Real Estate News
50,000 Affordable Homes May Be On Offer In NCR By December
Industry experts say with markets opening up and business returning to normal, the residential real estate market seems to be coming back on track. The latest projections by real estate consultants, Anarock and other industry experts are that around 50,000 affordable homes, including 16,000 in Gurugram, would be up on the market by this year end.
Anuj Puri, chairman of Anarock, said that in NCR, a total of 1.16 residential real estate units are scheduled for completion in 2021. “Of these, at least 43% are in the affordable segment, 39% in the mid-segment, 13% in the premium segment and 5% in the luxury segment,” he said.
Pradeep Aggarwal, chairman of the Signature Global Group said, “Fast-paced growth in places like MG Road and Cyber City generated a ripple effect that pushed development to new areas such as New Gurgaon, Southern Peripheral Road (SPR) and Sohna. The state government’s increased focus on affordable housing is assisting in the growth of these neighborhoods, where over 40% of units cost less than `50 lakh.” Surinder Singh, director of the GLS Group, said that so far only 22,000 affordable housing units have been delivered though around 80,000 units were sold in the past seven years. “We estimate around 50,000 units are going to be delivered by the end of 2021,” he said.
Brookfield To Buy 2 NCR Assets Of Bharti Realty For About $1 Billion
Canada’s Brookfield Asset Management Inc. is in talks with Bharti Realty to buy into its properties close to Delhi airport and Gurgaon for around $1 billion. “Brookfield is the clear frontrunner to buy Bharti Realty’s commercial real estate in the Worldmark towers in Delhi Aerocity and Gurgaon, and a deal is likely soon,” people aware were quoted as saying to a leading daily.
After the transaction, Bharti Realty’s Worldmark towers in Aerocity and Gurgaon—1.6 million sq. ft. of workplace and retail area—can be lodged underneath the Brookfield India Real Estate Trust. “Only the current operational portfolio of Bharti Realty is part of the deal, while future property development of the company, which includes almost 10 million sq. ft. in Delhi’s Aerocity, will continue to be part of Bharti’s commercial property holdings,” mentioned one of many individuals.