Why homes aren’t selling in Chennai?

This has been a monsoon of discount offers for residents of Chennai. Every day, a barrage of messages, emails and media advertisements assail us, from desperate real estate firms. A housing slowdown has been around for some time but now there are visible signs of panic.

But buyers, particularly in South India, are just not interested. Sellers, having patiently waited it out so far, are now beginning to throw in the towel. An equilibrium will be reached eventually, but before that there may be more blood on the housing street. Resale flats also gets piled up which can be eventually seen in real estate portals like realtymarket.in.

A recent report says that the residential housing market in Chennai remained absolutely flat in the first half of 2019, despite prices falling nearly 10% in this period. The city has more unsold flats. Some estimates suggest that it may take four years to clear Chennai’s unsold housing inventory.

There are two types of home buyers in any market: genuine purchasers who acquire for self-use; and investors who regard it as a proxy to a financial instrument. It is the latter that sparked the initial decline, post demonetization, as access to black money became problematic. Yet, Indians are very ingenuous at working around such constraints and cash is back in play, after a temporary hiccup. But the housing market is still dead. This is because returns have dried up. Investors may have worked out ways around the stick, but it is the carrot that continues to be elusive. Actually, what has happened in the real estate market is the exact opposite of the equity market. Where a switch has been snapped on with regard to stocks, with retail investors relentlessly pouring in money through SIPs every month; a switch has gone off in the real estate market. With practically no returns over the last three years, people have simply abandoned it as an asset class.

Prices may have to correct more. But, a bigger fundamental issue may be that the current generation of younger, salaried people don’t seem to have the same sentimental attachment to owning a home as their parents may have had. Earlier, a home meant security. Now, a more financially savvy generation has figured out that in a market of inflated prices and relatively low rental yields, it may just be prudent to keep renting, as opposed to owning.

Ownership, after all is notional. Whether your landlord owns it or your housing finance company does, is hardly material. One shouldn’t be alarmist and conclude that the housing market is dead for good. In time, it will recover but it is important to distinguish between a cyclical slump and a fundamental reset. We are in the throes of the latter. The way an average Indian buyer looks at a home may have changed.

Modi govt's next push against benami properties may settle down the real estate sector

“Ek teer se do shikaar”. It looks like our PM will be hooking up several shikaars as the current demonetisation drive is just the beginning of anti-corruption stir and will spur on a number of measures to rid India of its corrupt image.

After this period of 50 days of punitive action against owners of black money, folks, be prepared as the next whacking axe is set to fall against ‘benami’ property owners: a warning has been issued by our PM Narendra Modi, who has said clearly in Goa, “I am not going to stop at this. I will expose the history of corruption of 70 years since Independence.”

Reuters

Who are these benami property owners? Well, the government wants to find out exactly that and unmask such people and punish the offenders. Already the institutional framework has been strengthened by amending the original Benami Transactions Act 1988 to make the existing law more stringent. Under the Benami Transactions (Prohibition) Amendment Act 2016 that recently came into force on 1 November, a transaction is named ‘benami’ if property is held by one person, but has been provided or paid for by another person. The Act prohibits recovery of the property held benami from benamidar by the real owner. Also, Benami properties are liable for confiscation by the government.

Many among us have often casually side-stepped the law, and officials too are habituated to accepting bribes, so we have built an environment where corruption, greed and all the vices thrive. Thus, the corruption do-away move necessitates equally supportive laws and strict organisational framework backed by active regulatory authorities to stamp out benami transactions.

People with surplus black money had been keeping it safely hidden from the government by buying property in fictitious names, thus on paper they were not the owners but enjoyed all the benefits. It is assumed some corrupt political leaders, government officials and developers are the ones indulging most in benami transactions.

A senior real estate consultant is of the view that benami property transactions see a boom during various scams which our country has been witnessing from time to time. So right from chara ghotala of Lalu Prasad Yadav that came out in the open in 92-93 involving Rs 950 crore to Sukhram’s telecom scam and subsequently their holding of unaccounted assets and such other notorious scams where big amounts of money where quickly invested in properties far and away. Black money has always found a safe haven in properties in Delhi, NCR regions and Tier II, Tier III towns, albeit in unknown names to escape the law.

Now, under the amended law, all those benamdars and the real owners, who have been indulging in bogus transactions since the period the original Benami Act was formulated, will find that there is no escape route if they are identified, for not only will they will have to forego property but their property will also be impounded by the government and, moreover, they will be liable to face imprisonment or penalty as the case may be.

The amendment to the Act states a change in the earlier penalty from 1 to 3 years and from 1 year rigorous imprisonment up to 7 years, and a fine which may extend to 25 percent of the fair market value of the benami property. The district registrars and land record departments will dig out the names of benami property holders. “What this essentially means is that a lot of responsibility lies on the initiating officer for tracking a benamidar. Secondly, a network of players, the initiating officer, the approving authority, the administrator and the adjudicating authority, all have to work in tandem to establish a property as benami,” points out Anuj Puri, Chairman & Country Head, JLL India.

The real estate sector has lately been witnessing a series of corrective measures. First, the Real Estate (Regulation and Development) Act, then the Land Acquisition Rehabilitation and Resettlement (Amendment) Bill 2015, now the Benami Transactions Act that are all aimed at making the sector more transparent and a professionalised one.

Through the crackdown on benami property, title risks, which hitherto undermined the buyers’ confidence, will be done away with. Also, the amendment will have a greater impact on benami transactions happening on a larger scale in agriculture land.

Moreover, exits by funds participating in transactions will be quicker. Our PM’s exhortation: “If you haven’t realised what I am made of, then do now”...clearly foretells his firm intent as he is out to expose the benamdars and with that the mystery of the real owners.

The government strategy now comes across clear; it is fortifying the banks with cash and aims at solving the problem of scarcity of land by taking strong action against benami property as soon as the monetisation drive gets over. And the good thing that may happen post the benami investigations, said to begin in January 2017, is that a lot of land inventory may become available to the government which the Union Minister of Urban Development, Housing and Urban Poverty Venkaiah Naidu may open up to use in fast-tracking the affordable housing plans for the poor, for only 3 years would remain to execute that goal.

Real Estate Surgical Strike in India Is E-Property Pass Book Real or A Possibility

After cash demonetization that happened in India in November 2016, everyone is shocked. If such a thing like demonetizing 85% of currency notes that were circulating in India, anything could happen. Indian Prime Minister Narendra Modi is determined to fight against black money. After demonetization Narendra Modi said that this plan was in his mind for past few months. Prime Minister Modi also mentioned that he has more tough plans in his mind and will implant it in future if needed. It means that any kind of strict actions will be taken against black money. Will it be a Gold or Real estate surgical strike ?

24-11-2016 – News reports are coming out that strict regulations will be made regarding property, land registrations done by all people who have income above Rs.2,50,000 per year. Income tax department has asked to quote PAN number for all land registrations done by people who have income more than 2 lakhs fifty thousand. Earlier quoting of PAN number ws only for people who had income of more than Rs.2,50,000. This means majority of people who do buying or selling property have to give their PAN number. So even though E-Property pass book is not implemented in India as speculated, there will be strict regulations on land, property registrations. More strict restrictions are believed to come which will affect real estate making value of properties go down. This will be a big blow to people who purchased properties for huge rates with black money, planning to sell it later. So let us wait and see what are upcoming notifications regarding real estate black money unearthing.

What are different forms in which black money is stored in India. It was assumed that black money is transferred or deposited into Swiss bank accounts abroad. On investigations it was found that it was true to some extent. A contract agreement was signed between India and Switzerland known as Multilateral Competent Authority Agreement (MCAA). From 2019 Switzerland will start giving details of Indians who have invested money in Swiss bank accounts. Another shocking fact that lakhs of crores of money that is made illegally is invested in real estate properties, gold investments, fixed deposits in co-operative banks, real physical cash hidden in buildings .etc. With demonetization all hidden real cash is unearthed or made useless with only value of paper after removing it’s legal tender from 8-11-2016.

Co-operative banks had crores of deposit in it and did not follow KYC norms as per guidelines of Reserve Bank of Inida (RBI). This was why RBI did not allow exchange of old notes by Co-operative banks and so customers are not able to liquidate cash in these banks. Income tax department will conduct investigation to reveal sources of all deposits in Co-operative banks.

Savings accounts, Current accounts that make deposits above allowed limit will be given noticed by IT department to reveal source. So what remains now is gold and real estate where black money is hidden. Black money holders who deposited in both these things are having sleepless nights. They are having nightmares that Narendra Modi will impose some kind of ban on both these investments in future.

This was when a message became circulated among gold traders association that gold import ban may happen in India. It caused lot of tensions to jewelry owners and customers regarding what will be actions taken against gold. Later gold merchants said that it is just a possibility and not a confirmed decision.

Black money is said to affect economic development of India, where lakhs of people do not even have food for one time. Is eradication of poverty be possible by hunting down black money in India. After demonetization of currency and bringing limits to withdrawal limits everyone in India became poor and experienced what is poverty for 1 or 2 days in his life.

Many experts said that gold import ban may not be possible, but there are many people saying that it could be possible as a way to stop black money conversion into gold. In a situation like currency demonetization of Rs.500, Rs.1000 notes in India everyone is prepared to accept that Modi is a strong leader who can take tough decisions.

London House Prices See Biggest December Drop in Six Years

 

Shoppers looking to capitalize on recent discounts and include a central London house purchase on their Christmas lists might want to hold off as experts predict further price cuts are coming. 

Average asking prices in London dropped 4.3%, or by £27,678 ($35,091), in December to £616,160 ($780,567), according to Rightmove, a U.K.-based property website. Prices have fallen in six of the past eight months.

While falls in asking prices are common at this quieter time of year, this month’s drop is the largest in December for six years, indicating ongoing weakness, the report said, especially in inner London and at the upper price brackets.

The decrease in asking prices was largely driven by London’s central boroughs, which are traditionally the most expensive. Asking prices there slid 6% to £784,620 ($994,642) and 2.4% in the outer boroughs to £503,519 ($638,329).

At the very top end of the market, a large chunk of which is in the center of London, prices tumbled 13.6% to £1.38 million ($1.74 million).

According to Rightmove, the trend of falling prices in central London will continue—and actually get worse—into the new year as demand at current price levels lags behind more plentiful supply. 

The site is forecasting that prices will fall by a further 5% in 2017 as the “price bubble continues to deflate” as a result of weakening demand amid higher stamp duty rates and continued Brexit-related uncertainty.

“Inner London’s higher-end markets require massive funds to secure a property compared to the comparatively modest average prices in outer London, and now also attract a much larger bill for stamp duty,” said Miles Shipside, housing market analyst at Rightmove.

“Buyers are being put off the really big-ticket purchases,” Mr. Shipside said. “While sterling’s depreciation has helped to make things more attractive, the pressing need to purchase because of rising prices has disappeared. We therefore predict further price falls.” 

In contrast, asking prices in more affordable areas of outer London are set to rise 3% in 2017 as buyers look for more space and value, according to Rightmove.

 

Keep real estate, electricity charges within GST: CEA

CEA Arvind Subramanian

Arvind Subramanian says the Indian economy, as far as macroeconomic condition is concerned, is very stable.

As the country comes to terms with the demonetisation of Rs. 1,000 and old Rs. 500 notes, Chief Economic Adviser Arvind Subramanian spoke at an ASSOCHAM event.

Excerpts from the press conference

>> It's fair to say that the Indian economy, as far as macroeconomic condition is concerned, is very stable.

>> Both the Consumer Price Index (CPI) and the Wholesale Price Index (WPI) have come down. Current account deficit is very low and is being financed by Foreign Direct Investment. We have been reducing the fiscal deficit consistently.

>> From the domestic point of view, there are many legislative achievements in 2016. Aadhaar Bill is very important for the Jan Dhan Yojana, Aadhaar, Mobile numbers (JAM) mission.

>> Legislation has been passed to institutionalise monetary policy.

>> The bankruptcy code is very important in enabling exit from operating in India. Entry has become very easy, but exit is still a problem.

>>GST constitutional amendment bill is the 'mother of all achievements'.

>>FDI policy has been liberalised considerably. FDI surged in Q2, which is a very encouraging sign.

>>Domestic challenges: how to manage demonetisation over the next weeks/months until remonetisation can be done fully.

>>Then there is the twin balance sheet problem of the corporates and the banks.

>>International challenges: US interest rate rising and dollar getting stronger. But I am less concerned about this since the Indian economy is still strong macroeconomically.

>>The other challenge is to keep an eye on the currency situation in South East Asian countries and in China.

>>Third international challenge is that if we need strong growth, then exports have to grow 15-20% every year. But the question is, can the advanced economies buy our exports? Can they handle service exports from us?

>>GST: We should aspire to simple, clean rates that are lower rather than higher. This will help in fight against black money.

>> Sale of land and real estate need to be part of GST. That way the input tax credits can enter the system. Stamp duty can be kept separate.

>>Need to bring electricity charges as part of GST.⁠⁠⁠

>>Manufacturing push: if China did manufacturing for 25 years, why can't we do services for 25 years?

>> Fed rate hike: it was anticipated and expected. The Indian economy is very well cushioned to handle it. The RBI took the possibility into account during its latest review.

>> Rising oil prices: don't focus on the ups and downs. When oil prices go up, nimble producers will also increase production. Don't think oil prices will surge to a level that the Indian economy can't handle.

The man renting one of the world’s smallest properties: a crawl space in New York City

The first thing that people want to know about Jack Leahy’s home, a 3.7-square-metre cubbyhole tucked into the ceiling of a performance space a few blocks from the waterfront in Brooklyn, is whether it’s legal. The second question is how much he pays.

He doesn’t know the answer to the first. As for his rent? Tell a New Yorker you pay $US450 ($600) a month, and he or she becomes very, very jealous.

“But they don’t have any idea,” Leahy said. “It’s like ‘The Phantom of the Opera’ –  how much did that guy pay?”

Jack Leahy, 25, a musician, lives in a 3.7-square-metre crawl space reached by a ladder, for $600 per month, in Brooklyn, New York. Photo: Alex Wroblewski/The New York Times

On a recent evening, Leahy, a 25-year-old musician who moved to New York from Austin, Texas, late in September 2015, pulled up in front of his home address on a skateboard, a Narragansett tall boy in one hand. The sun was setting over the East River, so he suggested a stop in his “living room” – a rock outcropping on the banks –  before climbing the ladder to his quarters. Yes, a ladder.

While real estate agents and promoters often describe local hot spots as extensions of one’s living space, using the amenities of the greater Williamsburg neighbourhood is a necessity for Leahy. His windowless den measures roughly 2.7 metres long and 1.37 metres wide. You can stand at the entry, but once inside you mostly stoop – it’s only about 1.5 metres high. A twin-size futon mattress takes up most of the space.

Leahy, who works at Best Pizza in Williamsburg, spends a lot of time watching soccer at a nearby bar, or in his $220-a-month music studio in East Williamsburg, which he says is about the same size as his crawl space, except that the ceiling is of normal height. It also lacks a window, but he can at least unfurl his 180cm frame – a nice change from stooping. He also likes to browse the record shops in Greenpoint, which is also the home of Captured Tracks, the independent record label that he hopes will sign him someday.

 

The crawl space can be reached by a ladder. Photo: Alex Wroblewski/The New York Times

“That label was the reason I moved to New York,” said Leahy, a pop/minimalist composer who goes by the name Socrates.

Leahy is proficient on keyboards, synthesisers, drum machines and sequencers.

“I mix and record everything on an old reel-to-reel tape machine,” he said.

 

While real estate agents and promoters often describe local hot spots as extensions of one’s living space, utilizing the amenities of greater Williamsburg is a necessity for Leahy. Photo: Alex Wroblewski/The New York Times

Leahy must keep quiet during rehearsals in the performance space below him, which can be any time between 9 a.m. and 10 p.m., seven days a week. Fortunately, the Wi-Fi is great, so he can always watch soccer matches if he doesn’t feel like reading. He’s also required to maintain a ghostly profile in the kitchen and office in the back of the building, which is where the bathroom is. It has a shower, in case you were wondering.

Despite the restrictions, Leahy faced fierce competition and had to woo his way into his cubbyhole. His ex-girlfriend, an artist, told him about the unorthodox residence and referred him to the landlords, who were swayed, he said, by his “very long, thoughtful, funny, charming email” that described, in detail, his minimal grocery storage needs.

He took the space sight unseen and insists that he had no misgivings when he arrived.

“I think I was happy to be in New York and that I actually had a place,” Leahy said. “It was just kind of comical. It is comical. Whenever I show people where I live, they always laugh.”

He awakens many mornings to the sounds of experimental theatre: strange clanging, performers speaking in gibberish, chants. The space is ovenlike in the summer, cozy in winter.

And although he doesn’t see much of them, he likes his quasi-roommates: seven other artists and creative types who live in the warren of more traditional rooms at the back of the building.

“Though I’m always jealous when I see them sitting on chairs in their rooms,” he admits.

Occasionally, there are parties in the building – and not just any parties, really good ones – “the kind of thing you’d imagine happening in Bushwick or Ridgewood,” he says.

There are some serious drawbacks, of course. The door behind his bed opens onto a sheer drop into the performance space, which gave him a scare a few months back when he leaned against it and felt it moving. Nor does he recommend nights of heavy drinking or hosting visitors, especially if romance is in the cards.

“Things get intimate really fast. You basically can’t do anything but lie down,” Leahy warned. “At the same time, too much moving around up here doesn’t feel safe.”

Nonetheless, he recently decided to stay for another year. Romantic rendezvous chez Leahy are not a concern at the moment. He got back together with his girlfriend, the one who told him about the crawl space, and she lives in a nearby studio – a proper one, with windows and more than enough clearance to walk upright.

And while some people might find even a good-size studio cramped for two, Leahy is not one of them.

“Are you kidding me?” he asked. “It feels like a great hall.”

Choosing a best real estate properties at affordable budgets

Author Bio : One Ocean Drive Realty is a boutique real estate agency offering an array of services ranging from selling and buying to managing, remodeling and new construction in both the residential and commercial markets. Discover waterfront and club community properties in Northern Palm Beach and Southern Martin Counties while immersing yourself in the sought after South Florida lifestyle.

Many people are willing to buy their dream house in a location with modern amenities to plan a new life. As a result, real estate companies offer residential properties at affordable prices for investing money accordingly. 

Making home buying an easy one 

The process of buying a house property involves various challenges and one should consult with a leading real estate firm for handling complex issues. Most organizations assist the investors to complete all formalities including document preparation to overcome unnecessary problems.

Finding new properties 

Identifying a housing property is really a challenging one and need proper guidelines. In many cases, a real estate firm assists clients to find new homes with the latest facilities that suit their budgets and lifestyle. Moreover, it helps to compare the prices online starting from low to high allowing a person to make a right decision. It is possible to find a condo, apartment, villa or independent property in a location after consulting with expert teams.

Buying luxurious homes 

Anyone interested in purchasing a luxurious home in beaches and other locations must seek support from a reputed company for meeting essential needs. Experienced realtors provide ideas on how to choose a luxurious real estate in Palm Beach Gardens property at flexible prices. Besides that, they make the job a simple one to buy a house without any difficulties.

Knowing more details about properties 

Real estate investments need some basic knowledge for minimizing the risks. Those who want to know the information on house for sale Jupiter must approach a top most company which delivers valuable services to buyers. Several firms help to book a home property in advance by addressing essential needs.

Other services offered by a real estate firm 

Apart from buying, a real estate firm also offers some other services in order to fulfill the needs of customers. Some of them involve selling, leasing, renting, property management, financing, interior designing, renovating, architecture and many more to get complete satisfaction.

Facts to consider before investing 

Real estate investors should focus on certain important facts such as budgets, location, market conditions, previous projects, reviews and testimonials before hiring services from a realtor or company. This will help a lot to overcome complications while buying and selling a property. 

Closing a deal with a real estate company 

Many real estate companies today provide methods closing a deal with ease after determining the requirements of investors. In fact, they help to identify a property in a location starting from low to high prices. Those who want to know more about the steps involved in selling and buying procedure can work with the realtors for gaining advantages.

Buying a property with financing options 

In some cases, buying a property becomes a difficult one for some people due to financial constraints and budgets. The real estate companies enable investors to get loans from leading banks or other financial institutions at low interest rates for making their dreams a true one. At the same time, it is necessary to follow the terms and conditions before signing the documents that give ways for minimizing unwanted disputes with a lender.

Mail me for Guest Posts in dilipstechnoblog.com (dilipgeoffrey@gmail.com)

As a house buyer, 7 things you need to know about real estate bill

The Real Estate (Regulation and Development) Bill aims at establishing regulatory body for transparent business.

The Real Estate Regulation Bill, which was passed on Thursday in the Rajya Sabha promises to secure the interests of home buyers and expunge corruption and inefficiency from the sector.

Soon after tabling the Bill in the Upper House, Parliamentary Affairs Minister, Venkaiah Naidu, who also heads the Urban Development Ministry, said the government has considered the “views and suggestions of various stakeholders and different political parties in the matter.”

1	The Bill provides for mandatory registration of all projects with the Real Estate Regulatory Authority in each State. Real estate agents who intend to sell any plot, apartment or building should also register themselves with this authority.
2	It makes mandatory the disclosure of all information for registered projects like details of promoters, layout plan, land status, schedule of execution and status of various approvals.
3	It seeks to enforce the contract between the developer and buyer and act as a fast track mechanism to settle disputes.
4	Fifty per cent of the buyers' investment has to be deposited into an escrow account that would be used only for the construction of that project.
5	The Bill prohibits a developer from changing the plan in a project unless two-thirds of the allottees have agreed for such a change.
6	Builders would be responsible for fixing structural defects for five years after transferring the property to a buyer.
7	In case builders still cause delays in transferring properties to buyers, the appellate tribunals would intervene and slap fines on them within 60 days.

CREDAI calls for strike on 13th October to protest death of Suraj Parmar

In what will be a first for the construction industry, builders are going on a strike on 13th October and for a month, builders will wear a black ribbon as a mark of protest against wrong policies and corruption of the 'system'

Builder and developers body Confederation of Real Estate Developers' Association of India (CREDAI) has called in for a nationwide protest and strike on 13th October against wrong policies and corruption of the 'system'. CREDAI and its members have put up several hoardings across Mumbai, Thane and Navi Mumbai to appeal for the token strike and protest. Also for the next one month, builders would wear a black ribbon as a mark of protest.

Through its hoardings, CREDAI is stating, "Dear System, We want to live! Stop Killing Us! This is in reference with the death of Cosmos Group chief Suraj Parmar, President of Thane chapter of Maharashtra Chamber of Housing Industry (CREDAI-MCHI). Last week, Parmar, chairperson and managing director of the Cosmos Group, shot himself with his personal .32 calibre pistol in a sample bungalow at one of his upcoming projects at Kasarvadavli in Thane. Parmar had left a 15-page suicide note, in which he blamed red tape and non-payment of loans as primary reasons for the drastic step.



In its hoarding, CREDAI said, "This is an appeal from CREDAI and its members to the Government to create the right atmosphere of trust and co-operation. And take action to prevent delay in projects due to political interference and corruption so that we could invest all our strength in building a strong nation."

Although, the builders have called for a strike and protesting against wrong policies and corruption of the 'system', there is limited sympathy for them. This is because the ordinary people hold builder lobby primarily responsible for high prices of homes in and around Mumbai and lack of unaffordable homes. However, there is no denial about the fact that rampant corruption and collusion with politicians are important factors. It is good that this is now out in the open and will hopefully turn the heat on the government to ensure a clean-up.

Apparently, a press conference of the builder's body in Mumbai was cancelled due to some pressure from political quarters.

Google's Great Online Home Festival 2015: Huge discounts and amazing deals on Apartments

Google's much-awaited Great Online Home Festival (GOHF) likely to kick off in  18th of July 2015 and will feature more than 25 Real Estate Projects offering deals and discounts. The GOHF will be a three to four days event starting 18th July 2015 and will end on fourth day.

Great Online Home Festival would go a long way to promote online faith. All the facts and pictures in the cloud in starry websites can be confirmed after all. Yet everything appears so transparent and larger than life online. Now that brochures and television advertisements have been eclipsed with internet technology, there is no looking back. We better follow what the whole world is doing in massive online trade in the billions. 

Google is certainly one of those big fish or shall we say predators? GroupM is into media investment and Google is busy extending beyond the legendary search engine. Magic Bricks represents a gigantic property management estate that creates dream homes. The three entities have come together fabulously to popularize the concept of online homes! They are hardly fantasy homes but a beginning is made there to translate those lifetime ideas to reality. What could be more real than the brick and stone home to provide family shelter maybe for a few generations?

Dealing in real estate besides home décor and home care companies, Google's Great Online Home Festival(GOHF) will exhibit property stocks amounting to Rs. 3000 crores. As most people do every day, surfers will evaluate and choose potential home products. The event is on from 18 July to 27 July. Much is going to happen during those ten days when great family histories would be written and a new trend established.

How did it all come about? Industry Director Google India Nitin Bawankule cites the 3x increase in online queries relating to real estate. Early builders have already profited from sales online. In the future more builders and developers would benefit from online sales. 

CEO of Magic Bricks Sudhir Pai is positive that the Google's Great Online Home Festival (GOHF) would ignite real estate market transactions. The best deals in online real estate would be available for potential buyers to choose from with all the advantages. 

GroupM South Asia chief growth officer Lakshmi Narasimhan also spoke about the emerging consumer segment that is confident about online purchase based on information available on the internet. It is hoped that both the industry and the consumer would benefit from such an initiative. 

The online real estate scenario in India has about ten companies vying for the market and Quikr is one of them. While it remains to be seen what transpires on July 18 onwards, it is certain that much commerce is getting transferred online from traditional markets and why not. A hassle free decent way to shop is the internet experience after all and the best brands prove it. 

Changing the Skyline of chennai - Mr. Pratish Devadoss VGN, MD's Speech - Club Elite Magazine