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SITE FOR SALE NEAR RAJARAJESHWARI NAGAR

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Realtors cut flat sizes in weak market HouseLiv.com

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Realtors cut flat sizes in weak market

Average size of apartments has shrunk 27% over the past five years from 1,400 sq ft in 2014 to nearly 1,020 sq ft in 2019.

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Realtors cut flat sizes in weak market MUMBAI:Market realities of ongoing liquidity crisis, changing buyer preferences and growing concerns about affordability have forced real estate developers' to reconsider their product strategies and prompted them to significantly reduce apartment sizes across seven important property markets.

Average size of apartments has shrunk 27% over the past five years from 1,400 sq ft in 2014 to nearly 1,020 sq ft in 2019. Mumbai, the country's most expensive property market, has seen the highest decline in apartment size by 45%, followed by Pune with 38% reduction in average unit size, showed data from Anarock Property Consultants.

Surprisingly, National Capital Region (NCR), one of the worsthit residential markets in recent years, has seen the least decline of merely 6% during this period to 1,390 sq ft, pulling ahead of Bengaluru where average flat sizes reduced to 1,300 sq ft in 2019.

“Among the major factors contributing to the escalating claustrophobia effect of shrinking apartment sizes, demand for affordable homes in metros tops the list. Also, buyers are increasingly looking to avail the government’s credit subsidy benefits for affordable housing. These require a home to be priced below .`45 lakh and not exceed 60 sq metre carpet area or 850 sq ft built-up area including overall loading,” said Anuj Puri, chairman, Anarock Property Consultants.

The reduction in sizes, particularly in the affordable segment, helps buyers to avail of the subsidies. Moreover, buying an affordable home also comes with GST benefits. The GST for affordable housing is 1%, against 5% for mid-segment homes.

“Home buyers are not interested in any space wastage and need more efficiency. Ticket size is proving to be a game changer, but liability also needs to be given importance while designing. We have reduced the sizes of our 3-bedroom apartments at two projects by 15-20% and it is supporting in sales conversion well,” said Rajat Khandelwal, CEO-Mumbai, Ozone Group.

In short, buyers get reduced costs and added benefits, but lose out on space. Developers get to attract more buyers, but many have had to shed their cherished 'luxury' market categorization.

Mumbai Metropolitan Region (MMR) has the least average apartment size among all top cities at 530 sq ft now from 960 sq ft in 2014. Average sizes in both MMR and Pune are calculated on the carpet area while for the remaining cities it is based on the built-up area.

The main southern cities of Chennai, Bengaluru and Hyderabad have seen size reduction of 8%, 9% and 12%, respectively, over the past five years. What also makes these cities unique is that the prevailing average sizes of apartments are among the highest, Puri said.

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On further analysis, it emerges that affordable homes priced less than .`40 lakh have seen the maximum decline in sizes over the previous years, while ultraluxury homes saw the least.

Bengaluru has seen maximum reduction in average affordable property sizes. In 2014, average size of an affordable unit was 1,070 sq ft area — this fell sharply to around 710 sq ft in 2019. Though the city has high demand for mid-segment properties, affordable homes are also attracting contemporary homebuyers.

Pune, India’s other IT hub, has seen the least reduction in sizes of affordable units at 20% in the past five years. This coincides with the fact that within the city, affordable homes have maximum demand and builders are wary of tampering with sizes.

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Karnataka Plans Major Relaxations In Who Can Buy Agricultural Land

Karnataka Law Minister said they are relaxing rules for industries to come up in Karnataka as they are facing a lot of problems due to the strict rules.

Karnataka Written by Maya Sharma

Updated : June 11, 2020 04:34 pm IST

Karnataka Law Minister said in the cabinet meeting a decision was taken to repeal all these provisions.

Bengaluru: The BJP government in Karnataka plans to make buying agricultural land much easier in the state. Until now, there were strict rules restricting who was entitled to buy agricultural land, but the state now says it will bring in a bill in the next legislature session to change that. 

Briefing the media after a cabinet meet, Law Minister JC Madhu Swamy said, "In Karnataka we have land reforms with different sections. 79A says only those who are having less than Rs 2 lakh income can purchase land. B means only an agriculturalist allowed to purchase land. C means we have to file all sorts of documents while buying land." 

He said in the cabinet meeting a decision was taken to repeal all these provisions.

"We are thinking on the lines if there comes a man who can invest for good technology in agriculture, we have to facilitate him," Mr Madhu Swamy said. 

The Law Minister said they are relaxing rules for industries to come up in Karnataka as they are facing a lot of problems due to the strict rules. 

"They are going to Andhra Pradesh, Tamil Nadu because of these stringer rules. Now we have relaxed it, have decided to repeal all these provisions. Bringing in a bill In the next Assembly session," he added. 

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Mr Madhu Swamy said Karnataka has also doubled the limitation for the holding of land.

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Bangalore residential prices could go up in next few quarters: HouseLiv.com

HouseLiv.com

Bengaluru may see residential property prices going up in the coming quarters by 15-20 percent, even as demand picks up for both affordable and luxury segments in the city.

The commercial segment in the city has been impacted, as there was no new leasing In the last three months, according to CREDAI Bengaluru president Kishore Jain.

In an interview to CNBC-TV18, Jain said, as of now, prices are stable and there has been no reduction. However, several developers are looking at hiking prices over the next few quarters, citing rising input costs and a glaring labour shortage.

"Residential demand is picking up for affordable and luxury segments in Bengaluru. Quality of site visits have improved since we are only seeing serious buyers venturing. Earlier, 2 or 3 out of ten site visits would turn into prospects, but we are seeing that number now go higher to 4-5," Jain told CNBC-TV18.

Even while some other cities are seeing discounts on real estate prices, Bengaluru has seen no reduction in prices in any segment, Jain said, "In fact, many developers are looking to hike prices by 15-20 percent in next two quarters."

"Input costs are increasing and there is a big labour shortage,” Jain said, adding that he does not expect to see new launches of projects at least for the next two quarters.

The Confederation of Real Estate Associates (CREA) also told CNBC-TV18 that rental prices were stable in Bengaluru at pre-COVID levels and are not seeing a drop.

Demand for rentals has also picked up, and should go to pre-COVID levels soon, said Pradeep Joe, president of the association in Bengaluru.

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With attractive deals, real estate becomes buyers' market amid Covid-19 HouseLiv.com

With attractive deals, real estate becomes buyers' market amid Covid-19

HouseLiv.com

The price of a residential unit, on an average, is 9-10 times annual income in a city like Mumbai, and about six-seven times in most tier-one cities

Just before the lockdown began, Ritesh Chandra managed to sell his ancestral house in Uttar Pradesh. To avoid paying capital gains tax, this Delhi-based financial professional plans to reinvest the proceeds in another property in the National Capital Region (NCR), Lucknow or Jaipur.

He has searched online and prepared a list of prospective sellers. “I am waiting for the lockdown to end and will then do on-the-ground due diligence,” says Chandra. Like him, thousands of prospective buyers across the country.....