Some basics real estate statistics….

The basic real estate statistics that get thrown around on a regular basis, to do that we will use one real estate market, located in sector 150 Noida. The statistics that we will be referencing are true and accurate for the year discussed but are being used to define the real estate statistic its self.  We have chosen sector 150 Noida as our example because the growth of the local real estate market there make the statistics stand out.

Since 2004 Noida (New Okhla Industrial development authority)  has been one of the fastest growing in real estate sector. We believe Noida’s rapid urbanization has implications for demand in housing, urban infrastructure. The twenty first century will likely see a majority of India’s population living in  urban areas for first time in history. India  has 10 of the 30 fatest growing cities in the world and is witnessing rapid urbanization. This is happening not only in the larger cities but in small and mid size cities like  Sector 150 Noida.

We believe India’s rapid urbanization has implications for demand  in housing, urban infrastructure, offices, retail, and hotels in Noida. Many of people would prefer living in Noida due to easy commute to Delhi.  Most of MNCs situated  in Noida like Accenture, HCL, TCS, CSE etc. If you are looking for investments options that have a high return you should consider investing in Noida Projects. One of the most important decisions is do you sell the property with profit. Smart and profitable properties in noida investment it is all about location.

Sector 150 Noida is on the top of the investment radar for real estate In fact, over the years the demand for residential property in Delhi has risen to a great extent. As a result, the Real estate in Noida  is a strong market for people looking for property for purchased.  Now Godrej  properties launched new residential project in sector 150 Noida. The location sector 150 Noida is very close to Yamuna Express Way and Pari Chowk, Greter Noida.

Metro Rail connectivity has been an important factor in enhancing the real estate development in sector 150 Noida. Also, a lot of NRI investments are seen coming to  Sector 150 Noida. Foreign investors prefer Sector 150 Noida from the investment point of view owing to the large number of property options like luxury flats, apartments, builder project, villas, penthouses, farmland and bungalows available to them.

 

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Govt triples home loan limit for central govt employees to Rs 25 lakh

In a move that can give a fillip to the housing sector, the government on November 9 more than tripled the maximum amount that a central government employee can borrow from the government to Rs 25 lakh, from Rs 7.50 lakh earlier.

Revising the house building advance (HBA) rules incorporating the accepted recommendations of the 7th Pay Commission, the government also increased the amount that a central government employee can borrow for expansion of their homes to 34 months of basic pay to a maximum of Rs 10 lakh, from Rs 1.80 lakh earlier.

Cost ceiling limit of the house which an employee can construct or purchase has been increased to Rs 1 crore, with a provision of upward revision of 25% in deserving cases, from Rs 30 lakh earlier.

“People can now migrate from home loans taken from financial institutions and banks to HBA, if they so desire. This attractive package is expected to incentivize the government employee to buy house/ flat by taking the revised HBA along with other bank loans, if required. This will give a fillip to the housing infrastructure sector,” the government said in a press release.

Both spouses, if they are central government employees, are now eligible to take HBA either jointly, or separately. Earlier only one spouse was eligible for HBA.

The government has also fixed the rate of interest on HBA to 8.5%, in place of the earlier four slabs of interest rates ranging from 6% to 9.50% for loans ranging from Rs 50,000 to Rs 7.5 lakh. This rate will now be reviewed every three years. It has also withdrawn the proposal to for adding a higher rate of interest at 2.5% above the prescribed rate during sanction of HBA.

There is no change in the payment schedule. People can pay the principal first in the first 15 years, in 180 monthly installments, and interest thereafter in next five years in 60 monthly installments.

The house constructed or purchased with the help of HBA can be insured with the private insurance companies which are approved by the Insurance Regulatory Development Authority.

Now you can the advantages of getting property in godrej projects sector 150 Noida, getting property here are that it is closer express taj Highway, near to delhi. Godrej properties are luxurious residential property in all over India. Godrej Properties has launched a new project with the name of Godrej nest sector 150 noida. Sector 150 noida is a very near to already developed pari chowk area and metro is about to running on march 2018 opposite to Godrej Nest  sector 150 . The location sector 150 is very near to Yamuna expressway which connect to Taj Mahal, Agra and upcoming airport in Jever. It provides spaciously premium, sophisticated and interesting choice of residence in sector 150 noida.

HomeBuyer Alert!

GCR is now positioned as a high-end luxury destination for office and residential space.

With a mix of high-end retail, mall, and other social infrastructure coming up here at a rapid clip, GCR is being talked about as an integrated and self-sustainable micromarket of the future
Gurgaon, more popularly known as Millennium City, is seeing constant upgrade in the civic and business infrastructure–a classic example being Golf Course Road (GCR).

With a 16-lane, signal-free corridor connecting it to the MG Road and NH-8 near Shankar Chowk on one end and with residential and office corridor of the Golf Course Extension Road at the other end, GCR has become a popular choice amongst key corporates and Fortune 500 companies today.

PICK OF THE LOT

A 13+ million software technology park (SFT) here has emerged as the central business district (CBD) for IT-ITeS firms, similar to DLF Cyber City.

“GCR offers some of the country’s most prime commercial office buildings and has gained prominence as the most sought-after CBD for commercial office asset class. The average commercial office rental values on the stretch are between Rs 90 and Rs 170 sq ftmonth,“ Vineet Anand, director-office services, at Colliers International India, said.

Vineet Anand says that GCR has positioned itself as the location of choice when it comes to the finest, high-end luxury and ultraluxury residential properties, turning into the favourite destination for HNIs, expats, and top multinational and CxO executives. The average capital values for residential properties in and around GCR today are between Rs 8,000 and Rs 15,000 per sq ft.

Golf Course Extension Road, too, offers great opportunities with great infrastructure and seamless connectivity via NH-8, Sohna Road, Golf Course Road, and Faridabad-Gurgaon Road.

“A Metro link–connecting Huda City Centre to Manesar–has been proposed on this road. The area offers a perfect blend of residential, office, retail, and institutional development, and is expected to create a perfect ecosystem and boost the value of the projects in this belt,“ Pankaj Bansal, director of M3M Group, said.

“The area from GCR and GCR Extension is slated to become the next best destination after Gurgaon. “This locality is well connected to South Delhi, Sohna Road, NH-8, and Gurgaon-Faridabad Expressway and is easily accessible from the IGI airport by road. The area also offers many commercial real estate destinations which add value of it. The DMIC is due to commence near this locality, which will definitely spike values further,“ Ravish Kapoor, director of Elan Group, said.

“The launch of Phase II of Rapid Metro has improved connectivity to Gurgaon and has brought a major relief to commuters. “The Southern Peripheral Road (SPR) is also planned along Golf Course Extension Road. These developments will definitely provide a major boost to real estate growth in the area,“ Rahul Singla, director of Mapsko, said.

`SMART’ WATER FOR SMART CITIES!

SMART CITIES UNDERSTAND THE VALUE OF RAINWATER AND, SO, IN THE PLANNING STAGE ITSELF, THEY MAKE AMPLE PROVISIONS FOR SAVING IT

The rainy season has bid adieu to the city. The good thing about monsoon is that there is water everywhere and it’s a good opportunity to save water and replenish the depleting ground water level.Thanks to rainwater harvesting and storm water channels, the last drop of rainwater is saved and not allowed to flow into rivers and oceans. “As population grows and cities expand, the challenge is to prevent flooding and provide potable and affordable water to residents. Cities need to make their water smarter: more efficient, safe and available.“A smart water network means that we can improve energy efficiency while optimizing the whole process–whether for drinking water distribution or waste water treatment,“ B Thanik, director of Eco Buildings, Schneider Electric India, says.

Smart ways to manage water by Smart Cities is the need of the hour. They optimise water distribution, reduce operational and energy costs, and make the water cycle work faster.

Several private agencies work with urban municipal bodies and water agencies to ensure energy savings and reduce water losses. Smart equipment can collate data on leak detection, energy optimisation, stormwater management, and solutions to flooding. This is how a modern-day Smart City manages its water.

RECYCLING

Recycling water is mandatory in Smart Cities. The primary use of water is for drinking, cooking, and bathing. After which it is treated and supplied again for washing clothes, utensils, flushing, and for general cleaning.

This water is again treated and used in farms for animals and gardening. Recycling is done at the society level, where the RWAs maintain the treatment plants.

“Sustainability is a very important aspect of smart cities as they need to make use of their resources well by reducing wastage. Smart Cities turn to water management through customised computer applications that maximise and optimise their current supply in both dry and wet seasons,“ Pratap Padode, founder and director of Smart Cities Council of India, says.

What do you want in an affordable house? Tell us what you think. Take our survey. Stocks of Noida, Gurgaon builders rally up to 120%; but realty prices fall

Investors in real estate stocks on Dalal Street might end calendar 2017 on a high. But market experts are extremely pessimistic on the realty players having operations in Noida and Gurgaon.

Select real estate companies in the NCR region have already more than doubled investor wealth so far in this calendar year.

Shares of Noida-based developers JP Associates and Jaypee Infratech have risen 127 percent and 82 percent so far this year. Both the companies have huge debt load on their balance sheets.

Ace investor Rakesh Jhunjhunwala has either trimmed his holding in JP Associates from 1.03 percent at the end of June quarter or may even have exited the stock as shareholding data doesn’t reflect any stake below 1 percent. His name didn’t figure in September quarter shareholding data.

Share of Gurgaon-focussed players DLF and Omaxe have risen 51 percent and 28 percent, respectively, so far in 2017. The BSE Realty index is up 66 percent year to date.

Sales volume of residential property has declined sharply in Noida and Gurugram over the past one year and is expected to remain subdued, brokerage Nirmal Bang Securities said in a research note.

Selling prices have declined sharply, by up to 40-50 percent in Noida and 20-30 percent in Gurugram, it said.

The drop in volume is around 80 percent from two years ago in case of Noida and 50 percent in the case of Gurgaon.

Analysts say uncertainty caused by the implementation of Real Estate (Regulatory and Development) Act, or RERA, and negative reports driven by developments like a tendency among buyers to stick to delivery timelines have been the main reasons for the weakness.

Nirmal Bang said the mood of the brokers is looking pessimistic with no clarity on price rise, especially in the case of under-construction projects. “There is uncertainty over returns from the sector for the next two to three years,” the brokerage said.

Most realty brokerages suggest instead of buying an under-construction residential property, one should buy ready-for-possession assets. This will mean sales of under-construction residential property are likely to remain weak, and it will increase downward pressure on prices.

Shares of Indiabulls Real Estate, another major player from the NCR region, have risen 179 per cent on a year-to-date basis till October 23, 2017. The stock is up from Rs 75.80 on January 2 to Rs 211.30.

Delhi-based state-owned firm NBCC has seen its stock rise 50 percent on a year-to-date basis. Among others, shares of Ansal Buildwell, Ansal Properties, Vipul and Unitech have gained 27 percent, 38 percent, 49 percent and 49 percent, respectively.

Landmark Property Development Company has gained 1 percent, while Ansal Housing is down 2 percent for the year.

Buyer sentiment is down too. In an ongoing case, the Supreme Court was informed on October 23 that some 4,688 homebuyers in 63 residential projects of Unitech have sought refund of their money totalling Rs 1,865 crore, while 3,761 homebuyers have opted to take possession of their flats.

“I am not buying real estate stocks. We have heard of a couple of real estate companies that are in flux in terms of being able to service their debt and some cases where banks may have to take over,” Deepak Shenoy, Founder, Capital Mind, told ET Now in a chat.

Whenever the resolution process happens, banks or whoever the companies have borrowed from will sell those flats, and when these flats come to the market, prices will fall. This is going to happen over the next one year, said Shenoy.

Among players from other regions, shares of Mumbai-based Orbit Corporation and Pune-based D S Kulkarni Developers have tumbled over 50 percent this calendar.

Mumbai-based Oberoi Realty and Godrej Properties have advanced 50 percent and 112 percent YTD, while Bangalore-based Sobha Ltd has gained 105 percent.

Not only next one year but the next five to 10 years will be good for companies like Oberoi Realty, Godrej Properties and Sobha, stock picker Porinju Veliyath told ET Now in a chat.

“These are efficient and well managed developers and have a long way to go. However, there are challenges for lack of demand. But it is consolidation period for the real estate business. Investors should focus on smart developers with capability to execute. I am bullish on these three stocks,” he said.

Rahul Oberoi, Economic Times, Delhi/NCR

DMRC Said: Botanical Garden as junction station ready for operations

The Botanical Garden Metro Station, transformed as the first interchange station of the National Capital Region, is ready for operations and awaiting clearance from the Metro Rail Safety Commissioner, the Delhi Metro said on October 17.

Currently on the Yellow Line (Dwarka Sector 21-Noida City Centre), the station will now perform as a junction between Yellow and the upcoming Magenta Line (Janakpuri West-Botanical Garden).

Built under the Phase-3 of Delhi Metro construction, the Botanical Garden-Kalkaji Mandir corridor of the Magenta Line is “expected to be commissioned soon”, the transporter said.

“This Metro station will connect Noida directly with important locations of south Delhi such as Nehru Place, Kalkaji, etc. Passengers travelling from Noida to Faridabad will now be able to change trains at Kalkaji Mandir and go directly to Faridabad.

“Since both Botanical Garden and Kalkaji Mandir are interchange stations, there will be significant reduction in travelling time between various destinations, especially those on the Blue and Violet lines,” the Delhi Metro Rail Corporation said in a statement.

Once operational, Kalkaji will be an interchange station between Magenta and Violet Line (Escorts Mujeser-Kashmere Gate).

According to Delhi Metro, the Botanical Garden station will bear an interchange load of 97,780 passengers per day from the Yellow and Magenta lines, which is projected to increase up to 123,020 by 2021.

The Botanical Garden-Kalkaji section will comprise of nine stations. Apart from Kalkaji Mandir, all other stations will be elevated.

Using this corridor the commuters will reduce their travel time between the two locations from the existing 52 minutes (Botanical Garden to Mandi House via Blue Line and onwards to Kalkaji on Violet Line) to a direct 19 minutes on the Magenta Line.

Those going towards Faridabad from Noida will benefit the most with the operation of the corridor which will almost halve the travel time to many destinations towards that direction.

For instance, the travel time between Noida Sector 18 and NHPC Faridabad, which takes about 58 minutes (with an interchange at Mandi House station on Violet Line), will be reduced to 36 minutes if one changes at Kalkaji station from Magenta to Violet Line.

Your affordable choices in the heart of Noida Extension

While new launches have almost dwindled in Greater Noida West, some reputed developers this year are likely to launch new projects in the mid-segment .

First-time homebuyers who invested in Noida Extension, now called Greater Noida West, way back in 2009 -2010 at affordable price points of Rs 1,800 per sq ft to Rs 2,200 per sq ft have been a brave lot. For many of them who moved into their new homes later, it has been a test of patience because of delays of almost one-and-a-half years due to land acquisition issues and other problems. However, all’s well that ends well.

Today, over 3,000 families have moved into projects located in the area that is well connected to both NH24 and Noida, and as many as 50,000 are expected to come in by the end of this year as possessions come through. By the end of 2018, the area will have some three lakh apartments. Interestingly, while new launches have almost dwindled, some reputed developers this year are likely to launch new projects in the mid -segment, with some going in for larger unit sizes and better specifications to rope in buyers.

Cherry County by ABA Corp has 1,793 units in the area, of which 1,240 will be delivered for possession next month. “We expect to get the completion certificate within a week’s time,” says Amit Modi, director, ABA Corp and vice president, Credai western UP. “We will be launching another project called Coco County in August this year. It will have 900 apartments spread over five acres. The location is Sector 10, Greater Noida West, and the price point will be about Rs 3,500 per sq ft.”

Gaursons has also launched 5,000 new apartments in the area. “Even in a dull market, 800 units have been booked,” says Manoj Gaur, managing director, Gaursons.

Another established builder is planning to launch 500 apartments this year. “We will have 3BHK and 4BHK units of over 1,600 sq ft. The location is good and is more or less stabilized,” he says.

As for why buyers should invest in this market, real estate experts say that compared to Yamuna Expressway, Noida Extension is a much superior market. The sales are largely end-user driven and it is a great micro market from the livability aspect considering the fact that prices are affordable (upwards of Rs 3,200 per sq ft) compared to sectors 78 or 150 where prices start at Rs 4,500 per sq ft.

Greater Noida West caters to people who cannot afford to invest in Noida or Indirapuram, where prices are upwards of Rs 5,000 per sq ft. It is also an affordable option for people wanting to graduate to bigger apartments from Indirapuram, says Shveta Jain of Cushman and Wakefield, India.

Akhilesh Yadav steps in, tells Noida authority to help flat buyers

After Uttar Pradesh chief minister Akhilesh Yadav’s directive to address buyers’ issues, Noida authority chief executive officer Rama Raman on Monday held a meeting with his team to come up with solutions.

But it is not going to be an easy task.

Builders are unable to pay around Rs 300 crore land dues to be eligible for getting occupation certificates, said officials. Without an occupation certificate mandatory before getting possession of a flat, buyers cannot carry out the registration to transfer ownership from the builder to their name.

“We are trying to find a viable solution,” said Rama Raman.

In Noida, 50,000-70,000 home buyers are unable to get the registration of their flats done due to the failure of builders in paying land dues to the Noida authority that had allotted land for residential projects from 2006 to 2009.

These buyers have been suffering for the last 4-5 years. The UP chief minister had to intervene only after buyers in one of the residential projects took to microblogging site Twitter to register their protest.

“The chief minister is very serious about addressing the issues of home buyers. That is the reason he has issued instructions to the Noida authority and other officials concerned,” said Navneet Sehgal, principal secretary, UP information department.

New Property in Gurgaon

If builders continue to fail in raising funds to pay land dues to the authority, the issue will not be confined to these 50,000-70000 property buyers only. It will affect others too.

According to the authority, there are a total of 127 under construction residential projects in Noida Extension. Of these, 86 projects have not got occupation certificates till April 18, 2016. Twenty-four residential projects are those in which 50,000-70,000 buyers are already suffering. Around another 80,000 buyers will face issues once they get ready for the registration.

Builders of these 127 projects together need to pay Rs 7,200 crore land dues to the authority. Builders failing to raise funds due to poor sales in the last 2-3 years said the authority should not levy interest on the default amount.

“If the Noida authority wants to benefit these 50,000-70,000 home buyers, who want to get registry done immediately then it should recover land dues in small instalments,” said Manoj Rai, chairman of Gardenia Group that has Rs 100 crore dues to pay. The Gardenai Group in has allowed possession to 1300 buyers in its sector 46 project without an occupation certificate.

Anil Kumar Sharma, CMD of Amrapali Group, said, “The Noida authority should come up with an amnesty scheme because there is an economic slowdown going on. The authority can mortgage unsold flats in lieu of money in a particular building to offer occupation.”

For timely possession builder’s are adopting precast technology!

This technology promises us a world of creative possibilities in application and design, says Mr. Ravi Mohan Sethi, managing director of Stellar Group.

Mr. Ravi Mohan Sethi, MD of Stellar One Projects, said in an interview, that the real estate sector must be accorded infrastructure status to bring about major transformation in the outlook and nature of the market.WHY IS THE MARKET ON THE BACK FOOT?

The main reason is the loss of trust. Many of the developers and builders have lost their credibility among home buyers and investors.The making or tarnishing of image is in your own hand. Only promise what you can fulfil. Don’t promise anything beyond your capability. When property projects prices are on the upswing, real estate owners are only bothered about their sales without worrying about setting up a system to deliver them.

When the market was going great, developers used to invest their sale proceeds of one project in buying land for another one.Then they launched another project with whose proceeds they bought land for a third project, and so on. It was as if a game of musical chairs were on. The slowing down of the market is similar to the music being turned off now, these developers find themselves stranded. So, it is a situation of their own making.

WHAT IS YOUR SECRET BEHIND TIMELY DELIVERIES AND QUALITY CONTROL?

We have adopted precast technology and set up our own facility on site; this gives us a world of creative possibilities in application and design. The technology is very versatile and is equally efficient for all types of construction–highrise, low-rise villas, commercial space, parking lots, etc.

WHAT ARE THE MAIN ADVANTAGES OF THIS TECHNOLOGY?

The main advantages of this technology are that it helps us stick to our delivery schedules, gives structural stability to our projects, helps in wastage control, and requires less manpower.

Grading of developers will help in instilling healthy competition?

The regulatory bill would have been more effective had all the approving authorities been brought under its purview, too, says K K Tripathi, senior VP of Ansal Buildwell

KK Tripathi, senior vice-president (sales and marketing) of Ansal Buildwell Ltd, said in an interview with Times Property that to protect the interest of buyers and developers, the long pending real estate regulatory bill must be introduced in the Lok Sabha without further delay. The much awaited land acquisition bill is also required to fulfil the NDA government’s vision of “Housing for all by 2022“, Tripathi said.Ansal Buildwell Ltd started off in 1984 and is today one of the leading real estate players in the country. It has several self-contained townships projects in Amritsar, Jaipur, Gwalior, Moradabad, Pathankot, Jhansi, and Cochin.

Excerpts from the interview: HOW DO YOU SEE THE BUDGET?
WILL IT GET MARKET BACK ON TRACK?

The Union Budget is not positive or negative, it is so-so. Overall, we can say it is not a satisfying Budget for the real estate sector, especially at a time when the struggling market required a much needed push to bring back buyer confidence in the sector. Broadly speaking, increase in the limit of 80GG from Rs 24,000 to Rs 60,000 and the limit of 87A from Rs 2,000 to Rs 5,000 will give relief to small tax payers.

Focus on “Housing for all“ and 100% exemption from the income arising out of housing projects for flats up to 30 sq metres in four metro cities and 60 sq metres in other cities, will boost affordable housing projects.

It has also been proposed to provide an additional deduction on account of interest of Rs 50,000 for first-time homebuyers for loans up to Rs 35 lakh sanctioned during the next financial year, provided the value of the units does not exceed Rs 50 lakh–this can boost the sale of affordable houses.

HOW DO YOU RATE THE UNION BUDGET?

The budget is pragmatic, wide-ranging, and inclusive given the emphasis on infrastructure development.

Noida Extension Projects

It clearly lays focus on key areas of core sector growth, inclusion, fiscal farsightedness, and tax streamlining. There are quite a few sops for affordable housing and first-time buyers like service tax waiver, increased limit for deduction on interest repayment of home loans, and 100% deduction on profits made from affordable housing projects.

In addition, investment in infrastructure will also help affordable housing as it will connect affordable housing hubs with commercial centres. We look forward to the remaining Budget session to carry forward the GST bill and the real estate regulatory authority bill to further catalyse growth in the sector.

Affordable housing is a segment where the government should bring in tax-free status for developers, previously offered. We are keen that the real estate sector be given industry status, so that liquidity issues faced by developers are resolved to a large extent and help in attracting more FDI into the sector too.

The regulatory bill would have been more effective had all the approving authorities been brought under its purview, too, says K K Tripathi, senior VP of Ansal Buildwell

KK Tripathi, senior vice-president (sales and marketing) of Ansal Buildwell Ltd, said in an interview with Times Property that to protect the interest of buyers and developers, the long pending real estate regulatory bill must be introduced in the Lok Sabha without further delay. The much awaited land acquisition bill is also required to fulfil the NDA government’s vision of “Housing for all by 2022“, Tripathi said.Ansal Buildwell Ltd started off in 1984 and is today one of the leading real estate players in the country. It has several self-contained townships projects in Amritsar, Jaipur, Gwalior, Moradabad, Pathankot, Jhansi, and Cochin.

Excerpts from the interview: HOW DO YOU SEE THE BUDGET?
WILL IT GET MARKET BACK ON TRACK?

The Union Budget is not positive or negative, it is so-so. Overall, we can say it is not a satisfying Budget for the real estate sector, especially at a time when the struggling market required a much needed push to bring back buyer confidence in the sector. Broadly speaking, increase in the limit of 80GG from Rs 24,000 to Rs 60,000 and the limit of 87A from Rs 2,000 to Rs 5,000 will give relief to small tax payers.

Focus on “Housing for all“ and 100% exemption from the income arising out of housing projects for flats up to 30 sq metres in four metro cities and 60 sq metres in other cities, will boost affordable housing projects.

It has also been proposed to provide an additional deduction on account of interest of Rs 50,000 for first-time homebuyers for loans up to Rs 35 lakh sanctioned during the next financial year, provided the value of the units does not exceed Rs 50 lakh–this can boost the sale of affordable houses.

HOW DO YOU RATE THE UNION BUDGET?

The budget is pragmatic, wide-ranging, and inclusive given the emphasis on infrastructure development.

It clearly lays focus on key areas of core sector growth, inclusion, fiscal farsightedness, and tax streamlining. There are quite a few sops for affordable housing and first-time buyers like service tax waiver, increased limit for deduction on interest repayment of home loans, and 100% deduction on profits made from affordable housing projects.

In addition, investment in infrastructure will also help affordable housing as it will connect affordable housing hubs with commercial centres. We look forward to the remaining Budget session to carry forward the GST bill and the real estate regulatory authority bill to further catalyse growth in the sector.

Affordable housing is a segment where the government should bring in tax-free status for developers, previously offered. We are keen that the real estate sector be given industry status, so that liquidity issues faced by developers are resolved to a large extent and help in attracting more FDI into the sector too.

DO YOU THINK THAT THE REGULATORY BILL WILL HELP BRING BACK CONFIDENCE AMONG BUYERS?

This is a great initiative to keep a significant portion of the sales proceeds in escrow account, as that would ensure timely execution of projects and check temptation of developers to use customers’ funds in other projects.

It would also promote fair play in real estate and encourage investment in the sector. The bill has been drafted with the intent of protecting the interest of end users by promoting fair play in real estate transactions and focusing on time delivery of projects. It aims at a standardized regulatory environment which, in turn, will help in swift arbitration of disputes and ensure organized growth of the real estate sector.

Single-window clearance system is will help in cutting down the time and number of approvals. Grading of developers will also help in instilling healthy competition and give customers a transparent mechanism to evaluate investments. The bill will help in reinstating the trust of the general public in this sector by instituting accountability and transparency in transactions.

This is a great initiative to keep a significant portion of the sales proceeds in escrow account, as that would ensure timely execution of projects and check temptation of developers to use customers’ funds in other projects.

It would also promote fair play in real estate and encourage investment in the sector. The bill has been drafted with the intent of protecting the interest of end users by promoting fair play in real estate transactions and focusing on time delivery of projects. It aims at a standardized regulatory environment which, in turn, will help in swift arbitration of disputes and ensure organized growth of the real estate sector.

Single-window clearance system is will help in cutting down the time and number of approvals. Grading of developers will also help in instilling healthy competition and give customers a transparent mechanism to evaluate investments. The bill will help in reinstating the trust of the general public in this sector by instituting accountability and transparency in transactions.