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Top residential property investment hotspots in 2017

Posted on Dec 29, 2016
The top five hotspots for residential property investment in the country are Mumbai, Bengaluru, Hyderabad, Ahmedabad and Chennai. These cities are more or less regulars on most hotspots lists, but there is a sound rationale behind their consistent performance year after year. Not only are these cities attracting new businesses and industry, their respective governments are also investing resources in building adequate infrastructure to attract capital.
 
With their local economies growing, the influx of talent and skilled workforce into these cities is inevitable, and this naturally results in increased demand for residential properties. Also, the earlier slowdown in the economy and glut in the real estate sector has ensured that prices in these cities have come down, and developers active there have now invested in launching affordable housing projects that are in high demand. With the economy now on the growth path, more people will have money to invest in real estate - which still remains the investment preferred asset class for most Indians.
 
These cities boast not only of availability of basic infrastructure in terms of electricity, water and other amenities, but are also improving in terms of communication and commuting facilities such as metros and road development. They also offer a better quality of life because they have a good saturation of leisure and entertainment facilities. This factor boosts the potential for outright sales and increased rentals.
 
While Hyderabad, Bengaluru and Chennai are the IT hotspots, Mumbai is seeing Navi Mumbai's advancement as a growth corridor due to the increasing saturation of the mainland. These cities are seeing a constant growth in employment opportunities, attracting people from all over the country. This has naturally led to a lot of new residential projects being launched, especially in the high-demand affordable segment. As a result, NRIs looking for lucrative returns in new developments in these cities  can expect handsome growth in capital values over the mid-to-long term, and steady rental income in the meantime. Also, the regulatory environment turning pro-consumer on the back of RERA imminent deployment, investing in residential property is all set to become even more attractive for NRIs.
 
Other cities as strong contenders
Since the time the government announced the list of Smart Cities in 2016, quite a few other cities have also moved front and center on the investment charts. They are particularly on the radar of NRIs focused on residential property investment. These cities include Pune, Kochi, Vishakhapatnam and Indore. The IT/ITeS sector strong and growing in these cities, and they have the added attraction of being commercial hubs and educational hotspot of their respective regions. These cities will show a lot of potential for lucrative property investments in the future.
 
2017 - A Year of Change
By April, 2017, the entire country will be covered by the revolutionary Real Estate Regulation and Development Act, which has been designed for absolute consumer-friendliness. This Act will infuse a massive dose of transparency and efficiency into the entire Indian real estate sector. NRIs looking to invest into residential property in 2017 should focus on States where RERA is already active. If they have other cities in mind, they will not have to beyond May 2017, after which the real estate sector will be uniformly level playing field for everyone.
 
The recent currency demonetization exercise may keep a certain segment of buyers and investors away from the market for a while, but for those planning to invest in projects developed by reputed builders and using formal and legal channels of financing, this is the right time to invest. Also, a lot of developers will be looking to achieve better liquidity for their future projects, making the first 1-2 months of 2017 an ideal period for buyers to negotiate favourable terms. It should be kept in mind that the expected nation-wide implementation of RERA by mid-2017 will bring with it a lot of compliance-related cost escalations for developers, forcing them to raise prices even if they do not wish to.

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Demonetisation's bearing on Indian real estate

Posted on Nov 25, 2016
The government's demonetisation move has sent shock-waves through the entire Indian business community, and the real estate sector has definitely been affected as well - though not, perhaps, to the magnitude that market pundits have been predicting. In addition to this, the imminent nation-wide deployment of the Real Estate Regulation Act (RERA), w ...
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Bruhat Bengaluru Mahanagara Palike to remeasure all large properties

Posted on Nov 25, 2016
BangaloreThe BBMP has decided to remeasure 74 tech parks, 51 malls, 4,835 industries and 4,406 apartment complexes. The purpose is to correct area measurements declared by owners under the Self-Assessment Scheme (SAS), the BBMP tax and finance standing committee announced on November 22.Armed with an electronic device used in modern surveying and c ...
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In Mumbai: 3,000 flats in Dadar and Lower Parel at Mhada prices soon

Posted on Nov 15, 2016
Mumbais space-starved island city will soon have more than 3,000 houses on the block in three high-rise buildings, at prices significantly lower than the market rates.The houses will come up on prime real estate at Lower Parel and Dadar, where property prices go up to Rs30,000 a sqft. The construction is part of the states plan to redevelop the B ...
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States need to notify real estate rule by Nov 27

Posted on Nov 08, 2016
All states and the urban development ministry have got time till November 27 to notify the regulations for real estate sector. Till now rules have been notified by Uttar Pradesh and Gujarat, and housing ministry has notified norms for five Union Territories that have no legislatures.Housing ministry had approached the parliamentary Committee on Sub ...
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Delhi’s land pooling policy regulations yet to be notified

Posted on Nov 03, 2016
The Delhi government, Delhi Development Authority (DDA) and municipal corporations of Delhi have been told by the urban development ministry to sort out various issues to enable notification of regulations for the land pooling policy.The issues discussed at a meeting held on Tuesday included notification of 89 villages as urban areas by North munic ...
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Pune civic body serve notices to illegal properties

Posted on Oct 25, 2016
PuneThe property tax department of Pune Municipal Corporation (PMC) has issued notices to 200 illegal properties and has also sealed three properties. "The notices have directed the property owners to pay three times more tax. This amount will be charged as fine for failing to pay the tax on time," a statement issued by the civic body said.As per t ...
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Finally, govt. frames rules for regulating real estate

Posted on Oct 18, 2016
40 by-rules covering promoters, real estate agents, administration, authorities, tribunals and penalties cleared; focus on redevelopment schemes In what will come as a relief to home buyers, the State government has finally framed rules to set up a real estate regulatory authority to safeguard their interests. Formulated under section 84 of The Rea ...
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Ghaziabad to retain old building by laws

Posted on Oct 04, 2016
GHAZIABAD: Building by laws formulated exclusively for Ghaziabad in 2014 will continue to remain under implementation in the city despite the latest guidelines issued by the state government. The governments order in June 2016 issued directions to development agencies across the state to implement a new set of building bylaws.The board of Ghaziaba ...
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Real Estate bill to bring in transparency

Posted on Sep 27, 2016
The Real Estate (Regulation and Development) Act, 2016 will bring a much needed regulation and transparency into the burgeoning sector, said M Venkaiah Naidu, Union urban development minister.Inaugurating the fifth annual conference of Confederation of Real Estate Developers Associations of India (Credai), Naidu said the Act will create a set of ri ...
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Madras HC bans registration of unauthorised plots, houses

Posted on Sep 13, 2016
ChennaiIt also directed the inspector general of registration to circulate the order to all registering authorities in Tamil Nadu forthwith.Registering sale deed of houses built on unauthorised layouts will not be possible anymore in Tamil Nadu. The Madras high court on September 9, imposed a blanket ban on registration of sale deed concerning hous ...
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HC stays construction in Sunworld's Vanalika project in Noida

Posted on Sep 07, 2016
ALLAHABAD: The Allahabad high court on Tuesday ordered a stay on any further construction in the Sunworld Vanalika Housing Project in Sector 107, Noida, and directed the developer as well as Noida authorities to file their replies (counter-affidavits) within four weeks.The court also directed the developer to neither sell any flat which has been co ...
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Property consumers want ministry to tweak Real Estate Regulation Act

Posted on Aug 31, 2016
Afraid that the Real Estate Regulation Act (RERA) might not help revive their stuck housing projects, home buyers are lobbying with the government to shine some light on the issue. 'Fight for RERA', a pan-India grouping of home buyers, met Minister of State for Housing Rao Inderjit Singh to talk about builder centric rules under the legislation whi ...
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Indian Govt. to penalize builders who don’t hand over finished residential projects on time

Posted on Jul 01, 2016
The draft real estate rules formulated by the housing and urban poverty alleviation ministry has proposed that property developers will have to pay 11.2% to buyers if they fail to hand over the apartments and villas to the buyers on time.The rules is considered as a big relief to home buyers who have had a bad experience with apartments being deliv ...
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Gera Developments fined Rs 50,000 for partial completion certificate in Pune project

Posted on Jul 01, 2016
PUNE: The district consumer court has imposed Rs 50,000 cost on Gera Developments Private Limited and its two directors for not complying with their "statutory obligation" of obtaining a full completion certificate and executing deed of apartment in favour of each unit owner in a condominium at Lullanagar.Rohit Gera, one of the firm's two directors ...
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Dharavi Re-development project once again empty of Builders Bids, date extended

Posted on May 10, 2016
The Dharavi redevelopment project once again drew a blank as developers did not submit any bids. The date for submission has now been extended to May 20The Dharavi redevelopment project once again drew a blank as developers did not submit any bids. The date for submission has now been extended to May 20.Builders have contested the Dharavi Redevelop ...
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Govt warns developers for cheating home buyers

Posted on May 06, 2016
The government has warned the developers with “strictest” possible action if they take consumers “for a ride” even as it sought to allay their fears over the proposed Real Estate Regulatory Authority, saying it would be regulation and not “strangulation”.Minister for Urban Development, Housing and Poverty Alleviation M Venkaiah Naidu said the Real ...
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Hike in property tax capped at 20%

Posted on May 06, 2016
BangaloreThe BBMP on April 28 partially rolled back the property tax hike it had effected, capping the increase at 20% for residential properties and 25% for non-residential properties.The civic body said it took the measure following revelations that the hike had, in some instances, touched 40% for residential buildings and 50% for commercial prop ...
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CCI rejects complaint against Housing.com, 4 other realty portals

Posted on May 05, 2016
NEW DELHI: The Competition Commission of India has dismissed allegations that five real estate websites, including Housing.com and Magicbricks.com, abused their dominant position by putting in place 'no brokerage policy' for realty deals.The Confederation of Real Estate Brokers' Association of India -- with around 20,000 members -- had also filed t ...
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Homebuyers may have to shell out Rs. 60,000 to Rs. 1 lakh extra

Posted on May 03, 2016
Homebuyers, who are already suffering because of delay in completion of group housing projects, have another reason to worry. Those who have properties (flat, shop or plots) in sectors 45, 72, 73, 74, 75, 76, 77, 78, 79, 128, 129, 134, 150 152 and some other areas may have to pay additional money for the payment of hiked compensation to farmers who ...
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