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Real estate market trend 2018

Dec 1,2017 / By / No Comment

Author –Mr.Vineet Goyal, Joint Managing Director,Kohinoor Group Pune

Indian real estate has seen a historical trend in 2017, which started with demonetization and then picked up with RERA (Real Estate Regulation Authority) and then GST (Goods and services tax) was the next step. The sector saw renaissance with absolute transparency, ease of transaction and confidence of buyers in the realty sector. What 2017 has given to real estate will not only have long-lasting effect in this sector but in the Indian economy as well. The year ahead will have many positive changes.

Increase in (FDI)Foreign Direct Investment

India has become one of the fastest growing investment destination for foreign investors , one of the reasons is the increase in the real estate and infrastructure investment. According to the World Bank, private investments in India are expected to grow by 8.8% in 2018-19.Indian real estate will see further increase in the global capital flow.

Due to the transparency brought in by RERA , NRIs will find Indian Real Estate market reliable and hence next year will see an increase in NRI homebuyers.

Demographic dividend will benefit real estate

Indian real estate will reap the dividends of its demographic potential. While more and more young men and women will join the workforce even aging workforce population will generate housing business. This will increase the overall demand for the residential and commercial spaces.

Real estate will contribute to the Sustainable Development Goals (SDGs)

The government has launched several ambitious programmes to implement SDG agenda. One such programme is Housing for all by 2022 which is providing direct financial assistance to the poor households. Affordable housing segment will see an upsurge in 2018 and the developers will consciously contribute towards the mission of Housing for all by 2022.Residential projects launches will be more focused on the affordable housing segment.

Smart City initiative

Real estate will play a vital role in Government’s Smart City initiative by developing the social and economic infrastructure of any smart city.The requirement for commercial space will go up due to improved infrastructure and connectivity. The development of smart cities will also push the demand from other asset classes such as serviced hostels, hotels and shopping malls. New job opportunities will be created which will push up the economic growth of the city.

Space Management

Fast growing cities will attract more and more people due to which cost of urban real estate per square metre will increase. With the increase in the competition for the space, the developers will become more innovative in terms of designing and building abodes .Apartments will be smaller but will be space efficient.

Digital presence will be more

Technology is influencing the buying behaviour and it is very evident in the home buying process. Homebuyers and home sellers will be using online platform more. Real estate firm will partner with major search engines and portals for the mutual benefit.

Consolidation in the realty sector will gain momentum

With the implementation of triple reform Demonetization, RERA and GST ,the real estate market has become transparent and the home buyer’s confidence has increased. The realty sector which is crowded now will become leaner and meaner. Smaller players will be bought by the bigger better organised players. Smaller players will not be able to comply with the rules of RERA and hence they will merge with the established players.

High energy prices, climate change and government regulation are already pushing “Sustainability” up the real estate agenda, but by 2018, their impact will be far greater. The real estate community will take a greater role in driving the financial ecosystem.

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BDA to give residential projects another shot

Nov 30,2017 / By / No Comment

The Bengaluru Development Authority (BDA) has taken a turnaround from its earlier standpoint that it would not take up any new residential projects till all its current flats get homebuyers. Recently, BDA has gone ahead with floating proposals for two mega residential projects worth Rs 759 crore. The projects will come up at Konadasapura village in Bidarahalli Hobli in Bengaluru

The project will have more of 3BHK options as most buyers are seen to prefer this over 2BHK or 1BHK flats in its previous projects. The upcoming project will have 1,344 flats (3-BHK – carpet area of 1,150 square feet), 672 (2-BHK carpet area of 672 square feet) and 448 (1-BHK carpet area of 450 square feet). They are going to construct a total of 22 blocks, each of 14 floors.

A senior official of the BDA said, “We believe it to get a good response as it is located in the suburbs. This residential project is a part of many other property development projects, comprising of commercial complexes, amusement parks, and others.”

He further added that the BDA decided to take up the project to achieve revenue as it is facing a serious financial crunch. The BDA is anticipating on accepting business models that private builders use. The official said this is the first big residential project that the BDA is taking up after the Karnataka Real Estate Regulation Act (RERA) came into effect.

The BDA is trying hard to sell the flats that are already completed. The agency had to announce schemes like ‘across-the-table’ sale of flats for applicants because of the poor response from the public. The official said that after the initiative, 500-odd flats were sold, but a majority of the 2-BHK flats left unsold.

Last year, the BDA had marketed 3,100 flats for sale but received only 800-odd applications. The homebuyers had shown more interest in 3-BHK flats. Another BDA official said, “Our earlier experience tells us, there is more demand for 3-BHK flats so we have decided to build more of them. The project will also address various other issues like parking. In one of the projects, parking lots will be made available for more than 1,500 cars. We are hoping that people working in the IT sector may be interested in the project location is close to Whitefield.”

Peripheral roads will be constructed around the housing project borderline of 24-m width. Facility for solid waste management and other facilities has been made.

 

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BMC to form a new cell for monitoring 30 years old buildings in Mumbai

Nov 28,2017 / By / No Comment

Brihanmumbai Municipal Corporation (BMC) will soon form a new cell for auditing neglected buildings which are under its jurisdiction. The new cell will recognize structures that are older than 30 years and will issue notices to the concerned societies for further structural audits.

As per the new policy, the municipal corporation has made it necessary for the dweller or owner to give in the structural inspection of the building.

The policy will be uploaded on the BMC website in December to encourage suggestions and objections from general public.
Initially, the civic body had only one committee to take care of the issues associated with the neglected buildings but now BMC has formed a total five committees to deal with appeals related to such buildings.

Out of five committees, four will make available for appeals related to private buildings and one for municipal buildings. Recently, the policy received a green signal and will be applied to ensure speedy recovery of ramshackle buildings and evade building collapses in future.

The policy makes it necessary for the occupants to inform the civic building and factory department about the status of structure. The policy is only valid for private and municipal buildings which are under the civic body’s jurisdiction. BMC has made it compulsory to get the structural audit done by registered a BMC structural engineer.

If a building certified as non-dilapidated collapses in future then registration of that specific engineer who certified the building will be void and the BMC will initiate legal process against the person for the same.

Once a structure receives notice from the civic body then it is the owners/tenants’ concern to submit the structural audit to BMC within a month’s time. BMC will later scrutinize the status and select the category of the structure.

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Will PRR happen or it’s a distant dream?

Nov 25,2017 / By / No Comment

At this point in time, Bengaluru city is extremely overcrowded with congested road corridors and vehicular pollution. The Outer Ring Road (ORR), Bengaluru is one of the most affected roads, as it is used by the daily travelers from Doddaballapur Road, Bellary Road, Old Madras Road, Sarjapur Rd and NICE Ring Road (NRR) for their individual job locations in and around Bengaluru city. To ease the traffic movement on ORR, concerned authorities of the state has proposed the Peripheral Ring Road (PRR)

R Roshan Baig, Urban development minister, who is also the minister in charge of KUIDFC, said it was long-awaited project was executed and expected it will pick up in the coming days.

The PRR will connect four highways -Tumakuru Road, Ballari Road, Old Madras Road, and Hosur Road. The road will create smooth connectivity with Kanakapura Road and Mysuru Road, two other main highways linking to Tamil Nadu and Kerala

Central Government is discovering the PRR project. According to sources, the total project cost is estimated to be around Rs. 41,000 Crore. Once the project starts will take 36-40 months to complete the same as per information.

The project was first recommended in 2005. Issues which kept the project on hold so far are as follows the acquisition of land belonging to farmers, litigation, and the dearth of funds with Bangalore Development Authority (BDA). Later, a series of protests for reimbursement from the farmers whose lands were marked for acquisition kept the project at a standstill till now.

The project is now included under Bharat Mala Pariyojna. This is a project which was formed in order to develop the connectivity in the country through roads & highways along coastal areas, borders, tourist destinations, places of religious importance & district headquarters.

For the PRR, an SPV (Special Purpose Vehicle) has been formed together by BDA and KUIDFC (Karnataka Urban Infrastructure Development Finance Corporation) in order to raise finances and add further momentum to the project.

Moreover, the capital risk is partially shared by the government which will draw a number of bidders for this particular project. The Government is thinking of hybrid annuity based PPP model. Here, the developer bears 60 % of the project cost while the rest would be borne by the Centre.

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Centre to construct 50 lakh homes in rural areas under Pradhan Mantri Awas Yojana Gramin

Nov 24,2017 / By / No Comment

Recently, the government said that more than 50 lakh homes will be built in rural areas across the country for the poor by March 31 under a central scheme bringing social transformation in villages.

Under the Pradhan Mantri Awas Yojana – Gramin PMAY (G) a target to construct one crore new houses by March 31, 2019, was set. Of these, 51 lakh houses had to be completed by 31st March 2018, the rural development ministry said in an official statement.

The rural development ministry said in an official statement that under the Pradhan Mantri Awas Yojana (Gramin) a target to build one crore new houses by March 31, 2019, was set. Out of which, 51 lakh houses had to be completed by 31st March 2018.

After the launch in 2016, it took some time to complete the process of beneficiary registration, geo-tagging, account verification etc. Adding to it, the ministry said that it used Socio Economic Census of 2011 for selection of beneficiaries.

The homeless and those living in one kuccha room or two kuccha room with kuccha roof are the beneficiaries of this pro-poor PMAY scheme.

The ministry said that the homes are planned by the best of institutions after studying the current local design configurations and are constructed by beneficiaries as per their need. The expense for construction of the houses is directly transferred into the accounts of beneficiaries.

The poor are getting safe homes and can live with self-esteem with facilities like toilet, drinking water facility, electricity connection, LPG connection etc

To have transparency and corruption check, the Centre has set up an online policy where any person can see the building of homes with geo-tagged photographs and complete details of beneficiaries and expenses made to them.

The ministry has also decided to assign a study on social transformation to understand the impact of the housing programme.

Besides this, the National Institute of Public Finance & Policy will also study the governance reforms under PMAY (G) and the influence of higher demand for steel and cement on growth.

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