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How will Coronavirus COVID-19 outbreak effect or impact Real Estate in India

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How will Coronavirus COVID-19 outbreak effect or impact Real Estate in India

Last updated: 9 hours ago
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  • Re : How will Coronavirus COVID-19 outbreak effect or impact Real Estate in India

    RERA Karnataka will levy a penalty of Rs 10,000 on builders for the first month and Rs 20,000 for every additional month the submission of the quarterly and annual audits is delayed.
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    • Re : How will Coronavirus COVID-19 outbreak effect or impact Real Estate in India

      KV Kamath panel's recommendation may reboot stressed real estate sector

      In August, RBI announced a one-time restructuring term loans with up to 2 years moratorium, without classifying them as non-performing assets (NPAs), based on the recommendation of the expert committee steered by KV Kamath.


      https://www.indianrealestateforum.co...48#post2684648
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      • Re : How will Coronavirus COVID-19 outbreak effect or impact Real Estate in India

        The government has proposed a Model Tenancy Law, which will be a bold move that will help change the perspectives of the rental housing industry, and help address several existing issues.
        Last edited September 14 2020, 09:52 AM.
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        • Re : How will Coronavirus COVID-19 outbreak effect or impact Real Estate in India

          Just like RERA, all states will have to set up 'Rent Authorities' to look over all rental transactions in their respective states. These authorities will be processing or registering 'Rental Agreements' in the presence of landlords and tenants. There will also be an official website for collecting and maintaining all data pertaining to rent agreements of the state.
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          • Re : How will Coronavirus COVID-19 outbreak effect or impact Real Estate in India

            The Maharashtra government has increased the ready reckoner rates of properties by an average 1.74 per cent and the new rates have come into effect from September 12, 2020.
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            • Re : How will Coronavirus COVID-19 outbreak effect or impact Real Estate in India

              As per the official document the rates for metropolitan regions like Thane, Palghar and Raigad have been increased by 1.42 per cent, 2.37 per cent and 3 per cent, respectively.
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              • Re : How will Coronavirus COVID-19 outbreak effect or impact Real Estate in India

                In Mumbai, the Ready Reckoner (RR) rates have been reduced by 0.6 percent by the Maharashtra government.
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                • Re : How will Coronavirus COVID-19 outbreak effect or impact Real Estate in India

                  Coronavirus-fueled uncertainty could accelerate consolidation of flexible office spaces

                  While a large operator like RMZ is exiting the business, global major WeWork plans to expand as per client specifications only for some time. Awfis and Smartworks have also slowed down the pace of expansion as they continue to study the evolving market dynamics.
                  BENGALURU: The flexible office space is expected to undergo a major consolidation phase with uncertainty looming large on the segment due to the Covid-19 pandemic and a resultant demand slump.

                  While a large operator like RMZ is exiting the business, global major WeWork plans to expand as per client specifications only for some time. Awfis and Smartworks have also slowed down the pace of expansion as they continue to study the evolving market dynamics.

                  “We will grow as per our client requirement and focus on opportunistic expansion rather than speculative,” said Karan Virwani, CEO at WeWork.

                  Though consolidation within co-working space started in 2018 with major acquisitions like One Co.Work acquiring IShareSpace and AltF CoWorking acquiring Noida-based Daftar India, Covid-19 will accelerate the process as weak players will be weeded out, say experts.

                  The period of low occupancy with increased operational costs is making multiple small players unviable. “There will be huge consolidation in the co-working space as managing cash flows will become difficult. We are onboarding clients and offering rental waiver till they occupy the facility,” said Neetish Sarda, cofounder of Smartworks.

                  The pandemic has hurt small co-working space operators with around 3.2 million sq ft of flexible office space expected to be vacated this year, according to a study by Knight Frank India. “We expect larger players with a greater weightage of enterprise tenants to endure, while those with tenant profiles predominated by MSMEs and startups are expected to shut businesses,” said Shishir Baijal, chairman, Knight Frank India.










                  https://realty.economictimes.indiati...paces/78145264

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                  • Re : How will Coronavirus COVID-19 outbreak effect or impact Real Estate in India

                    Some real estate developers assert that the hike in ready reckoner rates is unrealistic as property prices are down by as much as 30% in many areas and there are no buyers at all.
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                    • Re : How will Coronavirus COVID-19 outbreak effect or impact Real Estate in India

                      There is unsold inventory and current trend in real estate sales in reality shows a further fall in property prices and sales. Except for a few builders, nobody is able to sell anything at all. And the hike in RR rates, which looks like a bid to compensate for the losses borne by the real estate segment and the government will not bring results as expected.

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