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Why is low-cost housing restricted to the peripheries? – RealtyMyths

Anuj Puri, Chairman – ANAROCK Property Consultants India continues to strive for a more globally-aligned image for urban living conditions, which is what the Smart Cities mission is really all about. However, the primary need if India’s housing market is to rank higher on global benchmarks of urban liveability is still a numbers game. Access to quality affordable housing, if ‘quality’ is primarily defined by location, is still a major challenge for most Indian citizens. The dearth of affordable homes is only widening, with deficit numbers predicted to reach 30 million by 2022. This, despite the fact that the current Government has clearly understood that quality, quantity, availability and affordability of housing are integral drivers for a country’s economic competitiveness. To be fair, I...

PM Inaugurates New NBCC Built Complex of Tripura Institute of Technology – RealtyMyths

Prime Minister Narendra Modi recently inaugurated a new hi-tech complex of Tripura Institute of Technology, built by state-owned Navratna PSU NBCC (India) Limited, a move that would provide state-of-the-art infrastructural facilities that support academic excellence. “The state-of-the-art new Complex constructed by NBCC is equipped with modern amenities that would go a long way in making the Tripura Institute of Technology an educational institution par excellence in this part of the country.” Dr Anoop Kumar Mittal, CMD, NBCC said. “The new infrastructural facilities would help in producing globally competent technocrats as it will provide an enabling environment in the premier institute for the overall growth and development of the teachers and students,” Dr Mittal added. The complex buil...

NBCC Organises 2-Day Training Programme on Leadership Skills – RealtyMyths

NBCC (India) Limited, a Navratna CPSE under the Ministry of Housing and Urban Affairs (MoHUA), recently organized a two-day training programme ‘Leadership Development and Managerial Excellence’ for its officials. It was organized at NBCC’S Training and Skill Development Centre, (TSDC) in Ghitorni, New Delhi. The programme incorporated unique learning and development strategies that will ensure that the employees introspect, learn and grow. The programme also included physical activities to increase output at the workplace. Focussing on the merits of developing a leadership quality, CMD NBCC, Dr Anoop Kumar Mittal encouraged the officials to brace for multiple kinds of challenges at the workplace. “At NBCC we encourage employees to challenge themselves and see exactly what they are capable ...

Magicbricks Poll: Nearly 50% home buyers had to wait three years to get possession – RealtyMyths

36% of home buyers had to wait 5-10 years for house keys Inordinate delays in delivery of residential projects by cash-strapped developers remain the main cause of concern for Indian home buyers as a recent poll by Magicbricks, India’s No. 1 property portal, revealed that almost 50% home buyers had to wait three years to get possession of their dream home. What was astonishing was that around 20% of home buyers had to wait for 10 years or more for their house keys. Approximately 16% said they faced 3-5 years delay and 5-8 years delay was faced by another 16%. To solve the issue of delay in the delivery of projects, RERA, the builders’ body and all key stakeholders are focused towards completion of stuck projects and getting them delivered. When the Real Estate (Regulation and Development) ...

Garage Society Launches its first Co-working Space in India – RealtyMyths

Garage Society, a Hong Kong-based flexible coworking space provider, today announced the launch of their first coworking space in Cybercity, Gurgaon. The facility is spread over 19,000 sq. ft. with a seating capacity of nearly 300. The centre has been designed to cater to the needs of modern corporates, startups and freelancers. Founded in 2014, Garage Society offers flexible workspace solutions and business support to the new generation workforce across Asia, including events, hiring, internships and investment opportunities. With an international footprint in Hong Kong, Thailand, Cambodia and Philippines, the company has now started its operations in India. The coworking space called ‘Garage Gurgaon’ is located in Cyber Greens in DLF Cybercity, a corporate tech park in Gurgaon. It is a 2...

Real Estate Sector Expresses Cautious Optimism: Real Estate Sentiment Index – RealtyMyths

Residential prices expected to remain contained, while launches and sales expected to pick the pace The outlook for the office sector remains optimistic The turbulent funding environment viewed as turning positive in the calendar year Knight Frank India in association with National Real Estate Development Council (NAREDCO) and the Federation of Indian Chambers of Commerce and Industry (FICCI), today released the Real Estate Sentiment Index, which broadly captures the overall perceptions and expectations of industry leaders. The report is based on a survey of, besides others, over 150 stakeholders of the Indian real estate sector including leaders from the development and financial side. The survey indicates that for the next six months, the sector has a positive outlook on account of the s...

Impact of GST on Real Estate Sector – RealtyMyths

by Akhilesh K Prasad The Goods and Services Tax (GST) was passed by the government on the 29th of March, 2017. The aim of implementing the new tax regime was to curb the effects of the previous multiple taxation systems such as VAT, Service Tax and so on. It was also introduced to provide a much-needed boost to the GDP. GST has a 4-tier taxation structure; tax slabs of 5%, 12%, 18% and 28% for different goods and services. The real estate sector is a significant contributor to India’s GDP. It is the country’s second largest sector in terms of the number of people employed. The contribution of this sector will probably grow further at a Compound Annual Growth Rate (CAGR) of about 30% in the next 10 years and have revenues to the tune of $180 billion by 2020. A year after the implementation ...

Kapil Dev to flag off Tridhaatu Navi Mumbai Half Marathon 2019 – RealtyMyths

Navi Mumbai’s biggest Marathon ever to be run World-renowned coach Norrie Williamson as Race Director Affiliated to AIMS, MAAA and TDAAA associations The legendary cricketer Kapil Dev is all set to flag off the Tridhaatu Navi Mumbai Half Marathon 2019, to be held on Sunday, February 17, 2019, at 5:30 am from the CIDCO Exhibitions Centre, Vashi. Internationally acclaimed marathon coach Norrie Williamson comes on board as Race Director. The Navi Mumbai Half Marathon (NMHM) 2019 event in its 3rd edition is designed on an international scale. Runners will experience a world-class venue, running along the lush green and flat Palm Beach route, under perfect weather conditions. The NMHM 2019 is affiliated to AIMS (Association of International Marathons & Distance Races) Full Membership, MAAA ...

Sumadhura Group receives ‘Developer of The Year 2018 – 2019’ – RealtyMyths

Sumadhura Group, one of South India’s leading realty majors has been recognised as ‘Developer of The Year 2018 – 2019’ in India at the recently concluded QuikrHomes Realty Awards. At the realty awards, the winners were recognized across individual, real-estate projects, builder, and allied categories. The selection process was based on several crucial factors, which included on-ground company performance, construction quality, and project status.   Speaking on this momentous occasion, Mr  Madhusudhan G, Chairman and Managing Director of Sumadhura Group, said, “We are honoured on being rewarded at such a prestigious event among luminaries within the industry.  This helps further reinforce our commitment to delivering value and trust among all our stakeholders alike. In an industry which is ...

Samsung R&D Centre in Bengaluru Switches to Solar Energy – RealtyMyths

Samsung’s R&D centre in Bengaluru has switched to solar power for its campus in the IT capital of India. The campus which houses over 3,000 R&D employees will draw 88% of its power requirement from a solar farm in Kalburgi district in Karnataka, around 500 kilometres away from Bengaluru. How does it work with the farm 500 kilometres away? In December 2018, Samsung R&D Institute, Bengaluru (SRI-B), which is Samsung’s largest R&D centre outside Korea, adopted the green energy solution through a method called ‘energy wheeling’. The solar farm by Bagmane Green Power LLP based in Kalburgi has a tie-up with SRI-B. Through ‘energy wheeling’, the solar farm adds the required power to the state electricity grid and SRI-B in turn, receives an equal amount of power from the local elec...

Commercial Real Estate Trends in 2019: a Forecast – RealtyMyths

by Akhilesh K Prasad The year 2018 saw the commercial office market emerge as the frontrunner in a market that has, in the last couple of years, witnessed revolutionary changes in terms of legislation. The implementation of the Real Estate Regulation (and Development) Act, Real Estate Investment Trusts, GST and demonetization at break-neck speed, gave a few hiccups. But the market has now started riding the growth curve once again. That perhaps is the biggest take away from 2018. In all likelihood, this trend will continue through 2019. Our forecast for commercial real estate in 2019 is based on the following commercial real estate trends: REITs: The implementation of Real Estate Investment Trusts or REITs is expected to prove a major fillip to commercial real estate in India. As witnessed...

An Infrastructure status or a cut in GST Rate, what Lies in the Interim Budget for Real Estate? – RealtyMyths

It’s that time of the year when every sector of the country gets full of hopes and aspiration. Yes! It’s almost time for the Interim Budget 2019. On 1st February, the government will present the Interim Budget 2019 in the Parliament. Like every other sector, Real Estate sector has its own expectations. The sector is facing many challenges due to stagnant demand, which got further intense post the NBFC crisis. As the industry is working towards bringing around the demand, a little push from the Union Budget, which is indeed the burning requirement, will lend a helping hand to the realty estate sector. A cash crisis is expected by the property advisors in order to endure in the real estate sector. In the pre-Budget recommendation, FICCI suggested that there should be an increase in income ta...

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