“The commercial segment, especially, the office space market is going from strength to strength, beating its own record of 47.3 million square feet in 2018, to 57.7 million square feet in 2019,” said Anurag Mathur, CEO, Savills India.
The Delhi Development Authority (DDA) will, for the first time, offer luxury flats, including penthouses, in its housing scheme slated for launch in May.
Ministry of Housing and Urban Affairs wants real estate portal for transaction to become ‘Amazon’ of the sector
The ministry hopes that it will bring the trust back in the real estate sector. Just like the ‘Amazon’ is trusted, the ministry wants the new portal to be one-stop for all housing-related requirements. The portal ‘HousingForAll.Com’, will help buyers in accessing best priced inventory by builders for a limited time to take full advantage of best pricing.
“The real estate sector sentiments have shown improvement in its current as well as expected outlook for the market in Q4 2019,” said Shishir Baijal, Chairman and Managing Director of Knight Frank India.
Housing ministry launched an e-commerce platform to facilitate homebuyers in identifying genuine properties.
DDA was trying to sell about 120 premium flats in Commonwealth Games Village but was unable to do so due to high rates. About a decade ago, when the Commonwealth Games Village came up, some of the plush three-bedroom flats in the residential complex were sold for more than Rs 7 crore. DDA is now trying to find takers for unsold flats at a price of Rs 4 crore.
The group, which is developing projects in Noida, Greater Noida West, Ghaziabad and Yamuna Expressway, has a debt of Rs 2,000 crore of which Rs 700 crore is Lease Rental Discounting (LRD), while Rs 1,300 crore is from NBFCs and banks. In March 2019, it had raised Rs 500 crore from Kotak Mahindra Bank.
“Of the amount, Rs 325 crore has been used to repay part of Rs 640-crore funding we had availed from Punjab National Bank Housing Finance (PNBHFL) almost a year back. Rest of the amount will be used for the construction of Gaur City mall in Greater Noida (West),” said Vineet Singhal, group CFO of the Gaurs Group.
The capital infusion is in the form of a convertible note that will also cover the previous $35 million Elara had raised from Citi Singapore in August 2018.
Developers pointed out that a revival in housing industry will also help the overall economy regain its growth momentum. The industry suggested tax reforms and raising deduction on home loan interest to Rs 5 lakh from Rs 2 lakh to boost sales.
- No blogs yet have been written by the author, we’re sure the author will contribute one soon