New micro-markets will keep India's leading centres of commerce at the top of the commercial realty charts. In the Indian commercial landscape, all roads lead to a few top Indian cities. According to Viral Desai, Director, Occupier Solutions Group, Knight Frank India,
Overall the budget is certainly positive but it is not a super Big Bang budget. The budget has completely ignored the residential real estate market and there is a total lack of any push for the housing sector.
The Indian real estate industry has been under stress for over the past year. Real estate development is a highly capital intensive business and for the most part, the residential segment is funded through customer sales proceeds.
It´s a wave of change after 33 years for a country that has been grappling with a plethora of laws that are not uniform across its 29 states and seven union territories. The recent release of the Model Building Bye-Laws by the Ministry of Urban Development has brought in a much-needed ray of hope to the real-estate sector; now, states need to come on board
Rajya Sabha passing the Goods and Services Tax (GST) Bill has brought good news for the real estate sector. While one is yet to see if GST will be a game changer for the sector, CW has recorded different reactions from industry experts on the same.
About 10 years ago, office space in Kharadi - then an emerging IT hub in Pune´s eastern corridor - was leasing at Rs 29 to 37 per sq ft per month; you could buy office property for within Rs 3,000 per sq ft and upmarket residential property for Rs 1,800 to Rs 2,200 per sq ft.
In the Pune real estate market Prices of apartments (on a simple average basis) have dropped in relation to the last six months for the first time in the past five years, says Gera Developments’ Residential Pune Realty Report for December 2015-June 2016.
PM Narendra Modi announcement yesterday regarding scrapping of Rs 500 and Rs 1,000 notes has received all kinds of reactions from the real estate industry. While experts believe that the real estate sector is going to be most affected by the government’s decision, considering that it is one of the biggest receivers of black money, CW reports some industry reactions on the same.
Talk about an action-packed year! With RERA, GST, the Benami Act, FDI reforms, and more, there was never a dull moment in 2016. Adding to it all was the landmark day for India- November 8, 2016 - when demonetisation was announced.
On the whole, the Budget has a number of positive aspects. Given all the allegations about populist Budget in light of the upcoming state elections, the government has shown tremendous focus and has proved the naysayers wrong by not providing a bunch of sops for the upcoming elections. The move to reduce the maximum gap on cash donations to political parties by 90 per cent to Rs 2,000 is also a welcome move.