Housing sales may rise 30% in 2021; to remain below pre-covid levels: Report – ET RealEstate

NEW DELHI: Housing sales are likely to rise by 30 per cent across seven major cities to nearly 1.8 lakh units in 2021, but demand will still be lower than the pre-COVID levels, according to property consultant Anarock. According to Anarock research, housing sales are expected to increase 30 per cent year-on-year (y-o-y) to 1,79,527 units across seven cities in 2021 from 1,38,344 units last year.

In 2019, housing sales stood at 2,61,358 units across seven cities — Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, Bengaluru, Hyderabad, Chennai and Kolkata.

The consultant also estimated sales to further rise in 2022 and 2023 to 2,64,625 and 3,17,550 units, respectively.

Anarock Chairman Anuj Puri said: “The residential sector was showing healthy year-on-year growth since 2017 until the latest peak year of 2019, but this trajectory was derailed by the COVID-19 pandemic. Otherwise, 2020 was expected to be a watershed year for the housing sector”.

While the second half of the year did showcase the remarkable resilience of the Indian residential real estate, a new bottom for the sector was created in 2020, he added.

“2020 is not a year that the industry is likely to forget very soon,” Puri said.

Anarock said the ongoing trend of sales exceeding supply is likely to continue.

“2021 is expected to witness an increase of 35 per cent in housing launches and a 30 per cent increase in sales over the previous year,” Anarock said.

When compared to 2019, supply and sales may be lower by 28 per cent and 31 per cent, respectively.

“The unprecedented rise in homeownership sentiment, faster adoption of technology and digital marketing, and innovative business practices have served to soften the overall impact of COVID-19 on the Indian residential sector,” the consultant said.

According to Anarock data, housing sales stood at 3,42,980 units in 2014; 3,08,250 units in 2015; 2,39,260 units in 2016; 2,11,143 units in 2017 and 2,48,311 units in 2018.

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Emami Realty to invest Rs 130 crore on new commercial project in Kolkata – ET RealEstate

NEW DELHI: Emami Realty, the real estate arm of Emami Group, plans to invest Rs 130 crore to develop a commercial project-Emami Business Bay in Salt Lake City, Sector V, Kolkata, the company said in a media release.

Nitesh Kumar, MD & CEO of Emami Realty said, “We are about to launch a business project at Salt Lake City in Kolkata. The total project cost will be approx. Rs 130 crore. With the pace of corporate vaccination drive picking up the speed, we expect the resumption of normal office operations getting regularized in the city thus shooting up the demand for office space market, especially the smaller ones.”

“In the last few months we have witnessed an increase in enquiries for office space from IT and fintech companies, especially in the Salt Lake, Sector V area of Kolkata. We are also seeing increased demand from many big companies as we settle into a post-pandemic world,” he added.

The company had recently announced that it will develop a 40-acre township at Bhasa, near Joka in Kolkata at an estimated project cost of Rs 300 crore.

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Kolkata: Hidco to conduct lottery for 400 plots in New Town – ET RealEstate

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KOLKATA: The Housing Infrastructure Development Corporation (Hidco) will conduct a lottery on Tuesday and Wednesday to allot the 400 HIG and MIG plots in New Town for the proposed cooperative societies of different types and categories, mostly comprising the state government employees as was decided by the state cabinet earlier this year.

Hidco had put up the notice on February this year, inviting applicants to participate in the lottery for the distribution of the plots ranging from four to six cottahs.

Officials said that over 560 cooperative societies have applied for the plots. The lottery will take place at the Biswa Bangla convention centre.

Officials said that each of the plots will have eight cooperative members and eight dwelling units while the government employees and cops will get a preference.

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Bidhannagar civic body to make extra floor appeal for Salt Lake houses – ET RealEstate

KOLKATA: The Bidhannagar Municipal Corporation (BMC) will make a fresh appeal to the state urban development department to allow Salt Lake residents to construct an extra floor on the top of their houses.

“We have been receiving requests from many residents for permission to construct more rooms on the top of their houses. We have already spoken with the urban development minister on this matter and will make a fresh appeal,” said BMC board of administrators chairperson Krishna Chakraborty on Sunday.

Civic officials said that a fresh proposal on allowing an additional floor in residential houses across Salt Lake will need to be drafted. As per the present floor area ratio (FAR), the plots measuring below four cottahs in the township allow only two-storey buildings to be constructed while a maximum of G+3 building can be set up on the plots measuring above four cottahs, along with the provision to have only one additional room and one extra toilet only, said a BMC building department official.

Officials said that a proposal had been made earlier for allowing the construction of additional floors but it was not approved for different reasons.

“It was way back in 2010 that a draft proposal had been made by the civic body and the state urban development department had even allowed an extra floor in Salt Lake houses. Later, Bidhannagar Municipality had turned down the matter, stating that it would severely put pressure on the township’s sewerage and drainage system. The drainage and sewerage network has now been upgraded to withstand the pressure of extra floors,” said a BMC official.

Previously, the Bidhannagar Municipality had allowed the residents to construct an additional room and an attached bathroom.

“In 2007, it was incorporated in the building rules of the civic body to allow a watchman’s room and a toilet in the houses on the parking floor and allow the same at the roof in those houses, which did not have any parking floor,” said a BMC official. Bidhannagar Municipality became a municipal corporation in 2015.

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