This ruling came as the court allowed a petition filed by M/s Columbia Pacific Communities Pvt Ltd, Bengaluru, a company engaged in providing specialized senior-care services. The petitioner had been collecting common area maintenance charges from residents of Serene Urbana Apartments located in Kannamangala, Devanahalli.

Columbia Pacific Communities challenged a January 11 order issued by K-RERA, which had ruled that a complaint filed by the Serene Urbana Apartment Owners’ Welfare Association against Ozone Urbana Infra Developers Private Limited, the project developer, as well as the service provider and others, was maintainable.

The petitioner argued that the association’s disputes with the developer were unrelated to its role as a service provider and that it was unnecessarily dragged into the matter.

The complainant-association maintained that the service provider was collecting common area maintenance charges from apartment owners and insisted that its inclusion in the proceedings was essential, as the dispute with the developer could not be resolved without involving the petitioner.

After examining the records, Justice M. Nagaprasanna observed that the association’s complaint predominantly involved disputes with the developer, Ozone Urbana Infra Developers Private Limited.

The complaint sought to restrain the petitioner from mortgaging land, infrastructure, and assets, as well as from increasing common area maintenance charges until issues with the Serene Urbana Project were resolved. The judge noted that most of the prayers in the complaint were directed at the developer and other respondents, with only ancillary requests involving the petitioner.

The court highlighted that the petitioner’s agreements with individual apartment owners were limited to providing specific services, as outlined in the “services agreement.” Justice Nagaprasanna remarked that the petitioner had no obligations concerning the development or other activities of the apartment complex. Consequently, the court held that the petitioner could not be held liable for the liabilities of the apartment owners or the developer.

The court emphasized that the petitioner was being unfairly implicated in the proceedings due to disputes unrelated to its role. “For the folly of others, the petitioner is sought to be dragged into these proceedings. In the considered view of this court, the complaint against the petitioner, who is only a service provider, is not maintainable,” the judge stated.

In its ruling, the High Court concluded that the complaint against Columbia Pacific Communities Pvt Ltd was not maintainable, affirming that the service provider could not be held accountable for the disputes between the apartment owners’ association and the developer.

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However, despite issuing these warrants, police have yet to act, prompting H-RERA to approach the Punjab and Haryana High Court for intervention. The regulator has also initiated contempt of court proceedings against the police in three cases due to their inaction.

Rajender Kumar, H-RERA’s adjudicating officer, stated that the arrest warrants were issued between February and September after developers repeatedly ignored directives.

“The lack of police enforcement has only aggravated the distress of homebuyers,” said Kumar. “We have referred the matter to the High Court, yet the police have not taken action. Thousands of homebuyers continue to suffer as a result.”

When questioned about the situation, DCP Headquarters Arpit Jain told TOI, “As of now, we have not received any such notice from the court. If we receive an order, we will act as per the directions of the honorable court.”

Ritika Singh, a homebuyer who has been waiting for her flat for over five years, expressed her frustration with the redressal system. Despite the government’s appointment of a regulator, she feels it is failing homebuyers.

“I invested all my savings in this flat, but the builder has delayed possession multiple times. H-RERA ordered compensation, but I haven’t received a single rupee,” she lamented.

Similarly, Ajay Mehra, another homebuyer, shared that he was supposed to move into his apartment in 2018. “It’s 2024, and I’m still waiting. I’ve lost trust in the process. We’ve done everything we could, but the developers keep evading accountability,” he said.

Ankit Sharma, another buyer impacted by the delays, voiced his disappointment: “We expect the law to protect us, but when even a government authority takes action and it’s still not enough, what’s the point?”

H-RERA officials hope that moving the matter to the High Court will create a renewed sense of urgency, pushing developers to comply.

The post Haryana RERA escalates the issue to the High Court over 207 arrest warrants issued against 20 builders. appeared first on .

On August 19, FPCE President Abhay Upadhyay addressed a letter to Satinder Pal Singh, Additional Secretary of the Union Ministry of Housing and Urban Affairs, expressing objections to MahaRERA’s conciliation forum. The letter calls into question the forum’s legitimacy and raises concerns about its “suspicious functioning.”

FPCE has urged the ministry to conduct a thorough investigation into the constitution and operations of this forum and the rulings it has issued to determine whether it exhibits favoritism towards builders.

“Maharashtra Real Estate Regulatory Authority (MahaRERA) has constituted a Conciliation Forum for the amicable settlement of disputes between real estate project promoters and allottees under Section 32 of the Real Estate (Regulation and Development) Act, 2016 (RERA),” Upadhyay stated. However, he pointed out that Section 32 of RERA merely grants the authority the power to make recommendations, not to establish such a forum independently.

FPCE has suggested that the ministry develop guidelines for establishing and functioning conciliation forums, in consultation with all relevant stakeholders.

“It is essential to ensure that any conciliation forum established is independent, uniform, and composed of impartial individuals of good repute, selected through a clear and fair process,” Upadhyay emphasized.

The FPCE also stressed the importance of keeping RERA authorities separate from these conciliation forums to prevent any potential conflicts of interest. The association further proposed that states with functioning Lok Adalats should prioritize these over the formation of new conciliation forums.

“In light of the serious allegations surrounding the MahaRERA conciliation forum, we respectfully request that your Ministry investigate its constitution, functioning, and the orders it has passed to ascertain whether the forum’s actions favor builders,” the association urged.

FPCE also recommended that the ministry instruct all state RERA authorities to suspend the operation of any conciliation forums until detailed guidelines are issued by the Union ministry.

FPCE claimed that MahaRERA has overstepped its legal mandate under the Act, creating potential conflicts of interest. “It is clear that this move has been made under the influence of, and to benefit, builders, which is evident from the composition of MahaRERA’s Conciliation Forum,” FPCE stated.

The association noted that the forum’s membership includes only one organization representing consumers, compared to three organizations representing builders.

Furthermore, the forum comprises just two individual consumer representatives, compared to six individual representatives for builders, indicating a bias in favor of builders, FPCE asserted in the letter.

The post Regarding MahaRERA’s decision to establish a forum to resolve builder-buyer disputes, FPCE writes to the center of inquiry. appeared first on .

The Real Estate (Regulation & Development) Act, 2016, commonly referred to as RERA, was enacted to bring significant reforms to India’s real estate sector.

The primary aim of RERA is to promote greater transparency, citizen-centricity, accountability, and financial discipline, thus empowering home buyers and stimulating the economy.

The survey noted that all states and Union Territories have notified rules under RERA, except Nagaland, which is currently in the process of doing so. As of July 1, 2024, more than 1,30,186 real estate projects and 88,461 real estate agents have been registered under RERA.

“RERA provides for the establishment of a fast-track dispute resolution mechanism for the settlement of disputes. As of July 1, 2024, 32 states and Union Territories have established the Real Estate Regulatory Authority, and 1,24,947 complaints have already been resolved,” the survey reported.

RERA mandates an ‘Agreement to Sale’ at the time of registration and requires two-thirds consent from allottees/homebuyers for any layout changes. The law also includes provisions for refunds, compensation, and penalties for all stakeholders in case of obligation breaches.

“Before RERA was enacted, there were numerous instances of builders failing to deliver flats or homes despite full payments from homebuyers. To address this issue, RERA mandates that 70 percent of funds collected from homebuyers for a project must be maintained in a separate bank account dedicated to project construction and land costs,” the survey explained.

RERA also requires developers and project promoters to disclose all necessary information about projects, including permissions obtained from authorities, date of launch, promised date of delivery, project specifications, and amenities.

Furthermore, the interests of homebuyers are protected as only projects (above 500 square meters and above eight apartments) registered with RERA can be launched, thus preventing any misrepresentation or false promises by developers, the survey stated.

The post RERA in States and UTs Dispose of Nearly 1.25 Lakh Consumer Complaints appeared first on .

This comes in response to a common issue where real estate firms declare insolvency while their promoters continue to thrive financially.

Some promoters exploit this situation by declaring bankruptcy and starting new companies under different names, often to avoid compensating home buyers for delays, substandard quality, or unmet commitments.

Typically, home buyers file complaints with local police or court petitions, often only naming the real estate company. They frequently overlook the requirement to include the promoters and directors of the company in their complaints.

The High Court has recently directed petitioners to return to the Karnataka Real Estate Regulatory Authority (RERA) for a fresh review of their cases.

This order arose from a petition filed by Vasudevan Sathyamoorthy and Priya Vasudevan, involving multiple respondents including the state government, Deputy Commissioner of Bengaluru Urban, the Secretary of Karnataka RERA, and others.

The court noted that without including the petitioners in the RERA proceedings, it was improper for the Tahsildar to take action against them. The Judge concluded that the notices issued against the petitioners should be quashed, and the parties must be redirected to RERA for a thorough reevaluation of their grievances.

The High Court’s order instructs RERA to add the petitioners and the company directors as parties to the proceedings.

Dhananjaya Padmanabhachar, Coordinator of the Karnataka Home Buyers Forum, hailed the ruling as a crucial step for home buyers.

He advised that anyone involved in litigation with RERA or consumer courts should include the builder company’s name, as well as the names of the founders, executive directors, and landowners as respondents to seek justice.

Retired Naval Commander Surendra also stressed the importance of including promoters’ names in complaints. He called for RERA to amend its rules to ensure landowners are included in the complaint process.

The post Karnataka HC: Disgruntled Home Buyers Must Identify Promoters in Complaint. appeared first on .

According to Section 22 of the RERA Act, candidates for the K-RERA Chairperson role must possess a minimum of 20 years of professional experience in areas such as urban development, housing, real estate development, infrastructure, economics, planning, law, commerce, accountancy, industry, management, social service, public affairs, or administration.

Home buyers are urging the state government to appoint a well-qualified and knowledgeable individual with integrity for the K-RERA Chairperson position, expressing concerns about the appointment of individuals lacking real estate and construction expertise.

“The state government appointed HC Kishore Chandra as K-RERA Chairperson and former Karnataka Director General of Police Neelamani Raju as its member. Both are not familiar with real estate issues. It is unclear why the state government is rehabilitating two retired police officers.

K-RERA should not become a rehabilitation center for retired officers favored by the government,” said retired Naval veteran Commander Surendra.

Home buyers have voiced complaints about unresolved cases with K-RERA and its failure to enforce orders against builders violating norms. Karnataka Home Buyers Forum Sanchalak Dhananjaya Padmanabhachar stated, “Home buyers in Karnataka are not receiving justice under RERA due to the lack of proper guidance from the RERA Chairman in the past.

Complaints are not addressed promptly, orders are not executed, and there is no direction on Apartment Allottees Association registration and Common Area Transfer as per Section 17 of RERA since 2017.”

Padmanabhachar emphasized that other states have implemented Section 17 and provided directions. He hopes the government will appoint a knowledgeable and experienced RERA Chairman who can effectively implement the RERA Act to benefit home buyers in Karnataka.

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According to a report by the Indian Brand Equity Foundation, the Indian real estate market is poised to reach a market size of US $1 trillion by 2030, contributing 13% to the country’s GDP and expanding to US $5.80 trillion by 2047, contributing 15.50% to the GDP. The significant growth underscores the sector’s potential and pivotal role in shaping India’s economic landscape.

India’s demographic shift towards urbanization offers real estate investors and developers a significant opportunity. The number of Indians living in urban areas will likely grow from 461 million in 2018 to 600 million by 2030, leading to a subsequent surge in the demand for residential properties and driving the demand for commercial and retail spaces, especially in urban pockets.

Despite challenges such as high mortgage rates and property prices, the residential property market in India witnessed a record high of US $42 billion in home sales in the fiscal year 2023, marking a substantial 48% year-on-year (YoY) increase. The real estate market in India is projected to expand to US $9.30 billion by 2040 from US $1.72 billion in 2019.

The physical retail landscape in India is also set to grow significantly, with nearly 41 million sq. ft of retail developments expected to be operational between 2024 and 2028 across the top seven cities.

This projected growth, driven by urbanization and increasing consumer spending, presents a significant opportunity for real estate investors and developers. Gross leasing in India’s top seven markets surpassed the 60 million sq. ft mark for the first time in 2023, reaching 62.98 million sq. ft in the year, showing a substantial 26.4% increase compared to the previous year.

A real estate services company, Savills India, predicts that the demand for data centers will increase by 15-18 million sq. ft. by 2025, which indicates a strong growth trend. On the other hand, office absorption in the top seven cities in 2023 stood at 41.97 million sq. ft., with a gross leasing volume of 62.98 million sq. ft.

Construction is the third-largest sector in foreign direct investment (FDI) inflow, a testament to the global confidence in the Indian real estate sector’s potential. FDI in this sector (including construction development and activities), stood at US $60.07 from April 2000 to December 2023.

Foreign investors pump around US $4 billion yearly into Indian real estate, with a 20% YoY increase in foreign inflows in 2023. This influx of foreign capital boosts the sector’s growth and signals its attractiveness to international investors.

Private Equity (PE) investments have also surged, with investors recognizing the market’s long-term growth prospects. PE inflows into India’s real estate sector stood at US $4.2 billion in 2023, up from US $3.4 billion in 2022.

These investment inflows have provided the necessary capital for infrastructure development and project completion, further strengthening the sector. By integrating technology innovations in construction, property management, and marketing, the industry optimizes efficiency, saves costs, and prospers in the changing global market scenario.

PropTech solutions, including big data analytics, blockchain, and artificial intelligence, are not just buzzwords but practical tools reshaping how real estate is bought, sold, and managed. Virtual Reality and Augmented Reality technology have improved the client experience, enhancing the industry’s appeal to tech-savvy investors.

These have revolutionized the real estate industry’s efficiency, creativity, and sustainability. According to a PwC analysis, the PropTech market in India is anticipated to expand at a CAGR of 16% between 2021 and 2025.

The Indian Green Building Council reports that India is home to over 7.17 billion sq ft of green building projects, making it one of the top countries in the world for sustainable construction. Integrating sustainable building practices and green technologies will help the environment and satisfy the growing demand for ecologically sensitive green structures.

The government has been a critical driver in bolstering the real estate sector in India. A series of measures, including the Real Estate (Regulation and Development) Act, Benami Transactions Act, boost to affordable housing construction with Pradhan Mantri Atal Awas Yojana, interest subsidy to home buyers, change in arbitration norms, service tax exemption, Dividend Distribution Tax exemption and Goods and Services Tax (GST) among others, have given a significant boost to the sector.

This robust government support underscores the sector’s stability and signals its growth potential, which can strongly incentivize potential investors.

Regulatory reforms, such as RERA in 2016, have significantly enhanced the transparency and trustworthiness of the Indian real estate industry. These reforms have increased accountability and openness, guaranteeing timely project completion and the protection of buyers’ interests. They have also boosted investor and homebuyer confidence, resulting in a more stable market and making the sector more attractive to potential investors.

GST has simplified the tax system and decreased the total taxes associated with real estate transactions. The Insolvency and Bankruptcy Code, which offers a process for resolving bankruptcies and safeguarding creditors’ interests, has reinforced the industry’s growth prospects.

Indian real estate is poised to remain a pillar of strength in the global landscape with its continued focus on transparency, sustainability, and inclusivity. However, to drive the next growth phase, the sector must continue to adapt to changing consumer preferences and global trends, ensuring it remains competitive and resilient while embracing sustainable and inclusive growth. The capacity to adapt and think innovatively will remain key.

Srinivasan Gopalan, Co-founder & Chairman of ArisUnitern RE Solutions Pvt Ltd and Co-founder of Aris Infra Solutions Pvt Ltd.

Srini has more than 25 years of experience of which over 15 years is in the real estate sector. In his roles as CEO, COO & CFO of leading real estate developers in Bangalore & Mumbai (Ozone Group and The Wadhwa Group). Srini has been at the forefront of leading the Real Estate development business across all asset classes of Residential / Commercial / Retail & Integrated Townships.

He is a notable speaker and thought leader on various platforms for the RE Industry.
In his earlier avatar, Srini has run businesses in other industries like agrochemical (Gharda Chemicals), dot com (Chembourse.com), and heading a knowledge partnering company to the global pharma industry (ROW2 technologies).

The post Global Headwinds, Local Strength: The Resilience of Indian Real Estate appeared first on .

This increase in outstanding home credit was ascribed by real estate and banking experts to pent-up demand and a robust rebound in the residential real estate market following the COVID outbreak.

The credit outstanding for housing (including priority sector housing) stood at Rs 27,22,720 crore in March 2024, up from Rs 19,88,532 crore in March 2023 and Rs 17,26,697 crore in March 2022, according to data from the Reserve Bank of India (RBI) on sectoral deployment of bank credit for March 2024.

Additionally, the data indicated that as of March 2024, the outstanding credit for commercial real estate was Rs 4,48,145 crore. March 2022 saw it at Rs 2,97,231 crore.

Numerous real estate advisors have reported large increases in both housing sales and prices throughout the last two fiscal years.

When contacted, Bank of Baroda Chief Economist Madan Sabnavis stated that the housing boom observed across all categories is the reason for the significant increase in home loans.

Sabnavis mentioned that the government’s initiative has specifically led to an increase in the affordable housing market.

“There was also some pent up demand for buying homes in the last two years after COVID which is getting reflected here,” he explained.

According to Sabnavis, the increase in housing loans would continue to be strong but would slow down to 15–25% because of the greater base.

Samir Jasuja, CEO and MD of PropEquity, a top provider of real estate data and analytics, commented on the RBI data and stated that the substantial increase in the number of homes launched and sold in the last two fiscal years is the main cause of the rise in the amount of housing loans outstanding.

“Major Tier-1 cities have seen high rates of price appreciation ranging from 50-100 per cent since FY 2021, which has influenced an increase in average loan size per property,” he stated.
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Jasuja believes that as long as there is a high demand for residential real estate, the home loan market would continue to grow.

The Indian real estate market, which provides support to over 200 auxiliary industries such as steel and cement, has been seeing robust demand since 2022. Prior to this, the market had been stagnant for over ten years due to low sales and steady prices.

In addition to the disruptions brought about by the new real estate law, RERA, GST, and demonetisation, the real estate industry suffered from a lack of confidence as many developers failed to complete projects after collecting money from clients. Nonetheless, the industry recovered after COVID since the pandemic highlighted the value of owning a home again.

Industry insiders predict that by 2030, the sector will have crossed the $1 trillion mark.

Senior Vice President and Group Head at rating agency ICRA Karthik Srinivasan stated that the merger of Housing Development Finance Corporation Ltd (HDFC) with HDFC Bank, which became effective in July 2023, is the reason behind the notable increase in retail housing loans that banks deployed in FY’24.

“Mortgage saturation level is steadily rising in India (around 12 per cent as of March 2024; the amount of housing loans due as a proportion of GDP), but remains fairly lower than developed economies, implying significant room for growth,” said the economist.

In the near to medium term, ICRA anticipates that the trend will continue, with overall home finance growing by 12–14% yearly, helped by strong demand.

The demand for homes has increased to an unprecedented level over the last two years, especially in the wake of COVID, according to Aakash Ohri, Jr. Managing Director of DLF Home Developers.

This increase highlights how people’s views on homeownership have fundamentally changed and how important it is to have a place to call home more than ever. In addition to providing a haven for end users, residential real estate has become a desirable place to invest, the speaker claimed.

Ohri went on to say that favorable government policies, alluring financing choices, and the public’s growing ambitions toward homeownership are some of the reasons for the extraordinary rise in home loan advances.

According to Mohit Jain, Managing Director of Krisumi Corporation, purchasers are giving priority to designated workspaces and comfortable living rooms, and demand for large homes has genuinely surged.

“We are witnessing a surge in interest for properties with separate home offices and outdoor space features that were once regarded luxuries, but are now essential for the modern homeowner,” he stated.

According to Jain, there is still a very bright future for the property sector, which means that house loan growth will probably likewise continue to be robust.

According to realtors, the industry is most likely in the second or third year of a protracted up cycle. Real estate trade associations CREDAI and NAREDCO have been pleading with the government to raise the tax breaks on home loans in order to further stimulate the demand for housing. They are asking for an increase in the deduction allowed for interest paid on home loans from the existing Rs 2 lakh to Rs 5 lakh.

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The Niranjan Hiranandani School of Management & Real Estate (NHSMRE) (affiliated to the HSNC University) organized its first edition of Real Estate Conclave titled “The Future is Real” at the prestigious Kishinchand Chellaram College auditorium on 8th September 2023. The function commenced with the Saraswati Vandana and the ceremonial lighting of the lamp by Dr. Niranjan Hiranandani, Provost of HSNC University; Adv. Anil Harish, Partner, DM Harish & Co; Trustee and President of the HSNC University; Dr. Hemlata K. Bagla, Vice Chancellor of HSNC University. In her welcome address, Dr. Hemlata Bagla, Director, NHSMRE, said that this school at HSNC University, Mumbai was conceived with a vision to bridge the gap between real estate’s needs and skills required, its goals and resources. “Since our establishment, we have been passionately committed to instilling the spirit of “envision it, build it” among some of the brightest young minds of this country,” Dr. Bagla said. Giving an overview of the real estate landscape in India, Dr. Hiranandani shared that at the global level, the urban population is expected to rise from the present 50% to 75% of the population by the year 2050 while in India, the urban population is expected to rise from the present 36% to 50% of the population by the year 2050.

The first panel comprised of Adv. Anil Harish, Dr. Nayan Shah, and Shobhit Agarwal moderated by Prof. Sunder Ram Korivi. Adv. Anil Harish reiterated that land is a scarce resource and that there will always be a conflict between man and nature, as exemplified by the Aarey land dispute. The Dharavi land redevelopment presents opportunities as well as challenges and such conflicts and challenges need to be resolved with a balance between development and the environment. As regards the design of the law, he mentioned that the Transfer of Property Act has stood the test of time and that RERA is well-intentioned, but MOFA had problems in design and implementation. Adv. Anil Harish batted for decongesting cities and creating new cities with an emphasis on affordable housing high quality of life for everyone. He also expressed that the Aarey forest land (green lung for the city) should have been retained and preserved. Dr. Nayan Shah stated that though he had no background in real estate, barring the small business his father had initiated, he took an interest in the business, expanded it with passion, and acquired knowledge about the sector along the way. He said that real estate has a future only if reforms are undertaken by policymakers. He mentioned the problem of populism and activism, citing the case of the Birmingham City bankruptcy. Echoing the views of Mr Hiranandani and Adv Anil Harish, Mr Shobhit Agarwal highlighted the need for professionalism in the domestic real estate sector. He indicated that there is scope for redevelopment in the city centers as well as in the evergrowing periphery of the Mumbai Metropolitan Region (MMR). There is also a robust demand for commercial property across MMR, in the form of office spaces, warehousing, and data centers.

India’s GDP is likely to rise from the present $3 trillion to $5 trillion by the year 2030 and the share of the real estate sector is expected to rise from the present 7% to 15% of the enhanced GDP, by 2030, as per NITI Aayog. The sales & marketing function which was dominated by print media and hoardings, has now gone digital. Against this backdrop, he exhorted the students to keep learning and to avail themselves of this excellent opportunity presented by NHSMRE. Developers are now focussing on affordable and mid-range categories to meet the huge demand. He stressed how the real estate sector plays a pivotal role in the country. Setting the flavor for the day, Dr. Hiranandani noted that demand for residential properties has surged due to increased urbanization and rising household income. India is among the top 10 price-appreciating housing markets internationally. The discourse was followed by four thought-provoking panel discussions on topics such as the future of cities, the future of sales & marketing, the future of AI & technology, and the future of design and architecture in the real estate sector. Mr. Shankar Deshpande, Chief, Town & Country Planning Division, MMRDA; Mr. Nayan Shah, CMD, Mayfair Housing; Mr. Shobhit Agarwal, MD & CEO Anarock Capital; Mr. Sanjay Puri, MD Sure Shot Suggestions; Mr. Sumon Das, Marketing Head, Hiranandani Group; Mr. Abhishek Gupta, CEO Index Cap, Mr. Pankaj Kapoor, Founder & MD Liases Foras; Anirudha Khopade, Senior VP, Squareyards; and Mr. Mandviwala Qutub, Principal Architect, Mandivala Qutub & Associates were the experts who participated in the panel discussions. The panel discussions were moderated by Dr. Sundar Ram Korivi and Adv Sanjay Chaturvedi.

The second panel comprised of Mr. Sanjay Puri, Mr Sumon Das, and Prof. Sunder Ram Korivi, moderated by Adv. Sanjay Chaturvedi. Mr. Sanjay Puri reiterated the favorable scope for the sector in India. He said that the students of NHSMRE are fortunate to study in a systematic manner, as against the existing executives and entrepreneurs who are learning on the job. He stated that every deal provides learnings, and encouraged students to consider being channel partners as one of the options in real estate careers. Mr. Sumon Das offered insights on branding as a symbol of quality and trust. Replying to a question on pricing, he said that a brand does play a positive role in determining pricing power, and variations are on account of individual factors such as quality, credibility, and location. As regards core and periphery, the differential prices remain; however, with better transport and infrastructure, the differences diminish but do not get eliminated. He emphasized the significance of having accurate and structured information about real estate properties, which can significantly change the way potential home buyers make informed decisions and streamline the entire home-buying process. By leveraging AI-powered tools to provide accurate, up-to-date, and structured information about real estate properties, buyers can have a comprehensive understanding of a property’s features, pricing, and market value. This empowers them to make informed decisions based on data-driven insights, reducing the risk of making costly mistakes or falling prey to misleading information.

Dr. Korivi highlighted the phenomenon of economist Nicholas Kaldor’s Cobweb Theorem (an economic model), and its applicability to the market for tomatoes as well as housing stock. The model explains why prices may be subjected to periodic fluctuations in certain types of markets. The theorem states that the demand-supply-based price equilibrium is established over a period and not instantaneously. This is because demand is based on immediate need whereas supply is based on prices experienced in the previous production cycle. Hence, the mere knowledge of the ‘Cobweb phenomenon’ may help both buyers and sellers to modify their expectations. The third panel comprised of Mr Abhishek Gupta, Mr Anirudh Khopade, and Mr. Pankaj Kapoor, moderated by Prof. Sunder Ram Korivi. The session commenced with an introduction to the range of prop-tech-related activities by each of these companies. CRE Matrix has a product called Index Tap, that buys data on property registrations and places the same on an online portal. Liases Foras has conducted research on micro markets in 60 cities in India, and their research is used by housing finance institutions all over the country, for decision-making. Squareyards provides price and project-related data on housing and provides follow-up services such as loan tie-ups, closure, interiors etc. Some valuable insights emerged from the panel discussion. Some products and product innovations come from the customers themselves. Innovation is aided if there is a mass of data with different dimensions, and products could evolve from such master data. The USA is far ahead of India in proptech. Data science is the most critical skill and input in the field of proptech.

The fourth panel was an interview by Dr. Sanjay Chaturvedi with Ar. Qutub Mandviwala. The insight gained was that there is enough scope for an understanding between an architect and a developer, for a balance between commercial expediency and quality/design. It was also learned that architects are increasingly conscious and focused on environmental aspects. Mr Shankar Deshpande, who played a pivotal role in the strategic planning and development of Mumbai’s vital areas, including BKC and the Backbay Reclamation scheme, shared some of his experiences from his long and distinguished career with the audience. While Mumbai is the richest city, 50% of its population lives in slums and it is here that there is a humungous opportunity to redevelop and create new affordable housing solutions for everyone. All experts unanimously agreed that both commercial and residential real estate stakeholders have shown optimism towards the sector’s outlook. The industry however requires central and state government support through various regulatory and policy changes that can stimulate the demand among the buyers. Now six years after the adoption of RERA, realtors are accepting how being receptive to transparency and having a willingness to embrace technology can help in furthering the interests of the real estate sector. The conclave also provided a platform for industry leaders to discuss and share their thoughts about what the industry, government, banks, financial institutions, and other stakeholders need to do in order for the industry to become better.

The event which began at 9:30 am in the morning kept the audience captivated till 5.30 pm in the evening. The moderators and panelists interacted with the audience with a freewheeling Q&A session. The conclave also had a fun real estate quiz round to test the knowledge of the students and winners were awarded interesting spot prizes. The well-organized conclave also helped the stakeholders share the focus on sustainable buildings, adoption of new technologies, and bringing in more green technology into operations to reduce carbon footprint. The conclave proved that the realtors are on the same page regarding the need to have projects that are inclusive, affordable and accessible to all sections of society. It was an incredible experience to witness the mingling of youth and experience at the event and reaffirm the faith that experienced players of today have in NHSMRE to mentor and shape future leaders in a dynamic real estate market dictated by young generation buyers. The event was hosted by Mr Hoshaang Gotla. The annual conclave has been conceptualized by NHSMRE to harness the power of the young generation to bring a fresh perspective to the real estate industry.

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According to the Madhya Pradesh real estate regulating authority, attempts were made to finish any unfinished or protractedly unworked projects.

The same goes for projects that have missed deadlines or had their deadlines extended. The regulatory body was looking at these initiatives.

In this regard, earlier this month, the divisional commissioner and collector of Indore met with the RERA authority. The regulatory body also looked at such ongoing projects in Khandwa and Ratlam.

The district authorities at the local level were requested to work diligently to finish such initiatives. The commission has decided to use the MP Housing & Infrastructure Development Board to continue the work on three unfinished projects.

Regarding long-standing and unfinished projects that have missed deadlines, the regulatory body has the jurisdiction to make a decision.

According to the regulatory body, developers in the three in question violated the terms and conditions of their contracts with customers, and as a result, the commission has issued orders for them to remit the money to the projects’ accounts.

Additionally, any information regarding the investors or buyers in the project was requested of the project’s promoters and developers. The regulatory body is holding buyer hearings, and it was anticipated that it will complete the projects through the MP Housing & Infrastructure Development Board to protect the interests of the buyers.

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