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National Property Index remains stagnant in Q4, but Kolkata property prices surge

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National Property Index remains stagnant in Q4, but Kolkata property prices surge

The National Property Index during the fourth quarter has remained stagnant at the same level as that of the third quarter, with Ready to move properties witnessing a price fall of 0.4% and under-construction properties witnessing a price rise by 0.8%.

In Kolkata property prices during the last quarter witnessed a 0.56% growth and consumer demand also rose along with property prices. (Reuters)

The National Property Index during the fourth quarter has remained stagnant at the same level as that of the third quarter, with Ready to move properties witnessing a price fall of 0.4% and under-construction properties witnessing a price rise by 0.8%. But the quarter witnessed steep price increase in the properties of Kolkata with properties in localities like Anwar Shah Road witnessing a price growth of 23.2%.

Although considering the overall quarterly impact the prices in the eastern part of India remained stagnant, south was the only region that experienced a price hike, while north on the other hand watched the prices fall, said Sudhir Pai, CEO of Magicbricks, the repository of residential property listing.

The real estate sector saw both, the general prices dip and the ready to move prices suffer due to the pressure of demonetization. At an average, western India has done better than other regions with 9% price increment in their cities, Pai said adding “although the real estate market in India saw an initial dip after demonetization, the market at present has finally stabilized and catching back”.

However, Dr.Samantak Das, chief economist and national director research of Knight Frank, one of the leading global property research firms, said due to demonetization the current sentiment has seen a drastic fall to below the threshold mark of 50 to become the worst quarter in the last three years. The last quarter was significantly bad compared to the earlier six months and its effect continued during the 4th quarter. Although the impact of demonetization on the Indian real estate industry was short term but it had offset the growth witnessed during the last six months. The recovery in real terms would not happen before 2018.

While according to Knight Frank Research residential sales dipped by 40% in eight major cities, Magicbricks pointed out that price decline was restricted to certain areas like Noida, Gurgaon and Ghaziabad. In places like Hyderabad, Greater Noida, Thane, Bangalore and Navi Mumbai, the prices went up by 0.5-2.5%. Prices remained stagnant in NCR, Mumbai and the remaining cities Kolkata witnessed a little growth in overall realty prices.

However, going by 73 localities across cities show that In the Oct-Dec quarter, around half the localities had price increment averaging 2.23%. The balance half had an average price drop of 2.16%. The City Index witnessed a 0.2% increment over the last quarter after gaining 0.57% in the previous quarter.

However, except the below Rs 7,000 per sqft budget segment, rest of the segments witnessed either a mild price increase or price decrease over the last quarter. Analysis across 73 localities shows that on an average, ready to move properties were 3.8% more expensive than under construction properties in the quarter. The average percentage price difference in the under construction versus ready to move properties remained more or less stagnant over the last quarter.

In Kolkata property prices during the last quarter witnessed a 0.56% growth and consumer demand also rose along with property prices. But in localities like Prince Anwar Shah Road price increased by 23.2%, followed by Ultadanga with 16.5%, Ballygunge Circular Road with 15.8%, Southern Avenue with 12.1%, and Gariahat with 10.9%. Property prices in Rajarhat- New Town area remained stagnant, while in other parts it dipped ranging between 0.5% and 2.5%.

However, the area wise fall and dip of prices has created a balance and has made the national property index stagnant during the quarter, felt Pai. Samantak felt that the mid to long term impact of demonetization would be positive washing away the unorganized players in the sector and enabling the organized players to get consolidated.

Source: Financial Express

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NTR Housing Scheme In Full Swing: Chief Minister N. Chandrababu Naidu

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NTR Housing Scheme In Full Swing: Chief Minister N. Chandrababu Naidu

On Thursday, Andhra Pradesh Chief Minister N. Chandrababu Naidu said with the estimated expense of Rs. 5,556.74 crore, the construction of more than 2,44,164 houses, out of the proposed 3,03,044, has been commenced under the NTR Housing Scheme 2017.

While addressing the second day of the Collectors’ Conference he also said the construction of the remaining houses will begin soon. He mentioned that Prakasam and the Kurnool districts are ahead of the schedule in the urban housing scheme. Also, the works are in full swing in the Nellore and the Guntur districts under the rural housing scheme.

According to Naidu, the government will complete 2.5 lakh houses by January next year and another lot of two lakh houses by June.

By October 2, 2018, the state government intends to finish the construction of all the houses and plans to celebrate with massive house warming ceremony with local public representatives. This will help them set an example for housing schemes in other states.

Also Read: Raunak Group Presents Apna Pehla Ghar Campaign

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A Mumbai Suburbs’ Swift Transformation From Industrial To A Residential Zone: Wadala

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A Mumbai Suburbs’ swift transformation from industrial to a residential zone: Wadala

An industrial zone primarily, Wadala has undergone a drastic transformation in the past decade. Now an upcoming residential area, this Mumbai suburb is one of the seven islands to form the modern Mumbai. It is located on the Harbour line of Mumbai’s railway network.

Due to its proximity to BKC, large scale land development was inevitable, thus fueling the real estate market. Wadala is bordered by Dadar on the West, Matunga on the Northwest and Sewri on the South. Nestled between south Mumbai and the suburbs, Wadala enjoys strong connectivity by road and rail to most parts of Mumbai.

It has a number of flyovers like the Anik Panjrapol Link Road, Elevated road and Santacruz flyover. Thane, CST and Chembur are connected via the Eastern Highway while the Western Highway connects the locality to Bandra and Borivali. Wadala has the biggest bus depot in Mumbai. Furthermore, the multiple infrastructure initiatives like the monorail, Truck Terminal and the expansion of Highway are in various stages of development.

All this has given rise to residential demand and pushed the property value over the last few years. One of the most populated areas in Mumbai, Wadala has a large number of old temples, churches and dargahs, university campuses, schools, reputed hospitals and is also home to a former world’s largest IMAX dome theater. There are many stores, showrooms and malls around Wadala like the R Mall, High Street Phoenix and Palladium Mall.

Ramesh Nair, COO – business and international director, JLL India says, “A decade ago, property prices at Wadala were as low as Rs 2,800 per sq. ft. and it rose to Rs 14,000 a few years ago.”  As the infrastructure plans are on their way, so are the renowned developers like Ajmera, Dosti Group and Lodha Group among others.

Wadala at present offers one of the highest returns on real estate investments in the region. All the above-mentioned developers have their luxury projects in the area.

Ajmera I-Land introduces Aeon, Zeon and Treon towers with 2, 3 and 4 BHK plush homes. Conceptualized by renowned Singapore based Architects Space Matrix, these spaces with top-of-the-line lifestyle amenities exude exemplary class and finesse. The first residential floor begins at 110 feet from the ground level and offers several modern lifestyle amenities like kid’s pool, swimming pool, gymnasium, club house, open space and landscaped gardens, yoga room, kid’s play area and senior citizen corner.

Dosti Ambrosia is a 36-storey tower nestled in the 18 Acre Township of Dosti Acres. The architecture of the project was undertaken by renowned Hafeez Contractor in the 2 and 3 BHK apartments. It offers an exclusive rooftop swimming pool with 40,000 sq. ft. of landscaped gardens. You will find all modern conveniences like Gymnasium, Tennis Court, Indoor Badminton Court, Yoga and Meditation Room, Elderly Corner, Banquet Hall, Indoor Games, Indoor Badminton Court, Guest Rooms, Restaurant, Grand Entrance Lobby, Kids Play Area, 2 Club Houses and an Amphitheatre.

New Cuffe Parade by Lodha Group offers its residents all the comforts of a world-class lifestyle. The 2 and 3 BHK homes are spread in over 23 acres of land with 15 acres of stunning landscape and 75,000 sq. ft. of the club house. It includes 11 swimming pools, an organic farm, cricket pitch and multiple themed gardens. The buildings are designed by the world renowned WOHA in Singapore and the landscape was planned by Sitetectonix in Singapore.

Also Read: Mumbai to get Building Taller than Burj Khalifa, Road Bigger than Marine Drive

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Rajasthan Government May Hike The Affordable Housing Prices

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Rajasthan Government May Hike The Affordable Housing Prices

The prices of homes under the ambitious Mukhyamantri Jan Awas Yojana are expected to be increased by the state government.

According to the sources in the empowered committee meeting to be held on Monday, a proposal to increase the cost of a low-income group (LIG) and economic weaker section (EWS) houses will be proposed. Urban development and housing (UDH) minister Srichand Kriplani will chair the meeting. The LIG and EWS houses, presently are being constructed on government lands by private builders. These homes are sold at a fixed rate of Rs 1,250 per sq feet; out of which 1000 rupees per sq ft is given by Urban Improvement Trust (UIT), development authorities and local bodies to the builders.

According to provision 4(A) and 4(B), the developers are supposed to build EWS and LIG houses on government land. Seventy-five percent of such government land can be used in building EWS and LIG houses, while the remaining 25% can be sold by the developers. However, since the rates provided by the government are less the developers are not showing interest to construct houses under these categories. Sources said, “In Jaipur, not a single developer has shown interest in constructing houses under this model. The JDA has invited expression of interest (EOI) several times.”

The UDH is leaving no stone unturned to attract the builders in order to achieve the target of constructing 10 lakh houses by 2019. The sources mentioned, “As per the new proposal, the department has proposed to provide Rs 1,600 per sq feet rate to the developers. The land rates have increased subsequently over the period of time; this is why increasing rates has become a need of the hour.”

Sources further added, “The developers are constructing G+3 buildings at present. However, it is not cost-effective. It has been proposed to construct G+2 buildings for LIG and EWS category.”

Also Read: The Impact Of Regulations On The Real Estate Market

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