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Editor’s Note

palash_royI would like to begin by saying a big thanks to all of you for making our second anniversary issue a success and giving us a highly encouraging feedback!

The next good thing is that after so many years, the mood of the real estate sector is truly festive this time. Many developers are admitting that September has been a good month in terms of sales of housing units. In fact some are saying they had not expected such footfalls, enquiries and conversions as it has been witnessed during the last month. And just before the month was to end, came another unexpected development – RBI Governor Raghuram Rajan announced a half a per cent cut in repo rate. No one was expecting more than a quarter of a percentage cut. This was followed by home loan interest rate cuts by various banks. So with better-than-expected September sales and reduction in home loan interest rates, a true prefestive mood has pervaded the housing sector. October sales are expected to be even better as the Navratra period is traditionally considered auspicious for homebuying and sales go up during this period.

Some are even seeing this as the beginning of the revival. We only hope their prophecy comes true! Keeping all these developments in mind, we decided to have our cover story on the prevailing festive mood. Developers have come up with a plethora of offers and devised innovative schemes to lure the buyers. We take a look at the various offers and present a perspective of the sales potential. In another significant development, Union Housing and Urban Development Minister M Venkaiah Naidu announced that the Real Estate (Regulation and Development) Bill is likely to be tabled in the winter session of Parliament. Once the legislation is through, the realty players would have to act in a much more transparent way and the entire scenario will change. An increased accountability on the part of developers is expected to win back homebuyers’ lost confidence.

Also, the more transparent regime will goad foreign investors to invest in the realty sector. The measurement of the property one buys has long been a grey area and a bone of contention between the developers and the buyers. Built-up area, carpet area and super area are the three broad types of measurements prevailing in the market but there is no uniformity as to which is being taken into account while a transaction is made. This confusion will cease to exist once the International Property Measurement Standards (IPMS) are approved for the residential sector, says Sachin Sandhir, Global MD – Emerging Business, RICS. So, expect some more healthy fundamental changes in the sector.

One issue that has been plaguing the industry for long is delayed construction and completion. Developers need to adopt newer methods and technology to counter this problem. Dhiraj Jain, Director, Mahagun, says the aluminum framework system offered by Malaysian company Mivan Company Limited is a reasonably economical system capable of fast pace construction. After the recent approval by the Punjab and Haryana High Court, the construction of the last 2.5 kilometer stretch of the 18-kilometer road has begun. And this has brought back the vibrancy to the location in terms of property investment, says Aman Nagar, Director, Paras Buildtech.

Our Vastu expert details out the importance of Vastu in the architecture of the structures. He says while Vastu is ancient, it is completely scientific in itself – how? – read on the column. Among other regular reads, we have for
you the property rates of various localities in different cities, new residential launches in top cities, latest home loan rates of various lenders, and your monthly horoscope.

Enjoy reading wish you a Happy Diwali!!!