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Over 50% luxury homes launched in last 3 years stays unsold

In the Rs 3-5 crore price bracket, 56 per cent of the 8,503 units launched during this period are awaiting buyers.

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New Delhi, April 7 : Demand for luxury homes stays muted as more than half of the high-end units launched in the past three years in over nine prime Indian residential markets have remain unsold, according to a report by PropTiger.com.

The data, available with Elara Technologies-owned real estate portal, shows of the 1,131 housing units, priced over Rs 7 crore and launched between December 2016 and December 2019, 577 units or 51 per cent were unsold as of January 2020.

Similarly, of the 3,656 units, priced between Rs 5 crore and Rs 7 crore and launched in the past three years, nearly 55 per cent are unsold.

In the Rs 3-5 crore price bracket, 56 per cent of the 8,503 units launched during this period are awaiting buyers.

According to PropTiger.com report, Mumbai, the financial capital of India, has the highest number of unsold luxury units at 30,015, followed by Hyderabad (8,554) and Bengaluru (5,794).

Compared with 2017, new launches in the luxury segment declined in the most price brackets across the nine markets.

“In the Rs 1-3 crore price bracket, for example, 29,775 units were launched in 2019 against 29,996 homes in 2018. In the Rs 5-7 crore price bracket, only 859 units were launched last year against 1,536 homes in 2018,” it said.

Similarly, in the Rs 7 crore plus range, only 34 units were launched in 2019 against 542 homes in 2018. However, in the Rs 3-5 crore bracket, new launches increased from 2,675 in 2018 to 3,092 last year.

The study covered cities like Ahmedabad, including Gandhinagar, Bengaluru, Chennai, Gurugram (including Bhiwadi, Dharuhera and Sohna), Hyderabad, Kolkata, Mumbai (including Navi Mumbai and Thane), Pune and Noida (including Greater Noida, Noida Extension and Yamuna Expressway).

“The demand for luxury homes fell post-demonetisation, and the trend has not changed much. The coronavirus pandemic is likely to further impact demand across the residential realty sector in the first half of FY21, including luxury housing,” said Dhruv Agarwala, Group CEO, PropTiger.com.

He, however, expects renewed interest from NRIs in the luxury housing segment if the value of the Indian rupee continues to fall.

“The Indian currency recently fell beyond Rs 77 against the US dollar. This puts NRI homebuyers in an advantageous position as they would find buying luxury homes a relatively more attractive investment option than before,” he said.

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FDI inflows rise 18% to $73 bn in FY20: Minister

The total FDI inflows in India have progressively increased in the last couple of years.

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Global FDI flows

New Delhi, May 28 : Union Commerce and Industry Minister Piyush Goyal on Thursday said that total FDI into India grew at 18 per cent in 2019-20 to reach $73 billion.

Last year, India had received FDI worth around $62 billion.

“In another strong vote of confidence in Make in India, total FDI into India grew at 18% in 2019-20 to reach $73 Bn. Total FDI has doubled from 13-14 when it was only $36 Bn. This long term investment will spur job creation,” Goyal said in a tweet.

The total FDI inflows in India have progressively increased in the last couple of years.

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Centre lifts restriction on export of paracetamol APIs

On April 17, the government lifted the restrictions on shipments of formulations made from paracetamol.

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Coronavirus treatment medicine

New Delhi, May 28 : The Union government on Thursday lifted the restriction on the export of paracetamol APIs.

In March, the Centre had imposed curbs on the export of several active pharmaceutical ingredients (API) and formulations made from these APIs including paracetamol, and tinidazole, on concerns of shortage of drugs in the country.

On April 17, the government lifted the restrictions on shipments of formulations made from paracetamol.

“The notification dated 03.03.2020 is further amended to remove restriction on export of Paracetamol APIs, making its export ‘free’ with immediate effect,” said a statement from the Directorate General of Foreign Trade (DGFT) on Thursday.

India is a major exporter of paracetamol and hydroxychloroquine, which have witnessed a surge in demand amid the coronavirus crisis.

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Google selects 5,300 local news organisations for funding

“As we await a final funding tally, we expect to spend tens of millions of dollars through the Journalism Emergency Relief Fund,” Blecher said.

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New Delhi, May 28 : India’s East Mojo and Minnambalam are among 5,300 small and medium local newsrooms around the world that will receive emergency funding from Google ranging from $5,000-$30,000 (approximately Rs 3.7 lakh-Rs 22.7 lakh), the search engine giant said on Thursday.

East Mojo, a digital-only news organisation, said it plans to use the fund to allow journalists to go to remote parts of Northern India to shed light on the impact of Covid-19 once the country’s lockdown is lifted.

Minnambalam (India), a Tamil language publication from Chennai, said the funding gave them the confidence and financial support needed to carry on with their work.

Covid-19 has upended the news industry, hitting local news particularly hard with job losses, furloughs, cutbacks and even closure.

To provide some help, the Google News Initiative last month launched the Journalism Emergency Relief Fund.

“Applications covering a number of publications under one organization will be capped at $85,000,” Ludovic Blecher, Head of Google News Initiative Innovation, wrote in a blog post.

“As we await a final funding tally, we expect to spend tens of millions of dollars through the Journalism Emergency Relief Fund,” Blecher said.

Google said in just two weeks it received more than 12,000 applications from 140 eligible countries, with 90 per cent of those applications from newsrooms of less than 26 journalists.

“We reviewed each application against a set of criteria: publications operating locally, serving a specific geographic community and using the money to continue doing so,” Blecher said.

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