Flagging the real estate sector’s heavy dependence on money of homebuyers to build houses, Union housing secretary Manoj Joshi said on Monday that they need to access finance from the banking system. He added real estate projects, especially housing, are largely funded through customer advances and this model needs to be changed.
The Greater Noida Industrial Development Authority (GNIDA) has sold a 23,600-square-meter (sqm) plot in Sector Zeta One for Rs 110 crore, a move that will pave the way for the construction of around 1,100 new flats on this piece of land, officials privy to the development said.
They added that the plot was allotted through e-auction for Rs 110 crore, which is nearly Rs 1.5 crore higher than the reserved price.
Gurugram has witnessed rapid growth and development in the past decade. It is the country’s third-largest financial and banking hub and the country’s second-largest technology hub, respectively. The city’s real estate market is, however, close to saturation. The market has experienced some changes over the last two to three years. With the establishment of several multinational companies and startups in Cyber City, Udyog Vihar, and Golf Course Road, there has been a surge in demand for rental housing in Gurugram.
In the fast-paced world of real estate, the residential sector plays a vital role in meeting the housing needs of the population. To ensure sustained growth and success, developers and stakeholders in the residential sector must adopt innovative strategies. One such strategy is backward integration, a business model where companies expand their operations by incorporating services and activities that were previously outsourced.
With considerable traction in demand for plotted developments and independent houses, corporate and established developers are increasingly foraying into this segment providing more transparency and better options to homebuyers.
The real estate redevelopment story being scripted by young home buyers in Mumbai
The Times of India
Rishabh Siroya
Bengaluru-based real estate firm Puravankara Ltd is planning to launch new projects spanning more than 15 million square feet across Bengaluru, Chennai, Kochi and Coimbatore this year and is eyeing a topline of Rs 18,000 crore from these launches in the next three years.
Proptech firm Housing.com has seen a four-fold jump in monthly traffic on its website to over 20 million compared to pre-COVID level on demand revival and fast adoption of digital tools in the realty sector, its CEO Dhruv Agarwala said. Housing.com, owned by Australia's REA Group and US-based News Corp, is one of the leading real estate classified portals in India.
The Delhi Development Authority (DDA) is likely to launch its housing scheme for 2023 in June, offering about 23,000 newly-constructed flats for those from the lower income group and economically weaker sections, officials have said.
In the realm of real estate, the dynamic interplay between government policies and buyer aspirations shapes the home-buying process. GST (Goods and Services Tax) and RERA (Real Estate Regulation and Development), are two powerful forces revolutionising the landscape.
