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Tag: real estate news

  • Senior Living Continues To See A Rise With New Projects On Unveil | Real Estate News

    The concept of senior living has continued to grab the attention of homebuyers as well as developers. Cities like Bengaluru and Chennai are increasingly witnessing the advent of senior living projects. With the rise in the number of nuclear families and with many elderly opting to spend quality time in their retirement life peacefully, the demand for senior living has witnessed a gradual growth over the years. The senior living sector has attracted the interest of non-resident Indians who plan to relocate to India post-retirement or seek to invest in a senior living initiative for their parents.

    As per a report from ResearchAndMarkets.com, the worldwide retirement communities market reached $189.3 billion in 2020, projected to reach $285.1 billion by 2025, and further increase to $374.7 billion by 2030. In India, the retirement and second-home market is anticipated to experienced an annual growth rate of 23.63 per cent over the next five years, according to a study by 360 Realtors. The report estimates the market size to reach $4.021 billion by 2026, a substantial increase from the current size of approximately $1.4 billion.

    This is affirmed by the launch of new projects. Recently, Vedaanta Senior Living in partnership with MJ Infrastructure announced the launch of Vedaanta Anugraham, a luxury retirement community designed for Active Retro Living in Jigani of Bengaluru. Dr. P Anil Kumar, Chairman and Managing Director of MJ Infrastructure, said, “The project is being developed with an investment of over Rs 100 crores. Senior living has continued to grab the eyeballs of investors and buyers. The senior housing sector provides elders with an opportunity to go back to doing things that they enjoy, and live in a peaceful and serene environment, embraced by a community that understands the essence of living fully in the golden years. These projects have integrated community ensuring the emotional, spiritual & physical well being. of all residents.”

    Rahul Sabharwal, Co-Founder and Director of the firm said, “The senior living sector is witnessing new trends as well. People are opting for it to spend a peaceful retirement life as well because these projects provide all kinds of facilities, leisure experience and medical emergency backup 24×7.”

    Current industry trends indicate an increasing inclination towards senior assisted living residences as a favored choice for a second or retirement home among elderly individuals living independently. Estimates suggest that approximately 20 million seniors currently live alone, and this number is expected to rise in the next decade. Experts note that new retirees aspire to maintain an independent lifestyle, contributing to a higher acceptance of senior living environments.

  • Govt extends weightage on housing mortgage. Top 5 takeaways for dwelling mortgage debtors

    Housing mortgage in India: The Government of India has prolonged the decrease threat weightage on housing mortgage by one 12 months from thirty first March 2022 to thirty first March 2023. The Reserve Bank of India (RBI) made an announcement on this regard on Friday whereas talking on the RBI Monetary Policy assembly final result. The Central Bank of India stated that the transfer goals to spice up credit score circulate to the true property sector. This means credit score circulate for housing sector will stay clean as extra funds shall be obtainable at banks for dwelling mortgage disbursal.

    Here we listing out high 5 takeaways for dwelling mortgage debtors from this RBI’s transfer:

    1] Ease of dwelling mortgage availability: Highlighting the advantage of low threat weightage on dwelling loans, RBI Governor Shaktikanta Das stated that the transfer means requirement of capital provision for banks would come down and it might guarantee extra credit score is out there to debtors, notably for high-end properties.

    2] Rise in dwelling mortgage lending: The RBI Governor went on so as to add that allow Indian banks lend extra to particular person homebuyers with out feeling the stress on their steadiness sheets. In different phrases, it might assist lenders on capital adequacy entrance and allow them to supply extra dwelling loans, a win win state of affairs for the brand new debtors and the housing sector.

    3] Impact on dwelling mortgage EMI: As the RBI has stored key charges unchanged, it merely imply that low dwelling mortgage rate of interest regime would proceed additional which means dwelling mortgage debtors will not should pay increased month-to-month EMI as dwelling mortgage rates of interest at numerous banks are anticipated to keep up established order.

    ‘The actual property trade had been gearing up for a rise within the repo charges, and the truth that this has not occurred is clearly optimistic for dwelling mortgage debtors,” stated Anuj Puri, Chairman at ANAROCK Group.

    4] Status quo on home property costs: After RBI sustaining established order on key rates of interest and lengthening decrease weightage on housing mortgage by yet another 12 months, likelihood of builders passing on the rising enter prices to the homebuyers have come down. Now, builders could not enhance the home property costs because the RBI’s transfer could increase the arrogance of homebuyers. So, dwelling mortgage EMI of the brand new debtors are anticipated to stay at decrease ranges within the wake of no rise in home property costs.

    Rahul Pande – Director, Justo Realfintech Pvt Ltd stated, “The move by the RBI to maintain a status quo was on expected lines due to the growing uncertainties in the market. Lower home loan interest rate was one of the major factors for pushing real estate sales in the last two years of the pandemic. The decision will further help boost the confidence of new homebuyers, who would still want to avail the benefits of reduced interest rates before the developers pass on the additional burden of input costs to the homebuyers.”

    5] Food for fastened dwelling mortgage rate of interest: As dwelling mortgage rates of interest are at lowest decadal ranges, probabilities of banks elevating dwelling mortgage rate of interest are excessive. So, it is a chance for the house patrons to purchase their dream dwelling in present lowest dwelling mortgage rate of interest regime selecting fastened dwelling mortgage rate of interest.

    Speaking on the matter; SEBI registered tax and funding skilled Jitendra Solanki stated, “Due to lowest home loan interest rate regime, most of the banks are not offering fixed home loan interest rate on entire tenure but for a certain period say from one year to 5 years. My suggestion to new home loan borrowers is to go for whatever fixed home loan interest rate is being offered by the banks as housing loan interest rate would either remain at current levels or would go northward in upcoming quarters.”

    Advising new dwelling mortgage debtors to go for a set dwelling mortgage rate of interest; Ashish Jain, Managing Director, Star HFL stated, “Home borrowers having floating rate loans should grace for increase in rate of interest, consequently resulting in either increase in EMI or in loan tenure. One can consider the pros and cons of shifting to fixed rate regime after careful consideration on cost-benefit post scanning the industry offerings.”

    The Reserve Bank had in October 2020 rationalized the danger weights for particular person housing loans by linking them solely with mortgage to worth (LTV) ratios for all new housing mortgage.

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  • RBI retains repo fee regular. What it means in your EMIs

    The Reserve Bank of India’s (RBI) 6-member Monetary Policy Committee (MPC) has saved repo fee unchanged at 4 per cent. RBI Governor Shaktikanta Das made an announcement on this regard, which is gaining reward from the true property consultants. They are of the opinion that unchanged repo fee means house patrons would proceed to reap the advantages of a file low rate of interest regime. They went on so as to add that low house mortgage rate of interest would work nicely for house mortgage debtors as setting of affordability is predicted to proceed after this RBI’s choice.

    Hailing RBI’s MPC choice to maintain key charges regular; Anuj Puri, Chairman at ANAROCK Group mentioned, “With Omicron throwing a shadow of doubt across the world and in India, the RBI has decided to keep the repo rates unchanged at 4 per cent and reverse repo rate at 3.35 per cent. This was expected, and is the ninth consecutive time that the RBI maintained status quo amid current uncertainties. The unchanged repo rates will help maintain status quo on the prevailing low interest rate regime for some more time. This works well for all home loan borrowers as the environment of affordability will continue.”

    Echoing with ANAROCK professional’s views; Lindsay Bernard Rodrigues, CEO & Co-Founder, The Bennet and Bernard Company mentioned, “With the positive growth of the economy over the last few months, the RBI leaving the repo rate unchanged means home buyers would continue to reap the benefits of a record low interest rate regime. For any investor, it’s a time of great opportunity and for the end-customer. It’s a good time to buy. People are looking for own homes and are purchasing second homes in the context of the pandemic as they would have a secure and safe home and would also be a good alternative to their primary abode. The green shoots of economic revival coupled with the prevailing low interest rates will be conducive for the residential sector in the short to mid-term. Overall, we hope that the government continues to take measures that will strengthen the real estate sector and affirm robust infrastructure growth.”

    Welcoming RBI choice to maintain repo fee regular; Gautam Thacker, President at NAREDCO — Neral-Karjat unit mentioned, “Keeping the repo rates unchanged augments the best decision during such times to keep the progress the economic growth. It also means the home loans will remain attractive and in-turn will keep up the momentum in real estate. In short, it’s a very positive decision for the Indian economy.”

    Calling this RBI’s choice a possibility for brand spanking new house patrons; Pritam Chivukula, Secretary at CREDAI MCHI (Maharashtra Chamber of Housing Industry) mentioned, “We welcome the RBI’s decision to continue with their accommodative stance keeping in mind the economic uncertainty due to the new COVID-19 variant Omicron. The low interest rates have been a crucial factor in the revival of the demand in the real estate sector. The sector saw a good festive season on the back of rock-bottom interest rates on home loans along with festive offers from good developers. The buyers are already coming back to the market and we feel that this might be the last opportunity for the home buyers to purchase property with low interest rates before RBI decides to hike it in their next policy announcement. Also, to keep the prices down on the account of rise in raw materials prices will be a huge challenge in front of the developers.”

    The RBI continued to keep up its ‘accommodative’ stance with 5 MPC members voting in favour of the identical. The repo fee, at which the RBI lends short-term funds to banks, has been left regular at 4 per cent whereas the reverse repo fee, at which the RBI borrows from banks, additionally stay unchanged at 3.35 per cent. The Marginal Standing Facility (MSF) & Bank Rate additionally remained unchanged at 4.25 per cent.

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  • Supertech Emerald Court: If somebody grew to become a builder, then somebody invested cash in actual property firms… what number of criminals within the ‘recreation’ of Supertech?

    HighlightsSupreme Court orders demolition of towers of Supertech Emerald Court Supreme Court has made strict feedback on the functioning of Noida Authority With the choice to demolish the tower, the Supreme Court has additionally commented on the functioning of the Noida Authority. The courtroom has stated that the Noida Authority was in connivance with the builder. Along with this, CM Yogi Adityanath has given directions to take motion in opposition to such officers. If we speak concerning the unaccounted property of many officers in Delhi-NCR, then their working fashion was neither hidden then nor now. Most of the individuals accountable have unaccounted property in Delhi-NCR. Not solely this, many have entered the actual property sector themselves, straight or not directly. Now if any investigation is finished about their property from the federal government stage, then extra stunning information can come to the fore. Has come, two actual property initiatives are within the title of his sons in NCR. One is operating in Greater Noida in the mean time. The second one is made in Ghaziabad. Flats have been offered there. His son has additionally utilized for the third undertaking in an authority. Supertech Twin Tower: How will the 32-storey twin towers of Supertech be demolished? Know why India’s ‘highest’ problemNoida information: Noida Twin Tower case… Fraud occurred between 2009-12, 7 officers have been on the radar after the High Court order in 2014, there was a stir if these erstwhile officers in Noida Authority In phrases of tenure, the stampede broke out solely after the High Court order got here in 2014. One officer had taken VRS. After a while, he additionally labored for a couple of days on a contract foundation in one other authority of the district. At the identical time, there are talks of some officers making massive investments in different actual property firms. He can also be usually seen within the lobbying or episode associated to these initiatives. The direct reply to why these officers aren’t acted upon is that they’ve entry to energy. Supertech Noida: Illegal buildings of Supertech might be landed, a wave of happiness within the consumers… The authorized battle fought like this for 9 yearsSupertech Emerald Case: SC reprimanded , Said- The development was carried out with the connivance of Noida Authority, corruption was at each stage, investigation and motion ought to have been carried out solely after 2014. The High Court ordered the demolition of Tower No. 16 and 17 of Supertech Emerald Court as unlawful in 2014. . Along with this, motion was taken in opposition to the officers of the Noida Authority liable for this. At that point the affect of the accountable was such that no investigation and motion was taken. The authority might assess the deficiencies at its stage and take departmental motion. At least motion might have been taken in opposition to the officer who didn’t even enable the RWA to answer to the RTI. Not solely this, even the map of the undertaking was not allowed to be seen. Order has been made to demolish the dual towers of Supertech.

  • Mangal Prabhat Lodha named India’s richest actual property developer by Hurun India

    Despite the COVID-19-led slowdown in the actual property sector, the full wealth of the 100 richest builders in India jumped a full 26 per cent year-on-year to Rs 3,48,660 crore, in accordance with the GROHE Hurun India Real Estate Rich List 2020.
    According to the report, Mangal Prabhat Lodha of Macrotech Developers (Lodha Group), having a wealth of Rs 44,270 crore, topped the checklist for the fourth yr in a row. His wealth elevated by 39 per cent within the yr 2020. Lodha Group had the best income from operations amongst all the actual property builders in India through the pandemic hit yr 2020, the checklist stated.
    He was adopted by Rajiv Singh of DLF, who stood second within the GROHE Hurun India Real Estate Rich List with a wealth of Rs 36,430 crore. Singh registered a rise of 45 per cent in wealth, backed by a 50 per cent rise in DLF’s share worth.

    Established in 1946, Delhi Land & Finance (DLF Limited) is the biggest publicly listed actual property firm in India with properties in 15 states and 24 cities. DLF Cyber City Developers Ltd (DCCDL), a three way partnership between DLF and Singapore’s sovereign wealth fund GIC has 34 million sq. toes of workplace and retail properties producing an annual rental revenue of Rs 3,500 crores.
    With a 70 per cent improve in wealth to Rs 26,260 crore, Chandru Raheja and his household of Ok Raheja Corp moved up two spots to the third spot. It has over 20 million sq. toes workplace area, making it the second-largest business developer.
    Here’s the checklist of top-10 builders in India:
    Rank
     Name 
    Net Worth INR Crore
    Main Company
     City of Residence 
    1-
    Mangal Prabhat Lodha & household
    44,270
    Macrotech Developers
    Mumbai
    2-
    Rajiv Singh
    36,430
    DLF
    New Delhi
    3↑
    Chandru Raheja & household
    26,260
    Ok Raheja
    Mumbai
    4↓
    Jitendra Virwani
    23,220
    Embassy Office Parks
    Bengaluru
    5↓
    Niranjan Hiranandani
    20,600
    Hiranandani Communities
    Mumbai
    6-
    Vikas Oberoi
    15,770
    Oberoi Realty
    Mumbai
    7-
    Raja Bagmane
    15,590
    Bagmane Developers
    Bengaluru
    8↑
    Subhash Runwal & household
    11,450
    Runwal Developers
    Mumbai
    9↑
    Ajay Piramal & household
    6,560
    Piramal Realty
    Mumbai
    10*
    Atul Ruia & household
    6,340
    Phoenix Mills
    Mumbai
    Source: Hurun Research Institute 2020. GROHE Hurun India Real Estate Rich List 2020
    During the pandemic-savaged yr, when residence gross sales plunged and business realty was going through a troublesome time, there have been eight dollar-billionaires and 27 new entrants within the checklist of the top-100 richest builders, the report stated.

    The GROHE Hurun India Real Estate Rich List 2020 ranked 100 people from 71 firms and 15 cities. This is the 4th yr of the rating and wealth calculations are as of December 31, 2020. It additionally stated that the highest 9 listed firms within the checklist have nearly recovered the losses they’ve registered because the lockdown.
    Commenting on the checklist, Hurun India MD and Chief Researcher Anas Rahman Junaid stated, “Covid-19 was the litmus test for the Indian real estate sector. We could see a common trend that the top developers in each city consolidating their market share. This could be the reason why the GROHE Hurun Real Estate Rich List registered the biggest churn of 27 per cent since inception.”