What is the Pradhan Mantri Kisan Samman Nidhi Yojana? The Pradhan Mantri Kisan Samman Nidhi Yojana is a plan initiated by the Indian government. It gives income help of as much as Rs. 6000/- annually to all marginal and small farmers. Families of land-owning farmers receive an Rs. 6000/- cash advantage a year under the Pradhan Mantri Kisan Samman Nidhi Yojana plan. This amount will get paid Rs. 2000/- in 3 equal payments per 4 months. Also, read Saving Schemes in India. The Motive of the Pradhan Mantri Kisan Samman Nidhi Yojana? As we all know, agriculture is the backbone in the Indian economy. So, farmers are an important part of society. But, the economy has socioeconomic gaps between the urban areas with rural areas. So, farmers battle with long-term profitability. This problem has afflicted the majority of India’s people since its freedom. The state and federal governments have worked to solve this challenge. They have also introduced a variety…
As India Recovers From COVID, Here’s How The Real Estate Sector Is Healing Itself
As the Indian real estate market shows signs of a returning stability, Bangalore, Chennai and Hyderabad have taken the lead in Commercial real estate. As Mumbai and Delhi NCR witness a rise in demand for Residential properties.
As the number of active cases went down and vaccination drives buckled up, the July-September quarter turned out exceptionally great for the real estate sector. What also helped attract more and more investors were the record low home loan interest rates and the various relieves provided by the government.
The top seven property markets of India alone recorded a 124% on-year jump in housing sales, the recorded sale was at 32,358 apartments as per the JLL India records, whereas Frank Data recorded a 122% rise in housing sales across 8 cities.
The pandemic truly changed the public’s mindset towards a lot of things, from prioritizing health to seeing the need for a home and stable income. It was these requirements, and the growing confidence of the investor in the real estate sector, led by the IT sector that drove the housing demands in this quarter.
Who were the largest contributors?
Mumbai has been leading in sales for over 5 consecutive quarters now, and we also saw Delhi NCR (National Capital Region) gain momentum, as both Mumbai and Delhi collectively accounted for one-fifth of the total sales. Following in their steps were Pune and Bangalore taking the lead.
Strong quarterly growth at 12.5 million sq ft was also recorded. According to some analysts, the total transaction of the eight markets mentioned above has also improved in this quarter and reached 83% (of the 2019 quarterly average).
Talking of recovery, it is worth noting how Delhi, Chennai, and Bangalore made the largest recoveries with transactions reaching 93%, 123%, and 112% respectively.
Commercial Real Estate and Office Sector
During the third quarter, we saw the IT sector take up 34% of transacted space. This transaction led to heightened demand for office spaces. We also saw nearly 23,500 coworking seats getting occupied, leading to higher demand in the CRE sector.
Bangalore, Pune, and Hyderabad saw the development of 73% new office spaces, with Bangalore leading here as well. Overall a 67% year growth was witnessed as 11.9 million sq ft was delivered during this quarter.
The Mumbai and NCR market also saw a rise in rental growth of office spaces. Mumbai has been leading in residential real estate since the vaccine drive kicked off. We also saw residential realtors push sales with spot discounts, finance deals, and stamp duty waivers.
As millennials move towards affordable and flexible rental housing options or settle down for comfort and family, they will be opting for good housing spaces with the convenience of work and good community. Talking of the changing market trends due to the pandemic, we have also been witnessing a rise in youngsters looking for homes in big cities as well, leading to a price hike.
The residential markets in Chennai, Hyderabad, and Kolkata have also seen prices increase marginally in this quarter. In terms of residential real estate, Hyderabad dominates the market in terms of making new launches.
Despite the covid cases in 2020, Hyderabad had dominated the real estate market by making a 76% increase in residential sales in q3 of 2020.
As the city offers great socio-economic infrastructure and has a knack for attracting the best investors from both, commercial and residential real estate sectors, real estate investments in Hyderabad have become very popular.
At this point, with the high paced technological advancement and opening market, investors with any budget can invest in this city and enjoy high returns. If you are considering Commercial or residential real estate investment options, this might be the best time for you, as from this point forward the prices and popularity will only be going up. Assetmonk is a GrowthTech platform that specializes in real estate. With a team of experienced investment advisors, Assetmonk prides itself on bringing world-class CRE investments to one platform in India. Our aim is to democratize the real estate market and make highly profitable properties available for individuals as well.
Experts think real estate is headed towards a steady recovery and revival in the sector.
As the demand for both residential and commercial real estate is rising, there might be a rise in the prices of the property as well.
The pandemic has played an essential role in raising the demand for properties in India, leading to a gradual rise in property value and overall prices.