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Over 81,300 Unsold Homes are Ready for Possession

– by Anuj Puri Homebuyers seeking ready-to-move-in properties in the ongoing festive quarter are spoiled for choice. ANAROCK research indicates that nearly 81,300 unsold homes are currently ready-to-move-in across the top 7 cities. As on Q3 2019 end, approx. 6.56 lakh units were lying unsold across the top 7 cities and out of this nearly 12% are ready to be occupied. Anuj Puri, Chairman – ANAROCK Property Consultants says, “Among the top 7 cities, MMR has the maximum ready unsold stock equalling nearly 21,000 units, followed by NCR which has nearly 16,800 unsold ready units and Pune with 14,260 ready units. In the South, Bangalore and Chennai have an almost equal number of ready unsold supply with 10,640 units and 10,160 units respectively. Kolkata has 5,620 ready unsold ...

JLL Reaction on Repo Rate cut of 25 bps to push the real estate sector 

– by Ramesh Nair The 25 bps rate cut is definitely a welcome move showing the alignment of monetary and fiscal policy initiatives in the backdrop of a downward revision in the GDP growth to 6.1% for FY 20. In sync with the general market sentiment, the fourth consecutive rate cut during 2019 by the RBI is aimed at uplifting the growth trajectory of the Indian economy. Riding along the same track, the real estate sector, too, is likely to witness accelerated sales owing to favorable policy reforms and the gradual transmission of rate cuts to end-consumers through lowering of mortgage rates. The rate cut of 25 bps delivered by the RBI in its fourth bi-monthly monetary policy meeting is in line with the market expectations. This move is in sync with the government’s efforts to accelerat...

Festive schemes make realestate a buyer’s market

– by Siva Krishnan The festive season is here again and the market is ripe for all prospective homebuyers, who plan to enter the market this season. Developers are cashing in on this spirit to revive sales, disrupted by factors such as demonetization, economic slowdown, and introduction of GST & RERA, among others. Add to that, the NBFC crisis which resulted in a liquidity squeeze. Several developers across the country are doling out discounts and freebies to offload their unsold units. Typically, it is expected that the market will witness a significant jump in sales during the festive season that starts from the beginning of Ganesh Chaturthi celebrations and goes beyond Diwali. So what’s on offer for homebuyers? Discounts: Cash discounts are undoubtedly one of the most lucrativ...

Housing Absorption Dips 20% – ANAROCK

– by Anuj Puri Housing sales in Q3 2019 saw a quarterly decline of 20% across the top 7 cities – from 68,600 units in Q2 2019 to 55,080 units in Q3 2019. New launches fell by 34% over the same period – from 69,020 units in Q2 2019 to 45,230 units in Q3 2019. On a y-o-y basis, housing sales fell by 18% while new launches fell by 13% in Q3 2019 over the corresponding quarter in 2018. The ongoing ‘shraadh’ period – seen as inauspicious in many parts of the country – coupled with the ban on the subvention schemes compounded the quarterly dip. Also, above normal and heavy rainfall impacted the number of site visits resulting in longer decision-making cycles. In terms of sales, Hyderabad saw the maximum decline of 26% during the quarter with housing absorption falling from 4,43...

Age of Indian Homebuyers – Across Decades and Cities

– by Prashant Thakur The age of property buyers is an important demographic variable which Indian real estate stakeholders from developers to marketers and advertisement agencies must focus on. Over the past decade, there has been a tectonic shift in not just the overall buying pattern but also in the age of property buyers. Until the late ’90s, many Indians preferred to buy homes using their savings rather than opting for home loans. As a result, most homebuyers were in the age group of 45-55 years or even closer to retirement – by then, they had accumulated sufficient wealth to support property purchase. In this period, younger Indians with much lower savings kept away and were also very cautious about bank loans, seeing them as risky. Also, many banks were reluctant to...

Ahmedabad has 52% of Housing Supply in Affordable Category

The residential real estate market in Gujarat’s top city Ahmedabad has been riding high on affordable housing projects over the last five years. A highly price-sensitive market, Ahmedabad is banking heavily on boosted demand for affordable homes. The government’s push for the affordable segment is another feather that gives it the much-needed impetus. No wonder more than half of the units launched from 2014 onwards catered to the budgeted segment priced <INR 40 lakh. Santhosh Kumar, Vice Chairman – ANAROCK Property Consultants says, “According to ANAROCK research, as many as 1,30,650 units across different budget segments have been launched in the city since 2014 till H1 2019. Of this, nearly 52% (approx. 67,400 units) were in the affordable segment, followed by 37,400 units in the mid-...

Govt. Lifeline May Rescue Over 2.5 Lakh Stuck Housing Units in Top 7 Cities

–  by Anuj Puri Taking the first step in addressing the key issue of delayed housing projects across the country, the FM recently announced the setting-up of a special window of INR 10,000 crore for last-mile funding of distressed affordable and mid-segment homes. Approximately the same amount of funds will be added by outside investors such as LIC, etc. However, this comes with a caveat – the projects should not be non-performing assets or pending under NCLT and must be at least 60% complete. According to the latest research by ANAROCK, after considering these caveats, nearly 2.5 lakh units across the top 7 cities can avail relief from the government’s aid in the top 7 cities alone. However, since data for projects under NPAs is not available, there could be a further dip in t...

Co-living is millennials new love | Weekly Roundup | RealtyMyths

Welcome back to the weekly news roundup! Let’s see what’s in the bulletin for this week. Looks like co-living has become a perfect choice for many millennials. In a recent report titled ‘Insights on Co-living – An Asia-Pacific Perspective’ by Knight Frank, Mumbai occupies the fifth position in Asia Pacific Co-living Index while New Delhi is ranked 11th and Bengaluru 19th. Greater Noida Industrial Development Authority (GNIDA) issued a notice to GaursonsHitech Infrastructure for fitting artificial carpet in the mandatory ‘green’ area of its housing project. This marks the third notice which has been sent to the company in the past two years with the first being sent in December 2017. According to the property consultant Anarock, South Mumbai’s Tardeo has become India’s mos...

Do You Know How to Register a Complaint Under RERA

by Arti Chaudhary We all know that in every sector there is an act of law to protect human rights and one can file a complaint under that particular act if something goes wrong. After the execution of the Real Estate (Regulation and Development) Act, or RERA as it is commonly called, there was a sign of hope among homebuyers that this new act will finally secure their interests. And rightly so, slowly, people started getting updates about their projects from RERA website. However, the customers are still confused about how to file their complaint under RERA. A complaint under the RERA is required to be in the structure endorsed under the individual state’s guidelines. Before filing a complaint one should keep few things in mind such as the project should be enrolled under RERA, the c...

Will Govt. Light Indian Housing Sector’s Festive Lamp?

– by Anuj Puri The Indian festive season, ushered in by Ganesh Chaturthi, has begun and investment decisions are being made. For homebuyers, this period is both auspicious and opportune to buy homes because real estate developers inevitably roll out attractive incentives – either in the form of price reductions, money-saving opportunities like waived stamp duty and registration charges, or ‘white goods’ like furnishing and household electronics – to attract genuine buyers. This year, the government has already done a lot of the heavy lifting when it comes to sweetening the deal for homebuyers. The slew of measures announced over the past two weeks, primarily to boost consumption, have both direct and indirect benefits for homebuyers and have already set the st...

Investors Clinic receives more than 350 spot bookings in its 2-days Propfest

Defying the current real estate market sentiment where the developers complain about sluggish property demand, Investors clinic, a real estate channel partner firm,  sold around 350 plus properties in its property show ‘Propfest’. Many leading developers like Gaursons, ATS, TATA, Godrej, Shapoorji Pallonji, Home and Soul were part of this 2-day event. The event received an overwhelming response from property buyers for both residential and commercial properties of NCR. Investors Clinic, at its Propfest event, came up with various attractive offers and lucrative deals on ready-to-move-in properties and on the spot bookings. Speaking on the success of the event, Sunny Katiyal, Director, Investors Clinic said, “The whole team of Investors Clinic has worked tirelessly to make this event succes...

Unsold Housing Inventory – Gurgaon vs other NCR Markets

by Prashant Thakur As per ANAROCK data, of the total 1.82 lakh unsold units in entire NCR market as on Q2 2019, Gurgaon accounted for nearly 56,550 units (31% share) of total unsold stock – the highest in the region – followed closely by Greater Noida with 50,800 unsold units (28% share), Ghaziabad with 17% share, Noida with 11%, Delhi with 7% and remaining 6% in Bhiwadi and Faridabad. The total value of the unsold units in Gurgaon (56,550 units) is nearly INR 80,570 crores while in Greater Noida, the value of 50,800 unsold units is roughly INR 26,720 crores. Noida’s 20,860 unsold units are worth INR 18,380 crores. This clearly indicates that the unsold properties in Gurgaon largely belong to the luxury segment against affordable properties in Greater Noida (the difference between unsold u...

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