Some of the most anticipated real estate markets for investors, Mumbai and Gurgaon have become the richest cities in Maharashtra and Haryana respectively. In fact, most areas of such cities are too expensive to afford for the home seekers looking for affordable residential spaces.
The top-level executive in a real estate company added that they are expecting alterations in property prices which have been raised by the monopoly of some developers. These high prices are bound to reduce. According to him, demand for long, single-window clearance, is about to end.
The BJP Government is planning to provide housing units to everyone by the year 2022. There are some developers like Lodha and Oberoi in Maharashtra and Baani Group and DLF in Delhi and Gurgaon are the most celebrated names in real estate.
They are providing some affordable residential and commercial spaces in the suburbs and outskirts of such cities, according to a real estate expert, Sanjay Dutt who is also the MD of Cushman & Wakefield. When it comes to property prices and approvals, Mumbai suffered very much. Suppose a developer invests Rs. 1000 Cr. on land and pays 30% as its interest, he had to make around Rs. 300 crore, including apartment prices. According to him, prices will correct and stabilize smoothly if supply is increased in the market.
MD of ASK Group Mumbai, Sunil Rohokale said that the speed of taking decision by the new government has been increased and the Maharashtra state would get fast approvals, pragmatic land Bill and realty regulatory Bill. The state doesn’t need anything else.
For the common people, the real estate prices will get affordable, according to CEO (Residential) at Jones Lang LaSalle (JLL), a worldwide real estate consultancy company. He says that it can be possible if new government works on cutting down land prices by enhancing transferable development rights and floor space index. They must also launch housing regulator.
Floor space index is acceptable construction on the land parcels given. On the other side, TDR is the right that government grants to undertake schemes related to society like redevelopment of slums.
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