ICCPL PROPERTY NEWS

SKB GROUP LAUNCHES GOLD COAST 24 IN GHAZIABAD

Ghaziabad: After delivering their first project six months before the committed time and that too without compromising on the quality of delivery, SKB Group has announced the launch of another premium project of their’s by the name of ‘Gold Coast 24’ which is to be developed adjoining to Crossings Republik on NH – 24. After an enthralling response received for their previous project ‘Gold Coast’ in Crossings Republik, this is their second project to be developed in the region.

The project will offer 2/3 BHK apartments with three unit plans starting from 1225 sq. ft., 1475 sq. ft. and 1835 sq. ft. The total land area under development would be approximately 1 acre that will comprise of a single tower with over 224 units in offer standing tall with ground + 31 floors. Gold Coast 24, which is to be developed adjoining to the Crossings Republik on NH – 24 has been planned very strategically where it will receive the fruits of being well connected to the National Capital, Greater Noida, Faridabad, Ghaziabad, Yamuna Expressway and various other parts of Noida as well. The project is expected to be ready and delivered by June, 2019. The current BSP of the project stands at Rs. 2,850 per sq. ft. approx or Rs. 34 lakh onwards.

Feeling proud and jubilant at the launch, Vikas Pundir, CMD, SKB Group said, “First of all, I would like to take this opportunity to thank all our stakeholders and associates through the previous project and showed never ending support to us. On behalf of the entire SKB Group, I take immense pleasure in bringing to you Gold Coast 24. The project has been planned keeping in mind all the important aspects for the residents and thus offering amenities that matter, location which provides access to key places and connectivity with chief NCR regions.” Also present at the event, Mr. Siddharth Pundir, MD, SKB Group said, “Being a region in demand is sure to make this project a great addition to the portfolio of all investors and resident and hopefully it helps us add another feather to our hats.”

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ICCPL PROPERTY NEWS

MODI GOVERNMENT’S TWO YEARS OF REAL ESTATE

     Riding with strong aspirations, Modi led NDA government came storming into power on 16th May, 2014 and our Honourable Prime Minister Narendra Modi swore oath on 26th May, 2014. The kind of support and majority that it came up with, had taken taken everyone by a surprise. Such a clear victory was an example of faith and trust that the people of India had bestowed upon a government returning to throne after a decade. With such hopes, it was crucial that the new government at the centre performed upto the mark. With the realty sector being a prime contributor towards Indian GDP and employment generation, Modi government has always taken it on priority and offered quite a lot of incentives over the last couple of years. Although, in the process of getting the best for this sector, a lot many misses have also been witnessed. But with the kind of adrenalin rush that has been proved by this government, upcoming years might bring more cheer to the country’s real estate sector.

“The mandate with which the current government came into power was than encouraging towards taking measures to revive the economic growth of India. This is clearly evident from the fact that the country’s GDP has been constantly on the rise for the past two years. Some key aspects which can be prominently highlighted are the recent passing of the RERA, FDI liberalisation is another aspect which has been looked at in details, getting REITs operational was also a big milestone in the tenure of this government and tax benefits have also been started towards affordable housing segments in the country. Besides the above measures, the stability of the government has also given a confidence to the realty sector of this country and also to the people who are looking for investments”, shares Ashwani Prakash, Executive Director, Paramount Group.

“A lot of expectations were lined up basis the promises that were made when the current government came into power. The real estate sector was the highest expectant out of all the sectors with the weight of providing roofs to the human race. The government has worked substantially towards improving the state of real estate in the country. Various steps have been taken towards enhance the scenario of supporting infrastructure in the form of roads, metros, waterways, etc. Also, DIPP has been working in close co-ordination with the government towards easing the ways of doing business in Indian real estate. This is evident from the relaxation of FDI policies to a great extent for the sector. A lot is still there to be achieved but indeed work has been started in the right direction with the right motive”, enlightens Manoj Gaur, President CREDAI-NCR & MD, Gaursons India Ltd.

Sentiments on a roller coaster

History has been a witness to the role that sentiments play in the real estate sector of our country. Buying a property is a decision of a lifetime and due diligence is a must for the same. In our country, buyers take time to decide upon a property decision and looks into factors affecting their target market and opinions from their primary or secondary circles. In the last couple of years, sentiments were witnessing ups and downs that had a direct impact on the demand for property across country. At one side we saw investors running out from the market due to falling prices, but end users becoming active due to the same reason. Modi government bought in several policy reforms and incentives for the sector that went down as balanced decisions for this sector’s buyers. The promise of ‘Ache Din’ for the country has been taken by the stakeholders in the realty sector as a dual thought. “Actions of the central government for the realty sector have had a mixed impact on the sentiments of the buyers. The inclusion of black money bill and RERA, in these two years has caused a strong filtration which is making the investors escape. But this act in turn, has caused more security towards transacting and thus, end users feel much secured in this sector. Interest rates coming down by 150 basis points and banks also getting in the groove has played a positive part on the sentiments”, highlights Deepak Kapoor, President CREDAI-Western U.P. & Director, Gulshan Homz.

Government’s keen interest

The central government has taken up the realty sector on its priority list and has been keen towards addressing the needs of this sector. Never has a government poked so much in the decisions affecting the buyers and stakeholders. The seriousness towards promoting fair dealings in the sector through the passage of real estate bill recently and black money bill last year has come out as a saviour for all the interested parties in the sector, including foreign nationals attracted towards India. Even the delays in possession by developers has been a strong issue where the centre is contributing directly and coming out with remedies for the affected parties. Easing of FDI norms, escalating Land bill and GST, work on the infrastructure front, Smart cities mission and  incentives for affordable housing has been the chief highlights over the last two years, that shows the interest of this government towards this sector. “This government has left no stones unturned when it comes to promoting this sector on the forefront of the country’s economy. So many decisions that directly or indirectly impact this sector have been taken by the government, that are big in nature and will take time to execute. But the start has been very careful and full of key decisions that affect the sentiments of the buyers. The government has been pro-active in terms of providing next level infrastructure and an abode for all, through Smart cities and Housing for all. Also, key policy decisions have been implemented at national level that will revamp country’s real estate in the upcoming few years”, states Rupesh Gupta, Director, JM Housing.

Infrastructure serving as the backbone

In the last two years of this government, the word infrastructure was prominently visible and audible. The work for effective and efficient infrastructure across the country came out with the government announcing development of 100 Smart cities and 500 AMRUT cities, icing on cake coming with the decision on Smart villages. It was important that evolution of regions take place where tier 3 cities are converted into tier 2, and tier 2 to tier 1. Development of a good infrastructure is crucial for the realty prospects of a region, and this government has plans to take it to the advanced level. For instance, the development on National Highways across country has gone upto 23 Kms per day in these two years with a target of 44 Kms per day by next year. Airports coming up with Indian railways going through stunning revamp, infrastructure at all ends in almost every region in the country has been touched and looked into over the last couple of years. On the Smart cities front, list of 20 + 13 cities has already been declared with the next set to be presented soon. An overall outlay of Rs. 48,000 crore has been kept aside for the project, with thousands and lakhs of crores been planned to be spent on roadways, airways and waterways network. The 1,400 Kms long road network will connect India with Thailand and Myanmar thereby allowing an international footprint with attraction of greater FDI. “To pick up the real estate in India, it was evident that every city that remained untapped or those that required upgradation, were kept on check. Smart cities and AMRUT missions will provide indirect benefit for the realty sector through thorough infra revamp. Once the infrastructure in the regions setup, the acceptance of real estate will improve drastically. 33 cities have already been picked up in two phases of Smart cities mission with more to be announced. For AMRUT cities, funds have been allocated. The overall upliftment of regions across India has been visible in the last two years with so many plans still in pipeline”, avers Ashok Gupta, CMD, Ajnara India Ltd.

Policy reforms picking up pace

Real estate sector in our country has been extremely unorganised. The same had been taken up as a challenge by the government and bring in reforms that could eradicate the loopholes pertaining here. RERA now becoming a reality will go down as the biggest achievement of this government in these two years. GST bill and Land acquisition bill are also lined up which will renovate the Indian realty scenario. REITs to becoming operational, easing of FDI norms and 100 percent FDI in construction sector, coupled with major incentives announced for affordable housing and rental housing in the last Union Budget speech will add onto the credibility in the long run. In fact, the FDI inflow got doubled over the last couple of years and is looking towards more upward movement. Smart moves through Make in India, Digital India and Start up India will increase the acceptance quotient of our country that will open gates of higher supply in India. “Real estate sector is an end user to over 30 allied industries and sectors and thus it is important that the government promotes business in other industries as well. For instance, if steel and cement business observes growth, then real estate is sure to perform. Our government’s work on the policies front has been tremendous where decisions like Make in India and Start up India will promote FDI and domestic interest. Implementation of RERA will add onto fair dealings for the sector and enhance security for foreign nationals. If GST and Land acquisition also gets a go ahead, things will become much more transparent”, elucidates Ankit Aggarwal, CMD, Devika Group. Although, these two years were missing out on a few points of the industry’s wishlist where Single window clearance system and Industry status for the realty sector has been a long pending request of the fraternity. “Absence of a single channel for approvals has costed severely on several real estate markets of India. Places where this system is operational are working without any hassles. Once implemented across the country, project construction and timely deliveries will become prominent in the market. Also, rising property prices across tier 1 cities of India are somewhere resulting due to high interest rates that the developers’ bear. Once the industry status is granted, developers will borrow at much reduced rates, the benefit of which will be directly transferred to the buyers. These have been two big misses till now, but overall it has been great two years by the government for this sector”, explains Vikas Bhasin, MD, Saya Group.

Future shaping up well

The past two years of Indian real estate sector under Modi’s headship has undoubtedly seen a much transparent picture and is sure to witness an unprecedented growth in the upcoming years. Indian realty sector at present is undergoing a transition phase which is crucial from the perspective of buyers, foreign investment and overall image of the sector. With the kind of work that is being carried on the infrastructure and reforms front, future of Indian realty looks much secured with due patience required. “The real estate sector in India has been marred with some problem or the other but gradually in the last two years, after the current government came into power, pieces have slowly started falling in place. Sizeable amount of work is visible on the infrastructure end where work is carried out on all aspects, be it Affordable Housing or the Smart Cities Mission. Funds have already started flowing for AMRUT and construction of roads has been taken up on priority and infact, efforts are being made to push productivity on these fronts. The nation’s response towards many initiatives taken up by the government has been enthralling which gives you an idea that they are able to connect with the mass and attend to their appeals”, concludes Rajesh Goyal, Vice President CREDAI-Western U.P. & MD, RG Group.

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GREATER NOIDA WEST GAINING MOMENTUM

     Probably known as the emerging star of Western Uttar Pradesh; Greater Noida West, which is also commonly known as Noida Extension is a part of Greater Noida, a city with a population of around 1,50,000. The city is a part of Gautam Budh Nagar district and comes under the purview of NCR. During early 1980s, the government realised the rapid growth at which the capital was expanding which would have resulted in a massive chaos and thus, they came up with the idea of developing residential and industrial setups around Delhi to reduce the burden. Before Greater Noida came up, Noida and Gurgaon were two such hubs that were planned keeping this logic in mind. But even the plans laid for Noida and Gurgaon were unable to cope up with sudden growth. Thus, to further extend Noida region, Noida Extension which is now officially known as Greater Noida West, came into being. The region is managed by Greater Noida Industrial Development Authority (GNIDA) and has been carefully planned and chalked out to be developed into a city with world class infrastructure.

“Greater Noida West’s development has been a thorough work of the concerned authority well complemented by the developers in the region. A city which was once a barren piece of land has been greatly shaped up and converted to become future skyline of NCR. The city’s master plan has been very well laid that promises immaculate civic amenities along with strategic connectivity via road and metro transport. The mushrooming of residential and commercial projects in the region offers a wide variety of products for different segments of income groups. In a nutshell, it is a region that is being well accepted by future homebuyers as well as investors due to hefty returns”, explains Rajesh Goyal, Vice President CREDAI-Western U.P & MD, RG Group.

Infrastructure & Connectivity leading the way

A habitat is complete only when the supporting infrastructure is in place. Greater Noida West at present is in the introduction phase of its product life cycle that is promising a rapid paced growth, and it is quite evident considering the work done on the infrastructure front by the authority. The region that it is today has been a tremendous work over the last one decade. In the upcoming 5-10 years, this region will be something to reckon with. “Sound infrastructure is the key to successful realty growth of a region. If we look at the real estate case studies of regions like Delhi, Noida, Gurgaon and Ghaziabad; all of them today stand tall in NCR’s real estate due to their stunning infrastructure. The moment infrastructure gets in place, residents are able to reside peacefully, future demand of the region grows, better returns are there for the investors and finally, capital appreciation takes a giant leap. This in turn adds great value to the realty prospects of the region and this is where Greater Noida West has excelled”, shares Deepak Kapoor, President CREDAI-Western U.P. & Director, Gulshan Homz. Sound infrastructure is complete only when connectivity is well planned and here also, Greater Noida West scores quite well due to its strategic connectivity from its neighbouring regions. Highlighting the connectivity prospects that is serving as the backbone for Greater Noida West, Manoj Gaur, President CREDAI-NCR & MD, Gaursons India Ltd. elucidates, “Greater Noida West is attracting the focus of every home buyer and the reasons are obvious. Connectivity is the biggest concern of a home buyer while choosing a locality. In this regard, Greater Noida West is up to the mark by running parallel to a number of sectors of Noida and is well connected to Ghaziabad and NH 24. While the proposed metro connectivity is an important aspect, the upcoming FNG expressway adds immense significance to the connectivity of the region. Keeping this in mind, quite a number of reputed developers have already developed projects to cater various housing needs of home buyers in Greater Noida West. When it comes to connectivity and resell value as parameters while buying a house, Greater Noida West is definitely a reliable choice for every home buyer.”

Risen from the Ashes

2010 will be a year that will go down in the history books of Greater Noida West’s realty market as a year that saw a massive slump and drove the customers literally away from the market. The farmer’s crisis back in 2010 to 2012 had almost shattered the dreams of thousands of investors. There were almost no fresh buyers and the properties that were bought had no takers. Developers who had invested, were witnessing losses and inventory pile ups. But with strong nerves and support from the authority, the region bounced back very strong and is now observing the comeback of investors, as well as end users. The market is picking up pace, riding with strong push coming from the infrastructure plans in the region. “Half a decade back, the Greater Noida West realty market had almost dried as there were no buyers; and the investors who were expecting returns due to emergence of a new region, faced depreciation on property. But with cooperation from the authority, the region’s infrastructure has taken a giant leap, as a result of which customers’ sentiments has gained momentum. The market is making a strong return with property prices appreciating and piled up inventory getting rapidly cleared”, states Vikas Bhasin, MD, Saya Group. Commenting about the development offlate at Greater Noida West and its future prospects, Rupesh Gupta, Director, JM Housing avers, “Greater Noida West has come a long way over the last couple of years specially where infrastructure has been the highlight. The upcoming metro rail, to be operational FNG expressway, Yamuna and Noida expressways being next door neighbours; coupled with news of a helipad, night safari and much more is sure to add onto its acceptance quotient. The existence of Knowledge Parks, Universities, Hospitals and civic bodies is transforming the region into a complete realty market that will equally suit end users as well as investors.”

What lies ahead for Greater Noida West’s property market and concluding the chapter, Rakesh Yadav, Chairman, Antriksh India says, “This region is in its development phase and has received the fruits of modern day technological advancements and brains; as a result, its development will be much better in years to come. There is industrial, commercial and residential development in the region that allows it to be fit for a complete habitat. As per the master plan 2031, the region will shape up beautifully and will attract a lot of customer base. Few years down the line, we are forecasting this region to be a highlight of NCR’s property market.”

ICCPL PROPERTY NEWS

CLUB SAUNDARYAM LAUNCHED AT GAURS SAUNDARYAM

Greater Noida: In an exclusive event organised at Greater Noida West, NCR’s leading realty major, Gaursons Group recently launched its highly anticipated luxurious club, ‘Club Saundaryam’ in its  project, Gaurs Saundaryam. Gaurs Saundaryam is one of its kind luxurious project situated in the heart of Greater Noida West. Apart from the serene location, the major attraction of this project is its uber class luxurious apartments. The project is planned to be low density with 3/4 BHK apartments in offer; and will no doubt be the best when it comes to infrastructure, locality and affordability.

The project has 9 towers and 1226 units that include 3 & 4 BHK flats. The club offered by the project boats of luxurious amenities such as; steam bath, sauna, gym, indoor games, swimming, snooker, chess, carom, indoor badminton, table tennis, billiards and squash court etc. Possession of Gaurs Saundaryam project is on the verge of being achieved. With this project, buyers will not only get comfort but luxurious lifestyle, as well as promote their status quotient and world class living.

On the occasion of club launch, Vipin Modi, Director-Sales & Marketing, Gaursons Group said, “Club Saundaryam is the largest club in the region built in 50,000 sq. ft. Our sole purpose is to deliver the project before time and this club is the evidence of our promise of timely construction and quality delivery. Timely delivery and promise of quality has been our prime motive and we have achieved this feat by delivering several of our previous projects, one year before time. We would like to thank all who have supported us throughout our journey and welcome the future residents of this project to its immaculate club.”

With a journey of more than 21 years in the real estate sector, Gaursons Group has been a prominent and most trustworthy developer of NCR. 100 percent consumer satisfaction is the vision of Gaursons Group and with milestone projects like Gaur City, Gaur Green City and many others they are able to fulfil their vision. Gaurs Saundaryam will also be one of its kind projects in the region with superb quality and awesome amenities.

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RNE: THE PERFECT REALTY HUB

      Raj Nagar Extension, popularly known as RNE is regarded as one of Ghaziabad’s most sought after realty destinations. In the beginning of 21st century, the region was nothing more than a land parcel which was used to bypass the much congested Meerut road. But today, the region has been completely transformed and developed into a realty hub which is promising a strong infrastructure and strategic connectivity. Raj Nagar Extension today houses over 25 prominent developers of NCR and offers a blend of over 40 residential and commercial projects. The region is fit for end use as well as investment purposes as it is a one stop destination for a wide variety of middle class customers, offering housing opportunities from a 1 BHK to 4 BHK, ranging a minimum from Rs. 15 lakhs to Rs. 50 lakhs, provided with classy amenities such as entertainment zones, shopping complexes, massive green cover and much more.

“As a region, Ghaziabad has always been considered as the backbone of NCR’s realty. There are several micro pockets in Ghaziabad where RNE is regarded as one of the fastest emerging realty hubs. The pricing and infrastructure factors play the most vital role in pulling the customers towards this region. With connectivity and huge variety of products and sellers to choose from, this region has seen an immaculate demand and growth over the last few years”, elucidates Ashok Gupta, CMD, Ajnara India Ltd.

Booming Infra & Connectivity

History has been a witness to how much infra and connectivity score towards the ranking of a region. This is exactly where Raj Nagar Extension scores much above its counterparts and helps in balancing the demand and supply matrix. Speaking about the infrastructure in the region, the existence of NH 58 and NH 24 surrounding it, adds superbly to its credibility. The 8 Kms long bypass itself is a flawless ride that also allows commuters to beat the congestion on the busy Meerut road. Schools, colleges, universities, hospitals, police stations and other such civic amenities makes it a perfect habitat. For leisure and entertainment, the City Forest situated bang on the bypass road, upcoming international cricket stadium, Raj Nagar District Centre (RDC – commercial complex) and interestingly; tourist destinations such as Haridwar, Rishikesh, Dehradun, Mussoorie and others are easily accessible via NH 58; is the perfect icing on the cake. “Raj Nagar Extension is a complete region for any resident or an investor. The existing and planned infra setup is stunning and will allow residents and future buyers to invest here without hesitation. The promise of return or adaptability to the environment due to connectivity and strategic location doubles the effect. The under-construction elevated road, once operational, will reshape the skyline of the region and add more value to it”, explains Avneesh Sood, Director, Eros Group. The six-lane elevated road from Raj Nagar Extension to U.P. gate will be 9.3 Kms long and the work on the same is moving at a rapid pace. There is an upcoming metro station as well which is planned right at the entry of the region. The infrastructure in general is shaping up the region pretty well and is promising a hefty return for the future.

Connectivity of a region serves as the backbone for the future realty prospects and boosts the acceptance of the region. Raj Nagar Extension is a complete region from this aspect as well. Its connectivity to NH 58 and NH 24 is direct and allows great footfall in the region. The upcoming elevated road will allow Delhi to become a 10 minutes’ drive from RNE, while connecting Noida and other micro pockets of Ghaziabad on the way. There is an underpass as well that connects RNE to Mohan Nagar, Loni and Shahdra; and Siddharth Vihar and Indirapuram through recently developed bridge along Hindon River. “The realty growth of a region depends highly upon the connectivity with its neighbouring regions or surrounding infrastructure. Raj Nagar Extension is one such district in NCR that enjoys stunning connectivity due to NH 58, NH 24, several sector roads, underpasses; and the upcoming elevated road to U.P. gate will greatly add value. With such immaculate connectivity, the return on investment is sure to be great with appreciation bound to happen”, avers Ankit Aggarwal, CMD, Devika Group.

Competitive Pricing & Capital Appreciation

Pricing factor has come out to be a real teaser for buyers planning to buy a property at Raj Nagar Extension. Being a recent development of Ghaziabad, the entire chunk of land has been planned, and is developing at rabbit’s pace. Due to this, the prices at RNE are very competitive in comparison to other parts of NCR; and due to its developing infrastructure, the appreciation is bound to take place. Properties available in the region vary from apartments to villas, duplex to plots, and almost every variety is available. The pricing of units is as low as Rs. 15 lakhs for a nuclear family to reside in a 1 BHK unit; and is available there on a higher side of the cost for ultra-luxurious units as well. “Amongst various regions in NCR, Raj Nagar Extension scores well above when it comes to pricing of properties. A critical reason why footfall and conversion is higher in Raj Nagar Extension is due to the prices. Even during the phase of slowdown in Indian realty market, this region observed a very slight dip in prices, and has now overcome the situation due to its rapid paced development. Average pricing in the region is between Rs. 2500 – Rs. 3,000 per sq. ft., which is quite economical, considering the rate of growth in the region”, enlightens Deepak Kapoor, President CREDAI – Western U.P. & Director, Gulshan Homz.

Lower pricing plays an integral role in gaining footfall and sales, but this can get limited if appreciation does not take place. RNE as a region enjoys hefty capital appreciation each year, riding on continuous infra upgradation and superb connectivity. Due to high volume of residencies in the region, end users are far more in number than investors. But at the same time, commercial setup is gaining momentum that will pave way for investors as well. “The region due to its ever-growing infrastructure, strategic location and closeness to two major National Highways allows it to witness a strong capital appreciation. Real estate sector went through a series of price corrections recently, but Raj Nagar Extension was least affected. The demand for housing is picking up pace with several projects offering possession as well. As more and more commercial setups come up, the demand will keep on rising with appreciation moving parallel”, states Vikas Pundir, Director, SKB Group.

Commenting on the overall realty prospects and future growth of Raj Nagar Extension, Kushagr Ansal, Director of Ansal Housing concludes, “Raj Nagar Extension is a complete real estate region with a perfect blend of residential and commercial complexes. The region is complete with civic amenities for the public along with supporting entertainment facilities. Its locational advantage and connectivity with neighbouring regions makes it a complete package for end use as well as investment. Promise of returns with reasonable pricing makes it a great deal for any income segment or demographics. With so much in pipeline for the infrastructure of the region, future prospects look bright and will make this region a highlight of NCR realty.”

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THE ERA OF BUYERS IS HERE

     In what could be known as the battle fought for justice, buyers of the real estate sector of India have finally got what they were fighting for long. The real estate bill, which was passed by both the houses of the Parliament has now become an Act. The Real Estate Act has come into effect from 1st May, 2016. Off late, the realty sector in India had been undergoing a slack phase with demand not being upto the mark. The falling demand in the sector had been much caused by negative sentiments of the buyers, coupled with lack of trust towards the developers’ fraternity. In these shadows, there are those who have done good work, but are still unable to gather the credibility due to others. Thus, the Real Estate Act will allow the buyers to get a microscopic view on this sector which will help true developers to come out in the limelight.

“Real estate sector is entirely sentiment driven in India and this is very much visible looking at how the market is behaving today. Real Estate Act holds high importance for a country like India, where opportunities are in abundance and starting such a business is easy. Real Estate Act will now ensure fair play and protect interest of the buyers, something that was missing earlier. The lost demand will pick up very soon and we’ll have a much improved market few years down the line”, avers Deepak Kapoor, President CREDAI-Western U.P. & Director, Gulshan Homz.

Short slump to come

Last year, we had the government passing the Black Money Bill in India; the effect of which was prominent on the realty sector. This sector was considered as a hub of black money before the bill came into force, and once this bill became active, investors got almost dried out and suddenly there was a sharp fall in the demand. Similarly, now since we have the Real Estate Act in force, there are strong chances that the demand might go for a ride again, as there will be a filtration process that might receive a hard retaliation from the market. “It has been always observed that good things are hard to digest initially and this will be a case here as well. With each transaction to be monitored and a regulator sitting to supervise, fraudulent activities will be completely eradicated which will also see a lot many businesses making exits. This might reduce the supply for some time and demand will now come roaring, riding with security and credibility in the sector”, explains Rupesh Gupta, Director, JM Housing.

Since this Act includes ongoing and upcoming projects; there will be several grievances that will come up very soon. Although, states are yet to finalise on the regulator front, but once a regulator is set up in each state, huge chunk of buyers will become active. “Developers and channel partners who have been working ethically, will continue to put there best efforts, as they don’t have to worry about anything. But those who have been in the shady business will become invisible very soon. These phases will dent the demand in the realty sector for sometime, but when it will revive, there will be a much bright future”, elucidates Vikas Bhasin, MD, Saya Group.

Realty to become Buyers market

Before the Real Estate Act, this sector was always considered as the developers’ market as abnormal pricing, misleading marketing, false promises, possession delays and so much more had driven the buyers away. As this Act ensures and promotes fair dealings in the sector with the highest degree of transparency, buyers will feel much secured while transacting here. This in turn will allow end users to create demand, but will take a while to get going and certain case studies and examples to prove its effectiveness. “Real Estate Act has been drafted and executed keeping the general public in mind. This Act will safeguard the interests of every buyer which will allow a transparent and secured route to transact in future. Once the Act becomes fully functional in each state, grievances will not remain unanswered, and will come with a definite solution. This will help the buyers to rebuild the lost demand in the market and allow realty sector to be an even more ethical contributor towards Indian economy”, enlightens Rakesh Yadav, Chairman, Antriksh India.

With the implementation of this Act, the much awaited era of buyers has finally arrived. We can now observe that slightly the government is pushing this sector towards the forefront and trying to answer its wishlist. With applications of Single Window Clearance System and Industry Status still pending, the list is not yet complete. “The work to sanitise the realty sector has begun with still a lot of scope to further promote this sector. Pricing and timely possession factors are ones that hurt the most which can be answered properly when developers are able to build on time and build at decent cost. Thus, Industry Status and Single Window Clearance are yet to be looked upon and we are hopeful of their passage soon. Overall, the fraternity has warmly welcomed and accepted the Real Estate Act and are looking forward for its effect to get visible soon”, concludes Rahul Chamola, MD, One Leaf Group.

ICCPL PROPERTY NEWS

THE ERA OF BUYERS IS HERE

     In what could be known as the battle fought for justice, buyers of the real estate sector of India have finally got what they were fighting for long. The real estate bill, which was passed by both the houses of the Parliament has now become an Act. The Real Estate Act has come into effect from 1st May, 2016. Off late, the realty sector in India had been undergoing a slack phase with demand not being upto the mark. The falling demand in the sector had been much caused by negative sentiments of the buyers, coupled with lack of trust towards the developers’ fraternity. In these shadows, there are those who have done good work, but are still unable to gather the credibility due to others. Thus, the Real Estate Act will allow the buyers to get a microscopic view on this sector which will help true developers to come out in the limelight.

“Real estate sector is entirely sentiment driven in India and this is very much visible looking at how the market is behaving today. Real Estate Act holds high importance for a country like India, where opportunities are in abundance and starting such a business is easy. Real Estate Act will now ensure fair play and protect interest of the buyers, something that was missing earlier. The lost demand will pick up very soon and we’ll have a much improved market few years down the line”, avers Deepak Kapoor, President CREDAI-Western U.P. & Director, Gulshan Homz.

Short slump to come

Last year, we had the government passing the Black Money Bill in India; the effect of which was prominent on the realty sector. This sector was considered as a hub of black money before the bill came into force, and once this bill became active, investors got almost dried out and suddenly there was a sharp fall in the demand. Similarly, now since we have the Real Estate Act in force, there are strong chances that the demand might go for a ride again, as there will be a filtration process that might receive a hard retaliation from the market. “It has been always observed that good things are hard to digest initially and this will be a case here as well. With each transaction to be monitored and a regulator sitting to supervise, fraudulent activities will be completely eradicated which will also see a lot many businesses making exits. This might reduce the supply for some time and demand will now come roaring, riding with security and credibility in the sector”, explains Rupesh Gupta, Director, JM Housing.

Since this Act includes ongoing and upcoming projects; there will be several grievances that will come up very soon. Although, states are yet to finalise on the regulator front, but once a regulator is set up in each state, huge chunk of buyers will become active. “Developers and channel partners who have been working ethically, will continue to put there best efforts, as they don’t have to worry about anything. But those who have been in the shady business will become invisible very soon. These phases will dent the demand in the realty sector for sometime, but when it will revive, there will be a much bright future”, elucidates Vikas Bhasin, MD, Saya Group.

Realty to become Buyers market

Before the Real Estate Act, this sector was always considered as the developers’ market as abnormal pricing, misleading marketing, false promises, possession delays and so much more had driven the buyers away. As this Act ensures and promotes fair dealings in the sector with the highest degree of transparency, buyers will feel much secured while transacting here. This in turn will allow end users to create demand, but will take a while to get going and certain case studies and examples to prove its effectiveness. “Real Estate Act has been drafted and executed keeping the general public in mind. This Act will safeguard the interests of every buyer which will allow a transparent and secured route to transact in future. Once the Act becomes fully functional in each state, grievances will not remain unanswered, and will come with a definite solution. This will help the buyers to rebuild the lost demand in the market and allow realty sector to be an even more ethical contributor towards Indian economy”, enlightens Rakesh Yadav, Chairman, Antriksh India.

With the implementation of this Act, the much awaited era of buyers has finally arrived. We can now observe that slightly the government is pushing this sector towards the forefront and trying to answer its wishlist. With applications of Single Window Clearance System and Industry Status still pending, the list is not yet complete. “The work to sanitise the realty sector has begun with still a lot of scope to further promote this sector. Pricing and timely possession factors are ones that hurt the most which can be answered properly when developers are able to build on time and build at decent cost. Thus, Industry Status and Single Window Clearance are yet to be looked upon and we are hopeful of their passage soon. Overall, the fraternity has warmly welcomed and accepted the Real Estate Act and are looking forward for its effect to get visible soon”, concludes Rahul Chamola, MD, One Leaf Group.