Let’s have a peek at the specially curated Indian Real Estate News from May 04 – May 10, 2021. These articles have been collected from the nation’s most reliable and trusted sources.
Blackstone Group to increase its investments in India
With already 22 Billion Dollars already invested in India over the past two decades, Blackstone Group, the international alternative investment management firm, claims that India is its most profitable market and is set to invest more. They have also committed to providing 5 Million Dollars into India’s Covid Relief funds.
BMC nods affirmative to Housing Societies to conducting Vaccine Drives
Mumbai: BMC has now permitted the housing societies to conduct Vaccine drives within its premises, amidst the rising Covid cases to curb the curve. BMC is now setting up 227 centres to provide free vaccines to the public. Along with this initiative, it can really change the game for beating the rising Covid cases.
IBM’s Kyndrl to set up an office in Kochi
Kochi: The tech giant IBM or International Business Machines is all set to mark its presence down at the Queen of Arabian Sea, Kochi. The company will have a new name, Kyndryl and the realty consultancy Cushman and Wakefield are scouting for IBM’s perfect address to commence its operations.
Godrej Properties lists down the loss of 194 Cr
Mumbai: Due to the pandemic crisis, the reality developer giant Godrej Properties had a total income loss of 60 percent within Q4FY21, which amounts to Rs 194 Crores. The group had a profit in Q4FY20 of Rs 102 Crores, and now the home sales have been weak, especially in tier 1 cities
Advantages of buying a property at ‘new launch’ phase.
If you are familiar with the real estate market, you might have heard terms like ‘pre-launch’, ‘new-launch’, etc. All these refer to projects which are newly launched. These are common terms that are used to market the property among prospective buyers. Investors show great interest in buying properties that are in the new-launch phase since they will be economical as compared to completed or ready-to-move-in homes. Hence the buyers can get maximum price advantage if they buy properties in the new-launch phase. Also, if you wish to buy a property in a particular locality of your choice, it is better to search for newly launched projects in the area. Apart from these, there are many other benefits of buying a new launch property. Let us find out what are the advantages of buying a property in its new-launch phase.
Early Birds Get the Best Price
Most of the builders will give attractive price offers during the initial launch phase. As real estate is a very competitive market, the players will try their best to attract buyers by offering such early bird discounts. Aspiring homebuyers can make the most of this opportunity to book a new home at the lowest prices. Whether you are planning to invest in a property or looking for a new home to stay, newly launched projects are a perfect choice any day. By doing a market research, you can find out that ready-to-occupy homes and semi-constructed projects will be priced on the higher side than newly launched projects. So if you want to invest in a budget property, look no further than a new-launch project.
Book Before the Price Hike
Another benefit of buying a property that is in the new-launch phase is that you can block the price before the rates go up. Price hike for properties following the new-launch phase is quite common in the real estate market. So considering this, investors mostly prefer buying properties when they are in the new-launch phase itself. Price hike can occur due to various reasons like increasing demand of property, new infrastructural development in the area, rising labour costs and cost of raw materials, revised laws, etc. Opting for a newly launched project will let you save a considerable amount for other future expenses. Also, you can consider selling the property in future when it is in the ready-to-occupy stage at a higher price and earn a high profit.
Customizations & Extra Features
If you are choosing a completed project, chances are less that you will get to own an apartment that offers the best view or with your preferred layout. But if you are buying a property in a newly launched project, you can very well choose from a lot and decide which unit best suits your requirements. You may want to get a customised interior layout or want to make minor changes in the design, all this becomes practical when it comes to a project in the new-launch phase. The same applies to gated villa projects as you can choose your custom design during the initial stages and create the home you have envisioned. And the good news is, you can get all these customizations done within your budget
If you are planning to expand your investment portfolio, the safest bet is to go for a newly launched apartment project or villa project. It doesn’t matter whether you are an experienced investor or a first-time homebuyer, buying a property in the new-launch phase will help you to save a lot of money and make a worthy investment. You should always choose a reliable and trusted builder with proven experience in the real estate market to avoid getting into unexpected financial and legal turmoils. Check for the RERA registration number and other legal documents mandated by the government before buying a property in India.
Now that you know the top benefits of owning a newly-launched property, you can start exploring the latest range of residential projects presented by Confident Group in Kerala.
Amidst the second wave of COVID-19 infection, India continues to hold the top spot on the world coronavirus map with millions of confirmed coronavirus positive cases. With the worldwide news on the progress of vaccination drive and production of COVID vaccines—some reported over 90% efficacy rate—it is only understandable that people are hopeful that vaccination drive will help improve the current situation in India.
What is the current picture of the vaccination program in India? Which vaccines are available? Who is eligible for them? Where are they being administered? Everything you need to know is right here.
Which vaccines have been approved?
India approved the Serum Institute of India’s (SII) Covishield vaccine in the first week of January 2021. The two-dose vaccine has been developed by SII in collaboration with Oxford University in the UK and AstraZeneca, a British-Swedish multinational pharmaceutical company.
The Covishield is based on the viral vector platform. In simple terms, it is made from a weakened version of a common cold virus, called adenovirus, from chimpanzees and has been modified to look more like coronavirus.
The Indian government has recommended an interval of 8 weeks between the first and second doses of the vaccine.
The peer-reviewed results of the Phase-III trials of the Covishield show that it is up to 90% effective. The results also revealed that the vaccine was only 62% effective when participants were given two full doses, but its efficacy rose to 90% when a half dose followed by a full dose was administered. It is effective against the UK strain and is being tested against the Brazilian variant too.
Covishield does have a few side effects, such as pain, redness, itching, swelling or bruising, feeling unwell, fatigue, chills, fever, headache, nausea, joint pain, and muscle ache, but they are mostly mild to moderate in nature and can be treated with over-the-counter pills.
It is also known to have triggered allergic reactions.
Along with Covishield, the DCGI gave the green signal to Hyderabad-based Bharat Biotech’s Covaxin in early January.
Covaxin is an inactivated vaccine. It contains the dead virus, which prompts an immune response but doesn’t infect or make the person sick.
It consists of two doses, given 28 days apart.
Bharat Biotech and Ocugen jointly announced that Covaxin demonstrated efficacy of 80.6% in the Phase 3 trials. The vaccine can induce antibodies that can neutralize even the UK and Brazilian strains.
Covaxin induces side effects including site pain, injection site swelling, injection site redness, injection site itching, stiffness in the upper arm, weakness in the injection arm, body ache, headache, fever, malaise, weakness, rashes, nausea, vomiting.
Vaccine registration in India
Appointments for vaccination can be booked through the CoWIN website or the Aarogya Setu app.
Keep in mind that every user of either platform can register at the most 4 beneficiaries.
Click on the ‘Register/Sign In Yourself’ yellow button. Those who are using it for the first time will need to register themselves with their photo ID proof (Aadhar Card/ Driving License/ PAN Card/ Passport/ Pension Passbook), photo ID number, name, and birth year. Those who have registered can sign in with an OTP.
Click on ‘Schedule Appointment’.
Choose the state, district, block, and pin code from a dropdown and select your vaccination centre and time slot.
‘Confirm’ your appointment.
Download the app on Google Play or iOS App Store.
On the app’s homepage, click on the ‘CoWIN’ tab on the top right.
Select the ‘Register Now’ option and verify your mobile number with an OTP.
Fill in details such as name, age, gender, year of birth, etc, and upload a photo ID proof.
Search for your convenient vaccination centre by entering the pincode, and choose the date and time of your appointment.
Upon successful registration, you will receive an SMS with the appointment details.
Once you complete your dose regimen, you’ll receive your vaccination certificate on the above two portals.
How long will the vaccination protect me?
The longevity of the immune response in vaccinated individuals is yet to be determined. Hence, continuing the use of masks, handwashing, physical distancing and other COVID-19 appropriate behaviors is strongly recommended.
Analysts believe that tier-2 cities will be the hotbed for future growth of the economy in general and the real estate market in particular While companies across industries have realised the advantages of work-from-home (WFH) in the backdrop of the Coronavirus pandemic, there has been a major shift of the workforce towards tier-2 cities, where the cost of living is less, the work and life balance is better and housing remains affordable. This has inspired Indian real estate developers, as well as state governments, to focus more on these high-potential and yet, neglected markets.
For example, in a tourist state like Goa, the government has been working in partnership with Software Technology Parks of India (STPI) to create the infrastructure to facilitate software exports and promote tech entrepreneurship in the region. As tech companies become location agnostic, options like Goa could attract more investment. Many other states are working to incentivise manufacturing in their key tier-II cities, as part of the Make in India programme. Analysts maintain that such cities, which may also be part of industrial corridors, could be hotbeds for future growth of the economy and the real estate market in particular.
What are tier-1, tier-2 and tier-3 cities?
Indian cities are classified as X (tier-1), Y (tier-2) and Z (tier-3) categories by the government, based on the population density. There are eight metropolitan tier-1 cities – Delhi, Mumbai, Bangalore, Chennai, Hyderabad, Kolkata, Ahmedabad and Pune. On the other hand, 104 cities are categorised as tier-2, while the remaining cities fall under the tier-3 category.
Tier-1 cities are densely populated and have higher living expenses. There are major international airports, industries, top multi-specialty hospitals, education, and research institutes in these cities. Urban planners and economists believe that certain cities, officially classified as tier-2, are as good as any tier-1 city. The economic activities and lifestyle in the cities like Gurgaon, Noida, Vellore, Coimbatore, Kochi, Thiruvananthapuram, Patna, Rajkot, Goa, Lucknow and Jaipur could elevate these cities to the next level in the coming years.
How COVID-19 has changed buyers’ preferences?
Aditya Kushwaha, CEO and director, Axis Ecorp, points out that the COVID-19 pandemic has altered how we live, work, learn and play. The overall health, hygiene and wellness concerns during COVID-19, have significantly shifted the focus towards spacious homes, set amid verdant greenery, away from densely packed cities.
Further, riding on the wave of sustainability and prospective investment, the holiday homes/secondary housing segment has emerged as a sought-after option for buyers, whose jobs and lifestyle have remained unaffected in the wake of pay cuts. People’s preferences have shifted from the top metro cities to tier-2 and other tourist destinations, he says. “Investors believe that they can find better entry prices, flexibility and sizable returns in such locations,” he explains, attributing the shift to the concept of remote working.
A residential and commercial real estate sector in India would be witnessing a strong comeback in the year lately. A strong rebound of the real estate sector in India is likely to happen because of government-friendly policies and the demand for the real estate sector in India, country should experience sustainable growth in the coming few years. According to an estimate, the real estate sector in India is likely to witness an expansion of 7.9% in 2021. In the subsequent years, the sector would grow by around 6.5% annually till 2030.
Experts are forecasting that the strong rebound of the real estate sector in India is due to government support and national-level real estate policies. The Ministry of Housing and Urban Development (MoHUA) has been allocated INR 50,000 crore for this purpose. Considering that there are several stalled projects in the country, the government has also sanctioned an additional INR 25,300 crore.
Besides Pradhan Mantri Awas Yojana(PMAY) which ensures the security of houses to the poor class of the country, the Government of India is aimed towards providing affordable houses to each and every person in the country. The people from middle- and lower-income groups would significantly benefit from these schemes. Experts reveal that they do not expect that this deadline would be maintained. However, the strong backup from the government would continue to fuel the growth of the real estate sector.
The government has also come up with certain privacy initiatives to lend its support to smart cities. With better infrastructure and management in place, the real estate sector would significantly benefit in the coming years. The government had launched the Smart Cities Mission in 2015, with the objective of developing 100 cities. All these cities would have a strong infrastructure in terms of civic amenities.
This includes efficient mobility in the urban zones, affordable housing, proper power, and water supply, and the deployment of technology to ensure safety and security. At the end of 2020, as many as 53 of these cities had functional, integrated command centers. This serves as the prime hub of administration in order to manage disasters and daily actions.
Experts also reveal that they expect the government to come up with reforms in FDI to boost investment in the real estate sector. In the coming years, 100% FDI investment in real estate may be on cards.