The country’s real estate sector is also going through a phase of lethargy. It is also having an impact on the sale of houses. The report by property advisory company JLL states that housing projects worth Rs 4.62 lakh crore have been stalled in seven major cities of the country due to lack of customer interest in houses.Of these, 84 percent projects are in Delhi-NCR and Mumbai only. This figure is 62 per cent in Delhi-NCR alone and 22 per cent in Mumbai. Most of these apartments are upper-middle and premium-class.
JLL, in its research report, has placed houses up to Rs 75 lakh in ‘affordable and medium’ category for cities other than Mumbai, while the value of such houses in Mumbai is up to Rs 1 crore. Samlant Das, chief economist and head of research, JLL India, says that there is a general perception that there is a crisis in the entire real estate sector, which is not true.
Mainly high-middle and premium category housing projects are stuck. According to the report, the average residential price of residential projects in Mumbai is Rs 1.99 crore. At the same time, their average price in Bangalore is 95 lakh, 94 lakh in Hyderabad, 87 lakh in Chennai, 75 lakh in Delhi-NCR, 65.62 lakh in Pune and 28.83 lakh in Kolkata.
3,500 crore investment for warehouses since GST
According to a survey by property consultant CBRE, the demand for quality space for warehouses has increased sharply since the introduction of GST. Due to this, the industrial and logistics segment has attracted an investment of $ 500 million (about Rs 3,500 crore) since 2017.
70 per cent of the respondents surveyed said that business ease has improved due to the e-way bill. This has ended many bottlenecks in cargo storage and transport processes. At the same time, 40 percent say that the number of warehouses has increased since the introduction of GST.
CBRE said that the demand for warehouses will increase in the coming times and this year the demand for space to take up godowns may increase by 10-15 per cent over last year to reach 25 to 30 million square feet.
