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Home Authors Posts by Devendra Pandit

Devendra Pandit

Devendra Pandit
With a total of 20 plus, Years of experience, Devendra Pandit comes from a rich background with versatile experience from different fields like Customer Service, Prop Tech, Real Estate, Finance, Management, and Sales. Time and again, his articles have revolutionized the industry standards and has been awarded for his contribution on greater than life platforms

Bengaluru and Delhi-NCR Lead as Coworking Share in Office Real Estate Hits 27%

The share of coworking spaces in India’s office real estate market has surged to 27%, with Bengaluru and Delhi-NCR leading the trend, according to a recent report. The growth of coworking spaces has been fueled by startups, SMEs, and multinational corporations looking for flexible workspace solutions.

The report highlights that Bengaluru and Delhi-NCR have the highest share of coworking spaces at 32% and 15%, respectively. The rise of coworking spaces has also led to increased competition among operators, with players like WeWork, Regus, and Awfis dominating the market.

The report further notes that the demand for flexible workspace solutions is expected to continue growing in the coming years, with the Covid-19 pandemic further accelerating the shift towards remote and flexible work arrangements. As a result, coworking spaces are likely to play an increasingly important role in India’s office real estate market.

Despite the rise of coworking spaces, traditional office spaces still account for the majority of India’s office real estate market. However, the growth of coworking spaces is expected to continue, as they provide a cost-effective and flexible solution for businesses of all sizes.

Overall, the report suggests that the coworking trend in India is here to stay, with Bengaluru and Delhi-NCR leading the charge as the country’s top coworking hubs.

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Revival of Indian Real Estate Industry: Five Recent Developments

The Indian real estate industry has been witnessing an upswing in the residential and commercial sectors, as the country gradually recovers from the pandemic’s impact. Here are five recent developments in the Indian real estate market that signify a positive outlook for the industry.

Surge in Housing Sales: The residential real estate sector has seen an increase in sales across major cities, including Mumbai, Delhi NCR, Bengaluru, and Pune. Factors such as low home loan interest rates, government incentives, and a shift in preference towards larger, well-equipped homes have contributed to this growth. The affordable and mid-segment housing sectors are experiencing the most significant demand, particularly from first-time homebuyers.

Launch of New Projects: In response to the rising demand for housing, developers have been launching new residential projects across various segments. These new projects offer modern amenities, attractive payment plans, and incentives to lure potential buyers. Developers are also focusing on timely project completion and quality construction to enhance customer confidence and boost sales.

Revival of Commercial Real Estate: The commercial real estate sector has also witnessed a gradual recovery, with an increase in demand for flexible office spaces and warehousing facilities. This trend can be attributed to the growing e-commerce industry and the rise of hybrid work models adopted by companies post-pandemic. As a result, developers are exploring new opportunities in the commercial segment, including co-working spaces and technology-driven office solutions.

Government Initiatives: The Indian government has introduced several measures to support the real estate industry’s revival, such as the extension of the Credit Linked Subsidy Scheme (CLSS) and relaxation in stamp duty charges. Additionally, the government has been focusing on infrastructure development, including the construction of highways, metro rail networks, and affordable housing projects under the Pradhan Mantri Awas Yojana (PMAY), which has created a positive environment for the industry.

Investment Opportunities: The real estate sector has attracted significant investments from domestic and international investors. With the introduction of Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs), retail investors can also participate in the industry’s growth. Furthermore, private equity investments in the real estate sector have been on the rise, as investors look for opportunities in the residential and commercial segments.

In conclusion, the Indian real estate industry has demonstrated promising signs of revival, with increased sales, new project launches, and a favorable investment climate. The combination of supportive government policies, low-interest rates, and evolving consumer preferences has contributed to this positive trend. With these factors in place, the industry is expected to continue its growth trajectory in the coming months, offering potential benefits to developers, investors, and homebuyers alike.

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Chinese Investors Seek to Move Wealth Abroad Amid Easing COVID-19 Border Controls

The relaxation of China’s strict COVID-19 border controls is prompting a surge in demand for foreign real estate, with real estate agents and property data from Australia to Singapore indicating that pent-up cash is beginning to flow abroad.

Chinese demand is boosting Singapore property prices, while Chinese students are purchasing apartments in Sydney and Melbourne. Agents are also reporting growing interest in Thailand among Chinese investors.

This trend reflects a long-standing strategy by rich and middle-class Chinese to move some of their wealth abroad to diversify their investments and keep some assets beyond the reach of authorities. However, the current surge in demand suggests that in the wake of the pandemic, Chinese families are looking to relocate assets, and even themselves, overseas.

While data on the early trickle of outflows is scarce, the signs suggest that new demand is emerging to move capital out of China. Real estate confidence in China is fragile, and the government’s tax rules and criticism of wealth accumulation are making investing abroad more attractive.

“Enquiries from regional Asia property investors have doubled since the borders opened, especially from the Chinese,” said Ian Chen, founder and CEO of Jalin Realty, which operates in China, Australia, Malaysia, and Singapore. Chen added that “most of the investors who are buying now are those who just need to get some money out. We are not seeing a big wave, but definitely there is interest and a lot of enquiries – especially from students who are coming back to Australia.”

While the current flows of outflows are much smaller than in previous episodes, such as one in 2016 that triggered tighter controls on moving money from China, they do indicate a lack of confidence and weigh on the currency, which has struggled to advance as China relaxed its COVID rules.

Moreover, the restrictions on moving money abroad will likely prevent a flood of outflows or a significant impact on the world’s second-biggest economy. Still, the trend indicates that some Chinese families are looking to relocate assets and even themselves overseas, reflecting concerns about the country’s economic and political climate.

As such, investors are looking beyond China’s borders to secure their wealth and are increasingly considering foreign real estate as a safe haven. The appeal of real estate in countries like Singapore, Australia, and Thailand lies in their stable political and economic climates, favorable tax regimes, and robust property markets.

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RERA Rules Delayed Completion Certificate Cannot Compel Buyers to Take Possession of Flats

In a recent ruling, the Real Estate Regulatory Authority (RERA) has stated that a delayed completion certificate obtained by a builder cannot compel a buyer to take possession of a flat.

This decision was made in response to a case related to a housing society in Zirakpur, where Panchkula residents Niklesh Dubey and Anuja Dubey had booked a flat with the real estate firm “Sushma Chandigarh Grande” by paying Rs 59.92 lakh in February 2016. The agreement stipulated that the flat would be handed over within 48 months, but the realtor failed to obtain a completion certificate and give possession within the specified timeframe.

Jagan Nath Bhandari, the counsel for the Dubeys, stated that when the buyers sought a refund, the realtor refused to pay and instead asked them to accept delayed possession, claiming that they had obtained the completion certificate but the buyers refused to take possession. However, the RERA order stated that “the complainants cannot be compelled to take delayed possession of the unit in question. In the circumstances, provisions of Section 18(1) of the Act would come into force and the complainants entitled to refund along with interest at the prescribed rates.”

The RERA member, Ajay Pal Singh, directed the realtor to refund the flat booking amount along with interest in addition to harassment charges. According to the buyer’s agreement, possession was to be delivered within 48 months (including a grace period of six months) by June 26, 2016. However, the realtor obtained a partial completion certificate on July 23, 2019, and offered possession on June 22, 2020, after a delay of about four years from the due date.

This ruling by RERA reinforces the importance of timely completion of projects and highlights the rights of buyers in such cases.

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Experts Concerned Over Lack of Enforcement of Safety Certification for Construction in Delhi

New Delhi: Civic officials claim that safety certification for construction is mandatory. However, experts believe that this is merely a formality since no random checks are carried out to verify the implementation of building guidelines.

The notification of Unified Building Bylaws, 2001, and National Building Code has boosted compliance with norms, according to an official from the Municipal Corporation of Delhi. “The structural safety certificate is among the documents mandatorily required at the time of applying for the building sanctioning plan. The document is also required while applying for a completion certificate,” the official said.

The MCD official added that people are taking the certification seriously for their own safety. “People are also investing a lot of money in constructing houses and want to ensure their structures can withstand seismic and other natural hazards,” he said.

In planned neighbourhoods, structural and seismic safety were rarely compromised, according to architect planner Chitra Jain, but this was not the case in areas where illegal construction took place. While those building houses can take the help of around 200 structural engineers and over 1,000 architects empanelled with MCD for structural safety certification, in unauthorised colonies, with constructions taking place without sanctioned building plans, it is difficult to comment on the adherence to guidelines.

The MCD official also said that structural integrity couldn’t be confirmed in constructions over 60 years old, such as many in Old Delhi. However, the official reasoned that “had the structure been very weak, buildings would have collapsed regularly because the city falls under seismic zone IV with the probability of quakes of severe intensity”.

Structural engineers, however, felt that building norms were still not being implemented strictly. “The structural safety certificate is submitted at a time when construction hasn’t even begun, so how can anyone verify that the safety norms are being followed?” asked engineer Aditya Sharma. “There is no inspection of properties smaller than 500 sq metre either. And in most building plans, there is no mention of the width of beam and columns that indicate structural safety.”

Sharma added, “The matter of structural safety was presented in Delhi High Court by an NGO a few years ago after which the civic bodies issued notices to some building owners and housing societies. But things have slowed down again.” Despite the mandatory safety certification for constructions in Delhi, experts believe that enforcement is lacking, resulting in potentially hazardous buildings.

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Goa State Urban Development Agency to Map Urban Properties with GIS

The Goa State Urban Development Agency (GSUDA) has announced that it will be using Geographic Information System (GIS) mapping to map urban properties in the state

The decision was made during a board meeting held on Monday, attended by the Urban Development Minister Vishwajit Rane. The mapping will be executed in collaboration with Nagpur-based project management and GIS consultant M/s Kolbro Group Pvt Ltd, which has been tasked with the project.

According to a GSUDA official, the GIS mapping initiative will provide municipal councils with the ability to calculate taxes and better manage urban properties. During the meeting, the need for technical staff and professionals to be employed by municipal councils was also discussed.

The official further explained that some properties are currently underutilized or not utilized at all, while others have been encroached upon. The mapping will help to identify these properties and enable better utilization of the available resources.

A former councillor of the Corporation of City of Panaji (CCP) commented on the issue, stating that she had previously attempted to ensure that properties belonging to CCP were listed properly and their leases examined periodically. She further expressed her desire for CCP to earn more revenue from its properties, as many had been leased for a negligible amount for years.

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Haryana RERA revokes registration of real estate agent for submitting forged documents

The Haryana Real Estate Regulatory Authority (H-Rera) recently made headlines for revoking the Rera registration certificate of real estate agent Vineet Kejriwal, who submitted forged documents at the time of application.

The H-RERA is responsible for enforcing the Real Estate (Regulation and Development) Act 2016, which mandates that all real estate agents must obtain a RERA registration number. As part of the application process, applicants must submit documents, including proof of commercial office space that is either self-owned or rented, certified by the district revenue department.

The H-Rera found that Kejriwal had forged the documents with mala fide intention, amounting to a serious offense. Consequently, the Authority revoked his registration number, which was previously issued in April 2022 under the registration number RC/HARERA/GGM/1 697/1292/2022/65. Furthermore, an inquiry has been initiated into the matter.

The H-Rera came to know about the forged documents after receiving a complaint alleging that Kejriwal had illegally registered the office premises belonging to the company of the complainant with the H-Rera Gurgaon by forging documents, including the rent agreement as proof of office address. Upon investigation, the Authority found a clear mala fide intention on Kejriwal’s part in obtaining RERA registration in contravention of the Act.

The H-RERA invoked Sections 7 and 9 of the Act, which state that if the Authority is satisfied that the registration has been secured by the real estate agent through misrepresentation or fraud, it may revoke or suspend the registration. The Authority emphasized that no one is above the law, and all three stakeholders of Rera, including the promoter, allottee, and agent, are duty-bound to follow the mandate placed in the Act. The Authority reiterated that the Act must be followed in letter and spirit to maintain the integrity of the real estate industry.

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Taylor Swift’s Real Estate Holdings Valued at $150 Million

Did you know that Taylor Swift‘s real estate holdings are worth an estimated $150 million? The American singer-songwriter has invested in properties across the United States, including several luxury homes and apartments.

Swift’s real estate portfolio includes a $17 million townhouse in New York City, a $25 million mansion in Beverly Hills, and a $17 million penthouse in Nashville, among others. The properties are spread across some of the most desirable neighborhoods in the country, reflecting Swift’s taste and preferences.

Apart from her primary residences, Swift also owns several investment properties, which she rents out for additional income. The singer is known for her business acumen and has made several smart investments over the years, including in the real estate sector.

Swift’s real estate holdings have grown significantly over the years, reflecting her success as an artist and her savvy investments. The singer’s investment in properties is a testament to the potential of the real estate sector as a means of building long-term wealth.

In conclusion, Taylor Swift’s real estate holdings, valued at an estimated $150 million, are a reflection of her success as an artist and her business acumen. The singer’s investments in properties across the United States demonstrate the potential of the real estate sector as a means of building long-term wealth. As Swift continues to expand her real estate portfolio, it will be interesting to see how her investments perform in the years to come.

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99 Group Secures Series C Funding Extension

99 Group, the Brazilian technology company, has secured an extension of its Series C funding round. The company has raised an additional $70 million from investors, bringing the total amount raised in the round to $405 million.

The funding round was led by the SoftBank Latin America Fund, with participation from other investors, including monashees, Qualcomm Ventures, and Riverwood Capital. The additional funding will be used to expand the company’s services in Brazil and other Latin American countries.

99 Group provides a range of technology-based services, including ride-hailing, food delivery, and financial services. The company has seen significant growth in recent years, with its ride-hailing service now available in over 1,600 cities across Brazil.

The extension of the Series C funding round is a testament to the company’s success and its potential for further growth. The additional funding will allow 99 Group to expand its services and compete with other technology companies in the region.

In conclusion, 99 Group’s extension of its Series C funding round is a positive development for the company and the wider technology sector in Brazil and Latin America. The funding will enable the company to expand its services and compete with other players in the market. With its strong track record of growth and innovation, 99 Group is well positioned to capitalize on the opportunities presented by the region’s rapidly expanding technology sector.

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Noida Homebuyers Demand Government Policy to Address 30 Stalled Realty Projects

A group of homebuyers in Noida has appealed to the government to develop a policy to resolve the issues faced by around 30 stuck real estate projects in the region. These projects have been stalled for several years, leaving homebuyers in a lurch and developers facing financial difficulties.

The homebuyers have called for the government to set up a committee to look into the matter and come up with a solution that benefits both the developers and the buyers. The committee should consist of representatives from the government, developers, and homebuyers to ensure a fair and transparent process.

The stalled projects have caused significant financial and emotional distress to the homebuyers, many of whom have invested their life savings in these properties. The buyers are seeking a resolution that would protect their interests and ensure that their dream of owning a home becomes a reality.

The government’s intervention is necessary to resolve the issue and restore confidence in the real estate sector, which has been marred by a spate of stalled projects and developer bankruptcies. A comprehensive policy that addresses the concerns of all stakeholders is needed to prevent a repeat of such a situation in the future.

In conclusion, the call for the government to develop a policy to resolve the issues faced by the stalled real estate projects in Noida is a step in the right direction. The government’s intervention is necessary to protect the interests of homebuyers, restore confidence in the real estate sector, and ensure that the dream of owning a home becomes a reality for many. It is important to develop a comprehensive policy that takes into account the concerns of all stakeholders and prevents a repeat of such a situation in the future.

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