[INDIA REAL ESTATE NEWS] Good morning everyone I am Rumi Dhar from Kama Group.|
Here I have important INDIA real estate news to share with you which is as mention under.
Green shoots have begun to emerge in the housing and real estate sectors, along with a
rebound in the rural economy, since the coronavirus (Covid-19) pandemic struck India in
March this year.
Reports say that the sales volume of residential properties has rebounded to 80 per cent
of levels seen before the coronavirus pandemic struck.
In particular, the country’s top eight cities, including Chennai, Bengaluru, Hyderabad, Mumbai
and Delhi, are witnessing sales doubling during the July-September quarter compared with the
April-June quarter of the current fiscal.
According to PropEquity, there was a 16 per cent increase in launches of new residential projects
during the just-ended quarter.
Real estate sources point out at two main reasons for the increase in sales in the sector.
One, properties are being offered at a discount. This is especially true of new launches where the rates
offered are below the guideline values of lands issued by the respective state governments.
On the other hand, there are many projects that have been completed but have remained idle with no
takers. With real estate owners coming forward to reduce the prices below the guideline value, these
properties are now finding buyers.
This has resulted in some of the registration offices witnessing more number of people turning up, which is
higher than the same time last year.
A real estate player in Chennai said that, for example, in the Redhills registration office, the number of properties
listed for registration has topped 10,000 this year.
“The whole of last year, we did not see this number at all. But this year, in October itself we have registered so
many,” the player, who did not wish to be identified, said.
Registration offices in Tamil Nadu have been asked to register not more than 10 transactions per hour due to
Covid-19 restrictions. This would mean that the total real estate transactions per day will not be more than 50-55.
“We are seeing at least 150 requests every day for registrations,” the player said.
Buyers or those having cash are looking to invest for the future. That way, the price of properties being lower
than the guidelines value is driving up sales.
Read more at: https://swarajyamag.com/business/two-factors-that-are-helping-the-real-estate-sector-recover-in-southern-india
Have a nice day