Record-low home loan rates and lucrative festive-season offers from realtors have helped drive sales through the auspicious period that began on October 7.
“With people being confined to homes in the new normal for a long period, the demand for homes with ultra-modern amenities will undoubtedly catapult in the festive season. In the offing, we have low rise developments with all the benefits of a condominium,” said Pankaj Bansal, Director, M3M.
The city recorded property registrations of 3,205 units or 400 units daily during the auspicious Navratri festival that began on October 7. The daily registrations rate in previous months of August and September was 219 units and 260 units respectively, showed a Knight Frank India study.
On the builders’ side, the development turnaround time for independent flats is faster than highrises, providing an opportunity for faster monetisation. Also, money generated from builder floors starts flowing in within a year, while highrises take at least four years to pay off.
As per the amendment, developers will now have to pay urban development fee as per the layout plan instead of paying it at the time of clearance of a detailed project report (DPR).
The growing need for home ownership and stable employment scenarios led by sectors like information technology and healthcare drove housing demand during the quarter.
The court said this amount of Rs 40 lakh shall be utilised by the man for repayment of the loan. The court was informed that the total amount due to the home buyer was around Rs 1.79 crore, out of which Rs 50 lakh has been paid to him in pursuance of the court's September 24 order.
“It is very important for consumer protection, because builders try to put any number of clauses in the agreement which common people may not be aware of. There should be some uniformity in the agreement. It is important that this (model builder buyer agreement) is achieved in the country,” the bench said.
Record low home loan rates, sops offered by realty developers and growing need of home ownership as induced by the Covid19 also helped push the sales momentum after a lull April-June quarter that was marked by the pandemic’s resurgence and restrictions imposed by various state governments.
Gurgaon is a commercial hub and this area particularly houses several multinational companies like Deloitte, KPMG, PWC, Accenture and many more. It is 15 km away from the airport, 11 km from the nearest railway station and only 2 km from NH-48.
"Of the four serving officials, one has already been suspended from work. Three other serving officers have been suspended and departmental inquiry is being initiated against them. Order has been issued for action against retired officials also as per procedures," the statement read.
The public interest litigation (PIL) by advocate and BJP leader Ashwini Upadhyay has also sought a direction to all states to enforce 'Model Builder Buyer Agreement' and 'Model Agent Buyer Agreement' and to take steps to avoid "mental, physical and financial injury" to customers.
According to property developers and brokerage firms, the impact of the decision to lower the circle rates was seen in south Delhi, with many regions witnessing record sales, and the extension will provide a fillip to the market to record more transactions.
As many as 7,645 deals were registered in the country’s most expensive property market during the month, up 13% from previous month and 36% from a year ago, while it has recorded an 89% jump from pre-Covid level, according to data from the Inspector General of Registration, Maharashtra.
Apartments were the most preferred choice with 36% respondents voting for it, while plots emerged as the second most preferred asset with 34% votes. Around 20% of the respondents voted for independent houses and 10% for villas, it mentioned.
According to the residents, the municipal corporation collect tax of the highest slab by claiming the society is in front of the 45-metre road, however, according to the Ghaziabad Development Authority (GDA), the road is yet to be constructed.
Housing prices appreciated by 3 per cent across the seven cities to Rs 5,760 per square feet in Q3 of 2021 calendar year from Rs 5,600 per square feet in Q3, 2020. "IT/ITeS continues to drive the bulk of housing demand in the top 7 cities," Anarock Chairman Anuj Puri said.
Household incomes have witnessed a sharp increase of 7%-9% from the low base of 2020, while housing prices remained stagnant in all of India’s prime residential markets except for Hyderabad.
This locality in Pune is well connected to the rest of the city and is close to job hubs. The key social infra in this area includes Sanskriti School, Ryan International School, Deoyani Multi Speciality Hospital, etc.
“In the board meeting of UP RERA, it was decided that Box hills construction pvt ltd has violated regulations of RERA at their Lotus Garden Homes project in Mathur-Vrindavan development area. As per the regulation, a fine of Rs 1.05 crore has been imposed,” said Rajesh Tyagi, secretary, UP RERA.
The survey found out that the size of the apartment rank first, followed by developers profile, access to healthcare, access to green open spaces and lower density environment.
Cities like Bengaluru, Chennai, Hyderabad as well as the Delhi NCR market are the prominent cities where the demand for 3BHK apartments has increased. Layouts of apartments, presence of balconies and an additional small room for work and online classes are in focus.
Including this sale, the Godrej Group’s real estate development company’s total sales at the project Evergreen in Noida sector 43 has touched around Rs 1,140 crore in the last 6 months.
Revenue Minister R Ashoka said lakhs of flats in Bengaluru and in other cities have remained unsold due to the distress caused by the Covid-19 pandemic. The stamp duty reduction, he said, will help both the real estate sector which is struggling with a pile of inventory as well as low-income group families.
"The onset of RERA, post 2018, initiated the process of consolidation in the sector, leading to buyers being more aware and confident of the projects. Last few years also saw muted demand, leading to a fall in the number of new project launches across the markets,” said Sumeet Abrol, Partner- Lead Advisory, Grant Thornton Bharat.
NBCC is expected to raise Rs 1,500 crore from the sale of unused FAR in the housing projects of embattled real estate developer Amrapali Group. The developer, which is part of Express Projects (P) Ltd, is expected to construct six residential towers.
“An overwhelming majority of the housing has been developed by utilising sustainable and energy-efficient methods, incorporating advanced practices of land-use planning,” thr minister said while addressing the inaugural session of ‘Connect Karo 2021 - Towards Equitable, Sustainable Indian Cities’ event.
The area is much more affordable compared to other key areas in NCR such as central Delhi and Gurgaon. Excellent connectivity, good social infrastructure and proximity to office hubs are among the many plus points of this residential destination.
The allotment of flats booked by these homebuyers will be "automatically cancelled" if the flat owners fail to register their name in Customer Data maintained by the court receiver and also do not start making payment within 15 days from the public notice issued on Thursday.
Former Indian cricket captain Mahendra Singh Dhoni is among nearly 10,000 homebuyers of Amrapali housing projects who have not paid the balance due towards the property to the Supreme Court-monitored company formed to complete the project.
Worli-Lower Parel, Mumbai is a prominent micro market with sea facing skyscrapers, premium office spaces, upscale infra and has excellent connectivity.
It has urged the ministry to direct these states to withdraw their notifications granting such extensions provided to developers arbitrarily without any relief to homebuyers facing job losses and financial stress.
As per the survey findings, ready-to-move-in (completed) property continues to be the most preferred among the prospective buyers with 32 per cent in favour. Around 24 per cent of respondents are willing to buy properties that will be ready within six months, while 23 per cent will not mind buying properties to be ready within a year. Only 21 per cent are now willing to purchase a newly launched property.
“The record of this case is replete with instances which highlight the collusion between the officers of NOIDA with the appellant and its management,” SC had said.
The bench said, Noida authority gave permission to Supertech to construct two additional 40-floor towers, was in violation of the rules and directed that demolition should be carried out within 3 months.
However, registrations continued to increase from a year earlier, because of a low base to compare with and purchases by women who are given a 1% cut in stamp duty.
This part of Gurgaon hosts a number of schools and offices as well as medical facilities, with rental values ranging from Rs 26,900-71,500 depending upon the sub-locality and property type. For home buyers, the property price ranges from Rs 5,000-11,100 per sq ft.
