Jun 21 2024
Tamil Nadu registration department install fingerprint scanners to combat fraud
Now forging Aadhaar details like fringeprints during the registration of property will become impossible in Tamil Nadu, as the registration departments has implemented a new security measure to combat fraud during the document registration process. All 582 sub-registrar offices in the state now have fingerprint scanner facilities, and the buyers sellers biometrics will be matched again the one crore plus sample date bank they have. This will serve as an additional safety measure to prevent fraud while registering documents. Sinces 2018, the registraion department has collected fringerprints from buyers and sellers, amassing a database of one crore fringerprints. For individuals whose fringerprints are not in thje database, the existing Aadhaar verification process will be used. We are already doing Aadhaar verification for registration , but some people are forging the Aadhaar documents. Commercial taxes and registration minister P Moorthy inaugurated the facility in Chennai on Thursday. Property consultants point out that this a good move. "This will prevent registration of unclaimed property using forged documents. This will protect buyers, but this should be monitored properly," said S Ramprabhu, CMDA and DTCP committee chairman, Builders Association of India (BAI).
Jun 20 2024
Average monthly rent for residential properties has increased by 2–4 per cent so far this quarter compared with the January–March period across seven major cities. The rise in rents has moderated due to an improvement in housing supply.
The data is based on the average rent for a 2-BHK home of around 1,000 sq ft.
In one major technology hub of Bengaluru, the average monthly rent for a 1,000 sq ft 2-BHK has risen by 4 per cent, reaching ?35,000 in the current quarter, up from ?32,500 in the January–March period.
Across the seven major cities, a total of 5.31 lakh new housing units are expected to be delivered in 2024, compared with 4.35 lakh units last year — representing a 22 per cent annual increase in supply, assuming construction schedules are maintained.
In a prominent housing sector of Noida, the average rent increased by 4 per cent, rising to ?25,000 per month in the April–June quarter from ?24,000 per month earlier. The previous quarterly rise during January–March was 9 per cent compared to the last quarter of 2023.
In two key residential markets of the Mumbai metropolitan region, average rents increased by only 2 per cent over the previous quarter, compared with more than 4 per cent growth in the January–March period.
In two major residential hubs of Hyderabad, average rents increased by 3 per cent this quarter, compared with a 5 per cent rise in the January–March period.
https://www.livehomes.in/news_letter
Jun 18 2024
A leading real estate group plans to invest over Rs 8,000 crore by 2030 to expand its portfolio in Chennai, with a pipeline of over 15 million sq ft, of which the residential segment comprises over 12 million sq ft. The gross development value (GDV) of the residential projects is estimated to be over Rs 13,000 crore.
In FY25, the company plans to launch over three million sq ft of residential projects and about one million sq ft of commercial development in Chennai. It recently launched a high-rise residential project with G +38 floors, featuring three-, four- and five-bedroom apartments starting from 2,500 sq ft, with a GDV of over Rs 1,800 crore.
According to the company’s managing director, the aim is to double growth in the city by expanding across residential, commercial, retail and hospitality verticals. The company has already signed MoUs with the State Government for four projects as part of the Global Investors Meet, with approvals currently in process.
In Chennai, the developer has completed over five million sq ft. In FY25, it plans to launch over three million sq ft of residential projects and about one million sq ft of commercial development in the city.
https://www.livehomes.in/news_letter
Jun 17 2024
Investors prefer single owned and managed commerical properties
Investors in India's commercial real estate market are increasingly preferring single-owned and managed properties over strata-owned ones as they offer higher returns, operational efficiency, and greater attractiveness, according to experts. The rental yields for commercial assets across key property markets have been a major indicator that clearly shows that single-owned commercial properties are outperforming their strata counterparts that have multiple owners and operators. This streamlined approach, according to experts, ensures that properties are well-maintained and can quickly adapt to market demands or tenant needs. In contrast, strata properties often face management challenges due to multiple owners, leading to delays in maintenance and decision-making processes. Occupiers are increasingly leaning towards single-owned properties due to the consistent and reliable building management they offer. Single ownership ensures that the property is managed with a unified vision, which translates to better maintenance and faster resolution of issues. A single-owner can implement upgrades and market the property with a clear and consistent strategy, directly impacting the property’s market value positively. Investors are also recognising the benefits of single- owned properties, including higher returns and better value retention. The operational efficiency and higher tenant satisfaction associated with single ownership make these properties a more attractive investment. Occupiers, on the other hand, prefer the reliability and consistency of single-owned properties, which translates to a better overall experience.
https://www.livehomes.in/news_letter
Jun 15 2024
Chennai Metro tunnelling compeleted between Ayanavaram and Otteri
A tunnel boring machine named Anaimalai compeleted tunnelling between Ayanavaram metro and Otteri metro on Thursday and achived a breakthrough as part of the 116.1km phase-2 project. A release said Anaimalai, which started tunnelling on October 23, 2023, built a 925metre-long tunnel and reached the shaft at Otteri metro. CMRL managing director M A Siddique and other officials were present during the breakthrough event. The stretch from Ayanavaram to Otteri is part of the 9km underground section on the 45.4km corridor-3 from Madhavaram Milk Colony to Siruseri Sipcot. A total of seven tunnel boring machines have been mobilised for tunnelling work in the stretch. Phase-2 has three corridors covering 116.1km. A total of 23 tunnel boring machines will be used for tunnelling work in the project.
https://www.livehomes.in/news_letter
Jun 14 2024
New Commitee appointed to study amendments Maharastra apartment onwership act
A new 10-member committee was appointed by the state government last week to study amendments to the Maharashtra Apartment Ownership Act, 1970. In October last year, a 15-member panel had submitted recommendations on the amendments. The move has raised eyebrows of activists in the housing sector. The state has 1 lakh buildings under the Apartment Act, including 15,000 in Pune district. Commissioner for Cooperation and Registrar of Cooperative Societies along with members of the property registration department, Pune collector and officials of the law department. Ownership Act, Rules and Bye Laws to State Cooperative Department so the constitution of a new committee without any experts such as Pune Federation, a parent body of apartments in Pune or The Maharashtra State Housing Federation is a matter of concern. Commissioner for Cooperation Deepak Taware said that he would submit the report in consultation with the members. The Maharashtra Apartment Ownership Act, 1970, governs the ownership, management, and transfer of apartments in the state. Maharashtra State Housing Federation chairperson Suhas Patwardhan MK Rao, a member of an apartment association, said that while the suggestions act was to make way for more redevelopment proposals, eviction of those obstructing redevelopment won’t be easy.
https://www.livehomes.in/news_letter
Jun 11 2024
Lnad prices came down anywhere between 60% and 75% after outgoing chief minister Y S Jagan Mohan Reddy announced his plans of three capitals in 2019. Real estate prices zoomed in Amaravati witnessing anywhere between 50% and 100% increase in just three days after the election results are out. The massive victory of the TDP, Jana Sena and BJP alliance has cleared the uncertainties over the capital, renewing the buyers' interest.
on June 12 near the All India Institute of Medical Sciences (AIIMS) in the capital region. Farmers are expecting a further increase of land prices in case of a positive statement by Modi. Land prices came down anywhere between 60% and 75% after outgoing chief minister Y S Jagan Mohan Reddy announced his plans of three capitals in 2019. All euphoria created around the proposed futuristic capital city vanished. After five years, with govt change, the realty sector in Amaravati is witnessing a 'V' shaped recovery in terms of prices. Several central government institutions like Reserve Bank of India, Comptroller and Auditor General (CAG), CPWD, Public Sector Undertakings like NTPC, ONGC, Indian Bank, State Bank of India. and others have purchased lands to set up their regional offices in Amaravati Sources said that Naidu is looking to bring all these institutions to Amaravati as soon as possible so that the economic activity will start rolling.
https://www.livehomes.in/news_letter
Jun 10 2024
Real estate developers in India are using strong housing demand to clear existing inventories, reducing the stock of unsold properties that had been a concern in previous years. A healthier balance between demand and supply has also contributed to greater market stability.
Residential property markets across the country’s top seven cities have seen a 31% reduction in the time required to sell active unsold housing inventory, according to a recent analysis. In the March quarter, the time needed to liquidate inventory dropped to 22 months, down from 32 months at the end of 2019, mainly due to a sharp rise in housing demand. This estimate is based on average sales seen over the past eight quarters.
In the affordable housing segment, the decline was driven by its shrinking share in new project launches over the past four years. In contrast, the premium segment saw a reduction even as its share of annual launches rose significantly — from 2% in 2019 to 22% in 2023. The time taken to sell unsold premium units has fallen from 51 months in 2019 to 29 months in the first quarter of 2024, reflecting strong sales momentum.
Higher-end apartments now take an average of 29 months to sell as of March-end. Despite the longer duration compared to other segments, this marks a big improvement due to faster sales velocity. The premium category has emerged as the top performer, driven by strong buyer interest in larger homes with better amenities.
https://www.livehomes.in/news_letter
Jun 07 2024
Unsold housing stocks across seven major cities have risen by 24% since 2019 due to higher supply, but developers are expected to take 31% less time to sell these units because of strong sales momentum, according to a new report.
The report noted that actively selling unsold housing inventory reached about 4,68,000 units by March 2024 — a 24% increase since December 2019 — across seven major cities.
Despite the rise in inventory, there has been a significant reduction in the estimated time needed to sell these properties. This assessment is based on average sales rates recorded over the past eight quarters.
There has been a 31% drop in the time required to clear active unsold stock. In the first quarter of 2024, the liquidation period fell to 22 months, compared to 32 months at the end of 2019, driven mainly by a sharp surge in housing demand.
The regions covered in the analysis include major metropolitan areas and their surrounding suburbs across the seven key cities.
https://www.livehomes.in/news_letter
Jun 06 2024
Luxury real estate demand may see moderation in near future
The luxury real estate segment is likely to plateau in the near-future and affordable housing may take off as the new government takes charge, said Pankaj Kapoor, founder and managing director of real estate research firm Laisas Foras. Niranjan Hiranandani, the managing director and co-founder of Hiranandani Group, said the new government should take steps to ensure affordable housing is possible in cities such as Mumbai. “Today, almost 50 percent of the cost of the house is in government taxes, charges for development, floor space index and goods and services tax. As far as affordable housing is concerned in Mumbai and the suburbs, these taxes need to come down otherwise it is just not possible. Affordable housing doesn’t exist because the government charges are just too high,” Hiranandani told CNBC-TV18. On the real estate outlook of the financial capital of the country, Hiranandani said he is upbeat and believes change in political composition in both Maharashtra and the country, following the outcome of the Lok Sabha elections 2024, will not have any impact. Apart from the state, the Central government also has prioritised infrastructure of Mumbai. He said, “… the central government’s commitment for the city includes bullet train, Delhi-Mumbai industrial corridor… if you look at Mumbai separately, in the next two years 330 km of metro will be coming up, we have a coastal road going to be delivered in the next three months and we have a cross harbour link, which is opening a new scope of development in the city.” The support will be there as far as affordable housing is concerned despite INDIA bloc getting a higher number in the state, he said.Moreover, Hiranandani believes that the new government, which will take charge after the upcoming Maharashtra elections, will prioritise slum redevelopment. With the kind of mandate the Prime Minister Narendra Modi-led government at the Centre received, Kapoor believes affordable segment is likely to get a boost. However, he also noted that investment in infrastructure is unlikely to slowdown despite the less-than-expected mandate for the saffron party.
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