Construction resumes at stuck housing project of Jaypee, homebuyers to monitor work
“Thousands of home buyers have been affected in the Uttar Pradesh National Capital Area in terms of delays in real estate projects. These delays are typically due to promoters not complying with their commitments to the home buyers.” As a result, the concerned authorities showed their pro-active nature and set a reconciliation committee. This committee was responsible for providing guidance and help to restart the project.
Furthermore, the Jaiprakash Associates Ltd registered the ‘Jaypee Kalypso Court (Phase- II)’ project with Uttar Pradesh RER. Moreover, the company provided a deadline of July 1, 2018, for the completion of the multi-tower group housing development project located in Sector 128, Noida.
Realty hot spot series: This Pune locality is an established residential area
A plus-point of Pune’s Paul Road area is that it is close to the prime job hub of Rajiv Gandhi InfoTech Park in Hinjewadi; Key social infra include Sanskrit School, Ryan International School, Deoyani Multi Speciality Hospital; Multiple entertainment hubs in close vicinity of Pune Central Mall, Reliance Mall, and City Pride Multiplex; along with many companies nearby.
Properties start from Rs 4,900 per sq. ft and Rs 12,300 per sq ft. on the other hand, A ‘2-BHK’ (1040 sq ft) costs an average of Rs 79 lakh. Meanwhile, a ‘4-BHK’ (2,670 sq ft) costs Rs 2.11 crore.
Value of Real Estate under Construction Jumps to $243 Billion from $94 Billion in 2009: Report
‘The real estate company was much unregulated and was more of a regional play until 2008. It was a seller’s market, which was powered by landowners who grew up to become developers just to avail of the benefits of the boom in the sector.
‘Until the 2008 Global Financial Crisis struck, funds were readily available and many developers overboard their properties. This contributed to a range of inefficiencies in the industry.
The inclusion of big names led to global market expansion and exercised pressure on the government to interfere and to change the face of a rapidly growing unstructured industry.
The value of the real estate under construction in 2009 grew from USD 94 billion to USD 243 billion, compared with H1 2020, which is a 2.6X rise. Over the same period, the share of (residential) housing rose from 49% to 88% indicating large growth in this segment;
Due to a variety of systemic reforms and regulatory changes the real estate sector is better structured and coordinated nowadays. For the last 7-8 years, the housing prices have been in line suggesting that it can spiral up with a rise in demand.
The interest rates for home loans are down 6.85% at decadal rates. With costs stagnating and home loan dropping rates, affordability is the best all-time. Corporate developers dominate and are generally favoured by homebuyers.
The government has funded and developed a range of initiatives to support the real estate sector-the second-higher producer of jobs and a major contributor to national GDP.