Property market in Delhi-NCR: 2018 will be a great year, here is why

The year 2017 was an eventful one for the real estate market in India. The overall real estate market came to a standstill, especially in the first quarter of the year just after the demonetization. Other surprises, such as the Real Estate Regulation Act, GST implementation, changes in Benami Transactions Prohibition Act, all impacted the transaction volumes, especially in the second half. Surprisingly, the commercial real estate market remained robust across India, including the NCR market. Till November 2017, we recorded approx. 34 million sq. ft. of leasing activity (excluding renewals and pre-commitment) at PAN-India level. Out of this, NCR shared about 18%, which translates to approx. 6.25 million sq. ft.

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The expectation is that the overall leasing volume will remain at par with last year. The demand for Grade-A office space was driven by technology companies, followed by engineering, manufacturing, BFSI and co-working operators. Although GDP shows a dull growth in the past 2-3 quarters, taking cues from the positive policy related initiatives, most large occupiers are reviewing their long-pending commercial real estate decisions. Tenants in expansion mode relocated and locked in large office spaces at favorable lease terms. The trend of pre-committing large spaces picked up this year and co-working spaces made their entry in the market in a big way.

Gurgaon has remained the preferred office destination in NCR with about 63% share in overall leasing. As per Colliers International, the leasing profile will be dominated by corporate offices of large IT/ITeS companies. As business confidence in the economy picks up, we expect these tenants to commit to large office spaces, especially in the Special Economic Zones coming up in Gurgaon. NOIDA is picking up, but as a market it is still contributing about 24% of the leasing volume. The lack of elite Grade-A building and building management is one of the reasons why corporates are shying away from this city, despite lower rentals.

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The supply-demand equilibrium will keep rents in check in peripheral locations. However, rents in micro-markets like Cyber City, certain parts of Udyog Vihar and NH8 in Gurgaon, Aero City in Delhi and sector 62 and Noida Expressway will continue to strengthen further. As per our observation, premium buildings will continue to command a premium over market average rates in supply-restrained locations, such as Cyber City and Golf Course Road exerting upward pressure on rents. However, there can be a downward pressure on rents in peripheral micro-markets and Grade B buildings. Thus, average rents are likely to remain stable over the short to medium term.

Golf Course Road Extension Road is positioning itself as a significant future development destination, with large upcoming supply. We expect urban infrastructure to get a boost, as work on the widening of the National Highway 8 (NH8) is going on in full swing and the Hero Honda Chowk Flyover is likely to see completion in 2017. The major infrastructure plans to decongest four major junctions of NH8, including IFFCO Chowk, Signature Tower Chowk, Rajeev Chowk and Hero Honda Chowk, is likely to improve the micro market in a big way. The work on these projects is moving very fast and we expect the completion of all these major infra projects by Q1 2019. All in all, 2018 is expected to be a great year for the commercial real estate market in NCR.

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New launches struggle, sales remain flat in Q2 CY2018: PropTiger Realty Decoded report

New property launches in Q2 CY2018, across the top nine cities, decreased by over 20 per cent, with developers waiting for the festive season to begin, while sales remained stable, according to PropTiger’s Realty Decoded Report for Q2 2018

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New launches across the top nine cities declined by 20 per cent in Q2 2018 (April, May and June) over Q2 2017, whereas, sales were within two per cent of last year, according to PropTiger.com’s ‘Realty Decoded Report’ for Q2 2018. The quarter did not witness many new launches, as developers are waiting for the festive season to launch new projects. Large cities, such as Mumbai and Pune, had a drop in new launches, whereas, markets such as Noida, Bengaluru, Hyderabad and Chennai, experienced increase in new launches. However, last year Q2 was an aberration, as developers advanced their launches to avoid approvals under the Real Estate (Regulation and Development) Act (RERA) regime.

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After a stupendous Q1 CY2018 sales performance, developers did not show similar aggression in their marketing and sales efforts in Q2 CY2018. Most developers are saving their marketing budgets for the upcoming festival quarters in Q3 and Q4 CY2018. Nevertheless, there is a silver lining for the industry, as both, Mumbai and Pune, which contribute nearly 50 per cent to overall sales, have seen their sales increasing by 15 per cent and nine per cent, respectively.

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One crore houses to be built under Pradhan Mantri Awaas Yojna-Gramin by 2019: Yadav

New Delhi: The government has set a target for constructing one crore houses under the Pradhan Mantri Awaas Yojna-Gramin (PMAY-G) by 2019, Minister of State for Rural Development Ram Kripal Yadav said today

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Yadav said as per an all-India level estimate 4.04 crore rural people were found without houses under the scheme but later the Gram Sabha eliminated 1.37 crore people from the list, leaving only 2.67 crore such people.

Replying to a query during the Question Hour in the Rajya Sabha, Yadav said of the 2.67 crore houses, one crore will be built by 2019 while the rest will be constructed by 2022.
The erstwhile rural housing scheme – Indira Awaas Yojana (IAY) — has been restructured into PMAY-G with effect from April 1, 2016 and is being implemented through state governments and union territories.

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Yadav said as on July 19, 2018 “A total of 42.56 lakh houses have been constructed” against the target of one crore.

In reply to a supplementary, Yadav said a total of 16 lakh such houses were to be built in Bihar but could not be constructed owing to problems like shortage of sand supply.

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The real estate market shows revival in this quarter

After an unpredictable 2017, the real estate market seems to have stabilized with the regulatory changes and market sentiment. However, there is still a long way ahead to find the right space but it’s not unachievable. As per the report by ANAROCK, recently NCR saw a whopping 59% increase in its new housing stock in April as against the previous month. In fact, NCR stole the show even on the sales front with a whopping 153% increase in April as against the preceding month.

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The size of properties is shrinking in most cities across the country so as to meet the all-important ‘affordable budget’ criterion. For instance, the average size of new launches in NCR was 1,853 sq. ft. in March 2018, and dropped to 1,323 sq. ft. in April as per reports. Happy Trails aspirational homes by Homekraft have struck the right chord with the premium towers that gives the luxury of having only 2 apartments per floor, with each measuring 1625 sq. ft., giving you freedom and space to live the life you have always wanted.

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However, HomeKraft with Happy Trails was able to create a strong demand in Noida and its vicinity backed by decades of brand equity that made ATS Group as one of the most sought-after brand in the region. Undoubtedly, the brand value of ATS & its value based homes is a huge parameter for such a success with world-class amenities under one roof. The response was significantly remarkable and have already set its benchmark in the real estate market. This overwhelming response has been a case study for some to create a value-based product in the affordable housing category.

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Lack of road signs in Gurugram

e’ve seen them all over, road or traffic signs or are a vital aspect of safe driving and are designed to keep people safe. To ensure the safety of drivers, smooth traffic flow and to reduce mishaps, road signages give out a number of messages regarding the road and what you as a driver should expect on the road.

Today, where traffic is the major problem of Delhi NCR, Gurugram is running with very few traffic signage. The city is known for its long-haul jams and it’s all because of either absent or poorly placed road signage. The lack of direction boards and poor traffic signs contribution towards accidents, traffic jams, and long detours.

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As per a 2013 report, Gurugram had more advertisements boards than road signage, concluded that navigating was next to impossible for an outsider owing to lack of signage. Based on recommendations made in the report, the court then directed the two bodies to improve the traffic signage. But five years later, the situation remains the same. At several stretches in the city, commuters continue to find (or lose) their way on a daily basis.

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Road signs may look like a small piece of infrastructure, but have a major role in ensuring safety on road. They help in maintaining safe driving conditions and reduce chaos on the road. Without these signs, no one would know how fast to drive, what direction to drive down a road, whether or not the roads being driven on having an upcoming hazard, or whether they are approaching a merge.

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Gurgaon emerging as the most celebrated city for business

Today, India has exceptionally emerged as a land of opportunities for both businesses as well as investment. Talking about Indian cities, Gurgaon has arisen as the commercial hub for people and investors who are looking to make fast bucks.

Over the last few years, infrastructure (especially office infrastructure) and transportation services have grown manifold and thus the number of people looking to invest in the region is increasing with each passing day. The city’s commercial real estate sector has witnessed an incredible growth in past few years. Currently, the city is offering better offices to business people at affordable price.

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Gurgaon’s good connectivity and full-bodied infrastructure riveted investors and occupiers to set up base in this market. The city provides fully furnished and best office spaces in entire Delhi-NCR. The giant multinational firms, blue-chip companies, IT/ITES and now start-ups have offices there. Start-ups have taken the rented space so that they can be close to the huge network of corporates.

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The city also supports robust social infrastructure, opening several fun and entertainment avenues to the vicinities. Decent connectivity along with a plethora of other factors are making the city a most celebrated location for business houses and these factors will further augment the commercialization in the city.

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How lucrative it is to become a real estate agent in India

“The land is the only thing in the world worth working for, worth fighting for, worth dying for because it’s the only thing that lasts” ― Margaret Mitchell

This quote from the book ‘Gone with the Wind’ still holds true for the contemporary world, and based on this raw truth, we can safely conclude that real estate would continue to exist for as long as we can think of. It could witness ups and downs, but that would further make the sector grow stronger. Infrastructure and real estate are the main pillars of a country and are reflective of its power and growth. Like every growing sector, real estate has its own set of issues but if one can figure out the formula to survive then it could be miraculously rewarding.

The developed countries treat real estate jobs as a highly dignified and distinguished sector, while in India, we are still struggling to bring transparency and sophistication in this sector. As we see, myriad multinationals willing to invest in Indian real estate, there is an increased need for highly skillful people in the sector. In India, the real state sector is unformatted and scattered without any defined hierarchy or protocol. The agents work in a callous fashion, which at times lead to fraud and thug.

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But with the blooming e-commerce industry, the dealings in the real estate are becoming streamlined. With portal like 99acres.com and indiahousing.com, we observe increasing transparency and trust. Thus, working as a real estate agent is becoming a lucrative career option day by day. With the government introducing new laws every now and then, it is slowly structuring itself.

Here are a few things one must know in order to become a real estate agent

The process of construction and the technical aspects of it.
The changing prices in different areas.
Various incentives that can be used to attract buyers.
The contact list must include various buyers, sellers, and builders.
The reputation of the different builders in the market.
Thoroughly study the offers that the competitors are offering.
Following are the thinking areas where one should concentrate before finalising on becoming an agent:

Level of dedication and passion to work 24/7
Ability to pursue people
Salesman skills – follow up and coordination
Here, one can decide to work independently and formulate a new setup or could contact big real estate companies for jobs. Both ways, there is learning and there are pros and cons.

Tips for Building a Successful Real Estate Career

Be tech savvy and keep yourself updated with the current affairs related to the sector. Be confident about your facts when you make a claim in front of the buyer.
Dress up smartly and be presentable, act professional.
Qualities can be developed and knowledge can be acquired but the first thing to have is an interest in the sector. In case there lies an interest, India would provide ample opportunities to grow.

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