RBI announcement by Mr. Ashok Mohanani, Chairman, EKTA World & President-Elect NAREDCO, Maharashtra

“After lowering a cut in repo rate by 75 basis points in the previous announcement, the MPC has today announced another cut on repo rate by 40 basis points from 4.4% to 4% followed by reverse repo rate at 3.35%. The announcement will indeed act as a remedial measure to ail the economy as the government previously lent its support by providing a fiscal and monetary stimulus worth Rs 20.97 lakh crore. This move by RBI is expected to direct positively and reduce the cost of EMI on loans taken by the homebuyers. The investments in the sector will rise as the loans will be available easily.

There will definitely be a surge in demand for homes as Buyers , including millennials and NRIs who were searching to have their own homes which they could customise will now be keen to take decisions of owning homes.

With this cut, RBI has also announced an extension of the moratorium period for 3 more months till August 2020 which will buy some more time to pay the EMIs and increase the liquidity in the market. However, to control the inflation and inject more liquidity in the market, a further rate cut is expected as the market is unstable and there is a minimal sign of growth. The growing economic and financial stress will see a massive reduction and the measures overall will help bring in financial stability.”

Real estate industry trends for the week by EKTA World

EKTA world

Kindly find below few industry trends of the real estate sector for your reference. We were hoping to understand if you would be interested in insights or an authored piece by Mr. Ashok Mohanani, Chairman of EKTA World and President-Elect of NAREDCO Maharahstra. We would be happy to share his perspective on any of the other stories you plan to work on in the coming days. Happy to get on a call and discuss the same.

Emerging structural change involving work from home will play an important role

Background: Due to lockdown the concept of ‘Work from Home’ has been largely adapted by companies which have resulted in changes of the business models. Twitter announced permanency of the work from home concept for their employees and with this the other companies are expected to follow the track. With this there seems to be a shift in demand for home office which largely looks towards changing the future of housing choices. It is anticipated that the demand will look at structural changes where developers have a key role to play in to accommodate it with supply.

Talk points:

·         What are developers thinking of in terms of making changes in houses they are building as to incorporate an home office? How can this be achieved?

·         Will it cost more or the same if an home office is included? What can be done to look at a cost effective option to incorporate a home office?

Affordable housing to bounce back soon with significant ease by the government on lockdown

Background: The measures taken by the government with the infusion of the 20 lakh stimulus package to make India aatmanirbhar saw various relief measures pertaining to affordable housing. Measures like incentivizing industrial associations and manufacturing units to build affordable rental housing complexes on their land, converting govt housing complexes into affordable rental housing under PPP mode through the concessionaire and lastly incentivize state governments on similar lines to develop affordable rental housing complexes will act as a major breakthrough for the affordable housing segment. As affordable housing is more resilient with the support of these measure it is expected to bounce back faster.

Talk points:

·         Status of affordable housing currently

·         How will this lead to completion of ‘Housing for All 2022 agenda

The ‘New Normal’ post COVID 19 for the construction sector

Background: The COVID-19 pandemic has had a sudden and significant impact on all aspects of people's lives with 2.6 billion across the world now living under some sort of lockdown quarantine. The level of uncertainty in the economy is currently at an all-time high with the trajectory of the recovery difficult to forecast. In the real estate sector, we can see that the pandemic has accelerated some trends already in evidence, whereas other trends may reverse. Real estate’s new development buzzwords are quickly morphing. Buyer, both domestic and international seem vastly more interested in things like privacy, virtual, distanced, and tech-savvy. Online sales and digitalization is the shift observed and accepted as the new normal.

Talk points:

·         List of the new normal in Indian real estate post lockdown

·         Buyers sentiments towards the approach

The spokespersons of EKTA World are:

Mr. Ashok Mohanani, Chairman, EKTA World, Vice President, NAREDCO West

Mr. Vivek Mohanani, MD & CEO at Ekta World.

About EKTA world: A real estate developers in mumbai was established in 1987. Contemporary in thinking and design, EKTA has grown brick by brick while making many happy homes along the way. The team at EKTA world is constantly working towards creating memorable real estate projects complete with 2BHK, 3BHK and 4BHK flats in Mumbai and other cities in Maharashtra. Adding a zing of glamour and style to the city’s skyline, this group of real estate developers in Mumbai has not just built iconic structures but has also looked after the comfort and needs of its residents. This has gone a long way in building a strong reputation and goodwill amongst the discerning buyers and real estate companies in Mumbai and other cities in India.

Mr. Ashok Mohanani, Chairman, EKTA World & VP NAREDCO, Maharashtra on 3 Years of RERA

“It has been three years since the Central Government introduced the RERA Act within every state of India to witness a revolution within the real estate sector. The mandate of having a separate RERA for each state has been an absolute game-changer for the government, buyers, and developers. In the years gone by the regulatory body achieved milestones by being able to protect the interests of home buyers and also boost investments. RERA has importantly pushed to bring both developers and home buyers on a common platform which was not the case before and it has created a synergy between the two. Many started looking for a harmonious answer and ultimately withdrew complaints as the act endeavored to change homebuyer perception. With increased transparency amongst the stakeholders, it has been successful to bring a sort of confidence amongst the buyers. An additional benefit from the implementation of the RERA Act is to positively convert potential home buyers to permanent buyers. RERA has made significant progress in four-five states, however, it still has scope to address homebuyers’ concerns in few others. While many states are still seeking to have a website, some of the existing websites are of little help to home buyers. With the recent announcement of a deadline extension for a tenure of three months basis on the completion of the projects have acted as a relief measure to the housing sector. All in all, it has successfully become the face of fair practices for real estate fraternity.”

EKTA World| Story ideas for the week as on 6th April 2020

EKTA world, real estate developers in mumbai was established in 1987. Contemporary in thinking and design, EKTA has grown brick by brick while making many happy homes along the way. The team at EKTA world is constantly working towards creating memorable real estate projects complete with 2BHK, 3BHK and 4BHK flats in Mumbai and other cities in Maharashtra. Adding a zing of glamour and style to the city’s skyline, this group of real estate developers in Mumbai has not just built iconic structures but has also looked after the comfort and needs of its residents. This has gone a long way in building a strong reputation and goodwill amongst the discerning buyers and real estate companies in Mumbai and other cities in India.

The spokespersons of EKTA World are:

Mr. Ashok Mohanani, Chairman, EKTA World, Vice President, NAREDCO West

Mr. Vivek Mohanani, MD & CEO at Ekta World.

Kindly find below a few story ideas for your reference. Do let us know in case you would want to work on any of these or you would be keen on taking our spokespersons in any of your stories.

Real estate is the real investment

Background: However in such times where no one in the world must’ve foreseen a frightful pandemic we are all safe and sound in the lockdown in our ‘homes’, the pandemic has taken us back and made us appreciative and catch on to the basics of survival which food, clothing and shelter. The brutality of the pandemic has crippled markets across the world and other investment options are gradually failing. These investments are quite volatile and react faster to the external elements. Real estate however as an investment option is at a setback currently however it is at times like this where it proves to be the best of investment options as it is not as dependent on external factors.

Talk points:

Views on the same

Real estate the most secured investment

Booster-shot for real estate: Govt’s relief package

Background: The pandemic has caused economic, social and mental unrest globally. The Indian Real Estate Sector has been hit hard by the real estate sector. Construction work across the country has come to a standstill however even though RERA of some states has increased the deadline for completion of projects but the effects of the pandemic will last longer than that. The sector expects a booster shot (a relief measure) from the centre to revive the already gloomy sector.

Talk points:

Views on the same

The real estate sector in the long term

Luxury housing: Measure to take for recovery post lockdown exit (bases on a report by PropTiger release on 11^th April)

Background: Real estate developers have been able to sell only 45 per cent of luxury homes (priced above ₹3 crore) launched during the last three years, with investors still shying away from putting money in premium properties due to lower returns, according to PropTiger data. The cities covered in the analysis are 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). As per the data, 1,131 units were launched at a price above ₹7 crore and only 554 have been sold. Similarly, 3,656 units were launched in a price range of ₹5-7 crore, and only 1,631 flats have been sold so far. In the price bracket of ₹3-5 crore, as many as 8,503 units were launched, of which 3,741 units got sold.

EKTA World launches an uber luxury residential project Verve in Khar West, Mumbai

EKTA World launches ultra-luxurious project Verve 

Mumbai: Known for their luxurious and experiential homes, EKTA World presents Verve at Khar West, Mumbai. It is the second project in this newly launched series of EKTA Luxury Collection, after THE ONE located at Pali Hill, Verve is the second entrant into this category by the group. The project is located at 16^th road Khar West providing an extremely well developed social and civil infrastructure with all facilities in the vicinity.

Mr Vivek Mohanani, MD & CEO, EKTA World said, “In a locality like Khar, buyers look for luxury and quality of life and a project like Verve is going to be the best fit for potential owners. This project has every possible amenity to make one’s life easier and relaxed and bring a sense of arrival in life. EKTA World vision to “bring smiles globally by enhancing lifestyles through passion and innovation.”

Verve is a 16 Storey tower comprising of 16 units spread across an area of appx 1100 sq. mts. set in the heart of the most sought-after Mumbai suburb. It offers 3 & 5 BHK spacious flats along with various amenities including imported marble flooring, wooden flush doors, additional safety door, electric light points, modular switches, anodized aluminium windows, air conditioned, automated homes, and much more.

The compelling design by renowned architect Chandrashekhar Kanetkar, stunning decor and palatial aura truly make every apartment at Verve a starry affair. The most iconic features at Verve is the private elevators, concierge services amongst others that provide access control and one apartment per floor, which expresses privacy of the highest kind and the luxury of services at ones’ fingertips.

EKTA World is one of the leading developers in Maharashtra and has completed several affordable and premium luxury, luxury projects till date.

MahaRERA Registration Number - P51800021089 | The Project is registered under MahaRERA as “VERVE” | For further details, visit: https://maharera.mahaonline.gov.in

Site Address: 16th Rd. Opposite Ekta Eros, Khar West-400052

About EKTA World: EKTA World, a real estate firm established in 1987. Contemporary in thinking and design, EKTA has grown brick by brick while making many happy homes along the way with over 14500 happy families and have over 20.08 million sq. ft. completed and under construction. The team at EKTA world is constantly working towards creating memorable projects complete with 2BHK, 3BHK and 4BHK flats in Mumbai and other cities in Maharashtra. Adding a zing of glamour and style to the city’s skyline, the group has not just built iconic structures but has also looked after the comfort and needs of its residents. This has gone a long way in building a strong reputation and goodwill amongst the discerning buyers and real estate agents in Mumbai and other cities in India.