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[bigyack-com]

How AI and blockchain are transforming cityscapes and real-estate practices - real estate

The tech industry’s great new hopes – artificial intelligence (AI), big data and blockchain – are making their presence felt in an unexpected new field: Indian real estate. As the world starts to rely more on these innovations, India is catching up, and making room.There are AI labs coming up in established tech hubs like Bengaluru and surprise destinations like Kolkata. Now, Hyderabad is set to house India’s first blockchain district. Experts point out that this signals an impending boost for the housing market there.Samantak Das, chief economist and head of research at real-esate consultancy JLL India says that any big tech disruption is bound to have a long-term positive impact on the economy and real estate, particularly the residential market. “We have seen that right from the 1980s with the computerisation of the banking system,” he says. Cities which adopted digital systems early, like Bengaluru and Chennai, gained significantly. Late-movers like Kolkata were left behind in the tech-enabled service industry and still lag behind in the real estate market, he points out.Blockchain districtTelangana state’s draft blockchain policy released last year supports Hyderabad-based start-ups in the sector. It also envisages a blockchain district in partnership with Tech Mahindra that will house all major technology companies in the field, along with an incubator for promoting research, innovation and industry collaboration.“The aim is to create new employment, support startups, and make Telangana and India the blockchain capital of the world,” says Rajesh Dhuddu, global practice leader, blockchain at Tech Mahindra.Government rolePrivate-public partnerships like this are crucial for the growth of fields like AI in India, believes Khurshed Gandhi, managing director, consulting services at realty services firm Cushman & Wakefield. “After 2016, big players like United States, United Kingdom and China have come out with a policy on artificial intelligence (which has positioned them as the global leaders in both research and industry according to the Stanford Institute for Human-Centered Artificial Intelligence),” he says. “We still don’t have a comprehensive policy. These areas will require a lot of investment in research but private companies are too focused on profit, that is where the government needs to come in,” he says.This kind of clustering helps industries big and small leverage their strengths and collaborate. Government subsidies and infrastructure plans become easier to implement, small firms can pool in and share overheads. It also helps in creating ecosystem with allied industries in an area. Das however points that infrastructure like traffic management needs to be worked out in advance or else the crippling traffic woes of Whitefield in Bengaluru or Bandra Kurla Complex in Mumbai will be repeated.The higher intensity of work also requires a different approach to planning space and this means that a blockchain, AI centre or even a data lab might require a far bigger space, says Najeeb Khan, head of design and business strategy, India and Middle East, tech-forward construction company, Katerra. “A blockhain or AI office has to be different from a BPO office. In a BPO design there is around 60 square feet allocated per person, for blockchain it will be much higher because it is a large-scale innovation lab which involves multiple machines. It is something like a sophisticated factory. Moreover, the kind of workforce we are looking at in an AI office is also different. It is highly skilled and will devote a huge number of hours. So the design needs to make them feel at home and at ease,” he says.The city stands to gainDas admits that there are apprehensions of job losses with artificial intelligence in the short term. but he explains that this will only be to replace them with newer jobs like machine trainers who will write algorithm for the machines or explainers who will be the bridge between machines and humans. “There is also a possibility that these jobs will be of a higher level, contributing to the entire economic chain in a better way,” he says.As far as an immediate impact of the blockchain district on the realty landscape of Hyderabad is concerned, it depends on where the land is allocated, says Gandhi.“Hyderabad now has one major market which is the west of the city in Gadchibowli and HITEC City. Land is very expensive here, so my guess is that the government might push this initiative towards east or south. In that case, they will not make much of a difference to the west market but it will surely increase the east and south by 15-20% gradually,” he says. Read the full article

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[jeffersonmillen66]

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— №1RealEstateAgents (@NumberOneAgents) August 28, 2019

RT @NumberOneAgents: Fall can be a busy season for household chores like cleaning out gutters, adding insulation, protecting pipes, and cleaning the chimney. #homeimprovements #homemaintenance #numberonerealestateagents #topagents #USA https://t.co/3ShAub9ZbL http://twitter.com/stephenbharris3/status/1166757463799947264

[justinleonard807]

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Fall can be a busy season for household chores like cleaning out gutters, adding insulation, protecting pipes, and cleaning the chimney. #homeimprovements #homemaintenance #numberonerealestateagents #topagents #USA https://t.co/3ShAub9ZbL

— №1RealEstateAgents (@NumberOneAgents) August 28, 2019

RT @NumberOneAgents: Fall can be a busy season for household chores like cleaning out gutters, adding insulation, protecting pipes, and cleaning the chimney. #homeimprovements #homemaintenance #numberonerealestateagents #topagents #USA https://t.co/3ShAub9ZbL http://twitter.com/stephenbharris3/status/1166757463799947264

[roycekilgore13]

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Fall can be a busy season for household chores like cleaning out gutters, adding insulation, protecting pipes, and cleaning the chimney. #homeimprovements #homemaintenance #numberonerealestateagents #topagents #USA https://t.co/3ShAub9ZbL

— №1RealEstateAgents (@NumberOneAgents) August 28, 2019

RT @NumberOneAgents: Fall can be a busy season for household chores like cleaning out gutters, adding insulation, protecting pipes, and cleaning the chimney. #homeimprovements #homemaintenance #numberonerealestateagents #topagents #USA https://t.co/3ShAub9ZbL http://twitter.com/stephenbharris3/status/1166757463799947264

[kelvinjones23]

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Fall can be a busy season for household chores like cleaning out gutters, adding insulation, protecting pipes, and cleaning the chimney. #homeimprovements #homemaintenance #numberonerealestateagents #topagents #USA https://t.co/3ShAub9ZbL

— №1RealEstateAgents (@NumberOneAgents) August 28, 2019

RT @NumberOneAgents: Fall can be a busy season for household chores like cleaning out gutters, adding insulation, protecting pipes, and cleaning the chimney. #homeimprovements #homemaintenance #numberonerealestateagents #topagents #USA https://t.co/3ShAub9ZbL http://twitter.com/stephenbharris3/status/1166757463799947264

[lovemarvinjacobsthings]

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Fall can be a busy season for household chores like cleaning out gutters, adding insulation, protecting pipes, and cleaning the chimney. #homeimprovements #homemaintenance #numberonerealestateagents #topagents #USA https://t.co/3ShAub9ZbL

— №1RealEstateAgents (@NumberOneAgents) August 28, 2019

RT @NumberOneAgents: Fall can be a busy season for household chores like cleaning out gutters, adding insulation, protecting pipes, and cleaning the chimney. #homeimprovements #homemaintenance #numberonerealestateagents #topagents #USA https://t.co/3ShAub9ZbL http://twitter.com/stephenbharris3/status/1166757463799947264

[philiptibbs438]

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Fall can be a busy season for household chores like cleaning out gutters, adding insulation, protecting pipes, and cleaning the chimney. #homeimprovements #homemaintenance #numberonerealestateagents #topagents #USA https://t.co/3ShAub9ZbL

— №1RealEstateAgents (@NumberOneAgents) August 28, 2019

RT @NumberOneAgents: Fall can be a busy season for household chores like cleaning out gutters, adding insulation, protecting pipes, and cleaning the chimney. #homeimprovements #homemaintenance #numberonerealestateagents #topagents #USA https://t.co/3ShAub9ZbL http://twitter.com/stephenbharris3/status/1166757463799947264

[davidhund]

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Fall can be a busy season for household chores like cleaning out gutters, adding insulation, protecting pipes, and cleaning the chimney. #homeimprovements #homemaintenance #numberonerealestateagents #topagents #USA https://t.co/3ShAub9ZbL

— №1RealEstateAgents (@NumberOneAgents) August 28, 2019

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[bigyack-com]

Budgeting for the long run - real estate

The union Budget announced on February 1 dampened the high expectations of the real-estate sector, which has been reeling under liquidity challenges caused by the NBFC crisis. However, while developers and realty consultants feel there were no quick fixes offered to help the industry recover at the moment, there were positive takeaways for the long term.Aside from the affordable housing push and income-tax relief, there is a focus on alternative segments such as warehousing, establishment of data centres and smart cities that is expected to indirectly benefit the realty industry. Also the additional push on developing national highways and construction of airports will eventually become an ally for real-estate sector to grow further.A mixed bagThough the income tax relief provided is being lauded as a positive point, industry players aren’t happy about it. Viewing the tax cut as a standalone factor without any added benefits is a meaningless exercise. “The only way in which this Budget can boost the real-estate sector is by accelerating growth, thereby inducing demand for new homes,” says Satish Magar, national president of the Confederation of Real Estate Developers Association of India (CREDAI). “No sector-specific measures such as providing more liquidity for the sector, one-time restructuring of loans and tax deductions on home loans to give impetus to buyer sentiment were announced to revive the ailing sector, except for extending the tax exemption for one more year till March 2021, to affordable housing developers.”Lowering of income tax rates with removal of exemptions may not lead to any meaningful boost in consumption, adds Shishir Baijal, chairperson at realty consultancy CREDA. “And as far as the funding constraints for the sector are concerned, the government spoke about enhancing the partial credit guarantee scheme for NBFCs, which again may not suffice for the ailing realty sector.”What could have helped here is additional rebates, waiving off several charges on the way to secure a housing loan and further of tax benefits for home buyers. For instance, a hike in the Rs 2 lakh tax rebate on housing loan interest rates under Section 24 of the Income Tax Act, says Anuj Puri, chairperson of Anarock Property Consultants. And this could have kick-started healthier demand for housing.While nothing in specific was laid out for the real-estate sector to benefit directly, experts are joining the dots to see how the cost allocation in alternative segments could boost the industry.For the retail space, one of the largest and most diverse segments, there was nothing in the Budget to boost consumption. And analysts are concerned about the segment’s impact on the sector. “There are neither any benefits that could have indirectly benefitted developers of retail assets, says Shubhranshu Pani, managing director for retail services and stressed assets, management group, at realty research company JLL India.“We have to wait and see the impact of the personal tax initiatives on consumption and how much of the savings by taxpayers will translate into demand and consumption in the retail sector, but it is unlikely to be much,” he adds.Points overlookedThe Budget subsequently lacked proper allocation of costs for real-estate and instead, much emphasis was laid on targets for the annual rate of inflation and other fiscal policies, says Niranjan Hiranandani, president of the National Real Estate Development Council (NAREDCO). “The labour intensive sector which had pegged its hopes on additional liquidity infusion, tax reforms and rental housing was overlooked in the Budget.”On the other hand, Puri points out that the abolition of dividend distribution tax (DDT) for corporates is a bold move by the government and will help businesses diversify or expand and make India an attractive destination for investors, thereby boosting foreign investment. This will eventually pave way for many firms to grow and, in turn, generate demand for office spaces benefiting the commercial real estate.But he also feels that the Budget could have addressed critical issues. “There were no announcements on implementation of land reforms. The 15% tax rate for companies looking to set up new factories can be applied only if they can acquire land easily. Further, bringing greater transparency to India’s outdated land records system would help attract more foreign investors and speed up the approval procedures for real-estate projects,” says Puri.Rays of hopeRather than giving direct benefits to residential real-estate as a whole, the finance minister laid more focus on alternative segments within real estate such as warehousing, data centres, schools and hospitality market with 100% tax exemptions on sovereign wealth funds towards infrastructure investments. “This will help infuse much-needed funding into the sector,” says Chintan Patel, partner, deal advisory and national head, building construction and real estate, at KPMG India.Also, the co-living space, even though it is in its nascent stage, was ignored. However, several educational initiatives are being viewed closely toPatel also states that the Study in India programme, through which students from Asian and African countries would receive scholarships to study in the Indian higher education institutes, is likely to boost the co-living segment by generating demand for student housing.Additionally, the focus on urban development by proposal of five additional smart cities will automatically provide a thrust to the sector, adds Anurag Mathur, CEO, Savills India, a realty research consultancy. Along with this, plans for developing strategic national highways have also been announced, which can help bring about developmental changes in the realty space as well.The Budget’s focus on infrastructure upgrade of Chennai-Bengaluru and Delhi-Mumbai Expressway, estimated to be completed by 2023, seems to be a step in the right direction. “This will open up new markets for builders. Proposal of the development of 100 new airports to be built by 2024 under the Udan scheme help too,” says Ashok Mohanani, developer and vice-president, NAREDCO Maharashtra. Read the full article

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[ericmoriarty12]

RT @NumberOneAgents: Fall can be a busy season for household chores like cleaning out gutters, adding insulation, protecting pipes, and cleaning the chimney. #homeimprovements #homemaintenance #numberonerealestateagents #topagents #USA https://t.co/3ShAub9ZbL

Fall can be a busy season for household chores like cleaning out gutters, adding insulation, protecting pipes, and cleaning the chimney. #homeimprovements #homemaintenance #numberonerealestateagents #topagents #USA https://t.co/3ShAub9ZbL

— №1RealEstateAgents (@NumberOneAgents) August 28, 2019

RT @NumberOneAgents: Fall can be a busy season for household chores like cleaning out gutters, adding insulation, protecting pipes, and cleaning the chimney. #homeimprovements #homemaintenance #numberonerealestateagents #topagents #USA https://t.co/3ShAub9ZbL http://twitter.com/stephenbharris3/status/1166757463799947264

[itskeithallen]

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— №1RealEstateAgents (@NumberOneAgents) August 28, 2019

RT @NumberOneAgents: Fall can be a busy season for household chores like cleaning out gutters, adding insulation, protecting pipes, and cleaning the chimney. #homeimprovements #homemaintenance #numberonerealestateagents #topagents #USA https://t.co/3ShAub9ZbL http://twitter.com/stephenbharris3/status/1166757463799947264

[arthurosborne]

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— №1RealEstateAgents (@NumberOneAgents) August 28, 2019

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[charleshinson]

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— №1RealEstateAgents (@NumberOneAgents) August 28, 2019

RT @NumberOneAgents: Fall can be a busy season for household chores like cleaning out gutters, adding insulation, protecting pipes, and cleaning the chimney. #homeimprovements #homemaintenance #numberonerealestateagents #topagents #USA https://t.co/3ShAub9ZbL http://twitter.com/stephenbharris3/status/1166757463799947264