The real estate sector is going through a significant shift as technology continues to grow at an unheard-of rate. Technology is transforming how we purchase, sell, and manage real estate, from virtual home tours to blockchain-based property transactions.

Virtual and augmented reality (VR and AR) utilization is one of the most significant ways technology is influencing the market. With the aid of these technologies, prospective buyers may virtually tour homes and even alter the décor and layout in real time. In addition to saving time and money on travel, this enables buyers to get a better idea of what a property would look like before paying a physical visit.

The application of machine learning and artificial intelligence (AI) is another way that technology is changing the sector. These tools can examine vast amounts of data to spot patterns and forecast future market circumstances. This can assist real estate professionals in making better-informed choices regarding the purchase, sale, and investment of real estate.

Blockchain technology is also being utilized to simplify real estate transactions and improve transparency. With blockchain, the danger of fraud and mistakes throughout the purchasing and selling process can be reduced because property ownership can be documented and monitored in a safe and tamper-proof digital ledger.

The ability to remotely operate and monitor a home from a smartphone is another benefit of the growing popularity of smart home technologies. Everything from voice-activated assistants and energy-efficient appliances to smart thermostats and security systems can be categorized under this technology. Future trends are anticipated to see an increase in the use of smart home technologies as more buyers place a higher priority on sustainability and energy efficiency.

In general, technology is transforming the real estate sector, making it more accessible, transparent, and efficient than ever. We may anticipate many more changes in the way we purchase, sell, and manage real estate as these technologies advance and expand.

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Bangalore, 21 September 2022 – CapitaLand Hope Foundation (CHF), the philanthropic arm of CapitaLand Group, has launched its second CapitaLand Hope School in Bangalore, India to provide more than 400 children from underserved families with access to education.  CHF has contributed INR 50 million towards the construction of the school, which is the 31^st of the CapitaLand Hope Schools which span across India, China, and Vietnam.  Through the schools, CHF aims to provide children with a holistic education for a better start in life.

Located in Krishnarajapuram, Bangalore, the 20,000-square foot Government Kannada and English Medium Higher Primary School comprises eight classrooms, a staff room, a multi-purpose room, a playground, a kitchen, a sick room, library, computer and science laboratories, art & crafts room, and lavatories.  

CapitaLand staff volunteers and partners collaborated and built the school over a one-year period.  CapitaLand staff from International Tech Park Bangalore provided their real estate expertise to Karnataka Education Department including designing and managing the development of the school. Indian contemporary artist Madhuri Umashankar designed The Hope Wall which was unveiled at a ceremony for the handover of the school on 19 September 2022. 

CHF also partnered with an international non-profit organization, Room to Read, to set up the school library with materials to improve literacy amongst the children.  This is the 14^th library that CHF has established with Room to Read since they launched libraries across Bangalore to benefit some 2,000 children in March 2022.

 Mr. Gauri Nagabhushanam, Chief Executive Officer, India Business Park, CapitaLand Investment said: “We are extremely proud to complete our second Hope School in Bangalore to help over 400 children and their immediate families.  We are passionate about education and have contributed over INR 100 million to develop three schools, two in Bangalore and an upcoming school in Pune.  We take an active role in setting up the schools and continue to engage the children as well as contribute in various ways including donating various items and organizing activities for them.  It is extremely heartening to be able to reach out and touch the lives of the communities as we grow our business in India.”

Mr. D R Ramamurthy, Block Education Officer, South – 4, Krishnarajapuram, Bangalore said: “On behalf of the education department, we would like to extend our sincere thanks to CapitaLand Hope Foundation for building this state-of-the-art school in Krishnarajapuram for students from underserved families. These modern facilities are unmatched by any school across Bangalore and will immensely help our long-standing need to have this school and ‘Guru Bhavana’ (education office) in East Taluk. With deep appreciation and gratitude, we acknowledge CHF’s contributions towards the children and society, and we would like to continue collaborating with them for great work in the future.”

 CapitaLand #GivingAsOne campaign

CapitaLand is distributing 2,500 school kits to the CapitaLand Hope School in Mahadevpura as well as children across Bangalore, Chennai, Hyderabad, and Pune as part of its #GivingAsOne campaign.  Each kit contains a notebook, a geometry set, a pen, a pencil, and a dictionary.  Held from September to October this year, #GivingAsOne brings CapitaLand staff and partners together to do good by uplifting the lives of vulnerable groups and supporting the environment in communities where CapitaLand operates.  Staff is also rallied to pen messages of hope and encouragement through #Pen4Hope for children and seniors in  Singapore, China, India, Malaysia, and Vietnam.  CHF will donate INR 1,100 for every message and volunteer hour contributed.  Other than the distribution of the school kits, CapitaLand will be unveiling the upcoming hope school in Pune.

 Mr. Tan Seng Chai, Chief Corporate and People Officer of CapitaLand Investment and Executive Director of CHF, said: “As a socially responsible company, CapitaLand is committed to contributing to the environmental and social well-being of our communities.  To provide a conducive learning environment and improve children’s access to education, we have helped to build 31 schools benefitting over 28,000 children in China, Vietnam, and India since 2005.  We also support seniors and conservation efforts through various programs.  Through our annual #GivingAsOne campaign, we galvanize our staff and partners to come together to give back as it is through collective action that we can truly make a positive and meaningful impact in the communities.”

 About CapitaLand Hope Foundation (www.capitalandhopefoundation.com)

CapitaLand Hope Foundation, the philanthropic arm of CapitaLand Group, was established in 2005. As a registered charity and grantmaker, the Foundation aims to nurture and inspire the young, improve the quality of life of seniors, and protect the environment for future generations, with a focus on communities where CapitaLand operates. Going beyond donations, the Foundation also advocates volunteerism as an integral part of building a caring and inclusive community.

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Qudify is an enterprise SaaS product which was launched in February 2022 with a meeting room and desk booking interface designed for employees. Within five months of its launch, they had traction of 40+ clients, 500+ users, and a 400+ monthly booking rate. With their latest product, a QR-based visitor self-check-in, they have acquired paid clients within the 1st month and generated more than 500 digital passes for guests and employees.

Visitor management system software that regulates workplace accessibility is a necessity in the modern day workplace. Qudify, provides hassle-free visitor check-ins to digitalize the use of future-ready workspaces, enhance employee experience and increase workplace safety by minimizing contact between employees and guests. Additionally, it keeps a time-stamped record of visitor movement, enabling good contact tracking in the event that it is required. Therefore, it is essential for a company to guarantee that an effective visitor management system is in place, all throughout the company.

The goal of Qudify is to improve workplace effectiveness and create a hassle free experience through digitization. Its visitor control system keeps track of who enters and exits your office and contributes to improving workplace safety and experience. The more traditional methods of visitor tracking, such as manually entering the information or maintaining an Excel spreadsheet, are eerily replaced by this solution.

Mr. Paras Arora, Founder & CEO, Qdesq said “In the presence of the changing times, if businesses wish to meet demands for staff/customer safety and convenience, they must invest in visitor management systems. As a leading provider of flexible office spaces and SAAS services, Qdesq is always looking for new approach to make their systems simpler and more effective for companies, as well as to offer a smooth and hassle-free experience for employees, contractors, and visitors. The demand for more visitor control over who enters the premises is anticipated to fuel the expansion of visitor management systems for large businesses.”

About Qdesq:

Qdesq is India’s largest marketplace & the fastest platform to discover, evaluate & book flexible workspaces with a presence across 60+ cities in India, covering 3800+ venues, transacting 4500+ desks a month, with plans to scale across 100+ cities in India, and achieve a monthly run rate of 10,000 desks booking a month by the end of this year i.e. 2022.

The mission of Qdesq is to redefine the commercial real estate (CRE) Industry’s Narrative from square feet to per-seat basis, from a rigid process of workspace acquisition to agile and on-demand. The company was founded with the concept of creating a one-stop solution for managed workspace procurement with a ‘Customer-First’ attitude.

www.qdesq.com

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Commenting on the impact on rental business, Dr. Sachin Chopda, Managing Director, Pushpam Group said, “The decision by the Government to implement the new GST rules will curb the rising demand for rental business across the real estate industry. In recent years, the rent has been an important source of income for many, therefore the current regime is going to impact the sentiments of the homebuyers for the period to come. The Government should soon intervene and provide a few measures that shall encourage the end-users to continue their investments.”

Reiterating the same, Mr. Jitesh Lalwani – President, Homesync Real Estate Advisory said, “The introduction of 18% GST on residential rentals will have a major impact on the homebuyers sentiments. The decision will also have a severe effect hampering the demand for rental real estate.”

“Rental businesses have become one of the major sources of income for people and with the new rule in GST, the residential rental market is expected to get impacted. Earlier the GST was only levied on the commercial properties that were open for rent, now focus has shifted to the current soaring residential rental market which might experience a little downside,” said Mr. Kaushal Agarwal, Chairman, The Guardians Real Estate Advisory.

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The Ahmedabad Municipal Corporation (AMC) is nearing completion of an agreement with Google to help geotag every property in the city, so that a simple unique alphanumeric digital id can designate these properties in order to develop a ‘Unique Address System’ (UAS) for the city, similar to Google’s ‘Plus codes’.

Once the UAS code is entered into Google Maps, it will assist persons in receiving meals and consignments, calling ambulances and cabs, receiving postal deliveries, and even assisting people in safely to your address. These distinct identifiers will serve as Amdavadis’ new ‘smart addresses.’

According to AMC sources, the civic body approached Google six months ago with a request to map city properties. For the past six months, talks have been ongoing to address “important problems” such as data protection. AMC has insisted that an MoU be inked only if Google’s India office, not its California headquarters, is involved in the agreement.

Google has now mapped its Plus Code addresses to a couple of Indian cities, including Pune and Kolkata. There are around 20 lakhs properties, over 15 lakhs of which are formally registered with the municipal corporation for property tax. UAN, or unique addresses for properties, are made up of a set of 20 alphanumeric characters. They won’t be case-insensitive and does not include vowels. On a trial basis, the AMC may ask Google to give codes to homes in a specific ward.

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Officials claimed that after the increase, the transfer duty will be 4% for men and 3% for women buyers.

The initiative aims to improve the municipality’s financial health, which has been severely impacted in recent years, particularly owing to the Covid-19 pandemic. It is the first important decision following the unification of the three civic bodies – north, east, and south – last month.

A request to increase the transfer duty by 1% was moved during a meeting on Tuesday, and the decision was made.

The idea was approved by a special officer of the Municipal Corporation of Delhi (MCD), who has been given the authority to manage the civic body until a new House is elected.

“A proposal to increase transfer duty on properties priced above Rs 25 lakh by 1% was proposed to the special officer in charge of the standing committee. The Special Officer gave their approval to the proposal. After the increase, transfer duty will be 4% for men and 3% for women.” PTI obtained information from official sources.

The transfer duty on property sales and purchases in the national capital is currently 3% for men and 2% for women buyers.

The move comes amid the civic body’s dire financial situation, which has seen it struggle to even pay its employees’ salaries.

Officials stated that “the move would generate revenue and reinforce MCD’s coffers, which will be used to overcome financial issues and provide the finest services to the people.”

The Delhi government collects stamp duty on the sale and purchase of properties, which are classified into eight categories: A, B, C, D, E, F, G, and H.

Golf Links, Vasant Vihar, Sunder Nagar, and Jor Bagh are examples of posh and affluent colonies in category A and B. Middle-income neighbourhoods are classified as C and D, and include areas like as Lajpat Nagar, Alaknanda, Bhogal, and Amar Colony, among others.

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In addition to lowering import duties on iron and steel, the finance ministry increased import duties on a variety of steel goods, which will aid user industries and small-scale players that have been complaining about price increases. Finance Minister Nirmala Sitharaman stated that better logistics would be used to increase cement availability and price.

“Despite the difficult international circumstances, we have ensured that essential items are not in limited supply.” Even some prosperous countries were not immune to shortages and disruptions. While announcing the measures, she tweeted, “We are committed to keeping costs of basic commodities under control.”

Food, fuel, and commodities have been the main price rise drivers in recent months, with the problem exacerbated by disruptions caused by the Russia-Ukraine conflict.

User industries have been complaining for months about a massive rise in steel and plastic prices, blaming the increase in input costs on Covid-related restrictions in various regions of the world. Some of these manufacturers also wanted a price cap, which the government refused.

In the case of steel, the Centre has sought to reduce customs duties on coal and other inputs in the hopes of lowering production costs and passing the savings on to consumers. At the same time, a 15-50% export duty (which has been increased in some cases) is in place to discourage the export of iron ore, pellets, and various steel products from the country.

Sitharaman stated that the government will grant an additional subsidy of Rs 1.1 lakh crore over and above the budgeted amount of Rs 1.05 lakh crore for fertilisers. The Union Cabinet approved a plan last month to enhance the phosphate-based fertiliser subsidy from Rs 21,000 crore to Rs 61,000 crore for the kharif season (April-September), despite reports that the subsidy bill could be in the range of Rs 2.25-2.5 lakh crore this year.

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The company raised $170 million in a pre-IPO placement. HDFC Capital, IIFL Group, and Jagdish Master’s family office all participated in the deal, according to the bankers. The deal was advised exclusively by Axis Capital.

In the last ten years, Keystone will be the fourth real estate company to go public. Macrotech Developers (Lodha Group) and Shriram Properties both had initial public offerings last year, raising a total of ₹2,500 crore and ₹600 crore, respectively. Another real estate firm planning to go public this year is Puranik Builders. In November of last year, the business gained Sebi permission.

In FY22, the Rustomjee Group, which operates in Mumbai’s Western and Central suburbs, reported sales of ₹2,680 crore. Across the Mumbai Metropolitan Region, the group has a development portfolio of 20 million square feet of completed projects, 9.2 million square feet of ongoing development, and 16.4 million square feet of planned development.

Due to streamlining of supply, low financing rates, affordability, demand stimulation initiatives by some states, and a clear shift in buyer attitude in favour of physical assets, the Indian real estate sector has seen a significant recovery.

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“If an estate of a male Hindu dying without a will  is a self-acquired property or acquired in the separation of a law of succession or a family property, the same would regress by inheritance and not by survival rates, and a daughter of such a male Hindu would indeed be entitled to inherit such property in preference to other collaterals (such as sons/daughters of deceased father’s brothers),” the court stated.

This decision sheds light on the 1956 Hindu Succession Act (HSA). In September 2005, the Hindu Succession Act of 1956 was amended, and women were recognised as joint owners or coparceners of property.

According to the court, Ramasamy Gounder’s daughter, as Class-I heirs of their father, shall also be the heirs and entitled to a share in the suit properties under the Hindu Succession Act 1956.

It also shed light on a provision of the act that states that the inherited property of a Hindu female who dies intestate or without a will is returned to the source.

“If a female Hindu drops dead without a will without having left any problem, the property hereditary from her father or mother would go to her father’s successors, whereas the estate inherited from her husband or father-in-law would go to the husband’s successors,” the court noted.

“If a female Hindu dies intestate without leaving any issue, the property inherited from her father or mother would go to the heirs of her father, whereas the property inherited from her husband or father-in-law would go to the heirs of the husband,” the court stated.

The Supreme Court’s bench of Justices S Abdul Nazeer and Krishna Murari ruled that after the father’s death, the property would pass through inheritance rather than survivorship.

“The purpose of the act is to develop full equality between male and female property rights, and the women’s rights were declared absolute, eradicating all notions of a limited estate.” As according reports, “the Act changed the law of succession among Hindus and granted rights that were previously unknown in relation to women’s estate,” the Court stated.

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The third extension follows an outbreak of Omicron across the country, which resulted in a state-by-state lockdown. The 2-percentage-point reduction in stamp duty and 10-percentage-point reduction in circle rate, intended to boost demand for residential real estate, was supposed to last until January 2021.

“The financial relief will benefit several projects, and consumers will benefit greatly.” In West Bengal, registrations totalled more than Rs 75,000 crores, generating enormous revenue for the state exchequer. This will allow for further reductions in registration fees, making it a win-win situation for everyone. “We are optimistic that the real estate participants will announce more perks and freebies for consumers, and more units will be sold,” said Sushil Mohta, Chairman, Merlin Organization.

The Kolkata residential property market has maintained its growth momentum as homebuyers continued to purchase properties in response to record-low interest rates and attractive deals offered by real estate developers. According to Knight Frank, residential property registrations in Greater Kolkata in 2021 totaled 44,940 units, a 64 percent increase over the previous year, with 56 percent of these units registered since the introduction of the stamp duty cut in July 2021, according to registration data.

According to December 2021 statistics, there has been a significant recovery in housing registrations following a brief lull in November 2021 due to festivals. The number of residential sales deeds registered increased by 248 percent month on month in the last month of 2021. “After a lower volume in November 2021, Kolkata’s real estate market saw a healthy increase in property registrations in December 2021.” “The massive 248 percent MoM growth over the previous month was largely due to the extension of the stamp duty cut window becoming widely known among homebuyers,” said Shishir Baijal, Chairman and Managing Director.

The enrollment records is for enrolled residential sales records and contains transactions in both the primary and secondary markets.

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