Sector 53 Property

The Chandigarh Housing Board is all set to launch a housing scheme selling 500 homes in Sector 53 of the city. The board recently received all construction approvals for the project.

With demonetisation, the real estate sector witnessed a disruption of sorts especially because real estate sector happens to be one of the most sentiment-driven business too. Given that the sector's contribution towards the GDP is considerable, the industry couldn't afford the uncertainty for long. Within the industry, stakeholders will agree that 2017 did see a consolidation within the industry with multiple developers combining forces to sustain through RERA implementation.

The Reuters poll that was conducted between October 29 and November 14 showed national house prices will rise 2.8 per cent this year and 2.0 per cent in 2019, around half the rate of the current and expected rate of consumer price inflation. If that is so, the price rise will still be the lowest in a decade. On a positive note, however, real estate, which is emerging from the triple tsunami of demonetisation, the goods and services tax and the Real Estate Act, might actually benefit from softening property rates.

The Delhi Metro has influenced the real estate prices of localities lying close to stations. The areas lying in extreme proximity to the Metro station witnessed an average 50 per cent jump in the cost of construction. The latent effect was more visible on the rental market where the asking values have been going up as the connectivity gets better. MakaaniQ lists locations that have benefitted from the different routes of the Delhi Metro.

National Building Construction Company (NBCC) is now planning to buy insolvency-hit Jaypee Infratech, a move that would help the public company to acquire land parcels in tony localities, Taj Expressway and Japyee Hospitals. NBCC will be competing with other construction majors, including L&T, Suraksha Asset Restructuring Company, Kotak group and ICUBE, which have shown interest in buying Jaypee Infratech, the sister concern of Jaiprakash Associates Limited (JAL). This is the second time process is on to acquire the insolvency-hit realtor.