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  • 2018 may turn a positive year for homebuyers with improved environment

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    Photo Courtesy : Internet

    The year 2017 had been an action– packed one, not just for real estate but for the entire nation. Many new reforms were introduced in the real estate sector also which are now showing positive results.

    RERA was implemented in the country last year in May whose main function was to bring transparency and accountability in the sector. With the act being implemented in the country, the sector is showing signs of revival. GST has replaced the multiple taxes levied by the central and state governments and has subsumed of all the indirect taxes. GST has also brought in the positive sentiments to the fraternity.

    “Reforms are making the market buyer-friendly and are further attracting global investors to consider India as one of the preferred destinations for real estate investments. Ready-to-move-in properties have remained a preferred choice for home-buyers across the country and have managed to command around 3.7% premium over properties under construction, Magicbricks has reported,” Rahul Singla, Director of Mapsko Group, said.

    In the 2017 budget, infrastructure status was given to the affordable segment which was a boon to it. In this year budget, the targets for construction of houses under the Pradhan Mantri Awas Yojana (PMAY) for 2018-19 were also outlined, which will work in favour of the real estate sector.

    “Union budget 2018-19 has given a major push to the ‘Housing for all’ schemes under which 1 crore house are slated to be built by 2019. After RERA, the Indian real estate market has become a buyers’ market. With an objective of boosting the supply of rural housing and augmenting the supply of affordable houses in urban areas, the government has said that 3.7 million houses will be built in urban areas and 5.1 million houses in rural areas in 2018-19. This will induce more developers to launch new projects and complete existing ones. Thus, 2018 will definitely be the year of home buyers;” Gaurav Mittal, MD of CHD Developers Ltd. says.

    "Reforms like RERA and GST, as well as infrastructure status to affordable housing, have revived consumer sentiment to a great extent and have also helped the sector to tread on the path of revival,” Yash Miglani, MD of Migsun, said.

    With the improved environment, the real estate is attracting investors across the globe and days are not far when the real estate sector will become number one in the entire world.

     

  • Premium 1 BHKs in the contemporary time

    BDI Ambaram

    Photo Courtesy: Internet 

    A recent observation of NCR’s residential market highlighted that the cost of 1 BHKs remain costlier in the area. As per the recent report of Anarock Property Consultants, NCR has the highest unsold inventory of 1BHKs.The area has an abundant supply of 1 BHKs, both in primary as well as for the secondary market. These are a part of new launches; some of them are built years ago and are available in resale.

    It is seen that majority of these 1 BHKs lies in the secondary market are standalone apartments, with super built-up areas of 300-800 sqft. These units range from Rs 8 lakh to 92 lakh.

    Here we look into the trend and present some suggestions by experts.

    Some prime areas have seen corrections in prices. Gaurav Mittal, Chairman of CHD Groups, says: “Prices across segment saw a drop on account of the oversupply in the market. More-over, buyers have turned cautions. Sales are likely to improve and rates will increase and later firm up.”CHD is developing Restorico, a 1BHK serviced apartment project, in sector 34 in Gurgaon.”

    Developers however pointed out that area with good growth potential have better demand for this unit provided with amenities. For instance, serviced apartments in an industrial town like Bhiwadi have a high demand for such apartments. BDI Group’s residential project, Ambaram offers 1BHK units along with 2BHK units in Bhiwadi.

    Ssumit Berry, managing Director of BDI Group, says “Bhiwadi has good demand for one-bedroom units among the business operators and people coming to work in the big companies.”

    Some realtors are with the view that the premium on 1-and 2BHKs is just a result of the high demand for such properties. Some of the developers suggested that the buyer should look for some other options like to go for a 2BHKs which has more demand in the market.

    “Two-bedroom units are being sold easily and remain in demand.”said Mittal.

    Some suggested that if a buyer is opting a 1BHK, then he should buy in premium place. Berry of BDI Group points out other fundamental checklist: “Other factors like developers track record of delivery, developer’s maintenance record within the project, sales in the project, and whether the project is RERA compliant also require close security.”

  • Real estate sector to make comeback

    Demonitization

    A cheerful moment could be there for real estate sector after a hope of more organized players will take the lead in the growth that leads more transparency and ease of doing business due to RERA and GST.

    Accepting the facts, one of the developers, Harinder Dhillon , Vice President Sales of DLF Ltd. appreciated RERA and GST for boosting buyers confidence, “The real estate sector is indeed back to its recovery path. The markets of corrections in some popular housing sectors of Gurgaon and Noida and the sales value have increased in these markets in the wake of these price corrections.”

    “Also legislation like GST and RERA has boosted the buyers’ confidence. With more clarity coming in on GST, sales are expected to improve further in the months to come.”

    The developers also said that increase in confidence of buyers’ has backed the demolished market of realty sector.

    It is noticed that the property sales are believed to be boosting up due to buyers are getting better deals in the market. "The implementation of various reforms has boosted buyer confidence. Also, in the current market situation homebuyers are in a better position to negotiate and grab better deals, leading to improvement in sales," Ravish Kapoor, director of Elan Group, said.

    "During the past one year or so real estate has seen reforms like demonetization, GST and RERA. The realty market however,absorbed all reforms, which gavemuch confidence to home buyers. Now the sector is showing signs of recovery Clip Image001with sales improving in the wake of Correction in property prices. Both mid- and affordable housing segments are registering improvements in sales. Hopefully, it is only a matter of a few quarters for the market to be back on track," Gaurav Mittal, MD of CHD Developers, said.

    Experts in the industry say that residential property market is gradually getting back to track but a lot of suppressed sentiment dynamics are still at play and the overly adventurous pricing developers indulged in over the past few years have had a part in this.

    Anuj Puri, chairman of ANAROCK Property Consultants, also stood beside demonetisation, saying that it has been one of the prime reasons for the upliftment of the market, "If all the other fundamentals for a purchase decision such as good location, the credibility of the builder, available amenities, overall rational pricing, and RERA registration buyers feel confident to respond to the added incentives of discounts. Also, what is currently selling is affordable and mid-income housing in the primary sales segment Premium housing, as well as the resale market, took a big hit after demonetisation because they were traditionally targets for unaccounted funds. While the overall market is recovering, premium housing is taking longer to recuperate.”