Sacred cities see a retail boom as spiritual tourism surge
The surge in spiritual tourism can be attributed to enhanced infrastructure, including well-connected roads, airports, and public transportation, as well as the development of various accommodation options such as hotels, guesthouses, and wellness centres. To meet the growing demand for spiritual travel, local governments and businesses are joining forces to create unique retail experiences. This includes integrating local practices into the design and offerings of shops, restaurants, and hotels. Cities like Amritsar, Varanasi, Madurai, Puri, Guruvayur, etc. are leveraging their unique culinary traditions and local fashion expertise to further attract and engage visitors.
It may not be crashlanding but all’s not well for Indian real estate in 2024
At the beginning of 2024, as the Indian real estate stakeholders (self-styled industry experts within the realty media landscape) are yet again influence peddling their bullish narrative, the reality check by Track2Realty clearly finds that the sales growth post-Covid has neither been broad based nor democratic. Real estate is yet again emerging as a parking lot of big money post the pandemic, as visible with the off-take of luxury & super luxury despite the stagnant job growth and wage growth.
Are celebrity brand ambassadors liable for real estate failures?
Bombarded by the celebrity cricket icon as its brand ambassador, a gullible home buyer, Akshat Jain in Greater Noida, bought an apartment with the builder. However, his dreams of a sweet home had a crash landing when the developer defaulted and reports of conflict emerged between the developer and the cricketer over the non-payment of endorsement fee. Track2Realty probes whether celebrity brand ambassadors could be made liable if the builder fails with the promise.
Institutional investments in Indian real estate touched USD 1.0 Billion in Q1 2024
Institutional investments in Indian real estate sector touched USD 1.0 billion in the first quarter of 2024, signalling a steady and positive start to the year. While this was a 40% drop compared to the same period last year, India’s real estate investments showed improvement on a sequential basis registering 21% QoQ rise. Foreign investments retained their dominance, forming 55% of the total inflows during the quarter. Domestic investments too witnessed a notable rise at 15% YoY in Q1 2024. The share of domestic inflows in overall institutional investments continued to rise to 45% in Q1 2024, compared to 24% in Q1 2023.
No cash deal can change the face of Indian realty: Ravi Puravankara
Corporate governance & professionalism seem to be the emerging mantra of survival for Indian real estate. But the man who visualised the need for this decades back, maintains a low profile to not take any credit as the first-mover of institutionalising Indian real estate. As the industry body CREDAI decorates Ravi Puravankara for the lifetime achievement, Ravi Sinha interviews him to understand what goaded this first-mover to adopt corporate governance.
Prescon Group and House of Hiranandani launches project ‘Belicia’ at Thane
The proposed project, namely Belicia, has been floated by Prescon Group (The real estate arm of Nitin Castings) and House of Hiranandani. ‘Belicia’ offers a range of apartments with configurations of 2, 3 & 4 BHK homes, featuring carpet areas ranging from 779 sq ft to 1546 sq ft, starting at INR 1.85 crore onwards. Each apartment is designed with marble flooring in the living, dining, and bedroom areas, complemented by large decks, ample natural light, ventilation, and select residences featuring foyer areas for enhanced privacy. The project boasts of providing residents with panoramic views of the city and the serene Yeoor Hills with the first habitable floor starting from the 7th level.