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NEWSDIGEST
HOUSING SALES TO RISE
Sales traditionally increased by up
to 25-30 per cent during the festive
season. However, this year, not
more than 15-20 per cent increase is
anticipated due to subdued sentiment and affordability gap in larger
cities like Mumbai, according to JLL.
The housing market is currently
flush with options for prospective
buyers and developers are offering
discounts in almost all the projects,
especially built units. To boost housing demand, JLL says, the government needs to review the taxes and
duties that affect the pricing of any
project. Also, the process of granting approvals needs to be speeded
up so that the time taken from conception to actual delivery of homes
is reduced.
E-COMMERCE TRENDS
CEOSPEAK
PEOPLE LOSE FAITH
IN DEVELOPERS,
DUE TO THE LONG
TIME TAKEN IN
PROJECT
COMPLETION, SAYS
P B SRIKANTH,
CHAIRMAN, LE
ROYALE BUILDERS
Market is
picking up with
relaxation in
home loan rates
ADITYA.SHEKHAR@timesgroup.com
HOW HAS THE REAL ESTATE MARKET RESPONDED THIS YEAR AND WHAT ARE THE
KEY DIFFERENCES FROM THE LAST YEAR?
I have been in the market for more than 16 years
now. From the beginning of this year, the market
has been sluggish and gave lukewarm response
with very less incidents of revival. The real estate
scenario changes every six months but this time
around the growth has been stagnant. The takers
for new projects are few. However, after a slow
first half, the market is picking up with relaxation
in home loan rates. Ready-to-move-in projects
getting more preference as there are a lot of uncertainties when it comes to under construction
apartments. People tend to lose faith in developers due to the long time taken for completion.
COMMERCIAL REALTY ON
GROWTH PATH
Sturdy demand for corporate office
space in India's leading cities
strengthened in the third quarter of
2015, sustaining the improvement in
market sentiments since the previous
quarter, according to CBRE's India Office Market View for Q3 2015. More
than 9 million sq ft of commercial office space was taken up across the
seven leading cities during the review
period, resulting in an annual growth
of about 20% and a quarter-on-quarter (q-o-q) increase of around 6 per
cent. Rental values remained largely
stable in the Central Business Districts of most leading cities during the
period. A steady rise in office space
demand led to a q-o-q rental rise of 27% in prominent IT and SEZ developments of Gurgaon; Guindy, Mount
Poonamalle Road and Ambattur in
Chennai; IT Corridor in Hyderabad;
and of Aundh, Hinjewadi, Kharadi and
Baner in Pune.
FAST FACTS
A CLOSED COMMUNITY NEEDS
TO BE AT LEAST OVER 25 ACRES
AND HOUSE OVER 1000 HOMES
FOR IT TO BE CALLED A
TOWNSHIP. IT IS THE GRAND
SCALE OF SUCH PROJECTS AND
THE WIDE VARIETY OF AMENITIES
THEY PROVIDE THAT MAKE IT
SUCH A HIT WITH HOME
BUYERS
SELF-SUFFICIENCY INITIATIVES
LIKE HAVING INDEPENDENT
PLANTS FOR WATER TREATMENT,
SEWAGE TREATMENT, SOLID
WASTE MANAGEMENT, NEED TO
BE CONSIDERED