Surging Housing Shortage of India.
Continued population boom in India leads to a situation where residential units or space remains insufficient for the people. According to Cushman and Wakefield all major cities of India are in high need of around 2.1 million new housing units to meet the increased demand. Real estate sector has to come up with new residential projects to solve out this great menace. Real estate has to play a vital role. Continue reading
The report highlights the revised service tax and its impact on the consumers, the deduction in TDS and the current scenario of the External Commercial Borrowing (ECB) apart from its emphasis on the Chennai Realty Market.
Following are the key takeaways of the report:
– Chennai leads the market in terms of number of units under construction accounting for 68% of the total number of units coming up in the city, followed by the western region with 27%.
– Chennai is slated to witness the infusion of around 67500 residential units in the forthcoming three years.
– During 2011, the highest price rise was observed in the central areas of the city, to the tune of around10-18%.
– According to a United Nations study, Chennai has a deficit of around 60000 housing units. About 6000 of them are in the high income group segment, 12000 in the middle income group and 18000 in the low income group.
In a recent press release, a special scheme for government and defence staff has been announced by DLF for purchasing residential units in its projects.
Recently, Mr Mohit Gujral, Vice-Chairman and Managing Director, DLF India Ltd, said, “This special rebate for the people in the service of the nation is DLF’s tribute to their services. The scheme aims at encouraging end-users to be a part of these on going developments.”
The scheme is applicable on the projects mentioned as: DLF valley, Panchkula; Hyde Park Estate, New Chandigarh; Park Place, Jalandhar; Samatara, Shimla; Commanders Court, Chennai; Gardencity, Chennai; Maiden Heights, Bangalore; Riverside, Kochi; New Town Heights, Kochi.
The discounts to be given will range from 3 to 5 per cent that is it varies from Rs 1 lakh to Rs 20 lakh as per case-to-case basis on residential developments in Jalandhar, Panchkula, New Chandigarh, Bangalore, Chennai, Shimla and Kochi. This offer is valid only on direct bookings from January 21 to March 15, 2012.
‘Inno GeoCity’; a residential project, is launched by Inno Real Estate in Oragadam near Chennai. This firm is a division of Inno while Inno is a , a global investment group focussed on Indian real estate with operations in India, Middle East and Europe.
On Monday, Rajamannar Ramaswamy, the Group Managing Director said that GeoCity is the first own development project of Inno. Till now, they just used to fund other projects and they have already six Indian projects with a total gross development value (GDV) of Rs. 2,600 cr.
Sajid Sathak, the Managing Director said that Geocity, which is spread over an area of 131 acres would be a self-contained township and that it would have a GDV of Rs. 750 cr. 4,000 residential units would be available for buyers plus amenities such as shopping mall, school and medical facilities would be there.
The first phase of GeoCity will consist of 1,000 units and would complete within 1.5 years.
The houses would fall in any of the three categories; Row House I, Row House II and twin house. The cost of houses would fall in the range of Rs. 17 lakhs to Rs. 22 lakh.
On last Sunday, Marib Holdings LLC, an Abu Dhabi-based company announced that they plan to build a “space city” in Chikkaballapur district. This district is approximately 90 km from Bangalore. The company would invest an amount of Rs.18,400 cr. ($4 billion) in the project.
On Saturday, this project got its approval from the state government. The project would include both business as well as residential options. The project is to be built over an area of 1,600 acres. Also, an entertainment theme park would be set which would be inspired from Disneyland.
Exhibition centers, a science and technology park, malls and media-linked events are also included in the project.
In all, the project will include 7,200 residential units, a city center consisting of fashion hub, media city, exhibition halls, media design centre and techno city. Also there will be star hotels, a convention centre, offices and an exhibition hall in the free zone office tower.