Sluggish sales, delays in new projects and a huge backlog have turned middle-class dreams of owning a home into a nightmare
PE investments dropped by 42 percent in the six months ended June compared to the same period a year ago
THREE UNDISPUTED and related facts stare the real estate industry in the face — a large number of undelivered residential projects, a significant drop in new launches and chary home buyers turning increasingly wary of investing in new projects. Together these ground realities have skewed the market sentiment of the realty industry.
Manoj Gaur, managing director of the National Capital Region (NCR)-based Gaursons India, feels the delays in possession of new homes have impacted market sentiment. A developer in Gurgaon says contractors have been asking for upfront money to restart construction work and laments that “funds are scarce”.
Supertech chairman R.K. Arora says developers are not solely responsible for delays in housing projects, but they are the ones who have to face customers. “A constant dialogue with buyers does help improve sentiments,” he says. Anil Sharma, chairman and managing director of Amrapali, believes that market sentiment will improve and buyers will pay their dues as soon as they get possession of their property.
Last year, a report by real estate analysts and researchers Knight Frank pegged the number of undelivered residential units at over seven lakh. This year, their report pegs the number at over 6.5 lakh units. Of course, builders, developers and real estate companies dispute these numbers and dismiss them as exaggerations.
Incidentally, several industry reports tell similar tales of delay and undelivered residential units. January data by real estate research firm Propequity, showed that about 7,300 residential projects of the 9,500-odd projects launched between 2008 and 2010 were still incomplete. More than 2,500 of the delayed projects were located in the Mumbai metropolitan region (MMR), followed by Pune, Bengaluru and the NCR.
هذه القصة مأخوذة من طبعة August 8, 2016 من Businessworld.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة August 8, 2016 من Businessworld.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Gauging Trumponomics For India
Despite some shortto mediumterm headwinds in trade and immigration, the broader Indo-US vision of counterbalancing China’s influence is expected to ensure continued cooperation under Trump 2.0
Reflections on Consciousness and Creation
Indian-American DEEPAK CHOPRA on the nature of the universe, the digital fabric of existence, and the power of a conscious mind
MORE TAKE TO DRIVING IN STYLE
High-end luxury vehicles are no longer part of a niche market, but a rapidly expanding segment of automobile sales, driven by changing consumer preferences, rising disposable incomes and better infrastructure
India's Growing Affinity for Swiss Watches: A Luxury on the Rise
NDIA'S ROBUST ECONOMIC growth, projected to exceed 6 per cent in 2024 and 2025, is fostering a rising demand for aspirational products. As disposable incomes increase, particularly among the expanding middle class, luxury goods such as Swiss-made watches are gaining popularity.
An ENRiching Outlook
KPMG's latest report shows energy CEOs being optimistic about the sector's outlook. ANISH DE, Global Head, ENRC, KPMG speaks to BW Businessworld's Arjun Yadav on what's driving this confidence
Paving the Path to a Sustainable Future
Salesforce's ESG journey has made an impact beyond the company. SUNYA NORMAN, SVP of ESG Strategy and Engagement at Salesforce, shares more on how the tech giant integrates sustainability into its core operations, supporting global goals while empowering employees
LEADERSHIP TRANSITION AT XIAOMI INDIA
Xiaomi India is experiencing a leadership evolution, beginning with Muralikrishnan B's departure as President by the end of 2024. This change underscores Xiaomi's shift towards nurturing local talent amidst dynamic global shifts. The story tracks key transitions from Manu Kumar Jain's leadership to Muralikrishnan B's impactful tenure, along with recent strategic hires, highlighting Xiaomi's alignment towards market adaptability and consumer focus
WEAVING SUSTAINABILITY
Once a modest home textile manufacturer, Jindal Worldwide has evolved into a vertically integrated textile powerhouse, spanning critical segments of the yarn and fabric value chain
FORCE FOR GOOD
FY24 saw capacity expansions for Century Enka in nylon and polyester segments, along with investments in modernisation, renewable energy, and safety initiatives
REIMAGINING TOMORROW
For V-Guard, tomorrow signifies progress, driven by today's actions, setting the foundation for future growth and value creation for all stakeholders
