Credit outstanding to the housing sector rose by nearly Rs 10 lakh crore in the last two fiscals to reach a record Rs 27.23 lakh crore in March this year, according to RBI's data on 'Sectoral Deployment of Bank Credit'. Experts from banking and real estate sectors attributed this growth in housing credit outstanding to a strong revival in the residential property market post-COVID pandemic on pent-up demand. According to the data of the Reserve Bank of India (RBI) on sectoral deployment of bank credit for March 2024, the credit outstanding to the housing (including priority sector housing') stood at Rs 27,22,720 crore in March 2024, up from Rs 19,88,532 crore in March 2023, and Rs 17,26,697 crore in March 2022.
At least 50,000 units of new residential property are set to come up over the next three years
The real estate regulatory bill, when enacted into law, will ensure that home users get timely possession of properties, and as per the specifications promised by developers, say realty firms and consultants.
While sale of residential properties increased only marginally despite plethora of steps taken by the government through the year, office space leasing rose 40 per cent to touch an all-time high of 46.5 million sq ft -- a trend that drew investors to lap up India's first Real Estate Investment Trust at an issue size of nearly Rs 5,000 crore.
The NSE Nifty ended at 2,719, up 102 points. The market breadth was fairly positive - out of 2,551 stocks traded, 1,583 advanced, 855 declined and 113 were unchanged on Friday.
If the real estate majors don't get real, they could soon be in line for another bailout next year, or even earlier.
While most of the states have seen a fall in attracting new investments in the sector, Gujarat has witnessed a surge of over 700 per cent as the state attracted investments worth over Rs 17,000 crore (Rs 170 billion) from just over Rs 2,000 crore (Rs 20 billion) in 2011-12.
The NSE Nifty ended at 2,954, down 87 points. The market breadth was fairly negative - out of 2,597 stocks traded so far, 1,568 declined, 957 advanced and the rest were unchanged on Wednesday.
Channel partners have started adding more value in marketing and sales. They are increasingly acting as advisors -- sales professionals than brokers.
Thackeray wondered whether the state government was trying to favour the Adani Group at the cost of residents of Dharavi, a sprawling slum colony.
Among Sensex shares, Bajaj Finserve, ICICI Bank, Bharti Airtel, Bajaj Finance, Sun Pharma, Maruti Suzuki, ITC, and Nestle were the lead gainers. On the other hand, L&T Wipro, IndusInd Bank and TCS and Tata Motors were the lead losers.
Move to improve transparency but make liquidity more difficult to come by
Enquiries indicate it belongs to an industrialist with links to a prominent cricketer.
The real estate sector in Maharashtra foresees a loss of Rs 2,000 crore (Rs 20 billion) due to the ban on extraction of sand by the Bombay High Court. The realty industry has sought the intervention of the state government to tackle the crisis.
Experts say that the lockdown and its aftermath will further quicken the consolidation in the real estate sector, which has been taking place since 2012, with more small players going out of the business and bigger, branded players dominating the market.
The top court had come down heavily on the ED and said it is not expected to be "vindictive" in its conduct and must act with utmost probity and fairness.
India's leading capital goods and engineering firms are in the midst of one of their busiest seasons, with the combined orderbook surging past Rs 8 trillion in value. As on September 30, 2023, 13 of India's top 15 listed capital goods and engineering firms, for which data for the September 2023 quarter was available, had a total orderbook worth Rs 8.45 trillion - a number unseen at least since 2018-19. "This intuitively looks like an all-time high factoring in inflation," said Anupama Arora, a senior independent analyst who tracks the capital goods sector.
Mumbai's realty sector will protest against an alleged decision deficit and policy paralysis in both the state and central governments besides various pertinent agencies.
Pointing out to the 133-acre Dhirubhai Ambani Knowledge City on the outskirts of the financial capital, he said there is huge realty play opportunity that RCom's erstwhile corporate headquarters possesses, and pegged the potential value creation at the site at Rs 25,000 crore.
Japan's Sumitomo Realty & Development Company will buy a 22-acre land parcel in central Mumbai from Bombay Dyeing for Rs 5,200 crore, the Wadias-run company said on Wednesday. The sale of the land parcel in Worli is one of the biggest land sale transactions in the history of the financial capital.
The sector suffered grave turbulence in 2013 due rampant economic slowdown both globally and domestically, liquidity crunch, unstable currency, high input costs, labour shortage, high interest rates and growing inflation.
Markets such as Bengaluru and Chennai, which had managed to escape the impact of real estate slowdown so far, appear to be giving in now.
Tata Housing, Bharti Realty have announced projects near Delhi.
The BSE Realty index fell 11 per cent over the last month and eight per cent over the week as real estate companies reported margin pressures in the September quarter.
The shops became a subject of a political controversy last week.
Among the Sensex firms, JSW Steel, Titan, Tata Steel, Sun Pharma, Reliance Industries, Bharti Airtel, Tata Motors and HDFC Bank were the biggest gainers. NTPC, Tech Mahindra, Maruti, State Bank of India and Larsen & Toubro were among the laggards.
At least half a dozen are in the works with increasing brand awareness and growing purchasing power in upper classes.
Market regulator Sebi on Tuesday ordered Kolkata-based Saradha Realty India to close all its collective schemes and refund the money collected from investors within three months, amid continuing protests against the alleged fraudulent activities of the group.
Since March 2020, when the Nifty50 plummeted to 7,511 following the announcement of a nationwide lockdown, the stock market has been on an upward trajectory. Over the next four years, the major market index has delivered a remarkable compounded annual growth rate (CAGR) of over 31.5 per cent. In the past year alone, the Nifty50 has gained by 27 per cent, hitting a succession of record highs.
The realty companies include Housing Development and Infrastructure Ltd and Hyderabad-based Vasundhara Projects, while the oil services company is Hydrocarbon Resources Development.
Pimpri-Chinchwad New Town Development Authority, a local government body in Pune district, has cancelled a multi-crore township project of Mumbai-based DB Realty saying it had annulled "bidding for the selection of the developer". The authority has refunded the deposit of Rs 50 crore to the developer.
Bangalore has emerged as a clear preference for sectors like office and retail, while coming a close third in the residential and hospitality according to Cushman & Wakefield, a retail estate research firm.
The urban development ministry is expected to repeal the existing restrictions on real estate firms by allowing foreign investment up to 49 per cent, free of all conditions.
Piramal Realty received equity funding from Warburg Pincus and Goldman Sachs in July.
The picture is becoming bigger for the core sector. Lower margins from infrastructure projects and expectations of a higher yield from real estate projects have seen many a core sector company jumping on the realty bandwagon.
Shares of rate-sensitive realty, bank and auto sectors were on buyer's radar on Wednesday.
Commerce and Industry Minister Piyush Goyal that the players in the sector should start lowering prices and, if the worst comes to the worst, write off investment as bad business decisions.
Riding on a bull run, equity investors became richer by Rs 128.77 lakh crore in the 2023-24 fiscal, driven by robust fundamentals of the Indian economy, increased investment inflows and promising corporate earnings. After a muted performance in 2022-23, equity markets made a remarkable recovery in FY24, giving handsome returns to investors. The 30-share BSE Sensex climbed 14,659.83 points or 24.85 per cent in 2023-24.
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