Indian Real Estate Sector
Re: Indian Real Estate Sector
I met an Ola driver who owns multiple taxis. His uncle was paid for with flats in lieu of a piece of land + some cash which was acquired by Nanded city Pune. He was provided 10 flats at 2500 Rs/sqft. That price is approximately the BOM to construct the high-rise tower.
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Re: Indian Real Estate Sector
Thats how typically flats are built these days. Was speaking to one of the big RE guys, and typical way the promoters operate is to offer flats for land taken over. It has been more than 10 years since builders started buying land in cash. Typical agreements are made to offer "x" number of flats in the community being built. The land owners then sell these and make money off it. In major cities, the land owners typically offer these flats at 5-10% less than what the builder quotes, though you go through the builder for all formalities. You will still have to pay to builder for things like common ameneties like clubhouse, gym, pool etc if any. But going through land owners, you will many times not pay for floor premium (where they charge more above 5/6th floor etc), view premiums etc that the builder charges, and sometimes parking space is also included.prahaar wrote:I met an Ola driver who owns multiple taxis. His uncle was paid for with flats in lieu of a piece of land + some cash which was acquired by Nanded city Pune. He was provided 10 flats at 2500 Rs/sqft. That price is approximately the BOM to construct the high-rise tower.
Last edited by putnanja on 13 Aug 2017 20:31, edited 1 time in total.
Re: Indian Real Estate Sector
There is this huge complex of villas & duplex flats near Vegetable Oil.Co HQ in Bengaluru. The land owner was a real humble farmer living across the road. His home it seems still is an old one with the basic amenities (+ a cow shed). As part of the deal he was given around 7-10 villas/flats etc. He rents this to "techies" of various companies and takes the rent. On every week end after the 1st of a month, this man its seems used to walk in the typical turn out of a Kannadiga farmer; a shirt (full sleeves)+dark/khakhi shorts (old police style)+a kind of white cloth put on the shoulder. He visited every home, collected the rent by cash and went back .putnanja wrote:Thats how typically flats are built these days. Was speaking to one of the big RE guys, and typical way the promoters operate is to offer flats for land taken over. It has been more than 10 years since builders started buying land in cash. Typical agreements are made to offer "x" number of flats in the community being built. The land owners then sell these and make money off it.prahaar wrote:I met an Ola driver who owns multiple taxis. His uncle was paid for with flats in lieu of a piece of land + some cash which was acquired by Nanded city Pune. He was provided 10 flats at 2500 Rs/sqft. That price is approximately the BOM to construct the high-rise tower.
Re: Indian Real Estate Sector
sunnybrook? right next to the office complex?
atleast he has remained genuine and true to his self, than waste his life on daru, audi q6 and dressing up. i can respect that.
its rare to meet any person unaffected by easy cash flow.
atleast he has remained genuine and true to his self, than waste his life on daru, audi q6 and dressing up. i can respect that.
its rare to meet any person unaffected by easy cash flow.
Re: Indian Real Estate Sector
NDTV
The Bombay High Court on Monday put Sahara's luxurious Aamby Valley property, near Pune, up for auction. According to notices issued in newspapers, the official liquidator of Bombay High Court has set a reserve price of Rs. 37,392 crore for sale/lease of properties of the Aamby Valley City in Lonavala. The Supreme Court in April had ordered auction of Aamby Valley township after Sahara failed to deposit dues towards refund to investors.
The Bombay High Court on Monday put Sahara's luxurious Aamby Valley property, near Pune, up for auction. According to notices issued in newspapers, the official liquidator of Bombay High Court has set a reserve price of Rs. 37,392 crore for sale/lease of properties of the Aamby Valley City in Lonavala. The Supreme Court in April had ordered auction of Aamby Valley township after Sahara failed to deposit dues towards refund to investors.
Re: Indian Real Estate Sector
http://timesofindia.indiatimes.com/indi ... 067036.cms
NEW DELHI: The Centre may step in to provide relief to thousands of home buyers hit by insolvency proceedings against Jaypee Infratech, including sale of the company's assets to raise money to complete the project.
On August 9, the Allahabad bench of the National Company Law Tribunal (NCLT) ordered the appointment of an insolvency resolution professional (IRP) after IDBI Bank sought initiation of bankruptcy proceedings against the company following a diktat from the Reserve Bank of India.
Apart from the land tracts on which it has already accepted bookings for apartments, villas and plots, Jaypee has a large land bank along the Taj Expressway and possibly along the Noida-Greater Noida Expressway as well.
While the company promoted by the Gaurs has been talking of disposing of land to raise funds, it has repeatedly failed to fulfill its promise.
The Taj Expressway itself is a key asset that can be disposed off, something that banks had been suggesting to the Gaurs. But the promoters have not agreed to the suggestions and have instead raised loans against the expressway.
Sources said the government may explore the possibility of appointing a receiver or state-run agencies for the completion of projects where over 32,000 individuals have booked apartments. Although bookings started as far back as 2008, the company has been running woefully behind schedule, causing hardship to home buyers who have dipped into lifetime savings or taken loans.
The government will discuss with the ministry of corporate affairs (MCA) if the Insolvency and Bankruptcy Code (IBC) provides legal ground for other asset sale to fund incomplete projects. This is the first indication that the Centre will step in to resolve the crisis as the fate of the flats is uncertain.
"We may have to take the legal way through NCLT, which can pass an order to appoint an authority, maybe a state agency, to sell assets of Jayee Infratech and with the money from sale of assets, the pending projects can be completed," said a source, adding that the insolvency proceedings can continue simultaneously.
The law provides for the IRP to work out a resolution plan within 180 days, which can be extended by another 90 days, else go for liquidation. During the 270 days, the promoter or another company can take over the company. The government realises that the Jaypee Infratech case cannot be treated in the same way as a power or steel project.
NEW DELHI: The Centre may step in to provide relief to thousands of home buyers hit by insolvency proceedings against Jaypee Infratech, including sale of the company's assets to raise money to complete the project.
On August 9, the Allahabad bench of the National Company Law Tribunal (NCLT) ordered the appointment of an insolvency resolution professional (IRP) after IDBI Bank sought initiation of bankruptcy proceedings against the company following a diktat from the Reserve Bank of India.
Apart from the land tracts on which it has already accepted bookings for apartments, villas and plots, Jaypee has a large land bank along the Taj Expressway and possibly along the Noida-Greater Noida Expressway as well.
While the company promoted by the Gaurs has been talking of disposing of land to raise funds, it has repeatedly failed to fulfill its promise.
The Taj Expressway itself is a key asset that can be disposed off, something that banks had been suggesting to the Gaurs. But the promoters have not agreed to the suggestions and have instead raised loans against the expressway.
Sources said the government may explore the possibility of appointing a receiver or state-run agencies for the completion of projects where over 32,000 individuals have booked apartments. Although bookings started as far back as 2008, the company has been running woefully behind schedule, causing hardship to home buyers who have dipped into lifetime savings or taken loans.
The government will discuss with the ministry of corporate affairs (MCA) if the Insolvency and Bankruptcy Code (IBC) provides legal ground for other asset sale to fund incomplete projects. This is the first indication that the Centre will step in to resolve the crisis as the fate of the flats is uncertain.
"We may have to take the legal way through NCLT, which can pass an order to appoint an authority, maybe a state agency, to sell assets of Jayee Infratech and with the money from sale of assets, the pending projects can be completed," said a source, adding that the insolvency proceedings can continue simultaneously.
The law provides for the IRP to work out a resolution plan within 180 days, which can be extended by another 90 days, else go for liquidation. During the 270 days, the promoter or another company can take over the company. The government realises that the Jaypee Infratech case cannot be treated in the same way as a power or steel project.
Re: Indian Real Estate Sector
our carpenter was saying that after GST, his workflow from interior design and architect firms who do commercial / house projects has slowed down to almost nothing over the past 1 month.
on the manufacturing side, I have a confirmed PO made out to lenovo for a office monitor yet after nearly 7 weeks no supply and still 2-3 weeks to go per the dealer. their supply side had stopped almost 3 weeks before the GST kicked in.
on the manufacturing side, I have a confirmed PO made out to lenovo for a office monitor yet after nearly 7 weeks no supply and still 2-3 weeks to go per the dealer. their supply side had stopped almost 3 weeks before the GST kicked in.
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Re: Indian Real Estate Sector
There is slowdown in many sectors where credit and cash ruled. They are in more of adjusting right now just like monetisation and will take another couple of months to adjust to new reality. It is a huge structural change so bound to have some effects.Singha wrote:our carpenter was saying that after GST, his workflow from interior design and architect firms who do commercial / house projects has slowed down to almost nothing over the past 1 month.
on the manufacturing side, I have a confirmed PO made out to lenovo for a office monitor yet after nearly 7 weeks no supply and still 2-3 weeks to go per the dealer. their supply side had stopped almost 3 weeks before the GST kicked in.
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Re: Indian Real Estate Sector
First house. On the right. His swimming pool is used by a couple of ducks and hens. Hehe. He does have an expensive German car sitting in the garage though. New complex by DSR overlooking PSB probably was also owned by him. Construction around that place seems to have slowed down quite a bit though.Singha wrote:sunnybrook? right next to the office complex?
atleast he has remained genuine and true to his self, than waste his life on daru, audi q6 and dressing up. i can respect that.
its rare to meet any person unaffected by easy cash flow.
Re: Indian Real Estate Sector
Bangalore real estate has dropped on average by 10% to 20% in the past couple of years in some areas such as whitefield. The most affected seem to be luxury properties such as Villas, Penthouses, etc. However, the price hasn't fully tanked as owners and builders are refusing to accept reality. In most apartments, the prices have stagnated for past 3 years with some secondary sales leading the way with price drops. All indications are that prices would further drop if buyers don't rush in unnecessarily. Another 10% to 20% correction is expected at a minimum as the amount of unsold and unoccupied inventory is still very high. Additionally, there are several under construction properties that are on hold with builders not having cash to complete them. These builders would need to do a fire sale of some of their unsold inventory to get out of the mess.
Most villa communities in Bangalore are faced with falling rental income (villas that used to rent for 1.5 lakhs per month are now rented for 50K rs) and still faced with villas that aren't rented at all. With all transactions linked to PAN and AADHAR, there isnt easy flow of blackmoney in RE. Prices of $1M+ villas have taken a 20% hair cut now with no sign of bottom yet.
The only exceptions are some pockets in HSR, Koramangala and other strategic locations such as pockets of KR Puram, etc.
Most villa communities in Bangalore are faced with falling rental income (villas that used to rent for 1.5 lakhs per month are now rented for 50K rs) and still faced with villas that aren't rented at all. With all transactions linked to PAN and AADHAR, there isnt easy flow of blackmoney in RE. Prices of $1M+ villas have taken a 20% hair cut now with no sign of bottom yet.
The only exceptions are some pockets in HSR, Koramangala and other strategic locations such as pockets of KR Puram, etc.
Re: Indian Real Estate Sector
Does anyone know the situation in Hyderabad?
Re: Indian Real Estate Sector
https://www.youtube.com/watch?v=KM89hMmL5YI
This is a well known builder in Western Maharashtra. His case is just a symptom of a widely prevalent issue. It is hard to believe only one builder is undergoing this.
The Ajit Pawar led groups seem to be out of such issues.
This is a well known builder in Western Maharashtra. His case is just a symptom of a widely prevalent issue. It is hard to believe only one builder is undergoing this.
The Ajit Pawar led groups seem to be out of such issues.
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Re: Indian Real Estate Sector
The construction industry has always been driven by speculation. Typically people would book flats at a discount hoping to sell them off when they were built. The promoters got cheap finance and reduced the risk. It has worked well for many people. I feel there is nothing wrong with this practice, as long as people are informed of the risk involved.
Re: Indian Real Estate Sector
Does any of the informed gurus know of any reliable seller/agent of a site/plot worth investing in Bluru?
I would prefer if it was gated typed place( for security reasons) since the plot would most certainly be empty for a few years( since would require lots of $$ to build again) but have ZERO clue of the RE scene and very wary of the kind of cheating going on with land related dealings. So, was wondering if any one has chaiwallahs who could provide a reasonable option
I would prefer if it was gated typed place( for security reasons) since the plot would most certainly be empty for a few years( since would require lots of $$ to build again) but have ZERO clue of the RE scene and very wary of the kind of cheating going on with land related dealings. So, was wondering if any one has chaiwallahs who could provide a reasonable option
Re: Indian Real Estate Sector
^ it is a renters market out there better to rent and buy property elsewhere than Bangalore. See if you can wait it out for few more years. IMHO Buying property in Bangalore right now means shelling out first world prices for third rate surroundings and amenities. Not to mention God knows how many violations with legal troubles that come with it. That being said pressure to "settle down" and owning a piece of property is always there especially in India.
Re: Indian Real Estate Sector
+1. Properties with "reasonable prices" are typically on the outskirts with terrible approach roads and tanker water supply. And God alone knows when BBMP hallucinates a "raja kaluve" on the property and starts demolishing homes.pgbhat wrote:^ it is a renters market out there better to rent and buy property elsewhere than Bangalore. See if you can wait it out for few more years. IMHO Buying property in Bangalore right now means shelling out first world prices for third rate surroundings and amenities. Not to mention God knows how many violations with legal troubles that come with it. That being said pressure to "settle down" and owning a piece of property is always there especially in India.
Adding to that, the rental yield is quite low (2-3%) in many areas.
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Re: Indian Real Estate Sector
Actually theory and practice in real estate are polls apart ; if you have a property nearby any IT park and it is a decent gated complex you are talking about at least 25-30k INR pm for a semi furnished 2 bhk; rent for a premium apartment complex is on even higher side. However if you go to E city and Bannerghata road and are willing to be say more than a km away from main road you can get premium 3 bhk for 20-25k INR pm for rent . Rent for a 2bhk in Indiranagar and such places is beyond 35 k without any amenities .
So long story short yes buying is a slightly risky proposition but that is the case when you do not do enough research ; if you are for example buying from a top builder a ready to move in unit in current times you can get a really good deal this is like a stock market situation ; remember 2008 ? Lot of people bought homes at a very good rate during the recession , 2bhks in PSN and PFS at that time went for 20-25 lakhs they all are in vicinity of 90l-1cr today .
So long story short yes buying is a slightly risky proposition but that is the case when you do not do enough research ; if you are for example buying from a top builder a ready to move in unit in current times you can get a really good deal this is like a stock market situation ; remember 2008 ? Lot of people bought homes at a very good rate during the recession , 2bhks in PSN and PFS at that time went for 20-25 lakhs they all are in vicinity of 90l-1cr today .
Re: Indian Real Estate Sector
Yolo
No matter how much one saves optimizes etc its all zero when we pass away
Plus women want their own house to decorate atleast once in life
No matter how much one saves optimizes etc its all zero when we pass away
Plus women want their own house to decorate atleast once in life
Re: Indian Real Estate Sector
I have plot that mostly fits the requirements you mentioned. I am thinking of selling it off. Let me know if you want to take a look.sum wrote:Does any of the informed gurus know of any reliable seller/agent of a site/plot worth investing in Bluru?
I would prefer if it was gated typed place( for security reasons) since the plot would most certainly be empty for a few years( since would require lots of $$ to build again) but have ZERO clue of the RE scene and very wary of the kind of cheating going on with land related dealings. So, was wondering if any one has chaiwallahs who could provide a reasonable option
Re: Indian Real Estate Sector
Sure, saar. Bliss to provide ur email ID and i will contactsrinebula wrote:I have plot that mostly fits the requirements you mentioned. I am thinking of selling it off. Let me know if you want to take a look.sum wrote:Does any of the informed gurus know of any reliable seller/agent of a site/plot worth investing in Bluru?
I would prefer if it was gated typed place( for security reasons) since the plot would most certainly be empty for a few years( since would require lots of $$ to build again) but have ZERO clue of the RE scene and very wary of the kind of cheating going on with land related dealings. So, was wondering if any one has chaiwallahs who could provide a reasonable option
Re: Indian Real Estate Sector
How reliable are the prices quoted in the real estate web sites like 99acres etc.? Are they generally inflated? Was planning of looking for a plot (mostly in 1500-2400sq.ft) in the suburbs of Bengaluru. No plans for renting out, the aim is to settle down there. Hence also not very keen on an apartment (especially in the IT-Vity belt).
Re: Indian Real Estate Sector
Sachin, Prices are generally inflated. Its about looking out and finding a good deal that makes sense.
Re: Indian Real Estate Sector
I never go by RE sites' trend values or any agents' quotes. Better indicator is ads put up by direct owners. A survey through a number of such ads gives decent band of prices. If buying from developers, the quoted prices are standard rates which are negotiable always, even up to 10% in my experience. expected prices by sellers are always a bit on higher side. You can negotiate a bit on it. But direct owners are less flexible generally.Sachin wrote:How reliable are the prices quoted in the real estate web sites like 99acres etc.? Are they generally inflated? Was planning of looking for a plot (mostly in 1500-2400sq.ft) in the suburbs of Bengaluru. No plans for renting out, the aim is to settle down there. Hence also not very keen on an apartment (especially in the IT-Vity belt).
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Re: Indian Real Estate Sector
Delhi-NCR property prices down 5%: Note ban, delayed RERA, GST cast gloom
The National Capital Region (NCR) has witnessed a three- to five-per-cent decline in average per-square-foot property prices over the past one year (July-September 2017 from 2016), a report said on Tuesday.
NCR, considered to be the largest real estate hub in the country, currently has around 200,000 unsold flats, with Greater Noida and Gurgaon accounting for more than half this inventory, a report said on Tuesday.
Re: Indian Real Estate Sector
What do the Gurus make of this ?
Trending on Twitter - https://twitter.com/amishra77/status/10 ... 8110604288
Trending on Twitter - https://twitter.com/amishra77/status/10 ... 8110604288
Download the SC order hereIn what looks like a draconian judgement, the Supreme Court has apparently STAYED ALL CONSTRUCTION ACTIVITY in the sates and union territories till 9th October 2018. This can have grave implications for the economy, employment, and a host of other issues.
Re: Indian Real Estate Sector
Does law enforcement in this country have the ability to implement such an order?Manish_P wrote:What do the Gurus make of this ?
Trending on Twitter - https://twitter.com/amishra77/status/10 ... 8110604288
Download the SC order hereIn what looks like a draconian judgement, the Supreme Court has apparently STAYED ALL CONSTRUCTION ACTIVITY in the sates and union territories till 9th October 2018. This can have grave implications for the economy, employment, and a host of other issues.
Re: Indian Real Estate Sector
Nope, another SC order noone will care about. (Unless that is meant for infrastructure projects)
Moreover, even if enforcement was something that they might do, everyone will grease a few palms. You can't construct anything without some butter anyway
Moreover, even if enforcement was something that they might do, everyone will grease a few palms. You can't construct anything without some butter anyway
Re: Indian Real Estate Sector
^ Infrastructure and Housing both
If SC ban on construction not lifted, the loss would be unimaginable: Niranjan Hiranandani
If SC ban on construction not lifted, the loss would be unimaginable: Niranjan Hiranandani
..the government expects the ban will be lifted. If it is not lifted, it is going to be chaotic, unbelievable! You cannot imagine the loss. I was just trying to think how many workers would be affected. In the Mumbai region alone, we have four lakh workers on infrastructure and housing projects. They will be out of job from tomorrow onwards, no wages from tomorrow morning. Even if it is delayed by one month, the labour will get totally removed from the sites.
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Re: Indian Real Estate Sector
Finally after 2 years of effort, my construction project is done.
Contract Type: Material and Labour
Parties involved: Architect, Interior Designer, Contractor, Structural Engineer
Construction cost:60,00,000
Interiors: 15,00,000
Contractor: 6,00,000
Architect: 5,00,000
Bribes/approvals pre construction: 3,00,000
Post construction: 3,00,000
Total: 92,00,000
Total built up area: 2100 SQ.FT
Floors:2
Type: Duplex
Still settling down as I have some pending stuff to buy. Furniture is pending and is on the way. I predict I will be a middle class abdul scraping by, by April end.
Contract Type: Material and Labour
Parties involved: Architect, Interior Designer, Contractor, Structural Engineer
Construction cost:60,00,000
Interiors: 15,00,000
Contractor: 6,00,000
Architect: 5,00,000
Bribes/approvals pre construction: 3,00,000
Post construction: 3,00,000
Total: 92,00,000
Total built up area: 2100 SQ.FT
Floors:2
Type: Duplex
Still settling down as I have some pending stuff to buy. Furniture is pending and is on the way. I predict I will be a middle class abdul scraping by, by April end.
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Re: Indian Real Estate Sector
Due to this project, I was offline and did not browse much. 6 to 3 office, and then 4-6 stand at site to monitor the progress. On weekends, spend the whole day at the site. It was incredibly stressful to say the least.
Sadly my mother passed away during the initial construction, so that was a double blow. This was her dream and she is not here to live it.
Not a day goes by without me remembering her.
Sadly my mother passed away during the initial construction, so that was a double blow. This was her dream and she is not here to live it.
Not a day goes by without me remembering her.
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Re: Indian Real Estate Sector
I was fortunate to find a great team of architect and contractor. Both were very co operative and willing to take my inputs. The architect was fantastic. Complete utilisation of space and zero wastage.
The design provides for natural light and ventilation during the day, despite being surrounded by houses 3 sides. I have a house design which is modern, functional, low maintenance and good looking.
The neighbourhood milfs were all ooh and aah after doing the tour. Not found a single criticism on the design front.
Will share my experience if anybody cares !!!
The design provides for natural light and ventilation during the day, despite being surrounded by houses 3 sides. I have a house design which is modern, functional, low maintenance and good looking.
The neighbourhood milfs were all ooh and aah after doing the tour. Not found a single criticism on the design front.
Will share my experience if anybody cares !!!
Re: Indian Real Estate Sector
Congratulations for your house, and heartfelt condolences for your mother.
Very much interested in the project. Please do share.
Very much interested in the project. Please do share.
Re: Indian Real Estate Sector
Asgkhan, I’m curious about your house. If you have any pictures to share that would be great. One thing has always puzzled me. Why do most houses in India have flat roofs? Standing water would cause buildup of mold and seepage into the roof weakening the structural supports. Why not used sloped roofs which provide better ventilation and actually is more energy efficient?
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Re: Indian Real Estate Sector
Flat roof is needed for any family function.Also the edges are tapered so water does not accumulate. But everything depends on the contractor for water proofing the roof with quality materials. My roof is double layered coated with slopes to drainage pipes.hgupta wrote:Asgkhan, I’m curious about your house. If you have any pictures to share that would be great. One thing has always puzzled me. Why do most houses in India have flat roofs? Standing water would cause buildup of mold and seepage into the roof weakening the structural supports. Why not used sloped roofs which provide better ventilation and actually is more energy efficient?
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Re: Indian Real Estate Sector
Thank you salaam Sama.salaam wrote:Congratulations for your house, and heartfelt condolences for your mother.
Very much interested in the project. Please do share.
The key thing to my success story was to
1. Ignore free advice.
2. Take the advice of my architect.
3. Keep a tight leash on costs by getting a boq done during planning stage.
4. Budget was decided on pre, actual and post construction stages.
Re: Indian Real Estate Sector
Flat roofs are much more practical.hgupta wrote:Asgkhan, I’m curious about your house. If you have any pictures to share that would be great. One thing has always puzzled me. Why do most houses in India have flat roofs? Standing water would cause buildup of mold and seepage into the roof weakening the structural supports. Why not used sloped roofs which provide better ventilation and actually is more energy efficient?
- There typically is no standing water. There are drain pipes and there is a very tiny bit of slope towards the drain pipes.
- Structural supports (atleast here in BLR) are concrete beams and columns (my old house had double-thick load bearing brick wall)
- You can construct higher floors later when you have the money (and independent houses too that you can let out for rent) . See that a lot in residential areas. This is probably the most important motivator for many.
- You can use that to put clothes lines, solar panels etc
- much safer with a 5 ft parapet wall (some only do 3 ft though).
Begs the question - why do houses in US indeed have sloped roofs ?
Re: Indian Real Estate Sector
Atleast in North US, 3 ft of snowfall will bring down the roof if it was flat. Remember single family homes in US are almost always wooden.srin wrote:Begs the question - why do houses in US indeed have sloped roofs ?
Almost every year there is news of big box store roof collapse due to snowfall.
Re: Indian Real Estate Sector
Very nice. I like the design. Is it central ACed or do you use room AC units to cool each room individually? Have you ever done energy efficient design analysis for your house?