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The author is Chairman - ANAROCK Property Consultants
Commercial office space growth – on a bull-run over the last six years – has also hit the pause button as many large companies explore the work-from-home option.
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The second tranche of the government’s INR 20 lakh crore economic package was unleashed for the benefit of migrant workers, traders, farmers and street vendors – and there was a real estate takeaway. In a big move, the government has announced the one-year extension of the CLSS scheme up to March 2021. This will help push demand for affordable housing.
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Yesterday's announcement is much in line with the government’s aim to spur economic growth and build a ‘self-reliant’ India. In the first of the series of announcements the FM will make over the next few days, the real estate sector, NBFCS/HFCs and MSMEs got a major boost on day one.
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• NCR is next with 15,600 unsold ready units, followed by Bengaluru with nearly 10,100 apartments • Hyderabad has least unsold ready stock of approx. 2,400 homes worth INR 1,870 crore • A total of 6.44 lakh units were unsold in top 7 cities as on March 2020 end • First-time homebuyers currently well-placed to negotiate good deals; home loan interest rates also at an all-time low of between 7.15-7.8%
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In a major move to kickstart at least some pent-up economic activity, the government today released the guidelines to be followed during lockdown 2.0. Offering some relief to the construction sector, the government has permitted activity to resume in non-Covid-19 hotspots, provided they follow strict social distancing guidelines. However, the guideline clearly mentions that no construction worker will be brought from outside and only those currently available on the site will be able to resume work.
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But is it enough? ANAROCK’S latest real estate research report provides critical data and insights
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Skyrocketing property prices, land saturation and subdued demand for mid-range homes in the tier I cities have led buyers and investors to explore more cost-effective markets in non-metro (Tier II & III) and suburb cities.
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Investments in Indian realty at $1990 million in first half of 2017; residential accounted for 54 per cent ($1075 million) of total investments
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