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Indian government’s ban on Rs 500 and Rs 1,000 currency notes is expected to hit the real estate sector quite badly. Real estate is one of the champion sectors when it comes to black money and it is likely to move towards improved transparency. 
 The move made by the <keyword id="6354814" type="UNKNOWN" weightage="20" keywordseo="prime-minister-Narendra-Modi">Prime Minister Narendra Modi</keyword> is expected to pull down property prices as the investors will not be able to deploy their cash in real estate and thereby forcing builders to sell at lower prices. <keyword id="1542754" type="COMPANY" weightage="20" keywordseo="Delhi-National-Capital">Delhi-National Capital</keyword> region is expected to take a blow really hard as their market is well known for highest involvement of cash component. 
 "Property markets will see around 30% correction in prices. Even builders who claim that they accept only cheques will also be forced to reduce prices given the market conditions around them. Apart from big property markets, tier II and III cities will be worst affected. Land prices will also move downward as these deals used to see at least 30% cash component,” <keyword id="676559" type="PERSON" weightage="20" keywordseo="Yashwant-Dalal">Yashwant Dalal</keyword>, president of the <keyword id="999922" type="ORGANIZATION" weightage="20" keywordseo="Estate-Agents-Association-of-India">Estate Agents Association of India</keyword>, told ET. 
 
The practice of investing unaccounted wealth is widely prevalent in real estate and the government's latest decision is expected to make things difficult for developers. There can be a rise in projects getting stuck as developers may slow down on construction given the liquidity stress for them. 
 "There is bound to be a downward pressure on prices of everything including real estate. This can be a good opportunity for end users to buy their dream homes. Sale of plotted developments will be worst hit. The move will lead to making the sector more transparent,” <keyword id="76339" type="PERSON" weightage="20" keywordseo="Rajeev-Talwar">Rajeev Talwar</keyword>, CEO, DLF and chairman of realtors' body NAREDCO, told ET. 
 
Though, there is widespread panic across the sectors, some of them are happy that the filth in the sector will be cleansed. 
 "This is the most positive and amazing decision that would lead to cleaning up of the system, it will help in improving the country's image and attract more foreign investments. Unfair advantage that certain developers dealing in cash enjoyed hitherto has now disappeared, it's a level playing field for us and we will do much better,” <keyword id="228295" type="PERSON" weightage="20" keywordseo="Vikas-Oberoi">Vikas Oberoi</keyword>, CMD, Oberoi Realty, told ET. 
 
Given the existing inventory across the prime property markets, the impact will be huge in several markets where payment of cash is mandatory and the major form of profit taking for developers as well as investors. These markets will see a major crash making an already difficult situation even more challenging.

Ban on Rs 500 and Rs 1,000 notes is going to jolt real estate. Here’s how

<ul><li>“Bring the land prices down near to zero, and you will have enough affordable housing all over the country,” said DLF managing director Rajeev Talwar while talking to Business Insider.</li><li>There are over 6.5 lakh unsold properties across <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>, but the government has so far denied any financial support or bail out for the sector. </li><li>Union Minister <keyword id="6355222" type="PERSON" weightage="20" keywordseo="piyush-goyal">Piyush Goyal</keyword> recently told the realtors that they will have to slash prices and sell homes cheaper, if they can’t hold on to them any longer.</li><li>Property demand in India has been on a downtrend for a few years now. Still, prices of new homes have not fallen as drastically as the demand itself.</li></ul>Rajeev Talwar said if the government wants to push down the house prices, they will have to push the land prices down first. “Whether it’s the Central government or State government if they bring the land prices down near to zero and you will have enough affordable housing all over the country,” said DLF managing director while talking to Business Insider. <keyword id="6354553" type="COMPANY" weightage="20" keywordseo="real-estate">Real estate</keyword> <keyword id="6357020" type="PERSON" weightage="20" keywordseo="developers">developers</keyword> have been complaining for a few weeks now that they have been left out of the various stimulus programmes announced by the Narendra Modi government aimed at reviving the economy from the debilitating impact of the <keyword id="8763838" type="UNKNOWN" weightage="20" keywordseo="covid-19">COVID-19</keyword> pandemic. However, in a recent conversation, Union Minister Piyush Goyal had dashed their hope for a financial bailout. Instead, <a href="https://www.businessinsider.in/india/news/home-prices-have-to-fall-indian-governments-stern-message-to-realtors-has-other-backers-too/articleshow/76198588.cms">Goyal said that it is now up to the developers</a> to sell their unsold inventory at lower prices and start repaying banks. But one section of the BJP seems to be backing the realtors’ cause Former Maharashtra chief minister Devendra Fadnavis has extended his support to the real estate developer community with the Centre. CREDAI, the real estate developers’ associations of India in a statement said, “Fadnavis has told them that he has already indicated to Union Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> beforehand that he would be accepting a petition from the developers. “She immediately gave me a go-ahead,” he said and expressed the confidence that “she will definitely look into the issue”. “I have already been discussing the real estate and other economic issues at various levels at the Centre and getting a positive response.” <div type="twitter" handle="Dev_Fadnavis" handlename="Devendra Fadnavis" image="http://pbs.twimg.com/profile_images/1187842129193627648/XUXLst0z_normal.jpg" favoritecount="2737" retweetcount="498" status="Received online petition from CREDAI-MCHI, signed by almost 35,000 developers.The real estate industry requires m… https://t.co/CVpNzLiYKi" createdat="1591697802000" id="1270298770803240961"></div> Property demand in India has been on a downtrend for a few years now. Still, prices of new homes have not fallen as drastically as the demand itself, particularly in big cities like Mumbai and the National Capital Region. In fact, a survey by the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> last year found that homes had become less affordable between 2015 and 2018 while the demand was still slack. <div type="image" title="Median house" msid="76355780" hostid="261"></div> Between October 2018 and October 2019, the average price per square feet, across India, has only gone up while the unsold inventory of homes remained high. Even in the first quarter of 2020, when India’s GDP growth hit a six-year low, Bengaluru, Delhi and Mumbai were among the world’s top 50 cities for rising property prices, according to a Knight Frank report. SEE ALSO: <a href="https://www.businessinsider.in/india/news/home-prices-have-to-fall-indian-governments-stern-message-to-realtors-has-other-backers-too/articleshow/76198588.cms" data-type="tilCustomLink">‘Home prices have to fall’⁠— Indian government’s stern message to realtors has other backers too</a> <a href="https://www.businessinsider.in/retail/news/from-shoppers-stop-and-raymond-to-small-retailers-thousands-of-people-have-lost-their-jobs/articleshow/76354403.cms" data-type="tilCustomLink">From Shoppers Stop and Raymond to small retailers ⁠— thousands of people have lost their jobs</a>

Indian government says reduce home prices⁠— reduce land prices is the realtors’ retort

New Delhi, June 19 () Finance Minister Nirmala Sitharaman on Friday held discussions with the senior representatives of realtors' body NAREDCO regarding problems faced by the real estate industry during the current coronavirus pandemic. Maharashtra's former Chief Minister Devendra Fadnavis was also present in the closed-door meeting held through video conferencing. "Smt @nsitharaman interacts with the senior members of the National Real Estate Development Council (NAREDCO) via video conference. Shri @Dev_Fadnavis, Former Chief Minister of Maharashtra also joins the interaction," according to a tweet put out by the finance minister's office. Sources said that the association sought relief from the government to tide over this crisis. NAREDCO members demanded one-time debt restructuring for the industry, last-mile funding for the stuck projects and lowering of interest rates on home loans to boost housing demand. NAREDCO chairman Rajeev Talwar, its President Niranjan Hirnandani and Vice Chairman Parveen Jain were present in the conference. NAREDCO UP President R K Arora also participated. MJH MKJ MKJ

COVID-19: FM interacts with NAREDCO members to assess realty market situation

New Delhi, Jan 14 () Housing and Urban Affairs Secretary Durga Shanker Mishra on Tuesday launched realtors' body NAREDCO's e-commerce platform for marketing of completed residential units and said the portal has potential to become "Amazon of Indian real estate".
The portal 'HousingForAll.com' should be credible and transparent, he said, adding that there should also be redressal system for consumers' grievances.
"This website is not for NAREDCO but for consumers and home buyers who can take informed decision," Mishra said in his address after launching the portal. 
 A similar portal would be launched by realtors' body Credai, he added.
The National Real Estate Development Council (NAREDCO), formed under the aegis of Union Ministry of Housing and Urban Affairs, would list only completed RERA-registered housing projects on the platform. 
After the launch, the portal will be open for one month only for the real estate developers to register their projects (January 14, 2020 to February 13, 2020). 
The portal will be opened for home buyers with a 45-day Sale period starting from February 14. For the initial 15 days, buyers will be able to view offers and shortlist their homes and will be able to start making the purchase of homes from March 1 till March 31, 2020.
NAREDCO expects over 1,000 projects would be listed in the online home-buying festival for ready-to-move-in homes.
Buyers can directly book/reserve a unit from the portal with a refundable payment of only Rs 25,000. They will also get money back guarantee where their initial deposit made on portal is completely secured and fully refundable in case buyer elects not to purchase the unit. Customers will be immediately notified if any units they have shortlisted are already sold.
CREDAI-MCHI, CII, FICCI, ASSOCHAM, Builders Association of India (BAI), and Indian Merchant Chambers (IMC) are also partners in this initiative.
Speaking at the event, RERA Haryana Chairman K K Khandelwal said there are total of 13 lakh unsold housing units across the country and 4 lakh such units in major seven-eight cities. This portal would contribute to the growth of the sector, he added.
RERA Uttar Pradesh Chairman Rajive Kumar described it as a good initiative and said all projects listed on the portal should be registered under the RERA.
NAREDCO Chairman Rajeev Talwar demanded that the government should allow one-time restructuring of debt taken by real estate developers. He also pitched that subvention scheme should be permitted again. 
Rajan Bandelkar, who is President of Naredco Maharashtra, said subvention scheme benefits customers. Under this scheme, which was banned by the NHB last year, developers used to pay interest on home loan on behalf of the customers for a certain period, usually till possession. MJH MR
MR

NAREDCO's HousingForAll.com portal can be Amazon for real estate: Housing Secy

<ul><li><keyword id="9771276" type="UNKNOWN" weightage="20" keywordseo="revenge-travel">Revenge Travel</keyword> – the term gained popularity in China, after people having been stuck in a lockdown started travelling domestically just to get out of their homes.</li><li>Experts believe a similar recovery is on the cards for Indian hospitality sector. And that is good for the smaller hotels more than the luxurious ones.</li><li>But that won’t be enough as occupancy levels won’t return to pre-COVID levels until 2022.</li></ul>From fancy hotels like Taj and Oberoi to budget chains like OYO and Lemon Tree, everyone in Indian hospitality has been waiting for 'Revenge Travel'. The term gained popularity in <a href="https://www.scmp.com/business/companies/article/3080361/chinas-airlines-are-poised-bout-revenge-travelling-bookings">China</a>, after people having been stuck in a lockdown, started travelling within the country, just to get out of their homes. This travel recovery in China, is what experts believe will also be seen in India. And it is more likely to benefit smaller hotels more than the luxurious ones. And it seems that such hopes have sparked buying in Indian hotels shares in the last week. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hotel </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change since August 7 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Lemon Tree </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+21% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">EIH </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+13.8% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chalet </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+7.8% </td></tr></tbody></table> Revenge Travel is a temporary phenomenon The Indian <keyword id="68179" type="PERSON" weightage="20" keywordseo="Hospitality-industry">hospitality industry</keyword> has been one of the worst hit during the <keyword id="8829783" type="UNKNOWN" weightage="20" keywordseo="coronavirus-pandemic">coronavirus pandemic</keyword>. With travel having come to a full stop due to the spread of the virus, the travel and tourism industry is looking at a slow recovery – until a vaccine is out and readily available for all. So far, India’s experts have been relying on what DLF CEO Rajeev Talwar called ‘aas paas’ tourism, during a live chat with Business Insider. He was referring to what the likes of <a href="https://www.businessinsider.in/business/news/oyo-mahindra-holidays-emirates-and-boeing-agree-people-wont-fly-for-a-while/articleshow/75731204.cms">OYO, Mahindra</a> are betting on – rising hotel bookings on drive-to destinations instead of vacation spots that need you to take a flight. <div type="Youtube" id="lWgGN76PLJM" title="Episode 5 | All You Need To Win In The Post Covid World: The Corner Office View" thumbUrl="https://i.ytimg.com/vi/lWgGN76PLJM/mqdefault.jpg"></div> Revenge travel takes off A <a href="https://www.mckinsey.com/industries/travel-logistics-and-transport-infrastructure/our-insights/the-way-back-what-the-world-can-learn-from-chinas-travel-restart-after-covid-19">Mckinsey</a> report puts it simply as the end of lockdown would mean the first thing people would want to do is eat out, and the second thing is travel. According to a report by the US-based HVS Global Hospitality Services and Indian real estate research firm ANAROCK, said that while corporate travel and travel for Meetings, incentives, conferences and exhibitions will reduce, domestic travel could take off soon. “Domestic tourists will be major demand drivers. ‘Revenge’ travel witnessed in China could foster among Indians too,” said the report. And the upcoming festive season could be the perfect time for ‘revenge travel’. According to a report by RateGain, India is currently the worst in hotel recovery in a survey of 15 countries and over 2.5 lakh hotels. But the future looks promising as the report said that India ranks third in the list of future bookings during November-December, falling behind only Thailand and UAE. But it won’t be enough Even with domestic tourism seeing green shoots, it won’t be enough for the Indian hotel industry. While hoteliers are ready for a slow recovery, the report by HVS and ANAROCK says it may take years for the hospitality industry to get back to pre-COVID levels. While occupancy levels will return to normal by 2022, the ADR (average daily rate) will return to normal only by 2023. “Occupancy and ADR will recover much quicker in this cycle due to limited supply growth subject to vaccine being in place not later than 2021,” said the report. India’s listed hotels – Lemon Tree, EIH (which operates Oberoi and Trident chain of hotels), Chalet, have all reported dismal numbers for the first quarter of FY21, with the hotels having reopened in June. Patanjali Keswani, Chairman &amp; Managing Director, Lemon Tree let out a word of caution even said that while he is hopeful for a gradual recovery in the second half of the year, he is still shoring up cash for the next one year, "assuming the worst-case scenario." And the news is worse for luxury hotels, which have over 50% of revenue coming from international business or foreign tourists visiting India , as experts at ANAROCK and HVS say that these hotels fall in the ‘more vulnerable’ section while branded budget and mid-market hotels will lead the path to recovery. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/these-are-the-two-indian-companies-to-feature-in-cb-insights-150-most-promising-digital-health-startups/articleshow/77583700.cms">These are the two Indian companies to feature in CB Insights 150 most promising digital health startups</a>

‘Revenge travel’ is the only way Indian hotels can make money – but it will take over two years to even match pre-COVID levels

In a survey to understand how India is taking <keyword id="6354484" type="PERSON" weightage="100" keywordseo="Donald-Trump">Donald Trump</keyword>’s election as the <keyword id="15548" type="POSITION" weightage="100" keywordseo="US-President">US president</keyword> and the demonetization drive by PM Modi, <a href="http://www.businessinsider.in/An-MDI-student-who-interned-with-Coca-Cola-tells-why-those-two-months-were-the-best-time-of-his-life/articleshow/53487612.cms">s</a>tudents from MDI, <a href="http://www.businessinsider.in/The-10-Best-Business-Schools-in-India/articleshow/53115295.cms">one of India's leading B-schools</a>, said they feel that Indo-US political and defence relations will improve during Trump’s tenure and demonetization move could actually curb black money. 
 It was an on-the-spot survey carried out by <keyword id="3904015" type="UNKNOWN" weightage="100" keywordseo="MDI-students">MDI students</keyword> as several industry leaders and stalwarts congregated in the campus to celebrate the 20th edition of Delphique, MDI’s annual National Management Convention and a most-awaited event in the institute’s calendar. 
 
With more than 800 participants, 24 companies and 65 industry stalwarts at the 3-day event, Delphique was buzzing with intense discussions around Patanjali, Bond markets and alternative funding sources for the infrastructure sector, Benchmarking of Indian cigarettes industry vis-a- vis foreign markets and Employer branding on social media. 
 Staying true to its theme of ‘Research, Review and Resolve’, the students carried out an on-the-spot survey around Donald Trump and Modi’s <keyword id="3315394" type="UNKNOWN" weightage="100" keywordseo="demonetisation">demonetisation</keyword> drive. 
 
Interestingly, a big percentage of the sample group of eminent industry leaders and <a href="http://www.businessinsider.in/An-MDI-student-who-interned-with-Coca-Cola-tells-why-those-two-months-were-the-best-time-of-his-life/articleshow/53487612.cms">students of MDI</a> who took part in the survey felt that Indo-US political and defence relations will improve during Trump’s tenure while few felt that there is likely to be a slowdown in the IT sector. On demonetisation, the sample group felt that it could actually curb black money in the long run. The panelists from the participants only, however, did not agree to the prediction that India might face a subdued <keyword id="35050" type="CITY" weightage="20" keywordseo="gdp">GDP</keyword> growth. 
 Another major highlight of Delphique was the Cerebro-National Case Study competition, which was conducted in association with The Times Group. More than 200 participants across top <keyword id="96363" type="UNKNOWN" weightage="100" keywordseo="B-schools">B-schools</keyword> in India took part in the competition, with the scenarios getting tougher in each round. 
 A new entrant in this year’s Delphique was a business plan and start-up idea competition ‘Vincenza’ organised in association with <keyword id="328347" type="ORGANIZATION" weightage="20" keywordseo="Indian-Angel-Network">Indian Angel Network</keyword> and VCCircle. The event even saw international participation with teams from the UK which was affiliated with the Erasmus Student network. 
 
Big names from the industry like Rajeev Talwar, CEO and Whole-time director, DLF Ltd. and Robert Menzies, Head- Strategy and corporate planning, Godrej Industries Ltd. were in the campus as inaugural speakers. Meanwhile discussions with others like - Sofia Eriksson, Global Head of Communications at Ericsson India Global services; Rajesh Kurup, Managing Director at Millward Brown; Sanjay Bakshi, Managing Partner at ValueQuest Capital; Kiran Ramamurthy, Senior Vice president at Ogilvy &amp; Mather; Pawan Singh, Director – PTC India Financial Services – on deep insights and industry expertise had many students saying it was an extensive learning experience for them to engage with the leaders.

You Searched For "Rajeev Talwar" and got 6 results

Ban on Rs 500 and Rs 1,000 notes is going to jolt real estate. Here’s how

BI India Bureau

Indian government says reduce home prices⁠— reduce land prices is the realtors’ retort

Navdeep Yadav

COVID-19: FM interacts with NAREDCO members to assess realty market situation

PTI

NAREDCO's HousingForAll.com portal can be Amazon for real estate: Housing Secy

PTI

‘Revenge travel’ is the only way Indian hotels can make money – but it will take over two years to even match pre-COVID levels

Sanchita Dash

Students from one of India's leading B-school are happy with Trump as the US President, and feel Modi's demonetisation move is good for the country

Anushree Singh

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