18 May, 2021

Escalators On Ascent

Bangalore paradoxically has no slump, while Pune is a resilient market. How?

Escalators On Ascent

Are Bangalore and Pune bucking a general slump in the housing market? By many accounts, the two tech towns generally seem better off than many ­other big markets and especially so when compared to the two biggest ones—NCR and Mumbai outskirts. The Karnataka capital, with half-a-dozen listed players, has not seen a slump, says the head of a real estate developer. Ashish R. Puravankara, who is also the president of CREDAI-Bangalore, agrees that total sales volumes in his city were lower but attributes that to an abs­ence of new launches. “For the ongoing projects, the sales have been quite stable. Could it be better? Yes,” he adds.

Citing an instance, the MD of Puravankara Ltd lists the delay in a revised policy on transferable development right (TDR). This meant the local government wasn’t sanctioning any plans with a TDR component during the revision process. Meanwhile, the National Green Tribunal’s buffer zone order and the new tax benefits for smaller apartments led many developers to redesign projects. Demonetisation, Ashish...

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