Brigade Showcase: Bangalore’s Popular Homebuying Fest

Brigade at No.7

Brigade Group is a well-known developer across the cities of Bangalore, Mysore, Chennai, Hyderabad, Mangalore and Chikmagalur in South India. Quality homes, aesthetic designs and premium lifestyle amenities are the hallmarks of their various residential projects. Brigade has been developing a number of different properties across these cities.

To empower more homebuyers and create positive experiences, Brigade Group is back with their popular ‘Brigade Showcase‘. The homebuying event presents customers with an opportunity to choose from over 30 under-construction and ready-to-move-in Brigade properties in Bangalore at prices starting from Rs. 34 lakhs onwards. The showcase will be held at the Sheraton Grand Hotel at Brigade Gateway on July 27, 28 and 29 from 11 am to 8 pm. The Brigade Showcase will also see the unveiling of 9 new launches.

Brigade Showcase
Brigade Showcase

These are some of the Brigade properties that one may choose from under the ‘Brigade Showcase’:

Brigade Cosmopolis

Brigade Cosmopolis
Brigade Cosmopolis (Source: Brigade Group)

Whitefield is Bangalore’s IT hub and homes in this neighbourhood are much sought-after. Brigade Cosmopolis is located on Whitefield Main Road and consists of 2 phases across 9 acres. Ready-to-move-in 3 and 4 BHK residences as well as Penthouses spread across 12 towers of 17 floors each in Brigade Cosmopolis.

The Super Built-up Area (SBA) of 3 BHK is 1890 sq. ft., 4 BHK – 3390 sq. ft. and penthouses range between 3850-4020 sq. ft. with prices starting from Rs. 1.3 crores onwards. Despite its modern name and style of homes, Brigade Cosmopolis boasts half an acre of greenery including a walking trail through the trees on campus.

Brigade Exotica

Brigade Exotica off OMR
Brigade Exotica off OMR (Source: Brigade Group)

Located in a quieter part of Whitefield, a bustling suburb of Bangalore, Brigade Exotica is spread over 10 acres of land just off the Old Madras Road. There are 454 ready-to-move-in 3 and 4 BHK apartments and penthouses available across two blocks – Azure and Burgundy, starting from Rs. 1.7 crores onwards. The apartments are well designed with triangular balconies and patios. Brigade Exotica has also been planned such that 80% area is dedicated to landscaped green, open spaces. Amenities include a 14,000 sq. ft. clubhouse with indoor games, tennis court, swimming pool, and other facilities.

Brigade Meadows

Brigade Meadows
Brigade Meadows (Source: Brigade Group)

Located on Bangalore’s Kanakapura Road, right next to the world renowned Art of Living center, Brigade Meadows is a 60 acre, multi-phase, luxury residential project. Currently, ready-to-move-in apartments are available in Wisteria and Carnation phases of Meadows. In Wisteria, 320  units of 3 BHK apartments are available across 5 towers of 8 floors each. The (SBA) of the 3 BHK units range from 1450 – 1630 sq. ft. at Rs. 65 lakhs onwards. The 3 BHK apartments in Carnation are slightly smaller ranging between 1150-1210 sq. ft. SBA, starting at Rs. 50 lakhs. Only 48 apartments are available in Carnation.

In addition to these, ready homes in projects such as Brigade Orchards, Brigade Omega, Brigade Exotica, Brigade Caladium, Brigade Northridge and Brigade Crescent in Bangalore are also available under at Brigade Showcase event. Brigade’s attractive carnival offers homebuyers a rare opportunity to own premium and luxury homes in India’s garden city by an acclaimed brand in the real estate space.

Contact the company at 1800 102 9977.

PMAY Update in 2018: GST reduced on houses under PMAY 

Home buyers availing the Credit Linked Subsidy Scheme [CLSS] scheme under Pradhan Mantri Awas Yojana [PMAY] for purchasing homes can heave a sigh of relief. The GST council has proposed that the Goods and Services Tax prevailing on these homes will reduced.

All under construction projects which are a part of CLSS will see a 4 percent cut in GST and will be charged at 8 percent instead of 12 percent.

Buyers who do not qualify for CLSS will continue to pay the same i.e GST at 12 percent for the same house.

Low-cost housing projects, where the maximum carpet area of units is 646 sq.ft. and have been given infrastructure status as per affordable housing definition, also fall under this GST benefit.

There has also been a change in the carpet area of houses for Middle Income Group falling under PMAY. In November, the cabinet approved that for:

-MIG-I category, the unit size was increased from 90 sq.m. to 120 sq.m.

-MIG-II category, the unit size was increased from 110 sq.m to 150 sq.m.

* Update as of June 12, 2018*

Earlier the eligibility of carpet area was 1291 sq. ft. for MIG-I and 1614 sq. ft. for MIG-II. This has now been enhanced to 1722 sq.ft. and 2153 sq.ft. 

The reduction in GST along with the interest subvention scheme will result in a significant amount of saving for buyers while purchasing homes under PMAY-CLSS. These segments of home buyers are price sensitive and even a small change makes a considerable impact on their budget and hence influences their decision to buy a home.

This scheme is expected to convince developers to pass on their savings in terms of Input Tax Credit on construction, raw materials to home buyers, reducing the actual rate they have to pay for their home.

 

PMAY-CLSS

The Pradhan Mantri Awas Yojana (PMAY) was launched in the year 2015 with an aim of providing ‘Housing for All by year 2022’. Under the PMAY scheme affordable housing projects will be rolled out in rural as well as urban areas. In 2017, the scope of the scheme was broadened with the launch of the Credit Linked Subsidy Scheme (CLSS) which will offer interest subsidy on home loans taken by eligible citizens. This section provides an understanding on both these schemes.

 

Real Estate Trends Of 2018 Shaped By Events of 2017: An Analysis

RERA Act 2016

At the start of 2017, the Indian real estate sector was grappling with the after effects of demonetisation which came out of the blue towards the end of 2016. However, 2017 brought even more change in the form of the roll out of Real Estate (Regulation and Development) Act, 2016 (RERA) and implementation of Goods and Services Tax (GST). 2017 will be considered as a watershed year in Indian real estate; a year in which the boys of real estate development were separated from the men, and consolidation took place. It will remain the year in which the Indian homebuyer was given his/her due and place in what was seen as a ruthless sector.

While the majority of the notable real estate trends of 2017 were marked by regulation, some were infrastructural. The metros (both tier-1 and tier -2 cities) have seen the implementation of massive infrastructure projects, which will raise the standard of living in these metros, and as a result draw more people and developers to fulfil this demand. Affordable Housing and PMAY has also given broad hope not just to homebuyers in the lower middle class and low income category but also to developers who have been looking to make inroads into this sub-sector but have lacked the right incentives.

2018 is now underway, and as far as real estate is concerned will be dictated by the upheavals and trends of 2017. Let’s review the year gone by and what it holds for 2018.

RERA Act video
The RERA Act of 2016

Real Estate (Regulation and Development) Act, 2016 (RERA)

It was a long awaited regulation and was expected to be homebuyer-friendly. RERA has introduced many much-anticipated checks and balances to even out the playing field in real estate. Developers have been given space and incentives to adhere to their deadlines and steadily clean up a ‘dirty’ sector. They can now focus on completing under-construction projects and maintain transparency about allocation and usage of funds. Homebuyers on the other hand will have recourse to justice should developers continue to flout the rules.

RERA officials have led the way by ensuring timely approvals and granting registration numbers to projects. Maharashtra has been the standout state in this regard and has set an example for a RERA-fied real estate sector. Most of the other states are struggling to get their act together, however, some like Karnataka and Delhi have finally started issuing RERA approvals. As other state authorities take their cues from these frontrunners, homebuyers can expect timely project deliveries and developers can hope for better housing sector performance in 2018. On the flip side we can also expect to see many more litigations related to RERA in 2018 and for sure these verdicts will bring further clarity in the rules, as pertaining to various states.

Goods and Services Tax (GST)

GST was another long awaited regulation. Meant to replace a bunch of other taxes and streamline the rates on many goods and services across industries, GST shook up the economy. Since its implementation, various iterations were made to different rates. In the real estate sector, under-construction properties are being levied a GST rate of 12% while residential rentals are exempt from GST. Thus, GST brought confusion about application and led to increased prices and delayed possession. This proved to be counterproductive given the opposite effect of RERA. However, some developers took advantage of the situation to push sales of ready-to-move inventory by advertising the attractiveness of such properties sans GST. Moreover, developers are yet to benefit from accruals of input tax credit which can they can in turn, pass on to homebuyers. As this and further iterations happen to various rates in 2018, developers hope the GST rate comes down to stoke homebuyers’ interest in new construction purchase.

How does the GST impact your home buying decision
How does the GST impact your home buying decision (Image credit: Sundayguardianlive.com)

A Cleaner Sector?

Experts as well as critics are unanimous about the winds of change sweeping through the sector. The hope and expectation is that the changes are positive, enabling transparency about capital acquisition and allocation, faster approvals to developers, fewer construction delays and quicker possession for homebuyers. This in turn provides opportunities to developers – big and small – to adopt transparent practices and shed the notorious tag that has dogged the sector for decades. One can say with certainty that trust from customers is something the real estate sector has lacked. This is a big factor in any transaction. With these new regulations, as the grey areas start to fade away, there is hope that developers can begin to earn the trust of homebuyers.

Affordable Housing & PMAY

The Pradhan Mantri Awas Yojana was hailed as an enabler and a welcome government housing scheme. Under this scheme the government rolled out plans in rural as well as urban areas to enable more families to access affordable housing. Projects under this scheme picked up steam in 2017 and in the quarter ended September 2017, home sales increased 5% year on year in the top 8 property markets of the country powered by a 24% surge in affordable housing sales. Significant uptick of 11% was seen in the affordable segment with prices less than Rs 25 lakh. This is attributable to the fact that developers are realising the benefit of increasing supply in a category where demand is driven by financial and fiscal benefits under the ‘PMAY Housing for All’ subsidy scheme.

2018 will see further growth in this particular housing market as the government has approved construction of 112,083 more affordable homes under PMAY with an investment of Rs 8,105 crore. This means the total homes sanctioned under PMAY(Urban) has now gone up to 3,052,828. All of this is good news for developers looking to make a mark in this sector as well as for first home buyers looking for quality and affordable homes.

Indian and Japanese PMs at the laying of the foundation stone
Indian and Japanese PMs at the laying of the foundation stone (Source: The Guardian)

Infrastructure Developments

Across the major cities, huge investments were made in upgrading existing infrastructure as well as installing new ones. This includes expansion of metro projects in Delhi, Bengaluru and Mumbai while Hyderabad will see the launch of metro transport. Additional lines connecting distant suburbs will enhance connectivity and improve travel times and provide better commuter experiences. Simultaneously big ticket projects like the Delhi-Mumbai Industrial Corridor (DMIC), Dwarka Expressway (now provided National highway status), India’s first Bullet Train from Mumbai to Ahmedabad, and the new airports in Navi Mumbai and Jewar are aimed at boosting trade, infrastructure and standard of living across the country. Work on most of these will continue in 2018 and some like the Dwarka Expressway will be completed.

Overall, 2017 can be considered a busy year. It brought upheavals and yet signalled major changes and overhauls in the way the industry was operating. There can be opportunities in change and it is up to the major real estate companies to lead the way even as smaller companies are seen to be adapting quickly and eating into market share. For homebuyers this is a wait and watch period to observe how these changes unravel and what benefits it brings. They also need to focus more on doing their own due diligence and research, before making a decision. Public RERA portals provide access to information like never before thus enabling informed decisions. 2018 is definitely a year to watch out for in Indian real estate.

Era of Indian Real Estate Rejuvenation? Why We Can Be Optimistic…

Indian real estate

The last few months have been among the most eventful in Indian Real Estate sector. It began with the rollout of Real Estate (Regulations and Development) Act, popularly referred to as the RERA Act of 2016, across the country. Each state government has been involved ever since in the implementation of this Act in its own domain. Maharashtra has been the most proactive state thus far in the rigorous implementation of RERA. Hundreds of projects were registered under Maharashtra RERA as the process built to a fever pitch as the deadline of July 31st loomed. Officials with MahaRERA, particularly, have been supportive, progressive and proactive in ensuring the regulation is implemented with minimum hassle.

While this humongous process was underway, the Indian government implemented into law the progressive GST or Goods and Services Tax. The quick succession of these two laws means most real estate developers across India are busy taking stock of the impact on their operations, delivery of projects and customers and ultimately their sales and profit bottom lines.

A number of developers view these two landmark Acts positively, as they are set to usher in a more transparent and organized business environment within real estate as well as the larger industry. This augurs well for both the developers as well as the customers or home buyers.

Mumbai Skyline, Lower Parel: Indian Real Estate
Mumbai Skyline, Lower Parel

As a result, Indian real estate has never looked more attractive as a sector to home buyers and investors alike. A number of factors over this year, in addition to the latest Acts, have contributed in varying degrees to give the sector a positive outlook. Let’s take a look at some of these:

  • Reduction in home loan rates – The last one year has seen a consistent reduction in home loan rates making housing finance more accessible to a wider consumer base. Home loans are now available at a multi-year low of 8.50% to 8.25% based on the lending institution. With the RBI cutting the repo rate, banks are able to pass on the benefit to consumers with lower interest rates on home loans. As a result, more Indians are sensing an opportunity to purchase their first homes or an additional home.
  • Resumption In FDI flows – Prime Minister Narendra Modi promised greater ease of doing business in India. Changes in FDI norms was one of the big initiatives along these lines. Foreign Direct Investment in Indian real estate has long been a major challenge. Under the new FDI norms, many of these will be smoothed, paving the way for greater participation by foreign investors and funds, in the growth of construction in Indian realty. The new norms include clarity in entry and exit of foreign investors, transfer of ownership and stake as well as removal of lock-in period of investment.

    While these reforms certainly make investing in Indian real estate attractive, simultaneous structural reforms such as RERA and GST have added to the allure of a more liberalized FDI framework. The PM has been reaching out to NRIs during his numerous overseas trips. Since NRIs are among the biggest participants in FDI in real estate, this reform will imbue them with more confidence in the sector and enhance their quality financial participation.

  • Housing for All: PMAY & CLSS – Mr. Narendra Modi has a bold and ambitious vision to ensure every Indian owns a home by 2022, with affordable housing being a key focus area of the current government. Pradhan Mantri Awas Yojana and Credit Linked Subsidy Scheme are the two enablers towards this end launched under the ‘Housing for All’ scheme.
Raunak Group's Raunak Heights is an example of affordable housing: Indian Real Estate
Raunak Group’s Raunak Heights is an example of affordable housing

These two schemes will provide financial assistance to homebuyers from Lower Income Group (LIG) and Economically Weaker Sections (EWS) through lending institutions in the form of an interest subsidy on home loans. The scope of the scheme has been widened further to include citizens from the Middle Income Group as well such as those earning above Rs 6 lakh and up to Rs 18 lakh per annum. This ensures a wide population of new home buyers and a promising market for affordable housing.

  • Real Estate (Regulation & Development) Act or RERA – Seen as a watershed moment in the history of Indian real estate, RERA is expected to bring transparency and competitiveness in the real estate sector, which in turn will benefit both the customers and the developers. Only reputed players are expected to survive the increased scrutiny in a post-RERA business environment.
  • Enabling Infrastructure Projects – India is experiencing unprecedented growth, and infrastructure is a vital part of this growth. Various projects across the country are being undertaken. However, some of the most ambitious projects are being planned and executed in Mumbai. These include the DMIC – Delhi Mumbai Industrial Corridor, the new Navi Mumbai Airport, the 30 km coastal road connecting Marine Lines in South Mumbai to suburban Kandivali in the north, the Trans-Harbour Link Road from Sewri to Nhava Sheva port and additional metro lines across various parts of the city.
Indian real estate: Indian and Japanese PMs at the laying of the foundation stone: Indian Real Estate
Indian and Japanese PMs at the laying of the foundation stone (Source: The Guardian)

The newly inaugurated Bullet Train project connecting Mumbai to Ahmedabad as well as the numerous industrial centers of Vapi, Surat, Vadodara and more along the route, provide fresh impetus to industrial, real estate and employment growth. 

These highly anticipated infrastructural projects are expected to provide new impetus to the financial capital of the country – improving connectivity, decongesting existing transport infrastructure and enhancing the standard of living and make investing in real estate that much more attractive.

Indian Real Estate has long been the dark horse of the Indian economy despite being the better contributor to GDP as well as providing higher returns on investment as compared to other asset classes. Policy reforms, long-awaited regulations, and highly anticipated infrastructural projects will inject some much-needed shine to the sector.

PropStory @ 9th CII Realty and Infrastructure Conclave

Follow it live here:

Live Blog: 9th CII Realty & Infrastructure Conclave – 2017: The Turning Point of Indian Real Estate

The Confederation of Indian Industry (CII) has organised a day long conclave titled “2017: The Turning Point of India Real Estate” on 7th July 2017 at Trident Hotel in Mumbai. JLL India as knowledge partner is driving the 9th CII Realty and Infrastructure Conclave, which brings together industry heads and stalwarts like Ajay Piramal, Niranjan Hiranandani and many more to decode the opportunities in the sector and the way ahead.

To Register for the event, click here

Ever since the introduction of RERA, the Indian real estate sector has been in a state of flux. Developers are scrambling to determine if their designs and projects – both ongoing and planned – will meet, what are thought to be defining standards in the RERA Act. State governments themselves are still finding their feet around the various guidelines. We have already some early victims and a lot of confusion. At such a time it makes sense to step back and assess how far the Indian realty sector has actually come, where it is headed and what are the various trends and developments, RERA not withstanding, that could impact it.

The Conclave’s day long events will include a key note address, fireside chats and panel discussion on focus areas ranging from commercial and retail space, manufacturing and warehousing as well as the resurgence of the residential sector. The knowledgeable doyens will also address the return of foreign investments and interest in Indian real estate, the impact of digitisation, innovation, financial optimisation and Trump’O’Nomics on the commercial office space and how RERA will affect the already changing landscape of Indian realty.

Prime Minister Narendra Modi has a dream to house all Indian by 2020. This is a very ambitious dream which he hopes to accelerate by making it easier for Indians to access funds to buy homes through schemes like the Credit Linked Subsidy Scheme which will subsidise loans upto Rs. 12 lakhs for people earning up to Rs 18 lakhs. Then there is the Pradhan Mantri Awas Yojana (PMAY) which works in conjunction with CLSS. First time home buyers who fit the income requirement will benefit from the interest subsidies which will also reduce the EMI burden on the household.

The first REIT (Real Estate Investment Trusts) will also be launched this year to further whet the investment appetite in real estate. More real estate are developing a penchant for creating smart homes and green homes. The Indian real estate industry has never been in a more exciting phase of its growth and the industry titans at the CII conclave will aim to unveil this transformation.

PropStory is the Media Amplification Partner for the event and will bring you all the updates from the day long event. Stay tuned for more on what we have planned!

The details displayed on the website are for informational purposes only. Information regarding real estate projects including property/project details, floor area, location data has been sourced from multiple sources on best effort. Nothing contained herein shall be deemed to constitute legal advice, solicitations, marketing, offer for sale, invitation to acquire by the developer/builder or any other entity. You are hereby advised to visit the relevant RERA website before taking any decision based on the contents displayed on the website.

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