"Real estate sector has been under stress for more than 2 years. Economic uncertainty enforced by COVID-19 pandemic has only made it worse for the sector. After battling for survival, the sector is slowly moving towards revival," the Confederation of Real Estate Developers Associations of India said.
Shares of four Maharashtra-focused real estate developers rose up to 3% after the Maharashtra government cleared a proposal to cut levies on real estate by 50% until December 2021.
According to the media reports, the Maharashtra government on 6 January 2021 approved the proposal to cut the premium on real estate projects by half till 31 December 2021. Developers availing of the scheme would have to pay full stamp duty and registration charges on behalf of homebuyers, the reports added.
At the cabinet meeting chaired by chief minister Uddhav Thackeray, it was reportedly decided that the urban development department will give premium concession to construction projects. Projects will have to pay full stamp duty to customers, media reports said.
Developer portfolios in restructure phase 09:00 | 31/12/2020
Less affordable housing is currently leading to price hikes, photo Le Toan
According to Nguyen The Nhien, deputy general director of Hung Thinh Land, the group has had to scale down its business due to the pandemic, and is carrying out more market research into its investment strategy. âWe are changing in the three key fields of developing more affordable products, offering reasonable price, and phasing out processes of payment to clients,â Nhien said.
According to the Ministry of Construction (MoC), the structure of real estate products in the Vietnamese market now is not sustainable with less proportion of affordable products, while this is now occupying the highest demand from buyers.
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Ooni advocates more investment in real estate for economic rebirth
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Ooni of Ife (middle) surrounded by a team of Lagos State government and that of REDAN at the event.
By Prince Osuagwu
The Ooni of Ife, Oba Adeyeye Ogunwusi, Ojaja II, has advised Nigerians to go into real estate business as a way to build both personal and national economies.
The Ooni said that real estate does not only open up environments but also build strong economies.
He made the call at the 2020 Maiden Edition of Real Estate Developers Association of Nigeria, REDAN, Award in Lagos.