MUMBAI: Bullish on the revival of the economy after general elections, real estate consultancy firm Cushman & Wakefield expects nearly 132 million sqft of office space, across the eight major metros, to get absorbed by 2017.
The supply of office space between 2013 and 2017 in the top eight cities-Delhi-NCR, Mumbai, Bangalore, Chennai, Hyderabad, Ahmedabad, Kolkata, and Pune is expected to be around 143 million sqft.
Of this 143 million sqft, around 90 million sqft are currently under various stages construction and is expected to get completed by 2015, the report said.
The National Real Estate Developers’ Council (NAREDCO) wants rules and regulations governing real estate sector to be rationalised. It said large portion of the inconsistencies emerge from archaic laws, guidelines that conflict with the development agenda of the economy, disparity in incentives given to larger projects as against the same given to smaller projects.
While the industry welcomes the positive intent of the government, we believe that the momentum gained should be utilised to iron out some of the issues. This will not only help to unlock projects worth over Rs. 10,000 crore, but will also catalyze the economy with more vigour and vibrancy.”
NRIs, particularly the first-time home buyers, see multiple advantages — the foreign exchange value is now to their advantage, they get home loans overseas, people in the Gulf pay 2-3 per cent on home loans and invest in property here and with money on the table, they bargain hard and get a better deal from developers who are certainly seeing a drop in bookings in recent months.
Consider getting Rs 50 for a US dollar a few months back to Rs 65 now – that is a more than 20 per cent benefit straightaway, points out Joseph Ittiachen a real estate consultant.
With the rupee value continuing to slide, investing in real estate in India has become increasingly attractive for non-resident Indians.
The lack of cost-effective housing is one of India’s most pressing developmental problems. According to official figures, India faces a shortage of around 18.78 million homes, of which 10.55 million are required for the economically weaker section (EWS) and 7.41 million for the lower income group (LIG) section.
While the low-cost housing segment has got some boost in the last few years—primarily after the contraction of the housing market in 2008-09—there is still a long way to go and there is a need for comprehensive steps from the government.
For purchasing a house you need to have the requisite set of documents. These documents are a source of your valid details. The documents are the ‘personal documents’ required for salaried, self employed professional or self employed businessman.
Home loan insurance is a product that insures the loan amount taken for the purpose of buying a home.
Taking a home loan is a long term financial commitment as the tenure of loan can run up to 20 years. The home insurance takes care of the loan liability incase of any unfortunate eventuality during the loan term and the family is not burdened with the liability .
To give a boost to real estate and construction, the government plans to issue guidelines for state on streamlining approval procedures for development projects. The guidelines will incorporate recommendations and key findings of the committee on streamlining approval procedures for real estate projects that was set up by the housing ministry.
The trend of buying ‘second’ homes or weekend getaways in Mumbai’s peripheral areas and beyond has been gaining ground in recent years. With rising real estate prices in the prime areas, second home provides a good opportunity for investment.
Moreover, many second home destination have evolved and transformed into first home destinations, making the scope for returns on investment even higher.
Redevelopment is a process of urban renewal. The potential benefits of redevelopment in a city are many. It not only reduces urban sprawl but also improves the economic competitiveness of city’s prime precincts.
Mumbai has, for many years now, been a subject of redevelopment to catalyse urban renewal and improve the quality of real estate and infrastructure. A fast-growing population’s demand for space amidst limited availability of developable land has forced the redevelopment of old properties into brand new structures.