Pandemic has accelerated sales of residential properties in smaller cities because some of these living spaces are available in developed and habituated townships. Demand for condos and integrated townships in Tier II cities has also seen a surge, with increased need of safer environment and amenities within gated communities.
Organisations are planning to continue work from home and policies like Atmanirbhar Bharat and Make in India will create opportunities in tier II & III cities.
Reverse migration is also likely to continue for some time so demand in these cities will increase. If you analyse residential sales from 2014 to 2019, tier I cities grew at 28%, but tier II grew faster at 51%.
Tier II and III cities have witnessed considerable rise in demand in the recent past, primarily due to accessible pricing, more space, better returns on investment and lower cost of acquisition, mostly for ready to move in units according to senior executive director, DLF Home Developers Ltd.
After Pandemic, there is a rise in trend among homebuyers to build a lifestyle away from the hustle of a metropolitan cities. People are buying well-developed plots and independent villas instead of houses in group housing societies or in high rise buildings.
State Bank of India chief general manager O P Mishra has assured the real estate industry and the builders’ fraternity of all possible support to address various issues concerning them at a meeting with the CCREDAI-Hyderabad.
Key points of the meeting were to:
- Strengthen the relationship between the bank and developers and to discuss issues relating to home loan sanctions, project tie-ups and project funding.
- Favour more meeting with builders and the industry at frequent intervals so that various aspects concerning them could be discussed and action initiated.
- Assurance that other issues which required the intervention of the centre would be taken up.
He said the main points arising out of the COVID-19 pandemic had been addressed to a large extent through relief measures like moratorium on EMIs, charging of simple interest during moratorium period and extending emergency line of credit to builders.
Greater Mysuru (Bruhat Mysuru Mahanagara Palike)
Great news for Namma Mysuru Residents. Mysore City Corporation (MCC) will soon be upgraded to Greater Mysuru (Bruhat Mysuru Mahanagara Palike).
The upgradation will either be based on the population or on other parameters as decided in the meeting with the local elected representatives & officials. Eight Gram Panchayats (GPs) have also qualification to be merged with the City Corporation.
Once upgraded, the basic facilities like water, roads, street lights etc will be provided / maintained by BMMP and mysore properties in the vicinity will be likely to go up.
In a significant change to the Karnataka Land Reforms Act, 1961, Governor Vajubhai R. Vala on 13/07/2020 signed the Karnataka Land Reforms (Amendment) Act, 2020, a month after the Karnataka Cabinet passed an ordinance making amendments to the Karnataka Land Reforms Act, 1961. Following the Governor’s consent, the State Government has notified the Amended Act in the Gazette notification.
Accordingly, the amendments –
- Allow Non-agriculturist to purchase agricultural Land (Farm land) in Karnataka. However, restrictions on purchase of irrigated land by non-agriculturist remain
- Removed the ceiling on income from non agricultural sources to buy agricultural land
- Also increased the ceiling on number of units of land a person/family can hold
Accordingly, Sections 63(A), 79(A), 79(B), 79(C) in the existing Karnataka Land Reforms Act, 1961, were repealed to enable these changes.
With these changes –
- Farmers are expected to get better prices for their land
- Organised farming will get a fillip
- Technology adoption & modernisation of agricultural practises is expected to increase
Reduce corruption & promote industries alike
Real estate is –
- Is India’s 5000 year old first choice of investment
- Parents & Forefathers blessings
- It is Senior citizen’s only source of income & wealth
- A Widows support
- A Father’s pride
- A Husband’s promise to his wife for life long shelter & happiness
- A Brothers protection to his Sister
- It’s a Child’s nest & dream
- A Soldiers support system back home
- its a roof for covid patients
- its education
- It’s the only ASSET from which banks can recover money from bankrupt companies
- it’s prestige upon which a father gives his daughter’s hand to a stranger
Real Estate is REAL ASSET, and invested wisely, yields highest ROI compared to any other asset class.