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CREDAI Bengal Daily News Update | 02.11.21

Housing sector witnesses over 13% QoQ growth in aggregate

demand

Overall pan-India supply growth of 7.6 percent and price growth of 0.3 percent QoQ was

observed in Q3 2021, says the Magicbricks PropIndex report.

The residential real estate sector is witnessing signs of recovery after experiencing serious

economic repercussions caused by the pandemic. It is seeing a pan-India quarterly increase in

demand of over 13 percent during the quarter, said the latest Magicbricks PropIndex report for

the July-Aug-Sept 2021 quarter.

Further, the aggregate supply in the country jumped by nearly 8 percent Quarter on quarter (QoQ)

during the period.

Peripheral locations continued to garner attention in Ahmedabad, Mumbai Metropolitan Region

(MMR), Delhi NCR and Pune. In each of these cities prices witnessed a growth of 0.3 percent

QoQ during this period displaying high resilience of the housing markets compared to other real

estate classes in the country.

It is expected that this trend will continue for a few more quarters, until unsold inventories

decrease significantly, as most developers are expected to focus largely on launching affordable

and mid-range homes.

The real estate market of Delhi witnessed 29.1 percent QoQ growth in demand. Moreover, the

under-construction properties saw a significant increase in prices QoQ in almost all price

segments. On the other hand, Ready-to-Move properties did not see any major QoQ change in

prices during the last 5 years due to limited demand for the existing properties.

In Bengaluru, the housing market saw mixed results as demand increased by 6 percent QoQ and

supply decreased by 4 percent QoQ in Q3 2021. Given the relaxations in mobility and increase

in business operations, the city saw more buying interest as developers attract new home buyers

by offering pre-EMI option and 12 months payment holiday.

Hyderabad’s residential real estate, which remained resilient during the COVID-19 pandemic,

saw both demand and supply increase by 3 percent QoQ each in Q3 2021. There is a growing

preference for peripheral areas, which can be attributed to the various initiatives of the state

Newspaper/ Online Money Control (Online)

Date November 01, 2021

Link https://www.moneycontrol.com/news/business/real-estate/housing-sector-witnesses-over-13-qoq-growth-in-aggregate-demand-7661681.html

government to launch housing schemes and e-auctioning of plots for office spaces, in the outskirts

of the city.

Mumbai’s residential market witnessed a spike of 5 percent QoQ in demand after witnessing a

steep decline of about 16 percent in Q2 2021. Further, Navi Mumbai and Thane witnessed spikes

of 19 percent and 10.5 percent QoQ in demand respectively. The QoQ growth in demand was

predominantly supported by the new supply in the market, which went up QoQ by 15 percent in

Mumbai, 9 percent in Navi Mumbai and over 6 percent in Thane during the period.

The housing market in MMR is expected to pick up further due to the reduction in cases of

COVID-19 and the ongoing festive season and prominent developers are preparing for new

launches in the mid and affordable segments.

“With the festive season round the corner, the market is further expected to grow. There is more

clarity in the minds of consumers who were earlier waiting to buy properties even as they waited

for the pandemic to ease. These factors have brought optimism amongst developers as they

prepare to announce several new launches,"said Sudhir Pai- CEO of Magicbricks.

Peripheral regions remained the epicenter of demand spurred by easing of restrictions, which

helped to boost large scale economic activity and improve buyer confidence. This recovery can

be attributed to factors such as reduction in guidance value, digitization of land records, housing

schemes launched by the government and liquidity infusion through the SWAMIH fund, he said.

_______________________________________________________

Despite stamp duty rollback, over 8,500 housing units registered in

Mumbai in October 2021

The total government revenues realized through sale registrations equalled Rs 550 crore

which was 136% higher y-o-y

Despite the rollback of the stamp duty in Maharashtra, as many as 8,576 units were registered in

Mumbai which was 10% higher than September and 8% higher than the same month last year,

according to data from the Inspector General of Registration, Maharashtra.

As compared to pre- pandemic October 2019, registrations grew by 48% in October 2021. The

total government revenues realized through sale registrations equalled Rs 550 crore which was

136% higher y-o-y.

However, one must bear in mind the fact that in October 2020 stamp duty was charged at the

limited period incentivized rate of 2% while now it is charged at 5%. Despite the higher stamp

duty compared to October 2020, there was an increase of 8% in registrations in October 2021, an

analysis by Propstack said.

As for the total worth of properties sold, more than 11,000 crore worth of properties were sold in

Mumbai in October 2021 which is 4% higher than September 2021 when properties worth Rs

10, 581 crore were sold. However, it is a 5% decline compared to Rs 11, 640 crore worth of

properties that were sold in October 2020.

“The Mumbai market is showing good traction. The number of registrations have been higher

than the October 2020 period when the stamp duty was at 2%, indicating an upbeat demand.

There is also a pickup in the number of new launches as developers try to capitalize on the market

conditions,” Sandeep Reddy, co-founder at Propstack, told Moneycontrol.

“The healthy growth in the residential property registrations volume is a sign of recovering

markets. A consistent increase captured in last few months demonstrates the strength of demand

in the market as this continued surge in demand is despite roll back of government’s stamp duty

demand stimulant. The continuous growth has led to a new lease of life to the residential markets

and developers too are preparing for a stellar festive period this year,” said Gulam Zia, Senior

Executive Director, Knight Frank India.

Newspaper/ Online Money Control (Online)

Date November 01, 2021

Link https://www.moneycontrol.com/news/business/real-estate/despite-stamp-duty-rollback-over-8500-housing-units-registered-in-mumbai-in-october-2021-7662451.html

"While few developers have launched their new projects on the occasion of the festive season,

many are offering attractive pricing and flexi-payment plans that have boosted sales. The end-

user interest has increased mostly due to the all-time low home loan interest rate regime which

has provided the required fuel for the growth of the economy along with the real estate industry

with which several other allied sectors are linked," said Sandeep Runwal, president-elect,

NAREDCO Maharashtra and managing director, Runwal Group.

_______________________________________________________

Chandigarh housing board to auction 159 properties after Diwali

Of the 159 properties, 113 are commercial and the remaining 46 residential — 19 of freehold

nature. On the other hand, all 113 commercial properties are on leasehold.

Expecting a good income, Chandigarh Housing Board (CHB) is going to auction its 159

properties just after Diwali in the second week of November.

Of the 159 properties, 113 are commercial and the remaining 46 residential —19 of freehold

nature. On the other hand, all 113 commercial properties are on leasehold.

All these properties could not be sold in the previous auctions, pushing the board to plan another

one to draw interested bidders.

The online auction will start from November 10, according to the plan. The board will give ample

time of 20 days to bidders, with the last date of filing the bid to be November 30. The bids will

be opened on the same day and properties given to eligible bidders as per the process.

Reserve prices of commercial properties starts from over Rs 31 lakh and goes over Rs 2 crore.

The properties are located on the first floor and basement too. Besides other issues, their locations

were considered while fixing their reserve prices.

Commercial properties are located in Manimajra, sectors 38 (West) 40, 49, 51 and 61.

They are shops, small and big booths and bay shops with basement. The CHB in the recent past

had reduced the reserve prices of properties to attract buyers.

Bids open on Nov 30, says CEO Yashpal Garg, chief executive officer (CEO), Chandigarh

Housing Board (CHB), said, “The auction will start from November 10 and continue till

November 30.

The bids will be opened on the same date.

Newspaper/ Online ET Realty (Online)

Date November 01, 2021

Link https://realty.economictimes.indiatimes.com/news/industry/chandigarh-housing-board-to-auction-159-properties-after-diwali/87467989

The reserve prices of the properties will remain the same as they were in the last auction. Since

we have sold properties in the past auctions, we are quite hopeful to attract buyers for both

commercial and residential properties in the coming auction too.”

____________________________________________________________________________________

Finally, Chandigarh housing board plan to build 728 flats at IT

Park cleared

Recently, the UT had raised objection over the project owing to non-submission of area.

Now that the Chandigarh Housing Board (CHB) has deposited all the documents, it has

secured the nod.

The urban planning and engineering departments of the UT administration have approved the

plan to construct 728 flats under general housing scheme in around 16.6 acres of land of two

pockets at IT Park at Rs 643 crore.

Recently, the UT had raised objection over the project owing to non-submission of area. Now

that the Chandigarh Housing Board (CHB) has deposited all the documents, it has secured the

nod.

The board has got structure, public health, electrical, town planning and architectural related

approvals from the departments. All these points were assessed by the urban planning and

engineering departments. The CHB has moved the case for fire no objection certificate to the

municipal corporation (MC).

“The plan approval is significant as it was pending for past many days. We have already applied

for fire approval and then those for environment and pollution will be taken from the departments

concerned to start the project on the ground. As it is a first of its kind of major project of the CHB,

we are keeping an eye on each and everything so that the work can be started after taking all the

permissions,” an official said.

____________________________________________________________________________________

Newspaper/ Online ET Realty (Online)

Date November 01, 2021

Link https://realty.economictimes.indiatimes.com/news/residential/finally-chandigarh-housing-board-plan-to-build-728-flats-at-it-park-cleared/87467914

Goa government notifies draft development plan-2031 for four

areas

The South Goa planning and development authority (SGPDA) and the Greater Panaji

planning & development authority (GPPDA) have kept the ODPs of the planning areas for

viewing.

With three months to go for the 2022 assembly elections, the state government has opened up the

outline development plans (ODP) 2031 for Margao, Ponda, Kadamba Plateau and Panaji, even

though the present plans are valid till 2028.

The South Goa planning and development authority (SGPDA) and the Greater Panaji planning &

development authority (GPPDA) have kept the ODPs of the planning areas for viewing. The

planning bodies have also given a two-month period for the inputs regarding change of land use

and zone change.

The two planning bodies had submitted the draft ODP-2031 in September to the ODP-2031 in

October.

The BJP government made a similar move in December 2016, when the SGPDA opened up the

Margao and Ponda ODP. The move had invited allegations of corruption and favouritism as it

came just months before the 2017 state assembly elections.

Copies of the draft ODP-2031 of the Kadamba Plateau, Margao, Panaji and Ponda planning areas

have been kept for inspection at the offices of the SGPDA and NGPDA apart from the offices of

the municipal bodies of the respective areas.

“This authority is informing and requesting the public concerned and inviting objections, if any,

in writing, with respect to the draft ODP-2031 for a period of two months,” said the public

notification.

The two-month period is expected to end by December-end, while the announcement for the state

elections is expected in early January.

Newspaper/ Online ET Realty (Online)

Date November 01, 2021

Link https://realty.economictimes.indiatimes.com/news/infrastructure/goa-government-notifies-draft-development-plan-2031-for-four-areas/87453189

“The general public is further hereby informed that this authority shall hear the general public

who submit such objections and also who request for being heard in the office of the Greater

Panaji planning and development authority with prior notice,” said the NGPDA in a notification.

Incidentally, the present ODP was supposed to have taken care of the planning requirements till

2028, but has been opened up again as per the decision of the state government.

The NGPDA has already notified the ODP 2030 of the Arpora-Nagoa-Parra planning area while

in November 2020, the TCP approved the draft outline development (ODP) plan for the

Mormugao planning area.

Copies of the draft ODP-2031 of the Kadamba Plateau, Margao, Panaji and Ponda planning areas

have been kept for inspection at the offices of the SGPDA and NGPDA apart from the offices of

the municipal bodies of the respective areas.

____________________________________________________________________________________

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