Monthly Archives: Jan 2020

Development Control Regulations Real Estate Smart Residential Living

What are the Development Control Regulations (Building Bye-laws 2019)?

Development Control Regulations in India

Development Control Regulations (DCR) in India

Development Control Regulations are a set of rules that are planned to ensure the proper and effective development of a city, as well as the general welfare of the public. Regulation is necessary to ensure planned development. It depends on a “plan-led system” whereas development plans are made and the public is consulted.

It is a mechanism that controls the development and use of land. This involves the construction of new buildings, the extension of the existing ones, and the change of use of the building or land to another use. Developing new houses/industrial buildings/shops are important for supporting economic progress. At the same time, it is also necessary to protect or improve the quality of towns, villages, countryside, etc.

Under the DCR, the Metropolitan Commissioner is the supreme authority for review of its provisions and his decision would be final. The Metropolitan Commissioner could use his power to approve provisions of these regulations excluding the provisions associated with FSI.

What are the motives of the Development Control Regulations (DCR)?

The motive of Development Control Regulations (DCR) is that any approved plan is implemented by individuals and by corporate or by public-sector developers and thus all new developments should adhere to the terms of the plan.

Why is Development Control Regulations necessary?

Development Control Regulations are a must for every growing city because the area immediately beyond the city limits is often a source of health risk to the city and generally under no strict control of the effective local authority.

What are the objectives of the Development Control Regulations?

  1. To stop the unfavorable demand and misuse of land.

  2. To assist private interest along with public interest in all phases of development.

  3. Development control is legal in nature and the planning authority has the power to punish the defaulters.

  4. To control and limit overcrowding on land.

  5. To control the private development as per the required rules in connection to public safety, health, and convenience.

How many types of Development Controls Regulations are there?

  1. Town and Country Planning Act

  2. Building Bye-laws

  3. Land Acquisition Act

  4. Zoning Regulations

  5. Slum Clearance Act

  6. Periphery Control Act

How is Zoning Regulations dealt with?

  1. Allotment of land for special purposes.

  2. Limitation on the use, construction, and height of the building.

What are the key objectives of Zoning?

  1. Zoning proves to be a useful means for making any town planning scheme effective and successful.

  2. Zoning supports proper coordination of various public amenities such as road, electricity, drainage, water connection, transport facilities, etc.

  3. Rezoning for better uses of land by amending their zoning laws can be possible.

  4. The town planner gets enough opportunity for designing the future growth and development of the town.

What do the Bye-laws say (Building Bye-laws Updates 2019)?

  • Rights of residents

  • Freedom to builder or landlord

  • Rights of neighbor

Where is building Bye-laws applicable?

  1. New construction

  2. Additions and modification to buildings

  3. The need for open space

What are the objectives of building Bye-laws?

  1. The building bye-laws stop reckless development without any similarity to the development of the area as a whole.

  2. To give open spaces, noise, air breeze, smoke, and manage safety against fire, etc.

  3. To control land development keeping in mind the bye-laws.

  4. It becomes more accessible to pre-plan the building activities and provisions of bye-laws, give directions to the designing architect or engineer.

  5. Material types of control

What are the controllable factors under DCR?

Below are the controllable factors under DCR:

Floor Space Index (FSI)

It is the ratio between the total built-up area and the plot area available. It is authorized by the government for a particular locality. It principally describes the ratio of the total covered area of construction to the total plot size. It is sometimes termed as floor space compensation ratio (FSR), floor area ratio (FAR), site ratio or plot ratio. FSI rules are usually based on the National Building Code.

As per the new DCR rules, balconies, stairs, voids, flower beds, and corners are calculated in FSI and to compensate for the loss, the government has allowed compatible FSI up to 35% for residential and 20% for commercial developments.

Parking space

There is a specified space for parking in residential, commercial and educational institutions as per the set laws in different States. However, as per the norms, the ideal parking size should be a minimum of 2.5 x 5.5 sq.m. (Motor Vehicle), 1.2-3 sq.m. (2 Wheeler), 3.75 x 7.5 sq.m. (Transport Vehicle).

Size of plots

As per the DCR, the size of plots appropriate for residential development varies according to the income level of residents. The ideal size conditions under DCR are -

1. Low-Income Group (LIG) – 135-180 sq.m.

2. Mid-Income Group (MIG) – 216 to 360 sq.m.

3. High-Income Group (HIG) – 486 to 972 sq.m.

Structural design and services

The architectural design of a building should be executed as per the directed norms of the National Building Code of India. The building must hold facilities of plumbing (for toilet and drinking), protection from electricity, electrical installation, air-conditioning, lift, etc.

Lifts

A building with a height of more than 13 meters must have a lift from the ground floor. The minimum capacity of the lift should be 6-persons.

Fire Safety

A building that exceeds more than three floors needs a certificate of approval from the Fire Department. Besides, every floor with more than 150 sq.m. of floor area and a capacity of 20+ people should have at least two doorways, along with a staircase for the fire exit.

Development Control Regulations in India’s Top Cities

Development Control Rules, Delhi

To make Delhi’s Development Control Rules tighter, the ministry of housing and urban affairs has proposed an amendment in Unified Building Bye-Laws for Delhi 2016, which would now hold responsibility on all contractors and even site supervisors for defects in a building built on a plot size of 750 sq.m. and above. This revision would mean that every architect would now have to take ten-fold professional liability insurance to cover for such defects.

The Unified Building Bye-Laws 2016, which was published in March 2016, had put this “latent defects liability” condition only for plots with 20,000 sq.m.and above. It means a 20,000 sq.m.plot would house a 35-40 storey highrise building with 3-flats on each floor.

To check the complete rules, click HERE

Development Control Rules, Mumbai

In January 2012, the Maharashtra Government had announced amendments to the Development Control Rules for Mumbai with the prime objective of bringing in transparency and reducing temporary and discretional decision-making at different levels. The new rules mean pricing based on maximum available FSI, reducing the risk that was largely accepted earlier with regard to excessive saleable area.

Under the new DCR, areas for balcony, flower-beds, stairs, terraces, corners, voids would be counted in the FSI but these were not considered in FSI calculation earlier.

With the new rule, plots measuring over 2,125 sq.m.(22,873 sq.ft.) will now be permitted to build more, vertically. As per the new regulation, the Brihanmumbai Municipal Corporation (BMC) will calculate the development potential of a plot on its gross area, without decreasing the area reserved for recreational purposes. The developers will now be able to build more apartments in a building with a proportionate increase in the open spaces in the building.

Every plot, where a residential structure is coming up will have to reserve 15% of land for open spaces known as recreational ground. Earlier, according to the 1967 and 1991 DCR, when the BMC calculated the development potential of a plot, the reserved 15% plot was deducted. This resulted in a lesser number of flats being constructed. However, the BMC will determine the development potential including the reserved space now with the new rule. Resulting in permitting builders to develop more in the specified Floor Space Index or FSI.

To check the complete rules, Click HERE

Development Control Rules, Karnataka

The Karnataka Govt. has amended the zonal regulations of the Revised Master Plan 2015. Under the amendments, the state govt. has reduced the mandatory permissions needed for building commercial complexes in plots measuring up to 20,000 sq.m.and exempted select common areas from the floor area ratio rules in both, residential and commercial high-rise buildings.

The state govt. has changed the floor area ratio rules for residential as well as commercial buildings. This means those common areas such as fire control rooms, electrical panel rooms, pump rooms, AC plants, security or CCTV rooms, generators, solid waste management facilities have been removed from the range of FAR norms.

According to the new rules, the height of the building will be calculated excluding structures above the terrace floor giving services such as solar panels,  staircase headrooms, lift machine rooms, overhead tanks, parapet walls, chimneys, and other architectural features cover. Also, the new rules have allowed covering the internal open space on top, to block rainwater from entering the building but the covering cannot be a stable structure.

Those buildings that fall within a 1-km radius on either side of the metro corridor will have to allow less parking space in buildings. The amendment clarifies that space for one car needs to be provided for a built-up area of 75 sq.m and buildings outside the 1 km zone, parking space for a single car needs to be marked for a built-up area of 50 sq.m.

To check the complete rules, Click HERE

Development Control Regulations, Pune

Pune Municipal Corporation has approved new development control regulations permitting higher floor space index (FSI) in certain categories. The move is beneficial for small developments in non-congested areas.

IT Sector

Maximum permissible FSI of 3 to develop IT parks and additional FSI could be used by paying a premium to the local body. IT parks built on two hectares or less need to maintain amenity space. A fine equal to 0.3 % of controlling ready reckoner value of the built-up area will have to be paid if the place reserved for IT is used for non-IT purposes.

Government Housing

The rule proposed up to FSI of 4 instead of 1 for the development and redevelopment of housing for the state government and civic employees.

As per the new regulation, mixed-used developments of residential and commercial nature would be permitted on a residential plot in TOD zone.

PMC has made it compulsory for housing societies to have solid waste management, hostels, commercial establishments, hospitals with a total built-up area of 4,000 sq.m or more.

A minimum FSI of 1.50 has been granted for the development in overcrowded areas while the road width is 9 meters. Also, a maximum of 3 FSI will be allowed for development for road width 30 mt and above. 1.10 FSI will be permitted for non-congested areas.

To check the complete rules, Click HERE

Development Control Rules, Chennai

The State government has issued a Government Order, revising the 2nd Master Plan of the Chennai Metropolitan Area and the Development Control Regulations in other parts of the State. This is only for residential buildings that will reduce the cost of housing for low-income groups.

The Tamil Nadu government has increased the maximum Floor Space Index (FSI) for multistoried residential buildings from 2.5 to 3.25.

According to the amended terms on ‘premium FSI’, a multistoried residential building will get the maximum FSI of 3.62 on the payment of premium charges. The maximum FSI for specific buildings in the residential category and ordinary residential buildings will be 2.

The Development Control Regulations 26 of the Chennai Metropolitan Area has been revised to change the FSI for special buildings also from 1.5 to 2 for continuous building areas.

Likewise, the Development Regulations 27(3)D of the Chennai Metropolitan Area has been revised.

The Chennai Metropolitan Development Authority (CMDA) will also allow premium FSI over and above the usually permissible FSI subject to a maximum of 1.62. Now, the maximum FSI for a multistoried building will be 3.62 using premium FSI.

For a road width of 18 meters, the premium FSI permissible will be 50%. For roads with a width of 12-18 meters, the premium FSI permissible will be 40% and for roads with a width of 9-12 meters, it will be 30%.

To check the complete rules, Click HERE

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Home loan Income tax Property tax Real Estate Smart Residential Living

Section 80EE – Income Tax Deduction on Home Loan Interest

Home loan tax benefit under section 80EE

What is Section 80EE and its advantage?

Section 80EE permits Income Tax benefits on the interest portion of the home loan taken from any public/private financial institution. The deduction permitted under this section is for the interest paid on a home loan for up to a maximum of Rs 50,000/fiscal. You can continue to claim the deduction until you have fully repaid the loan amount.

What are the features of the Section 80EE deduction?

Following are the feature of Section 80EE Deduction under Income Tax:

  • The deduction under section 80EE is available only for individuals. This means, if you are a Hindu Undivided Family (HUF), an association of persons (AOP), a company or any other kind of taxpayer, you can not claim any benefit under this section.
  • This deduction i.e. up to Rs. 50,000 is over and above the Rs 2 lakh limit under section 24 of the Income Tax Act.
  • To claim this deduction, you should not own any other house property on the date of the loan sanction from a financial institution.

What is the maximum amount of tax-deductible for a home loan?

The maximum tax-deductible under specified sections for a home loan is listed below:

Income Tax Act Sanctions

Nature of home loan deduction

Maximum amount deductible

Section 80EE

Additional home loan interest tax benefit for first-time homebuyers

Rs 50,000

Section 80C

Tax deduction on the principal repayment

Rs 1.5 lakh

Section 24

Tax deductions on the interest amount payable

Rs 2 lakh

How to Calculate Home Loan Interest?

Your home loan interest rate directly affects how affordable the loan is and how conveniently you can repay it. Considering your repayment is in the form of EMIs that include both interest and principal parts, a lower home loan interest keeps down your EMIs. Therefore, it is best to choose a lender who offers low home loan interest rates. It is always advisable to calculate your home loan interest rate before you submit your application.

How Home Loan Interest is Calculated in India?

In India, there are two types of home loan interest rates i.e. fixed and floating. When you choose a fixed interest home loan, the interest stays constant throughout the loan period. On the other hand, when you choose a floating interest rate, it changes from time to time. There are several factors that are taken into consideration to arrive at a value for either type of interest rate.

Can I claim tax benefits on home loan for an under-construction property?

The following rules apply for such deduction for an under-construction property:

  • If the construction is completed within 5 years, a deduction of Rs.2 lakh is applicable.
  • If the construction is not completed within 5 years, only up to Rs.30,000 is deductible.

What are the eligibility criteria for claiming Section 80EE Deductions?

The Eligibility criteria for claiming 80EE deductions under home loan requires a taxpayer has to make sure of the following points:

  • Only individual taxpayers can claim deduction under Section 80EE on properties purchased either individually or jointly. If an individual has bought a property jointly with his or her spouse name and they are both paying the installments of the loan, then both can individually claim this deduction.
  • E-tax benefits are not applicable to the Association of Persons (AOP), companies, Hindu Unified Families (HUF), trusts, etc.
  • Tax benefits under Section 80EE can only be claimed by first-time home buyers. For claiming this deduction, the individual must have taken the loan from a financial institution for buying his/her first home or residential property.
  • Section 80EE is applicable on a per-person basis instead of a per property basis.
  • To claim this benefit, it is not mandatory for the taxpayer to live or stay in the property for which he or she is claiming this deduction. Borrowers residing in rented houses can also claim this deduction.

What are the conditions for claiming deductions under Section 80EE?

The following are the conditions for claiming deduction u/s 80EE:

  • The loan must be approved between 01.04.2016 to 31.03.2017
  • The loan amount taken for the house must be Rs 35 lakhs or less
  • Value of the house should be Rs 50 lakhs or less
  • The loan must be approved by a Financial Institution (FI) or a Housing Finance Company (HFC)
  • As on the date of the approval of the loan, no other house property must be owned by you.
  • The deduction can only be claimed by individuals for the house purchases jointly or singly.

What are Tax Benefits on Principal Re-paid?

U/S 80C of the Income Tax Act, the maximum deduction allowed for the repayment of the principal amount of home loan is Rs. 1.5 lakh. Deduction u/s 80C also covers investments done in the PPF Account, Tax Saving Fixed Deposits, National Savings Certificate, Equity Oriented Mutual funds, etc. subject to the maximum of Rs. 1.5 lakhs.

Apart from this, there are stamp duty and registration charges that one can claim under the above-mentioned section. However, the claim can only occur in the year in which the payment has been made.

There is a provision under which this repayment of the principal amount of housing loan is allowed. The deduction is only possible after the house gets fully completed and there is a completion certificate issued by the local body for the same. Any under-construction house is not going to be a part of this section.

Is home loan top-up eligible for tax deduction?

A home loan top-up is eligible for tax deduction u/s 24(b) and 80C only if it is used for -

  • Acquisition/construction of a residential property.
  • Renovation or repair of such property.
  • Such claims should also be availed with valid receipts and documents.

Who can Claim Section 80EE Deduction?

Section 80EE deduction can be claimed by an individual for the amount paid as interest on the home loan. The maximum deduction u/s 80EE is Rs.50,000. Section 80EE deduction can be claimed over and above the deduction of section 24 and section 80C which are Rs. 2,00,000 and Rs. 1,50,000 respectively.

What is Covered U/S 80EE?

Section 80EE, Income Tax Deduction on Home Loan Interest. Section 80EE allows income tax benefits on the interest portion of the house property loan taken from any financial institution. As per this section, you can claim a deduction of up to Rs. 50,000 per fiscal.

What is the difference between Section 80EE and Section 24?

The deduction for interest on a home loan can be claimed u/s 24 of the Income Tax Act, 1961. The limit u/s 24 is Rs. 2,00,000. This deduction can only be claimed if the owner or his or her family members live in the house property. The whole interest shall be put off as a deduction in case the house is on rent.

If one is able to satisfy both conditions of the sections i.e. Section 24 and Section 80EE, the individual can avail benefits under both sections. In order to do that, the individual will first need to consume the limit u/s 24 and then claim the additional benefit u/s 80EE. Hence, the deduction u/s 80EE is in addition to the limit of Rs. 2,00,000, as u/s24.

Is There Home Loan Tax Benefit on a Second Home?

If you are taking a second home loan to buy another property, tax gains are applicable to the due interests. Here, you can claim the whole interest amount paid as no cap is applied here.

At present, individuals can claim only one property as self-occupied and make tax payments on the other based on notional rent. In the February 2019’s Interim Budget, a proposal has been put forward saying that an individual can claim a second home as self-occupied property. This tries to help borrowers save more money in the form of taxes.

 

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Coworking space in Mumbai Real Estate Smart Residential Living

Top Coworking Spaces In Mumbai

List of top coworking spaces in Mumbai

Coworking Spaces in Mumbai

Nowadays, more and more people choose to work remotely instead of having to show up to work in a traditional office every day. A remote work benefits both the employer and employee. Remote work is beneficial to the employer because they can reduce their office size. And for employees, it offers many more benefits that help them save time and money, which can also make other aspects of their lives more useful.

Mumbai is the fashion, entertainment and commercial hub of India which adds to over 6.16% of the nation’s total economy. As the city stays overflowed with people from various cultures and backdrops, various international companies influenced this diversity and have established their business centers in Mumbai to make their work experience as smooth and flexible as possible. The city of Mumbai gives them various options to experience the benefits of a coworking space.

Small businesses, startups or freelancers, who are unable to afford a workplace, look for shared office spaces instead of spending on office infrastructure. From conducting interviews and business meetings to organizing big events and workshops, coworking spaces are of great support to corporations and entrepreneurs, especially in Mumbai.

Being the center of financial activities, the city attracts businessmen from across the nation, by inspiring them to look for the list of top coworking spaces.

Shared workspaces in Mumbai give professionals a place to either work individually or co-exist with others that helps them in the long run for their business. Within an affordable budget, professionals get conference rooms or desk spaces for a day, months, or years on rent.

Along with facilities like Wi-Fi connection, CCTV, printer, fax machine, etc, coworking spaces offer pantry, cafeteria, gaming area, and more, therefore, taking care of everything needed.

The Indian startup ecosystem has been specially advanced over the past few years. According to the research conducted by Quikr Homes, India has been actuated up to the 17th position from 37th position in previous years in the Startup Ecosystem Ranking for 2019.

Importance of coworking space in Mumbai

Being a financial hub of the country, Mumbai is known as a profitable market for both, Indian-owned companies and global businesses. Under the leadership of multinational enterprises and an increasing association with cross-border leaders and businessmen, the city has established a flexible work culture. As more and more companies are choosing the millennial work style to increase productivity, the traditional business space is becoming non-essential. The new-age thought of working within a collaborative work environment has incited the establishment of coworking space in Mumbai. This has created a need for flexible and shared office space in Mumbai.

Why coworking spaces are becoming the corporate’s first choice?

Types of Coworking spaces

Below are the types of coworking spaces :

  • Informal coworking spaces
  • Bartering coworking spaces
  • Corporate coworking spaces
  • Specialized coworking spaces
  • Conventional coworking spaces
  • Fancy coworking space
  • Open coworking spaces
  • Incubator coworking spaces

List of top coworking spaces in Mumbai

  • WeWork
  • 91springboard
  • The Playce
  • Redbrick Office
  • Awfis Space Solutions
  • Zoomstart
  • Rise Mumbai
  • Workafella
  • Ministry of New
  • Workamp Spaces
  • Social Mumbai
  • Rise Mumbai
  • iShareSpace
  • Work Coordinates
  • Bombay Connect
  • iKeva
  • The Space
  • Work Square
  • Mumbai Coworking

Features of Coworking Spaces

  • 24*7 Access
  • Access to the meeting room
  • High-speed internet with managed IT Support
  • Professionally managed reception with housekeeping and security
  • Dedicated workspace
  • Communal printer/ copier/ fax
  • PBX Systems
  • Shared bathrooms and lounges
  • Dedicated lockers for your individual items
  • Access to an elite community of likeminded people through the community memberships

Benefits of Coworking Space

Below are the key benefits of Coworking spaces:

  • Conveniently located business address
  • Avoid overhead costs
  • Supporting staffs
  • Productivity
  • Save money on technology
  • Office facilities (like fax machines, concierge services, and conference rooms)
  • Reduce in commute time
  • Flexibility for work
  • Economical

Reasons for choosing coworking spaces

  • Size: No matter the size of the organization, coworking spaces can save money.
  • Cost-effectiveness: The reason many industries, freelancers and minor businesses use coworking spaces to employ larger corporations.
  • Location advantages: Employees can have more flexibility and choose whichever location is more comfortable for them.
  • Safe access to all kinds of amenities: Many startup organizations prefer coworking spaces to get closer to inventors in the same field.

Results of Coworking Spaces

As more and more freelancers, startups and entrepreneurs are increasing in India they require the proper infrastructure, support to develop and grow their business.

With access to various resources and services that will help in improving business growth, most of the startups are opting to turn from traditional and established self-owned office spaces to co-working spaces. Everyday amenities and a social atmosphere that will encourage startups to maximize their business much wiser and more flexible while opening up an excess of new opportunities to come by while working in an office. There is a large number of co-working spaces that are being useful for startups to develop their productivity and profitability.

 

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Affordable Housing blog Real Estate Rental Smart Residential Living

Compact Homes and its trends

compact hey

With an increasing population of nuclear or small families in India, the trend of Compact Home is extending energy in the realty market of the country. Remarkably, in the metropolitan cities where more than half of the population is working, these homes represent a very significant part as they are closer to business districts and above all are much affordable in price.

A compact home is composed of a hall, bedroom, study and a kitchen with washrooms and balcony. These houses differ in size from 500 sq. ft. to 800 sq. ft. which is well-suited for a tiny family. Compact Living is conclusively smart living, where build space is inadequate, yet the quality of facilities and design remain high. It tends to be more commonplace in countries where space comes at a premium price, for e.g. the Netherlands.

Real estate experts state that in cities like Delhi, Mumbai, Bangalore, Chennai, and Kolkata, where land is minimum and prices are steep, the concept of compact homes has scaled up a lot. Also, selling a high and luxury apartment can be much challenging for the developers and due to which they are in approval of launching small-sized apartments that not only decrease the cost but are also space-efficient to satisfy the requirements of the homebuyer.

Advantages of Compact Homes for Homebuyers

To accomplish their financial goals and protect their earnings, nuclear families, millennials these days favor financing compact homes. Apart from that, a compact home comes with a variety of advantages which incorporates well-defined advantage of space and additional propositions.

Thoughtful Construction

A compact home is BuiltWith smart construction and excellent space utilization. Although it is small in area and size they are created in such a way that it comfortably supports every essential necessity of a home without misusing any part of it. These houses are built having in mind the latest technologies, interiors and other décor trends.

Cheap Maintenance

As numerous working professionals invest in compact homes, they prefer a home with comfort and low maintenance cost. There are numerous cost-effective methods to maintain a compact home than a big-sized apartment. Also, a home buyer has to pay less on furniture, other décor items and has to pay less for electricity and additional bills and charges.

Design Home your own way

Compact homes provide you the freedom to design and decorate your dream home in your own way. These days families want to give the best look to their home with innovative and compact furniture, stylish décor items, etc.

Budget-friendly Price

Due to small size, these homes come at a relatively cheaper price as compared to traditional apartments. Also, with the central Government concentrating more on ‘Housing for all’, more and more developers are constructing such units to attract home buyers. Also, you don’t have to compromise on sound infrastructure, amenities, and facilities.

Good Resale Value

With an expansion in trend and market for compact homes in today’s real estate landscape, more people are looking for such projects which facilitate such units. Because of this, the resale advantages of such units are more associated with spacious apartments. These houses are sold off very fast and hence offer better Returns on Investment to the property owner. Compact Living offers a living where one compromises on space, yet still enjoy the merits of living in a prime city location, with quality design at an affordable price.

Within Bengaluru, areas like North Bengaluru, Whitefield, Sarjapura Road, and Hosur Road are recognized as preferable locations for compact housing projects. Their vicinity to the city’s tech and economic hubs presents them as preferred locations considering the confined customer market. North Bengaluru has emerged as the clear winner, as the region that has witnessed the launch of many Compact Housing projects in the previous years.

It is obvious that the compact housing section will improve in the following years. With more knowledge about the product, its long-term advantages, and more immeasurable resale value, compact housing will arise as a more powerful segment. It has tremendous business potential and is demanded to apprehend at least 25% of the whole addressable market (16,000 units) by the year 2020.

shutterstock_755748241

Are Compact Homes the Future of Indian Real Estate?

 

Today’s generation requires smart spaces with ease of furnishing. India is on its approach to grow into the world’s youngest nation. Our youth stimulates our economy, and the real estate segment is accurately in the midst of this growth path. Nevertheless, it’s not just a transformation in preferences. Another compelling idea following today’s generation turning towards compact housing is the sky-high costs, non-availability of land, and the Indian government’s “Housing for All by 2022” initiative.

Developers are also making a conscious effort to develop affordable houses for lower and middle-income groups and thus deliver the dream of owning a house to everyone.

The influx of young professionals in Tier I and Tier II cities

In the preceding decade, cities like Bengaluru, Mumbai, Delhi, NCR, and Chennai have seen an enormous influx of young professionals aged between 25-34, thereby, managing to a rush in demand for residential properties. Interestingly, these cities also appear to be the destinations that require large land parcels, which paves a way for efficient houses, with modern features, if not a huge floor plan.

The “Pradhan Mantri Awas Yojana” factor

The government intends to build about 20 million affordable houses by March 2022, which has moreover cemented the position of compact housing in Indian real estate. These houses are equipped with all basic amenities, along with being affordable and compact. Not to mention, they arrive at reduced rates and a fleet of incentives. All the before-mentioned factors associate themselves with the future of Indian real estate that concentrates principally on compact housing. With a stronghold on today’s real estate and tremendous business potential, the compact housing segment is particularly expected to expand in the following years.

 Image Source: google

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Real Estate Real Estate News Realty Award 2029-20 Smart Residential Living

CommonFloor – IndiaProperty Realty Awards 2020

CommonFloor – IndiaProperty Realty Awards 2020

The Annual Realty Awards 2020 hosted by CommonFloor and IndiaProperty was conducted in grand style on the 4th of January 2020 at Shangri-La Hotel, Bengaluru. It was a flamboyant evening where India’s leading builders and developers came together to recognize their hard work and celebrate success.

The event witnessed 300+ guests including eminent personalities such as the Chief Guest, the Mayor of Bengaluru – Mr. M Goutham Kumar, Guest of Honor, Vice President of CREDAI – Mr. R. Nagaraj Reddy, CMO of Quikr – Mr. Vineet Sehgal and many other CXOs and Founders of leading real estate companies.

The event was conducted to celebrate the key players in various fields of the real estate sector and provide a platform for stakeholders to examine the future of the real estate industry in the presence of key CREDAI members and the Mayor of Karnataka. Recognition was given to builders and developers along with promoters and brokers across categories who attended the events from various parts of the country. Top builders and developers were seen engaging in constructive conversations, networking and addressing market trends for 2020.

The awards were categorized into 40+ categories such as top developers – Residential & Commercial, Top Residential Projects, and Project Design & Excellence amongst others. The winners were selected based on an in-depth evaluation of several parameters including analysis of key data points over a period of one year gathered on Quikr’s real estate platform. The data point included projects, popularity, search trends, responses for specific builders or projects, and other traffic metrics.

Below are the honored winners of Bengaluru in their respective categories

Aparna Construction has been awarded for the most trusted developer of South India 2019-2020

Assetz Property has been awarded for the most trusted developer of Karnataka 2019-2020

Brigade Group has been awarded for the best developer of the year for Integrated Enclaves, South India, 2019-2020

Century Real Estate has been awarded for the most trusted builder for plotted development, Karnataka, 2019-2020

Guru Punvaani has been awarded for the best emerging developer of the year for plotted development, Bengaluru – 2019-2020

K.V.G Builders and Developers has been awarded for the best developer for construction quality, Karnataka – 2019-2020

Narya Constructions and Developer has been awarded for the best-trusted builder of Karnata – 2019-2020

Ramky Estates & Farms Ltd. has been awarded for the best developer in professional excellence for Ramky One North- 2019-20

Salarpuriya Sattva Group has been awarded for the best developer of the year, Karnataka – 2019-20

Vaishnavi Group has been awarded for the best developer in the commercial segment, Karnataka – 2019-2020

Vaishnavi Group has been awarded for the most trusted developer in the residential segment, Karnataka – 2019-2020

Godrej Properties has been awarded for the iconic project of the year for the luxury apartment – 2019-2020

JRC Projects has been awarded for the iconic project of the year, villa – JRC Palladio, Karnataka – 2019-2020

Mana Projects has been awarded for the iconic project of the year for the luxury apartment – Mana Foresta, Karnataka – 2019-2020

Provident Housing has been awarded for the best residential property for Adora De Goa, Bengaluru – 2019-2020

Puravankara Limited has been awarded for the most innovative project for the luxury apartment – Purva Atmosphere, Karnataka – 2019-2020

SNN Builders has been awarded for the best luxury project of the year for SNN Clermont, Bengaluru – 2019-2020

SRK Infra Projects has been awarded for the best luxury plotting project, The Estate, Karnataka -  2019-2020

Corporate Leisure and Property Development (CLPD) Bangalore has been awarded for the best sustainable project of the year for CLPD Arcadia, Karnataka – 2019-2020

Durga Projects & Infra. Pvt. Ltd. has been awarded for the best-conceptualized project of the year for Durga Petals, Karnataka – 2019-2020

Reddy Housing Pvt. Ltd. has been awarded for the best emerging project of the year for Mahaveer Celesse, Bengaluru – 2019-20

Spectra Constructions has been awarded for the best apartment, Karnataka – 20219-20

Valmark Group has been awarded for the best project Valmark Orchard Square, mid-range apartment, Karnataka 2019-20

Design Cafe has been awarded for the best interior design company, Karnataka 2019-20

Metro Prop Solutions has been awarded for the best channel partner, Karnataka – 2019-20

Puravankara Limited has been awarded for the most innovative marketing campaign of the year, Bengaluru – 2019-20

Splendid Properties has been awarded for excellence in project delivery, Splendid Sree Durga, Karnataka – 2019-2020

Vibez Club has been awarded for the best co-farming project, Vibez Pomegranate Farms, Karnataka – 2019-20

Below are the honored winners of Hyderabad in their respective categories

Accurate Developer has been awarded for the best developer of the year, Telangana – 2019-2020

Harshith Infra & Developers has been awarded for the best emerging developer for Springfield Villas, Telangana – 2019-2020

Mak Projects has been awarded for the most trusted developer of the year for Villa, Telangana – 2019-2020

Praneeth Group has been awarded for the most innovative developer of the year, Telangana – 2019-20

Sumadhura Infracon has been awarded for the developer of the year for professional excellence, Telangana – 2019-2020

The Cria International has been awarded for the best emerging plotted developer for Willow Way, Telangana – 2019-20

Trishala Infrastructure has been awarded for the sustainable developer of the year, Telangana – 2019-2020

Greenmark Developers has been awarded for the best project, Villa, Telangana – 2019-2020

Vedic Constructions has been awarded for the best boutique apartment, United Avenues, Telangana – 2019-2020

Vertex Homes has been awarded for the iconic project of the year, Luxury apartment, Telangana – 2019-2020

2Getherments Infra has been awarded for the best emerging project, KSR Togetherments, Telangana – 2019-2020

2Getherments Infra has been awarded for the most innovative project of the year for KSR Togetherments, Telangana -2019-2020

BSCPL Infrastructure has been awarded for the consumer’s choice project of the year, Telangana, 2019-2020

Muppa Projects India Pvt Ltd has been awarded for the best project, product, and design villa, Muppa’s Indraprastha Villas, Telangana – 2019-2020

My Home Constructions has been awarded for the excellence in project delivery for My Home Avatar, Hyderabad – 2019-2020

Below are the honored winners of Chennai in their respective categories

Casa Grande has been awarded for the best developer of the year, residential apartment, Tamil Nadu

Samridhi Unique Spaces has been awarded for the best emerging developer of the year, villa, Samridhi The Envelope, Coimbatore – 2019-2020

Ganesh Moorthy has been awarded for the best real estate consultant of the year, Coimbatore, Tamil Nadu – 2019-2020

Samridhi Uniquespaces has been awarded for excellence in design, Coimbatore, Tamil Nadu – 2019-2020

CommonFloor and IndiaProperty thanks and appreciates the enthusiasm shown by the key real estate players for making the event grand – successful and encourages us to organize many more events like this in the years to come.

 

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