Housing for All by 2022: From Restrictive to Transformative Era

In its seven decades of journey since independence, the real estate and housing sector, has come a long way from early years of restrictive policies, deficient planning and highly inadequate resources, to reach a progressive, planned, organised and reformative stage, facilitating urban transformation and speedy economic growth.

 The present government's vision is to ensure long term inclusive development through good governance and transformative reforms to boost real estate, housing and infrastructure - the vital sectors that hold key to economic development. It is a far cry from early years after independence (1947 – 64), when not much attention was paid towards housing/urban infrastructure due to lack of resources and staff capacity to design and deliver. But, it was during this period that the government introduced state housing boards, mandated to construct houses for public and laid the ground for planned cities and subsequently Chandigarh &Gandhinagar came into existence in 1952 and 1960 respectively. 


70 Years of Independent India – The Real Estate Milestones

Often, how a particular industry shapes up depends on government’s initiatives and interventions – largely done through new sector-specific policies as well as tweaking older ones to better suit the changing business environment. While the government’s role is important, it is the market conditions, geopolitical events, socio-economic changes in population and the element of time itself that are fundamental in evolution of industrial sectors, especially so, in the case of developing economies like India.

Age Gap Between CBDs And SBDs Is Widest In Mumbai And Delhi-NCR

Across Indian office markets, secondary business districts (SBDs) are not only the younger cousins of the central business districts (CBDs) but also emerging as the new favourites due to the more modern buildings that suit requirements of corporates and office buildings that can be upgraded into superior grade-A assets.

A look at different office markets shows how striking the average age of a city’s SBD vis-à-vis its CBD is. For e.g., in Mumbai’s case, the age difference between SBD-Bandra Kurla Complex (also called the de-facto CBD) and the original CBD of Nariman Point and Fort area is a staggering 28 years. No wonder the CBD has shown decline in rents in recent years compared to all other micro-markets in Mumbai and corporates have shown consistent preference for the SBDs, especially BKC.


RERA’s Rocky Start In NCR

RERA - the latest 'Wunderkind' in the Indian real estate industry – has had a difficult birth and seems to be having a troubled childhood. The expectations from the ‘miracle child’ seem to be mired in a ‘what’s changed?’ feeling. State Governments appear oblivious to the reasons for bringing in such a revolutionary piece of legislation in the first place.


RERA Effect: OC (Occupation Certificate) Ready Projects in Greater Demand

With the implementation of RERA, the residential real estate industry is witnessing significant changes on the ground. The Act strictly prohibits builders from advertising their under-construction projects while allowing the freedom to attract buyers for projects that have Occupation Certificates (OC ready). With the new rules, buyers are naturally showing increasing interest in such properties, which are essentially ready to move in.

It is no secret that ready-possession projects are costlier than under-construction projects. Nevertheless, buyers are now more than ready to purchase properties on an immediate basis rather than wait for construction to be completed. There are very good reasons for buyers to look for properties that are ready-to-move-in or OC ready in today's market environment: