(CREDAI-MCHI, NATIONAL, MMR)
08TH July 20
1. Hindustan Times
Developers in Mumbai woo migrant workers back to sites with sops
According to the Maharashtra Chamber of Housing Industry (shortened as CREDAI-MCHI), the apex industry body in the Mumbai Metropolitan Region (MMR), close to 700,000 of the 900,000 on-site
real estate workforce migrated back to their hometowns as soon as Mumbai became the country’s worst-affected Covid-19 hotspot.
“There are hardly 200,000 on-site workers left in Mumbai, and a majority of the projects are in limbo. We desperately need to start work
and hence we are trying all means possible to bring them back,” said Rajesh Prajapati, managing committee member, Credai-MCHI. “The workers are not ready to come back fearing infection and due to family pressure. We are assuring them that we will take good care of them, and offer them best of the facilities such as Covid-19 insurance as well as weekly visits by doctors.”
Times of India
Slash home-loan interest and taxes: Mumbai-based realtors' plea to govt
NAVI MUMBAI: With no respite from the Covid-19 pandemic and economic crisis looming ahead, city-based real estate developers have appealed to the government to cut home loan interest to 5% and reduce transaction costs and taxes.
The government and municipal taxes account for 20% to 40% of the price of real estate property, said developers apex body CREDAI which formed an Action Committee to take up the industry’s issues with the government
Construction stalled in Mumbai: Sops galore to bring back labourers
Airline tickets, higher wages, medical insurance, weekly doctor visits -- these are some of the perks Mumbai’s real estate companies are offering -- not to senior executives but to the hundreds of thousands of construction workers who left the city in the aftermath of the coronavirus disease (Covid-19) outbreak and the ensuing lockdown.
The sops are meant to entice back the workers who returned home to states such as Bihar, Uttar Pradesh, West Bengal, Jharkhand and Odisha so that construction can resume on projects that are stuck for lack of labour.
According to the Maharashtra Chamber of Housing Industry, the apex industry body in the Mumbai Metropolitan Region (MMR), close to 700,000 of the 900,000 on-site real estate workforce returned to their home towns after as Mumbai emerged as the country’s worst-affected Covid-19 hot spot in April.
Structural reforms, greater transparency lead to higher capital flows into real estate
Spurred by structural reforms, enhanced market data and progress in REIT framework, India’s real estate sector has registered one of the largest improvements in transparency globally and bagged the 34th position on the JLL’s Global Real Estate Transparency Index 2020, leading to higher investments.
Amid the COVID-19 pandemic, the nation has also shown appreciable progress in terms of green buildings and wellness led by IGBC Health and Well-being Rating, and made its entry into the elite club of top 20 for Sustainability Transparency through the active role of organizations like IGBC and GRIHA in developing green building certifications, a net zero energy buildings standard and a people-centric health and well-being certification.
How Technology Is Helping Real Estate Sector Stay Afloat
The COVID-19 pandemic has had a severe impact on economies across the planet. Many countries, including India, have gone into an entire lockdown mode. Every sector is trying to explore remote working possibilities in order to make their businesses run. They’re trying to integrate technological processes to mitigate the impact of COVID-19. The real estate sector is no exception to the present conditions of the business across the country which is either paused or is working with limited resources.
Realty may be a segment of the physical world, a brick and mortar setup which till recently engaged with technological interventions only in matters associated with planning and style.
Lately technology seeped into other processes of the world like marketing and sales; which earlier relied on physical brochures, inspection of property or visits to the finished projects. Real estate industry has been a sector which has integrated its processes with technology over the years to deliver a better buying and selling experience in India.
India improves ranking in Global Realty Transparency Index, ranks 34th
India’s Global Real Estate Transparency Index ranking has improved by one notch to 34 on the back of regulatory reforms, better market data and green initiatives, according to property consultant JLL.
India was ranked 35th in the index during 2018 bi-annual survey, while the country was at 36th position in 2016 and 39th in 2014. The country’s real estate market is currently placed in the ‘semi-transparent’ zone.
Magicbricks reports up to 5 pc dip in realty prices in Apr-Jun; property searche
NEW DELHI : Realty portal Magicbricks has reported up to 5 per cent fall in real estate prices across eight big cities during April-June, while
property searches on its platform dipped 27 per cent compared to the previous quarter due to COVID-19 pandemic.
The volume of active listing of properties on Magicbricks website, too, fell 42.5 per cent during April-June 2020 from the first quarter of this calendar year, it said in a report.
Magicbricks.com is owned by Magicbricks Realty Services, which is a subsidiary of Times Internet, the digital arm of the Times of India Group.
'Quality' housing for all
We are entering the new phase of the outbreak with the Unlockdown 2.0. Some emergency measures persist for the infection curve to flatten while others remain in place for the foreseeable future. India is no stranger to viral epidemics. However, the severe repercussions of the present pandemic across our society and industry are a wake-up call. Lack of proper housing for the social distress classes in India poses to be the biggest challenge of the present.
India’s budget blowout may see RBI resort to direct financing
India’s government is running out of options to fund its budget and may soon have to knock on the central bank’s door once again for support.
The administration can get the Reserve Bank of India to buy sovereign bonds directly or boost dividends to help supplement revenue, which has been hit by an economy-crippling lockdown to contain the virus’s spread. The government is facing a budget deficit of as high as 7 per cent of gross domestic product, the widest in more than two decades,
Last resort: Here’s how RBI may fund govt’s need for more money, with fiscal deficit at 7%
India’s government is running out of options to fund its budget and may soon have to knock on the central bank’s door once again for support. The administration can get the Reserve Bank of India to buy sovereign
bonds directly or boost dividends to help supplement revenue, which has been hit by an economy-crippling lockdown to contain the virus’s spread. The government is facing a budget deficit of as high as 7% of gross domestic product, the widest in more than two decades, according to some estimates.
Govt may need RBI’s help to fund budget deficit amid economic crisis: Report
With the fiscal deficit already touching as high as 7 per cent of the GDP, the government has little room increase spending during the economic crisis. It is already running out of options to fund its budget and the Reserve Bank of India (RBI) may need to intervene yet again with additional support, reported Bloomberg.
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