Online real estate portals now handle 4% of total industry transactions, up from 0.6% a few years ago. Eastern India is rapidly catching up with this trend.
Despite efforts to increase transparency, Mumbai's building plan approval system faltered. Approved construction plans were not uploaded to the website, hindering access for potential buyers.
In the first half of the year, India's major cities witnessed the launch of 1.32 lakh homes, a 5% increase compared to last year. New launches have declined in Q3.
Soaring property prices deter buyers, leaving developers with unsold inventory and financial struggles. Major cities face declining sales, impacting developers like Mantri Realty.
The housing ministry intends to introduce a real estate regulator to curb sector illegalities. The bill, aimed at safeguarding buyers, defines carpet area and mandates project registration.
The Prime Minister's Office has intervened to expedite the long-pending Real Estate Regulatory Authority Bill, addressing inter-ministerial concerns and seeking to protect buyers' interests.
Buyers of unconstructed houses in Noida Extension have taken to the streets to plea the Supreme Court for justice, demanding full refunds from builders.
A recent survey reveals that 34% of potential homebuyers prefer NCR-Delhi, followed by Mumbai, indicating a shift towards end-user driven real estate investment.
Yoo by Starck enters Indian market with luxury condo project in Pune, partnering with Panchshil Realty amidst high demand for branded residences.