Balvinder Kumar, member of the UP RERA is no stranger to the functioning of the real estate and the government agencies. As a former bureaucrat, he has seen it as an insider with many key positions, including his stint with the high profile Delhi Development Authority (DDA). In an exclusive interview with Ravi Sinha, he shares his roadmap for making RERA an ideal platform for due diligence as well.
Beyond inventory statistics, and the customary positive outlook for the year ahead, 2019 has yet again underlined the need to read the pulse of the market dispassionately to learn why the tide has been going against. The lessons are equally true for both the builders and the buyers. Unfortunately, the sector does not seem to learn the lessons yet again. The testimony of the developers’ defiance is their guarded optimism for the year ahead, while dismissing the 2019 as yet another challenging year that has gone by.
I have taken up the challenging practice of evaluating the performance of the real estate companies through rating the respective brands. I often hear two very different voices about my professional existence within the sector. A group of developers, though minority community, not only take the learnings out of the rating & ranking but also endorse that the sector needs someone like me for the larger interests of the business.
The festive season has traditionally been an active period for real estate sales as many buyers consider Navratri and Diwali an auspicious time to buy property. Like in previous years, developers this year have sweetened property deals – some up-front discounts, or more commonly 0% GST (which is in any case not charged on ready-to-move properties), waived stamp duty and registration charges, free reserved car parking, modular kitchens, etc.
There has been a slump in the market. Huge unsold inventory has forced firms to not increase their rates. As a result, prices have remained range bound. With fewer launches, market is ready for homebuyers willing to take the buying decision. The unsold inventory during first nine months (July-September) of 2019 was 444,673 units, registering a small drop as compared to the corresponding period in 2018. While there has been a revival of sorts in sales since 2018, developers are still not out of the woods.
Jhumur Ghosh welcomed the panelists, following which Ravi Sinha questioned the global competitiveness of Indian real estate in the wake of thousands of abandoned projects waiting for the funds, the debt-equity ratio imbalance, lending issues, pre-launches without RERA sanctions, and the developers’ defending the indefensible.
Can Indian real estate bridge the gap between the promise and the performance? Can Indian residential market attract as much investment as its commercial real estate? Will the global funds trust the Indian residential real estate? There are more questions than ever and it is time to settle these question marks over the business of real estate.
Oxfordcaps provides a custom designed and standardized Student Housing product with a full-stack model of services and amenities. Co-founded by two women founders, INSEAD graduate Annu Talreja, CEO and IIM-Calcutta alumni Priyanka Gera, COO – the Company has clocked a 75X growth in <11 months since its launch in India and has expanded from 200 beds to over 15,000 beds across 12 cities.
Would you like to go to jail for a day? Well, the question might offend you in the first place but then the details of the offer might excite you as well. For those who would still be indecisive may not have even heard about Thane Jail and its historical significance.
As per the statistics, the Exhibition had 20 000+ visitors 8,000+ VIPs and 200 foreign exhibitors; altogether about 150 orders of intention were signed; the transaction amounts reached up to USD 1.2 billion. Ninety percent of the exhibitors were satisfied with the Exhibition, which was also highly praised by relevant government departments and industry.