Real estate selling had been a constant benefactress throughout the fiscal year 2016 and then came the currency ban announcement which made the sector off beaten track. In Kolkata it’s seen that after the demonetization revelation a lot of property in Kolkata north has been alluded to as far outs. This has hugely affected realty sector nationally with the allegation of huge volume of unaccounted money has been perked up over the preceding years. As an after-effect a massive drop down is property price is apprehended by the market experts who think this money-ban move is somehow a temporary slowdown in real estate, but again realty market will turn around in 2017, coining this price fall. Price fall will gather more potential buyers as it would be followed by lower interest rates in home-loans and transparency in the practice of realty business. The report suggests that developers are expecting resurgence from the second half of 2017.
The multi-year slowdown, however, did not deter investment as cash-starved developers raised Rs 48,300 crore in 2016 from private equity (PE) investors to fund their projects, up 53 per cent from last year’s, according to property consultant Cushman & Wakefield. Cushman & Wakefield India MD Anshul Jain said: “With buyer sentiment already low, the recent demonetization by the government has further dampened sentiment of homebuyers.”
Asking about this conjecture the Realtors’ Apex Body CREDAI President Getamber Anand stated, ‘’Housing sales were better this year before note ban. But sales have slowed in the last two months. We feel that 2017 will be a golden year for the developers in the primary market as they will benefit from the government’s demonetization move and a likely fall in interest rates on home loans.”
DLF’s CEO Rajeev Talwar opined, “There has been a lot of cleansing in the real estate sector this year. So, 2017 will be a good year for primary product suppliers of real estate.” He also added, “Housing prices would remain stable in the primary market, but decline in the secondary (resale) one. ‘’
Resale market won’t be much fertile within this period or so. Again lots of residential online transactions are seen on the cards for the virtual property sellers as the current system indulges cashless circulation in every business sector. The year started on a positive note as the government offered tax sops in the budget to improve housing demand and declared an additional Rs 50,000 deduction on interest on loans for first-time home buyers. It also let off REITs (Real Estate Investment Trusts) from the dividend allocation tax. Again there will be a drop in the commercial space absorption expected by the market aces. As scarcity in commercial space absorption has been one of the major causes of the reduced development of quality architecture. The implementation of
RERA will make the process even smooth and will protect the buyers’ right to major extent. Finally buyers are about to get some healthy vibes for their investment with dropdown in home-loans and reduced price of the properties across the country.
New Town Kolkata Development Authority (NKDA) organized a meeting at the Rabindra Tirtha auditorium on last Monday Nov, 21st. All the architects and the engineers associated with NKDA were present there. The meeting was about improving awareness on go in for better technologies, craft and construction management process. This particular real estate market of property in kolkata north is already known for advanced housing estate development and world-class infrastructure. New Town area is also illustrious for the perfect association of cement and jungle. This place is directly connected with the city Kolkata and only a few minutes distant from Kolkata airport.
Many competent real estate companies have been coming up with new projects in this area to rule the property market of city Kolkata and suburban Kolkata. In this recent meeting officials said that the participants’ attention was drawn to the recent amendment of NKDA Rules that discourages dumping of construction materials and demolition waste on the roads. At any given time in Rajarhat and other peripheral areas are found log jammed with debris and garbage of construction companies. In the recent scenario it’s seen companies those are storing materials on road are not even showing any concern to remove the stuffs with the help of police. NKDA had also declared earlier that a service would be given for removing of construction waste and excess building materials from at a given cost for removing per tons of ravage.
The topic earned much highlight in this meeting was how the drains, roads, culverts and entire sewage system had been getting affected and clogged with this demolition waste of the constructions. NKDA now needs advanced procedure for this waste destruction without spoiling the area infrastructure and corporation water channels and sewage system. Along with the eye-catching skyscrapers this place maximizes the chance for exclusive real estate development. Thus new procedures like -renting of vacant land, construction work in the project sites in phases, use of prefabricated beams, using empty plots with prior permission from the corporation, steady monitoring of trucks while unloading sand bricks, cement and other raw materials, use of polythene sheets on the ground to avoid leakage into drains are planned to be implemented.
After cancellation of 500 and 1000 rupee currency notes this buzzing area has have the minimum effect of demonetarization as Housing Corporation Development Corporation (HIDCO) already consists a number of digital money options available in the township. This is the sign of an advanced business area to stay ahead in order to deliver the cream service to the area home-buyers and corporate onshore and offshore investors. To make all matter convenient NKDA has to come up with some exclusive and quick-efficient development idea which would be framed by core professionals. Rajarhat is the wise selection for home-buyer or startup entrepreneur. Therefore the companies which have bagged several residential and commercial projects in this area should have to be aware as well of the post threats causes by the runoffs.