Sale of home spaces increase by 7%

According to a report by property research firm Liases Foras, during the quarter to December 2015, sale of homes across the top eight cities of India improved by 7% year-on-year. Sales increased by 15% on a quarter on-quarter basis on the back of sluggish pricing and discounts by builders during the same period.

As per the report, an aggregate of 78 million sq ft of home space was purchased across the eight cities compared with 72.9 million sq ft a year ago.

Pankaj Kapoor, managing director of Liases Foras says, “It is a buyers’ market today. Geographies, which were predominantly investor driven, are still suffering while areas which were inhabited and more suited to end-users are seeing improvement in sales. Now the gap between affordability and pricing is reducing.”

While the purchase of home space has increased, the unsold stock has also shown an increasing trend showing 21% y-o-y and 5% q-o-q to 1,124.9 million sq ft. Unsold inventory in Mumbai rose 28% to 235.9 million sq ft while NCR rose to 361.1million sq ft, up 14% over last year.

The top cities have witnessed a decline in the total new launches with a decrease of 11% in q-o-q to 67.1 million sq ft., with NCR witnessing 61% decline in new launches during the quarter. Out of the total launches 52% of the new launches are in the price range of Rs.25-50 lakh. The number of new launches in the affordable category of under Rs.25 lakh has increased by 50% from the previous quarter.

Noting this Manoj Gaur, president, Confederation of Real Estate Developers Association of India (CREDAI), NCR, and managing director of Gaursons India, a real estate developer said, “Pricing has stagnated and inventory overhang is reducing because of lower number of new launches. Prices are close to the bottom, so end users are finding value.” To clear their unsold stock, many builders offered significant discounts during the festive period in 2015. Out of the total sales across the top eight cities, 31% of sales were in the price range of Rs.50 lakh to Rs.1 crore and about 30% of sales were in the price range of Rs 25-50 lakh.

Manoj Gaur – elected president of CREDAI-NCR

In New Delhi, the CREDAI, an apex body of real estate developers elected Manoj Gaur, as President of the Delhi-NCR region; he is the Managing Director of Gaursons. As per reports, this new leadership team will consist of 19 members of executive committee on the board and it will also include the Rajeev Talwar, who is Group Executive Director in DLF constructions.

As per the official statement of newly elected Manoj Gaur, “Now our main focus will be towards the transparency in real estate market however we will also put our efforts to change the perception of the real estate industry for better growth”. The more he added that CREDAI will work closely with the state and central government departments to shape the future of real estate market in Delhi/NCR region. However in discussion he welcomed the real estate regulatory bill and stated that the main purpose of real estate regulatory bill is to bring the transparency in the real estate sector and restrict non-serious and non-ethical players of real estate market.

After the selection of Gaur, CREDAI said now our major concern is to address the need of real estate industry for the growth of real estate market. However the Gaur, stated that now onwards our association will put more efforts on skill development¸ ethical policies, labour welfare as well as transparency. Getamber Anand, the National President of CREDAI, stated that association is going to set-up a fund of Rs 25 crore so that we can meet the education cost of those students who are bright but they are under-privileged. In addition Getamber Anand, stated that CREDAI will make its own internal consumer grievance to address the complaint the consumers.

It is well known fact that currently, CREDAI (Confederation of Real Estate Developers’ Association of India) has more than 11,500 members in all over the country.

CREDAI in Nashik

CREDAI (Confederation of Real Estate Developers’ Association of India), is organizing Shelter 2014, which is 7th Property Expo. This event will bring all the properties of Nashik under one umbrella to encourage individuals to purchase a property of their decision on one stage. It is the event of four days, which will display residential as well as commercial properties at one place. This is the 7th release of Shelter as the biggest land display in north Maharashtra. The venue for event is Dongre Hostel ground in the city with the sum of 300 stalls and the timing is from 11am to 9pm. This event is attracting the end users, investors, real estate builders, agents and as well as financial institutions or banks for the mutual benefit.

According to the President of CREDAI Nashik, Jayesh Thakkar, “This 7th biennial show being held in the city by CREDAI, Nashik at one stop destination to showcase the properties over the city under one umbrella to help individuals hunting down their fantasy homes to get houses inside their financial plan and in the area of their decision. This will save their time as well as cash of purchasers. These safe houses have a sum of 300 stalls in which 180 have been booked by developers and engineers. The property ranges from Rs 15 lakh to Rs 2 crore”. Comparing to Mumbai, Pune and Thane, the rates of properties in Nashik are very reasonable, and this expo will be beneficial for those who are interested in buying homes or plots as here all the potential buyers or investors get the latest info about duplexes, house, flats, pent houses, row houses, non-agricultural plots, farm houses, bungalows, and agricultural lands. It is expected that in next few years CREDAI will organize Nashik property exhibition in all over the country and as well as abroad. The rates vary between 2,700 per Sq. Ft. & 6,000 per Sq.Ft. depending on the area. Naturally, there are comparatively lower in localities like Adgaon, Makhmalabad, Pathardi, Ambad and Satpur which is on the city outskirts. They begin rising as one moves to up-market areas like College Road, Mahatma Nagar & Gangapur Road.

The infrastructure in city is seeing a mammoth change & with an all round development, Nashik is set to soar. The added advantage of city is excellent water supply, good road & rail connectivity; soon city will get the air connectivity which will be boon of scenic beauty. According to reports, around 1,500 to 1,250 residential properties worth around Rs.300 Crore have been sold during the festive period this year, the real estate developers in Nashik are expecting good realty business during the event, “CREDAI Nashik Property Show 2014”. In past two years the gap between demand & supply has increased a lot in Nashik and no new projects is being launched. But it is expected that scenario will change for better sooner or later.

This expo is the best opportunity for prospective home buyers; here buyers will get the competitive rates and a lot of options. In short customers have the choice to buy affordable to luxurious apartments in different parts of the city. The rates are reasonable and good amenities are being offered.