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6 million sq ft in 2015 due to reduced supply of quality assets."2016 began on a promising note for the residential real estate sector as compared to 2015. While 2015 saw sales at 2,66,973 units, 2016 saw 1,35,016 units being sold in the first half itself," Knight Frank Chief Economist and National Director Research Samantak Das said.. Prices remained stable," JLL India Chairman and Country Head Anuj Puri told PTI.The multi-year slowdown, however, did not deter investment as cash-starved developers raised Rs 48,300 crore in 2016 from private equity (PE) investors to fund their projects, up 53 per cent from last years, according to property consultant Cushman & Wakefield.Demonetisation, coupled with the introduction of the real estate regulation Act, could create significant short-term uncertainty, Godrej Properties MD and CEO Pirojsha Godrej said, but added that same factors will lead to consolidation and improved governance in the sector, which in turn will drive consumer confidence."

2017 will be a transition year where the realty sector starts the year with relatively soft demand, but ends the year very strongly as the benefits of lower interest rates, better affordability and far improved governance lead to a significant surge in demand," he said further. In housing, we will see confidence coming back among buyers with implementation of RERA," he added."Jain expects it to be a short-term phase.com got merged with Quikr, the Reliance Group invested USD 12 million in realty brokerage firm Square Yards. The momentum in 2016 housing sales was lower than 2015 and 2014.Essar sold its business park in Mumbai to RMZ Corp for Rs 2,400 crore while Indias largest realty firm DLF exited cinema business by selling DT Cinemas for about Rs 500 crore. In spite of demand slowdown, 2016 saw big-ticket deals and huge funds inflows from investors.

However, looking at the turn of events, the year is not expected to end on a healthy note. But sales have slowed in the last two months.Unlike housing, the commercial segment saw decent performance during this year in terms China custom steel castings manufacturers of leasing activity."The scrapping of old notes created a real dent in the real estate industry and pulled down the last quarter trend of residential sales substantially across cities and consequently, sales were at a historical low, he added.Later in March, Parliament passed the Real Estate (Regulation and Development) Act, which is expected to herald the much-needed transparency and accountability in the sector once implemented fully across the country by April 2017.Lots of action were seen in online realty space.3 million sq ft in 2015, JLL said. "For 2017, we expect that a lowering in home loan rates from banks and some rationalisation in prices would be essential in setting the expectations right between developers and homebuyers," he added.Dubai-based Emaar Properties also announced demerger of its India JV Emaar MGF.

We feel that 2017 will be a golden year for the developers in the primary market as they will benefit from the governments demonetisation move and a likely fall in interest rates on home loans," realtors apex body CREDAI President Getamber Anand told PTI. Despite big investments, the news of delay in delivery of projects, the consequent buyers protest and complaints in various courts kept coming in throughout the year, especially in the national capital region. Tata Housing and Australias private equity firm Macquarie set up a Rs 2,000-crore fund to develop luxury homes.According to property consultant JLL India, housing sales in primary market stood at 1.19 lakh in the year-ago period. While CommonFloor.Cushman & Wakefield India MD Anshul Jain said: "With buyer sentiment already low, the recent demonetisation by the government has further dampened sentiment of homebuyers.2 lakh units in the seven cities during January-September 2016 as against 1. Net absorption of office space is expected to fall to 34.The realty space remained weak even this year as housing sales fell on low demand and adverse impact of junking of old cash, but developers expect recovery from the second half of 2017."

Housing sales were better this year before note ban.Total units sold in 2015 were 1,57,800.New Delhi: Property market was the economy sunder belly this year and demonetisation towards the fag end only made it more isolated. DLFs CEO Rajeev Talwar said: "There has been a lot of cleansing in the real estate sector this year. It also exempted REITs (Real Estate Investment Trusts) from the dividend distribution tax. So, 2017 will be a good year for primary product suppliers of real estate.4 million sq ft compared with 3. Godrej Properties also established second fund with a corpus of USD 275 million in partnership with the Netherlands APG."This coupled with factors like the political stability, regulatory environment, enhanced infrastructure, strong investments, approval to the GST Bill and amendments to REITs led to belief that the real estate industry is coming out of the woods. Housing sales did rise in the first three quarters of 2016 on positives like tax sops in the budget, new real estate regulatory law and easing of interest rate by about 1 per cent, but transactions dried up post demonetisation, dragging the overall numbers down for 2016."

He said housing prices would remain stable in the primary market, but decline in the secondary (resale) one."In 2017, we will see consolidation within this industry, with financially disciplined developers having focus on buyers and delivery of projects doing well and the others falling by the wayside. However, he exuded confidence in a market revival in 2017.The year began on a good note as the government offered tax sops in the budget to boost housing demand and announced an additional Rs 50,000 deduction on interest on loans for first-time home buyers and full deduction for profit on development of affordable housing.In retail real estate, the pan-India net absorption in 2016 is expected to be 3. "2016 overall was a watershed year for Indian real estate, with RERA (real estate regulation Act), demonetisation and the Benami Properties Act impacting sentiment negatively.2 million sq ft in 2016 against 36. But things might change in 2017 as builders are pinning their hopes on lower interest rate and transparency for the sector to come back to life. Rules under this Act have been framed while Union Territories and a few states have already implemented this new law.

The main gate of the open plot belonging to Sunshine Housing and Infrastructure at Aarey Road was also sealed over the non-payment of over Rs 4 crore of property tax.18 crore. For the speedy recovery, the BMC has made a list of 100 top undisputed defaulters, which contains several corporates, developers, housing societies and other establishments. The main gate of Deonar Industrial Premises Sahakari Society was sealed on February 6 over non-payment of property tax of Rs 2.99 crore.The top 10 undisputed property tax defaulters in the city include Hindustan Composites Ltd (Rs 29. “To avoid action like seizure of properties or discontinuation of water connection, citizens should pay the property tax bills within the stipulated period,” said Devidas Kshirغير مجاز مي باشدar, assistant municipal commissioner, assessment and collection department.60 crore.06 crore), Parineeti Developers Pvt Ltd (Rs 12.28 crore) and Reliance Industries Ltd (Rs 11.64 crore), Dr Babasaheb Ambedkar Nagar SRA CHS (Rs 13.23 crore).

The Twilight Society in Khar has property tax arrears of Rs 90.33 crore), Solanki Associates and Shapoorji Pallonji & Co (Rs 13.The HDIL Company in L ward has property tax arrears of Rs 4. The main gate of Naaz cinema was also sealed on March 5 for non-payment of property tax worth Rs 4. Failing to pay this, the BMC sealed company’s site office on the plot on February 23.97 crore), Jet Airways Ltd (Rs 16.52 crore), Lutharia Lachandani (Rs 21.12 crore), Centaur Mercantile Pvt Ltd (Rs 13. In case of the remaining amount of Rs 4854 crore, action can be taken, and we have decided to recover it by adopting several measures,” said an official. Many of them have not paid property tax for several years.Some part of the open plot belonging to Reliable Builders in Laxmi Nagar, Goregaon, was sealed on March 6 for not paying property tax of Rs 4. The car lift of the building was sealed on March 5.

Mumbai: Continuing its strong action against property tax defaulters, the Brihanmumbai Municipal Corporation (BMC) has sealed seven more properties over non-payment of property tax dues. They have challenged them in courts, and hence we cannot take action against them till the court gives its ruling,” said Devidas Kshirغير مجاز مي باشدar, assistant municipal commissioner, assessment and collection department.71 lakh, due to which its main gate was sealed on March 1. Among the sealed properties, Aashiana building has the highest property tax dues of Rs 7.41 crore.The properties include Ashiana building at Nepean Sea Road, an open plot belonging to Reliable Builders at Goregaon, an open plot belonging to Sunshine Housing and Infrastructure at Aarey Road, HDIL company’s property at L ward, Naaz Cinema at Grant Road,

Deonar Industrial Estate and an open plot belonging to Twilight Society in Khar.98 crore), Bharat Diamond Bourse (Rs 25.“Out of pending dues of Rs 9948 crore, more than 50 percent amount, which comes to Rs 5094 crore, has been disputed.Civic body makes list of 100 top undisputed defaulters According to civic data, the Brihanmumbai Municipal Corporation (BMC) has China custom sheet metal parts factory a total outstanding of Rs 9948 crore in property tax.13 crore.“The disputed bills are the ones, on which concerned parties have taken objection.58 crore), Kohinoor Mall Premier Road (Rs 15.