NRIs eye luxury homes post-pandemic; Bengaluru & Pune in high demand: Survey – ET RealEstate

The luxury residential real estate once again seeing huge interest from Non Resident Indians (NRIs) due to plethora of reasons that have made the last few months the best time to invest in a home after rising instances of delays and consumer activism in the last few years had impacted sales from this segment.

ANAROCK’s latest consumer survey, at least 73% NRIs now prefer properties priced between Rs 90 lakh to Rs 2.5 cr. In the pre-COVID survey (H2 2019), just 41% preferred properties within this price bracket – most favoured affordable and mid-segment homes. 3 and 4 BHK options currently top their wish-list.

Prashant Thakur, Director & Head – Research, ANAROCK Property Consultants says, “The COVID-19 pandemic has increased NRIs’ emotional association of long-term security with physical assets. 63% of the polled NRIs state this as their reason for buying homes in India now. They are also driven by the uncertainties posed by COVID-19. Luxury properties have emerged as a hot favourite with NRIs because of the depreciating rupee value translating into greater buying power, coupled with ongoing developer discounts and offers. A majority of NRIs is buying for end-use, not as investments.”

The IT hubs of Bengaluru (24%) and Pune (19%) are seeing the highest NRI demand. Collectively, these two cities saw approx. 48,370 homes sold in 2020 – accounting for a 35% sales share among the top 7 cities.

According to the survey, at least 67% of the polled NRIs are looking for ready-to-move-in homes. If we consider the overall survey trends (including NRIs and resident Indians) just 29% preferred to buy RTM homes, with another 27% respondents preferring under-construction properties that will be delivered within a year.

Of the total 24% survey respondents who already booked properties in the last six months, at least 38% were NRIs looking to make the most of the prevailing market conditions in India, including discounts, offers and lowest-best home loan rates.

86% of the polled NRIs will only consider properties by branded developers who have the highest project completion capabilities, resulting in the lowest execution risk. Another reason for this choice is NRIs’ desire to buy into projects with international-grade amenities.

According to the survey, most of the polled NRIs seeking property in India are aged between 35-45 years of age. Among all NRI respondents who participated in the survey, close to 68% considered real estate as the best asset class for them at this time.

Regarding their outlook on residential property prices, at least 44% respondents felt that prices will remain stable in the short-term (i.e. 12 months), while 27% feel they will increase during the year. Over the long term (i.e. in 5 years), 92% NRI respondents think prices will increase.



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Builders consider layout changes of under-construction flats to meet new demands – ET RealEstate

NEW DELHI: Real estate developers are making or considering changes to layouts of under-construction flats in multiple projects, to meet new customer requirements amid the trend towards work from home.

Developers are even doing office-like fit outs to accommodate client requests.

For example, Krisumi Corp has come up with a two-bedroom plus work combination of flats at the first phase of its 65-acre township in Gurgaon.

“We have realised the need of the present times. We have converted the three-BHK configuration to a two-plus work, where we will do the fit out and provide the facility required to run a mini office,” Krisumi chief executive Akash Khurana said.

Experts said such configurations are also attracting corporates and they have been booking such flats in bulk.

“The developers are changing with the time and are offering as per the needs of the customer. In future, the government might consider giving some incentives to the developer if he is giving extra space to work from home and also (helping in) saving fuel,” said Vineet Nanda, an independent real estate consultant.

Gera Developments, which is developing premium residential and commercial projects in Pune, Goa and Bengaluru, said the company considered something similar at its under-construction projects.

“There is definitely a demand for space within the house which can be used as an office. We are thinking of squeezing some space from rooms and the common hall to give our homebuyers a small room to work,” said Rohit Gera, managing director of Gera Developments.

Some luxury developers are planning to have bigger business centres in the upcoming projects realising the need for separate work spaces.

“In our upcoming project in Gurgaon, we will have a bigger business centre, which can function as a mini office for residents,” said Silverglades group CEO Anubhav Jain.

Developers are using clubhouses, usually reserved for leisure activities such as pool, indoor games or spas, to create a small working centre with workstations.



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Pune: GR mooted deemed conveyance adalat in 2013, none held so far – ET RealEstate

PUNE: Citizen activists have written to the district collector and the state government drawing attention to the non-implementation of a government resolution issued in 2013 by the housing department to hold a deemed conveyance adalat every month.

The adalat to be headed by district collectors was to resolve issues related to deemed conveyance. As per the GR the deemed conveyance adalat was to be conducted just as a lok adalat with the collector as chairman, district deputy registrar of cooperative societies, collector of stamps and city survey officer, cooperation commissioner as members. More than 70,000 housing societies in the state do not have conveyance deeds.

City-based activist Vijay Sagar said even with such a GR, the government is not taking any cognizance regarding the difficulties of the housing societies struggling to get deemed conveyance.

“In the last eight years since the GR was announced there has been no hearing and no appointment which shows the neglect on behalf of the authorities to implement this GR,” he said.

The GR issued in 2013 has stated that according to the amendments in the Maharashtra Ownership Flats (Regulation of the promotion of construction, sale, management and transfer act 1963, the state government has appointed competent authority under section 5 and powers are conferred on them to implement the deemed conveyance process.

Sagar said in spite of these specifications there is hardly any cognizance and drives are conducted which may not benefit housing societies already are demanding an easy process. He has now written to the state government and Pune collector.

As per MOFA, the builder has to form the society and do the conveyance in favour of society within four months but builders purposely don’t do them. Hence, consumers face a lot of problems and are not getting the ownership of flats and land even after paying all amount to the builders, Sagar added.

Housing department officials told TOI that they will look into it. Officials from the state government, on condition of anonymity, told TOI that collectors are already burdened with hearings.

“There is a need to decentralise it and the DDRs should be conducting these hearings,” a senior revenue official said.

Activists pointed out that even though the cooperative department is conducting drives for deemed conveyance, consumers are facing issues and decisions are not given as the society members are not able to collect all the documents.

Members of the housing federation have already sent their grievances to the state government that individuals are not in a position to gather all the documents as they have to collect these from different departments.



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Pune: 200 deemed conveyance pleas submitted by cooperative housing societies – ET RealEstate

PUNE: Nearly 200 applications for deemed conveyance have been submitted by registered cooperative housing societies in Pune city in January when the month-long awareness drive was on, commissioner of cooperation and registrar of cooperative societies Anil Kawade said.

The commissioner reiterated that more societies should continue reaching out to the department with their applications. Last year, in the entire 12 months, only 187 applications were received.

“The one-month drive has elicited a positive response and we would encourage housing societies to approach and carry out the process for seeking deemed conveyance,” Kawade said.

There are 18,000 registered cooperative housing societies in the city and 1.10 lakh in the state. There are a total of 574 applications that came about in the last month in the state. While only 14,376 cooperative housing societies had deemed conveyance over 70,000 societies were yet to get the deemed conveyance.

Housing society members from various societies in Pune told TOI that it is mandatory for the builder to transfer the land and the building to the society within four months on the completion of the project.

“Ideally, the builder should be taken to task for failure to do so, but here, we have the flat owners who are put in the dock. There are provisions in MOFA (Maharashtra Ownership Flats Act) to imprison the builder and that should ideally be applied,” activist Vijay Sagar said, adding that there should be a hearing.

Meanwhile, members from housing societies said the process should be further simplified to ensure more societies get conveyance or deemed conveyance.

President of Pune district cooperative federation Suhas Patwardhan said with such a large number of societies not coming forwrad to get the deemed conveyance, the cooperation department should continue calling for applications and ensure that maximum societies get their deemed conveyance.

“They have just started the process and they should encourage it by keeping the drive on for the entire year till all societies get their conveyance deeds. They should simplify the process,” he added.

Patwardhan said they are planning to hold a webinar to educate members about housing society elections.



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