REAL ESTATE PRICES
Mumbai property market sustains record-breaking streak with best-ever July
The country’s commercial capital witnessed over 12,129 property registrations during the month, up 19% from a year ago. The performance led to the state exchequer fetching revenue worth over Rs 1,047 crore through stamp duty collection, up 26% on-year, showed data from Inspector General of Registration (IGR) and Controller of Stamps, Maharashtra.
L&T arm inks pact with Valor Estate to develop real estate project in Mumbai
Larsen & Toubro, an Indian multinational, has signed a Memorandum of Agreement with Valor Estate Ltd for the development of a real estate project in Mumbai. The project, which is part of L&T Parel Project Pvt Ltd, is expected to be completed after due diligence and conditions precedent.
Co-living operators raise share of '1 BHKs' amid rising demand
The co-living sector has seen a rising demand for one-bedroom units as corporate clients seek more privacy and space. Operators are adapting by offering more single occupancy accommodations with private kitchens. This trend reflects a shift in lifestyle preferences towards private and comfortable living spaces, especially in metro cities.
Explore the opulence of Dubai's real estate market with Mira Real Estate
Dubai's opulent real estate scene attracts many of India's high-net-worth individuals. About 40% of buyers are from India. Mira Real Estate aids in securing elite properties offering luxury lifestyles and substantial investment returns, highlighting Dubai's allure as a premier investment hub.
Shah Rukh's son Aryan Khan buys two floors in Delhi building for ₹37 crore
Aryan Khan, son of Bollywood star Shah Rukh Khan, purchased two floors at Panchsheel Park in Delhi for ₹37 crore. The deal, registered in May 2024, adds to their existing property. Gauri Khan designed the home, enhancing its sentimental value. Real estate experts highlight increasing demand for luxury homes in South Delhi following the pandemic.
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High-end realty show: Luxury realty companies rope in fashion designers to stand out in a crowded market
Globally, fashion and luxury brands such as Giorgio Armani, Versace, Fendi, Bottega Veneta, Missoni, Baccarat and even Porsche have tapped into the luxury residential space, by lending their names and making apartments more appealing and expensive. India’s realty developers seem convinced of the value these partnerships can bring as several of them are moving in this direction.
There's no slowdown in luxury residential market, says DLF
DLF, India's largest real estate developer, reports no slowdown in luxury residential market, asserting removal of indexation benefits in budget won't significantly impact sales. Executives express confidence in boosting cash flows and profitability through super-luxury segment launches this fiscal year. Fiscal Q1 sees 23% YoY rise in consolidated net profit to ₹646 crore, with revenue climbing 14% to ₹1,730 crore; sales bookings surge over three-fold to ₹6,404 crore.
Godrej Family Office likely to sell a 5% stake in Sobha Ltd
Anamudi Real Estates, part of the Godrej family office, plans to partially exit its 9.99% stake in Sobha Ltd through block deals worth around Rs 1,000 crore. Sobha Ltd recently approved a Rs 2,000 crore rights issue to fuel growth. The company aims to develop 50 million sq ft across key cities over four years.
I-T dept clarifies acquisition cost of real estate bought before 2001 for LTCG calculations
The Indian Taxation Service (I-T) has announced that the cost of acquisition for real estate properties purchased before 2001 will be the fair market value (FMV) as of April 1, 2001, or the actual cost of the land or building for the calculation of long-term capital gains (LTCG) tax. The FY25 Budget has reduced LTCG tax on real estate to 12.5%, from 20% previously.
No rethink on real estate LTCG long tweaks: Govt Sources
Amid concerns over the removal of Indexation benefit on property sales for tax calculation, government sources today said that there will be no reconsideration on changes made to Long Term capital gain (LTCG) in the Union Budget
Union Budget 2024: No inflation offset hurdle for real estate investors
Finance Minister Nirmala Sitharaman's budget proposal eliminates indexation benefits for calculating long-term capital gains tax (LTCG) on real estate but lowers the LTCG rate to 12.5% from 20%. Properties bought before April 1, 2001, remain exempt from this change. The removal of indexation could impact real estate transactions.
New tax proposal without indexation for real estate is beneficial in most cases: I-T Department
The budget 2024-25 has proposed a flat capital gain tax of 12.5 per cent on capital appreciation on selling property instead of a 20 per cent tax on capital appreciation with indexation benefits.
Keppel buys office asset in Chennai for ₹2,100 cr
Keppel acquired One Paramount 1 in Porur, Chennai for ₹2,100 crore from RMZ Corporation and CPP Investments. This 2.4 million sq ft tech park with an 8.5% cap rate hosts tenants like Genpact and Maersk. RMZ, in a 2021 joint venture with CPP, plans $25 billion in assets over five years despite challenges, contrasting global real estate trends.
Budget 2024: With China's real estate reforms in place, is it time for India to up the ante too in Budget?
Union Budget Real Estate Expectations: India's real estate sector is set to play a crucial role in the country's ambitious goal of becoming a developed nation by 2047. With a target to boost the sector's contribution to GDP from 8% to 13% by 2025, India aims to leverage urban development and sustainable growth. Lessons from China's recent reforms highlight the need for India to accelerate its growth and maintain a competitive edge. The sector anticipates significant policy shifts in the upcoming Union Budget 2024 to spur further growth and address key challenges.
Land deals drop 57 pc to 325 acres in Apr-Jun on high prices: Anarock
Real estate consultant Anarock pointed out that the general elections and the heated land prices seem to have dented the appetite for land acquisition for developers and other entities in the second quarter of 2024. The number of land deals closed in Q2 (April-June) 2024 came down to 25 transactions for around 325 acres.
Budget 2024: Tax cuts and lower rates top developers’ Budget wishlist to build Viksit Bharat
Real Estate Budget Expectation: The upcoming Union Budget 2024 is eagerly awaited by real estate developers who are hoping for tax rationalization and interest rate reductions to enhance financial viability. Key expectations from Budget include addressing affordable housing definitions, allowing unlimited interest deductions, and reducing GST on essential construction materials. Commercial real estate players are requesting GST reduction on steel and cement, as well as lower TDS rates on coworking spaces to manage costs effectively. As the Budget approaches, the industry is hopeful for measures that will support growth and address critical concerns.
Union Budget 2024: Credai wants tax sops for homebuyers, incentives for builders to construct affordable housing
Domnic Romell, President of CREDAI-MCHI, said the real estate sector is hopeful for measures to boost the sentiment. He demanded that the government should finally grant industry status to the sector and take effective steps to rejuvenate the affordable housing segment, which has been struggling since the pandemic.
Housing prices in top 30 tier II markets rise by up to 94% on high demand: PropEquity
Housing prices in top 30 Tier II markets in India have surged by up to 94% over the last four years due to high demand for residential properties, according to PropEquity. The data compares average launch prices from 2019-20 to 2023-24. The cities with the highest price increases include Agra (94%), Goa (90%), and Ludhiana (89%).
Residential property launch prices across in tier 2 cities rises by 94%
Residential property launch prices in India’s top 10 Tier II cities have surged up to 94% over the last five fiscal years, driven by growing consumer confidence, a buoyant job market, and robust infrastructure development, according to PropEquity. This rise reflects significant demand outpacing new launches, with cities like Agra, Goa, and Indore seeing the highest increases.
NCR investors shift towards shop-cum-office plots as residential prices soar
In NCR, SCO plots offering 9-10% yields attract investors. Developers like DLF, Emaar, and Paras Buildtech lead, with Haryana's scheme allowing four retail floors. DLF's revenue reached Rs 1,150 crore. Popular with SMEs and startups in Gurgaon. Key sites: Gardencity Central, Central 67, Panchkula. High absorption rates noted on Dwarka Expressway. Low construction costs and price appreciation drive demand.
Luxury housing sale increases by 40% YoY
Luxury housing sales surged by 40% in April-June, while affordable housing sales declined by 20%, reflecting shifting consumer preferences and market dynamics. CREDAI reports a significant rise in sales of units priced above Rs 1.5 crore, driven by increased disposable incomes, affluent buyers' demand for high-end properties, and foreign investments.
Signature Global to launch housing projects worth Rs 13,000 cr by March next year: CMD Pradeep Aggarwal
Realty firm Signature Global plans to launch multiple housing projects worth Rs 13,000 crore by March next year to meet strong demand. The Gurugram-based developer aims to invest Rs 2,500 crore in construction activities this fiscal year and achieve sales bookings of Rs 10,000 crore for 2024-25. With a focus on timely project delivery, the company is also eyeing expansion into Noida and Delhi markets in the coming years.
Mumbai and Hyderabad accounted for 43 pc of new residential launches in H1 Fy25: JLL report
Mumbai and Hyderabad spearheaded the surge in residential launches, contributing 43 per cent of new units, with India's market hitting new heights in H1 2024. The two cities together launched a record 160,000 units (5 per cent increase from H1 2023). This was driven by premium and luxury segments. Bengaluru and Mumbai topped sales with 155,000 units sold, while prices rose 5-20 per cent in top cities. 2024 outlook is positive with sales projected at 315,000-320,000 units.
Residential launches decline 11% in first half of 2024: Report
India's residential real estate market saw a 55% rise in new launches to 159,455 units in H1 2024, with major cities like Bengaluru, Mumbai, Delhi NCR, and Hyderabad leading the surge. In contrast, Kolkata experienced an 11% decline. Overall, residential prices in top cities increased by 5% to 20%.
Private equity deals in Indian real estate increased marginally
Private equity deals in Indian real estate surged in Q1 FY25, mainly due to a significant investment in Reliance Retail's warehousing assets. The $1.5 billion Reliance-ADIA-KKR deal represented 71% of total PE deals. Despite an overall weak macroeconomic environment, deal sizes increased by 23% year-on-year. Other notable transactions occurred in Hyderabad, Bengaluru, Pune, and MMR.
Housing sale in tier 2 cities increases by 11% Y-o-Y
As per the data, the sales of housing units in India’s 30 major tier II cities stood at 2,07,896 units in 2023-24 as against 1,86,951 units in the preceding financial year.
Housing sales in top 30 Tier II cities up 11% in FY24 to nearly 2.08 lakh units: PropEquity
Housing demand in India has increased by 11% last fiscal, reaching nearly 2.08 lakh units across 30 Tier II towns, according to PropEquity's report. The top 10 Tier II cities contributed 80% to the total sales in these small towns, with sales of 1,68,998 units in 2023-24. The other 20 Tier II cities include Bhopal, Lucknow, Goa, Coimbatore, Raipur, Vijayawada, Indore, Kochi, Trivandrum, Mangalore, Guntur, Bhiwadi, Dehradun, Ludhiana, Chandigarh, Agra, Mysore, Sonepat, Panipat and Amritsar.
Haryana government’s policy on fourth floor to keep the realty price in check
The Haryana government's decision to allow construction of stilt plus four floors in residential sectors is set to boost housing demand in Gurgaon and curb soaring prices, experts say. The move, following a ban on fourth-floor construction last year, will provide opportunities for homebuyers and developers, leading to increased supply in high-demand areas like Gurgaon, benefiting both the real estate market and aspiring homeowners.
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