Property News

Property News #22: Haryana share Vikas Prabhakaran, UK’s housing market, Property investment growth

Haryana share Vikas Prabhakaran to auction land of three failed projects

To recover pending external development costs (EDC) from the builders, the Haryana Shahari Vikas Pradhikaran (HSVP) will auction about 21 acres of property of three property projects that have failed to take off. This is the first time the planning authority has auctioned the land from the abandoned projects to recover dues and repay investors.

Between 2016 and 2018, for many reasons including the failure to pay EDC and the bank guarantee, non-building, non-renewal of licences, and in violation of the building norms, the department of town and country planning (DTCP), cancelled 21 commercial and residential projects of various Gurgaon private promoters. Land of three enterprise projects will be auctioned out to obtain dues from these projects.

Of the remainder of the seven cases, three new cases were put on the register, for which, in conjunction with the HSVP executive engineers concerned, a commission had asked DTCP to collect information about developers’ rights from third parties and to install notice boards on site.

Of the remaining four cases, after conciliation of outstanding dues to be recovered by the government and buyers, the Committee agreed to continue with the auction of land for three of these projects.

UK’s housing market booms through October: Right move

The increase in Britain’s housing market has driven home price demands most in four years with purchasers willing to pay premiums for large buildings after their lock-down experiences this year.

Rightmove said the demand for prices were 5.5% higher than last October. The average demand price is now recorded at 323,530 pounds.

Other housing market surveys have painted a similar image, driven by demand following the coronavirus lockdown and by a temporary reduction in property taxes and the search for greater properties.

The housing market outlook for 2021 is tougher, with unemployment expected to increase significantly during this year’s final months in the midst of an upsurge in the coronavirus pandemic and easing government support initiatives for companies.

China: Property investment growth quickens, sales ease in September

In September, real estate investment in China grew at the fastest rate in nearly 1-1/2 years, with heavy construction activity supporting the economic recovery following the coronavirus crisis.

Real Estate investment rose 12% in September, the largest leap in April last year as well, and rose from 11.8% in August, based on the National Statistical Bureau’s Statistics.

The property market in China was one of the first to recover from the pandemic due to cheaper loans and relaxation in the purchases of homes.

Since August, regulators have tightened oversight on developers to deal with unrestricted debt in the sector for reducing debt risks. 

Floor sales grew 7.3 per cent compared with one year before September, down from strong growth in August of 13.7 per cent.

Development measured by floor area at new construction starts decreased by 1.9% last month, down from a 2.4% rise in August. Furthermore, in the January-September period, Chinese developers increased their funds by 4.4% compared to growth of 3.0% over the first 8 months of 2020. On the other hand, investment in the country’s real estate is forecast at 6 per cent up by the end of September, compared with a 9.9 per cent increase in 2019, in a Reuter’s survey.

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Bengali Property News#22 । Advocate Chenoy Ceil |Haryana Pradhikaran।UK housing market।China Prop.

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