Magicbricks Leadership Dialogue brings together industry leaders to discuss real estate growth

NL Corresspondent

 

Jammu Tawi: The real estate market in India has recovered steadily in 2022 with growing residential and commercial demand, complemented by the gradual reopening of offices and educational institutions. The COVID-19 pandemic had severely impacted the real estate sector, leading to slowdown in sales, delays in project completion, and a decline in overall market activity.

Convening at the flagship Magicbricks Leadership Dialogues, real-estate experts from Pune shared an optimistic outlook for 2023, driven primarily by economic stability and a strong end-user residential demand.

Industry stalwarts like Ranjit Naiknavare (Vice President & incoming President, CREDAI Pune & Director – Naiknavare Developers), Kapil Gandhi (PR Convenor and Managing Committee Member, CREDAI Pune & Founder – Sigma One Universal), Anup Jhamtani (Managing Director -Jhamtani Group) and Ashwin Trimal (Founder – TruSpace Realty) were present at the event.

The session was chaired by Siddhart Goel, Head – Research & Editorial, Magicbricks. about this, Ranjit Naiknavare, the incoming President of CREDAI Pune said that “COVID-19 has made people realize the importance of owning a house.

It is a highly tangible asset compared to stocks, bonds and cryptos. Real estate can be passed from generation to generation and has proven to have given continued high return on investments historically, which makes it one of the safest investments.”

Speaking on the importance of emotional quotient (EQ) of buying a house, Naiknavare said “For anyone, buying a house is an ultimate dream, as it has a psychological and social effect on the owner and his/her family.

Having a place of their own helps in upgrading one’s lifestyle and living standards, which also helps to increase their social standing. It brings an essence of confidence, which gets reflected in their day to day lives.”  Kapil Gandhi said, “Data from the Office of the Inspector General of Registration & Controller of Stamps (IGR), Maharashtra State shows that the government saw a phenomenal increase in its collections from over INR 26,000 crores in 2020-21 to more than INR 35,000 crores (growth of over 37%) in 2021-22 by introducing a 4% cut in Stamp Duty, which was removed in a graded manner.

High transaction costs have a knock-on effect of increasing the costs of purchase and adding to inflation in the economy. Siddhart Goel said, “Despite Pune not being a state capital, the city is amongst the top 6 real estate markets in India.

After Bengaluru and along with Hyderabad, it has consistently shown a growth in demand for commercial office, residential, retail, and industrial real estate asset classes. It is also leading the growth in new and emerging specialized asset classes such as co-working, co-living, student, and senior citizen’s living. In order to address the growth in demand while maintaining sustainable living standards, the authorities and stakeholders must ensure proper planning and management.

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