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Real estate sector to cross USD 1 trillion by 2030: Housing Secretary

Real estate sector to cross USD 1 trillion by 2030: Housing Secretary"By 2030, when we are projecting our economy to go up to USD 10 trillion, nearly 10 per cent of that will come from the real estate sector itself," he added.NEW DELHI: The size of real estate sector is projected to cross USD 1 trillion by 2030, Housing and Urban Affairs Secretary Durga Shanker Mishra said on Monday. "In 2019-20, real estate sector contributed nearly 7 per cent to our GDP. Its total contribution was to the tune of USD 200 billion to our GDP....And projections are that by 2030 this number is going to cross USD 1 trillion," Mishra said. https://etimg.etb2bimg.com/photo/83115285.cmsHe also noted that real estate is an important sector for the economy with around 11 per share in the total employment numbers. The secretary was speaking at a virtual event to launch Housing Price Index, created by realty portal Housing.com and Indian School of Business (ISB) in association with industry body NAREDCO. "By 2030, when we are projecting our economy to go up to USD 10 trillion, nearly 10 per cent of that will come from the real estate sector itself," he added. Mishra said the sector is also very important from the point of view of employment and highlighted that out of 50 crore jobs, real estate provides 5.5 crore employment opportunities. The secretary said the real estate sector has transformed in the last seven years and implementation of the Real Estate (Regulation and Development) Act, popularly known as RERA, has played an important part in making a paradigm change. He said the central law has already been implemented across all states/UTs, except West Bengal and Nagaland. Mishra said a large number of real estate projects and property brokers are registered under RERA. The government has taken various measures in the Budget of last seven years to spur growth in the real estate sector, he added. "Every Budget has some announcement for real estate sector." The secretary emphasised on having robust digital platforms for smooth and transparent real estate buying-selling process. Mishra said he had asked CREDAI and NAREDCO, the two major associations for real estate, to create a digital platform for real estate, similar to Amazon, and some progress has been made in this regard. On Housing Price Index by Housing.com and ISB, Mishra said the data will be collected from developers and then the same will be analyzed through data analytics. The secretary said the index will give an insight for the further growth of the sector. Mishra said the index will be beneficial for homebuyers as well as policymakers.
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Housing minister Hardeep Singh Puri explains model tenancy act

Housing minister Hardeep Singh Puri explains model tenancy actThe government of India on Wednesday approved the Model Tenancy Act, 2021 with a provision to set up district-wise rental courts, authorities and tribunals across the country. The Union Cabinet chaired by PM Modi approved the Act for circulation to all states and UTs for adaptation by way of enacting fresh legislation or amending existing rental laws.Minister of Housing and Urban Affairs Hardeep Singh Puri discussed the merits and challenges of the Model Tenancy Act for rental housing in India with ET Now's Nayantara Rai. Edited excerpts:Regarding the Model Tenancy Act, how will you change the psychology of people to follow this once the states follow suit? What will be the biggest challenge according to you? I would hardly describe myself as the Chief Architect of this Model Tenancy Act. The idea of a Model Tenancy Act has been around for a long time and I am a relative newcomer to the scene. I have only joined the council of ministers in September of 2017 and this idea was very much around. Let me tell you, there was a GoM Form sometime in 2019, but even before that when my friend Arun Jaitley was the Finance Minister, I recall attending meetings in his room regarding it. So, it has been going around for a long time. You are right in describing this as a model act because land is a state subject. If we were to enact legislation at the central government, the state would say you are intruding on our turf. So, it is a model act and the purpose is to provide a regulatory framework which is benign and results in the large stock of empty units, both residential and commercial in urban areas as well as rural areas, to become available. How will they become available? Because landlords will hopefully with this new dispensation coming have the confidence to be able to allow their properties to be rented out based on modern contractual conditions – which the states will provide through either the existing legislation or by enacting new legislation – and on terms and conditions to be agreed between the buyer and the seller of the service, which is a tenant who is getting the premises for a defined period of time on terms and conditions which the landlord will provide. It is a very important step and something that we have been waiting for. It will apply to all transactions prospectively and I think the greatest challenge always was how do you anchor this new dispensation in a dispute settlement resolution or a dispute resolution mechanism which takes it away from the cumbersome and often endless bureaucracy of the courts, etc. We have been able to do that and I think implementation will come quickly. Relief will also be seen both by the users and by the economy in general. According to the 2011 census, we had over 1 crore units which were lying unutilised. This is the 2011 figure, it may well be higher now when we get the next census figure. We will be sending this out to the state governments and the UTs. All the other things: how you implement it, how people get the confidence will follow very quickly. Mr Puri as you mention, this is going to be prospective. What is it going to do for the rent ceiling which is already in place or the pagdi system already in place? First off, every time you try to bring in any reform, you can start with the safe presumption that there will be challenges. Therefore, we have factored that in when we enacted RERA. I think it was sometime in 2016, there were attempts including in very powerful circles to somehow scuttle it because they thought ‘oh my god’. This is both the strength and the weakness. For 70 years of our existence as an independent country, we did not have a regulator in the construction area which is one of the largest contributors to employment and to the GDP, etc. When the law saw the light of day after a big struggle, people decided that they wanted to scuttle it. What happened? They mounted legal challenges. The challenges were taken up in the Mumbai High Court and I am delighted that those challenges were met. We were able to implement RERA throughout the length and breadth of the country, except one famous state which decided to enact its own legislation in the form of RERA, which is West Bengal. That legislation was challenged in the Supreme Court and on 4th May this year the Supreme Court squashed it. In this state, we looked at all that. First of all, the current problem is that a lot of residential and commercial units are lying vacant. Those which are under pagdi are already occupied whether the pagdi was paid 10 years ago or 50 years ago in some cases. They are informal arrangement. That is a different issue, but that system is in place. In this case, there is no system. Therefore, the landlord will not give the premises on rent to a prospective tenant. So, what we will do is that it applies to all prospective. I have no doubt personally that with the passage of time and when this Model Tenancy Act becomes entrenched in the law, rules, and regulations of the state governments and the union territories, all the other areas will also see some benefit. You know, people go to courts and the civil courts may tie them up in knots, etc. Then you already have a cumbersome traditional system of pagdi. We leave that aside for the moment. Now you will have a dispute settlement machinery which will be timebound through rent authority and adjudicating authority, etc. So, they will resolve these differences within 60 days. This will have a very positive demonstrative effect and all the others will begin to see reason, as we saw in the case of RERA where all kinds of problems came up. But as we started implementing RERA, we discovered that at the end, not only were the home buyers happy, but even the builders, etc., decided that they saw merit in utilising and practice it. I am not saying that all is hunky dory, but whenever you try to introduce reform, it takes time for things to fall in place. In the Model Act, the security deposit is two months in the case of residential property and six months for non-residential. Why should the government be fixing that at all? Should that not be a private negotiation? My understanding is this is only indicative, we are not prescribing any limits. At the end of the day, it is the states which have the primary jurisdiction for this, and the landlord and the tenant who will determine it. I mean it is entirely possible that you may own a property which you think requires a deposit which is higher, and if I am a prospective tenant, I may or may not agree. But whatever happens, we will register that property on the portal, then the terms and conditions which the tenant and the landlord have agreed to will also find mention there along with what are the responsibilities of the tenant and landlord, and two months for residential and six months for non-residential is a broad indicative template. It is entirely possible that states determine that based on their own local requirements, which may be more or less. Central government is only putting forward a template comprised of what could be regarded as best practice.You mentioned that as per the 2011 census information, there are 1.1 crore vacant houses that we have. What is the expectation? Would builders now look at maybe renting them out? Or will institutional investors/corporate take houses and lease them out to employees? Let me start by providing you a perspective of what my understanding is. You see, we have under Pradhan Mantri Awas Yojana urban – and the figure is much higher for Pradhan Mantri Awas Yojana Gramin – already envisaged 1.12 crore of residential dwelling. Now we are doing that and we are doing affordable rental housing complexes following our experiences with the pandemic; both in model 1 and 2. Some commercial entities will build new places for renting for their own staff. There are existing properties that we have put. In all these cases, there was always hesitation ‘ki ek baar aapne kiraye pe de diya’ you may kiss ever getting your property back goodbye because of the experiences of the past. Earlier there was a system like pagdi, there were other informal systems, I do not want to go into that. That is why some landlords did not want to give their homes to private tenants. They would only want to do company lease because that way you can at least move the registrar of companies. Now with this Model Tenancy Act coming into being, hopefully the landlords will get comfort for all categories. There is affordable housing being built by private people. Surely, no builder after constructing a massive complex wants those to be kept vacant. I mean they have borrowed money on the market, they are paying cost on the capital, and they would like to utilise them. Similarly, people who bought the places would want to either live in it themselves or give them out on rent. So, everybody gets a sense of confidence through this Model Tenancy Act and I expect that the impact will be visible in a short time frame. This is also going to be for commercial real estate?Yes, this is regulatory framework for residential and commercial, urban and rural.Do you think this will help reviving the real estate sector? How important is this going to be to revive the market and also to bring back confidence?Well first and foremost, I am a strong believer that people will want to own houses irrespective of whether there is a pandemic or not. In fact, we have seen some revival of the market taking place independently in certain metropolitan areas, etc., even before the second wave came. Of course, then there was a slowdown on account of the second wave. This will certainly be a positive contributing factor. But you know, the Model Tenancy Act has just been passed by the cabinet today, it is too early in the day to be able to quantify the benefit it will generate in the next two weeks. I have no doubt that all the properties that have been built have benefited from RERA because now builders can no longer divert the funds collected from unsuspecting home buyers. They have to employ 70% of those funds in an escrow account to be utilised on the project. That siphoning off is stopped and those projects where maybe the sales have not taken place, maybe some of them would want to put them out on rent. It is a very interesting situation.We have a lot of demand for housing and we have availability of housing. Why is it that when there is a demand and there is availability, things cannot be done because there were some gaps. Now the fourth quarter 2021 GDP figures have been released that show construction is in the positive trajectory. Last year the first quarter was bad. Why was it bad? Because on 25th March we went in for a complete total lockdown. Then we started opening towards the end of May, therefore we had virtually lost April and May totally. June when we opened up there was very small opening up. Now you had a 23% contraction in those three months. That contraction in the second quarter went to 7.5%, then a little more. By the time we reached the fourth quarter, the good news is that we had a 1.6% overall increase which put us in positive. So, my first submission to you Nayantara is validated, that construction by itself is there with the Model Tenancy Act coming into play. That will receive a further fillip of boost. To what extent? I am a careful person, I cannot quantify. If you have many more programmes of the kind you are doing now and use your medium to disseminate information on the Model Tenancy Act, which I have every intention of doing in the coming few days, it will instil confidence in the consumers, in the land owners or in the owners of building, owners of properties, residential or commercial. I think it is a very positive step.Follow and connect with us on Twitter, Facebook, Linkedin
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Maharashtra set to implement model tenancy act: Housing Minister

Screenshot-2021-06-04-at-1.20.21-PM Maharashtra set to implement model tenancy act: Housing Minister
Maharashtra set to implement model tenancy act: Housing Minister“We will evaluate and study the act minutely as it has only been okayed yesterday,” state housing minister Jitendra Awhad told TOI on Thursday.Maharashtra set to implement model tenancy act: Housing MinisterPUNE: Officials of the state housing department will study the Model Tenancy Act thoroughly to see how best it can be implemented in the interest of the people.“We will evaluate and study the act minutely as it has only been okayed yesterday,” state housing minister Jitendra Awhad told TOI on Thursday. The Union government has already said that the states are free to make changes as land is a state subject.Meanwhile, Shantilal Kataria, Credai vice-national president, said that the act would boost the rental segment in the state. “It is a long-awaited model act and this being a state subject, the government would be expected to adopt it and form rules and appoint competent authority at the earliest,” he said. He further stated that the act would protect the interest of both tenants and owners and ensure speedy adjudication mechanism for resolution of disputes. Anuj Puri, chairman, Anarock Property Consultants, said the act could fuel the rental housing supply pipeline by attracting more investors, and more rental housing stock would help students, migrant population to find accommodation.Follow and connect with us on Twitter, Facebook, Linkedin
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Arun AION site status

We are well aware of the curiosity and being safe in such conditions. so please find the site status of Arun Aion.Work as on 4 June 20211)External Plaster of double height terrace of Flat to 406 final coat plaster is in progress 2)Blockwork of touch up at flat no.306 to 406 is in progress 3)M sand shifting at 6&7 the floor is in progress 4)lift1 pardi & staircase1 casting work at 10 the floor is in progress 5)bottom fixing of 12th slab is in progress 6) Concealed stop cock fitting work at 2nd floor is going on.7)Window grill making work is going on.8) Ghadai work at 3rd floor & material shifting work is in progress .
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land and encroachments after merger, PMRDA gets deposits and staff

Pune: PCMC gets major portion of land and encroachments after merger, PMRDA gets deposits and staffRuling BJP in Pimpri-Chinchwad has opposed the move to transfer undeveloped reserved land to PCMC and said Maharashtra government took a unilateral decision on the merger.Manoj Dattatrye MoreWith the Maharashtra state government notifying the merger of Pimpri-Chinchwad Newtownship Development Authority (PCNTDA) with Pimpri-Chinchwad Municipal Corporation (PCMC) and Pune Metropolitan Region Development Authority (PMRDA), PCNTDA or Pradhikaran will now cease to exist, officials said.“With the government making gazette notification of merger of PCNTDA or Pradhikaran area with PCMC and PMRDA, PCNTDA has now become history,” said PCNTDA CEO Bansi Gawli.As per the notification, the PCMC will get all leased land, all land reserved for public purposes and all encroached land. The ruling BJP in Pimpri-Chinchwad has opposed the move to transfer undeveloped reserved land to PCMC.On the other hand, the PMRDA will get PCNTDA’s office, commercial complex, residential complex, fixed deposits and other investments. The PCMC will remain the special planning authority of all PCNTDA areas. “This means building construction permission and powers for approving TDR-FSI will rest with PCMC,” officials said.Speaking to The Indian Express, Gawli said, “Of the 1,875 hectare of land with PCNTDA, the PCMC will get at least 1,300 hectares of land while PMRDA will get around 375 hectares. This is our initial estimate. The entire process of distribution of land will take around 5-6 months.”Also Read |Merger with PCMC, PMRDA: PCNTDA ceases to exist; PCMC gets major portion of land, PMRDA gets deposits, staffGawli said all the land in the Pradhikaran area had been leased out to the public. “The leased land is around 1,000 hectares which will go to PCMC. Besides, there is 240-hectare land where encroachments have come up. These encroachments will now be on PCMC’s lookout. And there is land reserved for public purposes. It will go to PCMC. In fact, vast areas of developed land are already with PCMC,” he said.– Stay updated with the latest Pune news. Follow Express Pune on Twitter here and on Facebook here. You can also join our Express Pune Telegram channel here.Gawli said all PCNTDA employees will be transferred to PMRDA. “We have permanent staff strength of around 50. And around 100 temporary as well as on deputation staff. The permanent staff will be transferred to PMRDA. As for the rest, the PMRDA will take the call,” he said.“We don’t have any loan. But the liabilities like bill payment to contractors will be taken over by PMRDA. The total deposits of Rs 150 crore will go to PMRDA,” he said.While PCMC will be the special planning authority in many sectors of the Pradhikaran area, PMRDA will get only a small amount of land to look after. “PMRDA will have jurisdiction over only four sectors. This means the building permission, TDR and FSI will be decided by PMRDA in these four sectors. On the other hand, PCMC will have jurisdiction or will be the planning authority in the remaining 38 sectors. Similarly, PCMC will have jurisdiction over three sub-district centres or commercial centres while PMRDA will look after a solitary centre,” Gawli said.The BJP, however, is not happy with the decision to transfer land reserved for public purposes to PCMC. “They should develop the land and then transfer it to PCMC. Otherwise, for developing the land, PCMC will have to spend a lot of money on providing water, drainage, electricity and other amenities,” said BJP MLA Laxman Jagtap.BJP state secretary Amit Gorkhe said, “Pradhikaran was set up for providing affordable housing for the working class. Several acres of land was taken from farmers. This developed land will now go to the PMRDA area. This is an injustice to the farmers.”Gorkhe said the state government did not even take the public representatives into confidence on the merger. “This is a unilateral decision. We are against it,” he said.Jagtap said the state government has not yet announced what it proposes to do with the land of hundreds of farmers acquired by PCNTDA. “For decades, they have been awaiting compensation,” he said.Reacting to this, Gawli said, “As per the notification, the compensation in terms of 12.5 per cent development to farmers will have to be decided by the authority in which their land exists. For instance, if the land is in the possession of PCMC, then it will have to give compensation to the farmer.”
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India expected to grow at 8.3%, says World Bank

India expected to grow at 8.3%, says World BankThe growth rate forecasted for India for 2021-22, the World Bank is an upward revision from its January forecast of 5.4%.Sriram LakshmanIndia’s economy is expected to grow at 8.3% for Fiscal Year 2021-22 as per the World Bank’s latest projections. This rate, however, masked the damage caused by the “enormous” second wave of COVID-19, the Bank said in its June 2021 Global Economic Prospects released on Tuesday. The world economy is expected to expand 5.6% , the fastest post-recession growth rate in eighty years, but global output will still be 2% below pre-pandemic projections by year-end.The growth rate forecasted for India for 2021-22, the World Bank is an upward revision from its January forecast of 5.4%. However this revision “masks significant expected economic damage from an enormous second COVID-19 wave and localized mobility restrictions since March 2021,” the report says, adding that activity will follow the same but less pronounced collapse and recovery seen in last year’s COVID wave.“Activity will benefit from policy support, including higher spending on infrastructure, rural development, and health, and a stronger-than[1]expected recovery in services and manufacturing,” the report says.For FY 2022-23 growth is expected to slow to 7.5% as a result of the pandemic’s lingering effects on the balance sheets of households, companies and banks and possibly low levels of consumer confidence and heightened uncertainty around job and incomes.For India the massive COVID-19 wave had undermined the sharper than expected rebound in activity for the second half of FY 2020-21 – particularly in services, according to the Bank. Since March, foot traffic around retail spaces has slowed to below a third of what it was in pre-pandemic times.For the world as a whole, losses to per capita income will not be reversed by 2022 for some two-thirds of emerging market and developing economies, the Bank said. Low income countries that have lagged in vaccinations have witnessed a reversal in poverty reduction, with the pandemic exacerbating insecurity and other long-standing challenges.“While there are welcome signs of global recovery, the pandemic continues to inflict poverty and inequality on people in developing countries around the world,” World Bank Group President David Malpass said in a press statement.“Globally coordinated efforts are essential to accelerate vaccine distribution and debt relief, particularly for low-income countries. As the health crisis eases, policymakers will need to address the pandemic’s lasting effects and take steps to spur green, resilient, and inclusive growth while safeguarding macroeconomic stability,” he said.
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Copy of Arun AION site status

We are well aware of the curiosity and being safe in such conditions. so please find the site status of Arun Aion. till dateWork as on 20 JulyWork-1). Block work is going on at flat no.808 & block shifting work from 9th floor to 8th floor. 2)Carpenter- at ugwt slab & pardi side shuttering work3)fitter- ugwt pardi lap length steel binding work.4)At 9th floor cleaning work is going on.5)Waterproof brickbat work is going on at flat no.301,313,401,404,413 6) Core cutting work is going on at 2 nd, 3rd ,4rth floor,2BHK - common toilet,for spout.
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Government to look into builders' demand to boost realty sector:

Government to look into builders' demand to boost realty sector: Housing secretaryNAREDCO's representatives made several demands before the secretary to revive both demand and supply in the sector that has been badly affected by the COVID-19 pandemic.Government to look into builders' demand to boost realty sector: Housing secretaryNEW DELHI: Housing and Urban Affairs Secretary Durga Shanker Mishra on Friday said the government will look into various demand of the real estate industry, including an extension of timeline for completion of projects by 6-9 months.He highlighted various initiatives taken by the government in the past seven years such as development of 1.12 crore houses under the Prime Minister Awas Yojana (PMAY), launch of the Affordable Rental Housing Complex scheme for migrant workers, 'infrastructure' status to affordable housing, and 100 smart cities. Mishra was addressing a webinar organised by realtors body NAREDCO. NAREDCO's representatives made several demands before the secretary to revive both demand and supply in the sector that has been badly affected by the COVID-19 pandemic. The association sought extension of timeline for completion of projects by 6-9 months under the realty law RERA, extension of all building permissions till March 2023, rationalisation of government taxes on real estate, and control of rising prices of cement and steel. It also sought reintroduction of interest subvention scheme, grant of input credit tax on GST paid in leased commercial real estate, suspension of insolvency law for some more period, and an online environment clearance system. Responding to the demand of extension of timeline for project completion, Mishra assured that he will "go in detail" to understand the matter. "If need be, we will take this matter to RAC (RERA Advisory Council)," he said. However, the secretary did mention that this relief was given last year because of the imposition of the national lockdown. On high taxes levied by the central and state governments on real estate, Mishra directed the ministry's senior officials to examine the matter in detail. "We will try to reduce government levies," he said. Regarding a rise in prices of steel and cement, Mishra said he took up this issue with the ministry's concerned and would discuss the issue again. On the PMAY, he said 1.13 crore houses have already been sanctioned and out of that, 48 lakh have been completed and handed over to the people. The secretary informed that India's ranking in ease of doing business related to construction activities improved to 27 from 186. He said the new ranking is expected any time and expressed confidence that "we will be in top-20". The secretary said the real estate sector contributes seven per cent to the gross domestic product (GDP). It is a USD 200-billion industry and set to become a USD 1-trillion sector with rapid urbanisation, he added. Emphasising on affordable housing, Mishra said the highest housing demand is in economically weaker section (EWS) and low-income group (LIG), and observed that the millennial also wants 2-3 BHK flats and not bungalows. Talking about the Central Vista Project, Mishra said the new Parliament building will be ready next year. He also rubbished criticism about this project. At the outset, NAREDCO President Niranjan Hiranandani said the construction activities have slowed down because of the second wave, as only 50 per cent labourers are working on sites. He demanded that timeline for completion of projects should be extended as it was done last year. NAREDCO Chairman Rajeev Talwar said all permission related to the development of projects should be valid till March 2023. Tata Housing MD and CEO Sanjay Dutt expressed concern about the abnormal price rise in cement and steel. He said steel prices have more than doubled while cement rates have gone up by 50-70 per cent in the past one year. Dutt also pitched for reintroduction of subvention scheme, under which builders agree to pay EMI on the behalf of homebuyers for a certain period. Neel Raheja of K Raheja group put forward demand related to commercial real estate and sought inputbtax credit benefit. Rajan Bandelkar from Naredco Maharashtra said the second wave has more impact on the sector than the last year's first wave. He demanded extension of timeline for project completion by 6-9 months as well as suspension of insolvency laws for some period. Ashok Mohanani, president of NAREDCO Maharashtra, was also present in the meeting. NAREDCO is one of the leading associations for the real estate sector with around 5,000 members.Follow and connect with us on Twitter, Facebook, Linkedin
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Pune real estate sector in need of government intervention

View: Pune real estate sector in need of government interventionWhile things are not as bad as initially feared, the Indian real estate sector has suffered greatly from the COVID-19 pandemic. Pune was no exception - like other cities, Pune also saw a complete halt in construction activity during the first pandemic lockdown period.After the relaxations, we did see construction activity pick pace gradually. In fact, many previously delayed projects were getting completed in the last year despite the pandemic.Even now, when cases are rising in the Pune Municipal Corporation (PMC) and Pimpri Chinchwad Municipal Corporation (PCMC) regions, the partial lockdown in Maharashtra allows at least construction activities where workers are present at the site.Large and medium-sized developers are able to take the necessary precautions at their sites, and can to some extent sustain their workers even during a slow construction period. However, smaller developers are in trouble - apart from lack of funds, smaller projects do not have enough space for labour camps.Spiralling Construction CostsIt is not just the lockdowns that are giving developers a hard time. Rising prices of cement and steel over the last one year have been a serious concern for developers. Developers have repeatedly sought the central government's intervention in the cartelization by cement and steel manufacturers which is leading to unchecked price hikes.The sudden and continuous upsurge in prices of steel, cement and other key raw materials used in construction has massively increased the overall construction cost for developers. This is a huge burden for all players - but again, it is the smaller, cash-starved builders who are most affected.Everyone Pays the PriceUnchecked construction costs ultimately impact project deliveries and result in stalled projects in many cases. This has negative consequences for all stakeholders. Developers are challenged to incorporate the additional construction costs without adding further to the burden of their customers. Homebuyers find property prices steadily going beyond their budget. And the government loses stamp duty and registration revenue which it can collect with better sales.We have already seen that government intervention can have very positive outcomes. The recent decision to keep the RR rates unchanged is much appreciated, but it was the limited-period stamp duty cut by the Maharashtra government which had boosted housing sales in PMC and PCMC significantly. Asking for an extension by few more months to keep the momentum going is perfectly justified.The current situation is extremely negative for real estate developers - not just in Pune, but across India. We earnestly hope that the government will consider supporting the sector much more.The real estate industry employs more than 40 million workers, supports more than 250 associated industries, and is a major contributor to India’s overall economic growth.Moreover, housing is a basic necessity and government intervention is very essential - especially in unprecedented times such as the pandemic.- By, Akash Pharande, Managing Director of Pharande Spaces
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The Trump Organization bullish on Indian real estate: Donald Trump Jr

The Trump Organization bullish on Indian real estate: Donald Trump JrNew Delhi: The Trump Organization is bullish on the Indian real estate, which is its biggest residential market outside the North America, its Executive Vice-President Donald Trump Jr. said on Saturday.New York-based The Trump Organization, which is a venture of former US President Donald Trump, entered into Indian real estate market through a partnership with Mumbai-based Tribeca Developers.The US firm and Tribeca have tied up with local developers, including the Lodha group, to build luxury projects under 'Trump' brand. So far, four luxury projects have been announced, of which one in Pune is already complete."I have been bullish on the (Indian) market for a long time," Donald Trump Jr said when asked about his future projects in India.He was appearing as a guest in a talk show with Kalpesh Mehta, the founder of Tribeca Developers, being organised by Alchemist.Trump Jr did not disclose about the company's future projects in India.The Trump Organization and its India partner are developing luxury residential properties of global quality and standards, he said.Amid the global pandemic COVID-19, Trump Jr said there has been a "dynamic shift" in real estate globally, especially in office market because of work from home and remotely.He said one has to see how it plays out post pandemic.When asked about the current market scenario, Mehta said the Indian real estate sector was reviving after the first wave of the COVID-19 pandemic but the recovery process has taken a hit because of this second wave.Maharashtra property markets had a strong recovery compared to the other markets, he said.Mehta said the real estate market will see a sharp growth once the pandemic gets over.In India, The Trump Organization has already completed a luxury project in Pune partnering with Panchshil Realty.It tied up with Lodha group in 2014 for housing project in Mumbai which is currently under construction.In November 2017, Trump Tower was launched in Kolkata comprising 140 ultra-luxury apartments and being developed by Unimark Group, RDB Group and Tribeca Developers.The fourth housing project at Gurugram, Haryana, launched in 2018, is being developed by realty firm M3M.Besides Trump Towers, Tribeca is independently developing few projects in partnership with other builders.This story has been published from a wire agency feed without modifications to the text.Subscribe to Mint Newsletters
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