. According to a JLL report, India registered 77 PropTech deals, the highest recorded in the Asia Pacific region since 2013. With the global crisis of social distancing around the corner, property searchers in India have opted for virtual platforms, and PropTech has emerged as the lifesaver for all home-buyers.  How does PropTech or the web listing of property functions? To simplify the modus operandi of most PropTech they are driven to facilitate the research, purchase, sale, and management of every transaction. All such dealing is also perfected with the advancement of technology and integration of Artificial Intelligence. 

The real industry has revolutionized its technology using the following: 

  • Artificial Intelligence

Integrating AI in all operations of Real Estate dealing has not only simply the business but indicated accurate results. For instance, experience virtual reality tours of the property to find the dream home, online transactions, and paperwork are some of the advanced technological innovations that are redefining the industry. Drafting online contracts between builders and buyers is turning out to be the new trend, thus easing the process of real estate transactions. 

  • Augmented Reality

This integrated technology aims to provide seamless business opportunities for the Real Estate industry. With the ability to convert blueprints into 3D renderings, it helps home-buyers to note the measurements of a home or property. Thus, AR has become an incredible advantage to both real estate and homeowners.

  • Virtual Reality

With the introduction to technology in real estate, most developers are now using cutting-edge technology of which virtual reality is of prime use. Even at every advertising of real estate property, all brands are choosing virtual reality. With no doubt, virtual reality technology is about to be fully implemented.

  • Robotic Process Automation

By using modern technology, it is easier for real estate executives to assist house-buyers to make better decisions. Now get used to the advantages of technology to receive robotic automated help when searching for new smart homes. 

Top 4 Real Estate Hubs Of Pune That You Can’t Miss Out

The city of year-round monsoon skies, lip-smacking Maharashtrian delights and towering skylines, Pune is one of the favourite destinations of migrants in India – in fact, it’s preferred more than the Mumbai. Better known as the Oxford of the East, people move to the city from every nook and cranny of the country for various reasons. Career and work-related opportunities, healthcare amenities, and better quality of life are the most important ones.


The real estate sector in the city has been pretty stable and has emerged as a clear winner even through the turbulent economic phases like demonetization and GST implementation. Here’s a list of the top 4 locations to invest in Pune for those looking to grab this lucrative opportunity.



A town in suburban Pune has many perks of investing in Properties in Kharadi. It is the perfect place for working professionals. EON IT Hub and Hinjewadi IT Hub – one of the largest hubs of the city – and office spaces like Zensar and Wipro are also within close reach. It is only 15 minutes from the city airport and railway station. The main localities like Hinjewadi, Magarpatta, Viman Nagar, etc. are also easily accessible. With the proposed Metro Extension Line completion, the region is expected to witness a major facelift. This makes the prospect of investing further adding to the reasons why the locality has the most profitable



The primary reason that homebuyers must consider Properties in Mahalunge is the scenic and serene expanses of the suburb. Strategically adjacent to the NH-48, the highway that connects Mumbai with Pune, many renowned developers are launching luxurious and ultra-luxurious projects in the region. It is also the first out of 75 to be included in the PMRDA Township planning which is a 700 acres mega project that involves 700 acres.



Quite like Kharadi, Manjari lies in close vicinity of the eminent workspaces since it is only 4 km from the tech hotspot Hadapsar. Koregaon Park, Fursungi IT Park and Magarpatta City, therefore are in close proximity. Another perk of living in this fast-developing suburb is the setting of the Mule-Mutha River. The scope of development in the housing sector for the area has changed exponentially in the past few years. But now Property in Manjari is attracting attention from developers and homebuyers both.



Baner is also situated by the Mumbai-Delhi highway. Baner is also a commercial hotspot so a number of tech companies are based in the region while others are in close proximity like the largest IT hub, Rajiv Gandhi Infotech Park. Therefore, the residential demand for the Property in Baner is driven by the working professionals in the region. It is also easily accessible from the important nearby like Balewadi, Sus, Aundh, Pashan and Mahalunge.


Overall these top 4 locations to invest in Pune are highly profitable and have been for a long time now and are expected to be in future as well. With the new development schemes, the property prices are expected to rise in a month. This is the best time to invest before the surge. The bonus here is that as stated above the real estate in Pune is very stable, thus making investment a safe bet.


Top 10 reasons to invest in Dwarka-Gurgaon Expressway

Dwarka-Gurgaon Expressway is a top-notch project and in under-construction which will provide a relieving route alignment between Delhi’s Mahipalpur (Shiv Murti) and Kherki Dhaula via Gurugram, Haryana. It is going to be a big break and hot investment destination as the expressway covers 29.10 km of the route and will feature more than 20 flyovers, 11 vehicle underpasses, a 2.5 m wide bike path, 2 rail overbridges, and 20 underground pedestrian crossings.

Top 10 reasons that are quite considerable for investing in the Dwarka-Gurgaon Expressway

1. Easy Connectivity

The master plan of this expressway involves well-constructed 100 m wide roads that would bring easier connectivity to the proposed Diplomatic Enclave and Metro corridor. Surely, it is going to reduce a lot of the travel time for the commuters who are traveling from West Delhi.

2. Proximity to Core Locations

With this expressway comes enhanced proximity to vital nodes including International Airport, IICC Centre, leading IT/ITeS companies of NCR, DLF Cybercity, and Manesar industrial belt. With such a smooth level of proximity, this expressway clearly is a sweet sport for investing.

3. Civic and Social Infrastructure

Within its infrastructure, the expressway includes well-established sectors such as 108, 109, 110, 111, and 112 along with reputed schools, multispecialty hospitals, and excellent amenities. Moreover, the aggregators involving Uber and Ola are also really active to offer people uninterrupted commute services.

4. Better Opportunities for Lesser Amount

This high-end stretch of Dwarka-Gurgaon Expressway is going to bring numerous big opportunities for people to invest in as the investment potential sectors including 108, 109, and 111 are likely to gain almost 50% higher returns. It will also bring more investment opportunities surpassing Sohna Road.

5. Appreciation in Property Prices

Another reason to invest in Dwarka-Gurgaon Expressway is the upcoming chances of an increase in the prices of property rates within the regional commercial and residential projects.

6. Exceptional Property Deals

With the stretch of this expressway, there are possibilities of exceptional deals that would offer investors the great advantage of higher returns. Projects such as HUDA’s housing options and PMAY would tend to accelerate the investment opportunities.

7. Presence of Prime Developers

There would be great investment opportunities around this expressway as top developers like Experion have built signature developments within the region and across the sectors. The presence of big developers would surely enhance the returns on investments.

8. Relieved Traffic Congestion

With the establishment of this expressway, there will be an exceptional relief in the choking hazard of traffic along the way of NH-8. The benefits of arterial roads will accelerate the investment returns for the investors as the movement towards Golf Course and Sohna Road will improve.

9. Easy Access to Great Amenities

For investors, it will become easier to expect good returns as the expressway is surrounded by top nodes and vital locations such as well-established public utilities and transportation modes.

10. Organized Setup

From adequate water supply to well-managed sewer lines and power lines, everything is well-organized at this expressway. Thus, the new sectors within the vicinity would have streamlined infrastructure without any chaos.

Why Lucknow is the Next Hot Selling Investment Market in Uttar Pradesh After Noida?

How has Lucknow emerged as the new hub for investors? To know more read below.

The real estate investment market is growing and Uttar Pradesh seems to be at the forefront of this growing market. A hotspot for flagship project and not to be surprised Lucknow is at the heart of this increasing influx of investors in Uttar Pradesh.

Before 2017 Uttar Pradesh is known to be the least preferred destination for investors. But by 2021, the cycle of time has changed Uttar Pradesh has emerged as the most preferred location hub for industrialists. With new and ongoing projects in hand, Uttar Pradesh is on the second list of the Government of India’s Business Reform Action Plan ranking.

Are we to assume all the investment is still concentrated in Noida/Greater Noida? 

For many years, Noida has been the epicenter for real estate development and investment. But it would not all be true to assume that Noida is still the hub for every real estate investment. Lucknow as an example is unfolding as an attractive location for investment, Brahmos Aerospace manufacturing unit is to be installed. To not make any confusion or contradictory statement with no doubt Greater Noida is a success story of real estate investment projects. Even now Noida stands tall in the investment market, as is evident from projects such as the upcoming Jewar international airport.

Lucknow is the new talk of the town for the investment market in Uttar Pradesh. 

After most of the investment has been poured into Noida, now the next big thing and the next hot selling investment market in Uttar Pradesh is Lucknow. To many experts, Lucknow is all set to emerge as the epicenter for realty development and investment. But what makes this possible, how did Lucknow prepare itself to become the new real estate hotbed. This can be explained with good governance with a focus on real estate development, fueled by rapid infrastructural development in Uttar Pradesh, and the influx of huge investment projects. To top all this Lucknow has always been an industrial hub but in recent years this has skyrocketed with manufacturing, food processing, electronics, banking, IT, and real estate flowing in. Another biggest reason for investors to be interested in Lucknow is the access to connectivity.

The economy of Uttar Pradesh is rising to new heights and this has attracted investors to pour in to make it the hotbed for the real estate investment market. Noida has been a success story with many successfully implemented projects, following this footstep Lucknow is the new hot selling investment market.


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Why Bangalore is a Hot investment destination for the Millennials

Bangalore: A Hot Investment Destination

Being regarded as the IT capital and Silicon Valley of India, Bangalore has become the hottest destination for property investment. The rapid urbanization and emerging real estate trends made Bangalore grow on the brighter side. With the trends of new technology, affordable housing, ready-to-move homes, and digitized property buying experience, Bangalore has become the most preferred investment option for the Millenials. With the emerging trends and high-edge residential formats of properties, this city has created the ultimate industry patterns of providing mid-segment and affordable properties.

Why Millenials are choosing this IT capital

Bangalore, being a real estate hub, acquire all the reasons why Millenials should consider investing in it. Some of the hot features of Bangalore that make it a ‘Hot investment destination’ for the Millennials include its top-class transportation and connectivity, social infrastructure, idyllic location, and elegant lifestyle. Here, what excites the Millenials most to invest in this city is its flourished real estate market.

For Millenials, Bangalore is not just only a place for investing in commercial properties but it is a dynamic city where real-estate stability and a strong potential for digital transformation can be found. The lucrative investment opportunities and attractive market trends such as a cosmopolitan lifestyle, luxury housing, and tempting tax benefits are continuously pushing Banglore to be the Millennials’ best and hot destination.

The convincing reasons based on which the Millenial population is investing in Bangalore

Social Infrastructure

Being an E-city, Bangalore provides people with great entertainment and shopping needs. It is also a great destination where they can find well-developed institutions, educational universities, popular healthcare centers, and hassle-free stores.

High Return on Investment (ROI)

From the view of investing in real estate, it is a city where people can certainly yield a higher ROI through IT segments. Furthermore, as the commercial and social infrastructure of this E-city is likely to expand, the overall gross capital value will accelerate to a greater extent.

The Bottom Line

Along with the paradigm shift in Millenials’ property buying behavior, there are certain economic reasons including financial freedom and realty supply of affordable homes based on which they tend to invest in real-estate properties of Bangalore. This city is fulfilling the demand patterns of customers adequately by providing them with desirable and preferred zones to invest in. In conclusion, not just the high level of property supply but this IT city is also providing Millenials with higher accessibility of monthly commitments and paying lesser EMIs.


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Why Investing in Gurgaon’s Sohna Road a Good Option?

South of Gurgaon is a region that is currently observing massive changes and expansion with respect to the real estate market growth and overall development. Sohna Road comes within the periphery of this section of Gurgaon. In the past few years, Sohna Road’s social infrastructure has witnessed an enormous transformation. From big MNCs to realty giants all have enrooted in Gurgaon’s Sohna Road. This has created a buzz in the market and among the ones who are interested in settling down in this region. Even for the investors and business-minded individuals, this transforming growth has opened-up en number of opportunities for their financial enhancement.

Emerging as a top realty province in the NCR market, Sohna Road has a host of both luxurious elite style projects and low budget pocket-friendly projects. A number of developers are coming up with various residential and commercial projects with the same perspective. The trending demand of property here is attracted more towards the pomp and show and the glittery life of the glamorous Gurgaon. It is to note that this demand is growing gradually and with the passing time more such needs are bound to emerge.

For any investor or buyer, it is important to understand the reasons why they should actually invest in Gurgaon’s Sohna Road. Mentioned below are a few such pointers that will be helping them to make up their mind for Sohna Road properties.

The Location:

Sohna Road is a location that is very well connected to the entire major hotspots and linking roads. Offices and leisure hubs are in close proximity to this location. The Indira Gandhi International Airport is mere 28-30 kms away from Sohna Road. One can reach the Gurgaon railway station within a time span of 20-30 mints. However, the New Delhi Railway station from Sohna Road is approx 1.5 hrs away. The NH-248A is around 12 kms away. The Rapid Metros are near to this location. To name a few it includes Sector 55-56, Sector 54 Chowk and Sector 53-54.

There is also a proposed metro that will connect Gurgaon and Faridabad via Vatika Chowk. Expressways are also in pipeline. The Southern Peripheral Road (SPR), NH-48 and Kundli-Manesar-Palwal (KMP) Expressway are also the major roadways connecting Sohna Road to other parts. Connectivity from Sohna Road to other places is smooth and hassle-free.

Recreational Hubs:

With the advent of residential and commercial projects in the locality, the need for entertainment and leisure has also increased. The glittery Gurgaon is a hub of such centers. The same is evidently visible in the Sohna Road locality. From malls to shopping complexes and fine-dine restaurants all are in the vicinity. Weekends will surely be a fun time in this area. Every sector of Sohna Road has a good number of grocery and daily need stores.

Schools and Hospitals:

More than 15 top-rated schools and hospitals are available in Gurgaon’s Sohna Road. Few top-notch Sohna Road Schools comprises Ryan International School, DPS Maruti Kunj, Pathways World School, MatriKiran School, Kingswood World School, etc. Grooming kids in these top schools will give a quality life to the future of the nation. The quality of education here is good enough for the overall development of the young lads. The list of hospitals in Sohna Road includes Pratiksha Hospital, Medwin Hospital, Sai Multi Specialty Hospital, Sanjeevani Hospital, CK Birla Hospital, etc. These multi specialty hospitals are well-equipped with state-of-the-art infrastructure.

Top Residential Projects:

There are several residential real estate developers that have markedly made their name in the market. Several residential projects are available in Sohna Gurgaon. These properties have been planned to satisfy all the needs of the budding investors and buyers of Sohna Road. The magnificent amenities attached with these amazing residential developments will provide a leisure life that everyone dreams of. More of such projects are all set to be launched in this region. One such project is Eldeco Acclaim.

It is a project that is well-connected and is near Delhi-Mumbai Industrial Corridor. The Western Peripheral Expressway or Kundli–Manesar–Palwal Expressway is also nearby. The property has a massive 18,000 sq. ft. clubhouse along with state-of-the-art amenities. It is nestled in the foothills of the Aravalli Range. Different units available here include 2 BHK, 2.5 BHK, 3 BHK and 3.5 BHK. Eldeco Acclaim price starts from ₹67 Lakhs* onwards.

Apart from this property, there is a list of top realtors who have invested in Sohna Road. The catalogue includes Godrej Properties, Shapoorji Pallonji, Birla Estates, Ashiana Homes, M3M India, etc. All these realty developers are the giants in the Gurgaon real estate market. They understand the need of the masses and produce the property as per the market needs and demand.

Top 10 reasons why Pune is Top Investment City for Millennials

Pune as a city has established itself as a favourite Tier 1 city among many Indians. This is due to many factors that we will go through in this article, however, the imperative is its newfound affinity among many young Indians of this nation, choosing Pune as a resting place & an abode.

Pune is the second-largest city in Maharashtra & has every facility that one can think of, from a serene architecture, impeccable healthcare system and an ever booming IT sector just to name a few, the city has a lot to offer, so let’s dive right into it.


1. A Hassle-Free Public Transportation System:

Pune as a city has a very convenient transportation system from PMPML buses & trains to autorickshaws & cabs. Just making it ever so easy for young people to travel back and forth from office to home & back again, to even clubs on the weekends for that matter. There is also an international & domestic airport at Lohegaon, Pune, where a limited number of airlines traverse, Pune Metro will also start running soon which will raise its stakes even higher among millennials.


2. Its Rich & Diverse Culture:

There are several cinema halls and theatres in the city, making it an integral part of the same forming the soul of Pune. Some cinema halls are City Pride, Inox, Esquare, PVR, Cinepolis (multiple locations) Rahul Talkies, Nilayam Theatre, Victory Theatre, and Lakshminarayan Theatre to name a few. Cultural events like Purushottam & Firodiya are huge events as well making them eminent projects of attraction among young people.


3. Pune’s Rich Ethos of Tourism:

Pune in all its might proposes itself as a city unlike anything else in this country. Pune has a wide range of tourism & destination spots to visit. With its central location, every tourist spot is a maximum of a 2-hour drive away from the city. Making it a great place for recreational purposes for Millennials.


4. An Ever-Booming IT Hub:

The IT sector of Pune is well known for, second in the ranks just next to the city of Bangalore. The city has provided ample employment opportunities to young people from all across the country, making it ever so easy for them to make it their abode.


5. An Epicentre of Educational Institutions:

Pune has several educational institutions like schools, colleges & universities. This is due to the massive developmental projects related to the field of education & academia. Pune has emerged as a city with ample options for students coming from all walks of life.


6. Green & Clean Living Spaces:

Pune is surrounded by greenery all year throughout, surrounded by Sahyadri Mountains. The green ethos of the city has attracted a young population who are choosing Pune in comparison to other metropolitan cities.


7. Spectacular Climate All-Throughout The Year:

The city of Pune is blessed with a spectacular climate because of its geographical location, placed amid the Western Ghats. Pune has stood the test of time to be a magnificent location for Millennials who want to like a stress-free life during perpetually pleasant weather.


8. An Ideal Place for Food Lovers:

Because of its mixed & diverse culture, Pune has inculcated multiple cuisines from different cultural localities. Making it a place that has it all, from Marathi Cuisine to Korean delicacies. Pune has everything in store for you, a perfect place for Millennials who seek joy from replenishing their taste buds.


9. A Safe Place for Everybody:

Pune is one of the safest cities in this country. An uncomplicated place for people of all age groups- a city where women can feel safe at night and can walk freely without any apprehensions. This is a very vital point in the equation of things.


10. Convenient Adjoining Areas:

With Lonavala, Mahabaleshwar, Mumbai, Lavasa, Konkan & Goa all at a manageable distance from the city, Pune with its wonderful placement has become a force to reckon with; making it an excellent investment option for Millennials who want the best of everything.

Lucknow Should be your Next Real-Estate Investment. Know why ?

Lucknow being the capital, sitting at the heart of Uttar Pradesh has been growing at a rampant pace, from the residential to the commercial and so forth touching upon its industrial avenues as well- all this has been going accordingly to the state implementation plan of expansion, now Gomti Nagar & Hazratganj aren’t the only epicentres of businesses to thrive as other geographical avenues are on the rise too including the likes of- Faizabad Road, Rae Bareli, and Sultanpur. 

As according to the state implementation master plan-2021, major revisions are being devised to change the ethos of the Lucknow real estate, to accommodate for the growing population which includes both the migrant workforce along with the people who are native to the city, as it’s being estimated that it will grow from 45 lakh currently to an estimate of 65 lakh mark by 2031 creating a major demand for Property in Lucknow

Upcoming projects including the establishment of townships, housing projects, CG City, and the cricket stadium in the periphery of the city outer ring road surmounting a gigantic 100-Km boundary towards it has also been on the cards, giving Lucknow real estate an endearing prospect in the face of its other contemporaries in the tier-2 city. 

To specifically mention the imperative of how a city functions and relies on, the point of its interconnectivity and public transport can’t be missed out and negotiated with, hence the inception of its metro which started in 2017 and landed a footfall of 10 lakh mark in its first 70 days is worth a mention signifying growth and highlighting that property in Lucknow is bound to have an unstoppable and exponential growth in the nearing time as it can be clearly seen.  

With the land of Lucknow being at the peak of its resurgence, it would be an injustice not to mention Sushant Golf City and the role it has had in shaping the aesthetics of the city till date, taking the Lucknow real estate to new heights since its inception with its promises to grow in an ever more ascending way providing an arsenal of amenities at its disposal with lush landscapes, state of the art infrastructure, ample parking and the list goes on. 

Rishita Mulberry Heights– an extension and a project of the aforementioned is an opportunity for people who want to invest in something that is a league apart from everything the city of Lucknow has ever seen before, spread out over 21.45 acres of land bestowed with a landscape which one can only dream of, connectivity one can only imagine nearing about every prominent place in the city of Lucknow, and facilities one can only wish for with parking space, security cameras, supermart, 24 hours electricity backup and everything in between; all in one place.

Investment at its Best in Sector 33 Sohna Gurgaon, Check Why?

Gurgaon, the satellite city of Delhi is situated in the southwest. To the south of Gurgaon falls Sohna Road. It is the fastest growing and developing stretches in the NCR region. In its vicinity are two major highways namely Gurgaon Expressway (NH-8) and the upcoming Kundli-Manesar-Palwal (KMP) Expressway. This strategic location Sohna Road has come out as an important locality in the real estate market from an investment point of view. Since it boasts both affordable residential and commercial prominence, therefore, investing here is surely going to give profitable returns.

Sector 33 on Sohna road is Situated just 15 minutes from the Golf course extension road, a small drive from NH-8 and the key business hubs of the city, it offers a perfect retreat to the residing population especially for the workforce. It has excellent connectivity to Indira Gandhi International Airport that makes it one of the top choices for people who are willing to buy a new residence or looking for a property to invest in. This has led to the rise of the sale of Property in sector 33 Gurgaon.

Sohna road possesses best-in-class infrastructural facilities. It has various reputed hospitals along with good schools in its vicinity. The nearby market is providing good retail service fulfilling all kinds of daily needs. As a result, it has emerged as a real estate hub, particularly for the affordable and mid-segment range buyers. Most of the projects here are group housing apartments.

Property in Gurgaon has started to take off and with so many factors in place, Sohna Road is indeed one of the best investment destinations in NCR and a place where one can easily move in. One of the few great projects here is Godrej Serenity Gurgaon where you are always close to the ones you love and close to everything you need. This residential complex is also the first residential complex to have CTMA3 Air purification technology making the whole stay germ free and pure. It is equipped with air filtration for the whole complex. Also, the lush greenery here is just so soothing with more than forty wellness activities to boost the overall health of residents. There are four versions of property available here and worth an investment starting with the carpet area of 71.54-meter squares with prices ranging from INR 71 Lakhs onwards.

RERA Order of Extension, Realtors at Relief in Maharashtra

MahaRERA’s order of extension has provided relief to many of the developers, while there are still some that are not at ease. The recent order extending the deadline for projects with completion dates on or after 15 by six months has come as a surprise to realtors and industry watchers in the region. The major disruption was due to the blockage created in the supply of the key raw materials, such as steel and cement, which has affected the construction industry.

According to Anil Pharande, President, Credai Pune Metro, this order has brought great relief to the construction sector, which has been going through a tough phase. The second wave of the covid in Maharashtra was more serious than the first, and the construction sector went through a difficult period during the lockdown due to the rules laid down by the state government.

According to top realtors large players have been able to provide additional facilities and retain a segment of the migrant workers, but smaller developers are still struggling. Also, the supply chain of construction materials remains badly impacted.

UP-RERA goes Digital for Various Processes

In the year 2016 guidelines were issued to go digital for various processes of Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) in order to minimize the regulatory compliance burden. The action plan of going digital was issued for 10 Forms under the Uttar Pradesh Real Estate (Regulation & Development) Rules 2016. Amongst these, 7 were already online while the remaining 3 were made online on July 16.

Form A for application for registration of real estate project. Form C for obtaining certificate for registration by the real estate agent and registration of real estate project. Form E for extending the registration of real estate projects. Form K for renewal of registration certificate of real estate agent along with the accounts auditing procedure for the promoters are some processes that will now be carried out online.

UP-RERA also started RERA samvaad via video conferencing during the pandemic to resolve the problems of homebuyers and promoters under which 1,882 grievances were lodged on the portal. To further reduce the homebuyer’s problems E-courts were set up during the COVID scenario at Lucknow and Gautam Buddha Nagar. Complaints registered through E-courts were 12,918 out of which 12,150 have been resolved successfully.

2 years, 37 Lakh Homes: Still Counting under PMAY-Urban

The Government on Wednesday said that they are working to boost affordable housing in the country by providing additional tax benefits of INR 1.5 lakh on home loans. Also, tax deduction of INR 2 Lakh for affordable housing, 100 percent deduction of tax on profits for construction of affordable housing projects under section 80-IBA of the Income tax Act till 31st March 2022 has also been levied, which will widen the scope of Section 80-IBA from 30-60 sq. meters in metro and 60-90 sq. meters in non-metro cities. They are also providing infrastructure status to affordable housing to enable cheaper loans.

The Government is giving provision of reduction on GST on under-construction affordable housing projects from 8 to 1 percent without Input Tax Credit increase in priority sector lending from INR 28 lakh to 35 Lakh in metros and from INR 20 to 25 Lakh in Non-metros with setting up of Affordable Housing Fund in National Housing Bank.

In a discussion in the Upper House Minister of Housing and Urban Affairs (MoHUA) Kaushal Kishore said, ‘during the last two years, under the PMAY-U, 37.57 Lakh houses were sanctioned for EWS under three verticals in situ Slum Redevelopment Affordable Housing in Partnership (AHP) and Beneficiary Led individual house Construction or Enhancement (BLC) of which 28.99 lakh have been grounded for construction and 18.50 Lakh houses have been completed”.

Interest for Housing Real Estate in Bangalore Increases Significantly

As per a recent research, the second wave of the COVID-19 epidemic, as well as the subsequent shutdown, reduced demand for property in Bengaluru by upwards of 25% in the April to June quarter (Q2). Despite the fact that interest has fallen, prices were static. According to the study, prices were stable and increased only by 1% between April and June of this year.

Generally, demand for two and three bedroom houses was high, accounting for 88% of all inquiries in the city. The three-bedroom layout led the residential market responsible for nearly half of all preferences. The 3 BHK in Bangalore tops the residential market, accounting for roughly half of overall demand, despite the fact that the proportion of 2 BHK in Bangalore has decreased by 4% QoQ in Q2, 2021 according to the research.

Housing interest was observed to be focused in areas such as Whitefield, Sarjapur Road and Bellary Road, which have regularly scored top in regards to searches in previous quarters. Unlike the first wave, the second wave has seen a speedier rebound in housing real estate interest. During the quarter, price adjustments ranging from 1% to 2.3 percent were seen in the housing markets of Bengaluru, Chennai, Kolkata and Delhi, which also faced growing medical expenditures and debt.

Bengaluru is among the few places in the country where the luxury sector is still doing well despite the slowing down of the real estate market. Furthermore, the state government’s aid to property owners during the lockout, which included a 5% property tax refund until June 30, boosted municipal morale.

NOIDA Development Authority offers 50 Commercial Plots Across the City

In a bid to boost the NOIDA realty sector and enthral the Realty investors to invest in this region the NOIDA Authority has recently launched its commercial Realty developer plot scheme. The scheme has various salient features, and as per it, a total of 50 plots of commercial nature with sizes ranging from 480 sqm to 10,000 sqm is released for acquiring purposes. The plots released will be allocated to the commercial developers for the creation of commercial infra namely, shops, offices, hotels, cinema halls, retail outlets, showrooms and shopping complexes. However, these plots are allotted across 48 sectors of the city, the allotment of the land parcel for the development of the hotel to be brought up in Sector 96 is also a substantial part of the scheme.

As mentioned above, the scheme also caters to the development of a marvellous hotel consisting 24,000 sqm land in Sector 96 and a total of 1,980 sqm of commercial space at the proposed Habitat Centre.” Also, the plots released are for setting up shopping complexes, offices, showrooms, cinema complexes and hotels, the plots that vary from 480 sqm to 5,000 sqm can be used for the development of office spaces and retail ventures while those above 5,000 sqm of land cover can be allotted for the development of hotels and shopping malls.

The registration for enrollment into the scheme is open and the form can be filled latest on or before August 4. Furthermore, the allotment of the lands will be made via the developed e-auction setup. The auction will be held within a week from the closing of the registration date. The allocation process will start once the applications are undergone the due scrutiny procedure.

Development Body GNIDA Surfaces 75 Acres Landmass for Industrial Plot Scheme

In a bid to boost the Realty sector in the Greater Noida district of Uttar Pradesh, the Greater Noida Industrial Development Authority (GNIDA) has launched a second industrial plot scheme in Ecotech-10. Under the scheme, concerning 75.00 acres of land is to be assigned through six plots. This land assignment is expected to draw huge chunks of investment by various Realtors, to be specific, as mentioned under the scheme, it will be implemented by initiating both fast track and direct allotment plans as it is expected to draw investments worth above Rs 200 crore.

As per the ratings of the “Ease of doing business” index, released this year, Uttar Pradesh was awarded the second position for the most viable location PAN India. Initiating a snowball effect in play, the GNIDA takes this a step forward and has planned allotment of industrial plots scheme in sector Eco-tech 10. The scheme will allow six industrial plots of various size configurations ranging from 40,470 sqm to 80,940 sqm with a total area amassing 75 acres of land cover is up for allotment. However, GNIDA corporate executive Mr Narendra Bhooshan clarified that to qualify the bid a bare minimum investment of Rs Seven Crores @ per acre is required as a prerequisite norm.

The online applications for the scheme can be made on the Nivesh Mitra website from June 18 to July 2, allotment will commence post-July 2 through both fast track and direct interview-based allotment. Also, earlier on May 26, the GNIDA had launched a similar industrial plot scheme consisting of 41 Plots ranging from 905 to 4,061.37sqm in Eco-tech sectors 10 and 11. An investment worth Rs 93 crore is expected from the above-said allotments which consist of a total area of 83,000 sqm.

Road to Smart Homes in India: Concept Demystified

The ‘Smart Home’ concept is making a buzz in the Indian real estate sector with many residential spaces creators of spacious homes surfacing this concept in their projects. However, it is a western coined concept that has been widely considered across India. It lets owners have a life full of luxury, comfort, energy efficiency, security and convenience. According to Seedwill Consulting, Gurgaon smart homes caterers to a minor share of only about 3-4 per cent of the total residential spaces. But with increased demand for housing and higher per capita incomes, the Realty market for these structures is definitely witnessing a surge.

Concept Decoded

Ever thought about why it is even termed as ‘Smart Homes‘? More or less the depiction of a ‘Smart Home’ is that it consists of various smart installations that let you have control on the functioning either via your home or from a remote location. The establishment of this control network allows a user to have control over the appliances installed through electronic means. The appliances include TVs, PCs, audio systems and video setups, heating elements, lighting sources and air conditioning setups as well as surveillance camera systems.

Technology Drivers

‘Smart Homes’ take in the installation of automation devices that are designed in typically four protocols configuration based-on specific task for communication with each other. Moreover, these devices should be made compatible with the internet, cell phones. Mentioned below are the four protocols:

  1. Z-Wave protocol
  2. UPB Protocol
  3. X10 Protocol
  4. EnOcean Protocol

Also, homeowners or residents can also add devices or hardware that uses the same network protocol as per their usage and budget to suffice the increasing needs.

Highlighting Features:

There are a lot many highlights that the ‘Smart Homes’ usually offer to the homeowner to have access to within the premises of their smart structures.


  • Main gates can be accessed via electronic means to guard your home entrance
  • Secondary doors opening and closing automatically or manual mode on your arrival or exit
  • Lights turning On/Off/dimming as per your needs.
  • Automatic water cutoff or start from motor flowing from a tap-based
  • Easy access to different devices to control lighting, your entertainment systems, the room temperature, your home appliances, your home security systems etc.


Benefits of the Setup

‘Smart Homes’ are really advantageous to the elderly age group of a home. The built-in system can trigger alerts for various tasks that are scheduled on a timeline. In case of any, injury the nearby medical facility is alerted. Moreover, if an elderly aged group requires urgent aid or in case of a health emergency they just need to press a soft panic key at their panel screen.

Developers End and Price Range

Smart Homes are now a new normal and developers are incorporating the western concept to built thoughtfully designed smart homes in all major cities of India like Mumbai, Delhi, Bangaluru, Chennai and Hyderabad. Some of the major residential Realty developers offering the ‘Smart Homes’ concept across India are Shoba Developers, Prestige Group, Lodha Group, Wadhwa Group, Hiranandani Developers, DLF, Supertech, VGN Developers, Puravankara Projects, Marvel Realtors etc. Inclusive of all installations of the devices while building a smart home it will cost nearly Rs.1.5-2 crore to the home buyer or an end-user to reside in such a project.

Everything You Need to do if your Property Papers are Forged

The ‘Smart Home’ concept is making a buzz in the Indian real estate sector with many residential spaces creators of spacious homes surfacing this concept in their projects. However, it is a western coined concept that has been widely considered across India. It lets owners have a life full of luxury, comfort, energy efficiency, security and convenience. According to Seedwill Consulting, Gurgaon smart homes caterers to a minor share of only about 3-4 per cent of the total residential spaces. But with increased demand for housing and higher per capita incomes, the Realty market for these structures is definitely witnessing a surge.

Concept Decoded

Ever thought about why it is even termed as ‘Smart Homes‘? More or less the depiction of a ‘Smart Home’ is that it consists of various smart installations that let you have control on the functioning either via your home or from a remote location. The establishment of this control network allows a user to have control over the appliances installed through electronic means. The appliances include TVs, PCs, audio systems and video setups, heating elements, lighting sources and air conditioning setups as well as surveillance camera systems.

Technology Drivers

‘Smart Homes’ take in the installation of automation devices that are designed in typically four protocols configuration based-on specific task for communication with each other. Moreover, these devices should be made compatible with the internet, cell phones. Mentioned below are the four protocols:
Z-Wave protocol
UPB Protocol
X10 Protocol
EnOcean Protocol

Also, homeowners or residents can also add devices or hardware that uses the same network protocol as per their usage and budget to suffice the increasing needs.

Highlighting Features:

There are a lot many highlights that the ‘Smart Homes’ usually offer to the homeowner to have access to within the premises of their smart structures.

Main gates can be accessed via electronic means to guard your home entrance
Secondary doors opening and closing automatically or manual mode on your arrival or exit
Lights turning On/Off/dimming as per your needs.
Automatic water cutoff or start from motor flowing from a tap-based
Easy access to different devices to control lighting, your entertainment systems, the room temperature, your home appliances, your home security systems etc.

Benefits of the Setup

‘Smart Homes’ are really advantageous to the elderly age group of a home. The built-in system can trigger alerts for various tasks that are scheduled on a timeline. In case of any, injury the nearby medical facility is alerted. Moreover, if an elderly aged group requires urgent aid or in case of a health emergency they just need to press a soft panic key at their panel screen.

Developers End and Price Range

Smart Homes are now a new normal and developers are incorporating the western concept to built thoughtfully designed smart homes in all major cities of India like Mumbai, Delhi, Bangaluru, Chennai and Hyderabad. Some of the major residential Realty developers offering the ‘Smart Homes’ concept across India are Shoba Developers, Prestige Group, Lodha Group, Wadhwa Group, Hiranandani Developers, DLF, Supertech, VGN Developers, Puravankara Projects, Marvel Realtors etc. Inclusive of all installations of the devices while building a smart home it will cost nearly Rs.1.5-2 crore to the home buyer or an end-user to reside in such a project.

Lucknow Development Authority Reduce Interest Rate on Properties

Are you interested in buying a home or a commercial space in Lucknow? If yes, then this is probably a suitable time to make the investment, as the interest rate on the commercial and residential properties in Lucknow has been reduced by 2%. As per a report, the Lucknow Development Authority (LDA) has taken this decision to lessen the interest rate on the properties that are available for sale in Lucknow.

The official of LDA informed that this 2% concession will be laid on flats, housing units and commercial spaces. Previously the levied interest on the principal amount of the property was 11% which now has been decreased to 9%. The final words on the interest rate reduction were circulated after the LDA board meeting chaired by Mr Ranjan Kumar, Divisional Commissioner and Mr Abhishek Prakash, Vice-chairperson, LDA.

Commercial spaces and flats in Lucknow that are sale ready, are grabbing more interest of the buyers and investors of the city. This will to a great extent boost the revenue of the Lucknow Authority that was adversely affected by the global pandemic. The number of vacant flats is expected to be filled quickly with the advent of this reform in the Lucknow real estate sector.

For investors or buyers who are planning to buy three or more residential or commercial spaces in the city can now be happy, as the authority is also planning to introduce a proposal of some discounts to such bulk buyers. However, this decision is yet to come on paper, as it requires more discussion and planning.

Government to Analyze Developers’ Demands to Promote Realty Sector: Housing Secretary

In a bid to encourage investments in real estate in India, Shri Durga Shanker Mishra, Secretary of, Housing and Urban Affairs Ministry, emphasized that the government will analyze various demands proposed by the Realty developers.

In a webinar session while responding to Mr Niranjan Hiranandani, President NAREDCO. The Secretary remained affirmative of taking up all the demands into consideration including the extension on the timeline for completion of projects by 6-7 months, extension in property registrations.

The secretary also, mentioned that the real estate sector in India contributes to 7 per cent of the total gross domestic product (GDP). Adding further he mentioned that real estate valuates for a 200-billion USD revenue industry and is firm to surpass a 1-trillion USD mark sooner on account of rapid urbanization.

Housing and Urban Affairs Ministry emphasized investment in affordable housing, as the highest housing demand is in economically weaker section (EWS) and low-income group (LIG), and observed that the Gen-Y has also shown interest in buying 2-3 BHK flats and not bungalows.

The secretary informed that India’s ranking in ease of doing business in the development segment in realty enhanced to 27 from 186 last year. He further said we are certain that next year’s index will get us in the top-20 spot in the new ranking list and this will further boost more confidence in the Real estate market in India, making the realty sector investments a safe bet on account of returns.

Lockdown Impact: PMC Extends Property Tax Rebate by June-End

The Pune civic body, Pune Municipal Corporation (PMC) has announced a one-month extension for availing rebate on property Cess by 5 -10 % given the prevailing pandemic situation. Due to the coronavirus outbreak, the civic authority or municipal corporations across the country are witnessing a credit crunch to serve in a qualitative manner. The ongoing pandemic has impacted the sales curve of businesses as well as administrations. Although despite the pandemic-driven lockdown, PMC has managed to collect ₹736 crores in its chest from Property Tax in the first two months of Q1 of this financial year 2021. While the collection was ₹1,500 crores last year same time period.

The sore in revenue via the property tax collection was also seen due to imposing relaxation with an additional 5% concession on the property Cess apart from the extension in the time period. As the second wave of COVID-19 commenced, a state-driven lockdown was initiated in March 2021 just before the opening of the current financial year. With all employment aspects and business outlets at a standstill state, for days it was a dubious state to strategically pit it forward about whether the realty-driven property tax collection would witness a hike this year or not. However, as a sigh of relief to PMC, the Pune residents had shown a positive sign as the tax collected summed to a total of a record ₹736 crores in the first two months only. Also, ₹526 crores were paid in taxes in the last month of May alone, the highest ever as compared to the last year.

As per PMC, these surprising figures on tax collection are witnessed primarily because the 1.92 lakh realty owners who registered in the government-centric Abhay Yojana scheme last year and have also paid up their taxes on time this year as well. The civic administration has also brought in a substantial number of new properties under their record that fall under the category of eligible tax generators realty.

Model Tenancy Act to be Introduced for Sustainable Rental Housing Market: Maharashtra

Model Tenancy Act: Decoded

Model Tenancy Act (MTA) is meant to streamline the process of renting a property in India and boost the rent economy in the estate sector. The Model Tenancy Act aims at developing a sustainable, vibrant and inclusive rental housing sector in the country. The move will ensure the development of required rental housing units for all age and income groups thus, catering to the issue of homelessness.

Why Recently In News

The central government has given a nod while approving the long-pending Model Tenancy Act and is sent to the States and UTs to amend laws or enacting legislation on rental Realty. The act is tabled in view of overhauling the legal framework with respect to rental housing across the country.

Why Needed

As per data of Census 2011, approximately 1.1 crore residential spaces were lying vacant in the country and to suffice the increasing housing demands these curated living spaces are to be made available on rent will complement the vision of ‘Housing for All’ by 2022.

The Act Aims At

The Model Tenancy Act aims at developing a sustainable, vibrant and inclusive rental housing sector in the country. The move will ensure the development of required rental housing units for all age and income groups thus, catering to the issue of homelessness.
The implementation of the Act will also facilitate the opening of vacant living spaces to suffice for rental housing needs.
Furthermore, it is believed to transform the rental housing sector by giving a fillip to private player’s stake in the rental housing sector as a business model for addressing the huge housing crunch.

Coverage of The Act

The Act is applicable to premises let out for, commercial residential or educational purposes, while it barred the space used for industrial purposes.
The Act is not also applicable to, lodging houses, hotels and suits-inns, etc.
The Act will take care of existing tenancies as It is going to be implemented prospectively and will exclude existing tenancies for now.

Some Key Provisions

1. Not a Verbal Agreement Anymore Between Landlord-Tenant

Written Agreement is Mandatory from now on for there to be drawn between the property owner and the tenant specifying the tenure and security cost very clearly.

2. Establishment of Rental Housing Court

Establishment of rental housing court in every state and UT for processing of tenancy agreements and to take up tenancy related issues.

3. Clear Line between Rights and Duties of both Property Owner and Tenant

  • The landlord is bound to fix issues related to structural damage except those damage caused by the tenant, plus the Law also enforces the landlord to take on tasks like the whitewashing of walls and painting of doors and windows under his expenses only and is not to be taken care of by the tenant.
  • However, the tenant since using the rented space is bound to take on tasks like drain cleaning, switch repair and socket repairs, kitchen fixtures repairs, change of glass panels in doors, windows and maintenance of open gardens and open spaces as well.

4. Prior Notice of 24-hour by the Landlord

A landowner is bound to provide at least 24-hour prior notice before entering the rented premises for carrying out repair works or fixations.

5. Lawful Mechanism for Vacating the rented premises

  • When a landlord has checked on all the conditions checks as specified in the rent agreement. Given the lawful mechanism if the tenant fails to vacate the rented premises on the expiration of the period of tenancy, then clearly the landlord is entitled to double the monthly rent for two months and four times for the next one.

Conclusive Thoughts:

  1. The Act will grant enough powers to authority to ensure a speedy resolution in disputes and other rent related matters.
  2. The Act will ensure to revamp the legal framework with respect to rental housing across the country.
  3. It will enable the institutionalization of the rental housing sector by gradually inclining it towards the formal Realty market.
  4. It is expected to provide a stimulus to private player’s stake in the rental housing sector.

Since the Land is a subject of state and not of the centre which means that the centre cannot impose the law on the state. In a view of that, the Maharashtra state housing department’s official stated that the Model Tenancy Act is under consideration and is undergoing a thorough study of the document, to ensure how best it can be implemented in the interest of the people.

However, Mr Shantilal Kataria, CREDAI authority, stated that the act would promote the rental segment in the state. He further stated that the act would protect the interest of both tenants and owners and ensure a speedy redressal mechanism for the fixing of disputes.

Gurugram In-budget Homes a Click Away

To process the allocation of affordable homes under the affordable housing for all scheme aided by the state government of Haryana, the authority has taken up several initiatives. In order to ensure the streamlining with ease, the department of town and country planning (DTCP) has introduced a digital-driven drawing system. From now on, the interested and needy individuals are required to register online via the DTCP portal to avail benefits of affordable housing under the state-oriented affordable housing scheme. Once the registration portal is closed, then soon enough the draw of lots will take place online as well, the names of individuals drawn at first will be allotted with the proposed houses. The beneficiaries will get the confirmation via SMS messaging service.

Mr Sanjeev Mann, the Senior town planner, mentioned that so far the Realty developers advertised their affordable housing projects and distributed forms directly or through agents, following which the draw for allotment of flats was conducted in the presence of the senior town planner (STP). But since, the department has been receiving constant complaints about irregularities in allotment and unavailability of the application forms. To fix this, a digital system is introduced to streamline the online system of filling forms and allotment. 

As per the new norms, a developer will have to submit an online application with details of the projects and the tentative date of draw. After scrutiny, the STP will provide the approval and it will go live, which will be visible to the general public. Prospective residents are required to get a login id by registering on the website coupled with their mobile number. When the process is complete then all the inputs filled by the prospective buyers will undergo a scrutiny process conducted at the developer’s end.

Realty Sector in India to Surpass 1-Trillion USD Notch by 2030 – Housing Secretary

Speaking at a virtual event Mr Durga Shanker Mishra, Secretary of Housing and Urban Affairs Ministry mentioned that the size of the real estate sector is projected to cross USD 1 trillion by 2030. Emphasizing the real estate sector the Secretary mentioned that it is a key driver for the Indian economy as it contributes to around 11% share in the total employment generations.

The secretary said the realty sector had undergone an immense transformation in the past seven years and the implementation of the Real Estate Act, a.k.a as RERA, has played a vital role in surfacing the paradigm shift. Clearing the air he specifically mentioned that we are projecting to surpass 10 trillion USD by 2030 of which a big share of nearly 10 % is expected to come from the real estate sector. This sector holds a lot of vibrant elements and a potential to serve and suffice the needs of youth as from the point of view of employment and highlighted that out of 50 crore jobs, real estate provides 5.5 crore employment opportunities.

While responding to a question, Mr Mishra has shown his long-sightedness and has given a display of excellent future planning as he gave his inclination towards the development of PropTech platforms. The secretary also emphasized having robust digital platforms for a smooth and transparent real estate buying-selling process.

To connect the dots further, Mr Mishra asked CREDAI and NAREDCO, the two major associations for real estate, to develop a digital platform for real estate, similar to Amazon etc. He said that the data will be collected from realty developers’ end and then the same will be analyzed through data analytics tech. The index generated will give an insight into the further growth of the sector. Moreover, the insights from the index will be beneficial for homebuyers as well as policymakers.

PropTech-Driven Culture – The Future of Realty Sector Amid COVID-19 Era

The ongoing COVID-19 pandemic situation has stipulated various major industrial setups to come up with new and innovative ways to conduct business. And amidst this situation of complete uncertainty where the market gurus are even dubious about figuring the new face of Industries, work-culture etc, it rather becomes more interesting to see what the future holds for the realty sector. It will require long enough to fully realize the extent of the disorder caused by the pandemic situation. However, in the times like these one thing that can be clearly depicted is that the pandemic has paved way for innovation on a scale never seen before. In this write-up, you will get insights on why the “PropTech-driven culture is the new normal” and how it is tweaking the real estate sector with overhauled innovation.

Why PropTech-driven Culture Is the New Normal in Realty Sector?

As per the property technology-driven trends, it can be clearly depicted that various prop-tech developments have gained huge momentum recently as it lets digital real estate turning up to reality. This prop-tech powered culture is the new normal in the realty sector as it adds on its capability of making realty management much easier. Enlisted are some of the major applications of PropTech that lets it have an upper hand over the traditional way of realty management.

1. Incorporation of Big Data Analytics

The realty sector deals with huge packets of quantifiable data. The applications like Big Data assist in simplifying the data into the most precise information that can realize the trends of the realty market. To suffice the realty investors and homebuyers to have a proper understanding of the realty market while they seek lucrative realty investment opportunities. The PropTech tools like Big Data will do all the math and lets you have a list of locations best suited for investments purposes considering the rentals and percent ROI on charts.

2. IoT-enabled Smart Buildings

A conceptual form of living spaces has now become a reality with the introduction of IoT PropTech applications. “Smart buildings”, as the name suggests it optimize and regulates the functionality, comfort level, energy consumption/dissipation, security, etc., by incorporating IoT-powered electronics, sensors, and AI-based systems. The sensors will gather data and on the basis of which some set patterns can be developed which can be further deployed by building management teams and property owners separately from distant locations. This application will allow buildings to become more intelligent in predicting user actions, this app also makes the spaces user-friendly and eco-friendly. The devices also allow individuals for decisive management and analytical monitoring.

3. PropTech Based Realty Management

Mobile-based IT applications count for a major part of PropTech. It offers management teams or individual owners to have real-time access to a platform to operate a wide range of functionality across residential spaces and office complexes. For instance, a residential/ office space QPR can realize a mobile app for its residents, via which, they can register the details of expected visitors or make orders online.

4. PropTech Driven Realty Marketing

This branch deals with listing realty on online space, however, showing these listings as a result of a query made on SERP to the target audience is also dealt with smartly. This is all possible due to the incorporation of digital marketing driven real estate marketing. Apart from creating strong online visibility, digital marketing can help you promote your listings via channels on Google ads and social media paid ads. Furthermore, the lead collected can be followed up or nurtured via running successful email campaigns.

5. Unmanned Guided 3D Property Tours

Another way where PropTech can be widely advantageous is in offering unmanned-guide 3D property tours via incorporating virtual reality and augmented reality (AR). This also lets homebuyers check out various listings hassle-free and at the expense of travel. Although VR and AR piece of techs have been in use for quite some time, PropTech has gained momentum during the pandemic situation.

6. Customer Relationship Management (CRM)

Consumer satisfaction has become the primitive requirement of companies across various sectors. Companies are focusing on catering to excellent consumer service via instant communication response. The realty industry also realises the need for consumer-oriented dealings and has now initiated catering PropTech-based solutions to suffice consumers requirements. CRM help you have direct access to the details of potential leads, keep up a tab on emails and whatnot.

What Makes PropTech a Better Way in Catering the Realty Sector?

It has changed how we buy and sell our properties and has also affected the liquidity of the asset class. Mentioned below are some worth noting points on how this technology is revolutionalizing the realty sector.

1. Secured Buying and Selling Options

PropTech has simplified the property purchase and sale process. While product sellers can now with ease list out their options, end-buyers or investors can have a chance to select and compare multiple properties under one channel. This also had made it possible for financial transactions to have become more liquid and transparent.

2. Enhanced Transparency and In-bound Liquidity

PropTech ensures to improve the transparency in the realty sector by conducting a data-backed valuation of realties and this will further allow the liquidity prospects of properties to get enhanced.

Undoubtedly, PropTech has become a vital ingredient of the realty industry. Given the pandemic situation, the realty sector has incorporated technology and innovation for its own benefits. This new coming is surely an excellent opportunistic moment for the Indian real estate sector, which is expected to surpass the US $1 trillion market capitalization size by 2030.

Dubai Residential Realty to Witness Price Hike in Six Years

As per the most recent realty developments, Dubai residential realty sector is expected to witness price appreciation for the first time in six years in the year 2021. The “hope for an overall economic recovery and introduction of vaccination drive”, is been cited as the primary cause for the boost in prices.

According to “Reuter’s poll of property analysts”, due to the coronavirus crisis, the state’s real estate sector was hit on revenue generation and remained stagnant for the past couple of years. Although, the recent initiatives by government authorities to rollout vaccines and conduct mass vaccination drive to spur growth have lifted hopes for overall economic recovery.

Majorly all the real estate analysts showing a positive sign on health metric of the Dubai realty sector, mentioned that price acceleration in Dubai realty this year 2021 is more likely inevitable. More interestingly, the snowball effect will continue while ensuring improved investor confidence here in Dubai realty.

Citing data as per the recent analysts’ forecast, the Dubai housing sector would foresee a price rise by 1.1% this year and 2.8% in the year 2022. Also, according to Dubai Statistics Centre data Dubai’s economy was projected to grow 4.0% this year after an estimated 6.2% contraction last year,

As per the sources, due to the government’s various initiatives and schemes launched to incentivize the deals and stimulate the economy. Considering the buoyancy in the Dubai realty market since H2 2020 it is almost certain that this will have an effect on the housing market as well as the tourism sector. Thus making investments here a viable option as the realty will continue to flourish further.

Maharashtra Government Soon to Consider Proposal Realty Registration Extension

Mr. Nitin Kareer additional chief secretary of revenue on Wednesday mentioned that the government of state would soon decide on the grant of extension of realty registration executed in December last year.

CREDAI Maharashtra has sought 4-month extension tenure from the state government for the submission of the required documents for such properties which were meant to be registered by past April-end. As per the orders and guidelines issued by HC, the state government has sought some papers from the state realty developers’ body and assured for timely fixing it as well taking up the issue in the agenda.

The developments have been a result of the rigorous efforts by the CREDAI. As recently, a month back only the state developers’ body had addressed the IG of Registration and Stamps department seeking an extension. Also, which was further forwarded to the state government.  

As per the laws enacted in the property Law of India, it is section 24 of the Registration Act of 1908, that suggests that all the documents mandatorily be registered within the four months from the date of the signing agreement and failing in which will attract a fine, not exceeding 10 times the registration fee. 

Given the fact that enacted laws are there to be implemented, the developers’ body has approached the state government to be considerate towards property buyers and not levy any fine given the COVID situation.

Inside sources from the revenue and stamps department said that the government might consider the request seeking an extension by amending necessary rules as well as might make an exception in some cases by relaxing on imposition of full fine or levying a nominal fine instead on late registrations.

Realty Destination Listing – Prominent Residential Spaces in Outer Periphery of Mumbai

As per the realty destination listicle covering the most trendy realties. Various thoughtfully designed realties at many prominent locations located in the outer periphery of Mumbai. For instance, the pristine spaces developed at Kalyan realty project, can be availed at an in-budget pricing range. The realties here are available in a price range of INR 2600-6200 per sq.ft. The realties here are a blend of developed and developing sub-localities along with good retail and social infrastructure.

Properties here are developed in various configuration vis-s-vis, 1-BHK living space attracts the maximum footfall and the specific segment will cost from INR 34 lacs onwards. Additionally, apart from the Kalyan properties there lies a lot many prestigious projects that makes the outer periphery an attractive option to acquire spaces given the safe and secure environment the projects here guarantees. The lush green cover endows parallelism with the nature thus offering its residents virus-free, pollution free surroundings. Citing the current COVID-19 situation, the realties here are enjoying high traction as the location holds clean and oxygen rich spaces. Uncovering the trendy locations here which consist of realty majors vis-a-vis Kalpatru Elegante, Paradigm Antalya, Shapoorji Aubburn, Rustomjee Bhandup and others.

The realties here in the periphery enjoy various location advantages which attracts a huge footfall in the living spaces built here. Given below are few pointers that are considered as reasons why investing in realty sector in the outer periphery of Mumbai, given the covid situation are still a safe bet. Take a look:

● Emerging affordable residential destination for property seekers
● Establishment of major employment hubs
● Ease of connect- Metro Junction Mall and Xperia Mall among major shopping destinations
● Excellent built-up of social infrastructure in close proximity, including social infra like, cinema halls, hospitals, schools, banks etc.

Bangalore Development Authority may Venture with Realty Developers to Bring New Projects in Joint Collaboration

The Bangalore Development Authority (BDA) has shown signs of entering into agreements with realty developer firms to bring new projects in joint collaboration on the vacant lands the authority owns in different parts of the city.

As per the revelations of an audit report, conducted by the BDA, a total of 357 acres of land in nearly 64 residential spaces the authority has developed over the years are vacant and is litigation-free. To expedite the process the proposal was discussed at the Board of Directors meeting here on past Monday. While answering to various queries the BDA Commissioner, Mr B Rajesh Gowda mentioned that BDA would write to the state government of Bangalore for its consent. He further added that the BDA is currently reviewing the land documents to confirm and a fact check whether there is any litigation and if the land acquisition process was completed by providing compensation back then.

The board of directors has also jointly decided to regulate a global tender for the development of this masterpiece 65-km long peripheral ring road (PRR) road project. However, the authority had earlier planned to move the project via the Swiss Challenge model where multiple of other firms would also get a chance to present a better rate than the proposal presented by the first party.

Other major decisions taken at the board meeting were: development of a premium township in Konadasapura, approval granted to the annual budget of BDA of INR 2,252 crore and others.

Dubai Real Estate to Show Positive Signs On-demand Curve

Dubai realty is witnessing a price hike for the first time in six years. As per Morgan Stanley’s research note, the existence of direct co-relation between “Demand and supply” is ensuring higher demand amid the slowdown of project launches. This positive sign is due to the various government initiatives adopted to boost demand for residential real estate and liquidity in the market. Reforms vis-a-vis, attractive mortgage rates, positive shift in demand curve amidst the COVID-19 situation have also benefited the Dubai real estate market.

Dubai’s DAMAC Properties Chairman Hussain Sajwani mentioned that the market is on a positive recovery slope from the effects of the COVID-19 pandemic. The impact can be clearly seen on business books of the various industries particularly the travel and tourism sector. Providing a sigh of relief, as per the realty consultants it is believed that recovery will take at least 12 months.

While some developers see recovery will take a bit longer but even they cited that market is on a positive recovery slope, thus the realty here holds potential on many growth aspects. Viewing charts of Dubai-listed “Emaar Development”, it is expected that the price target will witness an increase in price hike by 37%. Meanwhile, Union Properties, another listed Dubai developer, reported a profit of 5.6 million dirhams for the quarter ending March 31, versus a loss of 121.9 million dirhams a year ago. 

Gurgaon Based 48 RWAs Nods to Develop Small COVID Care Centres

On the recommendations of the Gurugram district administration around 48 Residents, Welfare Associations (RWAs) have expressed keen interests in setting up of small-scale COVID-19 care centre in the premises of their residential societies. In the wake of Covid-19 second wave, to deal with a spike in cases in the Gurugram region, the administration had permitted gated housing societies, upscale condominiums and NGOs to set up small COVID care facilities utilizing their own resources.

The centre is basically aimed to house or treat patients with pre-symptomatic behaviour, asymptomatic behavior and very mild COVID-19 symptoms. Initiatives like these will surely help reduce the burden on existing health facilities for managing patients with asymptomatic, pre-symptomatic behaviour and mild symptoms. The residents with aforesaid symptoms of COVID-19 will get treated and housed in their particular society’s care centre.

However, these centres are not a replacement of COVID-19 specialty cell and are not specifically meant to manage severe cases of critically ill elderly age grouped people, patients with less than 10 years of age, pregnant or lactating mothers and individuals with co-morbidities. As per the officials, these COVID-19 centres are developed based on “strict infection prevention and control practices” by keeping confirmed and suspected cases separately in partitioned blocks with separate toilets.

Realty Developers Seek Assistance from RBI to Counter COVID-19 Second Wave

Realtors have requested the Reserve Bank of India (RBI) to consider allowing loan restructuring, interest curbs and additional liquidity infusion into the realty sector. This happened to be in a row just after RBI Governor Dr Shaktikanta Das announced COVID-19 relief measures for startups, SHGs and MSMEs. RBI Governor announced a slew of schemes and measures to be implemented which includes the second round of loan restructuring and other relief measures, grant of a term liquidity facility worth INR 50,000 crore for the healthcare sector and SLTRO.

Recently, CREDAI has also requested similar measures to be implemented which shall address concerns of large business setups and labour-driven industrial sectors like the realty sector. The measures will expectedly be announced in days to come by.

While addressing the media channels, Mr Harsh Vardhan Patodia, president of CREDAI has mentioned the measures to offset the effects of the second wave. He further added that classified accounts vis-a-vis SMA 1 and SMA 2 are also eligible for restructuring and interest curbs coupled with liquidity infusion which are applicable under ECLGS 3.0 version. The measures will prove sufficient to kick-start the economy and boost the employment generation which will cater to shield against the effects of the second wave of COVID-19

Finance Minister Inaugurates India’s 3D Printed House at IIT Madras

Get enthralled by taking a sneak peek into India’s first-ever indigenously built Prop-tech based housing space. The initiative by an IIT Madras alumni lead startup, Tvasta has paved the way to built eco-friendly realities.

The 3D tech-based house has a built-up area of 600 Sqft including a quite spacious hall and a kitchen and a thoughtfully designed bedroom. The state-of-the-art project was developed using high-end software and concrete driven 3D printing technology.

Counting on a few of many benefits that 3D printing tech holds vis-a-vis, firstly, very quick development of housing spaces, for instance, a house incorporating 3D print tech can be built in five days and not the usual time frame of months. Secondly, the cost for developing the house will get reduced by approx 30% and also ensures the enhanced life of the structures exceedingly 50 years.

Concrete 3D printing lets developers built three-dimensional real-life housing spaces at all realizable scales. The advanced method incorporates a concrete 3D printer that initiates to fabricate a 3D structure in a layer-by-layer manner when it synthesizes a 3D design file programmed by the user.

While inaugurating the first-of-its-kind 3D printed house projects developed at IIT Madras, via virtual means, the Finance Minister Ms Nirmala Sitharaman said that India definitely needs such tech solutions that would save a lot of time. Conventional housing requires a lot of investment into critical resources like time, building materials, logistics. Sufficing the housing demand challenges due to the increasing population, the 3D tech-based houses can definitely be a savior. This tech has the potential to develop houses in different locales at five days per house, thus by catering to housing needs we can get 100 million houses by 2022, she further added.

CREDAI Maha Requests for Realty Registration Extension & Fine Waiver

In a bid to acquire an extension for realty registration and fine waiver from the state government the apex of the Realty Developers’ body, CREDAI Maharashtra, has recently sought four months documents executed in December, 2020. The realty developers’ has addressed the IG of the Registration and Stamps department regarding the aforesaid. Also, the CREDAI has requested the state government to be lenient towards realty buyers/ developers and provide relaxation from the levy of fine given the pandemic situation.

Considering section-24 of the Registration Act of 1908 which states that all the paperwork must be completed within tenure of 4 months effective from the date of the signing of the agreement and failing in which will attract a fine, not more than 10 times the registration fees in different slots.

Furthermore, CREDAI Maharashtra President Mr Sunil Forde mentioned that, the state government has granted a stamp duty waiver of 3%, to attract a boost in the realty sector investments. However, the condition still seemed unchanged as the home-buyers were found facing many paper work-related issues. Also, paying attention to the current COVID-19 scenario, travel barring and health crisis are preventing the initialization of registrations of realty.

To quote the addressed letter to the IG of the Registration and Stamps department it states that “the executive powers conferred under section-70 of the Registration Act, empowers to refrain in a whole or on a part basis.” State IGR department officials have confirmed the receipt of the issued letter. They said it has been communicated further to the government of Maharashtra for consideration. The National VP of CREDAI Maharashtra said that since the state is struggling from the second wave of COVID-19, it is difficult for many realty investors to keep up to the 4-month deadline.

Housing Loan Interest Rate Contracts- SBI

State Bank of India (SBI), the largest public sector lender in a row on rate cuts announced that it has contracted its housing loan rate of interest further. Housing loan will now be disbursed at a rate of interests starting from 6.7% onwards, effective from 1st of May, this FY 2021.

Earlier this April also, the lender in a bid to infuse liquidity in the realty sector, SBI had levied cuts on housing loan interest rates i.e. 6.95% onwards based on slabs, effective 1st of April.

As per a press release issued by the lender, a housing loan up to Rs 30 lac will be disbursed at an interest rate of 6.7%, at 6.95% for loans above Rs 30 lakh and upto Rs 75 lac. While if one need to apply for a loan of Rs 75 lacs and above then the reduced interest rates will be 7.05% per annum.

Furthermore, providing relaxations to women, the lender has decided to provide concession of special 5 base points system (bps). Customers in need can also apply for a quick loan via access to YONO App. Applying for a loan through the YONO phone banking app will provide customers with an additional concession of 5 bps on interest rates.

Sigh of Relief for COVID-19 Patients as M3M Group & IAF Ventures to Develop a Zero-cost COVID-19 Special Facility

In a bid to provide a free of cost and uninterrupted support of food and medical aid, including oxygen, for COVID-19 patients in Gurugram, Haryana M3M Foundation, a welfare wing of M3M Group, ventured with Indian Air Force to act upon this humanitarian cause in this need of the hour. Also, a mobile medical unit is set up for commuting any patient from the COVID-care centre to the COVID-19 special medical facility.

Attending an online media event, Dr Payal Kanodia, Trustee, M3M Foundation here on behalf of the whole group shared huge respects for the Hon. Chief Minister Shri Manohar Lal Khattar and State Health Minister Sh. Anil Vij, on whose special guidance and constant support only this COVID-19 special medical facility could have set up. The facility is equipped with 150 beds and other major medical devices have also been installed and are now fully functional. He further added that, he is gratified towards the Indian Air Force for joining the team with their expertise and necessary support for this noble initiative and is also grateful to, Paras hospital, Artemis hospital and W-Pratiksha hospital for the much-needed support.

She further added, in this distress situation, we to the best of our capacity pledge to lead India from the front with anything, resources of any nature to assist the country win this battle against the SARS-CoV2 virus. We also, announce special thanks to GMDA chief Sh. Sudheer Rajpal Ji, DC Gurugram Dr Yash Garg Ji and Chairperson NCW Ms Rekha Sharma Ji for their support for making this distress check initiative a sigh of relief.

It feels great to cite that in the moment of the ongoing battle with the deadly coronavirus the industrial major corporates and individuals at influential positions have come together to support this humanitarian cause. Naming a few of the renowned personalities amongst them are Lalit Aggarwal, MD V Mart, Mohit Chadha (Managing Trustee, M3M foundation) – MD Kanta King Group, Manish Bansal, MD- Lotus Group, Akash Singhal – MD, Extra Power, Mr Harinder Hora, MD- Reach Group and Praveen Gupta. The facility will be managed by Abante Integrated Management Services (AIMS).

As the foundation believes in developing self-sustained programmes as a way to deal with issues via an innovative approach designed to address a social cause to affect the whole of humanity at large. Currently, M3M Foundation is working on an initiative of bringing equitable development for ensuring a dynamic India. This initiative will keep a tab on socio-economic aspects of development namely Environment, education, disaster management and health.

Regulations Issued By Haryana RERA – Flats to Be Sold only on Carpet Area

Haryana RERA has issued directives for the sale of housing spaces or living units developed under any residential or commercial realty project. The new law will ensure that the realty projects will now be sold on a carpet area basis only.

The Haryana real estate regulator based out in Gurugram, has clearly cited that any violations will initiate penal proceedings against the confidante or the real estate dealer involved in violating the laws.

From now on, the real estate transactions if found to be conducted on a super area basis then the same shall be considered as fraudulent and trade malpractice by the promoter or the dealer mentioned in a statement by Haryana RERA Chairman Mr K.K. Khandelwal. Adding further he also said that, the conveyance deed and the sale deed must also be executed only on the basis of carpet area. So, monetary transaction done on the basis of the super area or any other basis will be held as an offence.

These laws have been formed by RERA Haryana to ensure an efficient and transparent method and to protect the interest of consumers indulging in the deals like sale of apartment, plot or any housing space, or be it sale of any other realty project in the real estate sector.

Citing that prior to the enactment of the Real Estate Act of 2016 (Regulation & Development), there resided a chaotic situation as due to lack of legal protocols due to which the sale deed was based on the ‘carpet area’. Furthermore, he emphasized that the Act has provided a clear definition of carpet area and have allowed removing the uncertainty in this regard.

Sewage Treatment Plant to Establish a Residential Complex for LIG, MIG & HIG Families

In a bid to cite relief for home buyers a Kandivli (E) Mumbai based sewage treatment plant (STP) is creating a buzz as it is to establish a residential complex for sufficing the housing needs of all individuals. This STP plant is spread over 37,000 sq ft and is a part of the Samata Nagar Mhada layout for LIG/MIG/HIG families.

The residential complex, situated in Mumbai has accommodated around 3,000 families, had undergone renovation in 2007 and as per the law enacted by Maharashtra Housing Area Development Authority (MHADA), each tower must be designed with its own STP so as to make sure that every renovated unit have the self-efficiency to treat and recycle its own sewage release. However, backdated in 2015-16, when the new Development Control Regulations were being designed, the MHADA put forward the proposal recommending for the conversion of the STP space into a residential complex. Recently, in the last month, the BMC and state department granted approval to the proposal for the change in the reservation of the space.

Department head of S D Corporation, Mr Sudhir Wakure, has granted for the initiation of the redevelopment of the 165 building tower structures spread over the 52 acre layout, he further said that it is the first time that such a large redevelopment project is being carried out. On average, approximately 1,965 flats have already been developed and around 1,750 residents rehabilitated so far. Mr Wakure emphasized that 80% of the treated sewage plant will be recycled and reused by residents, whereas, 20% will be discharged into the BMC’s sewage plant.

However, the renowned environmentalist Debi Goenka, emphasized that since it is a large layout, the government and the concerned authorities should insist on developing a single major STP, rather than developing it separately. Since the residents often are hesitant when it comes to maintenance of these STPs and resist using recycled water. According to him, the plot could have been utilized for the secondary and tertiary stages of the treatment of sewage.

Corporate Sector Cites Mixed Expressions amid COVID Pandemic Situation Over Implementation of Realty Strategies Gauging Impact for Next 3 years

As per a recent study the majority of Indian realtors believe to witness impact on implication of realty growth strategies over the inline 3 years amid the ongoing COVID situation. Also, these crucial times will foresee a hike in Quant investments to suffice the realty spacing needs.

Additionally, as per this survey nearly 400 firms on the global domain secure employability for 10 million individuals. Experts reveal that occupants are seeking office spaces to increase staff acquisition, associate and talent traction. Close to around 90% of global companies refers to the real estate sector as a strategic element for their business outlets in support of wide-scale transformation.

Notably, nearly 71% of the individuals expect to experience a hike in their realty portfolio in the coming three years. While 67% of the individuals expect to experience that this pandemic will impact the mid-sized ways of the realty strategies. However, three-fourth of the individuals cited that real estate cost depreciation has hiked since the beginning of the pandemic situation. Also, approximately 65% of the global individuals expect to experience a planned growth within three massive years, with another 46% of the individuals expect to improve the workplace features available to the working staff post-pandemic.

Indian occupants face tragic lows with their landlords as they lack flexibility and also projected innovation in the product or service offering, highlighting the need for landlords to invest in operations, property management and tenant services. Amongst Indian occupiers and ‘corporate branding and image set’ remains primarily a strategic objective that is suitably supported by a realty asset.

Appreciating, 42% of Indian individuals and 60% of global individuals are said to have witnessed a hike while the pandemic situation prevails. Thus, providing for an opportunity for property lenders and owners to develop a better planned and interaction driven and partnership-based association for a long span of time.

Are you up to Investing in Commercial Real Estate? Here are Some Tips to Consider

Generally, a commonly occurring channel of investment paves for its way in the realty sector. This is divided into two subtle categories – A is “Residential realty” and B is “Commercial realty”. Commercial realty can refer to spaces like retail units, office spaces, industrial units, apartment spaces and “mixed-use” spaces, where the units may have a blend, such as retail, commercial-like office spaces and apartment spaces.

Considerable points one should take an In-depth analysis of while investing in commercial realty

1. Cost to Benefit Analysis for location & survey of the property:
It signifies that the analysis of the benefits of location if its investment is meant to be in commercial realty. On the contrary, when it comes to purchasing commercial space, there reside many factors that come into action such as ease of access to roads and public transport, commutation distance between neighboring cities and realty spaces in the area. It is advisable to all classes of Investors that one should also carry out a thorough check of properties to get a better understanding of the potential or liabilities it paves.

2. Look at the existing financial condition of the existing tenants:
On contrary, when an investor opts to invest in a commercial building there surfaces a number of considerable factors that one should pay attention to.

3. Property Paperwork & Documentation:
A thorough check on the documents is a vital part of the job as it will help to get a better idea of the legal framework that the investor needs to take off. This includes mortgage-based papers and papers related to ownership transfer.

4. Market Stats:
It is significant to study the dynamically natured stats data points of the property one is opting out. The above said data points include investment in the retail sector, Considerable near- and longer-term influence of e-commerce businesses on tenant and customer demand.

Compact Housing Gains Traction in India: A Trade-off in Times of Covid-19

COVID-19 pandemic situation and the resultant lockdown have created a vital impact on Indian real estate. The magnified effect is not just applied to decreased sales but has also varied the equation of the business. Demand generation for larger residential spaces has encountered a sudden decrease accounting for “n” number of factors, including the need to re-infuse into liquidity to ensure traction in the compact housing segment back again.

Accounting for the crucial decisions taken by the buyers in the past few months, it is supposedly right to acknowledge that people have been moving away from the joint family HUF tradition, choosing to opt for entering into nuclear families lifestyle; rapid urbanization, a rising student community and migrant working professionals have also contributed to this trend. This section generally does not possess enough purchasing capacity for acquiring spacious home units. To cater to these needs the builders have effectively decimated the floor pan or area of the homes without varying on the property prices. This demand has compelled the real-estate developers re-design their way outs on the perfect size of units they can prefer to sell.

In India, investing in residential spaces is still a decisive step. Individuals invest in their life’s savings and incomes so as to own a premier property location in lieu of their earnings while purchasing a housing space. Henceforth, compact residential spaces make right decision for such investors including the potential buyers like NRIs looking to invest in property in India. Furthermore, compact residential spaces can provide a better rent yield than a large apartment. Concluding, the compact spaces are a win-win prospect for both the real estate developer and for homebuyers.

DLF Real Estate Authorities to Enforce Punitive Actions on 23 Residential Units for Carrying out Illegal Commercial Developments

The Gurgaon-based DLF phase-1 real estate authorities created buzz for enforcing punitive steps on 23 residential properties in accordance to carrying out illegal commercial activities which are in non-compliance with the norms formed.

In addition to imposing strict action, the Gurgaon real estate developers have submitted their concern in writing via an open letter to the ED enforcement directorate office of the district to impose stringent steps against residential spaces that have consented illegally to carry out business activities like eateries, restaurants,, shops and currency transaction-based services in corporate offices on residential spaces which are indeed failing to meet the requisites defined of the building norms. Also, giving a display of informed residents of the RERA registered licensed locality, they have intervened by filing up complaints under various provisions so as to tackle the issue.

As per the survey carried out recently in the area, the real estate developer has now managed to flag 23 residential units and have also shared the same flagged properties details with the concerned authorities which include GMDA-Gurugram Metropolitan Development Authority, MCG-Municipal Corporation of Gurgaon and DTCP for notable actions further.

Property consultant in Gurgaon have raised the concern which includes that the shops, illegal fruits/vegetable stock are made, grocery are functional and other businesses od essentials tag like take away services at restaurants are in function from some residential spaces without seeking any permission from the authority concerned, locals said. As per the pre-requisites, no business activities, excluding some which can be run via the residential spaces. DTP chief, RS Batth said that there is a list of few activities granted permission to function under the non-nuisance field.

Prior to the pandemic-driven lockdown, the real estate developer DLF had addressed their concern marking authorities at DTCP of carrying away of unauthorised constructional development viz; 16 residential plots in DLF-3 had been carried out in violation of the defined pre-requisites. Furthermore, the complaint lodged by the DLF has also covered the issues like procurement of sewer connections and water-pipe connections, all in an illegal manner.


Private Equity Inflow in Indian Real Estate Shot up by 19% in FY21, Investor Eyes Attractive Portfolio Deals

Despite the critical times citing the deadly spread of the novel corona virus disease, the Indian real estate sector majorly including the Delhi real estate has still managed to set a record hike in private equity (PE) investments in the FY 2020-21 totaling to approximately 6.2 BnUSD, the highest level since the FY 2015-16. In a comparison with yesteryear where it summed up for a total of 5.8 BnUSD, thus surfacing a hike of 19% in PE investments as per the study conducted by the leading market experts.

The average ticketing of PE deals rose by 62% in FY 2021, which were 110 MnUSD in FY20 to 178 MnUSD in FY21. The structured debt and PE investment witnessed strong growth during the year at 84% and 15% respectively. Structured debt was largely towards portfolio deals instead of project-level assets.

On contrary to previous years, FY 2021 has witnessed a change in focus by the Private Equity (PE) investors on portfolio deals across multiple cities and reality, instead of some specific realty like property in Delhi or other cities. Such portfolio deals constituted 73% of the overall share, with around 4.58 BnUSD invested through portfolio deals in multiple cities.

As per the property consultant in Delhi “Foreign investments are very upbeat about the realty growth in India. Foreign investors have shown a sheer inclination towards investing in Indian realty due to the presence of graded rental immovable assets. Additionally, Indian realty is witnessing a strong demand to cater for the development of office spaces in metropolitans like Mumbai, Pune, Bangalore or Delhi.

Among various vital stats unveiled, one aspect is crystal clear that the assets like commercial units, retail spaces and hotel spaces have stood up with positive figures. To conclude, approximately 66% of the total PE investments aggregating to 6.27 BnUSD in FY21 was across portfolio deals in differential asset groups. On contrary, in FY20, out of the total $5.28 billion total inflows, just 8% of the total comprised portfolio deals.

Mumbai realtors will now have to reveal the number of allotted flats: Maha. Govt.

The Maharashtra Government has asked the real estate developers of Mumbai to disclose the allocation details containing the number of apartments/flats sold or allotted to the home seekers and/or investors. This process has been initiated to avoid the selling off of the same flat to several buyers at different interval of time.

The Govt. has also mandated to disclose the size of the allotted flat/s as per the carpet area. It has also clearly been mentioned in the government orders, that the flats sold earlier by the builders based on other defining parameters like super built-up area, super area, etc., will also have to reveal the size as per the amended factors.

These crucial amendments have been now added in the Maharashtra Real Estate (Regulation & Development) (Registration of Real Estate Agents, Registration of Real Estate Projects, Disclosures on websites and Rates of Interest) Rules, 2017. The execution of the same will be soon seen in the new purchases and allotments done in Maharashtra.

After the circulation of these mandatory regulations, top realtors in Maharashtra will also get a chance to showcase their transparency and authenticity in every property or flats/apartments they sell. This will not only improve the buyer-seller relationship but will also keep things crystal clear.

5% Stamp Duty on Real Estate Registrations to Be Reinstated by Maharashtra Government in FY 2021

The coalition-led state government of Maharastra has reportedly decided to reinstate a 5% stamp duty on real estate registrations from this year in a move to nullify the slashed rates with duty charges of 2% as exercised in Q4 yesteryear which in fact was imposed to boost the realty market as it was down due to covid pandemic and stringent nation-wide lockdowns.

On Wednesday this week, Udhav Thackrey led Maharashtra government decided not to carry on with the grant of a 2% stamp duty relaxation on real estate registrations any further now effective from April this year 2021. As per the sources, it is reportedly said that the Thackeray government committed to restore its previous stamp duty charges configured on property registrations from Thursday.

As Stamp duty charges collection accounts for one of the three biggest revenue sources and thus, a major source of income for the state government.

Dy Cm Maharashtra, Sh Ajit Pawar said to have offered a relaxation of a further 1% cut in stamp duty rates but only applicable in cases if the property is registered in the name of a woman home buyer.

Additionally, while issuing the order, state finance department had stated clearly that the applicant woman i.e; in the name of whom the property had been registered will not be allowed to resell it for a time period of the next 15 years. However, in case she enters into a deal to resell it, then she will be imposed with 1% of the waived amount along with a fine.

To conclude, the current changes allows a woman homebuyer to enjoy 4% of stamp duty and she only has to pay 1% stamp charges while a man investing in realty will have no relaxations and have to pay complete stamp duty charges of 5% duly effective from April 1 onwards.

Gurugram Real Estate To Witness Appreciation In Prices Due To Circle Rate Hike By 90% in Posh Areas

Gurgaon authorities in a shocking move have increased the circle rate of property in Gurgaon by 90%. For now, the hike is applicable to some of the posh areas of the city. The real estate sector has seemed to be affected the most by this notice as the property sector is still recovering from the COVID19 setback. Furthermore, to bring more clarity on its decision the Revenue department in its official statement said that “The revised circle rates are taken in to effect from April 8. Registry processed from Thursday onwards will have to be per the revised circle rate”

The move has created a buzz in Gurgaon real-estate sector due to an unexpected hike in circle rates leading to cause appreciation in prices of properties in the Gurgaon region’s posh localities namely Magnolias, DLF’s Camellias, and Aralias, the price hike witnessed ranging from INR 12,000 sq ft to INR 25,000 sq ft.

The Revised circle rates of the properties in DLF’s Carlton and Crest has led the home buyers to look for other options as now they have to spend in the range of INR 8,000 sq ft to INR 15,000 and INR 12,000 respectively. Additionally, the circle rate for other best locations including Laburnum, Unitech World Spa, Parsvnath Exotica, The Verandas, Palm Springs, Exotica, Park Place, Belaire, Vipul Belmonte, Central Park and Princeton now has got increased from INR 8,000 per sq ft to INR 9,000 per sq ft.

Apart from that the spaces in housing societies in licensed colonies located at sectors 58, 59, 60, 61, 62, 63 and 63A, the prices per sq ft have witnessed an increase of INR 5,000 to INR 3,500.

While the circle rates for builder floors in licensed colonies has been increased from Rs 5,500 per sqft to Rs 6,500 per sqft, which is likely to impact the pricing of independent floors in the city.

Real Estate Developers Urges Maharashtra State Government On Seeking Review To Ease Lockdown Regulations

Real estate developers based in Maharashtra have urged the state government to reconsider the regulations for the partial lockdown imposed, prohibiting the real estate sector to carry out infrastructural development effectively.

As per the recent notification issued in public interests last week on April 4 meant for the imposition of lockdown, the state government announced that construction developments would only be granted for the property projects where the building workers/labourers are provided with pre-built-in accommodation for living on-site with the restraint of no migration.

Notice issued also directed that everyone involved in the construction works of the property site should mandatorily be inoculated at the earliest or otherwise, must carry an RT-PCR test report with negative test result status on it as a certificate to continue to work. These tests results will be considered valid for a 15-day time duration. The testing will be in effect from April 10.

As per the state government, any default on the directions ordered will attract a fine imposition of INR 10,000 to be marked in the name of the developer and also if found repeated then, defaults will lead to the sealing of the under-developing construction site for the time being till further inspection is scheduled.

To seek relief measures, the BAI chief has approached Maharashtra CM Uddhav Thackeray here, on April 5th with the cause for relaxing the age criterion to get inoculated i.e; to lower the age from 45 years. He mentioned that “the demand is put forward in light that majority of construction workers involved here in different development works are below the minimum age of 45 years which debars them to apply for the vaccination registration process and that if this exclusivity conditioning is not amended sooner then this might certainly have consequences on the revenue generation, which may affect both the government and the common man”, said Mr Mohinder Rijhwani, Chairman of the Mumbai Centre of the Builders Association of India.

In its letter addressing Maharashtra CM, the builders association of India has also urged the government that the developers should be granted to operate its sales or the back offices to ensure to counter any impact on property sales as there is a certainty to witness sales momentum due to coming festive season of Gudi Padwa and Akshaya Tritiya next week.

Realty In Mumbai Witnesses Record Registrations In First Quarter Of FY 2021

In March, Quarter 1 of FY 2021-2022, the financial capital, Mumbai recorded a surge by 365% in property registrations with toll standings of 17,681 closed deals, as per the datasheets released from the office of the IG, Registration Office, Maharashtra. In addition, stamp duty collection also witnessed a 174% hike compared to yesteryear to Rs 837 crore in March ending.

Financial transactions while registration of property in Mumbai is, the country’s biggest and costliest realty market, which continues to expand at a swift pace for a few months now in March driven by record-low house debt interest rates, multiple discounts and the slump in stamp duty rates.

“The central government’s stance to cut the stamp duty rates has got a favourable response from real estate investors and buyers which in turn has recorded significant hike in registration numbers in the last six months. Our offices located here in Mumbai have surpassed the benchmark set as targets in reference to stamp duty charges collection,” said DIG Registration Deptt, Mumbai division.

As of now, this is considered the second-highest registration toll recorded in the past 7 months since the state government of Maharashtra announced the stamp duty dip that will be ending by this evening. There been recorded sustained growth with the country’s commercial capital set at a historic high record of 19,552 closed deals in December with an increase of 204% comparable to yesteryear.

Given that the registration in real estate has witnessed unprecedented growth since the central government had announced the cut in stamp duty charges in August yesteryear, the real estate developers have urged the central government to reconsider the decision.

“State government of Maharashtra has played a massive role in successfully placing the unprecedented measures like cuts in stamp duty to a huge extent so as to kickstart real estate investments ensuring a boost in real estate market post-Covid,” told Dr Niranjan Hiranandani, President of the NAREDCO Group.

The real state developers have welcomed the government’s decision to not increase the ready reckoner prices and provide a 1% relaxation in rates in stamp duty to women buyers or realtors.

5 Trends Decoding Real Estate In India In The Post-Pandemic Era

The real estate sector in India in the Post-Pandemic era is expected to do much better with the investments largely driven into the mid and luxury segment housing sector, including 2/3 BHK flats available at much-lowered prices. Better days are expected in this year 2021 from the perspective of the investment in the real estate sector. Amidst the growing inclination of buyers and investors towards homeownership, It can be certainly said that the demand for residential properties would be high in the coming year. Stick to the given trends on various aspects of Real estate:

Indian housing Sector Post-Covid19
The strike of nCoV or the novel coronavirus spread has led to the delay in kickstarting the real estate housing sector demand. To infuse the demand in the sector, the government is expected to intervene with the announcement of packages or new policy or further interest rate cuts so as to attract angel investors.

Homebuyers In India Post-Covid19

With the current situation of the market wherein, the interest rate charged on home loans had already been reduced below 7% and the inclusion of high tax-exempt are among all such measures which will certainly influence the consumer behaviour for good. Adding on to this the rebate against home loan interest payment is as high as Rs 3.50 lakhs per annum. Witnessing the current situation there are chances that the Covid 19 outbreak is likely to impact consumer behaviour, at least by the medium term.

Builders In India Post-Covid19

The small, mid, large set of builders all are witnessing a drastic dip in the business with the numbers of closing deals encountering a slump hit of an all-time low. Right now the builder segment has pinned their high hopes on the government as they sheerly expect some relief or further interest rate cuts so as to release their long stuck inventory on MSP. They also rest their hopes on the financial support from the NBFCs, a key source for housing sector funding so as to make borrowing easy and deliver projects within the promised timeline.

Office Space In India Post-Covid19

Slowly and steadily the demand in deal makeups for office spaces on rent or lease is expected to witness positive signs as the workforce is resuming the offices (where work from home model is scrapped or is not an option anymore). With offices ensuring the necessary caution protocols to maintain the health of their employees.

Mall Developers In India Post-Covid19

This year in 2021, the mall’s developments projections state that there are nearly 54 malls Ready to be launched across India. But seeing the covid19 unending effect, only five newly built malls have initiated their operations in some of the suburbs of metropolitans of the country, these specifically includes Gurgaon, Delhi, Bengaluru and Lucknow.

The Ultimate Guide To Buying A Dream Home: The Checklist

The majority of all the working class have this dream of owning a house in their listicle before they turn to a certain age. But, at times manifesting this wish brings a lot of challenges of various kinds as buying a home takes a huge chunk of investment of money. In many cases, it may be one life’s earning so this decision requires to be taken with much caution. Experts recommend working on blueprints thus, to avoid any hassle as the real estate transaction do generally professional to deal with the financial and legal matters. The expert group brings to you an ultimate guide of “checklists” to stick to in case if you are planning to buy one

1.Set Up An Affordability Budget
It is always best to work on your finances and have a fair idea of how much you can afford while planning to make a financial transaction. Experts suggest that In order to narrow your search to a realistic price range, you’ll need to set an affordability budget.

2.Hire A Real Estate Agent You Can Rely on

To avoid any financial hassle or gather any real estate investment-related opinion while initiating a financial transaction, you an advised hiring a real estate agent with financial expertise.

3.Initiate A Financial Analysis Check

Unless you are from an extra rich category of people you need a trusted financier who can sanction your home loan in order to buy a house.

4.Collate All The Essential Documents Required

Mentioned below are the specified docs that are required for sure while the transaction is complete:

  • ITR copy (past 2 years).
  • Bank statements (past 2 years).
  • Brokerage Statement (past 2 years)
  • Investment account statements if any (past 2 years)
  • Proof of funds
  • In case you resided as a tenant then get a duly attested LoR (Letter of recommendation) from the previous landlord
  • Address ID
  • Birth proof
  • Citizenship Proof

There might be more document required but the abovesaid which are of basic nature.

5.Arrange For Secured Financing
The secured financing can be ensured if the loan you applied for gets sanctioned. The approval status of your loan application from the mortgagor, generally bank largely depends on the collaterals submitted/ to be submitted by you at the time of applying for a home loan. You are advised to connect frequently with your loan manager broker or broker.

6.Stick To Possession Date On Rera Agreement
It is of utmost need that you get on with the basics of the possession date to avoid any future hassles. It is advisable to closely check for the match of the dates included Under the RERA agreement. Always make sure that the possession date must be mentioned there in the sale agreement.

7.Homebuying Payment Plans

Unlike previous years, when cash down payment was the only option available to buyers investing in real estate, but nowadays, real estate developers are offering various other payment plans to the buyer. Choose the right payment plan which suits your financial affordability:

  • Construction Linked Plan
  • Flexible Payment Plan
  • Time Linked Plan

One Year of COVID-19 – Know Why Even Still Investing in Indian Real Estate will be the Safest Bet

Real estate investments are generally made to attain ownership rights on a property or rental income generated from it to secure finances. Renting and re-selling the property purchased is generally considered to be a very profitable prospect. However, since the incoming of this pandemic COVID-19 situation has eclipsed the growth and development and has left the global economy in shambles. Where a lot many sectors of the Indian economy are still witnessing uncertainty accounting for the revelations that the future holds, the Indian Real estate sector is experiencing a boom in sales. Get to unveil why investment in the Indian Real estate sector is the still safest bet.

1. Rise in the count of investors and buyers

The economy during COVID-19 is in shambles and witnessing a drastic decline in GDP due to the loss-ridden businesses all around, crashed stock market etc. Well, a boon for the real estate sector as in this situation of uncertainty reports surface a steep rise in the number of investments in the property sector as the prices are at an all-time low, and thus property investment is now more fancied.

2. Long-Term Investment in Immovable Property Assets

As this is universally believed that long-term investment can be much more lucrative than ever and can fetch you much better returns than short-term ones. These investments may vary from income group or class of individual viz, in commercial properties or residential properties.

3. Be Owners and not Occupant

During the imposed countrywide lockdown in COVID-19 crisis, a lot of individuals have witnessed uncertainty and have faced challenges with their job security, accommodations on rent agreement. This has led individuals to seek for being an owner and not an occupant.

4. Appreciation in Value with Time

The real estate sector is amongst those few which is bound to experience a constant appreciation in value with time. Refurnishing a property and then renting or selling will certainly generate more rentals or the overall proceedings.

5. Bigger Residential Space is in Demand

Given the fact that due to the credit crunch in the market and inability of individuals to spend the property prices are dipped to an all-time low. Thus, paving an opportunity for MIG class individuals to invest in large-sized residential spaces by getting them financed at low-cost EMI’s.

6. Decrease in Home Loan Interest Rate

The apex institute of Banking Industry in the country, RBI in its bi-monthly policy have relaxed the homebuyers further, by cutting down the interest rates on home loans and others. This initiative by RBI on the recommendations of the Central government is proving to be a boon for the Real estate sector as it has initiated an inflow of fresh investments into the various segments of Real Estate.

Decluttering Buzz on Whether or not an NRI can Invest in Indian Real Estate: RBI

In accordance with the current scenario, individuals with NRI status who are interested in investing in real estate by purchasing property in India, can invest in multiple residential or commercial sites here. However, it is advisable to have an understanding of compliance with the legal provisions prior to investing in real estate in India entitled under the Foreign Exchange Management Act (FEMA).

Genre of Real Estate, NRIs or PIOs Authorised to Invest

The Reserve Bank of India (RBI), the apex institution for banking, in the recently released circular has certainly authorised NRIs, to invest in any sort be it residential or commercial immovable property segment in India. The NRI tagged investor is not required to seek any permission from the official, nor is the NRI bound to intimate in this regard to the RBI.

On the off chance, if the NRI is unable to make their presence in India, the documentation pertaining to the investment can be executed by any authorised person given a valid power of attorney.

Individuals with NRIs/ PIOs status are authorised to invest in residential properties and commercial properties. However, they are strictly prohibited to invest in lands associated with agriculture and plantation but there is a provision of review of applications by RBI done on a case-to-case basis.

Prerequisites for NRIs/ PIOs While Investing in India

  • NRIs are permitted to invest in residential properties and commercial properties, but are strictly prohibited to invest in agricultural and plantation lands but even this prohibition can also be nullified on a case-to-case basis.

  • In common cases where the NRIs seeks to securely conduct the paperwork like property registration or the various financial/non-financial transactions by a third person, on their behalf, then there is a provision of transfer of power of authority (PoA) in the name of the authorized person.

  • NRIs at par with any other resident Indian is also meant to comply with the taxing structure on making an investment here in India. The taxes generally include stamp duty, registration fee, property ID tax and even GST for under-development property sites.

  • While the investment in the real estate sector in India is made with a sole reason to generate rental income and thus maintaining a passive income source then this income is subjected to be taxed.

  • Also by chance if there is a generation of capital gains earned by selling of the immovable property, then the proceeds are subjected to be taxed with deduction in the range of 20% and 30% TDS.
Shapoorji Pallonji Group to develop 440 luxury residential flats in Bangalore with an investment of ₹300 crore

The famous Real Estate group Shapoorji Pallonji has planned to invest ₹300 crores in the construction of approximately 440 luxury apartments in Bangalore. The conglomerate has now launched a phase of its new 46-acres residential space, Parkwest in Binnypet, Central Bengaluru. The price of the apartments starts at ₹72 lakh and goes all the way to ₹2.06 crore. The apartment sizes will range from 462.10 sq ft to 1,185.07 sq ft.

The company has launched more than 1,900 apartments in their combined three phases. As per their timeline, they have successfully delivered about 700 flats in phase 1. Venkatesh Gopalakrishnan, Chief Executive Officer at Shapoorji Pallonji Group said that they have noticed a rapid rise in the demand for luxury residential properties in the past few months. This indicates a difference in the user behavior in the Bangalore Real Estate market post-COVID-19.

Mr. Gopalkrishnan also said that keeping in mind the current state of affairs, home seekers are looking for assured deals from reputed conglomerates to rebuild their trust in investing in residential properties. Keeping in mind the revival of the real estate market and growing demand for residential properties, the developer has now come up with the latest phase of its project. He is more than confident that their newest project Parkwest will exceed in delivering all the expectations of the customers for a comfortable luxury lifestyle.

Reduction in Stamp Duties Increase Property Registrations in Mumbai

With the arrival of the record low housing loan rates, rebates and several cutbacks on stamp duty charges, the registration of properties in Mumbai has shown an increasing trend. The financial capital of India has seen a stark increase of about 70% in property sales in February 2021. The month saw the growth of the ongoing trend as buyers flocked to complete their transactions.

The Deputy Inspector General of Registration said that there has been a sense of urgency amongst homebuyers as most people are looking to take advantage of the government’s new policy. The government has decided that there won’t be any additional costs on property registered within 4 months from the purchase date. 

This growth in February 2021 was surprising since there was a hike in stamp duty from 2% to 3%. The registrations in January 2021 had surpassed roughly 69% to a staggering 10,412 deals. The Maharashtra Govt. in August last year had announced that the stamp duty on registration of property will now be reduced to 2% for transactions done between September and December 31st, 2020. The rebate in stamp duty has had a significant impact on the increase in the volume of deals finalized but simultaneously reduced the revenue amount from Rs 437 cr to Rs 350 cr.  

Since the announcement of reductions in stamp duty, there has been a sudden jump in transactions made in cities like Pune, Mumbai, and other urban areas of the state. All the 26 offices in the Mumbai region were kept open on all Saturdays by the registrar to control the surge in the number of deals.   

Stamp Duty Cost gets Further Deducted for Women Investors

To encourage women home seekers the Govt. of Maharashtra on Monday 8th of March declared a concession rate of 1% on stamp duty over the current rates. The government made it clear that the deduction would be provided only if the sale or transfer of property was made in the name of a woman or women. He also mentioned a possible revenue loss of about Rs 1000 crore due to the concession being offered.

In order to revive the rocky state of the real estate between the ongoing COVID-19 pandemic, the government of Maharashtra announced to slash stamp duties on housing units to 2% until 31st Dec 2020. These tax rebates from the state government saw a large incoming flow in the registry of properties especially for the month of February. Around 10.000 registries of housing units were seen in Mumbai in February 2021 according to sources.

According to data provided by Propstack, there was an increase of about 34%, as properties amounting to Rs 11,745 crore had been sold in Mumbai in February alone. The entire cost of properties in September 2020 was about t ₹9,025 crores; ₹11, 640 crores in October; ₹14,395 crores was recorded in November; ₹34,025 crores and ₹10,170 crores in December and January 2021 respectively.

Pro-rata Registry of Apartments Expected as UP Government Assures Homebuyers

There is a sigh of relief among home seekers as top officials of the Uttar Pradesh State government and the Honourable Chief Secretary promised that they would work on drafting a plan of executing registries in a week. To provide temporary relief to investors the administrators have requested Noida and Greater Noida authorities to chart a payment procedure synced with SBI MCLR to calculate the outstanding dues of the builders.

This affirmation came when a contempt application was filed by four builders regarding the computation of outstanding dues and an audit request submitted by Noida Authority. The issue is currently being examined in the Honourable Supreme Court. Arvind Kumar, Additional Chief Secretary(industries) said that” the following registries shall be implemented along with a rider according to the final cost calculated as per the verdict given by the Supreme Court. In the meantime, the registration process is required to be accelerated on a pro-rata system”.

The Chief Executive Officers of the Noida, Greater Noida, and Yamuna Expressway authorities and Chief Secretary Mr. Tiwary along with Additional Chief Secretary Mr. Kumar met an association of home seekers and builders at Indira Gandhi Kala Kendra. The session saw consistent appeals from citizens of Noida and Greater Noida who were not happy as there was a significant delay in execution of registries due to the unavailability of completion certificates from the builder’s end. Many builders have not received their completion certificates due to the issue of outstanding dues.

The authorities said that around 20,000 investors are waiting for their flat registries in the Noida region. Only 43 out of 116 Group Housing Society (GHS) projects have been issued a completion certificate, the rest of the projects have only got approvals for their maps. The authorities noted that the specifications of the apartments that were provided to the investor without implementing registries are yet to be confirmed.

Investments in Real Estate Market to Increase by 50%

As the real estate sector prepares for a resurgence, worldwide investments have been forecasted to rise by 50% this year. According to reports, 98% of the lenders are looking to broaden their prospects in 2021. Amidst this group of investors, 60% are looking to increase it by anywhere between 10 to 23%. 

It is clear that the investors are looking to take advantage of the pent-up capital present in the real estate sector. It is also noteworthy that the present weight of the finance is sufficient to multiply the universal investment by two folds. 

The real estate sector in India has a great future to look forward to, as there is a constant increase in the number of investors looking at India as a prominent place to invest their capital. The real estate market had been relatively flexible during the ongoing global pandemic last year. As the situation revived, the scenario then witnessed tremendous real estate growth.

At a stage when most of the interest rates are showing a downward graph, the Indian property sector has looked profitable. Indian properties are generating consistent high returns when compared with the performance of these assets. 

In today’s world, commercial market spaces are the most preferred among the crowd of global investors looking to invest into Indian realty sector. Metropolitan cities such as Delhi/NCR, Mumbai and Bangalore have registered the largest chunk of investments made in office spaces, mixed-use properties and logistics.

As business starts to pick up again after the COVID-19 crisis last year, there has been a rise in demand for logistic properties and commercial spaces. Bangalore is aptly titled as the silicon hub of India, as technological infrastructure has seen tremendous growth in the region and will continue to drive the real estate market trends. Similar trends are also visible in other cities.

Karnataka to use blockchain for property registration

Property registration in Karnataka is going to become a secure and hassle-free process. The reason is the ongoing development of a system by the government. This system is based on blockchain technology for online property documentation.

This new system has been developed in collaboration with IIT-Kanpur. You should know that this system promises immutable electronic storage of property data through blockchain. In short-words, once the data is stored it cannot be changed. It eliminates the risks of impersonation and unauthorized tweaking of records. Additional Chief Secretary (e-governance) Rajeev Chawla says that this system was approved by the revenue department and will be ready for a pilot in four months. He further said: “Unless authorized, no official will be able to tamper with the data”. Every property holder will be given a property card akin to an ATM card, it can be accessed through a PIN. Besides that, the property transaction details will be accessed only with the authentication of the user’s digital key or PIN.
Besides that, an expert associated with the project further explained that content in the blockchain will be locked by this card. The card acts like a locker. Unless the card-based consent is provided, nobody can modify the data”.
From a user’s point of view, along with removing the hassle of storing hard copies of documents this system shields property data. A can swipe the card at citizen service centers such as Bangalore One and download or print the same.

The new system is supposed to strengthen the revenue department’s existing Kaveri portal. In addition to that, the expert added “The identification of a property database in a sub registrar’s office will become easy. Right now, Kaveri is reliant on human discretion for verification of identity and ownership. Sub-registrar’s office will authenticate all this. The new technology will decrease human discretion as the cards will prove individuals identity and authentication”.

Last year, data of about 300 properties in the Kaveri portal was supposedly compromised. An internal audit report of the Department of Stamps and Registration speculatedspeculated that officials with technical expertise had misused the portal.

MYRE capital acquires 46,000 sq ft at Pune at Rs 50 crore

MYRE capital has got 46,000 sq ft of Grade A+ commercial assets at Pune’s Magarpatta for Rs 50 crore. It is a venture by architect firm Morphogenesis.

The rent generating asset will be given to investors on its platform. Besides that, the company is looking forward to acquiring more assets in Mumbai, Pune, Bengaluru, and Delhi-NCR to offer a fractional investment to the investors.

Aryaman Vir, founder, and CEO, MYRE Capital said that some companies are looking for liquidity, Covid provided them an opportunity to acquire commercial assets at the right price. The risk is smaller in grade A assets, that are occupied by large MNCs.

In addition to that, the company has increased Rs 100 crore in pre-launch funds and plans to raise and invest Rs 500 crore by March 2021.

Magarpatta Cybercity is considered as a prominent Grade-A development located in the SBD East micro-market in Pune.

Vir also added that even when companies were vacating offices in many cities, the vacancy at Magarpatta remained very less as it promotes walk to work culture.

The proposed office space acquires the entire A wing of the 6th floor of tower 12. Furthermore, it is leased to a Grade-A MNC IT tenant, Bentley Systems.

Cyber City has just 2.5% vacancy with 7 mn sq ft of office space. It is a globally renowned IT hub for MNC tenants such as Amdocs, Accenture, Avaya, RedHat, Infosys, Eaton, and BNY Mellon.

Vir also stated that they have opened the property for investors and have received soft commitments of Rs 8 crore already. They are in the final stages of acquiring another asset in Hyderabad, he added.

Commercial real estate has been the preferred asset class for institutional investors and HNIs because of a stable rental income (8-10% yields) and appreciation potential (17%-25% IRR).

Real estate investment gains momentum during the Covid-19 pandemic partially. Besides that, some players are raising additional funds to invest in multiple grades A commercial assets across Mumbai, NCR, and Bengaluru.

MYRE capital told that rent paying commercial property is curated across the country and they are first purchased and only after that investor interest is sought.

Real estate to get cheaper in Maharashtra; here’s why

There is a piece of good news for homebuyers in Maharashtra. After reduction of stamp duties in the state from 5 percent to 2 percent until December 31, 2020, to encourage residential sales, the Maharashtra government is now thinking of a rebate in the premiums on real estate projects by at least half, following recommendations of the Deepak Parekh Committee.
This decision by the government will lessen the expenses on real estate projects which in turn will decrease the prices of the real estate projects for the home buyers.
The rebate in premium and cess will bring tremendous relief to the builders. Premium refers to the various charges that are levied by the state with respect to approvals for initiating, progressing, and completing the area or additional area in a project.

Biggest Real Estate Investment Opportunities in 2021

The real estate market changes constantly. An investment strategy or market sphere once full of opportunity can dry up quickly. A big part of being a real estate investor is to identify existing market opportunities and to have the flexibility to take advantage of them.

2020 proved as a challenging year for real estate, but even in down markets, you can find the opportunity for real estate investing. Let us check the top real estate investment opportunities in 2021.

Adaptive reuse of undesired retail, office space

and hotel

Adaptive reuse is the process of converting and redeveloping undesired real estate into a new form of real estate that serves current and future market demand in a better way. There are several hotels and entertainment venues, office buildings, and retail spaces that are impacted by the coronavirus crisis. Recently reopenings have improved the impact a little, but low demand has led a number of businesses to close their doors or to file bankruptcy.

The sector will recover inevitably, but it’s a time taking process. In the meantime suffering property owners need to get creative. Affordable housing and industrial real estate have high demand. Being a real estate investor you can turn an old hotel in the city into an affordable housing scheme. Besides that, you can also convert an old retail building into a warehouse. It can turn out to be a profitable long-term solution. However, there are a lot of hurdles in this process.

Industrial real estate

Industrial real estate is a top-performing sector of commercial real estate for the past few years. In several ways, the global pandemic stimulated the demand for industrial space. It has put pressure on cold storage, warehouses and distribution centers, and data centers especially. Currently, the demand is having a temporary wave but the sector is likely to continue to have a strong year. In short words, there are a lot of opportunities for continued growth in 2021.

Rental property 

Several rental markets are witnessing an uptick in demand and rental income, however, others aren’t so lucky. High-density urban areas are undergoing a mass departure of residents fleeing the expensive and populated metro centers for more space and budget-friendly accommodations in the suburbs. This pandemic has left hundreds of thousands of landlords in the dust. The landlords are unable to evict nonpaying tenants and still have responsibilities of maintaining the property and taxes, insurance, and home mortgage.

These tight-strapped landlords are looking to sell their property as well. Investors with patience and money can surely pick up these rental investments at a discount.

Fix and flip

The fix-and-flip market is hyper-active right now. Initial concerns about another real estate bubble were instantly put to rest as home values rose dramatically. Besides that, the demand outpaced supply in most markets. By the end of 2019 and the beginning of 2020, fix-and-flip activity was increased, however, their profits were down. Things reversed in the Q2 of 2020. Some investors took a step behind to examine how the coronavirus pandemic would impact the market.

Observing that the demand for newly renovated homes is still high, it is believed that 2021 is going to be another active year for investors who are planning to fix and flip. 

Looking back: Here are the top real estate deals of 2020

A 140,787 square-foot lease at Godrej Two for the Maersk Group located at Vikhroli, Mumbai, was closed by JLL. The Maersk Group occupies the commence operations at Godrej Two. It is a new 1.3 million sq ft commercial building in the Godrej Trees complex.

The global alternative legal service provider (ALSP) DWF Mindcrest got 2.8 lakh sq ft of office space at Gera Commerzone. This space is owned by Mindspace Business Parks REIT at Kharadi, Pune, for 10 years. The deal, priced at around Rs 125 crore. It was the first big transaction in Pune during the lockdown. JLL was the sole partner for this transaction. 

In this lease Simpliwork Offices, the Bengaluru-headquartered flex space operator signed a long-term lease for 230,945 sq ft Grade A office space at Sky One Corporate Park in Pune. JLL, the real estate consultancy firm, facilitated the deal. Rents for Grade A warm shell office spaces in Pune is from Rs 30 per sq ft to Rs 100 per sq ft per month.

HDFC Vice-Chairman and CEO Keki Mistry purchased an ultra-luxury apartment in Mumbai costs Rs 41.23 crore. It is the latest high-value residential deal in India’s financial capital as homebuyers struggled to register properties before the deadline of the recent stamp duty cut expired. The registration was done on November 18. The property dragged a stamp duty of Rs 95.6 lakh. 

Besides that on November 25, former HDFC Bank Managing Director Aditya Puri’s daughter Amrita Puri and wife Anita Puri together purchased an uber-luxury sea-facing unit in Mumbai’s Malabar Hill area. The property worth Rs 50 crore. 

In the biggest-ever deal in the Indian real estate industry, Bengaluru-headquartered privately-owned real estate investment, development, and management firm RMZ Corp proclaimed the sale of 12.5 m sq ft of 67 m sq ft of their real estate assets to a fund managed by Brookfield Asset Management for around Rs 14,680 crore ($2 billion).

Real estate major DLF’s rental arm also pre-leased 7.7 lakh sq ft of office space to Standard Chartered GBS. It is the largest office establishment at DLF Downtown located in Taramani, Chennai. The realtor is expanding the Taramani project with an investment of Rs 5,000 crore. 

Besides that the most expensive residential real estate purchase in Kolkata during the COVID-19 pandemic, a stockbroker purchased a 31,000-sq ft bungalow situated at Judges Court Road for around Rs 100 crore. Brokers of this deal were Sotheby’s International Realty. 

PE investment in real estate expected to grow 30% in 2021: Report

NEW DELHI: Private Equity investment in real estate can bounce back to USD 6 billion. It is expected to register a 30% year-on-year growth in 2021 on the back of an improving economic sentiment supported by policy reforms and growth in key emerging sectors. This analysis is according to a report by Savills India, a global property consultancy firm.

 Besides that, the PE investment in real estate in 2020 is expected to contract at USD 4.6 billion because of the drop-in economic activity. The report also says that warehouse leasing is expected to increase by 60% in 2021 as compared to 2020.

 Anurag Mathur, CEO, Savills India said that according to them, the investors will proceed with caution in the early days, but 2021 is likely to experience a fair amount of PE investment owing to inherent strengths and potential of alternate asset classes in real estate.

According to the reports, from 2000 to 2015 approximately 60% of PE investment was in residential real estate until the focus of fund managers shifted to ready office assets and the segment has pulled approximately 40% of the investment. Surprisingly the last 2-3 years have witnessed a significant interest in newer asset classes like student housing, data centers, warehousing, and opportunistic assets.

Diwakar Rana, managing director, Capital Markets, Savills India “While the leasing activity in the industrial and warehousing segment has declined year-on-year, we expect rentals to see a steady rise as quality supply gets added to the stock”.

Mumbai real estate, homebuyers alert! BIG RECORD in property sales in City of Dreams amid Covid-19 – TOP REASONS REVEALED here

During the Covid-19 pandemic, the city of dreams – Mumbai finally made a bet big on real estate. This sudden bump in the real estate market seems to be an outcome of the major reduction in stamp duty, reduced home loan interest rates, and attractive offers being provided by developers. These factors collectively have made it the perfect time to invest in real estate. Besides that, the market is healing slowly. In simple words, you can say that it is in a stable recovery phase, which shows these offerings might get rolled back soon. In November 2020 home sales volume in Mumbai was recorded to be 9,301 units.

Mani Rangarajan, Group COO,Housing.com, Makaan.com, and Proptiger.com stated, “One of the catalysts for a huge jump in residential sales in MMR is the reduction in stamp duty. However, the interest of homebuyers also got a boost due to low home loan interest rates, festival season, pent-up demand, stagnant property prices, and incentives/offers given by the developers. We believe that real estate has now picked up the momentum, and it is going to continue to the next year. The market is flush with options and buyers are responding positively to any step which is going to help them save some money. The situation has started improving in MMR after the Unlock.” 

 Real Insight Report for Q3 2020 by Proptiger Data Labs states that residential home sales aggregated to 35,132 units in Q3. The number is increased by 85% over the last quarter. Thane West in the Mumbai Metropolitan Region (MMR) was the biggest contribution to demand in the September quarter. Besides that in terms of demand five localities from the Pune housing market have also made it to the list of top-10 localities. Mani also said that with the latest development after stamp duty reduction, the condition of unsold inventory in the area is improving. He further added that the housing markets in the West region possess the highest share in the overall unsold inventory as Mumbai and Pune put together contribute 56% to the national unsold stock. And if the current momentum stays, the real-estate market is going to see a better 2021 in MMR region.”

RTMI prices are on average including some of the under-construction projects in many areas. This is driving the pent-up demand from homebuyers to invest in these units. GST charges do not apply on the ready to move-in homes, stamp duty reduction is also giving the boost. According to the recent real estate reports, MMR has close to 18,500 ready units available for sales over different price points. It is a kind of win-win situation for affordable buyers seeking to create a future asset. The discount prices offered by the reputed developers come with a timeline. It is a positive sign of the market getting back the lost momentum, chances are of these offers being withdrawn.

“Maharashtra has emerged as one of the fastest-growing real estate markets in India following the reduction in stamp duty. In major markets like Pune, Mumbai (and the nearby regions which is collectively called the Mumbai Metropolitan Region or MMR), we have registered a jump in sales to the tune of 77% during the Sept- Nov period, when compared to the Jun- Aug period. In Pune and the outer skirts of Mumbai, there are also plenty of affordable and mid-income projects available (INR 30 Lacs- 75 Lacs), which are in sync with the demand of buyers in the region. Many prudent buyers are understanding that these times are conducive to purchase a home as prices are subdued and plenty of attractive schemes are there. These things might change in near future and hence the times are good to make the move.” said Sanjeev Arora, Director, 360 realtors.

Likewise, in the Northern states, NCR region is the hotbed to create significant growth, drive high-end investments, and contribute to the overall economy. 

India’s growth as R&D hub to drive demand for commercial real estate: Report

MUMBAI: India can be the next hub of global Engineering Research & Development centers and contribute significantly to the digital strategies of global multinational corporations. It is further resulting in higher demand for commercial real estate and data centers.

It is estimated that in the financial year 2022, engineering R&D revenues are estimated to have a compound annual growth of around 8% with multinationals driving growth across products and services.

Besides that engineering R&D revenues are expected to exceed revenues from business process management (BPM) services. After information technology, it is consolidating the former’s position as the second-highest contributor to software revenues.

In the financial year 2019, Engineering R&D centers estimated to have around 20% of cumulative software revenues multinational corporations caught routed around half of Engineering R&D revenues.

This is expected to make a favorable impact on the development of the RMD systems.

According to Cushman & Wakefield, several tier-II cities are manifesting potential for the establishment of Global Capability Centres (GCC). Most of them are state capitals and are attracting fresh talent besides better connectivity, superior physical, and social infrastructure. In addition to that these cities are also ranked higher for living comfort and doing business.

The GCC ecosystem is seen to be driven by digital engineering or Engineering R&D centers across several industry verticals in India. These industries are software, automotive, and banking financial services, and insurance.

Name, logo, and design of Jewar airport finalised

Yogi Adityanath, Chief Minister Uttar Pradesh approved the name, design and logo of the upcoming international airport in Jewar, Noida on Dec 17.
The upcoming airport in Greater Noida will cover approx. 1,334 hectares of land parcel and is estimated to cost around Rs. 29,650 crore.

The name, logo and design were finalised in presence of all the stakeholders, officials of Yamuna International Airport Private Limited (YIAPL), the special purpose vehicle of Zurich Airport International AG; Arun Vir Singh, CEO of Noida International Airport Limited (NIAL), and other senior officers.

The state bird, Saras (Stork), has been chosen as the logo and the first look of the design has been approved. This airport has been named as ‘Noida International Greenfield Airport’.

Yogi Adityanath, while going through the presentation from his residence said that this airport would become the pride of India and would be one of the best in the world. He further added that it would be presented as a global brand.

He also said the Jewar airport will lead to the development of industrial infrastructure which in turn will lead to the growth in manufacturing and exports and employment opportunities.

Yamuna Expressway Industrial Development Authority in Noida has already acquired the land for the airport.

Now, get MUDA approval for building plans within a day

The Mysuru Urban Development Authority (MUDA) announced a new initiative- “Namme Mane, Namme License”. This initiative comes as a relief to those who are planning to construct homes as it will give approval for building plans within a day.

The license for the construction of their dream house as per the layouts under MUDA limits will be sanctioned if the property documents are clear.

S.T. Somashekhar, the minister in charge of Mysuru district, launched the single-window over-the-counter service (OTC-S) kiosk in the MUDA campus in presence of MUDA chairman HV Rajeev & MUDA Commissioner D.B Natesh. Applications submitted before 1 pm are verified and license would be sanctioned for the construction of building provided all the documents are in order. The document list and the required sum for the approval plan are available at the kiosk.

The kiosk is equipped with a dedicated team of officers and staffs who are looking after the approval process.

The minister in his speech stated that this would be the first of its kind initiative in the state and can serve as a model for other cities too. Such a process is not available even in the Bengaluru Development Authority.

This new initiative will make the approval process hassle-free and people would no longer run from one office to other. They will not wait for one and a half month only to get their building plan approved.
This process will eliminate intermediaries. The minister assured that a task force will be formed soon in this regard. Warning of action and directions concerning middlemen encouragement has already been issued.

MUDA Township

The minister also disclosed MUDA’s plans of building township in the outskirts of the city. He stated that certain locations had already been inspected and a delegation would soon visit Bengaluru to analyse as to how many projects had already been implemented by BDA. He also informed that MUDA will be undertaking new projects basis the opinion of people and all the factors mentioned above.

Bank of America leases 4 lakh sq ft office space in GIFT City for 15 years

MUMBAI: Recently the Bank of America leased around 4 lakh sq ft of office space from the Savvy Group in Gujarat International Finance Tec-City (Gift-City), said two people with direct knowledge of the development. This deal is one of the largest commercial real estate transactions during the COVID-19 pandemic period.

 Earlier the American multinational investment bank and financial services company booked 1 lakh sq ft but then took the decision to extend it by an additional 3 lakh sq ft now. This space acquires 14 floors of a 24-story building that counts International Financial Services Centres Authority and Sequel Logistics as other key tenants.

 BA Continuum India, Bank of America’s India subsidiary, has leased the space. This lease is for 15 years, with an agreement that involves a rental reset clause after every three years.

One of the source persons mentioned “The transaction has been approved by the SEZ Authority and was inked last week. The bank had earlier finalized around 1 lakh sq ft space in this building and has now concluded with a total of nearly 4 lakh sq ft. This is the fastest and biggest expansion decision by the bank during the pandemic”.

 Before the outbreak of the pandemic, the bank’s Global Business Services Center had leased some space in the building.

 The place is expected to accommodate more than 3,000 employees serving its global subsidiaries.

 Most of these employees will be freshly hired.

 Around 1,200 of BA Continuum India’s employees were expected to be working from this building earlier.

 Savvy Group’s Chairman & Managing Director Jaxay Shah refused to comment for the story.

 BA Continuum India started in 2004; currently, they are operating out of four Indian cities — Mumbai, Hyderabad, Chennai, and Gurgaon. They have more than 20,000 employees.

 In India, Gift City is the first operational International Financial Services Centre (IFSC). 

 IFSCs is intended to offer companies easier access to global financial markets. They are also intended to complement and promote the development of financial markets in the country.

18 IT and IT-enabled services companies have applied for setting up units at the Gift City’s multi-services SEZ according to reports.

 The entities setting up operations in the Gift City will be eligible for a tax holiday for 10 years consecutively. Besides that, there are no goods & services tax, stamp duty & registration charges. Additional benefits from the Gujarat government involve a capital investment subsidy up to 25% and a rental subsidy of Rs 3-8 per sq ft a month can also be availed.

Noida Film City expected to have a five-fold impact on real estate prices in the region, says YEIDA CEO

According to Arun Vir Singh, CEO of the Yamuna Expressway Industrial Development Authority (YEIDA) Noida Film City which is a flagship project of the UP government is expected to lead to a five-fold increase in real estate prices in the region.

Singh said that there are bigger opportunities associated with the film industry, not to mention the investment potential. It will lead to five times of growth in real estate values. According to that Rs, 5,000 crore investment is expected to generate benefits worth Rs 25,000 crore. A day after YEIDA announced that Fortune 500 Company CBRE would start making the blueprint for the film city.

“The biggest benefit of establishing a film city is that it is the biggest source of employment. Most of the big projects like the Jewar airport project and now the film city project is expected to have a multiplier effect. Housing is required for everyone working in the film city” he added.

Microsoft leases 1.8 lakh sq ft flexible spaces in Bengaluru

BENGALURU: Microsoft seeks to expand operations and hence it leased 180,000 sq ft of flexible space with Tablespace Technologies in Bengaluru. The new facility will come up at Tablespace Technologies’ coworking space. It is situated on the Outer Ring Road and can seat 2,000 people.

According to the source “The entire fit-out will be done by Tablespace and the tech giant will pay a rent of around Rs 16,000 per desk. The facility has a lock-in period of two years”. This deal is the second office deal signed by Microsoft this year.

Before this deal, the firm had signed another deal for 150,000 sq ft of space with WeWork in Noida. It is also said by a source that Microsoft had a leasing requirement of 1 million sft in Bengaluru for long-term consolidation but because of business uncertainties they are looking for flexible space as it is easy to downsize such facilities”.

Microsoft currently acquires a 550,000 sq ft on Outer Ring Road which is the tech hub of Bengaluru. Microsoft has operations in 11 cities in India and they have about 8,000 employees across the country.

In October they decided to expand their work-from-home policy and make it permanent for some workers. They have also released the new ‘hybrid workplace’ model. This model allows employees to work from home freely for less than 50% of their working weeks.

Technological Advancements in Indian Real Estate Sector

From the Real Estate (Regulation and Development) Act (RERA) implementation in 2016 to the rapid technology growth, different trends are evolving the Indian real estate sector. The role of technology in our lives has significantly increased especially during the time of the global pandemic. Apart from that, you can’t deny the fact that the Indian infrastructure and real estate sector has grown because of technological developments. The innovations have brought some fundamental changes that are reshaping the industry’s future.

5 tech innovations that are giving re-birth to India’s Real Estate Sector:

1. Virtual and Augmented Reality

Virtual Reality and Augmented Reality is being implemented in India and all over the world. Virtual reality is helping to boost the construction worker’s safety training, to provide enhanced visualization of the project to the customers, and to enable project managers and stakeholders to better imagine and properly plan the construction site – even for extreme conditions. With the help of VR/AR technologies integration, the builders and developers can design virtual walkthroughs to achieve more control over designs from the early stages time saving, effort, and cost.

2. Artificial Intelligence with Machine Learning: 

Artificial Intelligence (AI) alongside Machine Learning (ML) is giving a different shape to construction everywhere across the world. There is no doubt in the fact that it is one of the most splendid and revolutionary advancements. This advanced technology is expected to disrupt the real estate sector in India. The integration of AI and ML is helping real estate players scrutinize and solve different variations of construction problems that may hamper the infrastructural progress.

3. UAV (Unmanned Aerial vehicles): 

With the projection of USD 885.7 million by 2021, the Indian UAV market is one of the fastest adopters of UAVs (Drones) globally. In India use of this technology has been increased over the last couple of years. This technology is further expected to grow because it is cost-effective, quicker, and enables safer construction to build buildings in the future. Drones will help the developers to map a site and to create the images in 2D and 3D. They will also be helping in sketching precise measurements based on coordinates.

4. Robotics:

The real estate industry is looking forward to adopting robotics in various construction work processes like brick-laying. This thing will not only reduce labor costs but also help in improving quality and bringing precision to the real-estate project. SAM (semi-automated mason) is the first commercially built brick-laying robot currently. It can boost the efficiency of the project up to fivefold when incorporated in partnership with workers.

5. Light Gauge Steel Framing Structures and Modular Construction: 

Another significant disruptive breakthrough in the Indian construction area is the adoption of LGSF structures and modular construction. They have boosted up the overall construction time in every segment – industrial, commercial, and residential. However, this technology’s current demand is comparatively less with traditional construction methods. 

Way Forward

The Indian Real Estate sector is not insulated from the impact of the new technology anymore. Besides that, the traditional ways of construction are also changing drastically. Players of the industry need to evolve and innovate themselves to survive and thrive in the impending future.

Technological Advancements in Indian Real Estate Sector

From the Real Estate (Regulation and Development) Act (RERA) implementation in 2016 to the rapid technology growth, different trends are evolving the Indian real estate sector. The role of technology in our lives has significantly increased especially during the time of the global pandemic. Apart from that, you can’t deny the fact that the Indian infrastructure and real estate sector has grown because of technological developments. The innovations have brought some fundamental changes that are reshaping the industry’s future.

5 tech innovations that are giving re-birth to India’s Real Estate Sector:

1. Virtual and Augmented Reality

Virtual Reality and Augmented Reality is being implemented in India and all over the world. Virtual reality is helping to boost the construction worker’s safety training, to provide enhanced visualization of the project to the customers, and to enable project managers and stakeholders to better imagine and properly plan the construction site – even for extreme conditions. With the help of VR/AR technologies integration, the builders and developers can design virtual walkthroughs to achieve more control over designs from the early stages time saving, effort, and cost.

2. Artificial Intelligence with Machine Learning: 

Artificial Intelligence (AI) alongside Machine Learning (ML) is giving a different shape to construction everywhere across the world. There is no doubt in the fact that it is one of the most splendid and revolutionary advancements. This advanced technology is expected to disrupt the real estate sector in India. The integration of AI and ML is helping real estate players scrutinize and solve different variations of construction problems that may hamper the infrastructural progress.

3. UAV (Unmanned Aerial vehicles): 

With the projection of USD 885.7 million by 2021, the Indian UAV market is one of the fastest adopters of UAVs (Drones) globally. In India use of this technology has been increased over the last couple of years. This technology is further expected to grow because it is cost-effective, quicker, and enables safer construction to build buildings in the future. Drones will help the developers to map a site and to create the images in 2D and 3D. They will also be helping in sketching precise measurements based on coordinates.

4. Robotics:

The real estate industry is looking forward to adopting robotics in various construction work processes like brick-laying. This thing will not only reduce labor costs but also help in improving quality and bringing precision to the real-estate project. SAM (semi-automated mason) is the first commercially built brick-laying robot currently. It can boost the efficiency of the project up to fivefold when incorporated in partnership with workers.

5. Light Gauge Steel Framing Structures and Modular Construction: 

Another significant disruptive breakthrough in the Indian construction area is the adoption of LGSF structures and modular construction. They have boosted up the overall construction time in every segment – industrial, commercial, and residential. However, this technology’s current demand is comparatively less with traditional construction methods. 

Way Forward

The Indian Real Estate sector is not insulated from the impact of the new technology anymore. Besides that, the traditional ways of construction are also changing drastically. Players of the industry need to evolve and innovate themselves to survive and thrive in the impending future.

Microsoft leases about 1.5 lakh sq ft office space at KP Tower in Noida

Recently Microsoft has signed a deal to lease around 150,000 sq ft of premium office space at KP Tower in Noida by co-working operator WeWork, said two people aware of the deal.

KP Tower is part of the 12.5 acres Delhi One project. The tower was launched by the 3C group, after that it went into insolvency.

Max Estates is the property arm of Max Group. It is currently in the process of acquiring this prime commercial complex at the Delhi-Noida border through the National Company Law Tribunal (NCLT) resolution process for Rs 550 crore. The amount will be paid to the debtors in tranches over four years.

Four operational towers are already there in the complex. Besides that, a serviced apartment tower and four commercial towers are going under construction work.

The source also said “Because of its location, which is close to Delhi and Noida Expressway, the rentals here are almost at par with grade A assets in Gurgaon. The remaining part of the project has been taken over by Max Group”.

Microsoft had announced the launch of the India Development Centre (IDC) in Noida and had signed an agreement with the Uttar Pradesh government earlier this year.

It is also said that the deal has been signed at Rs 111 per sq ft, although the rental in Noida ranges between Rs 60-80 per sq ft”.

Microsoft is also planning to lease over 1.2 million sq ft office space in Bengaluru.

Currently, the company acquires 550,000 sq ft in Outer Ring Road, Bengaluru.

Microsoft India has been on an expansion spree and leasing more office space in the last two years to house its growing employee population.

Microsoft already has operations in 11 cities in India and employs about 8,000 people across the country.

According to property consultants, after availability dwindled in the national capital demand for office spaces in Noida has been increased.

AjayRakheja, national head, 360 Realtors-Commercial said “Commercial realty market is witnessing an upward trend and more and more buyers and investors are showing their interest in it because the commercial asset class has performed much better than the residential sector over the last few years”.

Because of lower rent, new supply, and infrastructure development, the demand has been increased in Noida’s key sectors such as sectors 16 and 62 and Noida expressway.

Online registration process for MHADA houses in Pune division launched

MUMBAI: For the registration of MHADA’s 5,647 houses in Pune online application process has been initiated by division Maharashtra Deputy Chief Minister Ajit Pawar on Thursday.

According to an official statement these residences will be built in Pune, Kolhapur, Sangli, and Solapur.

Pawar also stated that “The work of providing houses to common people at affordable prices through the Maharashtra Housing and Area Development Authority (MHADA) is on.

Its schemes are receiving a good response due to the faith created in the minds of the people”.

He also said, “The lottery process is very transparent and no middleman has been appointed. Hence, common people should not fall prey to cheating by anyone”.

State Housing Minister Jitendra Awhad, Minister of State for Housing Satej Patil, and senior officials have also marked their attendance in the occasion.

Gurugram development body plans 10% cess on property registrations

GURUGRAM: The Gurugram Metropolitan Development Authority (GMDA) has offered a slew of revenue generation measures due to the absence of any fixed source of income. This thing is proposed to make itself financially self-reliant. Besides that these put up measures for the chief minister’s approval includes a 10% cess on property registrations and a 5% cess on new vehicle registrations in the urban areas under GMDA’s jurisdiction.

Officials stated that the proposed 10% cess will be charged according to the value of the property. According to the GMDA officials, Section 42 (1) of the GMDA Act allows the state government on the recommendation of the authority to levy a cess on property or vehicles. According to the copy of the official agenda accessed by TOI “As per the Act, this amount shall be collected by the MCG/ULB (urban local bodies) for onward remittance to GMDA”.

 “As per the figures presented in the meeting, GMDA is facing a loss of around Rs 300 crore. We are looking at alternative revenue generation measures so that the authority can take up more development projects,” said Khattar during the media interaction after the meeting on Tuesday

In addition to the property cess, a new proposal for cess on registration of new vehicles has also been proposed to the chief minister. The meeting agenda also said “It is proposed that a cess of 5% may be levied on the registration of new vehicles in the GMDA area. Also, at least 50% of road tax collected by the transport department from the GMDA notified area should be remitted annually to GMDA for road infrastructure work. The metropolitan authority has started leasing land to liquor vends already. This step has generated substantial revenue for this financial year. It has also proposed that GMDA’s assets like parts of green belts may be leased for other uses like petrol pumps, nurseries, and conforming uses.

Since the formation of the metropolitan authority, the plan for the levy of cess on property and vehicles had been in the pipeline.

GMDA was not in the favor of levying these taxes until it had done substantial development work to justify these taxes in the city. However the extent of development done by GMDA is debatable, the metropolitan authority is in urgent need of funds.

Efforts to find revenue-generating sources are made in the past as well. It was regarded to the fact that the chief minister had approved the stamp duty charges be split between MCG and GMDA at 1% each last year. Earlier the entire 2% stamp duty charges went to MCG. While MCG councilors, including the Mayor, had objected to the proposal, the CM had approved it at a GMDA meeting last year.

Apparently, the ULB department had rejected the proposal. But Khattar had persisted on the proposal “even if it requires an amendment to the urban local bodies act”. 

Karnataka assembly passes bill to reduce stamp duty on flats

BENGALURU: On Wednesday the assembly passed a bill that supports a government measure to reduce stamp duty, from 5 percent to 3 percent. This rule will be applicable for flats priced between Rs 20 lakh and 35 lakh.

In addition to that the Karnataka Stamps (Second Amendment) Bill, 2020, also proposed to cut stamp duty for flats costs Rs 20 lakh from 5 percent to 2 percent. The steps are taken to drive the demand in the real estate sector.

The bill has something for industries, too. The bill proposes an exemption from registration charges and reduced the stamp duty for industrial units that are set up in backward areas. These benefits will be given to industrial units on the basis of certificates issued by district-level officers. This step is part of the industrial policy announced in August.

Revenue minister R Ashoka introduced the bill in the assembly and said “It was a long-pending proposal to reduce stamp duty on housing. This will help in reviving the real estate sector”.

Industry representatives had requested the government to reduce the guidance value, which is the minimum selling price of a property in a particular location. It is considered to be higher in Karnataka in comparison to other states. The government promoted an ordinance to this effect last month and then tried to make it a law. This move faced criticism from treasury and opposition benches because the members wanted the government to cut stamp duty on all housing units.

Senior BJP member Aravind Limbavali also said “The bill reduces stamp duty for only flats. This is a lopsided policy that will benefit only apartment developers. We want the reduction to apply to all types of units, including independent houses,” said.

Do you know these Habits of Successful Real Estate Investors?

1. Make a Plan

To achieve the long-term goals real estate investors should perform their activities like a business professional. A good business plan lets the investors visualize the big picture, which later helps to maintain focus on the important goals. The real estate investment business can be complicated and demanding, but a wise plan can keep investors organized. The plan involves estimated outlays and inflows of rental income, number of units to own, and timing of refurbishing or upgrading units, demographic changes, and everything that can affect your investment over time.

2. Know the Market

Effective real estate investors should have in-depth knowledge of their selected markets. It can be narrowing in on a particular area and focusing on residential or commercial properties. Keeping the idea of current trends, changes in customer’s spending habits, home loan rates, and the unemployment rate, current conditions, and plans for the future. This helps them to predict when trends may change, creating potential opportunities for the prepared investor.

3. Be Honest

In general, real estate investors are not obligated to swear any particular pledge of ethics. However, it is easier to take advantage of this situation. Various successful real estate investors keep high ethical standards. You might know that the real estate investment business involves people and the reputation of the investor is likely to be far-reaching. Smart real estate investors know it is better to be fair in this business. 

4. Develop a Niche

Investors need to develop a niche to get in depth knowledge essential to become a success. Though building this level of understanding of a specific area is a time taking process. After mastering a particular market, the investor can shift to additional areas using the same deep approach.

5. Encourage Referrals

Referrals generate a significant portion of a real estate business. Hence investors must treat others with respect. It involves business partners, associates, customers, tenants, other people you in business with. Smart real estate investors pay attention to small details, they listen and respond to complaints very carefully. In addition to that, they do the business positively and professionally. This builds a reputation.

6. Stay Educated

It is very important to stay up to date with the regulations, the latest trends of the market, new laws, and terminology real estate investor’s business. Investors who lack these things lose momentum in businesses. Successful real estate investors keep them educating and adapt to the regulatory changes or economic trends by the time.

7. Find Help

Learning the real estate investing business is difficult for those who are trying to do things on their own. Successful real estate investors generally attribute part of their success to other people who are involved in their business. They can be mentors, attorney, or any business friend. Rather than risking time and wealth while fighting with a difficult problem alone, it is worth the have the help of other experienced people.

8. Build a Network

A professional network can give you better support and create opportunities for you. This is true for both new and experienced real estate investors. These groups are comprised of a wisely-chosen mentor, business partners, clients, or members of a non-profit organization, allows investors to challenge and support one another. Since more real estate investing depends on experiential learning, smart real estate investors know the importance of network building in this business.

The Bottom Line

Regardless of advertisements claiming that real estate investing is an easy business of getting more wealth you must know that it is a challenging business that requires expertise, planning, and focus.

So if you are also planning to invest in real estate you need to adapt to this successful business.

Godrej Properties to develop a new residential project in Whitefield, Bangalore

One of India’s top real estate developers Godrej Properties Ltd. (GPL) has entered into an outright transaction to buy a well-located land parcel in Whitefield, Bangalore. The project is spread across approximately 18 acres. Besides that, it will offer 2.4 million square feet of a saleable area comprising primarily of residential apartments of different configurations.

Whitefield is one of the largest commercial and residential real estate markets in Bangalore. 

This location is near the proposed metro line connecting Whitefield to Hopefarm Junction. Furthermore, this site is well located and also offers a developed social and civic infrastructure. It includes multiple schools, hospitals, retail, residential, and commercial spaces nearby.

Pirojsha Godrej, Executive Chairman, Godrej Properties said “We are happy to add this new project in Bangalore. Bangalore is a key market for us and this project fits well with our strategy of deepening our presence across the country’s leading real estate markets”.

In recent years, Godrej Properties has been awarded over 250 awards and recognitions.

RERA Act introduced to remove the problem of trust deficit between builders, homebuyers: PM

On Monday Prime Minister Narendra Modi said that there were trust issues between builders and home buyers. He further added that the Real Estate Regulatory Authority (RERA) Act was introduced to solve this problem.

 Prime Minister Modi also said, “People with wrong intentions brought disrepute to the entire real estate sector, upsetting our middle class.” He said this while inaugurating the construction of the Agra Metro project via video conference meeting.

He further stated that all-round development, from modern public transport to housing, was going to make life easy in cities.

Pradhan Mantri Awas Yojana was inaugurated from Agra. PM Modi said that under this scheme over one crore of houses have been approved for the urban poor citizens.

He further said that this scheme will provide help to middle-class families of the city to buy houses for the first time. More than 12 lakh urban families have been given the help of about Rs 28,000 crore to buy houses, he said.

Under the AMRUT mission infrastructure like water and sewer are being upgraded in several cities. Besides that help is being provided to local bodies to make public toilets better in cities and to have a modern system of waste management.

He further said “Dreams of today’s new India are big (‘badhe’) and enormous (‘viraat’). But, visualizing the dreams is not enough; courage is needed to fulfill them. When you move ahead with courage and dedication, no obstacle can stop you.  The youth of India and smaller cities are displaying this courage and dedication,”.

The Prime minister said, “The role played by metro cities in the 20th century is now being played by smaller cities like Agra”.

Under the Make in India mission rail coaches are being made in India, he said. India is becoming self-reliant in the metro network field and added that Agra is the seventh city of Uttar Pradesh to have the metro rail facility, he said.

“Agra has an age-old identity. Now, a new dimension of modernity is getting attached to it. The city which has treasured history of hundreds of years is all set to march in tune with the 21st century,” Modi said.

PM Modi also said, “In the past six years, the speed and scale with which work has been done on the metro network in UP and in the country, shows the identity and commitment of the government”.

He further stated “The farmers here have tremendous potential. In the matter of animal husbandry, this region is a leader in the country. There is a huge scope for the dairy and food processing industry here, and this region is also moving ahead in the service and manufacturing sector,”.

He added that the potential of western UP is increasing with modern infrastructure and modern facilities.

Between Delhi and Meerut the first Rapid Rail Transport System (RRTS) is being constructed, he said.

Realty hot spot series: This area in Mumbai is well connected to job hubs, boasts of good social infra

The posh residential area in Mumbai’s western suburbs – Juhu-Vile Parleis in this week’s Realty Hot Spot Series. The area has good connectivity to job hubs and boasts of good social infrastructure. In addition to that this place is at 3 km distance from the airport, 2 KM away from the nearest railway station, and 3 KM from the Western Express Highway.

The price range of the properties in Juhu-Vile Parle is Rs 21,500-45,600 per square feet. The average price of 1BHK, 2BHK, 3BHK, and 4BHK is Rs. 1.60 crore, 2.91 crore, 5.09 crore, and 9.19 crore, respectively.

A posh residential market – Juhu-Vile Parle that is close to South Mumbai.

Besides that this place is like a home to reputed institutes like St. Xaviers High School, Jamnabai Narsee School, Mithibai College, and NMIMS

Good social infra includes Nanavati Super Speciality Hospital, CritiCare Hospital, DB Mall, and Parle Square. It also has sound connectivity with key job hubs by Western Express Hwy, SV Road, Suburban Railway, and Metro.

Supply BHK

1 BHK – 12%

2BHK – 37%

3BHK -31%

4BHK – 20%

Consumer preference by budget segment (Rs)

Below 2 Crore – 19%

2-3 Crore – 22%

3-5 Crore – 13%

4-5 Crore – 10%

5-6 Crore – 15%Above 6 Crore – 21%

Locality Values


Price (₹/sqft): 27,800 -45,600

Rent (₹/sqft): 1, 11,500 – 1, 89,500

Ville Parle East

Price (₹/sqft): 21,500 -35,200

Rent (₹/sqft): 91,400 – 90,900

Ville Parle West

Price (₹/sqft): 25,100 -40,600

Rent (₹/sqft): 56,400 – 1, 38,100


Schools 10+

Hospitals 10+

Restaurants 20+

Banks 20+

Grocery Stores 20+

Petrol Pumps 5+

At 63%, Bengaluru and Chennai Top Branded Housing Supply Share

Bengaluru and Chennai are named as cities with the top the branded housing supply as compared to other markets like NCR, Kolkata, and Mumbai. Out of 15,020 units launched in Bengaluru in 2020 till September, a whopping 63% is by branded developers. Besides that this year out of the total new launches of nearly 5,250 units in Chennai, branded developers held the 63% share a new report by Anarock has said.

The proportion of branded vs non-branded players’ supply in Bengaluru was 52:48 in 2015 and it was 53:47 in Chennai.

In the year 2019 around 2.37 lakh housing units were launched across the top 7 cities 2019. Out of these launched housing projects around 57% (over 1.35 lakh units) were by branded developers and the rest of them were non-branded players.

Nearly 75,140 units have been launched in the year 2020. In these units, more than 53% are by branded developers. The overall share in 2020 in comparison to 2019 declines marginally. The fact is that 2020 has witnessed a drastic fall in the total number of overall housing units launched.

The report also said that the share of branded players is expected to increase after the availability of the entire 2020 supply data by the end of December 2020.

The major reason behind this could be the liquidity crisis which the real estate sector has been seeing over the last two years. The report also depicts that smaller realtors have had the short end of the stick – they are facing challenges with raising funds from banks and other financial institutions.

Fresh supply in Kolkata and NCR continue to be dominated by the non-branded players in 2020. Out of the total 13,000 units launched in NCR in 2020, approximately 45% is by branded players and 55% is by non-branded developers.

Kolkata had a new supply of just 2,500 units in 2020, out of which 38% was by branded developers while 62% were non-branded. This ratio was 31:69 in Kolkata and 37:63 in NCR in the year 2015.

In MMR and Pune, the new supply share of branded developers is 54% and 55% respectively this year. In 2015 this ratio was 40:60 in MMR and 31:69 in Pune. Both markets have experienced that shares of branded players’ increase significantly over the years.

Branded’ developers have listed players, developers who have been in the industry for a decade and more.

With homebuyer’s preferences shifting towards branded products over the last few years, the share of homes by branded players is on the rise across the top 7 cities.

India office markets’ fit-out costs most economical in Asia Pacific: Report

MUMBAI: According to Cushman & Wakefield study, India’s top seven commercial real estate markets became the most economical office interior fit-out markets in the Asia Pacific region. These markets include Mumbai, New Delhi, Hyderabad, and Pune.

These major cities of India continued to dominate the top 10 list of most expensive office fit-out locations in the Asia Pacific with an average fit-out cost of $150 per sq ft. The study disclosed that Tokyo, Osaka, Nagoya, and Sydney lead the rankings, with Melbourne climbing four spots to fifth in 2020.

Shashi Bushan, Managing Director, Project & Development Services, Occupiers – India, Cushman & Wakefield said “From an office design perspective, the workplace will evolve from a regular office to a place for networking and with a social feel. We expect that while social distancing and a flexible work policy will reduce the number of seats in an office, there would also be a bigger focus on agile seating formats”.

Mumbai retains its rank as the most expensive office market in the country with an average fit-out cost of $133 per sq ft. The cost of the average office interior stood at $126 per sq ft and $33 in Chennai.

After COVID-19, the focus on health and safety is expected to rise. It brings the concept of touchless technology, improved heating, ventilation, and Air Conditioning (HVAC), and smarter cleaning practices.

Tushar Mittal, Managing Director of SKV, an interior design firm specializing in commercial offices, said “We expect the companies to place more emphasis on employee wellbeing, hygiene, safety and security given that the pandemic has underscored the requirement to do so. Based on our interaction with our clients, we are observing that companies are inclined to de-densify their offices with this objective in mind. While the fit-out cost is already low in India, it will further decrease with de-densification of offices, and modernization and industrialization that is underway in Indian office interior construction industry”.

With increasing work from home culture, lots of employers see a requirement to scale up the usable area for each employee. Various companies are expected to change their offices to match new norms and guidelines.

Prolonged, enforced work from a home culture has proved that productivity can be maintained in this way as well. This culture puts questions around the small size and composition of the corporate footprint while highlighting the need for ongoing investment into IT and audio-visual technology for collaborative team working. 

10:90 plan – A big hit in the real estate market. What homebuyers should be aware of?

This festive season came up with 10:90 scheme to boost sales in real estate. Mumbai-based Nahar Group offered a scheme to home buyers. Under this scheme, the homebuyer needs to pay a 10 percent amount while booking and the rest on possession.

Hiranandani Group brought a Flexi-pay scheme for its 1BHK units in the Regent Hill project. Under these schemes, the buyer needs to pay only 5 percent at the time of booking and no EMI for the next 12 months.

Besides that, a Bengaluru-based Embassy Group also offered an amazing scheme to its luxury home buyers. NCR-based Ajnara India Ltd came up with the payment plan in Ajnara Daffodils.

Is the 10:90 scheme good for buyers?

According to Vaibhav Suri, partner, L&L Partners, schemes like 10:90 or 20:80 are beneficial for home buyers. These schemes reduce monetary exposure on account of possession-related defaults and provide them the flexibility to arrange the remaining funds. These plans are considered better from the buyer’s perspective because there is no loan liability from Day One.

In addition to that sale price of these schemes is always higher than conventional construction linked or time-linked plan, he added.

Anckur Srivasttava the GenReal Advisers said “The price is locked in and the risk for buyers (under the 10:90 scheme) is minimal. Even if the builder does not deliver the unit, the buyer would have paid only about 10 percent and he would not have to service pre-EMIs until the apartment is ready”.

“Therefore, from a cash flow perspective, a 10:90 scheme is comfortable for a buyer,” he says.

Do indirect subvention plans only include 10:90 schemes?

No there are other plans also. NCR-based Ajnara India Ltd is offering the 30:40:30 payment plan in Ajnara Ambrosia, and 20:20:20:20:20 plan in Ajnara Fragrance projects.

Oberoi Realty is offering a scheme, where the customer has to pay 15 percent upfront and 85 percent on possession. Apart from that in the developer subvention scheme, the customer has to pay 25 percent upfront and the remaining 75 percent on possession.

So, what is the problem?

10:90 payment plan is new and it did have not faced difficulties as is the case with full-fledged subvention plans. The home should be aware of plans that involve taking home loans at the booking stage itself. At this stage, these schemes become an indirect form of subvention schemes, which have led to many buyers in trouble.

Under subvention schemes, homebuyers need to pay the initial amount, and the bank pays the rest of the amount to the developer, according to the construction stage. The developer pays the interest amount until possession (generally three years). It means real-estate developers pay pre-EMIs on behalf of the customer till the date of possession.

But in case of the event of a builder default, the homebuyer is considered liable and it is his credit history that gets affected.

How many other subvention schemes are there?

It is difficult to estimate the number of subvention loan sales versus the disbursement of conventional home loans. Out of 25 deals that a developer entered into with buyers, a minimum of 10 are under this category. 

Do you know the top Features of a Profitable Rental Property?

Are you planning to buy a residential rental property to boost your investment portfolio? Investing in properties is exciting and rewarding but if you make the right investment choice. Apart from income and rewards, real estate investment without expert advice can be awful for a first-time investor. Real estate is a competitive business that’s why it’s important to do a detailed study before you dive into this investment. There are some pros and cons of real estate investment. Let us check out the most considerable things while buying a property.

1) Neighborhood of the Property

The neighborhood of the property you are going to buy attracts and the vacancy rate of that area. Just think about buying residential property near a university! There are more chances of students becoming your tenants. You should always invest in the real estate property with a demanding neighborhood.

2) Property Taxes

Property taxes in different areas are different. But you need to be aware of how much money you will be losing in paying taxes. High property taxes are not a bad thing always. Besides that in a demanding neighborhood, the property attracts long-term tenants. You must also know that there are some unappealing locations that also have high taxes. You look at the tax information in the municipality’s assessment office.

Apart from that, you can also talk to homeowners in that community. Also, inquire that the property tax increases are probable in the near future. A city/locality in financial distress can hike the taxes far high what a landlord can realistically charge in rent.

3) Schools 

The next important thing that you must consider is the quality of the local schools. You must focus on this factor if your property is a family-sized home. After all monthly cash flow is your main concern. So, if there are no good schools near your property, it can affect the value of your investment will be affected.

4) Crime

Nobody desires to live next door to a hot spot of criminal activity. Nobody. Hence the local police, law, and order of the locality where you are buying a property must be in a good state of execution. You must study the rates for vandalism and other crimes in that area. Always pay attention to the rate of criminal activities in that area. This factor is going to play a very significant role in your property investment later.

5) Job Opportunities 

It is a fact that the locations with growing job opportunities attract more tenants. You can easily research this topic online. If big companies are moving to the area, it’s sure that workers in search of a place to live will flock there. It will cause property value to go up in that area. 

6) Amenities

Always consider the proximity of parks, restaurants, gyms, movie theaters, public transportation links, and all the other perks that attract renters in that area. Facilities like City Hall nearby your property can add an unbelievable value to your property. It is true that in the areas far away from the amenities, the property prices will be lower but who will want to rent a house in this area? Think once!

7) Future Development

Go to the municipal planning department if you want to get information on developments or plans of a particular area. A lot of construction going in the area signifies a good growth area. Property investment in this kind of area is surely beneficial. 

8) Study Average Rents

Rental income is like a bread-and-butter for your income. As you are buying the property for rental income, you must know the area’s average rent. Research the area well enough to gauge where it can take you in the next five years. If you can afford the location now but taxes are expected to increase, don’t invest there. It can make you bankrupt later.

9) Natural Disasters

Natural disasters affect property investment adversely. Never buy a property in an area that is prone to earthquakes or flooding.


Examine the neighborhood thoroughly—including its livability and amenities.

A neighborhood with a higher vacancy rate is not a good place to invest.

Get a sense of the local market value of the property in the area where you are planning to invest.

Do research on the average rent in the neighborhood. 

How to Start Your Search?

You can start the search for a property on your own. If then you find difficulties bring a professional into the picture. But you should understand the thing that finding that property for investment is going to take some skills and some shoe leather. Thorough research will help you narrow down several key characteristics you want for your property. Research more about the location, size, and amenities. After that, you may ask a real estate agent to help you complete the purchase. The potential property location options also depend on the factor of whether you intend to actively manage the property or hire somebody to do that for you. If you can actively manage it yourself, you might want a property near where you live. In the other case, proximity is not an issue.

Leasing by co-working operators to rise by 42% in 2021: Report

NEW DELHI: Co-working space leasing is expected to increase by 42% in 2021 at 4.9 million sq ft over 2020. According to a recent report by Savills India, shared offices are more likely to gain higher attention in the post-Covid world.

Co-working operators are expected to lease approximately about 3.4 million sq ft accounting 11% share of the total office leasing market in 2020. The overall leasing activity is expected to face a bump in 2020 as compared to 2019. Besides that, in the next two years, it is expected to witness a steady hike. The share of co-working space take-up in overall office leasing activity is poised to rebound to a 15% share in 2021. It is similar to the level of 2019. 

According to the report, more than 3,000 co-working centers across the country are likely to provide around one million desks by 2022. In addition that leasing of the co-working segment is expected to increase by 29% during 2015-2022.

Co-working leasing in India has increased from a 5% share in 2016-17 to about 15% in 2019. Besides that covid-19 pandemic uncertainty in the commercial office market has affected the growth trajectory in 2020. According to Savills India, it is still expected to contribute around 10% of the overall leasing activity in 2021 and 2022, 

In 2020, as of Q3, Bengaluru and Hyderabad takeover a combined share of around 66% of the total leasing activity in the co-working segment.

Festive season brings cheer in real estate market: Survey

Homebuyers have come back in the market and property searches have surpassed pre-Covid numbers, said the Magicbricks Property Buyer’s Sentiment Survey. Here are some findings from the survey. A quarter of respondents are searching for property as an investment. Various offers and discounts during the festive season have attracted investors into the market. More than 1/3rd of the buyers will buy in case there is a discount available.

Buying for investment pattern

Wave 1 April: 19%

Wave 2 July: 13%

Wave 3 October: 25%

People responding to festive discounts on property:

Interest rates have gone down and stamp duties have been reduced. Developers have brought innovative marketing techniques and various attractive discount plans to sell inventory.

Different kind of deals and discounts on offer

Cash deals and discounts

Freebies and accessories

Innovative schemes

Deferred payment plans

Most don’t expect further fall in prices: In terms of price expectations, there is growing maturity. However, discounts can act as a buying trigger.

Price perception

43% speculate prices will decrease

21% think there will be no change in price

14% think prices will see a raise

22% don’t say

Tech playing a larger role in the real estate market: The desire for increased involvement of technology has been constantly rising in the last 6 months.

Digital marketing and engagement tools

Online documentation

Virtual tours

Personalized ads

Online documentation

Virtual tours

Personalized ads

Online portals

Healthy recovery very likely in 2021: Various factors like price stability, cheaper home loans, pent-up demand, and improving economic indicators likely to trigger property demand in the market.

Max Estates to invest Rs 400 crore in new commercial project in Noida

NEW DELHI: On Monday Max group’s realty arm, Max Estates announced that it has begun the construction of its new commercial project. This project has to comprise mainly office space, in Noida Rs 400 crore investment. The company has roped in New York Life Insurance Company as a financial partner for this project Max Square. It will have 7 lakh sq ft of office and retail spaces.

This is the third commercial project of Max Estates. It further is part of Max group’s listed entity Max Ventures & Industries Ltd (MaxVIL).

Max Estates is looking forward to the project ‘Max Square’ with New York Life Insurance Company as a financial partner.

It will acquire 51 percent of the stakes and the New York Life Insurance Company will have a 49 percent stake in the special purpose vehicle (SPV) Max Square Ltd.

In India, it is the first real estate project by New York Life Insurance Company as a financial partner.

The statement also said, “The project will be built at a cost of approximately Rs 400 crore with an equity infusion of Rs 175 crore and a debt funding of Rs 225 crore,”.

All statutory approvals have been gotten. The project construction has been started and the company’s target is to deliver it by March 2023.

Sahil Vachani, MD and CEO, Max Ventures and Industries, said “Success of our recent commercial real estate projects has enabled us to achieve financial closure for Max Square in a fairly quick period”.

“Max Square has been conceptualized as an eco-friendly complex. It has been designed in line with our differentiated philosophy of WorkWell which enables higher productivity, a vibrant workplace community combined with wellness and recreation measures,” he further added.

Max Estate has delivered two commercial real estate projects in NCR till now. One of them is Max Towers, Noida and another one is Max House, Okhla, Delhi.

Max Towers has (owned directly and leasable rights for area owned by Investors) around 6 lakh sq ft of total leasable area and it’s 74 percent has been leased out so far.

The first phase of the Max House, Okhla, comprising of 1,05,000 sq ft leasable area has been launched for leasing recently. Construction of the second phase of the project, comprising around 1,00,000 sq ft is about to start in the fourth quarter of this fiscal.

MaxVIL acquires and operates a real estate business through its 100 percent subsidiary Max Estates. They are also in a packaging films business through Max Specialty Films, a 51:49 strategic partnership with Toppan, Japan.

Lower home loan interest rates to continue for the next 12 months: Keki Mistry, HDFC

NEW DELHI: Vice-chairman and CEO HDFC said that the existing home loan rates are the lowest in the last four decades. He also predicted that the lower interest rates will be still the same for another six to twelve months and it will give the best home buying opportunity to the potential customers.

He further added “The home loan rates have been the lowest in the last four decades. For the next six to 12 months, the benign interest rates environment will continue. The growth in the economy and real estate has been sharp. The factors like the RBI infusing much-needed liquidity into the sector, various concessions are given by the Government and the developers like the stamp duty relaxations have extended the best buying opportunity for the homebuyers. The trend will continue with the lowest interest rates regime”. 

Mistry also said that the RBI may experience some pressure owing to the higher inflation that will reduce its ability to reduce the rates further. He also said that the banks are now differentiating between the strong and weak developers for lending. This step will improve the quality of balance sheets and avoid over-leveraging. Besides that, staying well-capitalized will help the developers float well in the market.

He also said that the investments in creating co-working spaces will grow in the future. He predicted more consolidation to happen at the project level.

He spoke to the NAREDCO’s ‘Real Estate and Infrastructure Investors’ Summit (REIIS) – 2020 in association with APREA.

Demand for luxury residences in Mumbai set to rise in 2021; prices to remain flat: Report

MUMBAI: In Mumbai, the demand for luxury residences is expected to increase in 2021, however, the property price is expected to witness a flat annual price change irrespective of the buoyancy in demand for the prime properties, said property consultant Knight Frank.

Property Prices of prime residential properties in the top 22 global cities are expected to remain the same in 2020. Furthermore, according to Knight Frank’s Prime Global Forecast 2021report, prices are expected to increase by 2% in 2021.

It indicates 20 of the 22 cities to witness prices remain flat or increase in 2021. It is a slight difference from the trend seen in 2020, where analysts expect nine cities to end the year with lower prices.

Furthermore, CMD, Knight Frank India said “With the modest price correction in the Indian real estate sector, post-lockdown, the luxury market has seen significant traction. Buyers are responding favorably to residential purchase across segments including luxury as sale prices have corrected in the last few quarters making an investment in property attractive. It is also not surprising that those markets that are already witnessing an economic rebound have moved higher in the rankings in this quarter”.

In the quarter ending September, Delhi’s prime residential market performed better than Mumbai and Bengaluru. With a sequential price decline of 0.1%, the city ranked 27th globally with a 0.2% annual price change.

Mumbai is on the 33rd rank with a 1.3% annual price decline until the end of the third quarter.  Mumbai has also witnessed a sequential decline of 0.7% price change. Bengaluru also ranked 34th with an annual price decline of 1.4% for the period with a 1.5% sequential price decline in the third quarter.

For 2021 Shanghai and Cape Town lead the forecast with annual price growth of 5% forecast in 2021. On the other hand, Buenos Aires is expected to be the weakest-performing global city, with prime residential prices falling by 8.0% during the period.

Fresh FSI incentives to boost cluster development in Maharashtra

MUMBAI: The state government extended fresh floor space index incentives to developers. They took this step to boost cluster development. This plan later can include slum development.

The incentives have been introduced by draft notifications introducing changes in development control regulations for old and dilapidated buildings. The exact FSI gain has not been specified yet. Bhushan Gagrani, Principal Secretary of the Urban Development department, said that concessions have been offered after getting views from MHADA, the BMC, and the Housing department.

The Housing Department had given new guidelines on November 5 to boost the completion of redevelopment projects. The concession for cluster development is ready with some guidelines. These guidelines are mandatory for developers, which include the opening of an escrow account and depositing the advance rent of 11 months to get the Commencement Certificate from the BMC. The Housing Department also offered a vigilance committee with at least three tenants, along with MHADA officials, to monitor the construction in three months.

A new association, the South Mumbai Redevelopers Association (SOMURA), was formed during the lockdown period. It has provided a detailed representation to the government pointing out the problems in why old and dilapidated buildings could not redevelop.

Architect Milind Changnani, a specialist in redevelopment explained the proposed changes and said “In 1991 development control regulations, the premium for open space deficiency in sale buildings was 2.5 percent, which was increased 10-fold in DCPR 2034. In 500 sqm plots, this deficiency premium, which was Rs 40 lakh earlier, became Rs 4 crore. Due to this increase, the viability of the project went for a toss. This has now reverted to 2.5 percent.”

SOMURA president Rajesh Vardhan stated that the government has been optimistic and has incorporated some of their suggestions. He also added “They have positively considered some of our demands. For example, we want MHADA to vacate tenants and give vacant possession to developers so that a handful of uncooperative tenants don’t hold up the redevelopment of the majority of tenants.”

A leading body of developers and president of CREDAIMCHI Deepak Goradia said this is “a very positive and revolutionary step” taken by the government, which would result in many small projects becoming viable.

M3M India, Salarpuria Sattva, others bid to acquire Dignity Buildcon in Gurugram

NEW DELHI: 3 Realty firms M3M India, Salarpuria Sattva, and Ahmedabad-based Safal group and businessman Madhav Dhir made separate bids to get a commercial project in Gurugram by an insolvency process, sources said.

They submitted resolution plans to get debt-ridden Dignity Buildcon. It owns three commercial towers on the Golf Course Extension Road, Gurugram. They further added that the buildings in the tower are about to complete.

According to the sources, M3M made a bid of around Rs 530 crore. Besides, that Safal group and Salarpuria Sattva made a bid of Rs 487 crore and Rs 417 crore, respectively. Madhav Dhir — son of Alchemist ARC’s promoter Alok Dhir — has put in a bid for Rs 491 crore.

According to the sources said all these bidders have offered to pay some amount upfront to creditors and the remaining amount in installments over the next three to four years.

The sources also said that M3M has offered Rs 21 crore upfront and the rest will be paid in four yearly installments. Salarpuria Sattva bid an upfront amount of Rs 125 crore while Safal group and Madhav Dhir have offered around Rs 80 crore each.

Dignity Buildcon possesses a debt of over Rs 1,000 crore. Blackstone, Standard Chartered and Alchemist groups are the main lenders and they are a part of the Committee of Creditors (CoC), the sources added.

Total eight financial creditors are there, including three Blackstone group firms.

The sources also informed that the lenders will soon vote on the resolution plans submitted by the four parties.

Dignity Buildcon went into an insolvency process last year.

M3M is a Gurugram-based leading realty group in the national capital region. In the last six months, this group has sold properties worth Rs 2,000 crore and derived eight projects. The company is also building the Trump Tower in Gurugram.

Bengaluru-based Salarpuria Sattva is a major real estate player in south India. This firm is into commercial real estate.

South Mumbai’s Bhendi Bazaar redevelopment project completes the first phase

MUMBAI: Bhendi Bazaar, India’s largest-ever urban renewal project Project in South Mumbai, is over the first phase of the total development that involves over 20,000 people across 250 dilapidated buildings.

In the first phase, the Saifee Burhani Upliftment Trust, which has undertaken the project on a non-profit basis, has finished two high-rise super-structures with over 610 residences and 128 commercial outlets. It has been rehabilitated in the last few months before lifting the lockdown by the state government.

It is the first large redevelopment projects being executed under the state government’s cluster redevelopment policy announced that has announced back in 2009.

The spokesperson of the Saifee Burhani Upliftment Trust said “Residents had started to shift to the new premises a few months ago. However, the shifting process was put on hold given the announcement of lockdown following the Covid19 outbreak and was resumed once the regulations were relaxed.”

The construction work of both–36 storey and 41 storey– towers had started in the year 2016. The work has been completed in 45 months.

He further said “As per our aim to complete the entire project simultaneously and bring the people of Bhendi Bazaar back to their new homes and shops at the earliest. Work in other sectors is also progressing well. We plan to complete the entire next phase of the project by 2025.”

The project will decongest important parts of south Mumbai with wider roads and better infrastructure around Mohammed Ali Road, Pydhonie, and Nagpada that are characterized by narrow lanes and high traffic during most parts of the day.

Above 80% of the buildings are old, worn-out, and have been announced dilapidated unfit for living by the Maharashtra state housing body, MHADA. A few of them are buildings and chawls, they are approximately 150 years old. It usually experiences accidents during the monsoon.

Qutub Mandviwala, master planner and architect of the project said “Being India’s largest cluster redevelopment project till date, the project offers hopes of a better life for millions living in awful conditions and provides a blueprint for other future urban renewal projects across the country”.

The reconstruction work possesses 16.5 acres of land with more than 250 decrepit buildings, 3,200 families, and 1,250 shops. Most of them are incorporated into a sustainable development with 12 new buildings, wide roads, modern infrastructure, more open spaces, and highly visible commercial areas.

More than 90% of the residents were living as tenants for a long time in old Bhendi Bazaar with no ownership rights and with the completion of the first phase. These 610 tenants now have flats on ownership.

NBCC to raise Rs 300 crore from auction of 4.5 lakh sq ft commercial space in Lucknow

NEW DELHI: To support the redevelopment of Gomti Nagar Railway Station in Lucknow State-run NBCC (India) Ltd is expected to raise Rs300 crore from a proposed auction of 453,000 sq ft of commercial space.

The following project is also offering the residential development of 8.5 acres. It will be leased out by the Rail Land Development Authority (RLDA).

The estimated construction cost for station development is approximately Rs 190 crore. Besides, that commercial development will cost Rs 170 crore.

The railways possess around 38-acre land parcels at the Gomti Nagar Railway Station.

Ved Parkash Dudeja, vice chairman of RLDA said “Gomti Nagar area in Lucknow is developing rapidly as a commercial and retail hub”. “The station has a strategic location with excellent connectivity to other parts of the city. The commercial project has been constructed for lease sale of 60 years is in the close vicinity of hotels and shopping complexes.”

In addition to that 2 commercial towers are being offered by NBCC as part of commercial development. It will comprise retail outlets and parking.

The average lease price is expected at Rs 6,625 per sq ft for Block R1 and Rs 5,900 per sq ft for Block R2.

For commercial blocks, e-auction is presently underway and the bids will close on November 23.

A recent auction of 6,940 sq ft of land fetched Rs5.16 crore.

Dudeja further said “The aim of the Gomti Nagar Railway Station Redevelopment Project is to equip it with state-of-the-art amenities to offer convenience to commuters besides upgrading it in line with global standards and to offer commercial space for boosting economic activities in the area. The redevelopment will boost real estate as well as the local economy”.

Furthermore, the RERA registration and approval of the design have been received, it will speed up the execution process.

The station redevelopment includes mandatory station development comprising station buildings, air concourse, food courts, renovation of platforms and utilities.

Also, there is a plan for commercial development, including retail, basement parking, and external development.

The redeveloped station will have amenities like segregation of arrival and departure, basement parking, CCTV surveillance, and centrally air-conditioned common spaces.

Fresh FSI incentives to boost cluster development in Maharashtra

MUMBAI: On Wednesday the state government extended fresh floor space index incentives to developers to speed up the cluster development. Later on, it could include slum development.

The incentives were introduced by draft notifications proposing changes in development control regulations for old buildings. Besides that exact FSI gain isn’t specified yet.

The concessions were given after receiving views from MHADA, the BMC, and the Housing Department, said Bhushan Gagrani, Principal Secretary of the Urban Development department.

The Housing department provided fresh guidelines on November 5 to boost the completion of redevelopment projects in the city. The concessions for cluster development are in line with these guidelines. These guidelines have been made mandatory for developers. They include the opening of an escrow account and depositing the advance rent of 11 months to get the Commencement Certificate from the BMC. The Housing Department also gave a vigilance committee with a minimum of three tenants, along with MHADA officials, to invigilate the construction every three months.

A new association, the South Mumbai Redevelopers Association (SOMURA), is formed during the lockdown. It had made a detailed representation to the government pointing out the hurdles in why old and dilapidated buildings couldn’t be redeveloped.

 “In 1991 development control regulations, the premium for open space deficiency in sale buildings was 2.5 percent, which was increased 10-fold in DCPR 2034. In 500 sqm plots, this deficiency premium, which was Rs 40 lakh earlier, became Rs 4 crore. Due to this increase, the viability of the project went for a toss. This has now reverted back to 2.5 percent” said Bhushan Gagrani, Principal Secretary of the Urban Development department while explaining the proposed changes.

SOMURA president Rajesh Vardhan said the government has been very optimistic and has suggested some of their suggestions. “They have positively considered some of our demands” He added further. For example, we want MHADA to vacate tenants and give vacant possession to developers so that a handful of uncooperative tenants can’t hold up the redevelopment of the majority of tenants.”

A leading body of developers Deepak Goradia the president of CREDAIMCHI also said that it is “a very positive and revolutionary step” taken by the government. It would result in various small projects becoming viable.

Amazon leases 9 lakh sq ft warehousing space in Gurugram

NEW DELHI: Logistics real estate platform ESR recently leased 9 lakh square feet of warehousing space to Amazon India at the e-tailer’s upcoming 74-acre facility in Sohna, Gurgaon. This thing is revealed by the two people with direct knowledge of the deal. ESR had acquired in January 76.84 acres to construct a logistics park with 2.5 million sq ft of warehousing space in Gurugram.

Another anonymous person said that “The facility will be ready by early next year and most of the pre-leasing has been done. ESR is also in talks with other e-commerce players to lease the remaining space”. However, ESR declined to comment on this deal.

Warehouses in the National Capital Region (NCR) have seen 13.9% vacancy levels in comparison to other markets such as Bengaluru and Pune. These markets have vacancy levels of 29.7% and 21.8% respectively.

Amazon India spokesperson said “At Amazon, we are committed to investing in India for the long term. Our vast and advanced infrastructure of nine fulfillment centers, with a storage capacity of 5.5 million cubic feet in the NCR region, helps offer a convenient and safe shopping experience to customers in the region and across the country”.

ESR had bought the land from the Mayar Group.

28% of the warehousing space was leased by e-commerce firms in 2019-20, followed by the manufacturing sector (24%).

During the Covid-19 push, the e-commerce sector is set to gain a larger share in consumption because of the shift in buying behavior. It is likely to boost demand for warehousing in the future.

Walmart-owned Flipkart 140 acres of land in Manesar in Gurgaon to set up its largest fulfillment center in Asia in a transaction concluded after the easing of lockdown restrictions.

Gurgaon has become a preferred place for warehouse developers.

According to a Knight Frank India report committed land for warehouses across the country is estimated at 21,163 acres. This land has the potential of adding 63% more supply to the existing 307 million sq ft of warehousing stock.

Centre eases circle rate differential for home sales till June 2021

NEW DELHI: To boost the housing sales, Finance Minister Nirmala Sitharaman on Thursday announced an increase in the permitted differential between the circle rale and the agreement value of housing units. It is increased to 20 per cent from the current mandated limit of 10 per cent till June 30.

This boost in differential will be applicable in residential units of value up to Rs two crore. This decision will help reduce the tax liability as tax will be applicable on lower value of residential units.

Section 43CA of IT Act prohibits the differential between circle rate and the agreement value at 10 per cent. Apart from this prices can be lower than that, and the restriction curbs sale of housing units.

Sitharaman further stated that the decision will boost sales at a time when demand is low and inventories have piled up.

She also said that income tax relief provides incentive to the middle class to buy homes.

Housing board to team up with builders to develop 60,700 sq meter in North Goa

MUMBAI: Affordable housing-focused Magma Housing Finance is planning to sell at least 25 percent more home loans in the second half of this fiscal. They have decided to do so because the business has almost been returned to the pre-lockdown stage now.

 Magma Fincorp is the fourth largest affordable housing-only player. Besides that, it is a fully-owned subsidiary of a non-banking player. They have experienced a 23 percent growth in the September quarter.

 Manish Jaiswal the managing director and chief executive has told that they expect the second half loan sales to be clocking around 25 percent growth and closing the current fiscal with a loan book of Rs 4,200 crore from Rs 3,554 crore as of Q2.

“What we are focusing on is a 20-25 percent loan growth on a sustained basis for the next three-four years,” he told.

 His optimism is because of 23 percent loan growth during the September quarter in terms of sanctions when incremental disbursement rose by Rs 267 crore. This quarter has witnessed an outstanding loan booking to Rs 3,554 crore, irrespective of the massive disruptions due to the pandemic.

 This thing led to an improvement in asset quality and lower cost of funds, helped it log a 30 percent spike in net income at Rs 18.7 crore. This number excludes pandemic provisions of Rs 6.5 crore.

 In Q2 the asset quality has been improved by 60 basis points (bps) to 1.6 percent. It is within the levels in the low-cost housing finance industry where the bad loans are under 2 percent.

 Jaiswal has attributed the increase in net income to organic growth because there was higher demand from small towns and the fact that loan sales have come back to 87 percent of the pre-lockdown months. Collections are at 92 percent of the before lockdown level.

 He also said on the asset quality improvement that three years ago the company had a heavy loan against property collateral, which led to high bad loans of over 5.8 percent. Now it is just about 1.6 percent he added.

Magma Housing is present across 19 states with 103 branches serving 30,000 customers as of September 2020.

 The company has raised Rs 817 crore this year from a wide base of lenders; it is helping them to lower the cost of funds by 54 bps.

 One more reason for the higher profit was lower operating expenses, which has reached to 2.7 percent from 3.5 percent of AUM as a result of operational efficiency and use of technology under which it has ensured that all dealings with the customers are done only through mobile phones.

Karnataka government cuts property registration fee from 5% to 3%

BENGALURU: The state government has cut down the property registration fee for flats cost less than Rs 20 lakh from 5 percent to 3 percent. The BS Yediyurappa cabinet decided to demand in the affordable housing sector. Parliamentary affairs minister JC Madhuswamy said that the reduced registration rate of 3 percent will be applied to industries buying a property (building or land). The fee cut will save the money of home-buyers up to Rs 40,000. A few realtors are not sure whether the measure will help the sector because there are very few flats in cities like Bengaluru that comes under the price range of Rs 20 lakh. They also mentioned that apartments cost more than Rs 50 lakh should be covered under the new rate. Besides that, the trade bodies and homebuyers urged the government to reduce the stamp duty and registration charges to 3 percent for all properties cost more than Rs 21 lakh. The government has cut down the registration stamp duty from 5 percent to 3 percent for properties priced between Rs 21 lakh and Rs 35 lakh in May. For properties costing up to Rs 20 lakh stamp duty was reduced from 5 percent to 2 percent last year. On Thursday the cabinet has also decided to upgrade around 10 gram panchayats into town panchayats. It includes Anavatti in Shivamogga district, Holehonnur in Chikkamagaluru, Harohalli in Ramanagar, Bajpe in Dakshina Kannada, Srirampura, Bogadi, and Kadakol in Mysuru. In addition to that, it will outsource the management of Mandya Sugar Factory to private players under a public-private model.

FM announces Rs 18,000 crore additional outlay for urban housing scheme

NEW DELHI: On Thursday Finance Minister NirmalaSitharaman declared an additional outlay of Rs 18,000 crore for the urban housing scheme. This step was taken to help complete real estate projects that can create jobs and boost the economy. She also said the Rs 18,000 crore will be given over and above the Budget Estimates for 2020-21 for the Prime Minister AwasYojana (Urban) by additional allocation and extra-budgetary resources. This is more than Rs 8,000 crore already allotted this year.

She said that this will start work on 12 lakh houses and complete 18 lakh houses. This will further create 78 lakh new jobs and the demand for steel and cement.

Talking about the support for construction and infrastructure, she said Earnest Money Deposit (EMO) and performance security needs will be relaxed for government tenders.

Performance security on contracts will be cut off till 3 percent instead of 5 to 10 percent. It will extend to ongoing contracts that don’t have any dispute. It can further be extended to public sector enterprises, she said, adding states will also be encouraged to adopt the same. Earnest money deposit (EMD) will not be needed for tenders and can be replaced by a bid security declaration. She said further that these relaxations will be provided till December 31, 2021.

Godrej enters financial services space with the launch of Godrej Housing Finance; plans to invest up to Rs 1,500 crore

The Godrej Group has come as a financial services industry with Godrej Housing Finance (GHF). Furthermore, it is expecting to have a long-term and sustainable retail financial services business in India. They are aiming for a balance sheet of Rs 10,000 crore in the coming three years.

Besides that they have committed to infuse up to Rs 1,500 crore in the capital in the mortgage finance company over the next three years, the company said.

GHF will provide a fair, fast, and flexible home mortgage across India starting with homebuyers in Mumbai, NCR, Pune, and Bengaluru. GHF will partner with developers including Godrej Properties, to build a financing experience for their existing and buyers.

The company further said that GHF is willing to focus on the mortgage business starting with home loans, shortly by loans against property. Apart from that, the company will expand its product portfolio to provide business and personal loans, leveraging the group’s consumer and agribusiness ecosystems to build these verticals.

GHF will initiate with extending loans at 6.69 percent, the rate of interest is lowest in the industry presently. The initial target customers buying apartments from the group’s realty arm Godrej Properties (GPL).

GHF’s Chairman Pirojsha Godrej told reporters “We believe we have gained a good understanding about the real estate business and its intersection with finance and are entering the new business after a carefully thought strategy”.

He added further “We are excited to launch our financial services business today.  This is the first step in what we hope will be another important pillar of growth for the Godrej Group. The increasing formalization of the real estate sector combined with the dislocation in the residential real estate and housing finance markets makes this a particularly interesting opportunity at the current moment. We hope to deliver value to the Indian home buyer with a deep focus on fair, fast, and flexible home loans that delight our customers”.

“The initial equity for the business will be put in by the Godrej Group. This is expected to be in the range of Rs 1,000 crore to Rs 1,500 crore in the first three years. Any equity requirements beyond this we will evaluate at the subsequent stage,” he said.

“We believe that the Housing Finance market is underpenetrated and underserved. The industry is also plagued with being complex and convoluted with hidden conditions and painfully long customer journeys. We aim to correct this and usher a refreshingly simple and transparent way of doing business. We want to give customers a home loan that is customized to what’s important to them, basis their housing needs, financial capability, and convenience,” said Manish Shah, managing director, and CEO, GHF.

Shah further stated that the company was planning to achieve a portfolio of Rs 1,000 crore by end of the fiscal in March 2021, and touch Rs 10,000 crore in assets under management within three years of the launch by having 40,000 loans accounts.

The company might consider getting an external investor on board after three years and an initial public offering in 6-7 years once the need for more capital arises.

Flexible space market to cross 50 million sq ft by 2023: Report

NEW DELHI: Regardless of the various short-term disruptions and challenges the demand for the space market has been increased. According to a recent report by JLL India, this will support the growth of the flex space market to more than 50 million sq ft by 2023.

Present market penetration of flex spaces into India’s total office stock stands at 3% and it is further expected to shift to 4.2% by 2023.

Furthermore, it is believed that flexible space will increase by an average of around 15-20% per annum in the next three-to-four years. However, this trajectory will not be linear according to the reports.

The report also says that Bengaluru and Delhi-NCR together account for more than 50% of India’s flex stock followed by Hyderabad with 4.5 million sq ft and Mumbai with 4.3 million sq ft of flex office stock. Hyderabad and Pune are one of the fastest-growing flex markets.

The availability of capital in the present scenario will be a challenge. Players who have embarked on aggressive growth so far will find themselves strapped for capital. In this case, the market is likely to experience consolidation activity driven by larger operators with financial wherewithal acquiring smaller ones.

Dr. Samantak Das, chief economist and head of research & REIS, JLL India said “While the flex-space market more than tripled in the last three years, the momentum going ahead will be relatively slower. Players are likely to tread cautiously, and the overall market is expected to expand 1.5 times from the current size”.

Moving forward, large businesses might look at splitting up their offices to reduce transportation time and dependence on public transport. However, according to the report, with expected economic uncertainty, companies will be hesitant to commit large capital to real estate. The densification trend that had come over the last decade will likely reverse with enterprises leaning on flexible office space to relax space density.

Realty hot spot series: A premium south Delhi residential area with good connectivity

In this week’s Realty Hot Spot Series we will talk about South Delhi’s Saket locality. This locality is very popular in south Delhi which comprises premium residential areas, high-end malls, and offices. Along with sound road and metro connectivity, the locality has several social and retail amenities.

The locality is 14 km away from the airport, 12 km from the nearest railway station and 6 km from the Ring Road.

Properties price in Saket is between Rs 8,500 per sq ft and Rs 22,600 per sq ft. Price of a 2-BHK (930 sq ft) costs an average of Rs 94 lakh and a 3-BHK (1,670 sq ft) costs around Rs 2.16 crore.

Key highlights

A posh South Delhi neighborhood

Comprising premium residential areas

High-end malls and offices

An established area with excellent social and retail amenities along with sound road and metro connectivity

Near to IIT, Sri Aurobindo College, Max Super Speciality Hospital and AIIMS

Delhi’s premier shopping malls, Select Citywalk and DLF Place are in this area

Well-connected through Delhi Metro, MG Road, and Aurobindo Marg

Locality snapshot

Schools: 10+

Hospitals: 5+

Restaurants: 20+

Banks: 20+

Grocery Stores: 20+

Petrol Pumps: 5+

Supply by BHK

1 BHK – 5%

2 BHK – 27%

3 BHK – 46%

Above 3 BHK – 22%

Consumer preference by budget segment (Rs)

Below 25 Lakhs – 17%

25 – 50 Lakh – 36%

50-75 Lakhs – 12%

75 Lakh – 1 Crore – 7%

1-1.25 Crore – 7%

Above – 1.25 Crore – 21%

Escrow rent account must to redevelop cessed buildings in Maharashtra

PUNE: The state housing department has now made it compulsory for the BMC to provide the Commencement Certificate (CC) for the redevelopment of the cessed property after verifying that the developer has deposited rent of 11 months in an escrow account and submitted written proof of the deposit.

This step has been taken to protect the interests of tenants and prevent exploitation by developers. Besides that this decision will benefit the residents of over 14,000 cessed buildings.

Issued on Thursday, the housing department’s new government resolution (GR) outlining the new guidelines have also scrapped September 11, 2019, GR which had stalled any new clearances from the Mumbai Building Repairs and Reconstruction Board (MBRRB), a part of MHADA. The state cabinet at a meeting on October 29 had approved these guidelines.

According to the earlier process, the owners of cessed buildings took consent from 51 percent of tenants appointed a developer and approached MBRRB for a no-objection certificate (NOC) for redevelopment.

The board saw the eligibility of the tenants and provided NOC to the builder. The developer then got Intimation of Disapproval (IOD) and CC from the BMC, provided transit accommodation or transit rent to the residents of the building before starting construction work.

Developers are expected to finish their projects within 36 months. However, there have been innumerable instances where the project has been delayed indefinitely, with the developer not paying rent to tenants. The MBRRB is presently issuing show-cause notices to over 400 such developers who obtained the NOC but did not start construction for long periods.

New guidelines will make it next to impossible for developers to exploit tenants by not paying the rent. The condition of documentary proof of depositing money in an escrow account needs to be mentioned in the NOC given by MBRRB, the GR says.

GR proposes another guideline to set up a monitoring committee comprising MBRRB’s executive engineer, deputy engineer, the architect of the project, and three representatives of tenants from the cessed building. The committee is also supposed to visit the site of construction every three months. Furthermore, they need to submit a progress report to the MBRRB chief officer to MHADA within 15 days. The CEO needs to review the progress of all projects where NOC has been provided, and submit a quarterly progress report to the government.

Yamuna Expressway development body allocates 1,000 residential plots near Jewar

GREATER NOIDA: On Thursday Yamuna Expressway Industrial Development Authority (YEIDA) allocated around 1,000 residential plots. The Authority is expected to rake in Rs 336 crore by the latest residential scheme. The demand for the plots has been increased since the Authority received 2,452 applications for 1,075 plots.

Along with that, the smaller plots are getting a higher response, however, YEIDA had to struggle to search for the takers for plots measuring over 500 sqm. The plots were floated on August 24 and are constructed along the Yamuna Expressway in sectors 17, 18, 20, and 22D.

Conducting the draw of lots at the community center located in Sector P3 of Greater Noida, the Authority sold off 985 out of the 1,075 plots. YEIDA commands a premium of Rs 16,550 per sqm for residential plots. The plot size ranged between 120 sqm and 4,000 sqm. The worth of the smallest plot was Rs 19.86 lakh.

“People who have purchased these plots can reach the Jewar airport within 20 minutes. Sector 22D is located behind Buddh International F1 circuit in Dankaur and Electronic City has been planned next to the sector” said YEIDA CEO Arun Vir Singh. The CEO said that the demand for plots has boosted up now. Apart from that, the concession agreement for the development of the project has been inked with Zurich AG.

The Authority is finding out the plots which were grabbed in the past schemes but withdrawn by the original owners because of insufficient funds or some other reasons.

“A scheme of such leftover plots will be launched soon,” said OSD Shailendra Bhatia.

It has come during the allotment process that not many people were interested in buying residential plots spread over land parcels measuring more than 500 sqm. The 90 unsold plots are over 500 sqm or more.

What are the Key Reasons to Invest in Real Estate?

There are several reasons to investing in real estate. If someone chooses the assets wisely, he can enjoy a healthy cash flow, excellent returns, tax advantages, and diversification life-long. It’s possible to use real estate to build a good wealth. Real-estate is the first name that comes in our mind while thinking about investment. People prefer to invest in real estate and there are several reasons to do that. Here are some facts that you need to know about real estate benefits. These are some reasons that make real estate a good investment.

Cash Flow

Cash flow is the net income earned by the real estate investment after mortgage payments and operating expenses are being made. The major benefit of investing in real estate is its ability to generate cash flow. In most cases, the cash flow only strengthens over time as you pay down your home loan—and build up your equity.

Tax Breaks and Deductions

The next thing on the table is breaks and deductions. Real estate investors have the leverage of taking the advantage of a lot of tax breaks and deductions. It can further save money at tax time. In simple words, you can deduct the reasonable costs of owning, operating, and managing a property.

Fast Fact

There is another interesting thing in real estate investment. The cost of buildings can go under depreciation but not the cost of land.

Furthermore, you can expect the cost of buying and improving an investment property to go under depreciation over its useful life (27.5 years for residential properties; 39 years for commercial). You will get the benefit from decades of deductions and it will help you to lower your taxed income which is another tax perk.


Everybody knows that the real estate investors generate revenue by rental income. Any profits generated by property-dependent business activity, and appreciation. Real estate values tend to increase over time, and with a good investment, you can turn a profit when it’s time to sell. Rents also tend to rise over time, which can lead to higher cash flow.

Build Equity and Wealth

After paying the property mortgage, you build equity—an asset. This asset then becomes a part of your net worth. When you have equity, you have the leverage to buy more properties later this will increase the cash flow and wealth even more.

Real Estate Leverage

Leverage means to use various financial instruments or borrowed capital (e.g., debt) to increase an investment’s potential return. A 10% down payment on a home mortgage, gets you 100% of the house you want to buy, it’s called the leverage. Real estate is a tangible asset and further, it can be served as collateral.

Competitive Risk-Adjusted Returns

You must know that Real estate returns vary. It depends on factors such as location, asset class, and management. Keeping this fact aside the investors aim to beat the average returns of the S&P 500. The average annual return in the last 50 years is about 11%.5 

Inflation Hedge

Inflation avoids the capabilities of real estate stems. Real-estate offers a positive relationship between GDP growth and the demand for real estate. As economies grow, the demand for real estate makes the rentals go higher. It can further turn out to be higher capital values. Which means real estate helps to maintain the buying power of capital. It happens because of the passing some of the inflationary pressure on to tenants and by putting some of the inflationary pressure in the form of capital appreciation.

You must know one thing – Mortgage lending discrimination is illegal. 

Real Estate Investment Trusts (REITs)

In case you want to invest in real estate, but you think that you are not ready to make the jump into owning and managing properties, you have another option in your hands. You can consider a real estate investment trust (REIT). They allow you to buy and sell publicly-traded REITs on major stock exchanges. REITs are required to pay out 90% of income to investors; hence they barely offer higher dividends than many stocks.

The Bottom Line

As everything comes with the pros and cons, apart from all the benefits of investing in real estate, there are drawbacks. One of the main drawbacks is the lack of liquidity. Unlike other investments like stock or bond transactions, which can be processed in seconds a real estate transaction can take a long time to close. Even if someone takes the help of a broker, it can take more than a few weeks of work just to find the right counterparty.

Real estate is surely a distinct asset class that’s simple to understand. Also, it may enhance the risk-and-return profile of an investor’s portfolio. While investing in real estate if you are a first-timer, you must consult somebody who has a better experience than you do. Real-estate consulting companies here do their job at best.

South-Central Mumbai luxury home sales records sharp pick up in October

MUMBAI: Luxury apartments in south-central Mumbai, an area that was saddled with supply, experienced a sharp pickup in sales in October. It has provided relief to the developers who were struggling to offload inventory after the Covid-19 pandemic hit the real estate market.

A reduction in the charges of stamp duty, festive offers, ready stock, and small impact of Covid-19 on its target buyers helped a lot to boost sales in this upscale area.

Localities in South-central Mumbai– including Tardeo, Mahalaxmi, Worli, Prabhadevi, Byculla, and Lower Parel – have seen a jump of more than 230% year-on-year in monthly sales to Rs 500 crore, showed data from Anarock Property Consultants.

Last year in October, these localities witnessed a recorded sales of Rs 150 crore for apartments priced more than Rs 5 crore.

Anuj Puri, chairman, Anarock Property Consultants also said “The limited-period reduction in stamp duty cut has affected various segments including even Mumbai’s hyper-expensive luxury locales”. “At such steep ticket prices, even HNIs (high net worth individuals) are not impervious to potential savings. The offers currently rolled out by developers are also pushing sales in these markets. The stamp duty cut alone helps buyers save at least Rs 12 lakh on a property worth Rs 4 crore, and the saving goes up as the average property cost increases.”

The Maharashtra government had cut the stamp duty to 2% from 5% till December-end and 3% between January and March 2021. They have surely done so to encourage home sales.

Property brokers say that the pandemic’s impact on clientele for such properties has been limited and these potential buyers prefer ready homes or those nearing completion.

Developers are expecting this trend to continue during the festive season.

Abhishek Lodha, managing director, Lodha Group said “October was the best-ever month for sales in the luxury and premium segment, with over Rs 400 crores of sales in just one month. Consumers are preferring ready homes and with limited ready supply, stamp duty cut, low interest rates, and increased preference for home buying, we expect the sales in premium and luxury to continue to be strong.”

Reduction in the stamp duty has not only helped convert pent-up demand in the mid-income and affordable segments but also prompted the conclusion of several large-ticket transactions in the city. The trend is seen increasing further during the ongoing festive season. Various big transactions are getting concluded in Mumbai, the country’s most expensive property market, in the backdrop of reduced stamp duty charges and various offers.

South-central Mumbai is also witnessing this boost in sales.

These micro-markets are known for their closeness to business hubs and traditional luxury pin codes of south Mumbai. These also house many high-profile names including industrialists, sportspeople, start-up founders, and C-Suite professionals. This is another reason for the increased preference of this buyer segment in the micro-market.

Mistakes that Real Estate Investors must avoid

Are you getting started with real estate investing? Never expect to become a pro overnight. There is no doubt in the fact that you can make money buying and selling properties. But to do so you need to have good knowledge, research, and skill. Most importantly you need to know about some of the major mistakes those others making a start in real estate investing. It can help you to avoid making those mistakes. Let’s check out them:

Failing to Make a Plan

You definitely should not buy a house and then decide what you are going to do with it. 

Before applying for a home loan or borrowing the cash, you need to have an investment strategy. Decide what kind of house are you looking for? Is it for your family, to rent out, or for a vacation destination? Once you figure this out start looking for properties that fit in your plan.

Be economical with Research

Before buying anything everyone compares different models, makes a lot of queries, and tries to determine whether the purchase they are considering is worth the money. The due diligence that goes into buying a house shall be even more careful.

It makes sense to ask as many questions as you want about the property. Besides that, you should also analyze of neighborhood area where the property is located. Here is the list of questions that investors should ask the sellers while considering the properties to buy:

Is the property near to any commercial site? Is there any long-term construction occurring nearby?

Is the property in a flood zone?  

What things are fine and what must be replaced?

Know why is the homeowner selling the property?

If you are planning to move to a new city, check out whether there is any problem in that area?

Doing Everything on Your Own

Many buyers think that they know everything and they can close a real estate deal on their own. The truth is that there are very less chances where you can hit the deal perfectly without any guidance.

Real estate investors are the ones who can help you to make the right purchase. They have a list of a real estate agent, a home inspector, a good attorney, including the insurance representative.

Such experts can easily alert the investor about the flaws in the home or neighborhood. Besides that, a good attorney may be able to alert you of any defects in the title or easements that might come back to haunt you down the line.

Forgetting That All Real Estate Is Local

You also need to know about the local market to make purchase decisions that will help you to get profit. It includes drilling down on home values, land values, levels of inventory, supply and demand issues, and many other things. Knowing these parameters will help you decide whether or not to buy the property.

Overlooking the Needs of Tenants

If you are planning to buy a property that you’ll rent, you need to know who your potential tenants are likely to be. Whether they will be singles, young families, or college students? Families need localities with low crime rates and good schools; however, the single people looking for a good nightlife nearby. If you are planning to purchase a property for vacation rental, it needs to be near is it to the beach or any other local attractions. Always match your investment to the kinds of tenants you are expecting to have in that area.


This issue is somewhere related to property research. Searching for the right property is a time-consuming and frustrating process sometimes. When a potential property buyer finally finds a house that meets their requirements and desires, they naturally get ready to accept the bid.

The problem with being hurried buyers is that they tend to overbid on properties. Overbidding on a property can have a big effect on problems. You might end up with much debt than you can afford actually. Consequently, it will take years to recoup your investment.

To figure out whether your potential investment has too costly or not, start searching other similar homes in that area and check out their prices too. A real estate broker can provide you this information very easily.

So, if you are looking for a property to invest in, avoid making these mistakes.

Pune residential sales up 58% quarter-on-quarter in Q3, launches rise 55%

MUMBAI: Real-estate market of Pune has experienced a 58% sequential rise in housing sales to 1,344 apartments in the third quarter. This change has been led by the state government’s decision of reducing the stamp duty on property transactions. Increasing sales was also supported by low mortgage rates, attractive offers by builders, and competitive prices.

According to the data shown by a property consultancy JLL India, residential launches in the city have witnessed a 55% sequential jump to 1,756 new units during the quarter with locations like Kharadi, Hinjewadi, Wakad, and Hadapsar accounting for more than 50% of the launches.

This strong growth was on a low base of the second quarter that was certainly impacted owing to the severe lockdown restriction in the wake of the ongoing pandemic.

Homebuyers preferred properties that are nearer to prominent office locations and are being developed by renowned and reliable builders with an execution track record. There is also an increased number of inquiries for completed and nearing completion projects as compared to the recently launched projects.

Managing Director, Pune, JLL India Sanjay Bajaj further said that “Developers continued to align new supply with demand and the majority of these launches were in affordable and mid segments. Further, the city has also witnessed healthy traction in the luxury segments which was not visible earlier.”

He also believes that in the subsequent quarters, the translation of demand into sales will primarily hinge on enhanced consumer confidence. Consumer confidence further depends on the continued implementation of progressive government policies amidst the gradual revival of the Indian economy at large.

He also added that there is an increasing acceptance of digital platforms amongst homebuyers to buy the home from raising an inquiry to making the payment through the developer’s online window. 

Understanding Real Estate – The best Investment!

The word real estate is related to the land along with any permanent improvements attached to the land. In simple words, the term real estate refers to any kind of real property. It is different from personal property, where things are not permanently attached to the land, such as vehicles, boats, jewelry, furniture, and any equipment.

Understanding Real Estate

Never confuse yourself with the terms land, real estate, and real property. Sometimes people indeed use these terms interchangeably, but these terms are different.

The land is the earth’s surface down to the center of the earth and upward to the airspace above, including the trees, minerals, and water. On the other hand real estate is the land, with any permanent man-made additions. These additions can be like houses, offices, and other buildings.

If we speak broadly, real estate is simply a physical surface of the land that lies above and below it and is permanently attached to it. It further comes with all the rights of ownership which includes the right to possess, sell, lease, and enjoy the land.

You should not confuse the Real property with personal property. Now you must be wondering what personal property is. Well, personal property is movable, vehicles, furniture, clothing, and phones are the best examples of that.

What are the physical characteristics of Real Estate?

It has three physical characteristics that differentiate it from other assets in the economy:

  • Immobility:

Some parts of the land are indeed removable and the topography can be altered but the geographic location of any land can never be altered at all.

  • Indestructibility:

The next good thing about the land is that it is durable and indestructible.

  • Uniqueness:

You might not have paid attention to this fact but every land is unique. No two pieces of land can be the same. However, they might indeed share similarities, every after having different geographic locations.

What are the Economic Characteristics of Real Estate?

Real-estate also has some significant economic characteristics. These characteristics influence its value as an investment.

  • Scarcity

Land or real estate isn’t considered rare but their total supply is fixed.

  • Improvements:

Any alterations or changes to the real-estate/land or a building that affects the property’s value are considered as improvements. Improvements with a private nature like homes and fences are referred to as improvements on the land; however the improvements of a public nature like sidewalks and sewer systems) are called improvements to the land.

  • Location of the property or area preference

Location or locality simply means people’s choices and tastes regarding a given area. It is based on factors like convenience, reputation, and history. Location is a major economic characteristic of the land.

What are two different types of Real Estate?

Real-estate is basically of five different types:

  • Residential real estate:

Any property that is used for residential purposes is known as residential real estate. It includes single-family homes, condos, cooperatives, duplexes, townhouses, and multifamily residences.

  • Commercial real estate:

Any property which is used exclusively for business purposes, like apartment complexes, gas stations, grocery stores, hospitals, hotels, offices, parking facilities, restaurants, shopping centers, stores, and theaters comes under this category.

  • Industrial real estate:

Any property that is being used to serve a purpose like manufacturing, production, distribution, storage, and research and development is an example of industrial real-estate. It includes factories, power plants, and warehouses.

  • Land:

Next is the land. It includes the undeveloped property, vacant land, and agricultural land.

  • Special purpose:

Now, the last type of property is the property used to serve some special purposes. Property used by the public, like cemeteries, government buildings, libraries, parks, places of worship, and schools is an example of this.

How the Real Estate Industry Works?

Most people think that the real estate industry is restricted merely up to the brokers and salespeople. On the other hand, several people earn their livings through real estate. It is not only because of the sales only but it also considers the property management, financing, construction, development, counseling, education, and several other fields.

From accountants to architects, banks to title insurance companies, surveyors, and lawyers many professionals and businesses depend on the real estate industry.

Different ways to invest in real estate:

  • Homeownership
  • Rental properties
  • House flipping

Pros of investing in Real-estate:

  • Offers steady income
  • Offers capital appreciation
  • Diversifies portfolio
  • Can be bought with leverage

Cons of investing in Real-estate:

  • Is usually illiquid
  • Influenced by highly local factors
  • Requires big initial capital outlay

How to Invest in Real-Estate indirectly?

You can also invest in real estate indirectly. Real estate investment trust (REIT) is one of the most popular ways to do so. REIT is a company that holds a portfolio of income-producing real estate. There are different types of REITs. It includes equity, mortgage, and hybrid REITs. REITs are further categorized based on their shares are bought and sold:

  • Publicly traded REITs
  • Public non-traded REITs
  • Private REITs


  • Real estate is a kind of “real property” that can be a land or anything permanently attached to it. It can be natural or man-made.
  • Real estate is categorized into five main categories. It is residential, commercial, industrial, raw land, and special use.
  • You can invest in real estate either by purchasing a home, rental property, or other property or indirectly through a real estate investment trust (REIT).
Niti Aayog releases draft model act on land titles

NEW DELHI: To reduce litigations and ease the land acquisition process for infrastructure projects Niti Aayog has released a draft model Act and rules for states on conclusive land titling.

This model Act and rules will give state governments the authority to order for the establishment, administration, and management of a system of title registration of immovable properties.

The purpose of the draft model Act is to decrease a large number of land-related litigations and to improve land acquisitions for infrastructure projects.

Under the model Act, the land dispute resolution officer and land title appellate tribunal are one-shot institutions that will fade away as the work reduces.

Besides that after three years of its notification, the register of title obtains the conclusion without any external action.

In case of any dispute conclusive land titles are assured by the state for the correctness and entail provision for compensation by the state.

According to the draft Act, any person discontented by an entry in the Record of Titles notified under Section 11 can easily file an objection before the Title Registration Officer within three years from the date of such notification.

Along with this the Title Registration Officer should make an entry to that effect in the Register of Titles and the Register of Disputes and refer the case to the land dispute resolution officer.

A party suffering from an order of the land dispute resolution officer can also appeal before the Land Titling Appellate Tribunal within 30 days of passing of such an order.

It has been said that a special bench of the High court should be designated to deal with appeals against the orders passed by the Land Titling Appellate Tribunal.

LUCKNOW: On Friday Uttar Pradesh, the state cabinet reduced the charges for land-use

conversion from agriculture to industrial from 35% to 20%. This step has been taken to attract more industries to invest in real estate.

Permission to amend the rule has been granted by the Uttar Pradesh Urban Planning and Development (Assessment, Levy, and Collection of Land-use Conversion Charge), however, the arrangement will be applicable soon after the decision is notified.

Besides, that cabinet approved the proposal for the development of a ‘parikrama path’ (path for circumambulation) around Vindhyavasini Temple in Mirzapur. It also authorized Chief Minister Yogi Adityanath to take any further decisions regarding the project.

The temple has a significant following and several devotees perform ‘parikrama’ around its premises. Currently, the path is narrow and broken which is a serious threat to devotees.

After the completion of the new corridor, the ‘parikrama path’ will be 50 feet wide. The temple is situated at the banks of the Ganga. Furthermore, it has great potential for water sports and adventure tourism.

It has also been said by the government spokesperson that said there are so many waterfalls near the temple. This can be helpful to promote ecotourism by developing the area.

The cabinet also approved a drinking water scheme for Bundelkhand and Vindhya regions, and in villages where water quality was not good. Earlier, it had approved 21 projects of more than Rs 200 crore each. Work is underway in most of the projects. Three more schemes were approved on Friday which includes a piped water scheme for Jalaun and two projects for Sonbhadra.

Apart from that, another proposal of the World Bank-aided pro-poor tourism development scheme has been approved. The cabinet authorized the CM to take any decision under the project. The cost of the project will be Rs 371.4 crore. 70% of this project will be given by the World Bank while 30% will be borne by the state government.

Work will be executed in Sarnath and Kushinagar under this project. In Sarnath, the project will be accomplished by the Varanasi Development Authority. On the other hand in Kushinagar, it will be carried out by the Gorakhpur Development Authority. The project will meet the requirements of the development of tourist facilities, generation of employment, and local development.

A Permission to the signing of a memorandum of cooperation (MoC) between the agricultural education and research department of UP and the ministry of agriculture, forest, and fisheries, Japan has been given.

The department will have to take clearance from the ministry of foreign affairs after that.

Flipping vs. Rental Income Properties! Which one is the better option for you?

Do you want to know whether flipping or buying and holding real estate is the best strategy for investing in property? If yes then the answer to this question is variable. Rather than choosing one method over the other, you should be a part of a clear strategic plan that satisfies all your goals. You must consider the opportunities presented by the existing market. Here is a brief of what is involved in pursuing each strategy and how to decide which one can be the best for you.

Why should you invest in Real Estate?

You must be aware of the fact that residential real estate ownership is gaining ever-increasing interest from retail investors. There are a lot of reasons for that:

  • First of all real estate investment can provide more predictable returns than other investments like stocks and bonds.
  • The next big thing is that real-estate provides an inflation hedge because rental rates and investment cash flow usually increase similar to the inflation rate.
  • Real estate offers an excellent place for capital in times when you’re not so sure of the prospects for stocks and bonds.
  • The profit generated in a real estate investment provides an excellent base for financing other investment options. Rather than borrowing to get the money to invest in other investment alternatives, investors prefer to borrow against their equity to finance other projects.
  • The tax-deductibility of loan interest makes borrowing against a real-estate more attractive.
  • Property investment provides a cash flow for owners but in addition to that, it can also be used for a home or other purposes.

Passive vs. Active Income

One major difference between buying and holding and flipping properties is that the buying and holding property can provide you a passive income, on the other hand flipping property offers active income to you.

Passive income is money that you earn every month from your investments no matter where you are. This income can be earned from stocks or owning rental property and getting rental income every month. You can hire a management firm to do all the required work like searching for the tenants, collecting rent, and taking care of maintenance work.

Now let us talk about the active income. 

It’s the income that you earn. It is the salary that you get from working, as well as the money you make flipping houses. Flipping is considered an active source of income. 

In this way, you can’t say that flipping is not simply an investment strategy like buying and holding stocks or property. So, if you’ve got a day job you must keep this thing in your mind that your free time is about to be taken up with all of the things that flipping a property demands.

Two Ways to Flip Properties

There are two different categories of properties that you can use in a buying/selling approach to real estate investing. 

  1. Property (houses/apartments) that you can purchase below current market value because that is financial distress. 
  2. The other one is the fixer-upper, a property with structural design, or condition issues that you can overcome to create value.

Investors who focus on distressed properties do so by figuring out the homeowners who can no longer manage their property or who are unable to sustain their properties. Sometimes they also find it by identifying the properties that are overleveraged and are on the verge of going to default. 

However who prefer fixer-uppers generally renovates or enhances a property so that it looks more efficient for the apartment tenants.

It is true that continuously finding opportunities like this can be challenging in the long run. In simple words flipping properties should be considered more of a tactical strategy than a long-term investment plan.

The Pros and Cons of Flipping


  • Faster return on your money
  • Potentially safer investment


  • Costs
  • Taxes

Pro: Faster return on your money

One big advantage of flipping properties is getting the gains quickly. This thing releases capital for other purposes. Generally, the average time to flip a property is about six months, however, the first-timers should execute the process a little longer.

Pro: A potentially safer investment

Unlike other investment methods like the stock market, real estate markets are quite predictable. In other words, flipping properties is considered a safer investment strategy. The reason behind that it is intended to keep money at risk for a small amount of time. Flipping property doesn’t require the hassles of finding tenants, collecting rents, and maintaining a property.

Con: Costs

Flipping houses can generate the costs issues that you won’t face with long-term investments. There are various expenses involved in flipping. These can demand a lot of capital which can further lead to cash flow problems. Since transaction costs are very high while buying and selling sides, that can affect the profits significantly. If you are giving up your regular job and relying on flipping for your income, you’re giving up on a consistent income. 

Con: Taxes

The frequent turnaround in properties can boost your taxes. That is true more specifically if things move too fast to take advantage of long-term capital gains. In those cases, you’ll have to pay a higher capital gains tax rate which will be based on your income if you own a property for less than a year.

The Pros and Cons of Buy-and-Hold the property


  • Ongoing income
  • Increase in property values
  • Taxes


  • Vacancy costs
  • Management and legal issues

Pro: Ongoing income

Having rental property offers you a regular source of income, no matter where you are at that time. Regardless of decreasing prices, land values have almost always rebounded in the long term because of the limited supply of land.

Pro: Increase in Property Values

The longer you hold your property, the more you are going to be benefitted from inflation. Inflation will boost the property’s value however the amount you borrowed for the home loan goes down. 

Pro: Taxes

Rental real estate is taxed as investment income, with lesser tax rates. You also have the leverage of writing down the expenses, that includes repairs, maintenance, or paying to the property manager.

Con: Vacancy Costs

Sometimes you might fail to find the tenants. It is one of the risks of owning rental property. It is true whether you do it yourself or hire somebody to do it for you. If your property remains empty for months, you are responsible for covering the EMIs of that time. Before investing in a buy-and-hold property, you must make sure that your budget covers at least three months of vacancy per year.

If you’re thinking to go for a buy-and-sell strategy, you should also determine whether you have the skill to handle distressed sale properties or fixer-uppers. Now you choose, what you want.

H-RERA approves maximum 1% real estate brokerage in Haryana

CHANDIGARH: It has been announced by the officials on Tuesday that the Haryana Real Estate Regulatory Authority (HRERA) has approved a maximum of one percent brokerage on buying or selling of property in the state.

Considering the complaints that property dealers are charging arbitrary commission from sellers and buyers both, a bench headed by HRERA Chairman KK Khandelwal and comprising member SC Kush took this decision recently.

The government has decided against issuing restraint orders to all promoters and brokers to refrain from charging commission more than what is prescribed. The brokers can’t charge the commission more than what is prescribed as per the Haryana Regulation of Property Dealers and Consultants Rules of 2009 under the Haryana Regulation of Property Dealers and Consultants Act of 2008.

Rule 10 gives one percent commission on agreed consideration value to be paid by the buyer and seller of the property. It implies that half percent by each on the finalization of the deal as per their agreement entered in the register of the dealer under valid receipt.

Furthermore, Khandelwal said that property dealers or brokers are indulging in malpractices in collusion with promoters and charging more than prescribed commission both from sellers and buyers.

Commission as high as five to 10 percent of the property value was allegedly charged by agents and the burden was ultimately shared by buyers.

Now all real estate agents have been notified not to charge commission more than what was prescribed in the rules. Doing so will be considered as an outright violation of the provisions of the law, he added.

The bench ordered a forensic audit of accounts of around two dozen guilty builders and brokers.

Besides that, some instances have been noticed by the authority where some property dealers were falsely representing services of a particular standard or grade and making false or misleading representation concerning approvals for various projects.

The HRERA Chairman said that certain real estate agents and brokers were also involved in this matter of issuing misleading advertisements for upcoming projects.

“It has been seen that some brokers/property dealers are involved in the sale of property in unauthorized colonies as well. A vigil is kept on such brokers so that their registrations can be canceled and criminal/civil action, as per law, initiated against them. It is now mandatory for the brokers to keep the copies of relevant approvals/plans, specifications, brochures, etc of projects where deals are facilitated by them,” Khandelwal said.

Licenses to brokers/property dealers are provided by Deputy Commissioners concerned under the Haryana Regulation of Property Dealers and Consultants Act, 2008. The registration of property dealers to negotiate/mediate real estate deals of a registered project is done by the Real Estate Regulatory Authority under Section 9 of the Real Estate (Regulation and Development) Act, 2016. Furthermore, the registration has then subjected the condition that the real estate agent should not go against the provisions of any other law as applicable to him.

He further added “We have noticed that some property dealers/agents … do not have necessary documents. They shall also be penalized, including cancellation of their registration with the Authority along with a recommendation to the Deputy Commissioners concerned for withdrawal of their licenses”.

HRERA was in the process of prescribing a code of conduct for property dealers to make sure that property dealers abide by the norms so that there are no unfair trade practices, said Khandelwal.

The code of ethics will prescribe both additional books of accounts to be maintained by property dealers to the commission charged as per the law and also records of transactions which may be perused by the authority in case of a dispute between buyers and brokers.

Wipro launches tenant acquisition management solution for real estate industry

BENGALURU: Wipro Ltd declared on Wednesday that it will co-innovate with SAP SE on cloud-based solutions for the real estate industry. In the beginning, the Bengaluru-headquartered IT major has launched the Tenant Acquisition Management solution. This solution can be integrated as a cloud extension to SAP ‘Customer Experience’ and SAP S/4HANA software as well.
Anchored with technologies like robotic process automation, artificial intelligence, and machine learning, the solution offers faster deal conversion concerning tenant leasing. It is providing a seamless, real-time, and consistent experience for leasing agents to perform Lead to Lease activities, a Wipro statement said.

It was also said that the solution also provides Wipro’s preconfigured industry solution for real estate to accelerate SAP S/4HANA deployments and manage end-to-end real estate business processes.

IT expansion leads to demand surge for office space in Pune SBD West micro-market

The commercial sector in India has thrived in the last few decades and it continues to flourish. While the pandemic has led to a temporary fall in the growth of the market, recovery is expected by next year.

Owners of the commercial spaces are now planning their space consumption keeping in mind factors like flexibility in lease terms, minimum capital investment, rental costs, connectivity, commute, and social distancing space.

Besides that, the tenants are also looking for micro-markets. They are looking for space where additional space availability has been created given the recent portfolio optimization exercise that has been undertaken by a majority of commercial occupiers.

A micro-market that has emerged to be a realty hub with appreciation potential amid the ongoing economic crisis is SBD West in Pune.

Assessing the growth of Pune’s SBD West

In Pune, the micro-market SBD West comprising of Baner, Balewadi, and Mumbai-Bangalore highway are seeing an upward growth in demand driven by expansions of IT and tech companies, and the need for flexible office spaces during the pandemic.

SBD West has experienced a year-on-year increase in absorption from 0.5 mn sq ft in 2018 to 1.2 mn sq ft in 2019 and 0.7 mn sq ft in H1 2020 and 2021 SBD West is expected to witness absorption of about 1mn sq ft.

In the last few years, this micro-market has grown to become a prominent location owing to the talent pool that resides in locations such as Kothrud, Karve Nagar, Sinhgad Road, Wakad, Bavdhan, and Pashan.

Various factors like availability of grade-A multi-tenanted buildings, proximity to high-density residential locations, and easy accessibility to Mumbai by road have contributed to the growth. It is an attractive opportunity for occupiers who not looking for exorbitant investments.

SBD West continued to strive and remained occupiers’ favorite even during the hard pandemic time. However it may take some time to reach the pre-COVID 19 levels, we expect to witness green shoots of recovery within the next 6 to 12 months.

Presently the stock stands at 10.90 mn sq ft. Furthermore, it is expected to reach 11 mn sq ft by the end of 2020. By 2021, it will reach 12.20 mn sq ft. The size of space taken up by occupiers in this micro-market is hardly in the range of 30,000 to 100,000 sq.ft. with a few exceptions of larger commitments in the range of 200,000 to 4000,000 sq.ft.

Commitments from flexible office operators have also created a large part of the absorption in this micro-market.

When the occupiers are on a wait-and-watch mode in terms of their real estate strategies, demand, and supply in the next few quarters is expected to increase on account of the expansion of IT and ITes companies and the rising popularity of flexible offices spaces.

While the rentals across the city may experience a marginal reduction owing to the pandemic losses, SBD West is likely to attract a major load of occupiers and tenants. It will happen when the demand is back in the market.

Haryana RERA issues showcause notice to Gurugram-based Empire Realtech

NEW DELHI: Gurugram bench of Haryana Real Estate Regulatory Authority (HARERA) has provided a showcause notice to Empire Realtech. Besides that, they have warned to blacklist its associated company CHD Developers and barred them from registering any project till the ongoing ones are completed. It may also impose a fine of Rs 28 crore to the builders if they fail to comply.

KK Khandelwal, Chairman, HARERA, said that in the notice builder has been informed that registration of the projects will be cancelled if builder fails to complete it.

HARERA has also said that there could be diversion of funds of the project which was meant for construction.

Khandelwal further said “Empire Realtech Pvt Ltd had launched a project “106 Golf Avenue” in 2011 and possession was to be given by December 2016 but even after 4 years, the developer hasn’t offered possession”.

The promoter intimated revised date for completion of the project to RERA as June 30, 2021.

“But, keeping in view the present situation of funds and stage of construction, the project is likely to get delayed again,” Khandelwal added.

The builder has also not submitted the quarterly progress reports which were mandated under the RERA act.

600/642 units in the project have been sold. Besides that Rs 500 crore have been collected from the allottees and promoter has also taken loan of around Rs 150 crore out of which Rs 36 crore are still outstanding.

“Regardless of the availability of funds both from allottees as well as lenders the project is far from completion. There are 9 towers in the project and in only 3 towers, 80 per cent work has been completed whereas in the remaining towers less than 80 per cent work has been done,” Khandelwal said.

The authority has also decided to order forensic audit of the project to ascertain any misutilisation of funds.

RERA chief also said “The meeting of the association of allottees was called along with the promoter and the mitigation plan for completion of project was discussed at length. The promoter has not opened a separate RERA account of the project”.

The promoter has been asked to submit a mitigation plan for completion of the project within a month in consultation with the association of allottees. The authority has also provided an option to the association of allottees whether they are willing to take over the project for its completion.

Govt eases norms to boost real estate

To boost industrial development and investment in the state, the Punjab Government took some important decisions today. It includes allowing industry in agricultural and mixed-use areas but this is subject to certain conditions. Besides that reduction in non-construction fee by an allottee if he does not construct on estates developed by government and development authorities within the time period of 3 years.

The aim of this is generating employment. These norms were announced after a virtual meeting of the Punjab Regional and Town Planning and Development Board (PRTPD) and development authorities headed by Chief Minister Capt Amarinder Singh. According to an official spokesperson a 30-day public notice would be given by the government, after which these decisions would be finalized.

According to the decisions, industry will be allowed in agricultural areas beyond 3 km of the Municipal Corporation cities and beyond 2 km of the smaller towns, provided the land has a 19-22 feet access. Besides that the red category industries should be at least 500 metre away from the village populace for the purpose of establishment of such industry. For the use of mixed land areas, it was decided to permit industry only along major roads.

The meeting has also been decided on the development industrial hubs in 1,100 acres in Rajpura and in another 1,000 acres near Ludhiana. As per another important initiative, the Greater Mohali Area Development Authority (GMADA), also headed by the Chief Minister, decided to set up an industrial estate in Mohali. The estate will have two parts, with about 530 acres to be developed by GMADA and comprising smaller plots, while another 250 acres will be allowed to be developed by private players.

Further, for the residential sector in New Chandigarh, a decision is taken to allow affordable housing colonies in 25 acres and above, and other residential colonies in 50 acres or above, from the existing requirement of minimum 100 acres. Talking about the heels of the affordable housing policy, notified recently by the state government, the move will provide homes to thousands of people.

The Chief Minister also approved two major projects for Patiala, including cleaning up and beautification of the Chotti and Badi Nadi through sewerage system along its length and creating a water body by the Check Dam, at a total cost of Rs 180 crore. In addition to that Rs 42 crore has been approved for beautifying Patiala’s main market through its redevelopment as a heritage street.

Haryana to penalise builders who failed to ensure required power infrastructure

GURUGRAM: The Haryana government has decided to take penal action against builders who have failed to ensure the required power infrastructure housing societies or townships built by them. The government has allotted the builders “one last chance” to “fall in line”.

This move follows the strict stand by the Environment Pollution (Prevention & Control) Authority (EPCA) against diesel gensets as part of the Graded Response Action Plan (GRAP). Outages are the major cause for concern for thousands of residents in housing societies who depend on DG sets for power supply. One of the main causes of outages in Gurgaon is insufficient or under-capacity power distribution networks installed by some of the developers.

This situation has been there for years but it is the EPCA’s decision to ban diesel gensets that may finally bring a resolution. Haryana chief secretary Vijai Vardhan said on Tuesday that a list of all such builders will be shared with the EPCA. The government will also give the developers one last chance to fix the shortcomings, after which they would be prosecuted, he added further. According to the list prepared by the Dakshin Haryana Bijli Vitran Nigam (DHBVN), there are approx 20 builders who have not deposited the money with the discom even after collecting crores of rupees from residents for providing electricity. This resulted in the lack of permanent power connections in the societies built by them.

Vardhan further said “The builders are solely responsible for the shortcomings, because of which the residents are suffering. These builders cannot hide behind petty excuses. There is no problem whatsoever with the power department. The blame lies with these private developers. We are set to take strict action against them if they fail to fall in line. The EPCA or the state government cannot be blamed for the misdeeds of these private builders”.

“We are in the process of sharing the list of all such private builders who have failed to get the required power infrastructure in the housing societies built by them, with EPCA. These builders are being given one last chance to fix the shortcomings in a time-bound manner, after which they will be prosecuted,” he added.

When he was asked about the detailed affidavit which the Haryana government needs to submit to the EPCA, Vardhan stated that the departments concerned were constantly in touch with the pollution authority. The affidavit would lay down the schedule for colonies that are fully or partially relying on DG sets.

As per the senior DHBVN official, builders of the 22 residential societies in Gurgaon that are either partially or fully dependent on DG sets have been repeatedly reminded that they need to address inadequacies on their part. The official said “We have sent repeated notices to all these builders that they need to fulfill their obligation. But these notices seem to have fallen on deaf ears. These builders need to provide us land to build a 33KV switching station. Only then can the needed load get sanctioned”.

Apart from that, the official informed “Thousands of residents are being forced to live without electricity, primarily because of the sloppiness of the builder. Instead of taking steps to provide us the needed land, some of these builders are approaching bodies like the Haryana Electricity Regulatory Commission (HERC) to buy time. However, they need to understand such ploys will no longer work.”

Chennai’s real estate market shows signs of recovery

Because of the lockdown restrictions, the residential market in Chennai, which had experienced a slump due to the pandemic, is recovering now. Real estate firms are waiting for new launches. According to estimates provided by real estate firm Knight Frank, the city-based developers managed to sell over 3,085 new properties between July and September. These stats were 4,240 during the same period last year. According to Knight Frank, analysis developers are innovating on marketing prowess to include financial benefits, discounts, and easy payment options to attract buyers during the lockdown, sales have seen an uptick in the third quarter of 2020 over the preceding one.

Demand for housing’

Sanjay Chugh city head (Chennai), ANAROCK Property Consultants said “The lockdown resulted in a slow-down in the demand for housing. Homebuyers who were sitting before COVID-19 have come back in the market to take advantage of the reduction in interest rates on home loans and the availability of ready-to-move-in properties. “Residential properties [apartments/plotted land] priced at ₹25 lakh-₹75 lakh are seeing the maximum traction from homebuyers in suburban areas. Because of the work-from-home option, people prefer larger apartments in the suburbs. Besides that the customers are willing to travel a little far to buy a larger home to accommodate a dedicated working space within their houses,” he added.

Padam Dugar, the vice-chairman and managing director of Dugar Housing Limited and president of the Confederation of Real Estate Developers’ Associations of India (CREDAI)-Chennai chapter said the post-pandemic home had become more like a necessity than an investment. “Lower home-loan interest rates have helped sales in the city. It will get a better boost if the Tamil Nadu government comes out with some incentives by reducing the stamp duty,” said Prakash Challa, chairman and managing director of SSPDL.

Chennai’s residential real estate market has also seen an increase in launches, from 182 units in the second quarter of 2020 to 1,487 in the third, according to data provided by JLL Research (the comparison pertains only to the last two quarters, since the current crisis has no parallel, and has infused uncertainty that has not been witnessed in the past decades).

The western suburbs like Porur, Ambattur, and Padi has accounted for nearly 80% of the launches during the quarter. Furthermore according to the JLL’s data residential real estate witnessed pent-up demand, translating into sales, and 1,570 units were sold during Q3 2020. Sales were concentrated in the southern (Padur, Navalur, Perumbakkam, and Kilkattalai) and western suburbs, which contributed over 80% to the quarter.

Maximum sales traction was seen in the affordable and lower-mid segments. Subsequently, inquiries for larger-sized homes from a certain section of prospective buyers have also witnessed a rise. This happened because the preferences have for homes with more open spaces and study rooms.

“There has been a marginal decline in unsold inventory during the quarter, as sales outpaced launches. While quoted residential prices remain stagnant, developers are offering various financial schemes, low booking amounts, and other freebies to attract homebuyers,” said Siva Krishnan, managing director, Chennai, JLL India.

Two real estate developers said they sold properties after relaxations in lockdown norms, but consumers were on a bargaining spree. One of them said he had to give lucrative incentives to make sure that the consumer picked his space. “Inquiries are coming in, and demand is picking up at a slow pace,” he added. Most developers said with work-from-home options, consumers now wanted better spaces of their own.

Tata Realty and Infrastructure announces new home loan scheme

On Monday Tata Housing announced a scheme for homebuyers. In this scheme, homebuyers need to pay a flat 3.99 percent interest rate on home loans. Under this scheme, the company will bear the rest as part of its effort to attract prospective customers for one year. The particular scheme will be valid for 10 projects till 20th November.

this scheme offers the facility to pay only a 3.99 percent flat interest rate for 1 year, with the rest being borne by Tata Housing, the company said in a statement.

Besides that, the homebuyers will also get a gift voucher ranging from Rs 25,000 to Rs 8 lakh depending on the property, post the booking. The voucher will be issued post payment of 10 percent and registration of property.

Sanjay Dutt, managing director, and chief executive officer, Tata Realty & Infrastructure said: “While the real estate sector was one of the worst-hit in the first few months of the pandemic, it has started to show some early signs of recovery. “ He further added that the government and the RBI have taken many measures for the real estate industry during this Covid pandemic. “It is the turn of the private sector to assist the homebuyers in owning their safe havens,” he said.
Since housing sales have been traditionally higher during the festive season, real estate developers have offered discounts as well as attractive payment plans to lure prospective home buyers.

Mumbai-based Kalpataru Ltd has launched a subvention scheme. In this scheme the customer pays 10% now and nothing for the next 2 years. Besides that, they are also offering zero stamp duty burden for customers on select projects.

On Monday Wadhwa group has also said that customers can buy ready-to-move-in units in its select projects by paying only 10 percent now and the installments of balance payment will start one year later.

Anarock Chairman Anuj Puri is advised to take the advantage of festive offers, especially when they result in savings on the overall cost of acquisition.
He said “Buying a home in one of life’s most cost-intensive financial undertakings and any real relief on this front is a value-add. The two important provisos on a scheme or offer are that the property in question should itself have a sufficient desirability quotient and that the developer is reputed and known to deliver value.

Housing.com has also launched an online festival from October 7 to November 14. In this festival builders from 10 major cities are participating and giving discounts and freebies.

BMC to allow private parties to redevelop 674 plots in Mumbai

MUMBAI: The cash-strapped BMC is to allow private parties to redevelop 674 of its plots across the city. These plots were given on tenancy decades ago. The civic administration’s finances hit badly because of the pandemic, so now they want to monetize its real estate.
Now developers have to pay 62.5 % of the land cost for residential building construction. However, for commercial buildings, they will have to pay 125 % and that’s how they can use the plot’s entire development potential for their profit. The civic body has also decided to allow conversion of these ‘tenancy plots’ to ‘lease-hold plots’ for 60 years, thereby giving the leaseholder virtual ownership of the plots.
The BMC general body cleared the policy in March 2019 and recently, the administration has introduced the guidelines.

According to the sources BMC could earn “thousands of crores” as a one-time premium through these plots. The BMC has also warned tenancy holders to come forward and get this benefit. If they don’t do so their tenancy rights and auction the plots will be canceled.

These plots were vacant since 1937 when given on a tenancy. The corporation charged very less rent from the occupant, and no development was allowed without the civic authority’s permission.

The guidelines further say that the corporation will charge a one-time premium to the tenancy holder to hand over the plot to them for their use on a 30-year lease. It can further be extended for another 30-year period.

“We are allowing utilization of construction potential of these plots after charging a one-time premium,” said Deputy municipal commissioner Ramesh Pawar.

Illegal construction was made on many of these plots over the years. The BMC could not take them back as tenants are protected under the Rent Act. The tenants of these plots can’t develop them without BMC permission. “The new policy is a win-win situation for both. Most of these plots are in Island city,” said civic officials.

Architect and former president of Practicing Engineers, Architects and Town Planner Association, Shirish Sukhatme said, “BMC is virtually selling these plots by charging a huge one-time premium after giving all development rights to the leaseholder. It’s like a win-win situation for both. Many such plots which saw illegal construction over the years due to negligence of BMC officials and the civic authority are not earning anything from these structures.”

He further said, “It will generate good revenue for the BMC. But to make it more popular, instead of charging a one- time premium of the ready reckoner rate of the entire plot, the BMC should charge it according to the available balance FSI on the plot, as the developer needs to accommodate the existing tenants.”

RBI announces steps to boost credit flow to real estate sector

The Reserve Bank rationalized the risk weightage to LTV (loan to value) ratio for all new housing loans sanctioned up to March 31, 2022, on October 16.

According to the RBI notification, new housing loans will attract a risk weight of 35 percent where LTV is less than 80 percent and risk weight of 50 percent where LTV is more than 80 percent but less than 90 percent.

As per RBI, this will give a fillip to bank lending to the real estate sector which is critical for economic recovery. It will further give an employment generation and the interlinkages with other industries.

“As a countercyclical measure, it has been decided to rationalize the risk weights, irrespective of the amount. The risk weights for all new housing loans to be sanctioned on or after the date of this circular and up to March 31, 2022,” the notification said.

According to the notification, the requirement of a standard asset provision of 0.25 percent will continue to apply on all such loans, the added. 

Anarock Chairman Anuj Puri stated that the LTV ratio is calculated by dividing the amount borrowed by the value of the property in percentage terms. Furthermore, one purchase a home valued at Rs 80 lakh, and for this makes a down payment of Rs 10 lakh, Rs 70 lakh will need to be borrowed.

He also said that the risk weightage assigned to LTV will free up banks’ capital for additional lending. It will also help them to bring down the lending rates because they will have spare capital to lend,” Puri said. Since banks will have additional capital to lend, getting home loans at attractive interest rates will be possible.

Banks can restructure loans to COVID-19-impacted real estate firms based on a project rather than a developer

The Reserve Bank of India (RBI) is about to give the go-ahead to banks to restructure the loans of real estate firms at the project level rather than the developer level. This step is expected to benefit both homebuyers as well as real estate developers. The step can ease liquidity and can also help to enable construction to recommence in projects that were paused because of the COVID-19 pandemic.

“Both buyers and developers will be relieved when stuck projects will eventually see the light of the day. From a customer standpoint, they will no longer need to wait for an indefinite period for their homes,” said Anuj Puri, chairman – ANAROCK Property Consultants.

Besides that, the developers will get the requisite liquidity to eventually complete their projects. Overall, it will ease liquidity within the cash-strapped real estate sector that has been struggling even before the pandemic set in.

That said, even while the RBI has given its nod to the banks, “we will have to wait and see how different banks carry this forward,” he further added.

Residential real estate sales rise 85 percent QoQ in Q3 2020: Report

Regardless of the continuation of the COVID-19 pandemic, residential home sales reach to 35,132 units during the third quarter of 2020. It is an increase of 85 percent over the previous quarter. The growth can potentially be attributed to holding up-demand due to the prolonged lockdown in the country.
If we compare to the third quarter of 2019, we can see a significant decline of 57 percent year-on-year across eight major cities, stated by a major report. Last year in July-September 2019, sales of residential properties across eight cities stood at 81,886 units.

New supply has grown-up almost 60 percent on a quarter-over-quarter basis. Furthermore, 43 percent of the 19,865 units have launched coming in through the affordable housing segment. Apart from that on a year-over-year basis, launches showed a significant downward trend declining by 66 percent, the report, titled Real Insight Q3 2020, found.

Recovery in the fourth quarter is likely to grow and new launches will continue to take place at the beginning of next year, the report said.

Demand for residential real estate in Q3 surpasses pre-Covid levels by 30-40%

MUMBAI: The uncertainty in India’s economy due to the impact of COVID-19 is to be noted. After this hard time, the real estate industry is witnessing a growth recovery in demand as property searches. The demand has increased by 30-40% as compared to pre-Covid levels, according to the results of significant data.

The previous edition of the Report has said that in the month April-June (Q2) 2020 the consumer searches reached pre-COVID levels in June after falling by as much as 50% during April. Besides that, the customer’s search pattern holds the same trend. Since then and as of September end the customer searches have increased almost 30-40% higher than the pre-COVID levels.
The consumer preference has majorly moved towards affordable and mid-segment properties.
Sudhir Pai, CEO, Magicbricks has also said that “With the festive season just around the corner, we are witnessing a sharp recovery in demand and prices have remained stable for the July-September quarter after falling up to 5% in the April-June quarter of 2020. This augurs well for the industry and we hope consumers’ buying sentiment will continue to improve and translate into transactions in the coming quarters.”
He also stated that the next 6-8 months are going to be crucial for the revival of the residential sector. The onset of the pandemic and the ensuing lockdown have changed consumer preferences and the shift is towards affordability as home buyers have reduced their budget but they haven’t changed their preference in terms of apartment size. In line with the overall economic sentiment, the consumers have reduced their budgets in most cities but they are not compromising on the size of the house and moving towards peripheral locations.
This trend is an alert of working professionals’ newly emerging need for additional rooms in homes with the altered lifestyle of having to work-from-home. However, it is too early to say but if these trends sustain in the long-term and how developers leverage the changing buyer preferences.
If we talk on the regional-level, the southern market of Hyderabad has slightly recovered posting a 2% price increment during the quarter after experiencing a dip of 5.2% in the previous quarter. Apart from that the real estate prices of the Mumbai Metropolitan Region (MMR) and the NCR region including Gurugram and Noida, posted a marginal increase in prices.
Apart from all other things the government has also taken some significant measures like an extension of RERA deadlines, reduction in stamp duty, and liquidity infusion in stressed projects through the SWAMIH fund. These things are expected to boost the confidence of home buyers and also help developers.
Increasing demand and stability in prices indicates that for now, the residential sector has managed to stay off the panic mode. It is also expected that the early arrival of the vaccine for Covid19, it should let the sector take its normal trajectory.
Bengaluru is on the way to recovery as searches for property grew by 47% in the September quarter after witnessing a fall of 14% in the June quarter owing to the lockdown. Furthermore, Chennai has depicted a modest recovery, with a greater focus on affordable housing, property searches increased by 35% in the region. In Hyderabad, independent houses and plots showed fully recovered in search volumes as compared to pre-Covid levels. On the other hand, Delhi witnessed a turnaround with more searches near the employment hubs.

Want to exit from a stuck real estate project? Here is an opportunity for you

New Delhi: to revive the sales hit by the Covid-19 pandemic, real estate developers have launched a new promotional offer. In this offer, the developers are giving an opportunity to homebuyers to move out of their stuck projects.

According to the Economic Times, M3M, who has unsold inventory worth Rs 5,000 crore, has now launched a scheme. It is looking to clear 90% of the units under this scheme.

The director of M3M Group “We have formed a separate company, which will take care of the old property and sell it with the help of a broker. The buyer has to invest 2.5 times the amount he had paid in the first property,”.

It is to be noted that sales and supply in the real estate industry was hit hard in the second quarter of 2020 because of Covid-19 which induced lockdowns across the country.
Realtors are now offering financial benefits, discounts on property and easy payment methods to attract buyers. Furthermore the sale has improved in the July-September quarter as compared to the preceding quarter. According to the report of Knight Frank India, sales and new project launches also saw an improvement in the September quarter.

Total sales of India’s top eight markets in the third quarter of 2020 reached 54% of the quarterly average as compared to 2019. Residential project launches fared marginally better, reaching 56% of the 2019 quarterly average.

According to M3M’s Bansal, a number of swap requests have come from the National Capital Region (NCR). Bansal further added that “Within a few days we have cleared inventory worth Rs 200 crore. In cases where we get multiple buyers from a single project, we might even take over that project and complete it”.

Home swap is also profitable for builders as they typically save about 30% of a project cost. This budget would have been spent on marketing, brokerage, and interest expenses. By allowing customers to swap, the builder gets buyers and immediate funds, which it would otherwise have to raise from the market at a high-interest rate. Builders like Supertech and Bhutani Infra are also coming up with such schemes and some brokerage firms are acting as intermediaries between developers.

Home loans to become cheaper, thanks to RBI’s latest move

On Friday the Reserve Bank of India said that it will rationalise the risk weights and link them to Loan-to-Value (LTV) ratios for new housing loans sanctioned up to March 31, 2022. RBI did this to make home loans cheaper. The central bank further passed a statement that “Recognizing the criticality of real estate sector in the economic recovery, given its role in employment generation and the inter-linkages with other industries, it has been decided, as a countercyclical measure, to rationalise the risk weights by linking them only with LTV ratios for all new housing loans sanctioned up to 31 March 2022.”

It is also said by some useful resources that the rationalizing risk weightage on home loans and linking it to Loan to Value (LTV) ratio will effectively result in higher credit flow to the real estate sector. It is positive news for the sector.

“This move by the central bank addresses the urgency required to boost the real estate sector in the country. Now Home loans will be easily accessible and competitive for the customers,” said Hardayal Prasad, MD & CEO, PNB Housing Finance.

Over 30 housing projects worth Rs 4,197 crore accorded final approval under SWAMIH

NEW DELHI: 33 housing projects with an investment of Rs 4,197 crore got a final approval under the Special Window for Affordable and Mid-Income Housing (SWAMIH) fund. This will lead to the completion of 25,048 home units, Finance Minister Nirmala Sitharaman stated on Thursday.

In a tweet, she said that “SWAMIH is working at a fast pace to provide relief to homeowners. Overall, 123 projects have been now sanctioned including final approval to 33 projects with an investment of Rs 12,079 crore that will target to provide relief to 81,308 homeowners.”

The investment fund of SWAMIH has been formed to complete the construction of stalled, RERA-registered affordable and mid-income category housing projects which are paused due to insufficient funds. In November 2019, the Union Cabinet had cleared a proposal to set it up.

The SWAMIH Investment Fund I will enable the completion of nearly 60,000 homes across India.

Projects like this are spread across a mix of markets. It includes large cities such as National Capital Region (NCR), Mumbai Metropolitan Region (MMR), Bengaluru, Chennai, Pune, and also tier 2 locations including Karnal, Panipat, Lucknow, Surat, Dehradun, Kota, Nagpur, Jaipur, Nashik, Vizag, and Chandigarh.

Land for substation, EC must for project registration under Haryana’s new policy

GURUGRAM: To get the permanent solution for air and noise pollution caused by genset dependency of the city’s residential societies and commercial buildings that are still not connected to the power grid, the Haryana government is about to make changes to its existing rules by November. Besides that, the department of town and country planning (DTCP) will issue occupation certificates to real-estate projects only after getting NOC from the electricity department.

In addition to this, the government will make sure that layouts of real-estate projects are approved only if they earmark land for the construction of power sub-station. In various areas, the electricity department is not able to construct a substation for power supply due to the unavailability of land.

However, according to the new norms, HRERA will register a real-estate project only if it has the features of greenbelts, conservation of water, ambient air quality monitoring facilities, and waste recycling mechanisms, among others for pollution control and waste management.

Chief Secretary of Haryana, Keshni Anand Arora, in the Praveen Kakkar and others vs MoEF and others case, had submitted a report before NGT on September 30. He has also submitted a draft policy incorporating the changes to the existing rules governing real-estate projects.

“The department of environment and climate change will finalize the mechanism or draft policy. Further, it will be adopted by the state government after due approval of the competent authority including MoEF & CC by November,” said Arora.

Currently, most societies in the new sectors and some other parts of Gurgaon rely completely on diesel-powered gensets for power supply, aggravating the poor air quality of the region.

The changes in the policy were made after NGT in February had found serious violations related to the discharge of untreated sewage, illegal extraction of groundwater among others in the above mention case. After that, they told the chief secretary of Haryana to suggest the mechanism for enforcement of rules of law and also to prevent such illegalities in the state.

Arora said in her in the report submitted before NGT “The registration of real-estate projects with HRERA will be subject to the submission of arrangements and facilities to be provided to control environmental pollution and waste management,” 

As per the present policy, the developers don’t need to have proper water or power connection for getting an occupation certificate from the department of the town. Several developers have handed over flats to buyers without waiting for the government to develop civic infrastructure. This kind of society runs on diesel generators throughout the day and water is supplied through tankers.

In Gurgaon use of diesel generators in access has multiple consequences. It includes the impact on the environment, higher tariffs for the consumers, and noise pollution. “Due to the non-availability of HVPNL power connectivity, the power supply is only through DG sets. This creates a financial problem for residents as a major chunk of the common fund is spent on diesel, and very little is left for other facilities like lifts, and general welfare of the residents. The diesel generators running all day also harm the environment,” said Samrat Kumar, resident of Sector 95.

Haryana RERA allows buyers to take over Sare Homes’ Gurugram project

GURUGRAM: The Haryana Real Estate Regulatory Authority (HRera) has passed an interim order. It allows the homebuyers under the Association of Allottees (AOA) to take over the Sare Homes project in Sector 92. The order is passed based on the mitigation plan submitted by the project’s monitoring consultant.

According to the orders, AOA will approve the plan and directly monitor the construction and completion of the project. It also says that all future receivables and funding will be first utilized to finish the project. Besides that, the secured creditors will have the right to recover their money only after the project’s completion.

According to the order, passed by HRera chairman KK Khandelwal the RWA to conduct a meeting of all its members to discuss and arrive at a consensus on the mitigation plan submitted by the monitoring consultant, and thereafter submit its resolution plan and furnish an undertaking that it is to take over the flats on an “as is where is” basis. A committee will be formed to conduct the meetings. The members will include the RWA president, monitoring consultant, one person each from the AOA, and the authority.

Besides that, the salaries of employees and guards, professional fees to the monitoring consultant and the financial auditor firm will be made in line with rules.

The lender, Alchemist counsel agreed to the directive on payments. However, they had strong reservations towards payments of fees of lawyers engaged by the promoter. The regulator also instructed that the payment of a professional fee to the lawyers engaged by the promoter can be slowed down while the remaining payments are released by the bank. In case of non-compliance with the order, the regulator can start penal proceedings under Section 63 of the Real Estate (Regulation and Development), Act 2016.

Gurugram: 850 allottees to get plots after decades

GURUGRAM: Around 850 people, who have been waiting for possession of their plots in sectors 57, 52 and 45 for decades are relieved now. They can now build their houses easily. The Punjab and Haryana high court has dismissed around 15 litigations in the last two months challenging the acquisition of the land by HSVP.

Besides that there are around 100 plots which are likely to be getting free from litigation in the coming weeks. Jitender Yadav the HSVP administrator (Gurugram) said “This has come as a big relief both for HSVP and its allottees”.

All the plots were stuck in litigation after the enactment of Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013. The original land owners had challenged the acquisition of land. They were also demanding higher compensation under the new Act or quashing of acquisition.

Because of the delayed possession the allottees had been demanding alternative plots. Orders of the court are in HSVP’s favour. All these plots will now be available for allotment, possession or occupancy as the case may be. HSVP and its allottees, both are in a win-win situation now. Plot owners can now gain possession of their plots, while HSVP won’t have to look for alternative sites or plots for the allottees,” said Vivek Kalia estate officer-2, HSVP (Gurugram). He added that HSVP is now contacting all such affected plot owners through personal correspondence and public notices, said Vivek Kalia.

These allottees had been given plots in various sectors around 10 to 30 years ago. The problem started after enactment of the new land acquisition law in 2013. This law states that if the government fails to compensate the landowner within five years from acquisition, the land will be restored to him/her. Many landowners claimed they had not accepted compensation and contested possession of the acquired land.

This matter is finally settled when the Supreme Court clarified that once the land has been acquired and vested, it cannot be divested in view of Section 24(2) of the Act.

Hong Kong’s TEC leases one lakh sq ft office space in Mumbai, Bengaluru

NEW DELHI: Hong Kong-based The Executive Centre (TEC) has taken on lease one lakh sq ft of office space in Mumbai and Bengaluru to expand its business in India despite COVID-19 pandemic. This business provides premium serviced office space. This company started its business in India in 2008 with its first property in Mumbai. Right now the company has around 30 centers in India spread over 8 lakh sq ft with a capacity of 8,000 desks. Besides that, the company has its offices across major cities in India. “We have signed two leasing agreements in Mumbai and Bengaluru on a purely rental basis,” TEC Managing Director-South Asia Nidhi Marwah said in an interview.
TEC leased 60,683 sq ft of office space in Bandra Kurla Complex (BKC) and 40,000 sq ft in Whitefield, Bengaluru. The company is targeting to open these two centers by March 2021, said the managing director of the company.
When asked about the office space demand during the COVID-19 pandemic, she replied that the demand for Grade-A office space remains intact and rentals stable. However except for the IT industry, there are inquiries for serviced office space from new industries like pharma, banking, and consultants, she added. Nidhi Marwah also stated that corporates do not want to invest in setting up their own offices and are looking for flexible office space.

“We are currently operating at an occupancy level of around 85 percent and our monthly rental collection is also above 90 percent,” she added further. In June, Marwah had announced TEC’s plan to open five new centers by March 2021 at Bengaluru, Gurugram, Chennai, and Pune with an investment of Rs 100 crore. These five centers will have a total of two lakh sq ft area and the capacity of these centers will be around 2,300 desks.”We will soon open our new center in Bengaluru comprising 35,000 sq ft of office space,” Marwah said.

TEC’s India revenue was estimated at approx USD 35 million during the last financial year. The Executive Centre is Asia Pacific’s leading premium serviced office provider. The company has over 135+ centers in 32 cities and 14 countries with an annual turnover of over USD 275 million.
The co-working or flexible workspace space segment has grown rapidly in India in the last 3-4 years. Industry experts have faith that the trend is likely to continue despite the short-term interruptions caused by the spread of coronavirus disease.

Apple leases 4 lakh sq ft office space in Bengaluru

BENGALURU: Recently in Bengaluru’s central business district Apple has leased about 4 lakh sqft of commercial office space.

 It is the biggest US-based tech giant’s real estate deal in India. Apple has signed the lease with Prestige Estates at its Minsk Square building. In this deal the company agrees to pay a rental of Rs 170 per sqft, which works out annually to Rs 82 crore. However Apple and Prestige did not respond to any comment. The deal has coincided with the iPhone-maker launching its online retail store. Apple has launched its online store in last month. Furthermore Apple is already making smartphones in India, has also declared that it will open its first physical store in Mumbai next month.

This new office space will host a large technology centre. The space is able to accommodate about 4,000 employees. Furthermore, the numbers may be less as companies look to ‘de-densify’ their workspaces due to the pandemic. Apple has also advertised 18 vacancies last month on its website, out of which seven are in Bengaluru and the rest across Hyderabad, Chennai, and Gurgaon. Apple has an existing lease of 50,000 sqft in the northern part of the city with RMZ, but sources said the company may give up on that and consolidate its operations in the CBD zone.

Japanese technology firm NTT Data leases one lakh sq ft in Gurugram

NEW DELHI: Japanese technology firm NTT Data has leased 100,000 (approximately) square feet (sq ft) office space at Brookefield’s Candor TechScpace in Gurugram. It is one of the biggest deals in the financial and tech hub since the lockdown.

“The company was searching for office space in north India for some time now and has finally locked in this office space in Gurugram,” says a familiar person.

According to the NTT Data, it would invest about $2 billion over the next four years to expand its data centre business in India.

On Wednesday NTT’s Global Data Center division has launched a new data centre in Mumbai, expanding its capacity in the country by 30%.

Brookfield denied commenting, while NTT Data did not respond to an email query till press time on Friday.

The deal comes when Noida had outpaced Gurugram in office space leasing in the months April-June, the first time in a decade.

According to property consultants this trend is likely to continue, with most deals in Gurugram in the July-September quarter being small-size ones.

According to the report of Knight Frank report, the first half of the year saw its average transacted space decrease to 2,927 square metres (sq m) from 4,340 sq m compared to the same period in 2019.

The number of deals in NCR also came down from 81 to 66 in the first half in the same period of 2019.

The trend of smaller deal sizes has been mainly derived because of smaller space take-up by corporates in Noida and Gurugram.

“In Gurugram, the grade A rental ranges above Rs 100 per sq ft. Most of the leasing activity this quarter has happened in Noida, where the rental is Rs 50-60 per sq ft. Most of the leasing has happened in new areas of Gurugram, where the rental is around Rs 60,” said a property consultant.

NTT, which had earlier acquired local data centre firm Netmagic, currently operates 10 data centres across four major cities, with over 1.5 million sq ft and over 150 MW of power generation.

It plans to double the data center capacity in the next two to three years.

Rajasthan housing board receives possession of 24 MLA bungalows

JAIPUR: The task to get revenue for the construction of luxurious eight-storey building to accommodate 160 MLAs has started.

Out of 54, the possession of 24 MLA bungalows has received by the Rajasthan Housing Board (RHB) and started the demolition drive. The revenue earned by selling this land of bungalows at Lal Kothi and Jalupura will be utilized for the construct of the apartments.“We are receiving to expect the possession of entire bungalows in next two months, says RHB, commissioner, Pawan Arora. The bungalows in RHB possession are about to be demolished,”

The RHB is taking the demolition work slowly because the permission to increase the height of the building is awaited. An official informed, that the RHB has proposed to construct an eight-storey building in the periphery of legislative assembly to accommodate 160 MLAs. A 28-metre building height has been proposed against the 15-metre mentioned in the building bylaws in this project.

The design has got in-principle approval. But the final nod to provide relaxation in the bylaws will be received by the urban development and housing (UDH) minister Shanti Dhariwal. The assembly’s structural dominance, in the 100-metre periphery, the height of the buildings is restricted up to 15 metre. At present, RHB has proposed to construct the apartment till the base height of the dome.

A design of the apartments has been prepared after awarding the work to RHB. The flat would measure 3,200 square feet and comprise of four bedrooms, one drawing room, a kitchen and one room for domestic help. According to the previous design, the JDA has proposed 176 flats. However, the idea did not go well with the committee which is overseeing the project, as the open area was less.

Telangana to soon regularise unregistered notary properties in Hyderabad

HYDERABAD: All notary land without any litigation in Hyderabad is set to be identified and regularized. State MAUD minister KT Rama Rao addressed officials of the line department on Saturday. It included MAUD, revenue, and GHMC, to address issues related to land and asset ownership rights without imposing a financial burden on people.

This meeting was held at the GHMC head office. The minister stated that there are 24.5 lakh properties in the city. Out of these, only 16.5 lakh properties have been tracked. The remaining properties do not have a property tax identification number. All unregistered properties among these, which have been sold or purchased with notary assisted documents, will now be regularized.

District collectors of Hyderabad, Rangareddy, and Medchal Malkajgiri and GHMC officials were also there at the meeting. Other MLAs, corporators, and members of resident welfare associations were gathered at GHMC zonal officers marked the online attendance.

KTR said “The government does not have any intention of collecting a fee from people. The idea is only to facilitate and address all ownership rights.”

The minister requested all public representatives to actively participate in the process of uploading assets and property details on the Dharani portal. As per norms, it has been implemented for free. KTR directed officials to categories land-related grievances into six categories and submit a report by Monday.

“Issues related to Ayyapa society in Madhapur will also be taken up,” said a GHMC official. The state has claimed that the Ayyapa society’s land belongs to Gurukul’s trust while the society owners refute it. After the list of grievances is submitted a decision will be taken to regularize the properties.

DTCP eases fire safety NOC norms for four-storey buildings in Gurugram

GURUGRAM: The department of town and country planning (DTCP) has eased fire safety no-objection certificate (NOC) norms for residential buildings with four floors. It’s a big relief to plot owners.
Owners of this kind of buildings who have reached up to a height of 16.5 meters are no longer required to get a NOC from the fire department.

“Any residential building of more than 16.5 m in height, before the commencement of the construction, shall apply for the approval of Fire Fighting Scheme conforming to National Building Code of India, the Disaster Management Act, 2005 (Central Act 53 of 2005), the Factories Act, 1948 (Central Act 63 of 1948) and the Punjab Factory Rules, 1952, and issuance of no objection certificate” this is the recent amendment in the Haryana Building Code.

Before this, the residential buildings with a height of up to 15m were not required to have a fire safety NOC. After the state government allowed construction of the fourth floor in licensed colonies last year, HSVP sectors, and MCG areas, the average height of the buildings increased to around 16.5m. As a result, fire NOCs became mandatory for them.

“Keeping in view the construction of a fourth floor, the state government had increased the allowed height of residential buildings to 16.5m. But it was subject to a NOC from the fire safety department and certificate of conformity to rules and structural safety, which needed to be certified by a qualified professional,” told district town planner RS Batth.

In case the owners fail to get fire NOCs despite having four floors, DTCP, Municipal Corporation of Gurgaon (MCG) and other government agencies could take action against them.

“The procurement of a fire NOC became a time-taking and complicated process for property owners, and they approached the DTCP director to increase the height limit. The relaxation has brought much-needed relief,” added Ramesh Singla, president of Gurgaon Home Developers and Plot Owners Association.

After the meet of owners with DTCP chief KM Pandurang over the matter, he wrote to the director of the urban local bodies department (fire services) to amend the building norms.

In June this year, the state government made another amendment to the building norms. It was, eight-car parking slots were made mandatory for buildings with four floors on a plot size of 500 sqm or more, which meant two parking slots for each floor. If the buildings were constructed on plots ranging from 250 sqm to 500 sqm, six parking slots will be mandatory.

Telangana to launch Dharani portal for online property registration on Dussehra

HYDERABAD: Telangana Chief Minister K. Chandrasekhar Rao on Saturday announced that they will launch the ‘Dharani’ portal for online registration of properties in the state on Dussehra. The CM added that because people consider Vijayadasami as an auspicious day to start new programs and activities, he will launch the portal that day (October 25). Registration of properties was stalled across the state on September 8. It will again resume only with the launch of the much-awaited portal, billed as a one-stop source for all revenue records.

The Chief Minister directed all the officials concerned to complete all the works related to the portal by Vijayadasami. He also instructed the officials to keep the software, hardware, and bandwidth ready before the launch. The CM declared that the tahsildars, deputy tahsildars, and sub-registrars would be given the required training on the changed registration procedure for completing the mutations quickly and updating all the details online on the Dharani portal.

KCR further said that demo trails of the portal would be conducted to give hands-on training and create awareness among the officials. He told the officials to appoint one computer operator in every Mandal and at every sub-registrar office.

The CM also declared the fixed registration rates all over the state as per their survey numbers. He also added that the document writers of the Sub-registrar office will be trained and licenses will be given to them.

All the officials are asked to enter all data on all properties on the Dharani portal before Dussehra. The changes and alterations would be done regularly later. As the portal is going to be launched on Dussehra, registrations would also begin on that day.

The portal is a part of the new Revenue Act. This act came into force on September 22 after Governor Tamilisai Soundarajan gave her assent to four Revenue Bills that were passed in the state Legislature during the recent session. The legislation paved the way for landmark reforms in the revenue department in the state. It has been done by reducing the human interface for land transactions. As part of this reform, the government has scrapped the posts of village revenue officers (VROs) and village revenue assistants (VRAs). All the rights records related to land will now be maintained in electronic form in the Telangana Land Records Management System for ensuring hassle-free revenue administration.

KCR had told the state Assembly that the new Act would be for almost all land-related issues.

This Act will remove discretionary powers vested with the officials at different levels. Furthermore, it will ensure transparent and corruption-free land dealings.

Land mutation and the change of land title ownership will be an online process now. It can be done on the Dharani portal. It will allow people to access records of agricultural and non-agricultural land online.

Besides that municipal administration and urban development minister K.T. Rama Rao held a video conference with elected public representatives, colony association representatives, and officials on Saturday. They talked over pending revenue in Greater Hyderabad.

He highlighted that the government is addressing issues related to land and asset ownership rights without imposing any financial burden on people.

Around 24.5 lakh properties are estimated in Hyderabad. A few properties of these are entangled in ownership and other disputes.

“The government does not have any intention to collect any fee from people. The idea is to facilitate and address all ownership rights,” said the minister.

DTCP allows extra construction in stilt parking areas in Gurugram

GURUGRAM: The department of town and country planning (DTCP) has finally decided to allow construction in stilt parking areas. It was a long-pending demand of real estate developers. But this permission has two conditions — the additional construction will be included in the floor area ratio and that parking norms needs to be fulfilled. The developers were demanding permissions for building guard rooms and toilets in stilt parking areas for so long. This additional construction in common areas is to be excluded from the FAR, as they get less space to construct flats.

FAR is the ratio of a total floor area of the building (gross floor area) to the size of the piece of land on which it is built. The planning department had increased the FAR of plots measuring 300 square yards to 264 last year. FAR was 240 for bigger plots. This move followed a demand from the association of developers and plot owners.

District town planner RS Batth said that the state government has approved the long-pending demand of developers, in the absence of which there have been several violations in the past. “The government has invited objections and suggestions from the public. Based on the response, it will be taken up by the department.”

“It is a great move by the department as it has allowed construction in 20 sq metre area in stilt, but it should be free from FAR, because it is part of amenities” said Ramesh Singla, president of Gurgaon Home Developers and Plot Owners’ Association,

Only stilt parking and basements are excluded from the calculation of FAR, currently. We are demanding that lifts and staircases are also excluded as these, too, are in common areas,” he said.

Singla added that in the past many buildings were sealed, where the property owners had carried out construction in the stilt parking area. “This move will offer the much-needed relief to developers and property owners, who have long been facing difficulty in arranging accommodations for guards and attendants on the premises.”

Batth said that the structures, constructed as per old norms, can apply to the department now. “We may permit additional construction after reviewing the structure and issue a fresh occupation certificate,” he added.

Landowners can’t be punished in joint ventures: Tamil Nadu RERA

CHENNAI: There is a relief to the landowners who are part of joint venture housing projects in Tamil Nadu. The Tamil Nadu Real Estate Regulatory Authority (TNRERA) has said that the owners are not a party to the case if undivided share (UDS) has been registered for homebuyers.

 The state’s realty regulator further said that the ‘promoter’ is alone liable for the action against whom homebuyers can proceed for violation of the RERA Act.

According to the orders, a company registered under the Companies Act and represented by its managing director is a legal person who can sue and be sued. The complaint related to a housing project named Vardhana Constellation in Coimbatore being executed by Sree Vardhana Builders Pvt. Ltd.

Besides, that two separate complaints were filed by homebuyers against 12 persons including eight landowners as respondents, queries were raised whether the landlords were party to the complaint.

 G Saravanan, TNRERA adjudicating officer said that the landowners of the project site have executed a general power of attorney to the developer. Hence the developer had executed the sale deed for UDS in favor of homebuyers and entered into a construction agreement for the delivery of apartments. “Only the first respondent (company) comes under the definition of the promoter under the RERA Act and can be proceeded and made liable by the homebuyer for any violation or contravention of the provisions of the Act,” the order said.

 The real estate regulator stated that a previous order delivered last year cannot be applied in the present case. It’s a case of owners who had executed power of attorney to a third party and not in favour of the builder. Besides that, no sale deed for UDS was executed in favour of the homebuyer. “In this case, the developer has entered into a registered joint venture agreement with the landowners and power of attorney. According to the orders, the promoter also executed the sale deed for UDS in favor of the homebuyer.

Home loan inquiries top last year’s level

MUMBAI: Because of the strict lockdown in the first quarter of the current fiscal a pent-up demand for home and auto loans has been seen. According to TransUnion Cibil data, home loan inquiry volumes, July and August have crossed last year’s records however they still below January and February 2020. The improvement is being led by public sector banks, which were the first to recommence operations. The revival is being led by public sector banks, which were the first to recommence operations. Private Banks are still getting only three-fourths of last year however NBFCs and finance companies are witnessing half as many applications as the pre-COVID months.
According to the TransUnion Cibil data home loan inquiries have rebounded the most and are 112% of what was seen in July-Aug 2019 but only 92% of January-February 2020 (pre-COVID). Auto loans are 88% of last year’s levels and 84% of the pre-COVID level. Furthermore, the demand for loans against property is at 90% of last year but 72% of pre-COVID.
Lenders send a query to the credit bureau every time a borrower wants to know his loan eligibility. However, credit inquiries may not match loan disbursements all the time. They are a good indicator of demand in the market.
Various public sector banks, including State Bank of India, Bank of Baroda, and Union Bank are offering home loans below 7%. Furthermore, the Maharashtra government is giving incentives on home loans. They have reduced stamp duty of 2% instead of 5% between September and December 2020

In NCR Real estate body to revive stalled projects

LUCKNOW: After restarting the stalled housing project in Noida, the Uttar Pradesh Real Estate Regulatory Authority (UPRERA) is now thinking to help resume operations of other stalled projects in the state.

The UPRERA has now decided to step in after the successful restart of the Jaypee Kalypso Court (Phase-II) project. This project has restarted construction work at the site after a long time of nine years. UPRERA facilitated conciliation between the promoter and the allottees on September 19.

As per the UPRERA sources, the NCR region has seen many projects slipping into a limbo making it pathetic for the buyers. The buyers end up making a huge investment for the houses of their own but the projects get delayed because the builders often fail to achieve the commitments made to homebuyers.

Rajiv Kumar, chairman says, UPRERA has been successful in resolving the dispute and restart a stalled project. “Jaypee Kalypso Court project of Jaiprakash Associates Limited has been the first such project that UPRERA had taken up for revival and now the promoter has commenced construction work on the project,” said Kumar.

Apart from the NCR, the regulatory authority is planning to extend this approach to various other districts as well. They will implement this in a state where projects are stalled either because of an impasse between the promoter and the homebuyers or the completion date, as declared by the promoter, has lapsed, including the one-year extension permissible under Section 6 of the RERA Act.

In Lucknow, several housing projects of private developers are paused for several years. Allottees of these projects in this state capital want RERA to intervene to restart these paused projects.

According to RERA officials, based on the audit done by consultant Currie & Brown, around 40 stalled projects in Gautam Buddha Nagar district can be resumed soon with the intervention and following conciliatory tactic between the promoter and the buyer. This approach is ideally best suitable for the projects where the promoter is keen to complete the project but could not do so because of the expiry of registration of the project with UPRERA or due to differences with allottees.

Construction of Jaypee Kalypso Court has been resumed under UP-RERA’s new rehabilitation model

NEW DELHI: Construction of Jaiprakash Associates’ (JAL) Jaypee Kalypso Court (Phase – II) has been resumed on Saturday under the Uttar Pradesh Real Estate Regulatory Authority’s (UP-RERA) new ‘rehabilitation model’. Here buyers and promoters work together for the completion of the project.

“UP-RERA has been successfully implementing this approach to resolve the disputes and revive a stopped project. ‘Jaypee Kalypso Court’s project of JAL is the first project in U.P. RERA that has passed through this approach. Besides that the promoter has now begun the construction work in the project from today,” said Rajive Kumar, chairman, UP-RERA.

The promoter continues to be responsible for completing the project and delivering on time, under the new joint development devised by the authority. Furthermore, the homebuyers through their collective are responsible to make sure that the payments are made by them are being deployed only on the project.

The authority will review the progress of all projects on a quarterly. Besides that, a Chartered Account shall be appointed for the concurrent audit of the project to completion. Its website authority will shift the project to a special category of projects under rehabilitation as per the provisions of Section 8 of the RERA Act.

The authority had authorized JAL with the consent of the Progressive Welfare Society (Association of Allottees) of the project to undertake the completion of the remaining development of the project in July 2020.

Among all 274 units out of the total 304 sanctioned units in the towers 7, 8, 11, 12 have been sold. In addition to that 30 more units are yet to be sold. JAL also committed to infusing Rs 45 crore into the project. The project is supposed to be complete in about 12-15 months from the date of starting work in the four towers in line with the Pert Chart.

Balvinder Kumar, member, UP-RERA said, the authority is hoping that many more stopped projects can be completed if the AoA and promoter can mutually work together under this model towards the completion of the project”.

It was reported that 40 projects of Gautam Buddh Nagar district have been found as net positive surplus according to an audit done Currie & Brown

The authority has further planned to extend this approach to various other projects in the state where the projects are paused either because of an impasse between the promoter and the homebuyers or the completion date as declared by the promoter has lapsed including the one-year extension permissible under section 6 of the RERA Act.

Mahindra Happinest project has sold more than 100 homes online within a week of its launch

The affordable housing brand from Mahindra Lifespace Developers Ltd, Mahindra Happinest, has launched its second project in Palghar. It is Maharashtra’s newest district and an emerging residential locality. The company has invested around Rs 100 crore into the project.

Within just a week of launch over 100 Happinest Palghar homes have been sold online, the company claimed.

The project is located in the Mumbai Metropolitan Region (MMR). Besides that it offers value homes with an Energy Park with over 30 carefully selected outdoor activities. These outdoor parks are catering to all age groups.

Phase 1 of Happinest Palghar is in 3.94 acres and it has four ground plus four buildings with around 450 studio and 1BHK apartments. The size of the units is in between the range 157.48 sq. ft. to 390.51 sq. ft.

The price of homes in Happinest Palghar is Rs. 9.45 lakh onwards. It includes stamp duty, registration, GST and one-year’s maintenance charges. Buyers will get the benefit from a Multiplier Rebate Plan that offers additional price benefits on early bookings, the company told.

A studio apartment of size 157.48 sq.ft starts at 9.45 lakh, a 1BHK unit of 290.19 sq.ft starts at Rs 16.35 lakh. There is another 1 BHK configuration which an enclosed balcony of size 390.51 sq.ft. Its price has been offered at Rs 19.90 lakh.

Arvind Subramanian, MD and CEO, Mahindra Lifespace Developers Ltd  said “For the first time in Indian real estate, the entire sales process is being concluded entirely online via a customised, mobile-first technology platform, without any face-to-face meetings­­ or physical visits. The success of Happinest Palghar is a testament to growing end user demand for high-quality homes from trusted developers in planned communities that foster social and cultural interactions amidst healthy, natural surroundings,”.

Happinest Palghar homes are IGBC Green Homes certified. Furthermore all the construction materials for the project will be sourced within a 250 km radius. It reduces its carbon footprint by around 60%.

Happinest Palghar project is registered with the Maharashtra Real Estate Regulatory Authority. It also has all the qualifying criteria under the Pradhan Mantri Awas Yojana, hence the eligible customers can avail a loan interest subsidy.

Affordability of mid-income houses is to be at its lowest-best in FY21: Report

Currently, the residential sales-to-supply ratio has improved to 1.36. In 2014 it was 0.63. It happened because developers are now focusing on clearing the unsold stock rather than launching new products a report by FICCI-ANAROCK says. The housing sales to the new launches ratio have been calculated based on the number of housing units sold in a given period against the new launches in the same period. There are still over 7 lakh unsold units, however, the numbers are gradually reducing. In 2019 housing sales were 2, 61,350 units and the number of new launches in the same year was 2, 36,550 units.

According to the experts, the gap between the number of units sold and launched is increasing, it is a good sign. The report further highlights that in the post-COVID-19, affordability of mid-income homes, calculated on the ratio of the home loan payment to income, will touch its lowest-best at 27% in FY21. In FY12 it was 53% and has been falling y-o-y ever since.

 Affordability is calculated as the ratio of average home loan payment by a person versus his income. “This improvement in affordability is due to a combination of factors including the reduced home loan interest rates over the period, property prices remaining range-bound over these years, and also average salaries rising,” Anarock said. The report shows that several factors will influence residential real estate revival in post-COVID-19 times.

“In the past, the value of real estate under construction increased from USD 94 Bn in 2009 to USD 243 Bn as of H1 2020 – a 2.6X increase,” Anuj Puri, Chairman – ANAROCK Property Consultants said. “During the same period, the share of residential real estate grew from 49% to 88%, which indicates the massive expansion of this segment,” he added. Listed developers’ sales still stay on course in the present scenario. However the overall sales have declined, listed developers continue to thrive on the back of homebuyers’ increasing preference for organized players. ANAROCK research’s consumer sentiment survey during lockdown says that 62% of prospective buyers prefer to buy a home from branded developers, even if the cost is higher.

The plot owner’s Aadhaar, OTP is required for registry in Haryana

GURUGRAM: A prime residential plot in Sushant Lok-1 owned by an 82-year-old doctor from New Delhi was allegedly transferred two times without her consent and acknowledgment. This all has happened because the plot was transferred in the presence of an imposter at the tehsil office. The imposter claimed to be the owner.

This is not the only one case; several cases occurred in the last year. Various such incidents have been reported in the city, where an imposter claims to be the owner and sells the land to another party. The government has now decided to prevent such fraudulent registries with the introduction of several new safety measures in its registry system. These safety measures have been launched earlier this month.

Now, all property details and revenue records will be in the digital form. Furthermore, each property has been assigned a unique identification number in the Haryana Land Records Information System (HALRIS). It is the portal used for registration and record of properties. Besides that, every property ID has been linked with the Aadhaar card and phone numbers of the property owner. After the government received several reports of irregularities in executing registry of plots in illegal colonies, all registries across the state were on hold for a few weeks. Now they have been resumed registries on September 1.

The new system has also removed the manual issue of appointment tokens for registry-related work. Now, one needs to apply online for tokens. While applying for a token, the user will have to fill in the property details and a one-time password (OTP). This OTP will be sent to the registered mobile number of the property owner. The further process will go ahead after submitting the OTP.

“In case some fraud is being done by somebody, the real property owner will be notified with the OTP. Without the OTP, any fraud person can’t proceed with the registry under the new system. This system is to help in preventing fraud and illegal registries,” said district revenue officer (DRO) Basti Ram.

Furthermore even if somehow the fraud person gets the correct OTP, the system will reject the application if the Aadhaar card number doesn’t match the system’s records, he added.

Earlier this process of getting tokens used to be manual. At that time we did not use to have a system in place to match the Aadhaar card number of the applicant with that in the record and check whether the applicant is the real owner or not. Anyone could easily get a token for the registry earlier. Now, only the original owner of the property will be able to get the token. “The system will also check if there is any court case pending over the property and whether the land is owned by the government or under acquisition,” an official said.

Speed of building PMAY houses has boosted during the pandemic: Prime Minister

BHOPAL: Prime Minister Narendra Modi on Saturday said that the average time of building a house under the Pradhan Mantri Awas Yojana (PMAY-Gramin) came down to 45 to 60 days during the pandemic from 125 days as migrants, who returned home during the lockdown, also contributed towards it.

He further added that under the PMAY, 18 lakh houses have been constructed in the country during the period of global COVID-Pandemic.

Modi also emphasized on the need to strengthen the poor to end poverty.

He spoke at the virtual housewarming ceremony of 1.75 houses built in rural parts of Madhya Pradesh under the PMAY scheme.

He further added “The speed with which these houses were constructed is a record. The construction of a house under the PMAY generally used to take approx 125 days earlier. During the coronavirus period, the average time taken for it came down to 45 to 60 days. This is the best example of turning a crisis into an opportunity,”.

“This has become possible after the migrants who returned home during the coronavirus-induced lockdown joined the work. They further got the benefits of the Garib Kalyan Rojgar Abhiyaan, under which Rs 23,000 crore have been spent on infrastructure and other works, The migrants returned home, got employment under this campaign and this expenditure also helped the construction- related businesses. ” the prime minister said.

“This campaign has helped the rural economy,” he said.

On the occasion, the prime minister interacted with some of the beneficiaries of the project.

“For removing poverty, it is important to strengthen the poor and this scheme has developed self- confidence in them so that they can sleep peacefully in their house at the end of the day after toiling hard,” Modi said while interacting with Pyarelal Yadav from Singrauli.

Son of Gulab Singh from Dhar district’s Amjhera village also shared with Modi that he constructed his house with the collective efforts of his villagers. The villagers contributed voluntarily to it.

The masons and laborers, who were rendered jobless due to lockdown, worked for them free of cost, he said.

A new building approval system TS-bPASS has been approved by the Telangana assembly

HYDERABAD: A Bill was passed by the Telangana Assembly on Monday to promote transparency and ease for citizens in getting approvals for building and layout. Municipal Administration Minister K T Rama Rao (who piloted the Telangana State Building Permission Approval and the Self-Certification System (TS-bPASS) Bill, 2020) further added that “under the legislation, no permissions would be required for residential buildings in plots with up to 75 sq yards. Rapid urbanization was taking place in the state with about 42 percent of the population living in urban areas. The state government aimed at planned development and provision of appropriate basic amenities in towns and a new municipal Act was brought in last year to herald changes in municipal administration”,.

This act had introduced the development permission management system (DPMS) in 2015 in municipalities. Furthermore, this act is to address people’s difficulties and corruption in the process of obtaining permission for the construction of houses, the Minister said. The current bill had been brought to give statutory powers to the DPMS. Besides that it also ensures transparency and also makes people work with government responsibly through a self-certification system, Minister added.

Rama Rao later tweeted “TS-bPASS is an online time-bound approval single-window system. It has a view to improve transparency and to make it easy for citizens to get building and layout approvals. “Instant approval for residential buildings in plots more than 75 sq yards to up to 600 sq yards and height up to 10 meters will be based on self-certification,” he said.

Single-window approval is for the layouts/buildings in plots above 600 sq yards and height above 10 meters within 21 days, he further tweeted.

He also said that in case any urban local body or municipality fails to meet the deadline of 21 days, automatic deemed approval on the would-be issued on the 22nd day online to the citizen.

Rental housing policy in Gujarat kicks in with sops for corporates, developers

GANDHINAGAR: Corporates and industries can now provide accommodation to their workers and employees by deducting the rent from their salaries. This is a feature of the affordable rental housing complex (ARHC) policy. This policy has been notified by the Gujarat government on Friday.

The state’s affordable rental housing policy is the union government’s scheme for affordable rental housing for migrants. It has been launched in the post COVID scenario in India. Furthermore, the union ministry of housing and urban affairs had released some guidelines for the scheme in July this year.

Industries can now get the AHRC benefits by developing residential colonies for their workforce. They will be authorized to cut the rent from the salaries of the employees. To ensure that the middle-class workers can get affordable housing on rent, our government has allowed builders and developers of ARHCs to get an additional 50% Floor Space Index and several other perks.

Attractive scheme for builders

 “There is a huge demand for affordable rental houses in the state. By this policy, the state government aims to provide maximum affordable homes to those who want the facility for a short period. Real estate developers will also find the policy attractive. Poor housing conditions for labour is a major problem in the state and increases the migration of workers. The Standard of living for the workforce will improve at a lower cost in the state.’’ Said Lochan Sehra, secretary, housing & Nirmal Gujarat 

Municipal corporations, municipalities, urban development authorities (UDA), industrial development authorities like GIDC, or any area notified by the government will have to keep a provision of ARHC in their respective areas under the new ARHC policy.

The state government has set the time March 2020 until which ARHC projects can be completed under the PM Awas Yojna (Urban). All the projects approved before March 2022 will be given a grace period of 18 months beyond the deadline. These projects will be eligible for all other incentives under the scheme.

Special liquidity facility of Rs 10,000 crore for NABARD, NHB has been announced by RBI

MUMBAI: On Thursday the Reserve Bank announced an additional special liquidity facility (ASLF) of Rs 10,000 crore equally split between NABARD and the NHB. This is to help small financiers and home loan companies amid Covid pandemic difficulties. This liquidity facility is for both the National Bank for Agriculture and Rural Development (Nabard) and the National Housing Bank. Furthermore it will be offered at the policy repo rate, RBI governor Shaktikanta Das said.

It can be noted that higher share of moratoriums are being availed by the retail borrowers. It further has created the need for such liquidity support to lenders to meet their repayment commitments. The RBI has announced similar moves in the past as well.

In addition to that Das said ASLF of Rs 5,000 crore will be given to the NHB to “shield the housing sector from liquidity disruptions and augment the flow of finance to the sector through housing finance companies (HFCs)”.

Builders are all set to launch again with labour coming back

BENGALURU: A relative improvement in the labour situation has been seen. It has made the property developers go ahead with their planned launches, albeit cautiously. During the peak lockdown period, Labour presence across construction sites fell to about 20% in major cities. This has happened as thousands moved back to their home towns and villages, majorly in the eastern part of the country. But now labour has started returning and the numbers have touched about 60% of the pre-lockdown ones.

Prestige Estates, who had put all its launches on hold after the pandemic broke, is again planning to start seven residential projects across South India in the second and third quarters. They are expecting this will help get more than Rs 1,000 crore of gross bookings in the second quarter of this fiscal. CMD Irfan Razack in a conference call with analysts said “Sales numbers in the second quarter will be more than double of the previous quarter,”.

Ozone Group vice-chairman Srinivasan Gopalan has also said “We have not killed any launches,” “Labourers are slowly coming back; it is about 65% (of pre-lockdown) in Bengaluru, 45% in Chennai and between 30% and 50% in Mumbai. We are launching a plotted development in Bengaluru and a senior care facility in Chennai next month,” he added.

In addition to that Brigade Group is also planning to launch 2 million sqft of residential projects in Hyderabad and some in Bengaluru and Chennai, but said it will keep an eye on the demand before going ahead. “Currently we are planning but we will watch the market,” said Brigade’s residential business CEO Rajendra Joshi.

Last two months witness relatively better traction in high-end residential sales

BENGALURU: Sales of luxury real estate, properties worth Rs 1 crore, and more, have shown better traction than other segments in the last two months. This pandemic has given an opportunity for wealthy people to buy a property at discounts or through flexible payment options provided by the builders. This does not show a bounce-back of the segment, whose sales have been slowed over the last few years. But it does not indicate to have gone the way the mid-market segment – properties worth Rs 40-80 lakh has. The sales have fallen sharply because of the pandemic, salary deduction, and job losses. CEO of Brigade Group’s residential business Rajendra Joshi said “We have been seeing good traction in high-end apartments and villas in the last few months, those whose areas range between 2,500-4,500 sqft,”
Besides that about apartments worth more than a crore, were sold in August more. In addition to that the embassy, who focuses on premium properties, says it sold apartments worth Rs 75 crore in the last two months, mostly across its projects in north Bengaluru.

“April and May were very muted,” says residential business CEO Reeza Sebast, “. In these months people out in the market now are serious buyers, so we are offering relaxed payment schedules.” The rich people who can buy such properties are seen to have been relatively less impacted by the downturn, less worried about layoffs.

These people mostly include executives in very senior positions or businessmen who find the current market an opportunity to buy bigger villas or apartments or penthouses with hard bargains discounts going up to 20%, says Pankaj Kapoor, CEO of real estate analytics company Liases Foras.

NRIs are required to enter their passport details for property registration in Haryana

CHANDIGARH: In Haryana, for all the NRIs it would be necessary to mention their passport numbers at the time the registration deeds regarding their properties in the state.

This clarification was made to the deputy commissioners (DCs) by the deputy CM Haryana, Dushyant Chautala on Wednesday during his interaction with all the DCs of the state regarding the issues related to the new process of property registration in the state.

Furthermore, the DCs have also been told to standardize the collector-rate by the next week.

Dushyant Chautala also said that the state government will develop a hassle-free, transparent model for the registration of lands. It is for the convenience of the people of the state. In addition to that, he said that the online path being adopted by the state. It is being discussed across the nation and several states, including Telangana, are replicating the model of Haryana.

Dushyant also told the DCs to monitor the process of the Registry constantly and to appoint a Coordinator at the Tehsil level to coordinate at the district level in the departments related to the work of the registry. This is done to help the people getting their registries done without facing any problem.

While answering the question asked by a DC regarding NRI Registry, the deputy CM replied that in such cases passport numbers need to be submitted during the online process.

Land registry resumes today in Haryana, e-appointments a must now

GURUGRAM: After 40 days the Haryana revenue department has resumed land registries when it had to be stopped following multiple complaints of illegal registries. The government has a digital database of available land in the state now. In this database, the buyer can access all information related to a particular property, such as an ongoing dispute or pending dues, if any.

Under the new Haryana Land Records Information System (HALRIS), every buyer needs to acquire an online no-objection certificate from the department of town and country planning (DTCP) before going ahead with the registry. 

In the new system, all the records of government land or plots will be there. It will be a database of land owned by the forest department or falling in a controlled area. This database will include the area like Bandhwari where an Aravali hill was flattened to build a road to an illegal colony of farmhouses.

The new digital platform will also issue alerts to a buyer to tread cautiously. In case the land chosen by the buyer is already owned or acquired by the government, he will not be allowed by the system to go ahead with the process. Furthermore, if the land falls in a controlled area, the district town planner will get a notification soon after a buyer has applied for the registry. Finally, if the town planner issues the approval, the buyer will get a number, which he/ she needs to feed into the system to generate an online NOC.

After a buyer gets the online NOC, he or she will have to visit the tehsil office to proceed further with the registry process. The entire procedure used to be physical earlier — a buyer was required to visit the office even for a NOC.

District revenue officer Basti Ram said “The new system is aimed at plugging all holes in the land registry process,”

A buyer who has secured the online NOC for the private land in the Aravali region will also get a list of restrictions imposed by the Supreme Court on construction. “If any land is owned by a private individual and comes under sections 4 and 5 of the PLPA Act, its sale or purchase can’t be stopped. For such land, the registry will be allowed. Besides that the buyer will be made aware of the restrictions on construction,” a forest department official said. He added that the move would discourage people from buying land in protected areas, and if anyone did so, he/she could not claim to be ignorant about the restrictions.

Deputy commissioner Amit Khatri said the new registry system will take time to sink in. “People would need at least a week to understand how it works,” he added.

Is it the perfect time to switch home loan interest rate from base rate to MCLR?

If you are an existing home loan borrower, and expecting a reduction in interest rates in line with the recent Reserve Bank of India (RBI) repo rate cut, you could be disappointed. People who had taken loans after July 1, 2010, but before April 1, 2016, the loans are linked to the lending bank’s base rate. Besides that for most of these borrowers, the home loan interest rate is upwards of 10 per cent.

Under the base rate regime, all the banks were either reluctant to cut their lending rates (after RBI repo rate cuts) or they did so with a time lag. Now an interestingly new method of bank lending was put in place for all loans, including home loans, given after April 1, 2016. It is known as the marginal cost of funds based lending rate (MCLR)

Does it leave pre-April 1 base rate borrowers stranded? No, as now you have two options, either switch to MCLR with the same bank or transfer (refinance from) to another bank on MCLR. You can also continue the loan on base rate, especially if the maturity period is near. Banks, on their own, hardly reduce the tenure automatically and transfer the benefit of a lower rate to the customers. Getamber Anand, President, CREDAI National, says, “Those who have loans on which MCLR is not applicable should consider opting for MCLR as the present trend indicates that the rates will either hold or go down again. This would play in their favour and allow room to manoeuvre in terms of personal and investment finance.”

It has made clear by the RBI also that banks should allow base rate borrowers to switch to MCLR. The existing loans will run till maturity or the borrowers can switch to MCLR on mutually agreed terms. Furthermore, the RBI has made it clear that the bank cannot charge a fee for it nor treat it as a foreclosure.

Maharashtra might review ready reckoner rates by the end of September

PUNE: By the month-end the state government may review the ready reckoner rates, focusing on their rationalization. A hint is dropped by the senior officials that the state government might reduce the ready reckoner (RR) rates wherever they were on the higher side. The RR rates were not changed for the past two-and-a-half years.

 It has been said by a source that the rates had been reviewed and the fresh RR rates could be issued shortly. The source has also said, “With the second quarter of the financial year ending in September, the announcement is expected by the end of this month for implementation from the third quarter,”

RR rates are the prices of residential or commercial properties, and plots for a given area, based on which their market value and stamp duty are charged. Every year it is usually declared on March 31, but this year the state government delayed its announcement because of the Covid-19.

 Developers further stressed that new rates would hold no significance if the review was done before the Covid-19 outbreak. A city property consultant also said, “On one hand, the government has announced a reduction in the stamp duty. On the other, it cannot announce an increase in the RR rates. Against this backdrop, the government should reduce the rates, which it can do.”

The national vice-president of the Confederation of Real Estate Developers’ Association of India (Credai), Shantilal Kataria, said: “The RR rates were kept constant for the past two years while it was supposed to be decreased because of the sluggish real estate market over the state both in urban and rural areas”.

Real Estate Sector all set to get a major boost by the Rs. 20 Lakh crore package.

Prime Minister Narendra Modi on Tuesday announced the ‘Atma Nirbhar Bharat Abhiyan’ (Self-reliant India) based on the five pillars- Economy, Infrastructure, Technology-driven system, Demography & Demand and unveiled a whopping Rs. 20 Lakh crore economic package that is equivalent to 10% of India’s current GDP. Soon after, Finance minister Nirmala Sitharaman announced the first tranche of the economic package that includes the 1.7 Lakh Crore relief announced earlier in march 2020 along with the liquidity boost measures and interest rate cuts by the Reserve Bank of India. This package is seen as a huge relief to the real estate sector and will help to minimize the impact of COVID-19 on the sector.

1) COVID-19 be treated as ‘Force Majeure’ under RERA

FM announced that COVID-19 should be treated as ‘Force Majeure’ under RERA. This came as a huge relief to the developers who are getting delayed on the set timeline of delivery of projects. All the construction activities are at a halt because of COVID and the subsequent lockdown which will lead to a delay in the delivery of projects.

2) Extension of deadline for completion of real estate projects

All the state and the union territories and their regulatory authorities have been directed to extend the registration and completion date suo-motu by six months for all registered projects expiring on or after March 25, 2020, without individual applications. The regulatory bodies may extend this for another period of up to 3 months if required. Fresh project registration certificates will automatically be issued with revised timelines. The timelines for various other statutory compliances under RERA will also be extended.

This will provide significant relief to the developers and is seen as a much-needed move.

3) Special liquidity scheme

To revive positive sentiments in the sector, the government has announced a special liquidity scheme. Under this scheme, Rs. 30,000 Cr will be infused in NBFC’s, HFC’s, and microfinance companies with the help of debt papers. These debt papers will be fully guaranteed by the government. The first 20% of the loss will also be borne by the guarantor i.e the government. The finance ministry extended the scope of an existing scheme (Partial Credit Guarantee Scheme 2.0) under which Rs 45,000 crore liquidity will be infused in NBFCs.

This step is going to provide a major liquidity boost in the sector that is undergoing a liquidity squeeze.

All these announcements along with the rate cuts announced by the Reserve Bank of India earlier are sending in positive signals for the real estate sector. With prices at an all-time low, cheaper home loans, and the stability factor, this seems to be the perfect time to invest in real estate.

HDFC Chairman Deepak Parekh’s views on real estate: Analysis

HDFC chairman Deepak Parekh shared his ideas to mitigate the impact of the COVID-19 pandemic on the real estate sector. He exhorted the developers to clear off unsold inventories at reduced prices to maintain the liquidity surplus in the sector.

RBI has already announced two rounds of measures to boost liquidity in the system. Sitting on unsold inventories in hope of a better price would be a bad idea in the current situation. Also, the tax will be levied on the unsold stock in two years. So, it’s in the best interest of all the stakeholders to offload unsold inventories to avoid a liquidity crunch.

According to an estimate by NAREDCO, prices in the real estate sector will come down by 10–15%. Deepak Parekh has estimated this to be somewhere around 20%. So, this is the perfect time for the real estate investors & end users to buy or invest in property. Already, various developers are offering discounts & offers to lure investors.

All these factors create an excellent buying opportunity for investors.

HDFC chairman also asked the state governments to waive off stamp duty to help revive demands. Maharashtra government, in the month of March, has already announced a 1% concession in stamp duty charges, applicable in MMR & Pune.

Deepak Parekh also hinted that a recommendation has already been made to the RBI for extending the relaxation in the classification of NPA norms to 180 days from 90 days to help the sector. He also emphasized that developers should focus more on the completion of the projects and should work collectively to ensure timely delivery of the projects. They can get into joint arrangements with the corporates for the same.

There are speculations going on about commercial real estate being the worst hit because of the introduction of ‘work from home’ culture owing to lockdown. Deepak Parekh denied the possibility of any such scenario or any reduction in demand for commercial spaces in the near future. He emphasized that work from home is effective only during the lockdown. There are jobs that cannot be carried out from home. Employees need to share the environment for the proper execution of business.

What gives real estate investors an upper hand over others during COVID-19 crisis?

COVID-19 pandemic has had a major impact on the economies across the globe. More than 160+ countries have announced complete or partial lockdown so far. Stock prices are tumbling down and businesses are operating in fear. With China’s economy shrinking for the first time since 1976, many countries have revised their projected GDP growth for the upcoming quarter. In India, the nationwide lockdown has been extended and businesses are still at standstill. People are reluctant to invest their money. However, the stability factor associated with real estate and certain relaxations announced by the government in the favour of investors has driven them to this sector. Here are the following reasons why real estate investors have an upper hand over others:

* Reduction in home loan rates:
As soon as RBI slashed the repo rate and announced the first round of measures to mitigate the impact of coronavirus on the economy, many major banks too announced a reduction in their lending rates. This has made home loans easier for buyers.

* Moratorium on EMIs
RBI announced the three-month moratorium on repayment of term loans by borrowers which means that they would not have to pay the loan EMI installments during the moratorium period.
This decision has been taken after the announcement of the lockdown. Because of the lockdown, many economic activities have come to halt.

* Untouched by sudden market collapse owing to COVID-19
Almost every sector has seen a major setback because of the COVID-19 pandemic but the real estate sector seems to have sailed through this difficult time. It’s stable and prone to major setbacks in the market.

* Discounts & offers to clear inventories
After the SBI chairman exhorted real estate developers to compromise with price & clear inventories, developers might announce various discounts and offer or sell homes at a reduced price. Various developers are already offering exclusive lockdown discounts to their customers.

* Stamp Duty Rate cuts (MMR & Pune)
The government of Maharashtra, in the month of March, announced a 1% stamp duty concession for the next two years. This concession will be applicable to the registration of documents in the areas falling under the Mumbai Metropolitan Region Development Authority and Municipal Corporations of Pune, Pimpri-Chinchwad, and Nagpur. Since the real estate micro-market has been witnessing good growth, of late, it has been garnering the interests of investors.

* Special permission granted for construction work

In order to bring relief to the labor-intensive sectors, the home ministry has allowed construction work from April 20 under reasonable restrictions.

* Expected price rise after lockdown promising good returns

According to economic experts, the economy is going to bounce back after the lockdown is over and real estate may witness a rise in property prices. This assures customers of good returns especially those who are investing during this time when prices are comparatively low.

Advantages of Integrated Townships & the rising demand owing to COVID-19

The recent crisis because of the COVID-19 pandemic demands a home that is located in a safe, secure & controllable environment. This has led to an increase in demand for integrated developments with a self-sustainable ecosystem. Integrated townships are real estate projects comprising of both residential & commercial complexes covering a vast expanse of land parcels. These mammoth developments are well equipped with all the education, healthcare, and retail infrastructure along with various world-class amenities. Every basic need is at a stone’s throw which minimises the demand to step out of the gated community.

During this hour of crisis, especially when staying at home has turned out to be the most effective strategy to keep yourself safe, people don’t want to step out of their society gate. It’s a matter of great convenience for them if their fundamental needs are met within the premises. Mixed-use developments offer high-quality accommodation within a self-sustaining miniature ecosystem that tackles the challenges posed by pollution, rapid & unplanned urbanization, overcrowding, etc. It’s this lethal virus that made the idea of integrated townships all the more important than ever.

These projects require vast land areas and hence are mostly located in peripheries of the cities. Thus, homes there are relatively cheaper than the homes located in the middle of the cities. Since most of the needs of the residents are met within the gated community, both time and money are saved. These projects are away from the chaos of the cities. They keep you away from the mushrooming residential cells and the claustrophobic environment in the cities. They are established close to nature, keeping you safe from pollution. These developments create a mini-ecosystem that emphasizes sustainable living. These are often provided with air purifier systems, water harvesting, and waste management systems with a focus on 3Rs.

Since the demand for mixed-use developments is rising because of the challenges posed by urbanization, these are promising investment options giving a guarantee for good returns. The impact of COVID-19 will only push the demands further.

How inventory clearance in the current situation is going to benefit Investors?

SBI chairman Rajnish Kumar, in a virtual conference organised by realtors’ body NAREDCO, urged real estate firms to clear unsold inventories & maintain standard accounts. He emphasised that although RERA & demonetisation brought discipline & transparency, sucked black money out of the system, there’s a long way to go. Since real estate sector contributes significantly to GDP, it is in the best interest of masses to keep it on track. There should be a collective effort from the developers’ end towards achieving ‘housing for all’ by hastening the process of construction & selling inventories quickly. The developers, on the other hand, have been assured of full support from the banking side both in terms of keeping the interest rates low & extending moratorium period, if need be.

Inventory clearance move by the developers is going to be a profitable affair for the investors. The developers will offer huge discounts to clear the unsold inventories. This along with the added benefits of low home loan rates & moratorium on EMIs owing to COVID-19 brings the perfect time for the investors & end-users to buy a property. With the prices at an all-time low & RBI’s measures to mitigate the economic impact, the market conditions are apt for real estate investors. When COVID crisis is over and economy bounces back, the prices will witness an upsurge promising high returns to the investors.

Also, during this time when the global economy is facing crisis, stock prices are tumbling down, Gold prices are witnessing ups & downs, real estate turns out to be the safest option owing to the fact that it is immune to market fluctuations. Investors can resort to the safest haven and contribute to the economy. Property buying involves no risks in these uncertain times.   

Know the Terminology of Real Estate

A basic understanding of the necessary real estate terms is crucial to maintain a healthy relationship between the seller and the customer. In case, you’ve got any clarifications concerning the fundamentals of real estate, it’s perpetually better to consult an attorney or a real estate professional.

 Difference between the Real Estate Terms one should always know

Carpet Area

This is the primary necessary realty terminology that you just have to consider while investing in the flat. The part of your apartment which is really put to use is a known carpet area. In easy terms, it’s the primary space where you lay your carpet. Larger the carpet area of your apartment, the larger floor space you’ve got. Carpet areaalso takes into account the space covering your balcony and private as part of your living space.

Built-up Area

The built-up area is calculated by adding up your carpet space with the area occupied by doors and walls. In most residential properties, 15-20% of the space is enclosed by doors and walls, therefore the built-up space of a property is sometimes 10-20% higher in comparison to the carpet area. Built-up space is additionally referred to as plinth space. This area is one of the key determinants for estimating property value.

Super Built-up Area

Floor Space Index (FSI) is the extent of the area that may be used for construction in a plot of land. This can be sometimes laid down by the Municipal Corporation and Urban Development Authority. The FSI depends upon varied factors like road width and location. FSI doesn’t take into consideration common areas like parking areas, lifts and staircases.

Allotment letter

This is yet another realty term that you just have to be compelled to bear in mind if you are planning to invest in under-construction or newly launched property. An allotment letter can contain details of your housing unit, maintenance charges, payment installments and options,date of deliveryand construction plan. Usually, the allotment letter is issued by the developer once you pay 15% of the property price. This is also an important document that you need to produce at the bank, just in case you’re applying for a home loan.

Sale deed

When a property deal is made between a seller and a buyer, the next step is to chart out a sale deed. It’s a legal document that states that the seller has sold-out his or her property to a buyer at a specific day. It’s an elaborate document that contains details like description, property title, price, location, permanent address of the customer, two witnesses and seller. The sale deed isn’t valid unless it’s signed by both the seller and purchaseralong with the witnesses. The registration charges and stamp duty is applicable for the property are also quoted in the sale deed.

Registration and stamp duty charges

These are necessary taxes levied by the government on properties. The stamp duty is charged based on the worth of the property mentioned in the agreement. Some state governments charge 3-4% stamp duty whereas others charge 8%. While calculating the worth of your property, stamp duty is as well taken into consideration. As an example, the price of stamp duty for a property value fifty lakhs would be around Rs. 2-3 lakhs.

On the other hand, registration charges are levied once the property is being registered within the name of the purchaser. These charges also vary from one state to a different. In Maharashtra, 1% of the property price is taken as the registration charge.

7 Tips to know How to self-verify Property Documents

One of the biggest financial decisions of once life is to buy a brand new property or a dream home. Before you take a plunge of purchasing property, it’s vital to cross-check the property documents that will prevent you to invest in deceitful deals. To examine the genuineness of the property documents, most of the individuals take the help of a lawyer. But, what if you don’t have enough cash to bear these additional charges?

No worries, you’ll be able to examine the correctness of the property documents on your own. Through this article, we’ll be sharing some of the important tips on how to authenticate your property documents while not taking any professional help.

1. Check for Title Documents

Title documents form the base of real estate transactions. Being a potential customer, it’s fair for you to demand the earlier transaction papers from the sellers to prove that he has ownership over a specific property. In short, the ownership transfer in the agreement should be done legally. It is suggested to verify that all pending dues are cleared by the seller and therefore the property is evident from any possible disputes or conflicts. Moreover, to search for more information, you can give the advertisement in the local newspaper concerning your intention to buy the same property.

2. Check all the Building Approvals

Each tower needs approval for construction and occupancy. This development permission provides ground rules for the construction and therefore the occupancy allows ensures that the building was developed without breaking any rules and building codes and fits for human occupancy. Many times, builders permit possession of the flat without giving occupancy certificate and later residents had to bear the impact for the violations by the builders. Thus, it’s smart to confirm that all permissions are in place before you invest in a property.

3.Check Property Tax details

Property tax details are vital things that you need to cross-check to verify the authenticity of the property. Ask for pastproperty tax acceptance paper from the seller. This way you’ll get an insight if the property is illegal or regularised. It’ll additionally facilitate in ensuring that there aren’t any tax dues on the property.

4. Get Encumbrance Certificate from the office of Sub-Registrar’s

Checking the property Encumbrance Certificate is more vital once when you are purchasinga second-hand flat. It’sproof that the property in question doesn’t have any legal and financial liabilities. It can easilybe obtained from the sub-registrar’s office where the property has been registered. The encumbrance document is vital not justwhile purchasing property, but is also vital for those tryingto apply for a home loan or go in for a home loan against the property. In case the seller had taken a loan for the property that wasn’t repaid, it’ll be mentioned in the encumbrance certificate.

5. Look for Know Your Customer (KYC) details of the Seller

Whether you’re looking to purchaseunder-construction or ready-to-move flats, the primary thing that you should check the identity of the builder or seller. Ensure the genuinenessof the information given by the seller and always collect a replica of the address, identity and PAN copy of the individual. Just in case you’re buying the property from cooperatives or housing society, look for reviews and read other articles in the press through that you’ll be able to check its authenticity. The buying agreement should cover all the important points of the municipal, property’s location and collector’s land record number. The agreement should be witnessed by 2 individuals each from the buyer’s side and seller’s side.

6. Analyze the property with the Approved Plan

Reckoning the approved plan and the actual property to know if there are variations from the plan. If you discover variations, ask the authorities to regularise them. It’s also vital to confirm the precise measurement of the building matches the particular plan

7. Check Payment Schedule

Often neglected, this is vital to check that the agreement paper has mentioned the payment schedule. The agreement ought to mention the total amount to be paid to the seller and therefore the amount remaining. This helps in preventing any futuremisunderstandings or ambiguity on the payment schedule. This protects both the seller and the buyer from any money disputes in the future concerning the property.

5 Realty Hotspots in Mumbai

Mumbai is one of the foremost valuable cities to live in as far as realty is concerned. But prices keep soaring higher so it gets difficult for the middle-class to invest in the financial capital-Mumbai. One has to make well-informed decisions because it involves investing their hard-earned money. Here are a few places that are listed as some of the most effective locations to invest in Mumbai 2020.

1. Thane

Thane enjoys the best connectivity with the suburbs of Mumbai via Ghodbunder Road, the Santacruz-Chembur Link Road (SCLR), the Jogeshwari-Vikhroli Link Road (JVLR) and also the Eastern Freeway, the National Highway, Thane-Belapur Road and the Mumbai-Nashik Highway. The educational institutions in Thane are well developed and include several professional colleges, medical and engineering. Many IT parks have acted as a catalyst in the growth of Thane. It a burgeoning and advance city in Mumbai that offers plenty of possibilities for investment in the realty sector.

2. Andheri

Andheri is another well-developed region in Mumbai, owing to its huge industrialization and its proximity to areas like BMC Road, Goregaon East and West, Jogeshwari East and West, and Malad Creek. It houses some of the most effective residential apartments and educational institutions. It is well connected to the major highways namely NH8 and Jogeshwari-Vikhroli Link Road (JVLR).

3. Powai

Powai is surrounded by Sanjay Gandhi National Park in the North, LBS Marg in the North-East, Chandivali in the South-West and hills of Vikhroli Park site in the South-East. It homes several renowned multinational companies’ offices as well as India’s premier institute The Indian Institute of Technology (IIT). Some of the renowned hospitals, educational institutions, hotels and banks are exceptionally connected via network of railways and roadways.

4. BKC (Bandra Kurla Complex)

Recently, property developers have been showing interest in BKC as the region has become one of the most sought after places to invest in. BKC has been promoted by the government as a finance centre for quite a while. It is close to the airport and is strategically well connected to the rest of the city.

5. Kanjurmarg

Kanjurmarg is strategically situated in the suburbs of East Central Mumbai. Being the prime localities in suburban Mumbai, Kanjurmarg is well connected to all the key parts of the city. The Eastern Express Highway, Western Express Highway, LBS Marg and Jogeshwari- Vikroli Link Road are the major roads running through the area. The neighbourhood is also well connected to major bus stands, the international airport and the suburban railway stations. Also, Kanjurmarg is close to many important institutions in Mumbai, like IIT Bombay, NITIE and KV Powai.  

Guidelines for NRIs to invest in Indian Real Estate

A Non-Resident Indian who wishes to purchase a property in India should be aware of the regulations that govern the acquisition and sale of the property. Non-Resident Indians (NRIs) are a big segment of investors, in the Indian property market. NRIs typically purchase properties in India for investment purposes or out of their emotional connection with their country and for settling down, once they retire. India has emerged as a lucrative spot for international capital.

Below are a few key points that NRI needs to keep in mind while investing in Indian Real Estate:

  • Types of Property to Invest

NRIs can purchase any range of properties, both commercial and residential. However, they’re not allowed to purchase any form of agricultural land, plantation property or farmhouse unless it’s been inherited or gifted to them. The depreciating rupee value and the regulatory environment after the implementation of reforms is prompting an outsized range of NRIs to invest in the Indian Real Estate Market.

  • Power of Attorney

Power of Attorney (POA) is needed by NRIs if they can’t be physically present in India for the execution of property transactions. It empowers an individual to act on behalf of another. Responsibility is delegated and therefore, it helps NRIs to manage their properties in India expeditiously.  POA can be used for purposes primarily related to mortgage, sell, lease, manage and sell disputes, collect rent and borrow, perform acts required by banks and enter into contracts. The government is outlining to amend the laws to make registration necessary for such deals which can help curb frauds, disputes and stamp duty evasion.

  • Tax Advantages

India has double taxation avoidance agreements with over ninety countries. AN NRI can claim the tax credit on taxes paid by them in India on income from immovable property in the country of residence. The NRI is prone to pay tax on the number of capital gains arising in India. Immovable property held for over twenty-four months is treated as a long-term capital asset and gets the indexation profit with taxation at 20%. Income-Tax Act permits certain tax deductions under Section 80C to 80TTA and NRIs can use this to cut short their tax burden.

  • The Right Way to make Transaction

Investing in Real Estate in India isn’t any longer as difficult as it used to be. Most NRIs these days believe that the recent regulatory changes in India have made the sector more transparent and efficient, rendering the environment useful enough for investment in property. An NRI investing in India must have a list of things that ought to include property verification, list of all documents, payment plan, KYC, tax implication legalities and other local formalities and someone trustworthy to assist facilitate the entire process so that it is efficient and smooth.

  • Regulation to Consider

Realty transactions in India for NRIs fall under the concept of the Foreign Management Act (FEMA). Reserve Bank of India has simplified the rules as NRIs holding an Indian passport needs no approval whereas investing in Indian Realty. Under the general permission category, persons of Indian origin need no approval unless they’re residents of neighboring countries. They can make payment through inward payment, non-resident ordinary rupee (NRO) accounts, non-resident rupee (NRE) accounts or foreign currency non-resident (FCNR) deposit accounts. Any property investment includes registration charges, stamp duty and service tax to be paid in line with Indian laws. NRIs are eligible to apply for loans in India however they should pay back the loan in Indian rupees solely.

Budget 2020-21 Highlights

Finance Minister Nirmala Sitharaman, on Saturday, presented Union budget for the fiscal year 2020-21 in Lok Sabha. Union budget 2020-21 emphasizes on the trinity of Aspirational India, Economic Development & Caring Society. The three biggest highlights of the budget speech are the announcement of cuts in personal income tax, extended tax benefits for affordable housing and relief to companies on payment of dividend. Another major highlight is the government’s plan to sell some of its stakes in LIC. FM announced higher spending on Infrastructure, Rural development & Agriculture sector to boost economic growth. A 16 point action plan has been proposed to increase farmer’s income & growth in the agriculture sector. To boost consumption, provide a level playing field to the domestic companies and to provide a fillip to the ‘Make in India’ initiative FM proposed raising customs duty on various articles including kitchen wares, furniture, stationery, toys, electrical appliances, footwear etc.

Let’s have a closer look at budget 2020-21– the policy reforms, regulatory proposals & tax amendments.

The nominal GDP growth rate for the year 2020-21 has been estimated to be 10% whereas the receipt and expenditure has been pegged at Rs. 22.46 lakh crore & Rs. 32.42 lakh crore respectively.

Aiming to boost the affordable housing demand, FM proposed to extend the date of availing an additional Rs. 1.5 Lakh tax deduction on home loan interest by one year i.e. till march 2021. The FM also announced that builders will get tax holiday on affordable housing projects till March 2021.

It has been proposed to increase the real estate circle rate limit to 10% from 5% for the purpose of tax. Currently, while taxing income in real estate if the consideration value is less than the circle rate by more than 5%, the difference is counted as income, both in the hands of the purchaser and seller.

A new personal income tax regime has been proposed and about 70 of the existing exemptions and deductions will be removed. The remaining exemptions and deductions will be rationalised in the next few years. The new tax structure is as mentioned below:

Old RateAnnual Income New Rate
NilUpto rs 2.5 lakhsNil
5%Rs. 2.5 – 5 lakh5%
20% Rs. 5 – 7.5 lakh 10%
20% Rs. 7.5 – 10 lakh15%
30% Rs. 10 – 12.5 lakh 20%
30% Rs. 12.5 – 15 lakh 25%
30% Above Rs. 15 lakh 30%

The government has allocated Rs. 1,70,000 Cr for the transport infrastructure and has planned to accelerate highways development programme that includes construction of 15,500 kms highways including 9000 kms of economic corridors. The FM emphasised on completion of Delhi-Mumbai Expressway by 2023 & mentioned that the work on Chennai-Bengaluru Expressways will start soon.

Bengaluru Suburban Transport Project got a definitive push with FM’s announcement that the centre will contribute 20% of the funding and give external funding assistance of upto 60% of the cost.

More Tejas types trains will be introduced to connect iconic tourist destinations. Four station redevelopment projects and 150 passenger trains will be introduced through PPP model. Solar power capacity will be set up along the rail tracks on the land owned by railways. Also, high speed train between Mumbai & Ahmedabad will be actively pursued.

100 more Airports will be developed by 2024 to support Udaan Scheme.

Smart metering techniques will be adopted and more reforms will be introduced to address the distress in discoms.

To reap the benefit of new technology, Centre has proposed Rs. 8000 Cr for National Mission on Quantum technologies. Various policies to enable private sector build Data Centre Parks throughout the country will be implemented soon. Also, 100000 gram panchayats will be linked through FTTH connections.

To give a push to ‘Start-Up India’ mission, a digital platform will be promoted to facilitate seamless application and capture of IPRs. A comprehensive database will be created.

The DICGC (Deposit Insurance Credit Guarantee Corporation) has been asked to raise the deposit insurance from the current level of Rs.1 lakh to Rs.5 lakh per depositor.

A proposal to develop five new smart cities has been made.

The government will create warehousing, in line with Warehouse Development and Regulatory Authority (WDRA) norms and will provide Viability Gap Funding for setting up such efficient warehouses at the block level.

Window for MSME’s debt restructuring by RBI will be extended by one year till March 31, 2021

In order to deepen the bond market,

  • Certain specified categories of Government securities would be opened fully for non -resident investors.
  • FPI limit in corporate bonds has been increased to 15% from 9% of its outstanding stock.

Debt Based Exchange Traded Fund (ETF) will be expanded by a new Debt-ETF consisting primarily of Government Securities, this would give attractive access to retail investors, pension funds and long-term investors.

Disinvestment – partial sale of govt holdings in LIC would be conducted by the govt by way of Initial Public Offering.

Dividend Distribution Tax has been removed. Start-ups will enjoy 100% tax deduction for a 3-year consecutive period (Must have a turnover of upto Rs. 100 Cr)