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Newsletter June 2019
Real Estate Trends & News
JUNE 2019
Real Estate Trends - India
Real estate stakeholders express confidence in the residential sector for the coming six months
The increase in the exemption period on inventory tax announced in the budget and a rationalisation in GST rates, have contributed to improving stakeholders’ sentiments towards the housing market, according to Knight Frank’s Sentiment Index
The Indian real estate sector has expressed optimism in the first quarter of 2019, as per Knight Frank’s Q1 2019 Sentiment Index Survey. The Real Estate (Regulation and Development) Act, 2016 (RERA), exemption of inventory tax from one to two years in the union budget of 2019 and the Good and Services Tax (GST) rate rationalisation, have contributed to boosting the current stakeholder sentiments, the report said. The current sentiment score, developed jointly by Knight Frank India, FICCI and NAREDCO, has inched 5 points upwards from the preceding quarter and remains in the positive in the first quarter of the new calendar year. The market sentiments that had waned during 2017, with the various structural changes in the real estate sector, have bounced back and have been steadily improving since.
The future sentiment score maintains its positive spell and has moved up Q1 2019. Stakeholders are of the opinion that the transparency brought in by the enormous structural reforms, have fundamentally changed the dynamics of the real estate sector for the better. The stakeholders are positive of the outcome of the government’s efforts to ease the burden of developers, by acknowledging the slowdown in the sector. This has boosted the stakeholder sentiments for the coming six months.
The rationalisation of the GST rate to 5% for under-construction flats and 1% for the affordable housing sector, have also played a significant part in bolstering real estate sentiments for the coming six months.
Real estate Trends - Bengaluru
Bengaluru housing market in Q1 2019Bengaluru saw the number of new residential launches increase substantially by 23% in Q1 2019, as compared to Q4 2018. The number of new launches were recorded at 8,351 units during the period, accounted for largely by the northern region.The northern region was followed by south Bengaluru.
Meanwhile, capital values of completed as well as under-construction projects remained mostly steady with upward changes seen in key projects in preferred micro-markets.
Real Estate News - India
RBI cuts interest rates for the third time this year, to boost growth
Amid concerns over a slowing economy, the Reserve Bank of India has cut interest rates for the third time this year, lowering the repo rate by 0.25%, to 5.75%.
Slashing the benchmark lending rates for the third time this year, the Reserve Bank of India (RBI) cut its repo rate by 0.25% on June 6, 2019 and said its future
monetary policy stance will be more accommodative. The repo rate, at which the central bank lends to the system, will come down to 5.75% after the cut.
Amid concerns of a slowdown in the economy, the central bank lowered its gross domestic product (GDP) forecast to 7% for the current fiscal from 7.2%
projected earlier. While marginally increasing its inflation projection to 3%-3.1% for the first half of the fiscal year 2019-20, which is within the comfort range of
2%-6% set by the government, the RBI cut the GDP growth targets sharply to 7% for FY20, on the back of a weak global scenario and dip in private
consumption.
Real Estate News - Karnataka
Karnataka unveils online building plan approval facility
The Karnataka government has launched online platforms for building plan approvals,
change of land use and other permissions that will integrate 14 departments
Karnataka chief minister HD Kumaraswamy, on June 13, 2019, launched 118 websites
that would enable citizens to get building plan approvals, diversion of land use change
and other related permissions through online submissions, avoiding middlemen and
delays. “We have simplified the process of getting building plan sanctions and land use
change. It will bring greater transparency and end corruption and save people’s time and
money,” Kumaraswamy said.
Urban development minister UT Khader, said the initiative of his department will save people
from running from pillar to post to get approvals. It will also remove middlemen from the
system, he said. These websites and software integrate 14 departments and forms can be
submitted online. The status of their applications will be shared through SMS, to the
applicants.
Image courtesy: Mr.Abbas Khurram, Ex-President, JRGSHOWA
Chandapura area infra updates
Road widening & Commercial Development
❖ 100ft (4 lane) road widening works in progress on Chandapura- Anekal Major District Road.
❖ Commercial development on the road has picked up pace. Many new restaurants, convenience stores, bars and shopping areas have been opened up.
Metro line pylons till Narayana Health hospital are being built at a brisk pace. Station work at Bommasandra (1km before Chandapura) to commence shortly. We hope to see the line operations by 2020 as per BMRCL schedule !
Our yellow line is on fast track as it looks !
Metro station near NH hospital
JR Urbania Project updatesjrurbania.com
Awards & Recognitions
JR Urbania was awarded “Iconic child friendly & sustainable residential township of the year” at The Times Business awards 2019.
At JR Urbania emphasis was given to the sustainable & eco-friendly approach to the developments like large landscaped spaces dotted across Urbania along with our luxury sports club & recreational amenities. The best part is the way these amenities are connected with bicycle tracks spanning the length and breadth of the township. Other features include strategically located Rainwater harvesting units (RWH) and use of eco-friendly concrete pavers.
Dedicated Bicycle Tracks
Bicycle tracks have been integrated to the main roads at JR Urbania to encourage safe usage of cycles within the community, to access various recreational spaces spread across the project.
150 ft wide road to KHB-II from Chandapura-Anekal Road
❖ Forest clearance obtained for the formation of much awaited 150 ft wide road next Escorts factory and along the Ramakrishnapura lake.
❖ Work expected to be completed within November 2019, which will enable seem less access to Suryanagar-II and JR Urbania !
Project updatesJR Urbania 150 ft Wide Road
JR Urbania North Block Entrance
North block entrance & Street signages
❖ We have successfully completed the much awaited 150 ft wide road access to the North Block from KHB and have also developed a beautiful road intersection (aerial image left).
❖ Ornamental signages (below) enhancing the aesthetics of the streetscapes have been installed across JR Urbania.
Club House & Sports ParkClub House
Interior works at the Club house have been fast tracked. We will be ready with entrance lobby, twin badminton courts, squash court, swimming pool, table tennis room, gymnasium and party lawn well within December 2019.
Guest rooms & Banquet hall will be developed in next phase.
Sports Park next to Club
Tennis court has been completed along with the pathway. Basketball court, footsal (mini football) court, cricket practice and additional children play space are works in progress scheduled for completion shortly.
JR Urbania - Luxury Sports Club
JR Valley Project updates
jrhousing.com/jrvalley
JR Valley Truly a gated community
Thanks to the efforts put in by our company to ensure the removal of proposed 24 Meter road through the project, JR Valley is NOW a naturally gated township.
Life attracts Life
JR Valley is a well developed project with premium amenities and many families have called it a home.
Amenities like central rain water harvesting, lush green landscaping, 45% open spaces, underground cabling, children play area, tennis court, giant chess and a swimming pool (under construction) makes it a desirable township.
Limited plots of dimension 30’x40’ & 40’x74’ are available @Rs.2750/Sft*
JR Valley layout view
JR Valley (above) inBMRDA Master Plan
Upcoming Ring Roads near JR Valley
STRR 300 ft Ring Road❖ Just 1 km off the upcoming ring road & existing
NH 207.❖ STRR Ring Road is an upcoming parallel ring
road to BDA Peripheral Ring Road.❖ Well connected to KIA airport-Devanahalli,
Whitefield, Electronic City
BDA 200ft Peripheral Ring Road❖ JR Valley is less than 2 km from the upcoming
BDA peripheral ring road. The State Govt. has now initiated the acquisition process.
JR City Project updatesjrhousing.com/jrcity
JR CityResidential township near Hoskote
JR Housing worked with the local planning authority to ensure that the area surrounding JR City leading up to JR Valley connecting to National highway, was well planned in the Hoskote Master Plan, which was finally released in January 2018.
Release of Master Plan has enabled our firm to get on with our long term vision of developing a 150 acre mixed use township in the area. Land acquisitions, conversions and approvals are in progress by our firm.
You will soon hear from us about an array of project launches in attached land parcels with commercial | residential offerings, which will further enhance the value of the propoerties at JR City.
Limited plots of dimension 30’x40’ & 30’x55’ are available @Rs.2000/Sft*
Bangalore-Chennai Expressway
Only 500 meters away from JR City, which will connect port cities like Chennai and Mangalore, opening up opportunities of industrial, commercial and residential development.
Hoskote and surrounding are set to witness short to long term growth as this project builds up. Currently acquisitions are underway by the Central government’s National Highways of India.
We honestly think it is a boom time for land parcels in and around JR City.
