A Knight Frank report suggests revenues of real estate companies have dropped by 19 per cent and profits have declined by 70 per cent, over the past four financial years, since 2007-08.
For how long can Indian real estate remain in a state of denial? It is time to get realistic with the ground realities that suggest pre-2007 days are over.
What is in store for the real estate sector in 2012 remains the biggest question. Knight Frank believes in terms of the residential segment, the deadlock between the buyers and developers should break in favour of buyers.
While the piling debt of the listed real estate companies has hit the headlines throughout the year 2011, the debt of the unlisted realty companies today stands at Rs.15 trillion.
The real estate sector in Punjab is likely to witness sluggishness in the run up to Assembly elections in the state next month.
Forget Mumbai which has been in the news for record dip in the property transactions. It is the Delhi-NCR that tops the list for unsold homes.
The Federation of Indian Chambers of Commerce and Industry (FICCI) has said that the draft Real Estate Bill should not penalise only the developer for time overruns but instead cover the liability of all stakeholders, including government agencies and urban local bodies.
The Maharashtra Chamber of Housing Industry (MCHI) has thanked the Maharashtra Chief Minister for his assurance that the Ready Reckoner rates for real estate industry may not be increased in the New Year.
Prabhudas Lilladher (PL) India has come out with report on Real estate`s sector. According to the report sales registrations for the month of November 2011 are down 20% YoY to 4,060 levels.
Though a depreciating rupee has its fall out on all other economic activity, it is rather helping the Indian property market.