Housing sales across seven major cities in the country fell 35 per cent year-on-year to 50,983 units during the July-September period even as the demand recovered post lockdown, according to data analytics firm PropEquity. Sales stood at 78,472 units in the year-ago period in seven cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Bengaluru, Hyderabad and Pune.
Thackeray was speaking virtually after the inauguration of a water taxi service, linking Navi Mumbai to south Mumbai, and the Belapur jetty in the neighbouring township.
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 state reported 346 deaths, taking the fatality tally to 21,033, said the health official.
Average apartment size in residential projects launched in 2020 increased by 10 per cent to 1,150 sq ft, as builders expected demand for bigger flats to rise after the COVID-19 pandemic, according to property consultant Anarock. Average apartment sizes in seven major cities have risen by 10 per cent on a yearly basis to 1,150 sq ft in 2020 from 1,050 sq ft in 2019, it said in a report. The consultant said the average apartment sizes were reducing year-on-year since 2016 but the trend has reversed last year.
The overall death toll in the state has gone up by 58, including 39 from Mumbai, to 1,635, the official said.
The death toll rose to 3,717 with 127 new deaths being recorded on Friday.
Mumbai has reported total of 83,237 cases and 4,830 deaths to date.
MahaRERA, the authority under Real Estate (Regulation and Development) Act, 2016, in Maharashtra, has blacklisted 644 housing projects in the state for not meeting project deadlines. The authority has prohibited them from being sold, advertised or marketed in the state. These projects were supposed to be completed and handed over to homebuyers in 2017 and 2018. Even though most of the projects are being developed by local developers, one big name on the list is Lavasa Corporation promoted by HCC whose registration expired in 2017.
The NCR and the MMR together account for 77 per cent of 10 big housing projects stuck because of developers' bankruptcy or litigation.
Most of these projects were launched between 2008 and 2010
Over the weekend, many companies stepped in to ease the bottleneck in supply and transportation of oxygen, as demand ran high with the surge in cases.
Housing sales are estimated to rise 93 per cent year-on-year during April-June across seven major cities, but may fall 58 per cent compared to the previous quarter due to the adverse impact of the second wave of COVID-19, according to property consultant Anarock. Sales are likely to be around 24,570 units across seven major cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Bengaluru, Hyderabad and Pune, Anarock said. Sales of residential properties stood at 12,740 units in April-June 2020 and 58,290 units in March quarter 2021.
Encouraged by a steady recovery seen in the first two weeks of February, hospitality firms expect the business hotels in metros including Mumbai, Bengaluru, Chennai, Kolkata and Hyderabad that have been lagging the leisure hotels in terms of revenue per available room (RevPar) to catch up in the coming months. Huge pent-up demand for MICE (meetings, incentives, conference and exhibitions) as companies slowly return to hosting physical events coupled with easing of the recently announced restrictions on international travel, will also help in getting closer to pre-Covid levels of revenue, they said. The Omicron wave that peaked in January had derailed the strong month-on-month recovery seen by the hotels since August.
Housing prices increased by up to 11 per cent annually across eight major cities during January-March period of this year due to a rise in demand for residential properties and a sharp hike in rates of construction raw materials, according to a joint report by CREDAI, Colliers and Liases Foras. Delhi-NCR witnessed highest rise in housing prices by 11 per cent to Rs 7,363 per sq ft during January-March 2022 as compared to the year-ago period, as per the first edition of Housing Price-Tracker report by realtors body CREDAI, real estate consultant Colliers and data analytics firm Liases Foras. Hyderabad witnessed 9 per cent increase in housing prices to Rs 9,232 per square feet, while Ahmedabad saw a 8 per cent appreciation to Rs 5,721 per square feet and Kolkata 6 per cent to Rs 6,245 per square feet.
More than 50 per cent of the value of all MOUs signed at the Make In India Week in the last five days has made Maharashtra emerge numero uno in the committed investment stakes!
The maximum inventories are in 1 and 2 BHK configurations totaling 587,500 units.
The Maharashtra Health Minister said that the rise in the number of patients is a major cause of concern and people's cooperation is needed to fight out the outbreak.
After Maharashtra, analysts expect more states like Karnataka and Haryana to slash stamp duty rates. However, analysts, do caution that it's still a long road to recovery for the realty sector.
Vidarbha had given as many as 44 seats to the BJP in 2014. The Congress and NCP, plus independents and smaller parties, snatched 19 seats from the BJP, reports Abhishek Waghmare.
These cities are -- Mumbai Metropolitan Region (including Navi Mumbai & Thane), Pune, Noida (including Greater Noida & Yamuna Expressway), Gurugram (including Bhiwadi, Dharuhera & Sohna), Bengaluru, Chennai, Hyderabad, Kolkata and Ahmedabad.
Maharashtra's COVID-19 tally rose to 85,975 on Sunday with 3,007 new cases while the fatality count mounted by 91, including 61 deaths in Mumbai, to 3,060, state Health department said. The recovery rate for Maharashtra, which has the highest case load in the country, now slightly increased from 45.06 per cent to 45.72 per cent on Sunday.
The cyclone is likely to bring heavy rainfall in its wake in parts of Maharashtra, Gujarat and Goa. The light showers/drizzle in parts of Mumbai city, its suburbs and neighbouring districts of Thane and Palghar on Monday morning brought some respite to people from the sweltering heat and humidity.
The Maharashtra government on Sunday extended till June 30 the lockdown in the entire state, and announced easing of restrictions and phase-wise resumption of activities under the "Mission Begin Again".
The Maharashtra government announced categorisation of various areas into red and non-red zones
The finance ministry also said the maximum funding will be Rs 400 crore for any single project that will be seeking assistance from the 'special window' for completion of the 1,508 projects comprising about 4.58 lakh units.
Analysts, however, suggest investors remain selective on realty stocks and buy only where there is revenue visibility and a credible promoter backing.
The demand for affordable housing is 535,400 units.
Easing of restrictions came even as Maharashtra continues to registered a record number of new coronavirus cases with no flattening of curve in sight in the state.
India's residential market is expected to sustain demand momentum despite rise in mortgage and property rates as sales this year across the top 7 cities are likely to breach pre-pandemic level of 2.62 lakh units, industry players said. After braving four back-to-back disruptions in form of demonetisation, RERA, GST and COVID-19 in the last 6 years, industry experts feel the housing market is going through a lot of structural changes and is now at the start of a long-term upcycle. Homebuyers body FPCE gives credit to the Real Estate Regulatory Authority (RERA) under the Real Estate (Regulation & Development) Act, 2016 for this improved buying sentiment.
At a time when others are cutting on development of commercial property, plans to add 50% more of IT space.
'There was a slight change of direction towards north-eastwards which meant the impact of the cyclone on Mumbai was less severe than originally expected,' the IMD said in a statement.
The logistics segment is becoming a hot favourite of private equity, of late.
A day after reporting 4,092 COVID-19 cases, highest single-day tally in more than a month, Maharashtra saw the daily count fall on Monday but it remained above 3,000 for the sixth straight day as the state government termed the situation as 'alarming' and warned of 'harsh decisions' after the recent spike.
The sector's performance in delivery also saw a decline -- only 23.5 per cent of the committed units were delivered during the first six months of this year, show data from research firm PropEquity.
Discounts up to 15% expected this festive season; analysts expect October-December period to garner sales of at least 60K units across seven major cities.
65% of respondents find surge pricing by aggregators burdensome.
The Indian Meteorological Department, meanwhile, warned of intense spell of 30 to 50 mm rainfall per hour with strong winds in Mumbai and suburban areas.
A tweet by the Press Information Bureau said the states which have imposed lockdown in all districts include Chandigarh, Delhi, Goa, Jammu and Kashmir and Nagaland. The other states are: Rajasthan, Uttarakhand, West Bengal, Ladakh, Tripura, Telangana, Chhattisgarh, Punjab, Himachal Pradesh, Maharashtra, Andhra Pradesh, Meghalaya, Jharkhand, Bihar, Arunachal Pradesh, Manipur, Tamil Nadu, Kerala, Haryana, Daman Diu and Dadra and Nagar Haveli, Karnataka and Assam.
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