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.
State real estate regulators are the best option for home-buyers when it comes to seeking relief. The cases are disposed much faster, and the individuals don't need to engage lawyers as the process is simpler, says Tinesh Bhasin.
The company has made public announcement that it is selling five residential property in Mumbai's prime locations of Cuff Parade and Vile Parle, which includes four two-bedroom and one three-bedroom flats.
Navi Mumbai is emerging as the next big real estate location.
Real estate developers like Indiabulls, DLF, Peninsula and even retail giant Future group are all considering converting space reserved for malls and hyper-markets to office space to meet heavy demand from financial institutions, investment banks and large companies.
Mumbai has been ranked the 15th most expensive city in the world for office rentals while Delhi ranks 32nd, according to the latest global survey by real estate consulting firm CB Richard Ellis.
Weak absorption and rising inventories in the residential market in Mumbai may lead to price correction in the early part of 2014, real estate consultancy firm Knight Frank said.
The suspected undisclosed income in these cases could reach as much as Rs 15,000 crore.
The ease with which city-level master plans are altered and land-use patterns changed without considering carrying capacities or the overall environmental footprint of urbanisation in different states has already created water and air pollution crises in several emerging and existing cities.
Apartments likely to be in the Rs 5-10 crore range each.
Mumbai may see the most expensive real estate deal mid this year.
If things go as planned, Navi Mumbai will emerge as one of the most accessible areas in the city of Mumbai and prices on its Palm Beach Road will be close to the city's famous Marine Drive some years down the line.
Mumbai Metropolitan Region recorded housing sales of nearly 9,200 units in Q3 of calender 2020, against 3,620 units in the preceding quarter, registering a 1.5 times growth which is the highest growth seen any city except Chennai.
Glimpses from the lives of Modi look-alikes...
Raghavendra Kamath reports on what ails India's real estate sector.
Housing sales across top eight cities rose 51 per cent last year, even as the office market continued to slump due to the Covid pandemic with gross leasing witnessing a 3 per cent fall, according to Knight Frank India. Housing sales increased to 232,903 units during last year, from 154,534 units in 2020, but demand was down 5 per cent from the 2019 pre-pandemic levels and 37 per cent lower than the 2011 peak numbers. In the office segment, the gross leasing of office space fell to 38.1 million square feet in 2021, from 39.4 million square feet in the previous year, due to the adverse impact of the second wave of the Covid pandemic.
With Mumbai grappling for additional land for expansion, the city's western suburb Bandra could see availability of close to 60 acres of real estate for development.
With the insistence on data centres to be onshore, entities in real estate believe there is going to be a rise in demand for specialised Grade-A commercial spaces to set these up.
'Any earnings, regardless of location, will be subject to Indian income tax.'
Difference due to pricing; up by a third in Mumbai since Jan, almost stationary in Delhi.
Real estate developer Lodha group has roped in UK-based Yoo Ltd to design, brand and market one of its two luxury towers coming up in Mumbai.
'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.'
Third attempt to get more buyers, property market still quite depressed.
Police have filed an extortion case against Mumbai Deputy Commissioner of Police Akbar Pathan and two other cops, one of them arrested for the killing of businessman Mansukh Hiran, on a complaint by a man who is an accused in a cheating case, an official said on Thursday.
The official said that intelligence reports indicated that Dawood had reportedly invested crores of rupees to construct a mall in Clifton area of Karachi, one of the elite areas of the port town.
The real estate portal stated that it conducted a nationwide online survey christened 'Realty Trends 2010' for metros and Tier II cities across the country, which saw participation from over 4,800 property seekers.
On a short trip in Mumbai for a board meeting, Nick Thomlinson, chairman of Knight Frank, the global residential and commercial property consultancy, shares his insights and forecasts with Byravee Iyer.
Body blow for real estate developers as state switches off tap to high-rise projects.
While the responses of the candidates were predictable, depending on which side they belonged to, an interesting point slipped through when Rahul Shewale cited the Dharavi Redevelopment Project as a scheme that would add to Mumbai's importance. No big infrastructural project in Mumbai, he said, could be successful without the Centre's nod.
Pirojsha Godrej, 43, patriarch Adi Godrej's son, is set to take over as chairman of the Godrej Industries Group from 2026 whol Nyrika Holkar, Smita Godrej Crishna's 42-year-old daughter, has emerged as the face of the Godrej Enterprises Group.
Property developer Indiabulls Real Estate is talking to investors to raise at least $150 million (Rs 750 crore) from sale of shares to select investors as part of its qualified institutional placement (QIP) plan.
Unitech Ltd, the country's second largest realty firm, has forayed into the Mumbai's property market and plans to invest Rs 4,000 crore (Rs 40 billion) in the next three years on real estate development. According to company sources, Unitech plans to develop three million sq ft, primarily office space, in Central Mumbai in the next three years and is targeting to construct up to nine million sq ft in the next five years.
Leading real estate sector players attribute the impending fall to rise in interest rates, escalation of cost, credit squeeze by banks, bearish capital market and weak sentiments globally leading to poor offtake of properties. Indiareit Fund Advisors manages a total of $450 million domestic and offshore funds.
Cricket, time travel, artificial intelligence, haunted homes, World War II -- it's all there on OTT this week.
Real estate development on Mumbai airport land and the work on Navi Mumbai airport have been inordinately delayed, which have prompted rating downgrades and raised questions on its financial capabilities. It is also trying to stave off Adani group's entry as a shareholder in the Mumbai airport project.
Sensing a correction in the real estate sector, commercial banks have become selective in lending to new residential and commercial real estate projects.
The registration of residential properties in Mumbai fell 42 per cent in April to 10,136 units as compared with the previous month, as fresh demand was affected due to the second wave of the COVID-19 pandemic and expiry of the reduced stamp duty period, according to Knight Frank India. The fall would have been steeper as over 90 per cent of the registrations were of the properties on which the stamp duties were already paid by the homebuyers before April 1 in order to avail lower stamp duties. From September 2020 to March 2021, the Maharashtra government reduced the stamp duty by 2-3 per cent to boost housing demand amid the pandemic.
Good range of properties, stable prices, makes the city perform better than peers.
