In the first of its kind among property consultants, the UK-headquartered Knight Frank Group will launch a $250 million India-focused real estate fund.ICICI Prudential Mutual Fund recently launched its real estate securities fund, which is the first real estate mutual fund in India.
On the residential segment, there is a new thing opening up, and that is organised rental housing.
The real estate action is no longer limited to the large metropolises of India but has now permeated to the burgeoning smaller towns and cities.
A forecast by this international real estate consultancy suggests that 'in Mumbai, rentals will fall for some more months and bottom out in the second half of next year, while in the national capital region, rents may bottom out in the second half of the current financial year in most areas.' In both metros, the correction in rents would be between 40 to 60 per cent by the first half of next year of their peaks in 2007-08.
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Are you planning to buy a flat in the near future? If yes, then should you wait for another 6-9 months given the global meltdown in financial markets?
Analysts, however, suggest investors remain selective on realty stocks and buy only where there is revenue visibility and a credible promoter backing.
Mumbai and Bengaluru also featured among the list of top five global cites in terms of future rental growth.
The S&P BSE Realty Index has emerged as one of the top-performing sectors, yielding a remarkable 45 per cent return over the past six months. The three leading players, listed by market capitalisation, have substantially enriched investor wealth by 43-70 per cent during this period. If the second quarter (Q2) of 2023-24 (FY24) updates from Macrotech Developers (Lodha) and Sobha, along with industry data for the quarter, serve as any indication, the trend of strong bookings for larger players is expected to continue.
While the inflation in real estate industry is unprecedented, the government has done a lot to check the incresing prices, says Gulam Zia.
A study of households with an annual income of Rs 3 lakh (Rs 300,000) to Rs 10 lakh (Rs 1 million) in seven cities shows substantial variations in the type of houses they can afford to buy.
Of this, nearly 80 per cent of demand is expected to come from the Rs 300,000-500,000 segment, it said. Over 32 per cent of potential buyers are looking at making purchases in the next 6-12 months. The highest requirement is from Mumbai and the NCR, which require 0.4 million units and 0.54 million units, respectively, with corresponding investment of Rs 64,700 crore (Rs 647 billion) and Rs 87,600 crore (Rs 876 billion).
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The stocks of Mumbai-based real estate companies have been hitting lifetime highs on expectations that launches, steady demand, and price increases in the largest real estate market in the country would boost their financials. Macrotech Developers (Lodha) and Oberoi Realty hit their all-time highs last week, while Godrej Properties came close to its 52-week high last month before witnessing a sharp correction.
The rentals in central business districts (CBD) of New Delhi are likely to witness a 10-15 per cent rise by 2005 with the starting of the metro rail service, according to a real estate consulting firm.
The Reserve Bank of India's recent move will make home loans up to Rs 20 lakh cheaper. But that would be just good enough to buy you a house in Tier-II and Tier-III cities.
Indian prefer to buy expensive properties in Dubai.
Property sales have been sluggish and the sector has been facing headwinds. So, firms are in wait-and-watch mode.
'You may opt for a longer minimum guaranteed tenure of 12-18 months. This will ensure that in a rising rental scenario, the landlord doesn't serve you a notice and ask you to vacate the property.'
Developers and consultants said even buyers have not been showing much enthusiasm in booking properties, due to high prices and the overall lacklustre economic environment.
While Mumbai is home to India's costliest real estate, Thane is the fastest growing housing market in the country
Bidders have to deposit a security fee of Rs 25 crore as well as minimum guarantee fee.
The Centre is considering relaxing some norms that led to the failure in attracting bids for assets of Bharat Sanchar Nigam (BSNL) and Mahanagar Telephone Nigam (MTNL) as they look to restart the auction for their non-core assets. The Department of Investment and Public Asset Management (DIPAM) had listed six properties of BSNL and MTNL for sale through its new e-bidding portal, developed by state-run MSTC, but the auction failed to garner an adequate interest. DIPAM had asked government-appointed property consultants to identify issues in the bidding criteria for resolution.
Housing market in Mumbai Metropolitan Region recording worst half-yearly performance since global financial crisis in 2008 has worsened the situation for them
'If they are taking marquee locations and, say, are paying 50 per cent higher rent, those locations will see a spurt in rates as well.'
Realty firms and consultants hoped however that this would be the last round of monetary tightening by the central bank.
Reit as an investment vehicle has a huge opportunity as the country has a rent-yielding office inventory of 537 million square feet valued in excess of $70 billion.
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This sort of property is better suited for an investor rather than an end user.
Government officials be under confusion.
The first ever auction of non-core assets through the Department of Investment and Public Asset Management's (DIPAM) asset monetisation portal has failed to garner adequate response for land assets of Bharat Sanchar Nigam Ltd (BSNL) that was expected to garner at least Rs 470 crore. The DIPAM has asked its property consultants to identify issues in the bidding criteria that can be resolved. In November 2021, the DIPAM had listed six properties of BSNL and MTNL for sale through its new e-bidding portal for asset monetisation portal developed by state-run MSTC.
According to property consultancy firm Knight Frank, only 19 states and UTs have a functional portal in place, that too with a lot of information dissymmetry across data points
Housing sales are likely to be hit, especially in affordable and mid-income categories, following the RBI's decision to hike repo rate, according to real estate developers and consultants. However, the impact of RBI's decision to raise the benchmark lending rate by 50 basis points to 5.40 per cent is expected to be for a short term, they added. This is the third consecutive rate hike after a 40 basis points and 50 basis points increase in May and June, respectively.
'Negotiate a longer agreement with the escalation clause fixed now.' 'This will enable you to control future cost increases.'
'The inflection point that really happened in the sector was during the pandemic when buyers' perception changed towards consumption and that gave a trigger to pent-up demand with the increased affordability.'
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The total demand has remained subdued mainly due to high interest rates and property prices.
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