ICCPL PROPERTY NEWS

Saya Group raises Rs 200 crore from Edelweiss

Delhi/NCR: Saya Group has raised funds of Rs. 200 Crore from one of the leading financial services group named Edelweiss to finance its group housing project ‘Saya Homes’. The group is developing multiple housing projects in the NCR region with its prime focus on Indirapuram and Noida/Greater Noida West. Mr. Manoj Jain, Director-Finance of the realty firm said that, “we have received an investment of Rs 200 crore from Edelweiss for our projects. We were in talks with Edelweiss for some time now and the fund has finally been raised which will ensure quality products from Saya Group”.

“Our organization is developing over 24 Lac sq. ft. in Indirapuram and approx 11 Lac sq. ft. in Greater Noida West. We have already delivered approximately 10 Lac sq ft in Indirapuram in our two projects. With this new development; we are looking forward for a brighter future,” says, Mr. Vikas Bhasin, MD, Saya Group.

The realty firm also disclosed that they will not raise funds anymore as the financial closures are over for current projects. The group is now focusing on execution of current projects in order to ensure timely delivery of their under construction projects.

The realty firm believes that with such funding, people will instill faith in projects being developed in this part of region which otherwise has been undergoing a lot of turmoil. This will also help to identify the performers who have a vision and who will deliver.

About Saya Homes

Saya, a renowned name in the field of realty, is more than just a name. For some Saya connotes aspiration, while as for some Saya signifies growth. For an individual, Saya represents a momentous event, while as for a family; Saya means a fulfillment of a cherished life-long dream. The characteristic which make Saya stand out in the crowded realty market is its Commitment for Quality and On-time possession. Saya believes that, use of Quality products in constriction and On-time delivery is not a luxury to be cherished, rather it is the basic requisite of the consumers and a responsible developer needs to ensure that these ethoses are followed to the core.

About Edelweiss

Edelweiss is one of India’s leading diversified financial services Group. Edelweiss offers a large range of products and services spanning across asset classes and consumer segments. Its businesses are broadly divided into Credit including Retail Finance and Debt Capital Markets, Commodities, Financial Markets, Asset Management and Life Insurance.

ICCPL PROPERTY NEWS

TRANSIT ORIENTED DEVELOPMENT TO BE A GAME CHANGER

   Imagine a day when you get up in the morning, just get ready for office and leave home. On the way you drop your used clothes to a laundry store, then grab some breakfast from your favourite outlet, take out money from the bank/ATM and reach to a bus stop/metro station/auto rickshaw stand/taxi stand or any means of transport which you feel convenient with to go to office by without using your personal conveyance; and all these things are just 5 – 10 minutes away from your residence. On top of it, you reach your office in the next few minutes. Now when you return from office, you pick up the stuff from laundry store, buy household stock, go back home change to a party wear and then go out for a party at your favourite hangout place all charged up, again just at a few minutes walking distance. This is Transit Oriented Development (TOD) for you.

Now, all this may sound unreal as having houses, office complexes, retail outlets and transport facilities at one place is not heard off much in India. But if we wish to curb the housing woes along with optimally utilizing the land banks, then TOD is the way of the future especially in crowded/congested metropolitan cities. The concept of TOD is largely visible in developed foreign countries such as U.S., U.K., France and many others. Putting it literally, a TOD is designed to increase the number of inhabitants, employees, and potential transit commuters that have convenient access to transportation. A complementary mix-land use zone, blend of activities, and services located in proximity to each other to allow TOD residents to travel to work, run errands, recreate and meet basic needs without the requirement of a personal conveyance. “TOD is a variety of moderate and high density housing options situated within easy walking distance from a centrally-located transit corridor, usually 10 minutes. Thus, transit commuters begin and finish their trips by walking. As a result, a network of safe and convenient walkways that link transit, residencies, and other uses and an attractive pedestrian environment are a hallmark of a TOD. A well-designed movement system and facilities, houses, community spaces, plazas, office complexes, activities and smart design are key components in drawing people towards TOD”, says Mr. Rupesh Gupta, Director, JM Housing. Adding to the view, Mr. Dujender Bhardwaj, Director, Marina Suits states that “TOD is an exciting fast developing trend usually witnessed in developed foreign nations that assist in creating vibrant, liveable communities. It’s a development of a compact, walkable community centred around high quality transportation system. This further makes it possible to live a lower-stress life without complete dependence on a personal conveyance for mobility and survival. Therefore, TODs can be real game changers if bought in crowded cities like Delhi, Mumbai, Kolkata and others, as it will help in decongesting and creating a stress-free and sound environment to reside and work in”.

“A TOD will perfectly suit the PPP model which is the backbone of infrastructural developments in our country. The government must provide all possible civic and transit facilities to one region and let the private players do the residential and commercial developments. In this way, it’s a win-win situation for all as this will promote mixed land use development in the country and aid in decongesting and creating a smooth city for residents as well as commuters”, enumerates Mr. Kushagr Ansal, Director, Ansal Housing. In order to successfully operate a TOD through PPP model, it will be most crucial that private players get the much desired support from the government by providing a single window clearance system, making land parcels available at less prices and carefully planning the locations for development. Mr. Praveen Tyagi, CMD, VVIP says “TODs will allow the developers to make best use of the floor space index which at the same time will create a large pool of revenue generation for the government. In order to attract private builders, it will be most imperative that the government ensures a smooth passage for developers to construct and timely deliver their goods by providing single window clearance. Also, sensible traffic management will be the key to effectively pushing this system and the government can also open the doors for FDI which will definitely yield good returns”.

The Delhi Belly

Taking Delhi as an example, TODs are the need of hour. Due to heavy migration most regions in Delhi are overcrowded which over the time have resulted into heavy congestion that creates traffic woes, thus reducing the efficiency and effectiveness of a region and its residents. Last year the DDA had announced Karkardooma as a TOD project and recently made an announcement to include two more TOD projects; one in East Delhi and the other in Dwarka. The former, called Lake View Complex, has been planned around the under construction Trilokpuri metro station. Spread over an area of 10.26 hectares, it will have multi-storey housing and commercial towers. “Delhi has been on a migration spree for over a decade now that has resulted in massive population explosion in most pockets. TOD projects planned for Delhi were much needed as once TODs will come up, we’ll see better shaped decongested regions that will allow a better breathing space for buildings as well as residents. East Delhi and Dwarka are actually the correct choices for now and we hope that DDA gets the job done in the planned tenure”, states Mr. Amit Chaudhary, MD, Rhythm Ccounty. Dwaka is the other project and will come along the 4 km metro corridor. DDA has plans to develop a Dwarka central hub which will have three components, business hub, entertainment hub and eco-recreational hub. It will be spread over an area of 28 hectares and the project will come up in three different locations.

In sync with Housing for all and Smart cities

A lot of questions were raised and are still popping up whether Housing for all and Smart cities mission will remain as a dream or will it be converted into realty. If we look at a TOD model carefully two most prominent features are, increased number of houses and a better developed region. “Housing for all and Smart cities mission will get a much needed boost by the development of TODs, not only in Delhi but other regions as well wherever this plan is pursued. A well laid plan of a region connecting with transit network along with high rises and commercial spaces will well justify the plan for Housing for all and a small beginning to a smart city. Housing and office supply will greatly increase which might also help in price correction of the regions”, states Mr. Vikas Sahani, CMD, Property Guru.

Answering the Safety & Social concerns

One of the biggest benefits that a high density area serves is the safety and security measures because of high human traffic flow in the region. Since the concept of TODs work on higher Floor Area Ratios, it becomes evident that residing and commuting population in the regions are more due to greater number of homes and offices. Once this is achieved, there exists a mental aura of security amongst the people which is invisible with regions of low density population as streets look empty during night or there are just homes and no commercial spaces. TODs also help people to perform better personally and professionally as there is less stress, low physical pressure and lot of time for self. Mr. Vikas Bhasin, MD, Saya Homes says “Everyone desires of a dream life where office, home and areas of recreation are close to each other so that one can give ample time to all and there is very less travel time. With a TOD in place, these dreams will actually be fulfilled which in turn will promote human sustainability and effectiveness. On the other hand, with a lot of public around; people and especially women will feel more secure while travelling within a region. Thus, there are huge hopes relying on this concept and we expect that it will be a real game changer for not only the realty sector but the entire nation in general”.

ICCPL PROPERTY NEWS

REAL ESTATE BILL HOPEFUL TO SEE A GO THIS MONSOON SESSION

   The real estate sector of India had for long started to share a rough image amongst buyers and its associates which has now become even worse with the market unable to perform up to the mark. Possession delays, hidden costs, fraudulent by builders, not following of legal norms and much more had forced the customers to raise a loud voice which has finally reached to the ears of the government. The union cabinet had approved the bill and starting this monsoon session on 21st July; all eyes will be fixed on the news for Real estate Development and Regulation Bill which is to be tabled. The buyers of property market in particular will be waiting for the decision to come out which guarantees safeguarding of their rights and interests.

“It is very imperative to understand that the demand and respect of real estate sector has been moving downward for several years now attributing to the negatives pertaining in this sector such as fraud committed by several builders, possession delays and absence of a monitoring body, and this will continue if proper action is not taken. Once the real estate bill gets operational in our country, the most prominent change that we will all witness will be that customers will get their rights and have a place to submit their queries and someone will actually answer to it”, says Mr. Ashok Gupta, CMD, Ajnara India Ltd. It is actually true that Indian real estate sector was losing its respect due to the false occurrences in the sector. These happenings were pushing the potential customers away from the market as there was no body to trust and look upon in case of a grievance. Not only does the domestic demand face the steam but most international companies feel that India is not a safe country to invest into as there are problem creators more than problem solvers. As a result, foreign investors are unable to enter and retain themselves into the Indian market. Mr. Deepak Kapoor, President CREDAI Western UP & Director, Gulshan Homz states that “We as a country is dreaming big with announcements of Smart India mission which requires a lot of FDI. Now, if we seriously wish to make sure that this dream is turned into realty we have to safeguard the interests of both, international players as well as its domestic users. Only then can we see FDI coming and retaining here. Also, a regulator sitting in the middle will make sure that transactions are properly monitored and real estate buyers are not mishandled. This will ensure steady growth of the sector and we will have a new and credible face of Indian real estate sector”.

Decoding the bill:

Following points will help us in better understanding how the Real Estate Bill will help the property buyers:

  • Each state will get a real estate regulator which will help in settlement and imposition of compensation. All residential and commercial projects will have to now compulsorily be registered with the regulator so that buyers can have access to valid projects. Even the ongoing projects that have not received the completion certificate will be covered.
  • Without a prior registration with the real estate authority, developers cannot advertise or launch projects.
  • Developers will now have to sell property on the basis of carpet area and not super area.
  • In order to ensure transparency about the projects, developers will have to disclose layout plans, submit clearances and name the associates, architect, contractor and others with the regulator.
  • For timely completion of the projects, promoters will have to deposit 50 percent of the amounts realised from the buyers in a separate bank account within 15 days for construction purposes.

“The real estate sector is one of the largest contributors to the Indian economy and at the same time creates a massive pool of employment opportunities. Thus, it becomes evident that this sector should be worked upon the most and this bill is the current need of hour. With this bill in place, every state will have a regulator who will be continuously supervising and watching. Moreover, the projects will now be completed on time and developers will have to submit all the layouts and documents with the regulator which will ensure transparency and hence, customers will feel more secure while transacting”, enumerates Mr. Praveen Tyagi, CMD, VVIP. Looking on the flipside, Mr. Kushagr Ansal, Director, Ansal Housing believes that “Not every buyer will be benefitted. Projects that are completed or stuck due to clearance or financial issues don’t come under this. Also, we have been a witness of how delays are caused by certain authorities which takes a lot of time to get the projects cleared. And now since developers will be extra careful, launch of projects are surely to get delayed which can lead to lesser supply than demand. Apart from these factors, the bill is all clear and ready to help the buyers in the realty sector”.

  • Consent of two-third buyers will be required to alter plans, structural designs and specifications of the building. They will have the responsibility to rectify structural defects and refund money in cases of default.
  • Brokers will also have to be registered with the real estate regulator; non-compliance of which will be punishable.
  • In case of failure of timely delivery of projects, the buyers can claim refund with interest and compensation.
  • In cases of violation of rules by the developers, projects will be de-registered and attract heavy penalties. Non-compliance will invite fine up to 10 percent of project cost and misinformation will cause a fine of 5 percent of project cost.
  • The loss in taxable income caused by builders asking the buyers to pay certain amount in cash will now be curbed, thus eradicating corruption.

Mr. Rajesh Goyal, MD, RG Group says “The bill is aimed at protecting the interests of consumers, and also seeks to promote fair play in real estate transactions and ensuring timely execution of projects. These amendments will bring the much needed transparency in the sector as well as will attract FDI. The Real Estate Bill provides for a uniform regulatory environment and will also protect the interest of all players amicably, besides helping speedy adjudication of disputes and ensure an orderly growth of the real estate sector”. Adding to the fact, Mr. Rupesh Gupta, Director, JM Housing states “If the economy of this country has to grow, then it is most crucial that real estate sector performs, and performs really well. This performance will come out only when there is transparency and faith of the buyers and other associates. Real estate bill clearly identifies the loopholes pertaining to this sector and protecting the interest of the buyers which is its core responsibility. Once we’ll have a regulator on board, things will change drastically and customer sentiments will greatly improve”.

The road ahead:

With a lot of plans laid down by the government with respect to Smart Cities, AMRUT, Housing for all and Make in India, this bill will play the most crucial role in shaping up the future. Thus, the Real estate bill is most vital to be passed this monsoon session as a lot of hopes are relying on it. With the Goods and Service Tax (GST) bill in the pipeline, it will be significant for the government to get the Real estate bill passed in this very session. Buyers will be overjoyed and we will have a better real estate sector to deal with in the coming times.

ICCPL PROPERTY NEWS

ICCPL VENTURES INTO DIGITAL MARKETING WITH ‘DIGICOMM’

Delhi/NCR: ICCPL, a renowned name in PR & Brand Management with its expertise in handing Indian Real Estate Clients has ventured into Digital Marketing by launching a new company called ‘DigiComm Media Services’.

Under ‘DigiComm’; a specialized team of Digital Marketers will be handling the digital accounts and will help to promote the company on online platforms. Real Estate has been awakening to the need of digital services as the market has grown beyond the local regions where one develops a project. With the growing need and to provide a 360 degree marketing & communication solution, ICCPL has ventured into digital solutions.

Dushyant Sinha, Founder of ICCPL and now DigiComm says, “Everything is going to get digital in coming few years. The early we understand is better for all of us. The buyers are online, the seller is online, it’s time we start creating focused digital marketing campaigns and target the ever growing online market”.

About ICCPL

Bygone is the era where keeping low was respected, in today’s market place the need to be heard and be seen has taken a significant place because of ever increasing number of competitors trying as hard to provide counter claims, choking the space surrounding the organization and thus making pictures hazy. All these have made Public Affairs management a vital part of business strategy. ICCPL would help to analyze situations, recommend strategies, develop communication programmes and carry out a variety of related activities from the gamut of services provided by ICC in tandem with the Group Advantage.

ICCPL PROPERTY NEWS

DEVELOPMENT OF NH 248A AND AGRA-LUCKNOW EXPRESSWAY TO BOOST SECTOR

A robust infrastructure system ensures that we are able to move goods and services, but also people in the most effective possible ways which helps in enhancing their efficiency. Infrastructure is significant for economic growth, employment opportunities and access to markets and services. A lot of work has been done to improve roads and civic infrastructure in order to develop our social and economic well-being. Good infrastructure not only improves the nation’s economic development but also international competitiveness and ability to attract foreign investments. It is the infrastructure which makes a place able to attract masses to reside in. The basic infra facilities like road networks, safety & security facilities, public conveniences, etc. has a direct impact on the quality of life of people. Growth of real estate is directly proportional to the infrastructural amenities present in any particular location. Good infrastructure is always followed by number of residential and commercial projects.

Delhi/NCR regions have developed a lot in past few decades to meet the needs of growing population and challenges of the inevitable and rapid urbanization. National Capital and its peripheries have better road networks and many more developments are being carried to bring in integrated infrastructure development. It is very well connected to different parts of the country through various national highways, flyways and expressways. Major reason being, efficient road network maximizes the economic and social benefits for the public. Areas with great road connectivity always get picked first in case of buying or developing the property as well. The National Capital and its adjoining regions like Ghaziabad, Noida, Gurgaon, Greater Noida, Faridabad, Bhiwadi, Alwar, Neemrana and many more such cities have good road connectivity.  For instance, Delhi-Gurgaon Expressway connects Delhi and Gurgoan on National Highway 8, which is 28 km long. This expressway is a part of project named ‘Golden Quadrilateral’. This was a dream project of our former Prime Minister, Mr. Atal Bihari Vajpayee and it was meant to connect four metropolitan cities of our country, namely, Delhi, Mumbai, Chennai and Kolkata. DND Flyway (Delhi Noida Direct Flyway) is a flyway to connect the national capital to Noida. National Highway 1 (NH-1) connects Delhi to Attari in Punjab, passing through Haryana and it is one of the oldest and longest highways of our country. National Highway 2 (NH-2) runs through the states of Delhi, Haryana, Uttar Pradesh, Bihar, Jharkhand, and West Bengal. NH-2 also constitutes a major part of the Grand Trunk Road. NH-2 is also known as the Eastern Peripheral Expressway designed to connect Kundli to Palwal in Haryana via Ghaziabad.  National Highway 8 (NH-8) connects Delhi to Mumbai passing through Rajasthan and Gujarat. National Highway 10 (NH-10) originates from Delhi and connects to Fazika in Punjab, near the Indo-Pak border. National Highway-24 (NH-24) connects Delhi to Lucknow in Uttar Pradesh running through Ghaziabad, Moradabad, Bareilly, Shahjahanpur and other cities.

Apart from the aforesaid highways and expressways, two other major road links on the capital peripheries are also in the process of getting constructed. One is NH 248A and the other one being Agra-Lucknow Expressway. The National Highway 248A (NH 248A) would start from Haryana and enter the Alwar district in Rajasthan at Ramgarh. The total length of the highway would be 95.390 kilometres. After passing through Alwar city it would enter Sariska’s buffer zone on the Alwar-Jaipur road. It would then pass through Sariska bypass at Kushal Garhtri crossing where tiger ST-4 and tigress ST-10 have already developed their respective territories. After passing a distance of 103 km through Alwar district, the high-speed highway would enter Jaipur district at Shahpura on the Jaipur-Delhi NH- 8 and go towards Churu district’s Rajgarh via parts Neem-ka-Thana and Pilani in Sikar and Jhunjhunu districts, respectively. “The government’s idea to build NH 248A will provide better passage link between Haryana and Rajasthan. This high speed highway will not only allow smooth travel options but will on the other hand open up new doors for infrastructural developments around the stretch. Haryana already has a lot of industrial development providing employment opportunities to lacs of people. Now, with the plans for building this national highway, we can expect the same growth in Rajasthan as well”, says Mr. Ashok Gupta, CMD, Ajnara India Ltd. Adding to the view, Mr. Praveen Tyagi, CMD, VVIP states, “The emerging Agra-Lucknow expressway is expected to be the longest expressway in the country with a total length of about 302 km. The expressway would be a connecting link between Lucknow and the city of Taj – Agra. The government has also productive plans to set up agricultural mandis for milk, grains, potatoes, fruits and vegetables along the expressway that will ensure development and growth of the regions”.

Another mega addition to the infrastructure of our country would be the Agra-Lucknow Expressway. While UP already has a classy Yamuna Expressway connecting Noida to Agra, this new mega project will be another milestone connecting Agra to the Nawabon Ka Shahar- Lucknow. The foundation stone for the expressway was laid down by Samajwadi Party President Mulayam Singh Yadav in November 2014. The length of the expressway would be 302 km and will be the longest expressway in the country. The estimated cost of the project would be around Rs. 15,000 crore. The project will also provide easy connectivity and seamless travel options to the National Capital Region through Greater Noida-Agra Yamuna Expressway. The expressway would link the main districts of Agra, Firozabad, Mainpuri, Etawah, Auraiyya, Kannauj, Kanpur City, Unnao, Hardoi and Lucknow. Development of 4 agricultural ‘mandis’ for milk, potato, grains, fruits and vegetables along the expressway has also been planned by the government. “With the construction of NH 248A and the Expressway, cities situated in and around this highway and expressway will open up new doors for industrial corridors in these regions. It’s a proven fact that with the better connectivity and good road networks, chances for development and growth of the regions increases. We have great expectations with these projects as we see lot of scope of realty development in the regions coming under these road projects”, says Mr. Dujender Bhardwaj, Director, Marina Suits. Agreeing to the fact, Mr. Vikas Bhasin, MD, Saya Homes enumerates “Delhi is already paving its path towards a saturation point, with national capital regions having sky touching property prices, the regions lying near these two projects will be bonus additions for home buyers looking for properties at affordable rates. There is lot of growth prospects in these regions once the projects are accomplished and real estate sector of these areas too are anticipated get a big boost”.

No doubt with the construction of such road networks, regions lying in the stretch of these highways and expressways will have improved connectivity and infrastructural development will get a boost, as well. The scope of development of the regions in and around these projects is enormous and future will see vast real estate growth in these areas. Not just this, there is a huge opportunity for the setting up of industrial corridors and foreign investments along these highways and expressways due to connectivity benefits and transportation facilities. With the souring prices in metropolitan cities like Delhi/NCR, these regions will emerge as fresh substitute and will open the doors for residential and commercial spaces at affordable rates. Real estate market is set to flourish in these regions. It is the right time to invest in properties of these regions asthe government is set to accomplish these projects at the earliest. Considering the past records of areas developed around the highways or expressways enjoying good connectivity and infrastructural developments, regions located around these projects like Alwar, Sariska, Shahpura, Etawah, Auraiyya, Unnao, Hardoi etc. would witness rise in property prices once the projects are complete and infrastructural developments take a kick start. Concluding and summarising the benefits of these two projects, Mr. Rajesh Goyal, MD, RG Group, says; “The regions intersected by NH 248-A and Agra-Lucknow expressway will be new hotspot investment destinations in coming future enjoying excellent road connectivity. The wave of development will rise to encapsulate not only infrastructural development but a holistic growth and once the expressway will be operation it will add to the attractiveness of the region eventually leading to the boost in the realty aspects of the region.”

ICCPL PROPERTY NEWS

WITH FALLING PRICES SECTOR HOPEFUL FOR BETTER SECOND HALF OF 2015

    For the past half-decade, the real estate sector had been reeling heavily under the severe pressure of decreasing demand, slowdown in economy and soaring property prices across the country, primarily in metro regions such as Delhi/NCR, Bengaluru, Kolkata, Mumbai and others. It was just a matter of time when the saturation would be reached and customers will start disappearing from the market. Indian realty sector had really started to witness such a scenario where the demand for property was actually hanging by a thread and customers were unable to buy a property due to unaffordable prices and economical dampness.

Off late though, the market has started to respond well with sentiments improving and customer footfall increasing at project sites. “A very basic way of understanding whether the market is reviving or not, is when the customer queries and footfall on sites are increased. Going back few years from today, property prices were sky rocketing which had actually made the market dried out as even investors were also a rare sight. This dent was very prominent across the country as most Tier 1 cities were facing the heat. That phase is now becoming history as the market is now getting back on track with customers approaching in tandem”, says Mr. Praveen Tyagi, CMD, VVIP. Lesser fresh project launches, possession delays, liquidity crunch, economic slowdown and political instability had weakened the realty market across India which resulted directly to the loss of customer sentiments.

Speaking about falling property prices, key realty pocket of India, Delhi/NCR did not do any better either. One of the establishing real estate regions of NCR, Greater Noida West had also suffered the blow. A region that had emerged with an initial average basic sales price (BSP) of around Rs. 1,800 per sq. ft. had attained a price tag of about Rs. 3,600 per sq. ft. till early last year, nearly doubling from where it had started. Looking at present situation, the prices have dropped by 8 – 9 percent within the last one year bringing the average price of the region to about Rs. 3,300 – Rs. 3,400 per sq. ft. Mr. Rupesh Gupta, Director, JM Housing states “Almost entire nation is witnessing a fall in property prices ranging from a bracket of 6 – 18 percent targeted primarily at metro or tier 1 cities. Somewhere it is a blessing in disguise for the public as falling prices can yield a dream deal for the customers. Key destinations of NCR are also on the list of falling prices as we see regions like Noida, Greater Noida, Delhi and others watching prices reducing by almost a dozen percent over the past one year. This added on with economic revival of the nation will help in getting the demand back in the sector”.

Moving away from Delhi/NCR pockets in the past one year’s graph, Chennai saw a dip in property prices by almost 15 percent, Mumbai ranging between 13 – 14 percent, Bengaluru from 9 – 10 percent, Hyderabad from 6 – 7 percent, Pune being close to 8 percent with NCR ranging between 9 – 10 percent. Thus, India in general is observing a phase of decreasing prices. Where does it take us now is the question that we need to look into. Inventories across major realty regions in India have seen a stock up to 60 – 72 months which is a clear indication of what lies ahead adding with decreasing property prices. A ready unit with lowered price is an easy bait for the customers searching for a property; both in terms of residing and investing. Therefore, real estate sector in India is gearing up for a great second half this year. “Realty sector and its customers are going to have a good time ahead in the year with prices looking at a record fall, units standing ready, economic comeback and easing of RBI policies by reducing home loan rates. At one side we have the monetary burden coming off the customers by reducing EMIs and property prices and the other side we see that purchasing power is enhanced. Due to the second case, investors and second home buyers might also start becoming increasingly visible in the sector”, enumerates Mr. Deepak Kapoor, President CREDAI – Western U.P. & Director, Gulshan Homz.

Adding to the view, Mr. Ashok Gupta, CMD, Ajnara India Ltd. says “Wherever in India a person is living, this is probably the best time to invest in the real estate market. The combination of lowering prices and decreasing home loan rates will act as a perfect reason for customers to buy property. Coming forth, we have the festive season lined up where developers will come out with various schemes and offers to lure customers more. Hence, we are looking forward to a wonderful second half of 2015”. Developers and channel partners are ready to negotiate better deals as already the stock is piling up, prices are coming down and demand is becoming stagnant. This opens the door of opportunities for customers to grab their dream deal. “It’s a buyers’ market today with developers literally following what the customer wishes. There is no way out for developers who have got inventories heaped up and prices looking at correction for over a year. Customers are able to do aggressive bargaining with the developers or, the developers are already offering discounts, schemes and lucrative offers to attract the customers. With such a scenario in place now the demand is all set to move north and as this year ends, we’ll be able to call it a good finish to 2015”, says Mr. Kushagr Ansal, Director, Ansal Housing.

Can this be regarded as a comeback of Indian real estate? May be yes. This fall in property prices are here to stay as demand will not come overnight. Home loan rates have been reduced by many banks as well which means property will become affordable. At this point of time, several people will be gathering their funds to get ready to invest into their dream homes. Mr. Prithvi Raj Kasana, MD, Morpheus Group concludes “The stage for the second half of 2015 is all set with a pool of demand gathering well. Prices and home loan rates have come down which will act as a catalyst for this demand to be converted. We are pretty hopeful now with this picture in place that Indian real estate market will make a strong comeback late in this year”.