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Bengaluru Residential Real Estate: A look back
Posted on Dec 29, 2016
Bengaluru has been one of the very few cities in the country to have seen a relatively positive market. Even in the month of November 2016, post the demonetization move, there has been a marginal growth in property prices (0.51%) as well as a spike in buyer demand and residential supply.

The demand that has been recorded is a whopping 4 per cent while the supply is 1.6 per cent.

Did the real estate market fared equally well throughout the year? Or is it a recent phenomenon. Even post demonetization, the Bengaluru market seems upbeat.

Irfan Razack, chairman, Confederation of Real Estate Developers' Association of India says, “Bengaluru is one of the least affected cities, the reason being the market here has predominantly been transparent and cash transactions are almost negligible." Driven largely by the salaried class in the IT and ITeS sector, the market here is more end-user/consumer centric, dealing primarily through banking channels.

The positives of 2016 for Bengaluru

It will be right to say that not everything went smoothly for the city markets. Right from the beginning there has been some shortcomings, out of which some has been taken care of while others still await action.

Lets begin with the positives (small or big) which contributed to the wellness of the market. The first quarter of the year (Jan-Mar16) saw regulation of House Building Cooperative Societies (HBCS) activities such as restrictions in the membership of the cooperative and making the Registrar of Cooperative Societies responsible for land allocation for HBCS. This ended the discrimination in the enrolment of members. If the allocation did not take place within three years of collecting the vital deposit, the society will pay 4.5 per cent interest on the deposit amount.

Whitefield (40% Q-on-Q growth) and Outer Ring Road experienced heightened presence of internet start-ups, e-commerce activities, etc. which n bolstered the residential growth. Corporate biggies such as Facebook, Amazon, Ola signed up for 2.5 million sq ft, 1.2 million sq ft and 3.5 lakh sq ft office-space deals, respectively. The other top names which figured in the leasing activity included ANZ, KPMG, PwC and Mercedes.

"Overall supply in Bengaluru continues to remain a constraint but at the same time there are vacancies in micro markets such as Whitefield and Electronic City," Ram Chandnani, managing director, advisory and transaction services, CBRE India, said.

The growth in prices/demand /supply actually started from the beginning of 2016. The general sentiment amongst investors and property consultants seemed positive. In the first quarter, more than 70 per cent investors expected improvement in sales during the year. The demand was mainly being generated from the commercial real estate segment.

Infrastructure up-gradations also helped the Bengaluru market. The Metro connecting Whitefield in Phase II of the project; a new line running between Hosakerehalli and Marathahalli in Phase III; up-gradation of the NH4 connecting to K R Puram and Kadugodi; flyovers and underpass; etc, helped the citys residential segment.

The good news from mid-year came when the BBMP rolled back the hike in property tax capping it at 20 per cent for residential and 25 per cent for non-residential properties after several protests against massive hikes.

What the city needs to pay focus on the forthcoming year 2017, is its urban sustainability index. Civic issues has pinched its residents. Take for example the case of a particular apartment complex off Tumakuru Road that had received the sanction by BDA. The buyers realized that the access road is under dispute. Poor infrastructure near construction sites, traffic and garbage dumps, have been other issues. Lake catchments facing environmental stress have led to the government step up towards an action plan to rejuvenate Bellandur and Varthur Lake.

The authorities have already started taking measures to streamline practices. Some practices which are already underway are restriction on new construction projects, demolition drives, mandate for sewage plants, etc. The NGT and state government has barred construction activity within 75 metres of the periphery of water bodies and also set limits for buildings near feeder canals. The Karnataka's Environment Impact Assessment Authority has put on hold environmental clearance for 10 mega construction projects in Bengaluru, including large residential projects, for alleged encroachment of lakes and drains. Hopefully, this will boost the liveability index of Bengaluru.

Growth in prices

Liveability factor has definitely pushed the citys property prices higher. According to some builders and consultants, property developers will see the project cost going up by around 30 per cent as they will have to redesign projects and also keep paying interest on bank loan. Further, builders will also end up paying government charges for re-approval of their project plans.

Bengaluru with its affordability, job opportunities and varied housing options provides a perfect urbanised life. Once touted as the ‘Silicon Valley of India, the city today is also famous for being the mecca of start-ups. If demonetization has not dented your will, look at the housing options being offered at a ‘good cost or even the lower cost ones. You will earn profitably in future.

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Looking back at Delhi NCR residential realty
Posted on Dec 29, 2016
The year 2016 has been a roller coaster ride for the real estate sector. It would be wrong to mention that the balance of the sector was dishevelled by the turn of demonetization. Delhi NCR market has weathered against sombre sales, tussel with premium unauthorized areas (Sainik Farms, Anantram Dairy and Mahendru Enclave), pollution, and infrastruc ...
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Registration of property dips 60% in Old City
Posted on Dec 29, 2016
HyderabadProperty registrations have decreased across the Old City post demonetisation, according to the revenue department officials. The number of sale deeds has decreased while there is an increase in gift deeds, in all the sub registrar offices and District Registrar offices (DRO)."The sale deed documents have decreased by almost 50%, I used to ...
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Altico Capital invests Rs 400 crore in two residential projects
Posted on Dec 29, 2016
MUMBAI: Altico Capital has invested Rs 400 crore in two separate projects of Pune-based Pharande Projects and Noida-based Panchsheel Buildtech. Both the projects with a total 7.5 million sq ft saleable area are currently at an advanced stage of construction.Under these investments, the non-banking financial company (NBFC) has extended debt of Rs 17 ...
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Top residential property investment hotspots in 2017
Posted on Dec 29, 2016
The top five hotspots for residential property investment in the country are Mumbai, Bengaluru, Hyderabad, Ahmedabad and Chennai. These cities are more or less regulars on most hotspots lists, but there is a sound rationale behind their consistent performance year after year. Not only are these cities attracting new businesses and industry, their r ...
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Realty gloom over home loans
Posted on Dec 27, 2016
Though real estate prices have corrected in certain geographies and home loan rates have fallen by 30-50 basis points (bps) in 2016 from the previous year, there has not been much demand for home loans. Transmission of rates from the central bank to loan products was the theme for the year.Interest ratesThe Reserve Bank of India (RBI) cut the repo ...
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Banks may cut lending rates
Posted on Dec 27, 2016
State Bank of India, and a few other banks are expected to announce a cut in lending rates effective early January, said people with knowledge of the matter.That could give consumption a much-needed boost, having slumped in the wake of demonetisation as people are unwilling to spend on non-essential items amid a currency shortage.Cash withdrawal li ...
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Possibility of price cuts reviving buyer interest in high-end properties
Posted on Dec 27, 2016
Some activity at last is taking place in Delhis premium real estate market after Novembers shock demonetisation announcement. Investors and others looking for a home of their own are keen to take advantage of the discounts and reduced prices likely to be offered by sellers desperate to dispose of their properties. Homebuyers can expect at least 1 ...
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Consumers expect fall in home prices
Posted on Dec 27, 2016
Housing finance firms downplayed stress in the real estate sector as fallout of the sudden demonetisation early last month in meetings with regulator National Housing Bank, but fear consumer sentiment expects prices to fall, and that could hamper home sales in the coming months, crimping growth, multiple sources familiar with the matter told.In the ...
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Rental rates to go up after demonetisation
Posted on Dec 09, 2016
The average price of a house in the main cities across India has increased by 3.6% compared to last year while rental values have grown at a faster rate of 4.9% during the same period. And in the backdrop of demonetisation of Rs 500 and Rs 1000 notes, rental rates are expected to increase over the next 12 to 18 months, says a report titled Buy vs R ...
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Elite property market prices fall in Chennai
Posted on Dec 09, 2016
Chennai: NRIs have an advantage in luxury property market post-demonetisation as real estate developers in Chennai have 'significantly' dropped property rates, according to Singapore-based business analysts.City-based developers are cutting prices by up to Rs 20 lakh on slow-moving projects.     "Experts believe that we can soon ...
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Luxury home rate may fall by 25-30% after demonetisation
Posted on Dec 09, 2016
NEW DELHI: Prices of luxury homes is likely to fall by 25-30 per cent following demonetisation of Rs 500 and Rs 1,000 notes as transactions in this segment involved lots of cash payments, according to real estate consultant JLL."The real estate sector will definitely be affected by the demonetisation exercise as it has traditionally seen a very hig ...
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No rate cut a let down for realty in Mumbai
Posted on Dec 09, 2016
Interest rates on home loans and EMIs will stay the same, with the Reserve Bank of India on Wednesday keeping the repo rate unchanged.Builders and realty experts hoped there would be a reduction in interest rates of home loans to ease the stress caused by Centres demonestiation decision. While the RBI kept the rate unchanged at 6.25 %, it was hop ...
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Fall in registration of property in November
Posted on Dec 09, 2016
IndoreProperty registrations in Indore fell for the first time in the past seven months in November after government's crackdown on black money. The up-tick in the real estate sector came to a standstill with large scale new projects put on the back foot in absence of investors and hesitant buyers.Revenues from property registrations in November fe ...
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Housing prices to up to 30%, wiping Rs 8 lakh crore in value
Posted on Dec 02, 2016
NEW DELHI: Housing prices in 42 major cities across India could drop by up to 30 per cent over 6-12 months after the demonetisation of high-value notes, wiping out over Rs 8 lakh crore worth market value of residential properties sold and unsold by developers since 2008."In the aftermath of demonetisation impact on Indian real estate sector, market ...
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Feng shui tips for bedroom
Posted on Dec 02, 2016
AhmedabadSpice up the love life with these simple tips for the bedroom.Bed is the most important element in your bedroom; the bed you choose for your bedroom must have a firm and strong matress and bed board. It is considered one of the most intimate as well as private things in a home. As per Feng Shui principles, this is good for your spine.An id ...
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Government approves 6 new SEZs for IT, biotech
Posted on Dec 02, 2016
The government has approved six proposals from four developers to set up new special economic zones (SEZs) across three states in areas such as IT and biotechnology.The decision was taken by the Board of Approval (BoA), headed by Commerce Secretary Rita Teaotia, at its November 9 meeting, an official said.The developers who got nod for new zones in ...
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Indiabulls Housing Finance slashes home loan rates by 15 bps
Posted on Dec 02, 2016
MUMBAI: Indiabulls Housing Finance Limited today joined the rare war by cutting home loan rates by 15 basis points to 9.15%.For loans of up to Rs 28 lakh the rates will be 9.15%, for loans between Rs 28 lakh to Rs 75 lakh the rates will be 9.15% for women borrowers and 9.20% for others.New rates will be effective from November 4.Indiabulls Housing ...
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Hyderabad real estate prices to surge
Posted on Dec 02, 2016
The cascading effect of demonetisation would impact the real estate sector in the city with property prices not easing in the coming months.If experts from the field are to be believed, the prices are set to soar with the roll out of Goods and Service Tax (GST) and Real Estate Regulatory Authority (RERA) in 2017.However, the property prices will no ...
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Real estate outlook 'negative' for 2017 home sales to 20-30%
Posted on Dec 02, 2016
Fitch Ratings on November 30 revised the outlook for the real estate sector in 2017 to negative from stable, as it expects demonetisation to bring down home sales by at least 20-30% and weaken credit profiles of top developers."We expect the credit profiles of most homebuilders to weaken as slower sales could mean cash collections will lag construc ...
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