Real-estate firms have welcomed the Goods and Services Tax Council's reforms, expecting better affordability for buyers, spurring demand. The council has reduced the rate on cement from 28 per cent to 18 per cent, while the rate on sand lime bricks or stone inlay work and granite blocks has been cut to 5 per cent from 12 per cent.
Mumbai-based developers Macrotech Developers (Lodha) and Oberoi Realty have emerged as top gainers among largecap realty stocks over the past month, with gains ranging from 29 per cent to 33 per cent. Strong ongoing sales trends in Mumbai's core market, record bookings in the January-March quarter, and healthy guidance for 2024-25 (FY25) have propelled these companies, which derive the majority of their revenues from India's financial capital.
Buying one's dream home requires planning, funds, and these days, putting on an AI-enabled virtual reality (VR) headset. Realtors are increasingly providing customers an immersive experience, courtesy generative artificial intelligence (GenAI), mixed reality, and metaverse. For realty consultancy Anarock group, AI and machine learning (ML) are enabling predictive market analysis, facilitating virtual property tours, and improving property management through predictive maintenance.
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.
Home prices across the top six cities are set to jump 6-10 per cent this fiscal and 3-5 per cent in the next financial year because of a steep rise in raw material, labour and land costs, and relatively favourable demand-supply dynamics, a report said on Thursday. The report by Crisil also said large residential realtors are on course to log a robust 25 per cent sales growth in 2022-23 and 10-15 per cent in the next fiscal. The unsold inventory level is down to 2.5 years from four years pre-pandemic, and this has credit profile of the large realtors strengthening, the report said.
Among other major companies, Cox & Kings made a total investment of $39.95 million in four different WOS situated in Hong Kong, Singapore and the UK.
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.
India's biggest firm, Reliance Industries, has decided to cut salaries by 10 per cent in its oil and refining divisions. Several smaller companies like Kajaria Ceramics have followed suit with cuts as high as 40 per cent for those earning more than Rs 50 lakh.
Starlight Systems, a unit of Piramal Sunteck Realty, has sought a four-year staggered payment option to pay Rs 496 crore (Rs 4.96 billion) for two plots it won in the financial district of Mumbai in the last financial year.
Whether it is DLF in the National Capital Region, or Godrej Properties and Oberoi Realty in Mumbai or Sunteck Realty, Prestige Estates and Sobha Realty in Bengaluru, most top players have launched or lined up a slew of new project launches during this season.
The 'Diwali Home Buying Fest' would be organised from Nov 3-9.
The Kanakia group, from which Mapletree did the purchase, had bought the plot from India Tube Mills and Metal Industries for Rs 363 crore in 2018.
Many developers are facing financial challenges after the IL&FS defaults, after which non-banking finance companies - the major financiers to real estate firms - slowed disbursals.
Modi's demonetisation move has hit the real estate market in Delhi and Mumbai
Durable goods companies and retailers say online sales won't compensate for the fall in offline sales.
The key demand drivers -- such as low home loan rates and income tax sops, particularly for affordable housing -- that supported the recovery in H2 FY2021, remain in place and will spur recovery again, feel experts.
Several on-site labourers in the city want to take special trains being run to transport workers back home. The rising number of COVID-19 cases in the city has caused anxiety among them.
A recent report by Citi had pegged the total amount stuck in stalled projects across seven major Indian cities (Bengaluru, Mumbai Metropolitan region, National Capital Region, Ahmedabad, Hyderabad, Kolkata and Pune) at Rs 80,000 crore.
Broader markets underperformed indices with BSE Midcap down 0.43% while the Smallcap index fell 0.07%.
Urban planners and real estate experts say bad town planning in Mumbai and rising deaths during the ongoing pandemic are a "sad reality". Dev Chatterjee and Raghavendra Kamath report.
From auto to watches, the mood is sombre due to the alarming state of the Indian economy and value erosion in stock market capitalisation.
Usually, online and offline discounts are similar. If discounts are too high, check builder's credentials.
However, investors have turned cautious over the likelihood of Britain leaving the European Union.
Top gainers from the Sensex pack are Infosys, Cipla, NTPC, ITC and Lupin
The S&P BSE Sensex gained 115 points to end at 24,338 and the Nifty50 climbed 42 points to close at 7,404.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Branded residencies, designer-stamped homes have a snob value and are sold at a high premium, to willing buyers
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