Gera Developments is currently in advanced talks with HDFC Capital Advisors, a wholly-owned subsidiary of India’s largest mortgage lender HDFC, to invest about Rs 100 crore in this project.
Even as the real estate industry complains of a slowdown in sales, a Reserve Bank of India (RBI) survey has said that housing has become less affordable over the last four years. This indicates that developers are holding on to prices. According to the report, Mumbai remains the least affordable city in India, while Bhubaneswar has the cheapest real estate among the 13 cities that were studied by RBI.
After the SC appointed auditor Grant Thornton highlighted grave irregularities in its preliminary report, the forex enforcement agency has zeroed in on this case.
The housing affordability worsened over the past four years as the HPTI ratio increased from 56.1 in March 2015 to 61.5 in March 2019 generally for cities in India. "The movement of median loan-to-income ratio also confirms worsening housing affordability as it moved from 3 in March 2015 to 3.4 in March 2019," RBI survey showed.
Boston based real estate investment firm is also in the process of launching $100 million residential platform to invest in mid-income and co-living segments in India.
Sales had risen 58 per cent to 78,520 units during the first quarter of 2019 driven by positive market sentiment on various incentives announced in the interim Budget.
In its report, 'India Real Estate', UK-based property consultant Knight Frank studies 8 major cities and reveals the highest housing sales in NCR, lowest in Kolkata, West Bengal.
