Tag Archives: kerala property

New homes get smaller but affordable: Cushman & Wakefield

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Kerala real estate, kerala property, kochi apartments, Delhi NCR real estate, Bangalore Real Estate, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, india news, property news, real estate news, Mumbai Real Estate, India PropertyTrack2Realty: The reduced apartment sizes in new launches in 2014 have contributed to making prices more affordable.  In the over 50,000 mid segment units (1 and 2 BHKs) of newly launched houses across top eight cities in Quarter 1 of 2014, most cities have seen a reduction in sizes of approximately 100 sf. This has led to an average drop of 6 percent in cost of the apartments within these cities, says a report by Cushman & Wakefield.

While the average unit sizes of new launches in most cities have dropped, Noida recorded the sharpest decline of 16% in newly launched home sizes. This has helped control the cost of the apartments in this micro market despite a 17% increase in per sq.ft rates. Similarly, Mumbai witnessed a reduction in apartment’s sizes by 12% contributing to the ease in cost of apartments by 9% over last year.

Other markets that saw unit sizes drop were Ahmedabad (8%); Chennai (3%); Hyderabad (9%); Pune (6%); and Gurgaon (3%). However in the same period the benchmark pricing of these areas (price per sf of new launches) is not disturbed as far as possible. The ticket prices of these locations have seen a decline to infuse more affordability into the system despite some of the locations witnessing an increase in the average Unit price (INR / sf).

Chennai, Gurgaon and Hyderabad saw an additional push towards creating affordable options as they also saw a decline in prices of new launches, albeit most of these new launches have been in the peripheral or futuristic locations with lower benchmark pricing. These locations are generally price sensitive and driven by end user purchase, making it necessary to meet price expectations.

AVERAGE CHANGES IN HOUSING UNITS LAUNCHED (2013 TO 1Q 2014)
City Avg Unit Size

(SF)

Avg Unit Price (INR/SF) Ticket Price

(INR LAKH)

Ahmedabad -8%  7% -3%
Bengaluru 1%  5%   7%
Chennai -3% -7% -10%
Gurgaon -3% -30% -32%
Hyderabad -9% -7% -15%
Kolkata 3% 14% 18%
Mumbai -12%  3% -9%
Noida -16% 17% -2%
Pune -6%  4% -2%

Sanjay Dutt, Executive Managing Director, South Asia, Cushman & Wakefield says, “Residential sector is banking on end-user driven demand and hence developers are tweaking products to make them more affordable. It also signals a degree of stress among developers, which is forcing them to launch products to inject doses of robust sales numbers into their balance sheets. Affordability holds the key right now; end-user buyers have been shying away from making purchases for a long time owing to lackluster economic conditions and resultant low confidence.”

However, markets of Kolkata and Bengaluru were exceptions to this trend. In these markets, both unit sizes of apartments as well as the per square foot rate have increased. Correspondingly the cost of apartments have also increased by 18% in Kolkata and 7% in Bengaluru. This is indicative of a strong end-user driven market that is catering to the large middle class population within these cities.

Kerala CM warns investors with real estate motives

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Kerala real estate, Kochi Real estate, Kochi property, Kerala property, Delhi NCR real estate, Bangalore Real Estate, JLLM, Jones Lang LaSalle Meghraj, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, KP Singh, DLF, Unitech, Emaar MGF, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.comIndiabulls real estate, BSE, Bombay Stock Exchange, Mumbai Real Estate, India Property, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, KP Singh, DLF, Unitech, Emaar MGF, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.com, Indiabulls real estate, BSE, Bombay Stock Exchange, Mumbai Real Estate, India PropertyKerala Chief Minister Oommen Chandy has said that investors, who attend the Emerging Kerala meet, with real estate motives will have to return empty handed. “Not an inch of land will be sold for projects approved in the meet. Can you think any secret business deal is possible in Kerala?,” he asked the editors of various media organisations in the state during an interaction ahead of the Emerging Kerala meet on Thursday, Sep 6.

Chandy said the priority of the meet would be idea sharing and projects that are really needed for the state’s development, will be given priority. He also clarified that land will be given on lease for the approved projects and that too for short periods. Allaying fears expressed by environmentalist about polluting projects, Chandy said environmental impact analysis will be made compulsory for all projects.

The Chief Minister expressed his willingness to hold talk with the opposition to sort out their differences. “The UDF has made a public call to the opposition, asking for their cooperation. We are ready to give convincing replies to all queries of the opposition. But, how can we do that if they refuse to discuss the matter,” he asked.

Industries Minister PK Kunhalikutty said the projects that will be discussed in the meet won’t eat away large chunks of land or harm our environment. “We need to extend a cordial welcome to those who come here with ideas and investment. There is no point in viewing the meet with a closed mindset,” said Kunhalikutty. He also requested all not to spoil the meet by mixing politics with it.

Both the CM and the Industries Minister admitted that there had been lapses in their attempt to make the meet as much transparent as possible. “I work from an office which is under web camera surveillance. I don’t switch off the camera when some persona non grata come visits me. Similarly, I thought of placing all ideas in the website so that the public can study them and debate,” Chandy said referring to the recent controversies over certain proposals placed in the Emerging Kerala website.

TRIL to invest over Rs 1700 crore in next 2-3 years

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Kerala real estate, kerala property, kochi apartments, Delhi NCR real estate, Bangalore Real Estate, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, india news, property news, real estate news, Mumbai Real Estate, India PropertyTata Realty and Infrastructure Ltd (TRIL) proposes to invest over Rs 1700 crore in two to three years for various projects in the country, including Rs 550 crore in Kochi for a premium waterfront residential property, ‘Tritvam’, at Marine Drive.

Apart from Rs 600 crore for developing roads, TRIL, a 100 per cent subsidiary of Tata Sons Ltd, would also invest Rs 180 crore in Logistics and Rs 160 crore in developing real estate part of Hotels, Sanjay G Ubale, the company’s Managing Director and CEO, told reporters in Kochi.

The group plans to develop six hotels in India– one each in Goa, Bangalore, Andamans and Nagpur and two in Chennai– Taramani and Siriperumbudur.

On ‘Tritvam’, he said five towers with a total of 468 apartments would be built on about 8.44 acres.

The project has been designed by Internationally acclaimed and award winning Australian architectural firm Woods Bagot and construction has been awarded to Leighton, one of India’s largest international contractors.

Kochi, considered Kerala’s commercial capital, has grown at an unprecedented rate with the real estate sector alone showing a growth rate of over 30 per cent, he said.

The project with a total development area of 1.18 million square feet, would have 3, 4 BHK spacious duplex flats with various amenities like a 13,000 square feet club house, squash and tennis court, jogging track, Yoga studio, swimming pools with pool decks and cafes.

Piling for the project is almost complete and is expected to be ready by December 2014. In 18-20 months, about 180 apartments in two of towers are expected to be completed.

Kerala CREDAI elects new governing body

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Kerala real estate, kerala property, kochi apartments, Delhi NCR real estate, Bangalore Real Estate, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, india news, property news, real estate news, Mumbai Real Estate, India PropertyK V Abdul Azeez, CMD of Skyline Group, has been chosen the chairman of Confederation of Real Estate Developers Association of India (CREDAI), Kerala.

S N Raghuchandran Nair, managing director of SI Properties, has been elected the secretary general and K V Haseeb Ahmed, managing partner of Crescent Builders, has been chosen the treasurer. CREDAI, Kerala, has around 130 builders in its membership list from its Thiruvananthapuram, Kochi and Calicut chapters.

Kochi CREDAI proposes to rebuild public trust

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Kerala real estate, kerala property, kochi apartments, Delhi NCR real estate, Bangalore Real Estate, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, india news, property news, real estate news, Mumbai Real Estate, India PropertyFollowing the Apple A Day scam that left more than 800 customers cheated and homeless, the Confederation of Real Estate Developers Association of India, Kerala (CREDAI) will pressurise the Union Government for implementing the Real Estate Regulatory Authority (RERA), in order to rebuild people’s trust in the sector.

“Although credible builders have not been affected due to the scam, many small-scale builders are bearing the heat. The RERA will protect the interests of residential apartment customers from real estate mafia,” CREDAI-Kochi president Najeeb Zackeria said.

He said that the RERA Bill was expected to be presented in Parliament by August or September. Investments in real estate are usually made by the common man using all his earnings and there are several instances in which they get cheated.

The new Bill will evolve procedures supported by law, to ensure the safety of the common man. The RERA will ensure transparency in deals and new projects. All real estate projects should have the mandatory clearance from the RERA after careful scrutiny from all angles of feasibility and successful implementation.

The RERA should be furnished with all details of the project credibility of the promoter as well as the availability of resources with the promoter to deliver the project in a time-bound schedule. Zackeria said the CREDAI had a grievance cell that settled customers’ complaints. Bookings are still continuing with the credible builders who are members of the CREDAI and non-members.

“Now customers are very cautious while booking an apartment and they are taking more time to check the credibility of the builders. Looking into details of builders will prevent customers from being misled and cheated and ensure that the apartment is delivered on time,” he said.

“The RERA can take action against the builder who violates the prescribed norms. The authority will generate the trust and confidence amongst the customers giving a healthier look to real estate scenario,” he said.

The real estate industry in the state is supported by several other industries and a healthy atmosphere will help change the state economy. Employment opportunities in the state too will increase.

Real estate draft Bill revised to make it a central legislation

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By: Ravi Sinha

Track2Realty Exclusive

Real Estate Bill, Kerala real estate, kerala property, kochi apartments, Delhi NCR real estate, Bangalore Real Estate, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.com, Mumbai Real Estate, India PropertyThe contour of the Real Estate Draft Bill has been changed to make it a central legislation, a shift from it being a state matter earlier. The focus of the revised Bill is now on consumer protection and contractual obligations of developers. Track2Realty has learnt that the Ministry of Housing and Urban Poverty Alleviation has sought the approval of the Ministry of Law on the proposed legislation.

The law ministry is expected to give its opinion by the end of this month. The concept of a real estate Bill has been around in the government for almost 10 years now, and a draft Bill has been in the making for well over two years.

Although the Consumer Act and penal provisions already exist for grievance redressal, these come into the picture only after commitment is made by developers to property buyers, said a senior official in the housing ministry requesting anonymity.

However, if the Real Estate Draft Bill is approved by the law ministry and thereafter clears the Cabinet and Parliament scrutiny, developers will need to make public disclosures related to land title, project completion date and other relevant scheme details on the website of the proposed regulatory authority, he added.

The disclosures must be made before launching any project, so that consumers are not taken for a ride at a later stage. Also, developers have to register themselves with the regulatory authority.

Following vetting by the law ministry, a draft Cabinet note on the subject will be circulated amongst ministries of finance, home, urban development, consumer affairs and the Planning Commission. The next step will be seeking a Cabinet clearance, after which the draft Bill will be introduced in Parliament. Housing Ministry officials estimate that the draft Bill will be tabled in Parliament later this year.

Certain clauses have been deleted from the original draft real estate Bill to move towards a central legislation. State-centric issues such as building bye-laws and municipalities had been removed from the new draft, an official confirmed. The thrust now is on consumer protection against fraud, timely completion of projects by developers, and contractual obligations of the builder/developer.

The objective of the proposed legislation is to establish a regulatory authority to regulate, control and promote planned and healthy development and construction, sale, transfer and management of colonies, residential buildings, apartments and other similar properties, and to host and maintain a website containing all project details.

As per the draft, the idea is to protect the public interest in relation to the conduct and integrity of promoters and other persons engaged in the development of such colonies. Also, it would facilitate the smooth and speedy construction and maintenance of such colonies, residential buildings, apartments and properties.

As for dispute resolution, the regulatory authority will appoint an officer for amicable settlement of disputes between the promoter and the allottee within two months.