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Pritam Chivukula - Co-Founder & Director, Tridhaatu Realty and Secretary, CREDAI-MCHI on RBI policy

Pritam Chivukula – Co-Founder & Director, Tridhaatu Realty and Secretary, CREDAI-MCHI on RBI policy

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"We thank the RBI for continuing with their accommodative stance. The second wave of the pandemic and intermittent lockdowns across major cities has led...
Kaushal Agarwal - Chairman, The Guardians Real Estate Advisory on RBI policy announcement

Kaushal Agarwal – Chairman, The Guardians Real Estate Advisory on RBI policy announcement

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"The RBI and especially the MPC are to be commended for maintaining an accommodative stance for the sixth consecutive time now. Their approach towards...
Annuj Goel - Managing Director, Goel Ganga Developments on RBI policy

Annuj Goel – Managing Director, Goel Ganga Developments on RBI policy

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"As per our expectations, the Reserve Bank of India (RBI) has retained the benchmark interest rate at the existing levels at its monetary policy...
Comments by Real Estate Experts on RBI Policy announcement Kaushal Agarwal - Chairman, The Guardians Real Estate Advisory "The RBI and especially the MPC needs to be commended for maintaining its accommodative stance for more than a year now. It’s approach, towards tackling the situation created by the pandemic and steps taken to help revive the economy, will go down in History as being one of the finest. Keeping in mind the resurgence of COVID infections across the country, a slight reduction in the key rates would have been widely celebrated. With the temporary reduction in transaction costs being withdrawn

Comments by Real Estate Experts on RBI Policy announcement

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Kaushal Agarwal - Chairman, The Guardians Real Estate Advisory "The RBI and especially the MPC needs to be commended for maintaining its accommodative stance for...
Anuj Khetan - Director, Vijay Khetan Group on RBI policy announcement "Keeping in mind the recent surge in the COVID-19 cases and the restrictions imposed, the monetary policy committee’s decision to keep key rates unchanged at four percent was on expected lines. This move is a much-appreciated step recognizing the role of the real estate sector in generating employment and economic activity.

Anuj Khetan – Director, Vijay Khetan Group on RBI policy announcement

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"Keeping in mind the recent surge in the COVID-19 cases and the restrictions imposed, the monetary policy committee’s decision to keep key rates unchanged...
Real Estate Experts on reduction in home

Real Estate Experts on reduction in home loan interest rates by leading banks

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Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty; Secretary, CREDAI-MCHI "The reduction in home loan interest rates by leading banks for a limited period have extended...
Ashok Mohanani – President, NAREDCO Maharashtra on reduction in home loan interest rates

Ashok Mohanani – President, NAREDCO Maharashtra on reduction in home loan interest rates

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"There is already a growing desire of owning a home as consumers look at it as a necessity in this unprecedented time of the...
Project fraternity on Maharashtra Government approving

Project fraternity on Maharashtra Government approving lowering of construction premiums

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Abhishek Jain, COO, Satellite Developers (SDPL) ''After being hit by the pandemic, the real estate sector has seen a solid recovery on the back of...
Quote by Rohit Gera Managing Director, Gera Developments on Outlook 2021

Quote by Rohit Gera Managing Director, Gera Developments on Outlook 2021

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"2020 dealt yet another blow to the struggling real estate sector.  However, the indomitable human spirit was also visible through the lock down and...
With the World Health Organisation (WHO) declaring it a global health emergency and pandemic on March 11, 2020, due to COVID-19, the sentiments of businesses worldwide were severely impacted and were mostly negative in their outlooks. The outbreak created a great deal of uncertainty regarding trade and imports across the globe. The real estate sector, too, touched the lowest of lows during the almost three-month-long nationwide lockdown. While construction activities came to a sudden halt, reverse migration of labourers made the resumption of work difficult. Developers faced severe liquidity constraints and homebuyers lost a significant appetite to buy a property. Home sales and new property launches suffered a great deal as the nation struggled to battle the pandemic. Government and apex bodies came up with plenty of fiscal measures to deal with the major challenge of liquidity funding. The various measures introduced by the RBI and Union finance minister injected liquidity into the market so that the economy can recuperate quickly. The Central Government and the various State governments would do well to stop further proliferation of the virus and handhold the Indian real estate sector in the times of crisis. Six months into the situation, real estate demand has piqued with genuine homebuyers willing to take advantage of value propositions coupled with payment plans given by a vast set of developers. Development work across construction sites, too, has begun, although at a slower pace. As there is a major shift towards digitization due to the pandemic; people who favour offline property search now prefer online real estate portals to search their dream homes. Online home sales have begun to gain traction and leading developers with a good track record will be the main beneficiaries of this change. There has also been a huge demand for virtual tours wherein home-buyers are opting the same either to shortlist or to finalise their homes. In a significant trend seen during Covid-19, unlike before many respondents seeking property from investment perspective prefer ready-to-move-in (RTMI) homes. The consumer preference has predominantly shifted towards affordable and mid-segment properties. There are several initiatives taken up to support the real estate sector by the Maharashtra Government which has already spurred demand and revived confidence in the industry. Also, the unanimous decision by NAREDCO Maharashtra to waive stamp duty completely on the sales of residential properties has added to the home buying euphoria and supported the Government’s efforts to push housing demand in the state. It has not only pushed stagnant housing sales northwards but also made home buying cheaper and supported the State exchequer mop up a whooping stamp duty in revenues in just two months. Such initiatives should be emulated by other state governments as it will be a good booster for realty at Pan India level. Knight Frank India, leading international property consultancy estimates that home sales volume in Mumbai recorded at 9,301 units in November 2020 registering a whopping 67% year-on-year (YoY) rise over the same month last year boosted by stamp duty cut and festive period of Diwali. This strong growth of 17% month-on-month (MoM) in November 2020 comes after a robust 42% MoM growth during October 2020 and massive 112% MoM growth during September 2020, when sales of residential property started to show an upward trend after months of COVID-19 induced slowdown. Mumbai has witnessed a cumulative residential sale of 22,827 units after the stamp duty cut during September-November 2020. The monthly run rate in this period after the stamp duty cut is approximately 135% or 1.35 times the monthly average of 2019. With steady decline in the number of COVID-19 infections across the country and the vaccine around the corner, we expect better days for the economy going forward along with the GDP growth to turn positive in Q4 this financial year The Repo rate cuts, lower home loan interest rates and newly announced affordable rental housing policy open new avenues for the segment. The industry players anticipate the upcoming Budget for Financial Year (FY) 2020-21 to relax income tax norms, offer single-window clearance and GST reforms. The helpful measures like easing out of the liquidity issues that are being faced by the sector can aid the buyers to make investments, thus lending a positive push to the vision of 'Housing-

Yearly Round-up & Outlook for 2021 for the real estate sector by Ashok Mohanani,...

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With the World Health Organisation (WHO) declaring it a global health emergency and pandemic on March 11, 2020, due to COVID-19, the sentiments of...
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