Real estate news update: Technology to drive real estate growth in 2023, Budget expectations by realty industry stakeholders and more...

Arkade Group has closed a transaction for the sale of four flats at Darshan Apartments, located at Hanuman Road, situated opposite Chintamani Parshwanath Jain Temple in Vile Parle (East). Each flat measuring 1461 sq ft has been sold at a price of 55,000 per sq ft. The total area of all four flats is 5,844 sq ft and the total sale consideration amounts to Rs. 32.14 crore. The transacted price is for the ready procession with OC apartments and wherein the buyer has chosen to furnish his own apartment. According to Arkade Group, the cultural heritage for Maharashtrians, Marwadi and Gujarati communities in the area led to high premium for the locality.

Technology to drive real estate growth in 2023

Kamal Khetan, Chairman & Managing Director, Sunteck Realty Ltd., has pointed out that real estate's fundamental concept has changed, expanding beyond the four walls to provide the end user with a complete 360-degree experience. “Technology has enabled the real estate industry to reach its full potential by encouraging the use of digitalization and technological tools like artificial intelligence (AI), augmented reality (AR), virtual reality (VR), big data, and analytics. On the horizon of the sector are automated homes employing the Internet of Things (IoT), AI, and other technological advances. The digital technology revolution also offers tremendous opportunity to the sector to reach new heights. Technology has transformed real estate in every way and will continue to play a significant part in its digital transition,” he said.

Budget expectations by realty industry stakeholders

Sharing his expectations from the upcoming Union Budget, Manish Mehan, CEO and MD of TK Elevator India, stated, “Apart from the long-standing demand for single-window clearance and industry status, the real estate industry is expecting higher incentivisation of affordable housing, uniformity and expansion in the definition of affordable housing, increase in tax exemption on interest paid on home loans, and exemption on rental incomes. With more homes qualifying as affordable housing, the benefits such as lower GST at 1% without ITC, and other government subsidies will help a lot more Indians seeking to buy a home. The industry also needs strengthening of existing financing systems so it can provide liquidity to stuck real estate projects in India.”

The Gera Pune Residential Realty Report released

Gera Developments released the January 2023 edition of their bi-annual report for the period June 2022 to December 2022. The Gera Pune Residential Realty Report highlights an overall increase of 10.85% in home prices and rise in new launches by 17% in 2022. There has been a clearing of ready and almost ready inventory – currently at 6% of all available units as on December’ 22 which is at a 10-year low. Overall inventory for sale at 72,129 units, is healthy at 23.21% of the total inventory under development (76.79% is sold out). Despite increases in interest rates, affordability continues to be strong.

Premium residential values soar: Savills India

Premium residential values in Mumbai, Bengaluru, Delhi, Gurugram and NOIDA have witnessed considerable growth throughout 2022. The demand side growth in premium residential segment has been evident despite the RBI increasing the benchmark lending rates by 225 bps in the year 2022. Demand in the rental market has also gained momentum as professionals have returned to their work locations. In the backdrop of hybrid work model, end-users are considering renting larger homes in residential complexes offering superior facilities. Under construction projects in these cities witnessed higher appreciation in capital values as compared to the completed projects. This reflects buyers’ preference for new launches with better amenities and spacious units. Affinity for quality homes is likely to keep the demand steady for premium housing segment in 2023.

Get exquisite crafts from remote Indian villages

Tarasha Artisan Direct presents a show from January 20 to 22, 2023, 11 am to 8 pm at The Vintage Garden in Bandra, Mumbai which showcases arts and crafts that are rare and exquisite showcasing work by artisans from the nooks and crannies of India. For those interested in architecture, interior design – there will be several interestingly designed and curated accessories like leather lamps, temples for home, rugs etc. Additionally, there will also be a ‘Design Showcase’ area. Entry is free.

Source: freepressjournal.in

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