Real Estate
Hike in interest rates by banks may hit housing demand: Realtors
From major banks to even small finance banks, several joined the bandwagon of raising lending and deposits rate. A number of banks raised their external benchmark based lending rates following an increase of 0.40 per cent in the repo rate -- at which the RBI lends short term money to banks.
For 20K Jaypee home buyers, no end to suffering even after 12 years
Stuck in long-drawn legal battles (the home buyers' case is now being heard in the National Company Law Tribunal, or NCLT), the decade-old plight is lingering that left more than 20,000 Jaypee home seekers running from pillar to post, and finally giving up.
How SC stood by Amrapali homebuyers, ensured funding for stalled projects
However, the spell of opulence did not last long for the firm's top management. On February 28, 2019, the Supreme Court sent the group's CMD Anil Sharma and two directors to police custody for siphoning off money invested by the homebuyers.
They continue to remain behind bars. However, their incarceration has not lessened the worries of thousands of homebuyers, who had invested their life savings in the company's projects.
Entire industry not tainted, those in trouble 'bad apples': Anarock Chairman
Recently on March 25, the National Company Law Tribunal (NCLT) declared Noida-headquartered realty major Supertech Ltd as insolvent while admitting a plea filed by the Union Bank of India (UBI) over non-payment of its dues. "The cases being referred to are from times before the implementation of regulations such as RERA," Puri said.
Potential homebuyers see price rise in real estate over high input costs
The potential buyers are looking for flexible payment plans along with discounts while deciding on making purchases of their dream homes, the survey revealed. Digital real estate platform Housing.com along with leading industry body NAREDCO has conducted a survey of more than 3,000 people to gauge consumer sentiments for the first half of 2022 calendar year.
Home sales up 13% in 2021; Ahmedabad, Hyd chart leaders, says brokerage
Real estate activity in India's leading markets intensified towards the second half of 2021, after a grim 18 months as the economy was consistently battered by multiple waves of the pandemic, the brokerage said. A much sharper growth was seen in terms of new supply in 2021 as against 2020. Accordingly, a total of 2.14 lakh units were launched in 2021 compared to 1.22 lakh units in the preceding year, with an increase of around 75 per cent.
Even during Covid waves housing prices increased in some cities
Further, decline in housing transactions have also been much less during second COVID-19 wave than the decline during first COVID-19 wave. During first COVID-19 wave housing transactions declined in almost all selected cities. However, during second wave of COVID-19, the housing transactions in many cities such as Mumbai, Thane, Pune, Noida, Hyderabad, and Bengaluru increased relative to the pre-pandemic levels.
Budget FY23: Realty seeks increase in approval time frame for rental housing
NAREDCO President Rajan Bandelkar said the Centre should increase the deduction of interest on home loan for self-occupied house from taxable income to at least Rs 5 lakh in order to promote the ownership concept. Currently, interest on borrowed capital to acquire a house for rental purposes is allowed in full. However, in the case of self-occupied houses, interest is restricted to Rs 2 lakhs, the council said in a statement.
Real estate sector pins hope on Budget FY23 to sustain growth momentum
It's noteworthy that the government has also paid constant attention to the suggestions, advice and recommendations of the real estate sector and has made many changes in the rules and regulations accordingly. Due to these efforts, the real estate sector in the country has received a lot of impetus and has been able to come out of its slowdown days. However, some issues and key areas still remain, which need to be resolved soon.
Resident real estate sector poised for upcycle: MOFSL
India's resident real estate sector is poised for an upcycle, primarily buoyed by improved affordability, said Motilal Oswal Financial Services Ltd. As per MOFSL, decadal low interest rate regime and stagnant prices over last seven years have driven affordability quotient. "The ongoing industry consolidation led by concentration of capital, 400-600 bp advantage in cost of funding for large developers and buyers' trust on organised developers will further escalate growth for large listed developers," said brokerage house.
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