Indeed, the third week of July brought in some good news and some bad news for the sector. To start with, let’s go to the god news first.
- The office space leasing in India crossed 20 million sq ft mark in the first half of 2018. As per a report released by CBRE, office leasing activity across India’s top 9 markets rose more than 10%, Bangalore along with Delhi-NCR, Hyderabad and Mumbai led the leasing activity with 80% share.
- Jaiprakash Associates Ltd has promised to give possession of 500 flats every month and pay the principal amount of all those who wanted refund. It is hard to say for how long they would keep their promise, but this is indeed one ray of hope amidst cloudy nights.
- There are favourable policy reforms on cards for the real estate sector. Shri Piyush Goyal, Hon’ble Finance Minister initiated a discussion with industry stakeholders where it intended to reduce GST and other tax concessions to boost investment.
And there was a bad news as well!
- Two buildings, out of which one was under-construction collapsed in Shahberi village in Greater Noida, causing 9 casualties. As per the eye-witnesses, the under-construction building fell on the other one, causing the collapsed.
We hope you found these news updates useful. We will be back again with next week’s real estate news round-up.