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Housing Sales In Seven Major Indian Cities Drop Over 2% In FY16: Property Consultant
Posted on Jun 29, 2016
New Delhi: Housing sales fell 2.2 per cent to 1.58 lakh units in seven major cities last fiscal year, but the market is expected to improve by next March on the back of lower interest rates and a fall in prices, according to a report by property consultant JLL India.

JLL India in its monthly report said housing sales in the January-March period of 2016 rose by 9 per cent over the previous quarter.

The real estate market is facing a slowdown from the last 3-4 years leading to significant delays in completion of projects and protest by home buyers.

“The real estate sector saw the worst phase in 2015-16 with sales and prices plummeting. High inventory levels, diminished demand and limited liquidity affected new launches. Overall residential sales were down by 2.2 per cent in FY 2015-16,” the report said.

As per recent data, JLL said 1,58,211 units were sold in fiscal year 2015-16 as against 1,61,875 units in the preceding fiscal year in seven major cities – Delhi-NCR, Mumbai, Kolkata, Chennai, Hyderabad, Bengaluru and Pune.

“However, a positive twist to this otherwise grim situation is the rise in sales in Q1 of 2016 calendar year. This quarter saw a sale of 42,521 units compared to 39,001 units sold in Q4 of 2015 calendar year – an increase of 9 per cent,” the report said.

On the road ahead, JLL said trends are beginning to change on hopes of a good monsoon, a revival in economy, reducing inflation and residential prices being bottomed out.

“Also, the improving regulatory environment in real estate sector and the decrease in interest rates by the RBI (Reserve Bank of India), coupled with schemes such as Smart Cities, AMRUT and ‘Housing for All by 2022 are beginning to have a positive influence,” JLL India CEO-residential services Ashwinder Raj Singh said.

The setting up of the Real Estate Regulatory Authority to ensure time-bound delivery of projects and more efficient and transparent dealings with developers point towards consumers gaining trust and coming back to investing in the market.

JLL further said the affordable housing segment has been witnessing increased traction on the peripheries of the major cities. Of the total sales, 60 per cent of the properties were priced below Rs 5,000 per square foot in FY16.

“Global factors do have an impact, but Indias current low inflation rate coupled with low interest rates will induce faster growth in the residential real estate sector,” Mr Singh said, adding that stimulus provided in the Budget, improved funding for the industry and the clearing of roadblocks on REITs (real estate investment trusts) would also help revive the market.

Most convincing signs of revival should be visible by October-December or the January-March period, he added.

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Glass: Preferred a lot by new age architects
Posted on Jun 29, 2016
AhmedabadGlass is strongly influencing the modern day architecture; its multifunctional nature is making its way to varied sections from house construction to decor.More commercial buildings are seen these days made of glass then just concrete. The glazed façade seems to be more in favour than concrete giants nowadays. Not just commercial, glass ha ...
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Sobha to Launch Sobha City – its First Luxury Apartment Project in Delhi-NCR
Posted on Jun 29, 2016
Sobha Limited will launch its first luxury apartment project, Sobha City in Delhi-NCR tomorrow, Wednesday, June 29th, 2016. The project is one of the largest group housing projects in Gurgaon which will offer best-in-class living experience to the customers. Located in sector 108 of Gurgaon, the project is much sought-after due to its close proximi ...
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Embassy Group to develop SEZ in Chennai
Posted on Jun 29, 2016
Real estate developer Embassy Group has emerged as the exclusive co-developer for setting up a 30-acre special economic zone to come up in the city.The project, a 30-acre SEZ property, on Thoraipakkam Pallavaram Radial Road in Chennai would be known as “Embassy Splendid TechZone”. The first phase of the project is expected to be completed by 2019. ...
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Kathauta: Growing steadily
Posted on Jun 29, 2016
LucknowFlanked by bustling commercial arcades on one side and the inviting Kathauta Lake on the other, Kathauta has grown in prominence over the years.Finding the right kind of accommodation in the right locality can prove to be a daunting task even for the most experienced house buyer. The difficulty of zeroing down in one of the best residential ...
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Circle rate cut in Gurgaon to boost property demand: Cushman and Wakefield
Posted on Jun 29, 2016
NEW DELHI: The Haryana government's decision to cut circle rate in Gurgaon by 15 per cent would help boost property demand and revive sluggish real estate market, according to property developers and consultants.The state government yesterday decided to reduce collector rates of immovable property in Gurgaon by 15 per cent in view of decrease in pr ...
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Kochi to become a preferred real estate destination
Posted on Jun 29, 2016
Kochi will become a highly- preferred real estate destination in the country driven by various infrastructure development projects in the city, which has been included in the list of Smart Cities programme, says a report. "Kochi hits a six to become the next highly preferred real estate destination in India," JLL India said in a report. All potenti ...
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Lodha Group taps ultra-rich through 'The Reserve'
Posted on Jun 23, 2016
PUNE: Real-estate developer Lodha Group has announced the launch of its ultra-luxury property 'The Reserve' near Pune-Mumbai expressway.Terming it "a weekend destination" for people in higher-income group, Prashant Bindal, chief sales officer of the Lodha Group, said: "The Reserve at Lodha Belmondo has given a substantial impetus to demand within M ...
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Bharti Realty announces commercial space at Pavilion Mall
Posted on Jun 23, 2016
Real estate firm Bharti Realty Limited on Wednesday has announced the unveiling of its state of the art premium commercial space situated at its Pavilion Mall, Ludhiana. Pavilion Mall is located at Fountain Chowk, which is considered as the heart of Ludhiana and is among the best destination for shopping and entertainment needs in the city.The prem ...
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Aadhar Housing Finance expects over 70% growth in Bengal
Posted on Jun 23, 2016
Aadhar Housing Finance is expecting over 70 per cent surge in home loan disbursements this year in West Bengal following implementation of the Housing for All by 2022 and Smart City projects.The company CEO Deo Shankar Tripathi said the eastern region has witnessed a healthy rise in demand for affordable housing in the last few years.“We expect thi ...
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Indian Residential Rental Market Is Ripe For Innovation
Posted on Jun 23, 2016
Indias residential retail market is unorganised, which means it is run entirely by individual homeowners, rather than real estate companies.Given the fragmented nature and inherent inefficiencies in the rental market, builders in India tend not to traditionally build an apartment complex for the future rental yields, but to sell. So much so, that ...
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LDA cuts down min area for flats, may come up in 300 sqm
Posted on Jun 22, 2016
LucknowLucknow Development Authority has decided to reduce land limit for building flats from 2,000 square metres to 300 square metre, enabling the authority to regularise several apartments mushrooming in residential areas without following building norms and to make optimum use of land available in the city,LDA has been pressing for this policy c ...
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Rajasthan Housing Board looks to jack up reserve prices of land as real estate business struggles
Posted on Jun 22, 2016
Jaipur: At a time when there is no hope of revival of real estate market, the Rajasthan Housing Board (RHB) is planning to increase the reserve prices of its land.Proposals to increase rates have been called from all the circle offices in this regard. If the proposals are accepted, rates of under constructed houses will shoot up in the state. "The ...
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How startups are changing trends in commercial real estate
Posted on Jun 22, 2016
Umpteen start-ups are coming up in India each day, which is naturally the best time for real estate to rejoice. Be it big or small, most of the start-ups do look out for office spaces sooner or later. These emerging business enterprises have immense potential and who knows how big they can grow in next to no time. Who would have thought of Flipkart ...
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Bengaluru lags in residential green buildings due to lack of awareness
Posted on Jun 22, 2016
Builders avoid norms due to costs involved even as corporate tenants seek sustainable spaces to meet global policiesIn the global effort to minimise effects of climate change by drastically reducing greenhouse gas emissions buildings can play a vital role, says a World Bank report.However, a recent study compiled by Vestian, along with ASSETZ (both ...
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Fundraising Chill: India Private Equity Deals Drop 36% In The First Five Months
Posted on Jun 20, 2016
Last year's private equity boom appears to have tapered off dramatically in the first five months of this year, with May clocking as the slowest month, both in terms of deal value and the number of deals.According to data by VCCEdge, PE activity in terms of deal value in the first five months this year added up to $6.2 billion (Rs 414 billion), or ...
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Real estate projects in Gurgaon under scanner
Posted on Jun 20, 2016
Delhi/NCRConcern over increasing number of complaints against real estate developers, Haryana chief minister Manohar Lal Khattar on June 16, directed to seek status of projects of the developers who have been given licenses in recent past for developing residential and commercial projects.After listening to the complaints of home buyers at district ...
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Allotment of plots to farmers from June 20
Posted on Jun 20, 2016
HyderabadBringing down the curtains on the uncertainty surrounding distribution of plots to farmers, chief minister Chandrababu Naidu said the process of allotment of plots to farmers who offered lands for Amaravati will be taken up from June 20.He said the exercise will be kicked off from Nelapadu village. Sources said Nelapadu was chosen as it wa ...
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Private equity deals dry up, investments in India ease to 3-year low
Posted on Jun 20, 2016
New Delhi: Private equity (PE) space turned off-colour in May as PE investments slid to a three-year low due to absence of sizeable amounts, says a report.According to Grant Thornton, the global advisory, tax and assurance firm, there were 71 PE deals worth of $518 million clinched in May while it was 68 transactions worth $1,248 million in the sam ...
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Sumer Group Announces the Launch of Trinity Vertical
Posted on Jun 14, 2016
MUMBAI, June 9, 2016/PRNewswire/ -- Real estate giant, Sumer Group announces the launch of Sumer Trinity Vertical. This grand 50 storey tower has been designed for luxurious living with 1,30,000 sq.ft. of lush landscaped gardens. Vertical, which is currently under construction, is the third tower to be added to the project while the earlier two wer ...
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