Get ready for the most anticipated event in the real estate industry!

7th Real Estate Awards and Construction Industry Leadership Awards 2024

Brace yourselves for the most awaited event in the real estate industry – the 7th Real Estate Awards and Construction Industry Leadership Awards 2024! Scheduled for Saturday, 4th May 2024, this prestigious event promises an evening filled with recognition, celebration, and networking opportunities for the crème de la crème of the real estate and construction sector.

Event Details:
Date: Saturday, 4th May 2024
Time: 6:00 PM onwards
Venue: THE CLUB, Courtyard II, D.N. Nagar, Andheri(W), Mumbai

The Real Estate Awards, presented by Realty Quarter, is an esteemed platform that acknowledges and applauds the exceptional accomplishments and contributions of individuals and organizations within the real estate and construction domain. This year’s awards ceremony will honor excellence in various categories including Best Residential Project, Best Commercial Project, Best Green Project, Best Affordable Housing Project, Best Architecture Project, Best Interior Project, Best Real Estate Company, Best Construction Company, and more.

Why should you Participate?
17 Years of Legacy & Trusted Brand in REAL ESTATE Media.
40+ Builders Developers & Construction Companies
10+ Leaders and Celebrities.
10+ Institutional Channel Partners.
10+ top Broker Association Presidents.
15+ Digital Media Platforms.
10+ Top Leading Club Members.
5+ Leading Newspapers
150+ RERA Registered Channel Partners.
50+ Top Real Estate HNIs, Investors & Buyers.
Architects, Interior Designers, Exporters, Importers & Corporate Owners.
300+ Respective Invitees & Guest
Return Gift: 200+ For Every Respective Guest.

Sponsorship Opportunities:
Various sponsorship categories such as Title Sponsorship, Gold Sponsorship, Silver Sponsorship, and Venue Sponsorship are available. For sponsorship inquiries, please call 9820659743 or 8279547396.
Visit: Real Estate Awards

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According to Samyak Doshi, director of Bhoomi Group, there should be some tax breaks for first-time homebuyers. The government should think about increasing the Section 24 (b) deduction for home loans from Rs 2 lakh to Rs 5 lakh.

Positive consumer sentiment will result, in creating a stimulus to increase housing demand. Tax breaks and credit subsidy programs should be extended to a broader range of homebuyers.

“Long-term capital gains from the sale of a house should be taxed at 10%. (Provision similar to section 112 for equity shares).

In addition, the period of holding a house property should be whittled down to 12 months from the current 24/36 months in order to qualify as a Long Term Capital Asset “Hirandani Group managing director Niranjan Hiranandani said.

Hiranandani also stated that the ban on subvention strategies should be lifted. The ban does not benefit home buyers because a large portion of them are unable to pay both EMIs on their under-construction housing loans and house rent.

Pritam Chivukula, treasurer of CREDAI-MCHI, believes that the government should reintroduce GST with an input tax credit on under-construction properties, which will lower property rates and generate demand among homebuyers.

According to Venkatesh Gopalkrishnan, CEO of Shapoorji Pallonji Real Estate, the sector is currently reeling from several authorizations from various government authorities, and he urges the government to have all permissions under a single-window clearance.

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“All MahaRERA registered projects whose completion date, amended completion date, or extended completion date expires on or after April 15, 2021, shall have their period of validity for registration extended by six months,” the Authority stated in a statement.

The Authority also stated that it will provide project registration certificates with revised timeframes for such projects as soon as possible, adding that the extension will not apply to projects that were scheduled to be finished by April 15.

According to the notification, the state administration issued directives on April 13 regarding limitations on people’s travel due to the second wave of diseases, which was more deadly.

According to the report, the lockdowns caused construction operations to halt owing to a lack of labor and an impact on the transportation of building materials.

“A six-month force majeure term is imposed from April 15 to October 14,” according to the statement.

The order was made to help the government’s efforts to limit the damage caused by COVID-19 and to guarantee that project completion is not jeopardized, according to the statement.

The time limitations for projects that became due during the force majeure period would be automatically extended for a period until the term expires, it added, stressing that the order will not impact the rights of the allottees.

According to the announcement, promoter organizations had appeared before the Authority, asking this assistance in the aftermath of the second wake, which had crippled the sector.

“It’s a step in the right direction, and the real estate sector expects that authorities other than MahaRERA would follow the same thinking process and give comparable relief,” said developer Niranjan Hiranandani, National President of real estate industry body Naredco.

The post MahaRERA offers builders a six-month extension to complete projects. appeared first on .

Mumbai, 16^th July 2021: After the successful launch of the Ambarnath-Badlapur unit couple of weeks back, NAREDCO Maharashtra, the Maharashtra chapter of NAREDCO, the apex national body of real estate industry today announced the launch of their new unit in the State, NAREDCO Neral-Karjat. This has led to the creation of an affordable housing stock of over 40000 homes from their 100+ members associated with this unit. This is expected to unlock the affordable housing properties and offer a great opportunity to the discerning homebuyers to buy RERA registered properties at affordable prices in the Neral and Karjat region.

Neral-Karjat is located central to both Mumbai and Pune. The State Highway connects Neral to Karjat, NH4, Panvel and Badlapur. The Matheran hill station is an important tourist attraction in the region. Once lacking both infrastructure and connectivity, Neral-Karjat, today flaunts all amenities available at one’s disposal. Many mega infrastructure projects are being set up by the government to catalyse the real estate growth in Neral-Karjat. Also, it has been designated as the ‘next big residential hub’, after Ambarnath-Badlapur and Kalyan.

Speaking during the launch, Mr. Ashok Mohanani – President, NAREDCO Maharashtra said, “We are happy to announce the launch of NAREDCO’s new unit in Neral-Karjat. This will open up new affordable housing inventory for the prospective homebuyers who are looking to buy their dream home. Under NAREDCO’s umbrella, the homebuyers too will have a sense of trust and confidence. It will also boost the Government’s policy of creating ‘Housing for All by 2022’.”

The infrastructure development in the leading metro cities has improved connectivity to peripheral destinations, thereby, bridging the gap between the cities and the peripheries. On the other hand, projects such as the metro rail, ring roads and highways, etc., offer improved connectivity to the existing city establishments and are more suitable to the immediate needs of budget-conscious home buyers.

Commenting on the occasion, Mr. Gautam Thacker, President, NAREDCO Neral-Karjat unit said, “The Neral-Karjat region offers reasonably priced properties to buyers as compared to other locations in Mumbai, Thane and Navi Mumbai. The location has several affordable properties on offer for buyers in the lower-income segment and is witnessing huge interest from homebuyers as well as investors looking for second homes. At the time when real estate prices have undergone correction, this region with its upcoming infrastructure, tranquil surroundings and affordable pricing can bring the homebuyers’ dream come true.”

The inauguration of the new unit took place in the presence of NAREDCO’s senior leaders such as Dr. Niranjan Hiranandani, National President, NAREDCO; Mr. Rajan Bandelkar, Vice Chairman, NAREDCO Maharashtra; Mr. Sandeep Runwal, President Elect, NAREDCO Maharashtra; Mr. Prashant Sharma, Secretary, NAREDCO Maharashtra; Mr. Kamlesh Thakur, Joint Secretary, NAREDCO Maharashtra; Mr. Maulik Dave, Joint Treasurer, NAREDCO Maharashtra along with the office bearers from Neral-Karjat region.

The Neral-Karjat region has emerged to be an affordable living destination in comparison to the rest of Mumbai. It is witnessing an increase in the population in recent years owing to its proximity to various employment hubs. The region provides its residents with all kinds of social amenities to live a happy and peaceful life that includes various schools, hospitals, the luxury of enjoying recreational amenities and proximity to various banks and ATMs. There will always be sizable demand for real estate here since people will continue seeking affordable homes in the locality and employment prospects will be boosted hugely. Neral-Karjat and its surroundings are not only a beautiful place for home but also a major tourist destination with waterfalls, scenic verdant hills, several farmhouses & resorts along with paddy fields that are the major attractions during the monsoons. Spacious areas and pleasant environment are the main reasons people are investing in properties there to enjoy their weekends or rent their properties for secondary income.  These are factors that will keep the growth momentum of the region intact over the next few years. It is expected to witness handsome appreciation in the future in terms of property rates. Thanks to the fast-paced infrastructure development and emerging real estate projects, Neral-Karjat is fast becoming a destination of choice for Mumbaikars.

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Real estate and construction firms have so far been able to keep their workers on the job by using the lessons learned from last summer’s tumultuous evacuation of towns, even as reverse migration of unskilled workers working in retail, hotels, street vendors, and other miscellaneous occupations has begun in the wake of new mobility curbs.

Governments such as Maharashtra have enforced interventions such as on-site food and accommodation, free routine testing, vaccination, treatment, work, and wages. Such interventions have ensured that migrant labour will not be leaving Mumbai anytime soon.

“In the midst of Covid’s second wave’s revival, reverse migration is a movement that is increasingly making its existence known. Because of an undercurrent of concern, the condition varies across states and sectors. As of now, it is more of a problem for those employed in sectors such as electricity, hotels and restaurants, and so on who are preferring the reverse migration option,” said Niranjan Hiranandani, National President of NAREDCO.

He mentioned that the real estate and construction industries are well placed to deal with the crisis. In accordance with state government SOPs, developers are also supplying food, housing, and healthcare safety equipment to migrant workers and their families. “They are also paid on a daily basis, which serves as a safety net, making reverse migration in the building and real estate industries,” Hiranandani said.

The retail industry, on the other hand, is facing a lack of sales as a result of partial and weekend lockdowns. “We have already seen reverse migration in the retail sector following the declaration of partial lockdown in some states, but there has been no effect on construction sites yet.” Employees understand that if there is a lockdown, there is no assurance that businesses can reopen, especially restaurants and retail outlets,” said Mukesh Kumar, Chairman of The Shopping Centres Association of India (SCAI).

Following the return of migrant labour in late August, real estate developers have been making appropriate plans to allow their stay, and are assured that they will be well-equipped and prepared this time.

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The updated guidelines for ongoing construction projects provided by the Center on April 15 have come as a significant relief to the builders as workers stationed at such sites are now able to begin construction work. The updated guidelines, however, also confirmed that such work cannot be performed in places designated as COVID-19 hotspots.

Mumbai Metropolitan Region (MMR) and Pune are both declared hotspots for coronavirus. These regions are also host to the largest construction projects.

Anuj Puri, ANAROCK Chairman said, “The fact that COVID-19 hotspots would not be able to conduct activity from April 20 is a dampener for markets such as MMR – a highly-impacted zone that currently has the highest under-construction residential stock of nearly 4.65 lakh units, according to ANAROCK data. This represents 30% of the total 15.62 lakh under-construction stock across the top seven cities.

Developer Niranjan Hiranandani, however, said there was no blanket restriction in the entire MMR region and in Pune. “There are areas inside these regions that have been identified as hotspots. Some of these hotspots have been named and consequently excluded from the list. Therefore, construction should begin in places inside MMR that are not hotspots,” he said. Hiranandani, who is National President of NAREDCO, a body representing builders, said he had 4,000 workers stationed owing to the lockdown on its projects. “There are several such project sites where construction can begin,” he said.

There are presently 4,155 projects in the MMR with 6.39 lakh flats under construction. “The unsold stock is around 2.93 lakh units. Builders are now under enormous debt as their cash flow has stopped and their loans could not be serviced,” said Pankaj Kapoor, Liases Foras, a real estate research company.

The post Mumbai and Pune city may not get the relief benefit for the construction projects. appeared first on .

Real Estate developers and property consultants shared their disappointment about the Budget for the next fiscal and said they did not address the sector’s tremendous liquidity problem and gave no significant opportunities to raise slow housing sales.

“The budget direction is incremental but the sector-specific measures for the real estate sector are not in effect,” said Jaxay Shah, CREDAI National Chairman.

He appreciated the government’s decision to expand the tax benefit to increase demand and supply of affordable housing but said that the industry looked forward to a rental policy and a one-time expansion of the developers’ credit to abolish the 45 lakh cap in the concept of affordable housing.

“The liquidity problem which is a major issue for the economy in general and real estate in particular, here too, no significant relief can be seen,” said NAREDCO President Niranjan Hiranandani.

Satish Magar, President, CREDAI National, stated: “Budget 2020 did not encourage the Indian real estate market, which needs government immediate attention. No sector-specific action on real estate has been announced.”

“As the industry, we needed further radical measures from the government in order to boost the distressing sector including the provision of more liquidity for the industry, onetime restructuring of loans, and tax deductions on home loans, in order to encourage consumers to feel like they are. Unfortunately, none of these problems is addressed apart from providing affordable housing developers and loan sanctioning with an extra year tax holiday – which have been due for some time,” he added.

Anarock Chairman Anuj Puri said the budget lacks the real estate sector’s ‘quick fixes’ that is urgently needed and is more focused on a long-term vision. “In addition to the affordable housing initiative and personal tax relief, no big advantages came in to solve the current housing issue.”

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The real estate industry has urged the government to lower the interest rate on home loans to 7% and to raise the deduction of income tax on interest paid on housing loans to Rs 5 lakh to help revive demand after home sales rose by just 1% in 2019.

The industry body National Real Estate Development Council (Naredco) has asked the government to redefine affordable housing and expand tax benefits to larger houses that cost more than Rs 45 lakh by proposing its wish list for the forthcoming Union Budget.

The Ministry of Finance and Housing was represented in this regard. Developers said that a rebound in the housing industry will also be contributing to restoring the growth momentum of the overall economy.

Niranjan Hiranandani, national president of Naredco, added: “The fiscal incentive for the real estate sector will have a broad effect on 269 multi-dimensional alliances in boosting GDP growth inclusive of job creation”. In this 2020 budget, the Indian real estate sector is seeking a comprehensive, not a fragmented solution.

Naredco stated that the industry is faced with grave liquidity crunch challenges and that bold fiscal measures would be taken to revitalize the reeling industry.

Hiranandani said, “Home loan interest rates will be reduced to 7% pa and customers must get benefit from the rate reduction to resurrect demand”.

In order to boost sales, the industry recommended tax changes and the deduction on home loan interest to Rs 5 lakh from Rs 2 lakh to boost sales.

Naredco also called for the redefinition of “affordable housing”, since all the houses in the Mumbai Metropolitan Region (MMR) and most homes in the National Capital Region (NCR) and the other metros are not protected by the current concepts.

As specified in GST and income tax laws, houses are required to satisfy the two criteria of no more than 60 square meters of carpet area and a price cap of Rs 45 lakh in order to benefit from a reduced 1% rate of GST for affordable housing and a tax exemption for such projects.

“We suggest immediate abolition of the Rs 45 lakh price cap and the benefits are restored to all the houses which have an area less than 60/90 square metres,” said Hiranandani.

According to the Annual Report of real estate consultants Knight Frank, housing sales in the country’s top eight cities saw a marginal 1% annual growth in sales volumes in 2019. In 2019, the total sales volume increased to 245,861 units compared to 242,328 in 2018, and developers were aligned by reducing ticket sizes and unit sizes with the needs of homebuyers.

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The real estate regulator of Maharashtra allowed homebuyers to complete a stuck project in Pune run by the stressed company DSK Group.

More than 90% of the project has been christened “Sadaphuli” in Talegaon is finished in six years since it was launched, while buyers who have booked their apartments will now finish the rest, DSK financer Tata Capital Housing Finance, with the Maharashtra Real Estate Regulatory Authority (MahaRera), has a two-member panel appointed. In the case of a stressed project, realtors usually pass their rights to peers but for 161 home buyer’s future, DSK’s problems have become a challenge.

On 22 October, MahaRera ordered and revoked the project’s registration by resolution according to Sections 7 and 8 of the Rera Act.

This allowed home buyers or the association of allottees (AOA) to conduct the rest of the construction and to register the project sale agreements. The Authority has also led Tata Capital Housing Finance, a project investor and appointed MahaRera Resolution Committee, including developer Niranjan Hiranandani and consumer rights activist Shirish Deshpande, to support the AOA in the project completion.

A proposal for completion of this project to be submitted by February of next year was demanded from the AOA, Tata and the two-member panel. The development consists of 279 apartments to be constructed in two phases with 161 already sold.

In this first phase of two buildings, 100 apartments have already sold or booked out of a total of 184 apartments. While, in the second phase, almost 61 out of 95 apartments are sold or booked.

It also suggested that the AOA and Tata Capital Housing submit a cautionary application to NCLT, Mumbai Bench to make sure that they are heard and that the authority is aware of the efforts this makes to initiate insolvency proceedings against the DSK Group in case the operational creditor may opt for them.

DSK Group Chairman DS Kulkarni and his wife are currently being held in Yerawada jail in Pune for allegedly cheating almost 33,000 depositors and investors of nearly Rs 2,043.18 crore.

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The fifth consecutive rate cut this year by the Reserve Bank of India is in line with expectations and could probably help boost consumers’ feelings in advance of the festive season, a significant quarter for the selling of real estate. Nevertheless, real estate experts said it was not enough to help flagging consumer demand.

In the midst of the festival season, on 4 Octobers, the central bank lowered the repo rate – its main lending rate by 25 basis points to 5.15%. The repo rate is the rate at which RBI loans banks. In the past nine years, these rates have now reached its lowest level.

“The timing of the cut is important, as real estate demand and consumption are expected to increase after the festive season, as it is a major period for investment/consumption window across sectors. Although RBI has been making progress, it’s critical for banks to make the rate cuts more readily available for implementation to be successful,” says Anshuman Magazine, Chairman & CEO, India, South East Asia, Middle East & Africa, CBRE.

“The cost of capital will be lowered by efficient transmission not only to customers but also to developers, making room for price revisions and further discounts. Some banks have agreed to tie their lending rates to the Repo rates, but all major credit institutions must do so,” said Anuj Puri, Chairman – ANAROCK Property Consultants.

As we have seen, the aggregate REPO rate decreases by 110 bps have not been able to boost both consumer demand and private investment in the economy over the past 6 quarters.

“A number of factors, such as a slowing economic performance, rising unemployment rates and low consumer confidence, have hindered the percolation of these small quantum rate cuts to the broad economy. In this regard, a further 25bps rate, decreased by the RBI, is disappointing, especially in the field of real estate,” said Shishir Baijal, Chairman & Managing Director, Knight Frank India.

Niranjan Hiranandani – National President – NAREDCO notes that this year for the fifth consecutive time India’s Monetary Policy Committee continued its accommodations by reducing the repo rate by 0.25bps, which now stands at 5.15%.

“The pairing of the repo rate is a move that will boost economic growth, ensure that inflation remains subdued and promote consumption and investment. Only positive net worth firms across the industry are becoming the negative balance sheet with the prevalent short-term pressure of liquidity within the economy.

The current economic situation suggests RBI has the time to announce its one-time scheme like that introduced under the global recession scenario during the Lehman crisis in 2009 that would serve to fix the companies in distress,” he added.

People looking for a property will now invest which is a ray of reinvigoration for the diminishing market. This decision would help not only the real estate sector but also, the FMCG, education and the auto industry, said Spaciya Advisors founder & CEO, Ajit Panda.

Pradeep Aggarwal, co-founder and Chairman of the Signature Global and Chairman – ASSOCHAM National Council on Real Estate, Housing and Urban Development, says “Those who are interested in investment in affordable housing can now benefit from the fifth consecutive reduction as the pressure for their EMI will be reduced significantly.”

On a macro level, the overall pressure at the Indian property market cannot be alleviated simply by low lending rates-the industry has been slowing down in demand for several years. Even if the euphoric era before 2010 has been forgotten, new housing projects introduced in the top 7 cities in 2018 were 64% below the previous peak of 2014. Sales have also dropped by 28%.

Currently, the sector is still saddled with 6.56 lakh unsold housing units (as of Q3 2019) in the top seven cities, and developers are coping to allocate funds to complete projects and launch new ones, Puri said. The rate cut is closely linked to the recent announcement that a Rs 20,000 crore stress fund will be set up to finance projects stuck because of capital shortages.

“It is important that this Fund is put into action shortly and show remarkable results to enhance the sentiments of industry stakeholders such as FIs, PEs, developers-and particularly home purchasers. An announcement concerning the actual deployment of the stressed fund during the festive season will count into this rate decrease and provide a positive customer response,” Puri said.

The post RBI’s fifth Repo Rate Cut may increase the real estate sales in this last quarter of the year. appeared first on .