Indian real estate sector is witnessing renewed interest being shown by the end-users as they are swarming the sites to get hold of real estate assets. The realtors, too, are working hard to ensure that deliveries stay on time even after they faced hurdles because of the COVID-19 situation. Just a few months since the Unlock, many realtors have already given possessions, and some have announced delivery dates.
With Possessions, the sector is looking upwards
First is the case of Gaurs Group that has given possession of 3,500 units in Gaur City Centre (Greater Noida West), Gaur 7th Avenue, Gaur 14th Avenue (Greater Noida West), Gaur 16th Park View (Yamuna Expressway), and Gaur Saundaryam (Greater Noida West) from lockdown till now. The company is also looking forward to offering another 5,000 units by the end of the financial year. Another prominent developer, Migsun Group has given possession of 1225 units in Migsun Ultimo (Greater Noida) and Migsun Roof (Raj Nagar Extension, Ghaziabad); the group has also announced that in the next 45 days, it is targeting to deliver 3800 units in its various projects.
According to PropTiger data, around 28,745 ready-to-move-in (RTMI) units are available in Delhi NCR with 5,632 units in Gurugram and 23,113 units in Noida (including Greater Noida). These RTMI units are available for possession within 30-60 days and in some cases even before that.
Another prominent developer in Delhi NCR, Ajnara India Ltd. has given possession of approximately 1100 units in five projects – Le Garden (175) in Sector 16B Greater Noida, Ambrosia (290) in Sector 118 Noida, Homes (150) in Greater Noida West, Integrity (195) in Raj Nagar Extension Ghaziabad, and Panorama (300) in Yamuna Expressway. Gulshan Homz, a leading name in luxury dwellings, has applied for the Completion Certificate (CC) for approximately 750 units in its project, Gulshan Bellina at Noida Extension and it will offer possession as soon as CC is received. ABA Corp, another leading name in NCR realty, is handing out possessions of approximately 5-7 Luxury residential units per day. Since the lockdown, it has handed over residential units to more than 150 families and will be welcoming more than 200 more families in the next six months. The company will also deliver Cleo Gold (Sector 121) soon.
Bhutani Group, which is now a leading name in commercial realty, has announced that in a month they will deliver 14 lakh sq. ft. in commercial project Alphathum located in Sector 90 A, Noida. The group has recently launched Grandthum in Greater Noida West where construction is taking place as per the schedule. The group also plans to announce some significant investments in their ongoing projects.
Raheja Developers, which is a leading developer based in Gurugram since decades, gave possession of around 109 units across various projects including plots and flats in Gurugram. The company has been known for its strong delivery track record and intends to keep up with their reputation. Another Gurugran-based realty major Signature Global, which is a leading name in affordable housing, has given possessions of 25 units from March till now in Signature Global Sunrise – The Premium Floors in Sector 35, Karnal.
The deliveries are not just confined to major metros but also in prominent cities like Chandigarh. Sushma Group, a leading player from the region, has given 186 possessions post lockdown in Sushma Crescent (3), Joynest MOH1 (84), Sushma Grande Chandigarh (31) and Sushma Infinium (68). A State like Rajasthan, in addition to Punjab, is also becoming a realty hub. Bhumika Group, a leading name in the state, is developing a 1.8 million sq. ft. mixed-use project Urban Square in Udaipur to be delivered as per RERA commitment. It is one of the few projects where the construction is progressing in Udaipur. The government should address the issue of liquidity, which is being faced by the real estate sector. The funds announced last year should be utilized and approvals need to be given within a stipulated time.
Chandigarh-based GBP Group in the last three months after lockdown has sold 377 units, which corresponds to around Rs 250 crore of business. The units were in Athens (100 units) in Zirakpur, Camellia in Kharar (90), Techtown (30) in Mohali, Dera Bassi (45), Centrum (30O) in Zirakpur, Commercial on Nagla Road (57 units), Central Town (25 plots) in Zirakpur.
In FY 20-21, NCR-based developer, Sikka Group will deliver 1200 units in Karmic Greens (Sector 78, Noida), Kimaya Greens (Dehradun), Karnam Greens (Sector 143 B, Noida) and Kaamna Greens (Sector 143 A, Noida). MRG World, a growing name in affordable realty, has sold out three projects in Gurugram – The Meridian (755), Ultimus (720), and The Balcony (730). During the lockdown, the company sold the remaining 200 residential units in these three projects. The company has sold 200 shops in these three projects which constituted 75,000 to 1 lakh sq. ft. The company will deliver these in 2022 – The Balcony by March 2022, The Meridian and Ultimus by December 2022. MRG World will give possession to around 2500 customers by 2022. In 2021, MRG World is coming up with a project in 30-40 acre with approximately 6,000 flats in the affordable segment.
Now the need is for concerted efforts by developers and the government to ensure that the pace improves further. The government took multiple steps, but more is needed to ensure that the real estate sector does not face any problem.
The sector is relying on the prudence of the government, which in the past has worked to streamline it. Consecutive repo rate cuts, funds announcement by the RBI, etc, have helped the cause. However, the current pandemic situation calls for urgency to implement multiple measures to fuel demand, harmonize the discrepancies, & foster confidence. In this regard, the reduction in stamp duty in Maharashtra & MP, and the provision of single-window clearance in UP are reasonable steps.