SARE Homes, India’s premier FDI-funded developer was felicitated with the award for ‘Excellence in Mixed Residential Development’ across India at the 3rd NDTV Property Awards held recently at Bangalore. The award was presented by Shri Babul Supriyo, Minister of State for Urban Development and Housing, Govt. of India.
Speaking on the occasion, Mr. Vineet Relia, Managing Director, SARE Homes said, “It is indeed a proud moment for SARE Homes. Being recognized on a prominent and credible platform as NDTV, cements our position as a real estate leader across a range of residential segments.”
NDTV Property Awards, which is into its third year, has developed as the most credible benchmark for the industry. The awardees were chosen after a rigorous selection of developers from across India. With this ceremony, NDTV celebrates the highest levels of achievement by companies operating in all sectors of the property and real estate industry. The award function was attended by eminent personalities from the sector, research intelligence and the media fraternity.
In the last one year, SARE Homes has emerged as a star performer in the Indian realty sector. The company has been bestowed with notable recognitions such as the ‘Best Residential Developer in NCR and Chennai’ by the country’s leading industry chamber – ASSOCHAM; ‘Best Emerging Developer’ – NDTV Property Awards; Most Promising Developer with an FDI-model’ – CNBC Awards; ‘Developer of the Year – Northern Region’ – Franchise India Estate Awards; and the ‘Residential Property of the Year’ awarded by ABP News. National Real Estate Development Council (NAREDCO) – an apex industry body has recognized SARE Homes as a brand synonymous with the timely delivery of projects with their ‘On Time Project Delivery Award’.
The real estate sector’s expectations of being accorded Industry and Infrastructure have been belied yet again.
Union Budget 2016-17 is a mixed bag for the real estate sector. Plans to meet the fiscal deficit target are a good move, since this will leave more headroom for the RBI to opt for a reduction in lending rates during upcoming rate review cycles. The additional exemption of Rs. 50,000 for housing loans up to Rs. 35 lakh – provided the house cost doesn’t exceed Rs. 50 lakh – is a welcome move too. Also, eliminating service tax for houses built in less than 60 square meters under Central or State Government schemes, including PPP schemes, will boost the affordable housing segment. Excise duty exemption on ready-mix concrete used in construction sites will also benefit the construction industry.
The Finance Minister’s proposal that any distribution out of SPV income to REITs and INVITs with specified shareholding not being subject to Dividend Distribution Tax (DDT) will spur investments in REITs, which had not happened till date since DDT was acting as a major deterrent for investors.
Nevertheless, other small and big measures that could have helped spur a revival in the real estate sector have been completely overlooked. To begin with, a change in income tax slabs was expected, which would have benefitted common citizens. Such a measure would have put more money in the hands of people, making it easier for them to purchase a property of their choice. Coming to the macro picture, the real estate sector’s expectations of being accorded Industry and Infrastructure have been belied yet again. Moreover, no attempt has been made to move towards single-window clearance. Furthermore, some cues were expected about firm action being taken to expedite GST Bill, but there was no mention whatsoever of this important legislation that has been pending for long.
The much-awaited launch of Rs. 7,566 crore project for widening the Delhi-Meerut Expressway, commonly known as NH-24 will boost huge development opportunities and create new residential hotspots.
Among the several highways/expressways that connect Delhi to cities, NH-24 is probably the most densely populated, as it interconnected to several other small cities along the corridor. Providing access to Ghaziabad, Noida and Greater Noida, the national highway once fully developed, will connect up to Meerut and Hapur and become one busy stretch. The widening of the expressway will only act as a catalyst for real estate demand and create smart infrastructure development on both sides of the road. Other than that, the development would ease the lives of people living on the Ghaziabad-Indirapuram stretch as this project is expected to decongest NH-24 that connects Delhi with Meerut. Ghaziabad has been in a growth mode for the past couple of years and has become one of the most favorable investment destinations. Considering the large population base in the city, infrastructural developments such as the extension of the Metro route to Ghaziabad and the construction of Delhi-Meerut Expressway project would increase the demand from investors as well as end consumers.
The NH-24 Expressway may also emerge as a hub for affordable housing and could offer solutions for accommodation in the 1-2 BHK category within the price range of Rs. 15-30 lakhs.
Looking forward to the development of the expressway and how it will add a new dimension to the real estate market in Delhi NCR.