Five things the real estate industry anticipates from the finance minister’s budget in 2024

Posted on July 24, 2024 by supriya

Finance Minister Nirmala Sitharaman is scheduled to present Budget 2024 today, and the real estate industry anticipates that the government will prioritize affordable and middle-class housing in the plan. To increase affordability, it has advocated for an enlargement of the definition of affordable housing, tax breaks for homeowners, and financial incentives for builders to build more affordable housing.

More tax breaks are urgently needed for buyers and developers looking to build affordable and middle-class housing projects. Real estate experts believe that the government should increase the annual deduction limit for interest paid on home loans from the current Rs 2 lakh to Rs 5 lakh, as this will boost the demand for housing.

Raise the interest payment deduction cap

To stimulate housing demand in the face of rising housing prices and mortgage rates, the National Real Estate Development Council (Naredco), a body that represents builders, has recommended that the tax exemption on interest on loans for self-occupied property be raised to Rs 5 lakhs in the upcoming budget from Rs 2 lakhs currently.

Developers have also sought tax breaks to increase the supply and demand for affordable homes. According to NAREDCO, the maximum deduction for interest on loans for self-occupied property is Rs 2 lakh, as stipulated in Section 24 of the Income Tax Act.

Permit builders to pay GST at a discounted rate instead of an input tax credit.

NAREDCO has also urged the government to allow builders to pay GST at a concessional rate without an input tax credit (ITC) or a higher tax rate claiming an ITC. The GST rate is 1% without ITC for affordable housing units and 5% without ITC for other residential units. Developers would save money on taxes and have improved cash flows if they could select between higher rates ITC and concessional rates without it, resulting in advantages for end users.

In its wish list for Budget 2024, the Confederation of Real Estate Developers Associations of India (CREDAI), a body that represents real estate developers, suggests that the government consider granting unlimited interest deductions for self-occupied property or raising the deduction limit to Rs 5 lacks for homebuyers.

Encouragements for reasonably priced housing

The present growth trajectory is biased in favor of luxury and mid-range housing. Affordable housing is still in short supply, so higher-priced homes can’t sustain this momentum despite the unique housing needs of India’s lower-class populations. According to experts, the government should concentrate on offering more subsidies for mid-range and affordable housing.

According to ANAROCK Research, following COVID-19, the sales share of affordable housing fell sharply, from over 26% in 2022 and over 38% in 2019 to about 20% in Q1 2024. This segment’s share of the total housing supply in the top 7 cities decreased to 18% in Q1 2024 from nearly 40% in 2019 due to low demand. In FY23-24, total sales hit a record high of roughly 4.93 lakh units, despite the launch of 4.47 lakh units.

Anuj Puri, Chairman of ANAROCK Group, states that many interest stimulates previously provided to affordable housing builders and consumers have expired over the past two years. High-impact measures like tax breaks are needed to revive this significant market sector. This will help buyers by bringing down the cost of homes, and developers by motivating them to focus more on building affordable housing.

PMAY Credit-linked Subsidy Scheme

To encourage first-time purchasers of reasonably priced homes throughout cities, the EWS/LIG program, which was set to expire in 2022, ought to be brought back. This will stimulate demand in this market segment once more. CLSS was previously available for housing loans to EWS/LIG buyers in new building projects and for adding rooms, kitchens, toilets, etc. to existing dwellings, subject to criteria specified under government guidelines. According to Puri, if the qualifying requirements are met, all “kaccha” homes being converted into “pucca” ones may also be eligible for this subsidy under PMAY (Rural).

Provide developers of affordable housing a 100% tax holiday once more.

To boost supply and incentivize developers to build more affordable housing, the government may bring back the “100% Tax Holiday” benefit previously provided under section 80-IBA of the Finance Act, 2016. The profits from developing and constructing affordable housing projects were subject to significant tax relief under this section.

Change the definition of affordable to include more homebuyers and expand the benefits of additional deductions.

The Ministry of Housing and Urban Affairs states that a buyer’s income, cost, and size all play a role in determining affordable housing. In large cities, a house or apartment that fulfills the requirements for affordable housing can be valued up to Rs 45 lakh, and in non-metropolitan areas, it can have a carpet area of up to 90 square meters. Loans from banks are given to individuals to help them build houses or buy apartments based on the central bank’s definition.

The government must carefully consider how to modify home prices within the affordable housing budget, considering the unique characteristics of each city’s real estate market. The size of the units is 60 sq.m. The carpet area is appropriate according to the current definition. However, most cities cannot afford the prices of units, which can reach Rs 45 lakh.

For instance, a budget of Rs 45 lakh doesn’t matter in a metropolis like Mumbai. It would have to be raised to Rs 85 lakh minimum. The budget should be increased to Rs 60-65 lakh in other cities. According to Puri, more homes would be eligible for the affordable price tag with such price revisions, allowing more buyers to take advantage of government subsidies and lower GST rates at 1% without ITC.

It is also necessary to revise the definition of an affordable residential apartment, which presently includes requirements for carpet area and a price cap. Only the carpet area condition should be kept, NAREDCO advises, with no upper price limit. A greater percentage of the lower and middle class could purchase homes thanks to this adjustment, which would account for rising land prices in major cities and expand the benefits of affordable housing to more projects.

The criteria for affordable housing are based on the cost of the property (Rs 45 lakh), carpet area (60 to 90 sq.m), and income of the homebuyer (EWS/LIG), according to Anshuman Magazine, chairman and CEO-India, South-East Asia, Middle East & Africa, CBRE. The government should consider extending the cost, size, and income restrictions to, prove the scheme’s inclusivity. Given that capital values in larger metropolises (Mumbai, Delhi-NCR) can be significantly higher than in other cities, the government should think about raising the size criteria for metro cities to 90 sq.m. and establishing three to four brackets of unit sizes and prices to define the eligibility criteria depending on city/state dynamics.

Boost the amount of money allotted to PMAY

Along with the recent announcement from the Cabinet to provide financial support for the construction of an additional three crore rural and urban houses under the scheme, the government should consider increasing the budgetary allocation towards the Pradhan Mantri Awas Yojana (PMAY) compared to the previous year. This shows the government’s continued commitment to supporting the affordable housing sector. The prompt implementation of the scheme possesses considerable potential to stimulate the industry even more.

According to Magazine, “We also eagerly await further details concerning the PMAY-Urban scheme, given the announcement made about the government’s plan to launch an initiative to help deserving sections of the middle class living in rented accommodations, slums, chawls, and unauthorized colonies to buy or build their own houses in the Interim Budget 2024-25.”

Additionally, the government offered a 100% tax deduction for profits and gains from the business of creating and constructing affordable housing projects under Section 80IBA. The tax holiday did, however, end in 2022. According to the magazine, developers of affordable housing projects would gain from the resuscitation of the program because these projects usually have narrow profit margins.

Utilize land lots that the government and public sector businesses have available.

The government or public sector organizations have access to multiple underutilized or inadequately utilized land parcels. These might include Port Trust property, railroads, abandoned military land, etc. When the land and necessary permits are obtained, we advise unlocking these land lots and forming partnerships with reputable private developers to build affordable housing. These land lots might also be for industrial parks and associated infrastructure. This will help the government take advantage of the operational efficiencies of the private sector while also lowering the risk associated with development,” he stated.

Magazine went on, “We also implore the government to provide a comprehensive framework regarding changes in land usage.” to expedite construction and facilitate land acquisition.

CREDAI National Chairman and Gaurs Group CMD Manoj Gaur states, “The real estate industry has set high expectations for the upcoming budget.” First and foremost, the goal of resuming the interest subsidy program is to support the housing industry as a whole. Secondly, we are also seeking a redefinition of affordable housing. The present limit should be increased from 90 sq meters, and Rs 45 lakhs in space and pricing, respectively. These will be a much-needed intervention as a considerable demand exists in the affordable housing segment. Lastly, we look forward to announcements on GST input credit to stimulate growth and foster a more resilient real estate environment.”

Over the past three years, there have been fluctuations in the supply and demand for affordable homes in tier 1 and tier 2 cities, according to Dhruv Agarwala, Group CEO of Housing.com and PropTiger.com.

The forthcoming budget should prioritize reinvigorating the supply and demand for residential properties within the Rs15-75 lakh per unit price range. Potential homebuyers could be effectively encouraged by the introduction of interest subsidy programs” he said.

Agarwala stated that the government could strategically use its vast land banks in collaboration with private developers to increase supply by providing capital and land at discounted prices.

The condition of the property market

Director of County Group Amit Modi said, “One of the most persistent demands the sector emphasizes is the need to grant industry status to enable easier access to low-cost financing, which benefits consumers directly. “Moreover, timely project completion and cost-effectiveness depend on the implementation of single-window clearance.”

Real estate experts said that the sector should also be classified as infrastructure.

By 2030, the real estate industry will likely account for 13-15% of the Indian GDP. As such, stakeholders have long demanded that the sector be granted “infrastructure” status. This could significantly reduce the cost of borrowing for developers and increase the availability of institutional credit, thereby stimulating growth and investment. According to the report, “Standardizing the definition of affordable housing can also enhance uniformity in financing requirements amongst institutions and possibly make it easier for eager homebuyers to obtain credit.”

Delhi’s Top 5 Rental Income Spots in Dwarka

Posted on July 24, 2024 by supriya

In Delhi, Dwarka is a possibility for investors who want to earn a lot of money from their investments but can’t find the perfect neighborhood. Its abundance of residential options attracts tenants and end users, and it is supported by infrastructure projects like the Dwarka Expressway and its proximity to Gurgaon’s employment hubs. Are you looking for some hidden rental gems in Dwarka? Continue reading to discover the best Dwarka neighborhoods with high rental income.

The planned Delhi suburb of Dwarka has quickly grown to become a sanctuary for investors looking for high rental yields. Its advantageous location and strong road and metro rail connections to Delhi’s and Gurgaon’s premier business and residential areas are the main causes. The presence of several educational institutions adds to its allure as a place to live.

The growth of business hubs in Sectors 24, 25, and 26 may cause a rise in rental demand in the region’s real estate market. Let us investigate the best places in Dwarka that have the potential to generate large rental income.

Best places in Dwarka to rent a property for the most money

Dwarka is one of the best areas of Delhi to live in because of the abundance of educational institutions and easy access to business centers. Due to Dwarka’s growing appeal as a residential area, several neighborhoods have emerged as the best places to obtain high rental income.

Read this article through to learn more about the area.

Sector 10, Dwarka

The demand for rentals in Sector 10, Dwarka, is driven by prestigious educational institutions like Guru Gobind Singh Indraprastha University (GGSIPU) and Netaji Subash Institute of Technology. Urban Extension Road 2 further makes it simple for Sector 10 Dwarka to travel thirty minutes to two major employment centers: DLF Cyber City and Udyog Vihar. These elements contribute to Sector 10’s popularity as a residential area in Dwarka among young people and professionals, placing it among the best areas in the city to rent an apartment. Three-bedroom flats, which range in price from Rs 1.85 to Rs 3.98 crore, compose the bulk of the housing stock in Sector 10, Dwarka.

The average property rate in Dwarka Sector 10 is Rs 12,750 per sqft.

Also mentioned favorably by the locals in their evaluations of Sector 10, Dwarka, are the accessibility of key social amenities and modes of transportation.

The following highlights a few of the well-known ones:

The area is home to Vandana International School, GD Goenka International School, and Venkateshwar International School.
Ayushman, Max Super Speciality, and Indira Gandhi are just a few of the medical facilities that border the area.
Having a dedicated metro station enhances the connectivity of the Delhi Metro Blue Line.

Sector 19, Dwarka

To the list of the greatest locations in Delhi Dwarka for the highest rental income, add Sector 19, Dwarka. There are many different kinds of apartments in the area, the most common are three and four bedrooms. While 4BHK apartments in Sector 19, Dwarka, start at about Rs 2.3 crore, 3BHK apartments start at Rs 1.2 crore. The average property rate in Dwarka’s sector-19 is Rs 12, 350 sqft.

Furthermore, people have realized the advantages of residing in Sector 19, Dwarka because of its strong connectivity to the employment hubs of DLF Cyber City and Udyog Vihar in Gurgaon via Urban Extension Road-2. Housing demand is anticipated to increase due to the planned Dwarka stretch of the Dwarka Expressway, which will only improve connectivity.

Many residents’ reviews surprisingly list easy access to schools, hospitals, and malls as one of the best things about Sector 19, Dwarka.

Dwarka’s Sector 17

Sector 17, Dwarka, is one of the best neighborhoods in Dwarka for high rental income, with employment centers like Udyog Vihar and DLF Cyber City within a 15-kilometer radius. A fair amount of the housing supply includes builder floors alongside residential apartments. A three-bedroom apartment in Sector 17, Dwarka, costs approximately Rs 1.35 to Rs 3 crore. The average property rate of Dwarka’s Sector-17 is Rs 10,000 sq ft.

Reviews of Sector 17, Dwarka, indicate that because of police presence, it is a safe area to rent an apartment. Additionally, the sector has easy access to metro and e-rickshaw transportation options.

Because Sector 17, Dwarka, is close to many social and retail amenities within a four to five-km radius, it is also well-liked by tenants and buyers. These amenities include:

Schools: Sarvodaya Vidyalaya, Mother’s Pride, and Government Co-ed Senior Sec.
Hospitals: Ayushman Hospital, Venkateshwar Hospital, and Grace Hospital
Shopping malls: Vegas Mall, Soul City Mall, and City Centre Dwarka

Sector 11, Dwarka

The Delhi Development Authority’s (DDA) Sector 11, Dwarka, is a posh housing destination with multiple residential communities. Due to its convenient proximity to employment centers and educational institutions, this sector benefits from a strong demand for housing and rentals. The buyer is looking for 3 BHK apartments in Sector 11, Dwarka, with a budget of Rs 1.5 crore and Rs 4 crore. Dwarka Sector Rate’s average property rate is Rs 13,000 per sqft.

Although LBS Institute of Management is located in the area, several colleges of Delhi University, IP University Campus, and Netaji Subash Institute of Technology are all five kilometers away. Furthermore, it is easily accessible to Gurgaon’s DLF Cyber City through UER-2.

Additionally, DDA intends to establish new business hubs in Dwarka’s Sector 24, 25, and 26, all within a 15-minute drive. This commercial expansion will likely increase demand for housing in the area, making it one of the best places in Dwarka to get the highest rental income.

A further reason for the generally positive reviews of Sector 11, Dwarka is its convenient access to daily amenities. Prominent social services in the vicinity of the sector include:

St. Gregorios School, MDH International School, and MBS International School are the schools.
Hospitals: Medeor Hospital, Max Super Speciality Hospital, and BENSUPS Multispeciality Hospital
Shopping Hubs: Sector 11, Market, Vegal Mall, and Soul City Mall

Sector 18A, Dwarka

One of the best places in Dwarka, to get the highest rental income is Golf Course Road, Sector 18 A. One of the main factors contributing to its popularity as a well-known housing hub is its easy access to important locations, such as:

Golf Course Road makes it only a 30-minute drive to Udyog Vihar and DLF Cyber City.
Nearby colleges include National Law University, IP University, and several others.
In the vicinity of Dwarka Sectors 24, 25, and 26, the soon-to-be business hub

In their evaluations of Sector 18A, Dwarka, the locals have mentioned how convenient it is to the Delhi Metro’s Blue Line and how many schools, colleges, hospitals, and other recreational facilities are nearby.

Plenty of 3BHK and 4BHK apartments are available for purchase in Sector 18A, Dwarka, with prices ranging from Rs 2 crore to Rs 4 crore. The current average property price in Dwarka Sector 18A is Rs 13,100 sqft.

India’s commercial real estate market: Surpassing the global recession

Posted on July 24, 2024 by supriya

Due to severe downturns in the global economy in 2023, the commercial real estate market saw a 66% annual decline in investments. Significant markets such as the US and Europe saw a 25% decline in leasing activity. The global commercial market is in crisis mode!

The Indian commercial real estate market, on the other hand, attracted $5.4 billion in investments, the most since 2020, the year before the pandemic, demonstrating remarkable growth and resilience. The office sector in India has been particularly vibrant, drawing over $3 billion in investments, a 53% increase from the previous year. The growth in demand from Global Capability Centers (GCCs) and the strong leasing activity of Indian corporations, which now make up 46% of all market leasing activities, are the main drivers of this surge.

India’s office sector is growing primarily due to demand from the GCCs. India’s GCCs are expanding rapidly as international corporations look for cost-effective outsourcing solutions in the face of economic pressure. With a projected 10% compound annual growth rate (CAGR), the GC industry is predicted to rise from its current $465 billion by 2027. With a 30% market share in the GCC overall, India employs up to 2 million professionals.

The GCC model is evolving, with hubs driven by technology and customer experience replacing centers primarily concerned with standardization and cost arbitrage. This pushes these developments to increase the spending per square foot and the space per square foot, which raises the investment in Grade A commercial real estate even more.

There is plenty of room for growth because only 40-45% of Fortune 500 companies currently have GCCs. Our estimates indicate that India will have 3.5.-4 million workers employed in GCC countries over the next three to four years, implying a doubling of the Grade A space needed, given the country’s demographic advantage (we will add 80-90 million people to the working age population by 2027).

The increasing percentage of domestic investors and capital entering this market relative to previous foreign capital inflows is another interesting development. Prequin data reveals a dramatic fall in foreign fund activity in India in light of the geopolitical unrest and state of global interest rates. The Indian real estate market is resilient despite these obstacles, and a growing proportion of ultra-high-net-worth individuals and family offices are among this new class of investors.

Approximately Rs. 3 trillion has already been invested by these investors, who are drawn to the regulated environment of Alternative Investment Funds (AIFs) and the tangible security of asset-backed investments. This has a significant impact on the real estate market. This change highlights a dynamic shift in investment patterns, encouraging the sector’s growth to be driven more domestically.

Tier 2 towns will likely emerge as new centers of development and investment in commercial real estate. The Fortune 500 companies’ headquarters are dispersed across 51 cities in the US, whereas in India, the major corporations are centered in just 5-6 cities. Although the infrastructure for transportation has advanced significantly, these cities urgently require an upgrade to their urban infrastructure to improve their quality of life and draw in more businesses and workers.

As investment flows increase twofold to tier 2 cities, pioneering firms are shifting their focus to undeveloped land parcels in these cities. For local and regional developers, this trend underscores the importance of enhancing their offerings and attracting foreign investors.

Through this realignment, not only will Tier 1 cities be addressed, but diversified and sustainable, urban development will be enabled across the nation. As we move forward, these changes are expected to play a crucial role in shaping the real estate investment landscape over the coming years, heralding a new era of growth beyond the traditional hubs.

Tenant news to rejoice about! The April-June quarter saw an average price correction of 5-10% in Bengaluru’s rental housing market

Posted on July 24, 2024 by supriya

Bengaluru’s rental housing market saw an average price correction of 5-10% during the April-June quarter of the current calendar year, according to local brokers who spoke with HT.com. This news should cheer up tenants in the city. The primary reasons for this are the large number of tenants who have relocated to the city’s outskirts, where new housing stock is available at lower rental prices than in desirable neighborhoods, and the growth of co-living options, which provide better value for the money.

The second quarter of the year usually sees an increase in rental activity due to several factors, including families moving before the start of the new school year, a new wave of professionals moving into the city, and so forth.

The price correction is the result of several factors. According to Manoj Agarwal, founder of Agarwal Estates, “many tenants are shifting to the outskirts of the city where rents are lower compared to the prime areas surrounding IT corridors given a more specific hybrid work culture in place.”

He continued, “The average vacancy rate in his portfolio of rental properties throughout the city has increased to 5% from the previous 2-3%.

With a decline in rental rates of more than 10%, the trend was most noticeable in areas bordering the IT corridors, such as Whitefield in East Bengaluru and Sarjapur Road. According to a local brokerage firm, a 1 BHK apartment rented out for Rs28,000 per month in the first quarter of the year is currently rented for Rs 25,000.

However, data from prop-tech company Square Yards revealed that a 750-1,175 square foot, 2BHK that was previously available for between Rs 28,900 and 45,200 per month is now listed for a rental cost between Rs 33,600 and 40,300.

Property consultants saw less evidence of this trend shift in the areas surrounding the central business districts. They added that contrary to standalone Grade B buildings, rents in Grade A projects built by well-known brands have decreased less.

Multiple justifications

Vice president of Hanu Reddy Realty Kiran Kumar noted that the previous modification also addresses Bengaluru’s growing inventory levels as developers counter the city’s real estate demand surge.

In Bengaluru, 12,432 residential units were introduced in the June quarter of 2024, an 8% yearly increase, according to a Knight Frank India report. 14,271 units were sold then, an 11% increase from the previous year. According to brokers, many purchasers who reserved their homes during the COVID-19 pandemic are now getting their possession.

According to Saurabh Garg, co-founder and chief business officer of proptech unicorn NoBroker, “Bengaluru’s rental market is returning to normalcy this year.”

Other participants noted that the number of co-living options in the city has also reduced the share of the rental housing market. This quarter, Kumar predicts a further 10% decline in rent, especially in the city’s periphery.

Trends in Q2 2024

Bengaluru had the highest rental yield (4.5%) in the first quarter of 2024 out of the top 7 Indian cities, according to a report from a real estate consulting firm.

A property’s rental yield is the proportion of its total value that is rented out earned in rental over a year.

Rents have risen by over 40% in some prime areas of the city after the COVID-19 pandemic as workers returned to work and landlords attempted to recover annual price increases lost.

How are the landlords reacting?

It is common to refer to Bengaluru as a landlord’s market. They have recently gained notoriety due to a number of their unusual demands. Nevertheless, they appear to take note of the changing tide.

“In Bengaluru, landlords are starting to recognize that tenants do not want to pay exorbitant rent.

A local broker said, “Instead of keeping the property empty for months while searching for the perfect tenant, we suggest they reduce the rent slightly.”

In a recent instance, a landlord in East Bengaluru’s Indiranagar locality, who had originally hoped to receive Rs1.20 lakh/ month for his 4 BHK apartment, revised the rental amount to Rs 1 lakh, the person cited.

Do rents still stay the same?

While local brokers reported a drop in overall rentals and rising for properties on the outskirts, some stakeholders insisted that prices have stayed steady.

According to data from Square Yards, and the integrated prop-tech platform, a 950-1,200 square feet 2BHK in Electronic City is currently available for Rs 32,600-41,400 per month during the first quarter of 2024. The original price was Rs 32,500 – 40,800. In the meantime, the monthly rental cost of a one-bedroom apartment that was previously available for Rs 21,000 -22,100 is now Rs 21,900– 23,000.

By 2030, Bengaluru will possess 330-340 million square feet of office space in India: report

Posted on July 24, 2024 by supriya

The primary demand generators for Bengaluru’s office market are anticipated to be the technology, engineering, manufacturing, and BFSI sectors.

The Confederation of Indian Industry and CBRE report projects that Bengaluru, the country’s IT hub, will maintain its dominant position in its commercial real estate market by 2030, with 330-340 million square feet of office stock.

Bengaluru has seen its office stock more than double to over 223 million square feet as of June 2024, from 100 million square feet in 2013, to comprise the highest share in the segment among all major cities in the country, according to a report titled “Karnataka Horizon: Navigating Real Estate Excellence in the South,” which was released on July 10.

The total stock in India as of June 2024 was 880.7 million square feet, with Bengaluru contributing the most at 25%, according to the report. It also stated that over the previous few years, the city’s annual absorption of roughly 15016 million square feet had occurred on average.

Bengaluru is anticipated to grow significantly in the periphery over the next few years. According to Anshuman Magazine, Chairman and CEO-India, South-East Asia, Middle East and Africa, CBRE India, “the commercial sector is slated to expand significantly in the northern, eastern, and southern parts coupled with the availability of large-sized land parcels and multiple upcoming infrastructure initiatives.”

Which sectors are driving demand?

Technology, engineering and manufacturing, and BFSI are predicted to be the main sectors driving demand for Bengaluru’s office market until 2030. Emerging sectors like life sciences, aviation, and automobile are also anticipated to contribute to the rise in demand.

According to the report, the technology sector currently makes up 30-35% of the city’s annual absorption, mostly in the commercial centers of Outer Ring Road and Whitefield.

According to the report, between 2022 and June 2024, Bengaluru accounted for 41% of demand among India’s global capability centers (GCCs). It attributed this achievement to several of Garden City’s offerings, such as its highly qualified talent pool, first-rate Grade-A assets, and a robust IT ecosystem.

Karnataka’s thriving IT sector needs to keep developing if it wants to stay competitive. According to Ram Chandani, Managing Director of Advisory and Transactions Services at CBRE India, “developing premium, sustainable tech spaces with cutting-edge facilities will be the key.”

Shailendra Naidu, a senior executive director of advisory and transaction services at CBRE, lists a few of the market’s long-term challenges ease of doing business, the high cost of land, and effective space utilization. “Many development companies in this area use joint ventures to purchase land. In that model, there can be challenges going ahead,” he said.

Home goods, fashion, and entertainment drive demand in the retail sector.

Bengaluru’s retail real estate stock, which held the second-highest share among the top Indian cities at 24%, more than doubled to over 16 million square feet as of June from 7.2 million square feet in 2013, according to the report. According to the research, this measure will rise to 20-30 million square feet by 2030, a 1.4-fold increase.

According to the report, the main drivers of absorption in Bengaluru’s retail market are department stores, fashion and apparel stores, and entertainment. Together, these segments account for roughly 20-30% of the city’s annual demand. According to the statement, the capital city’s average yearly absorption in this sector is between 1.5 and 2 million square feet.

As per the report, Bengaluru is a high-achieving city that houses three of the 17 listed malls in the country.

Bengaluru is the top option for Indian non-residents looking to buy mid-range and affordable homes

Posted on July 24, 2024 by supriya

Data gathered from several consulting firms by HT Digital indicated that Bengaluru has maintained its position as the top option for non-resident Indians wishing to invest in India’s residential real estate market, particularly those seeking affordable and mid-segment homes.

The main draws for this group of homebuyers are the city’s pleasant weather, rising property values, cosmopolitan culture, high rental yields, and a bustling commercial district.

Though most non-resident Indians are drawn to the region for investment opportunities, the IT capital market is driven by end users regarding sales among domestic homebuyers.

According to Shalin Raina, Managing Director, Residential Services, Cushman & Wakefield, the data about NRI home purchases in Bengaluru shows that 35% of the transactions are for end-use, and 65% of the deals are for investment purposes.

Prooptech unicorn Among its NRI clientele, NoBroker reported a 60:40 split in favor of investing.

Developers and consultants noted that most of these purchases are the second or third additions to the portfolios owned by non-resident Indians.

“Principal Partner and Sales Director of SquareYards.com, Sharad Sharma, added that NRIs are displaying interest in senior living communities and plots, broadening their investment portfolio beyond apartments.”

From and to where exactly?

The US, UAE, and Singapore are the top three regions influencing demand from non-resident Indian buyers for the real estate projects developed by Bengaluru-based developers Concorde and Brigade.

NRI buyers account for 10% of our sales on average. “These sales occur either in India when the NRIs visit India or abroad during our events, or through our international team’s outreach,” says Viswa Prathap Desu, COO of Residential, Brigade Group.

According to Saurabh Garg, co-founder and chief business officer of NoBroker, the NRI clientele prefers to invest in reputable brand projects and high-demand rental areas, typically near IT corridors.

He mentioned that popular areas for NRI investors were Kanakapura Road in the southern part of the city, Thanisandra in the north, and Whitefield and Sarjapur Road in East Bengaluru.

According to NoBroker data, the average price of a property currently ranges between Rs 9,000 and Rs 12,000 per square foot in these areas.

Others mentioned the proximity to the airport, the presence of Grade A developers, and the reasonably priced real estate in Hebbal and Devenahalli as reasons why they are desirable choices for NRIs.

According to the report, more than 55% of purchasers also sign up for property management services at the time of purchase.

What draws in this particular group of clients?

Developers and property consultancies shared that, contrary to popular belief, NRIs purchasing real estate in the IT capital have demonstrated, NRIs purchasing real estate in the IT capital have demonstrated a greater preference for mid-range and affordable homes.

Approximately 69% of the NRI transactions made possible by SquareYards.com involved affordable and mid-range housing, which includes apartments under Rs 1 crore. According to Ravi Shankar Singh, Managing Director, Residential Transaction Services, Colliers India, 70% of the unit level demand for real estate consultancy Colliers has been in the range of Rs 1.5 to 2 crore.

Brigade Group’s Desu claims that the class of NRI workers in the clerical and administrative fields is the main source of demand in the affordable and mid segments. With their savings, these workers purchase a 2BHK or a small 3 BHK apartment, which they can either move into when they return to India or use as a rental.

However, C-suite executives like villas and the mid-segment draw techies who typically choose a 3BHK, according to Kranti Alladi, Head of Sales and Marketing at Concorde.

Two main depressants are poor infrastructure and heavy traffic.

The city’s traffic problems and infrastructural problems have been the biggest deterrents for NRI investors, despite Bengaluru’s strong demand and high rental yields helping the city dominate its choices.

“One of the primary deterrents for NRI property purchases in Bengaluru is traffic congestion, which has been consistently identified as a significant concern,” said Rana.

Others concurred. “Purchasing a home in an establishment is another barrier. However, finding inventory at their preferred location presents a challenge, as noted by Garg of NoBroker.

Across the nation, NRI’s interest in the housing market is growing.

In North India, the tale is the same. Approximately 14% of DLF’s total sales in the fiscal year 2022-2023 came from NRI investors, with the GCC, USA, UK, and Singapore contributing significantly to the company’s sales exceeding Rs 2,000 crore. DLF is based in Gurgaon. It anticipates a 20% increase in this fiscal year.

25% of sales (or about Rs 1,800 crore) for the company’s most recent project, DLF Privana South, came from NRI markets, with the US and Canada, Southeast Asia, and the GCC making major contributions. Aakash Ohri, Joint Managing Director and Chief Business Officer, of DLF Home Developers Ltd., told Hindustan Times Digital from Africa, particularly from Tanzania and Kenya, showed interest in the project.

Which hotel chain has the highest market value in India?

Posted on July 24, 2024 by supriya

The report includes a list of the nation’s wealthiest real estate investors. The figures for wealth and value represent a snapshot of May 31, 2024.

“We are extremely proud and honored to reaffirm our long-standing partnership with Hurun India for the 2024 GROHE-Hurun Indian Real Estate 100,” stated Priya Rastogi, Leader, India and Subcontinent, LWT IMEA. The Indian real estate industry has experienced rapid development, propelled by forward-thinking leaders who constantly push the envelope about creativity and quality. The most current rankings demonstrate the adaptability and tenacity of these industry pioneers and their dedication to promoting a progressive and sustainable future for the sector.

We are committed to helping these leaders in their endeavors and are excited to witness the ongoing development of the Indian real estate market. The seasoned professionals have our gratitude for their innovative ideas and brains.”

“The 2024 GROHE-Hurun India Real Estate 100 confirms our prediction of the breakout of Indian real estate brands post-COVID,” Hurun India’s founder and chief researcher, Anas Rahman Junaid, stated. This year’s list of companies saw an impressive 86% rise in their values, adding INR 6.2 lakh crore. This indicates the sector’s dynamic recovery and robust growth.

Government restrictions and slowing demand hinder China’s real estate market. India is quickly overtaking China to become Asia’s real estate capital, outpacing China’s growth rate, with 36 billion-dollar real estate companies in the 2024 GROHE-Hurun India Real Estate 100. India’s market benefits from a growing middle class, rising urbanization, and a youthful population. Furthermore, the Real Estate (Regulation and Development) Act’s (RERA) implementation has improved accountability and transparency, which has increased investor confidence. In contrast, China’s market struggles with excess supply, high debt levels among property developers, and strict government regulations, making India’s real estate sector a more attractive and stable investment destination.

India is experiencing a booming real estate market! Businesses with expertise in residential, commercial, hospitality, and co-working spaces are included in the 2024 GROHE-Hurun Real Estate list of India’s 100 most valuable real estate enterprises. India’s real estate market is booming, largely due to the country’s robust economic growth, expanding middle class, and rising investment. Residential sales are predicted to increase by 10-12% in FY 2024-2025, with the middle class expected to reach 547 million by 2030. An additional $4 billion in foreign investments annually are driving growth.

Although the report offers insights into the real estate sector, the following are some highlights related to the hospitality sector:

In the 2024 GROHE-Hurun India Real Estate 100, Indian Hotels Company, also known as the Taj Group of Hotels, came in third place with a valuation of INR 79,150 crore, indicating a 43% growth.
The Oberoi Group, headed by Arjun Singh Oberoi, came in at number fourteen with a valuation of 28,430 crore, or a 103% growth.
The most valuable hospitality company is IHCL/Taj Group.
Indian Hotels Company, Gera Developments, Oberoi (Hospitality), BCD, Macrotech Developers, and Skyline are among the 100 companies listed in the 2024 Grohe-Hurun India Real Estate 100 with a global presence.
The most significant participant in Delhi’s real estate market is reportedly the Oberoi Group.
Following residential and commercial real estate, the hospitality industry dominated the market. IHCL, Oberoi, and Lemon Tree were three of the top ten companies in the hospitality industry.
Hotel Leela Venture, under the direction of Vivek Nair, came in fourth place with a 140% YoY growth. Ashish Jakhanwala’s Samhi Hotels came in second with a 129% YoY growth, and Patanjali Govind Keswani’s Lemon Tree came in third with a 111% growth.
IHCL is the second-oldest company, founded in 1899; Oberoi Group, founded in 2010, is the fourth-oldest; and Samhi Hotel, founded in 2010, is the ninth-youngest.
IHCL came in fourth place for debt reduction, falling from 1,388 crore in 2022 to 331 crore in 2023, with an overall debt change of 1,057 crore.
With a debt-to-equity ratio of 0.03x, Hotel Leela Venture, Apeejay Surrendra Park Hotels, and IHCL had the second-lowest ratio.
With 13,359 workers, Oberoi Group is the sixth-largest employer in workforce size, followed by Mahindra Holiday & Resorts India in ninth position with 5,262 workers.
Two hospitality businesses from the 2024 GROHE-Hurun India Real Estate List 100 that went public in 2023 were Juniper Hotels and Samhi Hotels.

How come India’s luxury real estate marketing is rebounding?

Posted on July 24, 2024 by supriya

This edition of Forbes India explores everything from the developers creating those opulent homes to building the architectural and design features in these residencies.

The upward trend of premium real estate and equity prices, albeit not necessarily at the same rate, indicates a healthy economy. Among the more liquid investment options, stocks yield higher returns than other asset classes. This enables investors to partially book their profits and reinvest the excess into real estate.

Investors, especially the higher net-worth ones, would be inclined to take some profits off the table as the Sensex from 70,000 to 80,000 in just 58 trading sessions— the fastest 10,000-point gain in its history. A prudent use of those profits would be in luxury real estate, where many properties are available, from lavish apartments and penthouses in brand-new urban towers to villas and vacation homes outside major cities.

Property has seen a renaissance thanks to the rush of liquidity, especially at the upper end. This edition of Forbes India explores everything from the developers creating those opulent homes to designing the architectural and design features in these residences.

According to The Capgemini Research Institute’s 2024 World Wealth Report, there will be approximately 36 lakh high-net-worth individuals in India in 2023. According to the report, these people had net worths of at least $1 million (Rs 8.3 crore) and had an astounding $1,446 billion in wealth in 2023.

Moving up a notch, there were slightly more than 13,200 ultra HNIs (Indians with a net worth of at least $30 million, or roughly Rs250 crore) in 2023, according to Knight Frank’s 2024 Wealth Report. Due mainly to this extremely wealthy group, DLF, the most valuable developer in India, sold Rs 1,500 crore worth of ultra-luxury apartments in the fiscal year 2024.

Apartments in buildings such as Oberoi Realty’s 360 West in Mumbai can cost up to Rs 45 crores, as Samar Srivastava notes in ‘Homes That Last Generations’, page 44. The fact that buyers include billionaire Radhakrishnan Damani, the founder of DMart, and Bollywood star Shahid Kapoor is not surprising.

India’s financial capital is ranked eighth by Knight Frank’s Wealth Report for its price growth for luxury housing. Discover why by taking a laid-back, if slightly rushed, tour of this still-developing city. Chawls and slums are being replaced by ultramodern skyscrapers featuring multipurpose sports courts and reflexology gardens.

For this reason, Maximum City is an essential feature for any real estate developer worth their nine-hole putting (yes, it is included in the amenities package). The Menons, who are part of the Sobha Group, have become the third-biggest real estate group in Dubai, and are featured on the cover of Forbes India for this edition. The patriarch PNC Menon believes Sobha can make “about Rs 100,000 crore over 10 years” in the US, where the tour will next stop.

Then there is Mumbai, where Menon tells Manu Balachandran, the writer of the cover story, “We have to show something India has not seen.” Mumbai is the only city in India where we can repay the money we can afford to spend. Check out Balachandran’s “Brick by Brick” for additional information on the Mumbai— and the US—gambit.

This opulent real estate special offers a lot more. Mexy Xavier and Pankti Mehta visit the ultra-wealthy homes of India’s elite to seize elements that range from the conventional to the glitzy, which frequently mirror the characters of this fashionable group. Benu Joshi Routh also explores architecture and design revolutionizing the concept of luxury living.

Why real estate in Mumbai is so desirable to everyone?

Posted on July 24, 2024 by supriya

After the pandemic, Mumbai’s real estate market reached all-time highs in quantity and cost.

Bengaluru: A 17-acre plot of land in central Mumbai that was formerly home to a textile mill was sold by DLF Ltd. to Lodha Developers Ltd. for Rs 2,725 crore eleven years ago. This year, a developer based in Gurgaon, the largest listed realtor in India, announced that it would be returning to the busiest real estate market in the nation.

DLF and Trident Group, a builder based in the National Capital Region (NCR), are collaborating on a slum rehabilitation project in the suburban Mumbai area.

DLF wants to diversify beyond Gurgaon amid a housing boom if its 2012 decision was to pull out non-core markets to concentrate on its home ground at the beginning of a multi-year residential slowdown. Mumbai would naturally be its first destination.

It propels you to a different scale and price point because you are the financial capital. We finally took the risk after examining opportunities in recent years, said Aakash Ohri, DLF’s group executive director and chief business officer.

In a similar vein, Godrej Properties Ltd. is situated in Mumbai. After assembling a sizable portfolio of projects in the NCR, the company will focus on its home market. The company’s chief executive officer (CEO), Gaurav Pandey, stated, “We have done about seven transactions in Mumbai in the last two years, and we are optimistic because the market has seen good price and volume growth.”

The Mumbai Metropolitan Region (MMR) secured the highest percentage of sales as the housing market recovered and reached all-time highs following the pandemic. Premium and luxury projects have been a major factor in MMR sales. It comes as no surprise that seasoned developers from MMR and beyond want a piece of the action.

MMR is undoubtedly a difficult market to break into. Though the costs are higher than in Bengaluru and the NCR, the profit margins are better. Getting project approvals can be difficult, and finding land can be difficult. Still, it is a market that cannot be disregarded, as Ohri alluded to.

Deliverer from B’lore

Most lenders and institutional investors became cautious about investing in Mumbai, preferring to concentrate on more stable markets in south India, following the non-banking financial company Infrastructure Financing and Leasing Service Ltd.’s repeated defaults in 2018. These events sent shockwaves through the financial services sector.

Developers in Mumbai had the highest level of leverage and NBFCs had the greatest overall exposure to the city’s real estate market. Post-pandemic, that was different. Opportunities for new and experienced developers were presented by the turmoil in MMR that led to the collapse of many developers.

Consider the Prestige Group. The Bengaluru-based developer has acquired the troubled projects in Mumbai from banks, investors, developers, and the National Company Law Tribunal.

With sales in Mumbai of Rs 2,700 crore in 2022-2023, it plans a 25-30% growth this year. “Sales velocity will follow if you choose the locations well and price it sensibly,” stated Venkat Narayana, CEO of Prestige Group. “The demand is good.”

Puravankara Ltd., a different developer based in Bengaluru started its first project in Mumbai in 2021 and is searching for mid-segment and premium acquisition opportunities.

Group CEO Abhishek Kapoor stated that although there are obstacles to overcome before entering Mumbai, there are lucrative opportunities. In Mumbai, the average price realization is at least Rs 15,000 – 25,000 per square foot, whereas in other markets it is Rs 8,000–10,000.

We are accustomed to seeing a lot of building, but Mumbai adds value and margins, and it will play a bigger role in our future growth, says Kapoor.

Many developers currently just want to take advantage of the value that the luxury market offers.

The opulent peak

The year, the prices of the sea-view homes in Lodha Malabar, an under-construction project on Walkeshwar Road in South Mumbai, set a benchmark at Rs 1.5 lakh per square foot.

Private purchasers paid between Rs 250 and Rs 350 crore for several apartments. The biggest developer in MMR is Macrotech Developers Ltd., which offers projects under the Lodha brand. In 2022-2023 the company made Rs 12,064 crore in sales, with Rs 10,000 crore coming from Mumbai alone. Homes costing Rs 5 crore or more account for about 40% of its revenue.

“There is a strong demand for larger, luxurious homes, particularly among families who have always resided in their ancestral homes,” Prashant Bindal, chief sales officer of the company, stated.

There is ample room for high-caliber developers in the premium and luxury segments because there are not enough players in MMR to meet demand. Anuj Puri, chairman of the real estate advisory Anarock Group, said, “It is like a combination of two or three cities within it, and there are discerning buyers who are willing to pay for premium projects.”

Every six months, Mumbai has recorded sales of luxury homes worth approximately Rs 5,300 crore since 2018. That doubled in the first half of 2023, as sales of homes priced at Rs 10 crore and above increased by almost 50% to Rs 11,400 crore, per a July report from Sotheby’s International Realty and CRE Matrix.

The ultra-luxury market, with prices ranging from Rs 40 crore to Rs 70 crore expanded even more quickly.

Developers and analysts predict that the luxury home market will continue to grow. “The way the financial services sector has gained post-COVID has had an immediate effect on buying real estate.” The financial services sector’s post-COVID gains directly affect purchases. According to Amit Bahgat, managing director (MD) and CEO of ASK Property Investment Advisors, the luxury market will grow as wealth is generated.

Competitors?

MMR has the highest sales and launches compared to NCR and Bengaluru. Unsold inventory has increased, but that’s because the rise in launches has surpassed sales, said Pankaj Kapoor, MD of Liases Foras.

Yes, other markets are catching up, especially Gurgaon. A 10,000-square-foot apartment in DLF’s Camellias project on Golf Course Road was sold for RS 100 crores, setting a new price record of Rs 1 lakh per square foot.

Thus, Gurgaon might eventually give Mumbai serious competition, according to DLF’s Ohri.

Mumbai real estate market: Is it possible to lease a home for two to six months in the city of finance?

Posted on July 12, 2024 by supriya

According to brokers, you can rent a property in Mumbai for two to six months, but the landlord might charge more because the lease is only for a short time.

Although a minimum of one year is the ideal time to rent a property in Mumbai, whether it be residential or commercial, there are cases where properties are rented for as little as two to six months.

Real estate brokers claim that although there is no law against property owners renting out their private residences for a shorter time, they must charge a premium rent usually 20% higher than the current rate.

Everything about renting out real estate in Mumbai

Tenants and property owners in Mumbai sign a leave and license agreement. Stamp duty is required to be paid at the time of registering the leave and license agreement. The monthly rental and deposit the property owner charges determines the amount of stamp duty.

The Maharashtra government’s registry office receives and files up to 30,000 signed agreements about leave and license.

Shorter rental terms are subject to higher fees.

Brokers claim that because there are few options in the market, property owners who rent out their apartments for shorter periods typically charge higher rentals.

“If a property is leased for six months, it can bring in either Rs 600 or Rs 700 per month, as opposed to Rs 550 per square foot if it is leased for five years. This is because fewer homes are available on the market for shorter leases than for longer leases, according to Dhiren Doshi, a property consultant with offices in Mumbai.

The property owner has the right to request a higher rent because the apartment is being rented for a shorter period. The premium might, however, slightly decrease if the property owner is looking for a shorter-term lease, he added.

These properties in Mumbai are available for short-term lease.

IMC India Securities Pvt Ltd recently leased approximately 5830 square feet of commercial space in Mumbai’s BKC from Agni Commex LLP for Rs 700 per square foot per month, according to documents obtained by Propstack.

IMC India Securities Pvt Ltd is leasing the commercial space at Maker Maxity 4, an office space in BKC, for Rs 40.81 lakh per month, or Rs 700 per square foot.

Real estate brokers, however, stated that because the rental is only for six months, the rent per square foot is Rs 700, which is more than the typical BKC rent of Rs 500 to 550.

Kirti Sanon closes a Rs 2 crore Alibaug real estate deal

Posted on July 12, 2024 by supriya

Actress Kirti Sanon becomes Amitabh Bachchan’s neighbor when she purchases a premium plot in Alibaug from The House of Abhinandan Lodha. The House of Abhinandan Lodha. Demand for luxury real estate is rising in Alibaug.

Actor Kirti Sanon, a recipient of numerous national awards, bought a home in Alibaug, a beach town. As part of a project by The House of Abhinandan Lodha (HoBAL), the 2,000-square-foot premium plot, which cost more than Rs 2 crore, looks over a sizable green area. Amitabh Bachchan’s new neighbor, Sanon, acquired a 10,000-square-foot plot in April of this year.

High-net-worth individuals (HNIs) looking for luxurious getaways and investment opportunities have recently favored Alibaug as a real estate destination. Its proximity to Mumbai’s developed infrastructure, and beautiful coastal surroundings have contributed to the recent spike in demand for upscale real estate.

For these affluent investors looking to retreat into Alibaug’s real estate market, the recently launched MTHL connectivity further improves connectivity.

According to the plans, HoABL will develop the stormwater and sewage drains, but plot owners will be responsible for building the property by state and local laws. Society for the 20-acre plot where more than 150 plots are sold will be established upon receipt of the Occupation Certificate (OC). The sizes of these plots range from 2,000 to 5,000 square feet. In addition to a natural water stream that runs alongside these plots and shares a plot with the main road, there are two clubhouses.

Kriti Sanon said, “I am now a proud and happy landowner at The House of Abhinandan Lodha, beautiful development, Sol De Alibaug,” about her first investment with HoABL. My experience of purchasing land on my own has been empowering, and I have had my sights set on Alibaug for a while. My search was fairly specific: tranquility, seclusion, and a valuable addition to my investment portfolio. This investment impressed even my father. This opportunity met all the requirements and impressed even my father. This opportunity met all the requirements because it is in a prime location in the center of Alibaug, less than 20 minutes from Mandwa Jetty. The easiest thing about purchasing land from HoBAL was how simple the process was for me. It is the best time to invest in Alibaug.

Earlier this year, Bachchan paid Rs 10 crore for a 10,000-square-foot piece of land valued at Rs 14.5 crore from HoABL.

“The House of Abhinandan Lodha has reached a major milestone with Kriti Sanon’s investment in Sol de Alibaug, further solidifying our position as premier land investors. Her selection highlights the charm of our beautifully designed retreat. The CEO of The House of Abhinandan Lodha, Samujjwal Ghosh, stated, “At HoABL, we are committed to reinventing opulent living, and with Sol de Alibaug, we offer not just land but an unmatched lifestyle.”

Best real estate deal: a Rs 37 crore 12,000 square foot penthouse in Pune

Posted on July 10, 2024 by supriya

Pune’s most costly real estate transaction was the sale of a 12,000-square-foot penthouse, which went for Rs 37 crore. According to a statement from the business, the property is in Lodha One, Bund Garden, a project developed by Lodha, a listed real estate developer. Macrotech Developers is the developer of the property.

Pune has registered 32 luxury apartment deals over the past two years (April 2022), with an agreement value exceeding Rs 10 crore. The highest value was Rs 18.5 crore.

According to a statement from the company, the Lodha One (Bund Garden) penthouse is the most expensive in this segment after registration on RERA, with a price per square foot ranging from Rs 28,000 to Rs 29,000.

Lodha One is the developer’s first luxury project in Pune. The penthouse in the project is called Emperor Palace.

According to the company, Lodha’s decision to implement Bund Garden is a response to this demand and Pune’s growing land shortage.

Three stories make up Lodha One Bund Garden, which offers homeowners a private terrace and a pool. Saint Amand, Lodha’s private hospitality service, provides a range of exclusive services to cater to the needs of its residents. The Singapore-based Sitetectonix firm created it with Lodha’s philosophy in mind.

The tallest tower in Pune Camp is called Lodha One. According to the organization, the centerpiece of the project’s landscape design will be two magnificent banyan trees preserved for 150 years.

Real estate market registrations for properties in Pune

The data provided by real estate consultancy Knight Frank India indicates that the average number of property registrations in the Pune real estate market is between 14,000 and 20,000 units throughout the entire Pune district. Most properties in Pune’s real estate market are registered for between Rs 50 lakh and Rs 1 crore.

For example, according to Knight Frank India data, in March 2024, out of over 21,000 property registrations in the Pune district, 33% were in the range of Rs 50 lakhs to Rs 1 crore; 32% were in the range of Rs 25 lakh to Rs 50 lakh; 14% in the range of Rs 1 crore to Rs 5 crores; and slightly less than 1% in the price range of above Rs 5 crores.

Budget 2024: The real estate industry anticipates legislative changes to expedite procedures and spur expansion

Posted on July 10, 2024 by supriya

Reducing construction costs, granting industry status, and putting in place a single-window clearance system are still the main goals of the policy reforms developers and industry leaders are pushing for.

The Indian real estate market is anticipating changes in the next Union Budget 2024, following periods of strong performance. By 2025, the sector’s share of India’s GDP will likely rise from 8% to 13%. According to the long-term forecast, the real estate market will grow to $1 trillion by 2030.

Prominent industry figures anticipate that policy changes will improve transparency, expedite procedures, and spur expansion.

“NITI Aayog’s Forecast of the Indian real estate industry reaching a market size of $1 trillion by 2030 underscores its favorable long-term outlook,” states Neeraj Sharma, MD, Escon Infra Realtors. The industry anticipates government programs that will reduce the cost of fuel, steel, and cement as inputs. Fulfilling the long-standing requests for industry status and expedited clearance producers would enable developers to apply for loans with lower interest rates and benefit from tax advantages. These actions would significantly improve the sector and encourage further expansion.”

The real estate sector is one of the primary industries that increases GDP. Reducing construction costs, granting industry status, and putting in place a single-window clearance system are still the main goals of the policy reforms developers and industry leaders are pushing for.

Mukul Bansal, MD of Motiaz, “India’s real estate market is expanding quickly due to rising housing demand. Strong expectations exist for the industry to receive industry status and implement a more effective single-window clearance system with the Union Budget 2024-25 drawing near. Fulfilling these enduring requests would invigorate the industry. But high taxes on basic goods like steel and cement have driven up the price of building a house. The 28% on cement is especially concerning because it highlights how quickly policy needs to change to keep up with demand.”

Furthermore, the fact that the real estate industry employs a sizable number of casual laborers and is a major employer underscores the importance of supporting it. The importance of supporting the real estate industry is further demonstrated by the fact that it is a major employer and employs plenty of casual laborers.

“The real estate industry plays a crucial role in driving growth in the Indian economy,” says Trisol RED’s MD, Shorabh Upadhyay. “One of its pressing needs is to obtain industry status.” With this designation, developers would receive lower-interest loans, tax breaks, and other benefits. This kind of support is necessary when finances are tight. Even with a robust rebound in recent years, the industry still needs continuous support from the government to maintain its upward trend.”

“Commercial real estate stands as a pivotal driver of the country’s GDP growth, warranting high expectations from the government ahead of the Union Budget 2024-25,” says Sundaram Group CEO Harsh Gupta. The sector would benefit from easier access to credit and lower financing costs if it were given industry status, which is essential to meet the rising demand for commercial real estate. The industry awaits actions to address the 28% GST on cement and reduce the cost of steel and fuel inputs. Additionally, maintaining momentum and encouraging entrepreneurship in commercial real estate requires establishing a single-window clearance system.”

These steps might accelerate the sector’s growth when combined with incentives for eco-friendly and effective procedures.

Pyramid Infrstructure’s Ashwani Kumar states, “Despite industry optimism, challenges still exist. Prices play a big role in the real estate market, and building new projects becomes more expensive due to high taxes on basic materials like steel and cement. We expect a streamlined approval process and implore the government to address this matter. One of the main industries in the country that creates jobs is real estate, so policies that encourage it will benefit the economy as a whole.”

Enhancing Jaipur’s High-End Properties: The Unique Perspective of Akshat Developers

Posted on July 10, 2024 by supriya

The real estate market in the Pink City is undergoing a dramatic upheaval. Known for its rich architectural and cultural legacy throughout history, Jaipur is becoming a luxury real estate hotspot. A combination of infrastructural improvements, economic growth, and a rise in demand for upscale housing developments are propelling the city’s expansion. This increase is consistent with patterns observed in Indian metropolis, where opulent living quarters are regarded as evidence of comfort and status.

Industry reports state that urbanization, rising income, and changing lifestyles have all contributed to the luxury housing segment’s strong growth of over 30% in India in recent years. Although historically leading this sector have been cities like Delhi, Mumbai, and Bangalore, Jaipur is currently making a name for itself.

Jaipur’s Akshat Developers: Raising the Bar

The skyline of Jaipur has been molded for more than three decades by Akshat Developers, a reputable name in the real estate sector. Under the inspiring direction of Mr. Sunil Jain, MD, Akshat has finished several projects in desirable Jaipur locations. Sawai, their newest product, is a testament to their dedication to excellence and quality.

The Pinnacle of Regal Living: Sawai

Sawai, the project by Akshat Developers, is expected to change Jaipur’s definition of luxury living. Sawai is more than just a residential development; it is a lifestyle philosophy, crafted on the canvas of rich heritage and painstaking reinterpretation of Jaipur’s architecture. It is situated in Jaipur’s esteemed Statue Circle.

Across a spacious five acres, of which one is devoted to green areas, Sawai blends in perfectly with the surrounding environment. The project evokes the spirit of royal living with its expansive landscapes and open architecture reminiscent of Jaipur’s forts and palaces. Sawai comprises five opulent villas and 91 exclusive apartments arranged over 11 towers. Sawai is one of the most prestigious addresses in Jaipur, with unit sizes ranging from 5500 to 8200 sq. ft. and prices between 10 and 15 crores.

The project features a large 32,000-square-foot clubhouse carefully designed to provide an unmatched level of luxury living. Aside from well-kept, patterned gardens inspired by Amber Fort’s Mughal Garden, the amenities ensure each resident requires that every resident’s need is met. With landscape design assistance from P Landscape in Thailand, Sawai was created by renowned architects Mr. Sharad and Ms. Sangeeta Maithel of MA Architects, guaranteeing that every detail embodies refinement and quality.

Sawai’s prime location affords its residents breathtaking views of the Aravalis, the central park, and the cityscape. The development’s abundant greenery inside and outside the building creates a tranquil atmosphere that makes it the ideal getaway from the bustle of the city. Sawai is the perfect example of regal living, with every part of the hotel reflecting the grandeur of Jaipur’s royal heritage while providing contemporary comforts.

Projects like Sawai by Akshat are the bar for luxury and exclusivity as Jaipur develops into a center for high-end real estate. Akshat’s integration of contemporary amenities with conventional design elements creates beautiful houses and a way of life that embodies balance and magnificence. Sawai is more than just a place to live; it is a lavish experience that redefines luxury in the Pink City.

Five things to be aware of when Yamuna Expressway Authority begins selling over 350 plots close to Noida airport

Posted on July 10, 2024 by supriya

These residential plots are close to the Yamuna Expressway and the Noida International Airport. Aug 5, 2024, is the deadline for applications to the program. An allotment of plots will take place via a lucky draw on Sep 20, 2024.

The Yamuna Expressway Industrial Development Authority (YEIDA), encouraged by the success of its residential plots scheme last year, has once again put over 350 residential plots in four different sectors near the future Noida International Airport up for sale, according to officials with knowledge of the situation.

The Authority offers approximately 361 plots in seven different sizes as part of the scheme. August 5 is the deadline for registering for the plot scheme. Plots will be distributed using a luck draw in September.

“Demand has increased across all market segments–residential, commercial, and industrial– as the Noida airport in Jewar is anticipated to commence operations shortly. Because of how quickly the area is developing, people want to live and invest close to the airport. The Authority has introduced a residential construction plot scheme to profit from these variables. The last day to register for the program is August 5, and registrations have already started,” YEIDA CEO Arun Vir Singh stated.

YEIDA conducted a draw for 1,184 residential plots across three sectors earlier in October 2023. For the 1,184 residential plots in YEIDA sectors 16, 17, and 20, as many as 1.4 lakh people submitted applications.

Plot count and location

The scheme document states that these 361 plots are spread across four distinct sectors: 16, 18, 20, and 22D. The Yamuna Expressway, which links Greater Noida with the historic towns of Agra and Mathura, is next to these plots. The proposed Film City, the Eastern Peripheral Expressway (EPE), and the future Noida International Airport are all close to these plots.

Sizes

The residential plots scheme has seven distinct categories in which the plots are available. Along with larger residential plots ranging in size from 500 to 4,000 square meters, the scheme also features mid-size residential plots measuring 120 and 200 square meters. The offerings from the YEIDA include 84 200-square-meter plots, 77 162-square-meter plots, three 200-square-meter plots, and eight 4000-square-meter plots. The plan provides the highest number of residential plots –131—in the 300 square meter range.

The scheme document states that these residential plots will cost Rs 25,900 per square meter. The 162-square-meter plot will cost roughly Rs 41.95 lakh, while the 120-square-meter plot is the smallest and will cost Rs 31.08 lakh. The approximate costs of the 200-square-meter, 300-square-meter, and 500-square-meter mid-size plots are Rs 51.8 lakh, Rs 77.7 lakh, and Rs 1.29 crore, respectively.

According to the document, the price of the large plots, which measure 1000 and 4000 sqm, respectively, will be approximately Rs 2.59 crore and Rs 10.36 core, excluding taxes and preferred location fees. The Yamuna Expressway Authority hopes to allocate these residential plots for a total revenue collection of Rs 343.04 crore.

How will these stories be divided up?

According to officials, a lucky draw will be held on September 20, 2024, to determine the distribution of these residential plots. Interested parties may pay a fee of Rs 600 to download the application form and brochure from Authrotiy’s website, www.yamunaexpresswayauthority.com.

Payment schedules

According to officials, the Authority has implemented three payment plans to facilitate payment plans to ease the payment process for successful allottees. In option one, the entire premium — including the registration fee— must be paid in full upfront within 60 days of the allotment letter’s issuance date.

Option two stipulates that half of the premium, including the registration fee, must be paid within 60 days of the allotment letter’s issuance date. According to the YEIDA scheme document, the remaining 50% must be paid in two equal half-yearly installments, which are calculated starting on the 61st day after the date of allocation, and interest is calculated at the rate of 10% annually.

Option three requires allottees to pay thirty percent of the total premium within sixty days of the allotment letter’s date of issue. The remaining 70% must be paid in ten equal half-yearly installments, with 10% interest per year, starting on the 61st day after the date of allotment.

The Bengaluru lease for the Bagmane property is renewed, and Samsung R&D Institute pays more than Rs 50 crore in rent each year

Posted on July 10, 2024 by supriya

The 4.2 lakh square foot property has a 60-month lease, is situated in Bagmane Goldstone, and is a component of the Bagmane World Technology Centre. Beginning on Jun 4, 2024, Samsung made a deposit payment of Rs 40.4 crore to complete the lease.

The largest software research and development center of Samsung outside of South Korea, Samsung R&D Institute India-Bangalore Pvt Ltd, has extended its lease for five years at a rent of Rs 4.3 crore per month at Bagmane’s IT/ITeS Special Economic Zone (SEZ), which is situated in the Outer Ring Road IT corridor. Propstack, a data and consulting firm, obtained the documents.

The 4.2 lakh square foot property has a 60-month lease and is situated in the Bagmane World Technology Centre’s Bagmane Goldstone building. According to the document, the lease began on June 4, 2024, and the monthly rent will increase by 5% annually.

For the transaction, Samsung paid a deposit of Rs 40.4 crore, and the annual rent is approximately Rs 51.6 crore. The monthly lease payment made by the company for the Bengaluru property is approximately Rs 102 per square foot. SBG Software Private Limited is the property’s owner, and the company is leasing the space over 11 floors.

The document indicated that the leased property has 10 exclusive elevators and 562 parking spaces in the building.

Samsung did not respond to inquiries sent to it.

Samsung R&D Institute is the name of the conglomerate’s largest research and development facility located outside of its home country of South Korea (Samsung R&D Institute (SRI-B) is the name of the conglomerate’s facility that operates outside of its home country of South Korea.

The documents indicate that the company leased the space in February 2019. The Bagmane WTC Park has a built-up area of 6 million square feet on 52 acres of land.

A subsidiary of Redbrick Offices pays Rs 267.5 crore for 22 office spaces in Mumbai

Posted on July 10, 2024 by supriya

Including both transactions, the built-up area acquired at the Times Square building in Mumbai exceeds 87,000 square feet. According to the documents, the buyer has paid a total stamp duty of Rs 8.02 crore for these transactions.

Documents viewed by CRE Matrix, a real estate analytics platform, show that Red Fox IT Infra LLP, a subsidiary of managed workspace provider Redbrick Offices, paid roughly Rs 267.5 crore in two separate deals for 22 office units in the Times Square building at Marol in Mumbai.

Including both transactions, the total built-up area acquired exceeds 87,000 square feet. According to the documents, the buyer has paid a total stamp duty of Rs 8.02 crore for these transactions.

The total number of parking spaces from the two agreements is 88, it was added. We bought the office buildings from NTPL Developers LLP.

Documents show that the first deal, in which Red Fox IT Infra LLP paid Rs 218.9 crore to buy up to 18 office units in the Times Square building in the Marol neighborhood of Andheri East, Mumbai, was executed on May 3, 2024.

The purchaser of the 72,150 square-foot deal paid a stamp duty of Rs 6.56 crore. There are 73 parking spaces included in the accord.

For Rs 48.54 crore, the company paid for as many as four office units on the sixth and eighth floors of the Times Square building during the second deal. These four office spaces total 15,468 square feet in built-up area, and the purchase includes 15 parking spaces.

The sale deed for this deal was executed on May 8, 2024, and Red Fox IT Infra LLP paid a stamp duty of Rs 1.45 crore, per the documents.

The buyer and seller of the deal were slow to respond. Upon receiving a response, the copy will be updated.

High-profile business transactions in Mumbai

Mumbai has recently seen several high-profile commercial real estate transactions. In June, the Kalpataru Infinia building in Santacruz East, Mumbai, was bought by ICICI Prudential Asset Management Company Limited for Rs 315 crore.

In the same month, Santacruz East in Mumbai saw the purchase of multiple floors in a commercial building totaling over 70,000 square feet by Unity Small Finance Bank, which is owned by Centrum Group and BharatPe, for a sum of Rs 227 crore.

In June 2024, Bollywood star Amitabh Bachchan paid approximately Rs 60 crore for three office units in Mumbai’s Veer Savarkar Signature building.

The Fort area headquarters of Tata Digital Private Limited (TDPL), a subsidiary of Tata Sons Private Limited, had its lease renewed in May 2024 for a monthly rental of Rs 2.98 crore.

The importance of green certifications in Indian commercial real estate

Posted on July 9, 2024 by supriya

According to McKinsey, commercial real estate contributes 40% of global carbon emissions. There is, however, a beacon of hope: green building certifications.

Though there is a worrying environmental shadow associated with India’s commercial real estate boom– according to McKinsey studies, the sector contributes an astounding 40% of global carbon emissions– there is cause for optimism: green building certifications serve as guidelines for creating environmentally friendly workplaces that will help Indian businesses and the environment grow sustainably.

Energy Efficiency

Envision offices well-lit by natural light, furnished with energy-efficient appliances, and managed by intelligent technology that maximizes energy consumption. These are made feasible by green buildings. Consider the Infosys campus in Hyderabad, the world’s first IT SEZ building to receive the LEED Platinum certification. Its distinctive double-skin facade reduces heat gain and optimizes natural light, greatly reducing energy use.

Water Conservation

Green buildings handle water like a precious commodity. They use water-saving landscaping techniques, low-flow faucets, and rainwater collection for irrigation. Rainwater harvesting is used by its Green Centre in Gurgaon, the nation’s first LEED Platinum-rated building, to meet all its landscaping needs.

Sustainable Materials

The building materials of an office have a big effect on the environment. Green certifications encourage people to utilize recycled sustainable, and locally sourced materials to lower transportation-related emissions. A prime example is the World Trade Centre Noida, the first commercial building in India to receive a LEED Gold certification. It was built with minimal environmental impact using fly ash and recycled steel.

Green buildings have many advantages that go well beyond protecting the environment. They result in observable financial gains for companies. Utility bills decrease as a result of less energy and water used. Furthermore, tenants are very interested in renting out green buildings due to the growing number of environmentally conscious consumers. For building owners, this means increased rental income and property values. Reputable corporations like GIC, Blackstone, and Brookfield have recognized this trend and are prioritizing their office buildings’ green certifications.

There are further benefits to green buildings:

Strengthened Reputation:

Accompany’s brand image and reputation are strengthened by its commitment to sustainability through green certifications.

Future- Proofing:

As environmental laws change frequently, green buildings make it easy to comply with their new requirements.

Technology is further revolutionizing green buildings:

The Smart Joules system automatically adjusts energy consumption based on occupants and time of day.
Intelligent Water Management: Water helps identify leaks, promotes water-saving practices amongst employees, and utilizes IoT technology to detect and address water leakages efficiently.
Employee Well-Being: Caleedo uses technology to monitor temperature and air quality, creating a comfortable and healthy work environment that improves employee well-being.
Wireless Security Solutions: Organizations such as Spintly provide wireless security systems, which do away with the construction waste that comes with conventional wired systems.

The need for healthy work environments and the welfare of employees is growing, especially for foreign businesses looking to lease office space in India. Grade A office buildings are adopting this innovation due to this trend. Leaders in the industry understand that adopting green practices is not only wise for the environment but also prudent for business.

Developers and investors can design and operate environmentally friendly offices by embracing PropTech solutions and green building certifications. These green procedures save money, draw premium tenants, and guarantee long-term success. This dedication to sustainability will influence how offices are built in India going forward, opening the door to a more environmentally friendly and healthful future for all.

Why do wealthy Indians own the most real estate in London?

Posted on July 9, 2024 by supriya

High and ultra-high-net-worth individuals (HNIs/ UHNIs) from India have long favored London as a foreign real estate investment destination. The clientele has evolved from industrialists and Bollywood celebrities to Indians who want to invest in London’s real estate market for their children who are going to be attending university there.

One of the largest groups of property owners in London is comprised of Indians. According to Akash Puri, Director of International at India Sotheby’s International Realty, “Some are students and families who buy homes while traveling to the UK for education, others are UHIs with vacation homes abroad, and others have lived in the UK for generations.

These days, the cost of real estate in London is similar to that of Mumbai and Delhi at home; a 1BHK unit costs Rs 3.2 crore, while a 3BHK costs Rs 5 crore and more. Rich Indians have a few favorite spots in London, including Oxford Circus on the west side of the city and Mayfair and Marylebone in the city’s center.

Important complete factors

Wealthy Indians are drawn to London as a destination for real estate investments for multiple reasons, according to an expert who spoke with HT Digital. According to them, the city offers possibilities for business growth, steady capital growth, currency diversification, effective taxation, a good standard of living, and residence options through real estate investments.

“Investing in a property on the outskirts of London makes more sense than paying exorbitant rents for an extended period, and we wanted to secure a safer, higher-quality future for our children,” stated a couple who recently made their purchase.

“Real estate prices in the region have continued to grow in the past few years, despite Brexit, which was expected to disrupt London’s prominence as a property market,” stated Vivek Rathi, head of research at property consultancy Knight Frank India. He said that London’s liberal culture and reputation as a center of high-quality education are other advantages.

Indians are also purchasing real estate in London due to the consistent capital growth and rental yield caused by a supply-demand imbalance.

Demand for housing in London is higher than supply, with a typical 35% shortfall. The city remains resilient despite economic challenges because of this disparity. HNIs have invested in London for the past few years due to the city’s favorable property prices and stamp duty holiday for buyers.

There are ultra-rich Indians who view owning prominent properties in desirable cities like Mumbai, New York, and London as a matter of prestige and status.

This is how the figures add up.

A Knight Frank report states that in 2023, the number of ultra-high-net-worth individuals in India increased by 6.1% annually, outpacing the global average growth of 4.2%. A person with a net worth of at least $30 million is considered ultra-high net worth.

“Wealth transfer to foreign destinations is likely to increase as the number of NHIs and UHNIs in India increase, and this should find expression in London’s property market,” Rathi said.

According to the report, residential real estate accounts for about 32% of the wealth of India’s ultra-rich, with 14% of that property situated outside that nation. In 2024, about 12% intend to buy a new house.

According to a survey conducted by the consultancy, when asked which nations or regions have high net worth individuals would most likely invest in real estate, as many as 47% of UHNIs from India stated that they would want to buy a property in the UK, 41% in the UAE, and 29% in the US.

UK-based Indian developers

Due to the various benefits that the UK property market offers, several Indian developers have made an effort to include London in their global portfolio.

As Macrotech Developers, the Mumbai-based Lodha Group entered the London market in 2013. It proceeded with two residential developments in the downtown area, No. 1 Grosvenor Square in 2017 and Lincoln Square in 2016.

A more recent example is the $200 crore investment made by commercial real estate investment platform Property Share into the UK’s warehousing industry. The advantages of the location will allow the company to expand its operations further into the city.

Marquee clientele

Numerous powerful businessmen, such as Neeraj Kanwar, Lakshmi Mittal, Ravi Ruia, Mukesh Ambani, and the Hinduja brothers, are known to own real estate in London.

Adar Poonawalla, the CEO of Serum Institute of India, reportedly paid Rs 1,446 crore for a 25,000 square-foot Mayfair mansion, making it the most expensive house in London in 2023.

However, there are rumors that Mukesh Ambani owns Stoke Park, a 900-year-old hotel outside of London. There are thirteen tennis courts, fourteen acres of private gardens, and a 27-hole golf course on this 49-bedroom estate. According to reports, the billionaire purchased the hotel for 57 million pounds, or Rs 529 crore, in 2020.

Section 106 of the Transfer of Property Act: Important Information for All Property Owners

Posted on July 9, 2024 by supriya

Section 106 of the Transfer of Property Act (TPA) governs lease termination to ensure a good landlord-tenant relationship. By serving a lease termination notice, the section gives owners the legal ability to reclaim possession of the property. Propertywala provides a template notice to vacate the premises and explains the legal responsibilities of owners and tenants under section 106 of the TPA.

Tenancy and ownership obligations are also well-served by the Transfer of Property Act (TPA), which handles property transfers and related issues. The owner has the legal right to specify the conditions of the lease and, if necessary, to issue a notice of vacuity under Section 106 of the TPA. An example will help us better understand it:

Landlord Mr. Rajendra Gupta is the owner of multiple rental properties. He returns to one of his stores one day to launch a new venture. But for the next three years, Mr. Ramesh, who has been operating a salon, has been in charge of the home. Mr. Gupta must now give written notice that he is leaving the property for his use. The process can be carried out easily by adhering to the guidelines provided in TPA Section 106. This article will explain the purpose of TPA Section 106 and what should be included in a formal notice to the tenant.

Section 106 of the Transfer of Property Act:

Section 106 of the Transfer of Property Act of 1882 governs the duration of certain leases in the absence of a contrast. In this section, the lessor or leases of immovable property shall serve a six-month notice period. This section applies to properties that are used for manufacturing and agriculture. To lease real estate for any other purpose, the lessor or lessee must serve a 15-day notice. The notice, which must be in writing and indicate the tenant’s intention to end the lease, must be sent by the day the tenancy is about to expire.

An illustration of a notice under Section 106 of the Transfer of Property Act

When drafting a notice under section 106, owners or legal counsel must include pertinent details. The notice must contain specifics like the date of the notice, the party’s name, a description of the property, the terms of the lease, and the date of termination. Here is an example of a format.

[Owner’s name]

[Owner’s address]

[City, State, PIN code]

[Date]

[Tenant’s name]

[Tenant’s address]

[City, State, PIN code]

Dear [Tenant’s Name],

Subject: Termination of tenancy for [Property address]

This notice informs you that your tenancy at [Property address] will end as of [Termination date]. Kindly leave the property by the specified date.

I appreciate your cooperation.

Sincerely,

[Owner’s name]

[Signature]

Decision of the Supreme Court regarding Section 106 of the Transfer of Property Act

Nand Lal and Jitendra Rai had an oral rental agreement with a public trust headed by Shri Ramanand for two shops. After the tenants stopped paying rent, the trust sent lease termination notices by Section 106 of the Transfer of Property Act. The trust filed an appeal, but the court dismissed it because it was not registered under the Rajasthan Public Trust Act. The court’s initial appeal decision went against the trust, underscoring the significance of the trust’s registration.

Afterward, the Supreme Court granted the appeal against the decision made by the lower court. The suit could proceed because of the trust’s later registration, even though it was initially barred because of its unregistered status. In favor of the trust, justice was done when the case was sent to the Trail Court for a merit-based decision. This case emphasizes registering and utilizing Section 106 of the TPA when terminating a lease.

In conclusion, Section 106 of the TPA of 1882 establishes clear communication regarding lease termination. Safeguarding the interests of the landlord and the tenant and preventing disputes, makes the transaction go more smoothly. To prevent misunderstandings, tenants should receive a written notice that includes all the details of their lease. Property owners must understand the legal authority and provisions outlined in Section 106 of the TPA to manage tenants effectively. The purpose of these laws is to prevent potential problems and encourage a better landlord-tenant relationship.

Bangalore’s real estate: These are the top 5 neighborhoods for techies to rent in the city

Posted on July 5, 2024 by supriya

Techies, good news! MK Stalin, the chief minister of Tamil Nadu, recently announced plans to build a new airport at Hosur, which could help Bengaluru’s Electronic City.

Tamil Nadu Chief Minister MK Stalin recently announced the construction of a new airport in the border city of Hosur, located 40 km from Bengaluru and only 25 km from the city’s tech hub, Electronic City. This development is good news for Bengaluru’s IT professionals, especially those who have made their home in the southern part of Electronic City.

For those who do not know, Kempegowda International Airport in Bengaluru is more than 60 km from Electronic City. The commute from Electronic City to the airport currently takes one to three hours.

Various IT professionals are employed in Hosur’s Electronic City, which offers faster internet and more reasonably priced housing than many other Bengaluru neighborhoods.

A local broker recounted a recent experience in the property-starved market of IT hub Bellandur in Southeast Bengaluru: “A couple that wanted to move from Electronic City to Bellandur had to pay Rs 5,000 more than the initial rental price cited for a 2 BHK because of high demand.

According to Saurabh Garg, the founder and chief business officer of NoBroker.com, rentals have increased in some of Bengaluru’s well-known IT hubs due to a mismatch between supply and demand.

These are five Bengaluru real estate hotspots that are well-liked by the city’s IT workforce.

Bellandur

Sarjapur Road borders Bellandur, a well-known IT hub in South East Bengaluru, to the South, and the HSR Layout borders it to the west. Numerous massive corporations call it home, including Wells Fargo, Adobe India, Linkedin, Intel Technology, and Adobe.

Bellandur offers a good selection of contemporary apartments and gated communities, with projects from prominent real estate companies like Prestige Estates, the Embassy Group, and Sobha Ltd. The region also benefits from the presence of multiple coliving brands.

“But it is hard to find good options and the rents are too high,” an Amazon India employee who lived in the neighborhood said.

According to NoBroker data, the average rental price of a two-bedroom apartment in Bellandur is currently Rs 40,000. According to local brokers, rents in this area have increased by 20% in the last 12 months. They attributed the sharp rise to a shortage of land parcels and a supply constraint.

Whitefield

Whitefield is a posh IT and residential district located on Bengaluru’s eastern outskirts.

The average cost of a residential property in this area is currently Rs 10,850 per square foot, based on data available on 99 acres. A 1-BHK apartment can set you back anywhere between Rs46.25 and 87.50 lakh.

According to NoBroker, the average rental price for a fully furnished 1 BHK is Rs 28,000, while a 2 BHK can be rented for Rs 35,000. According to the Proptech unicorn, Whitefield rent increases have been between 7 and 10% since the Purple Line metro opened for business in March of this year.

Real estate companies based in Bengaluru, and those from other cities have placed bets on the Whitefield market with several projects, such as Godrej Properties, Prestige Estates, Sumadhura Group, and Sobha Ltd.

Marathahalli

Marathalli, an East Bengaluru residential neighborhood on the Outer Ring Road, is highly sought-after because of its advantageous 8.6-kilometer proximity to Whitefield.

As per NoBroker, the current average rent in Marathalli for a 2BHK apartment is Rs 32,000. A local broker stated, “Yet, land in Marathalli is not available for upcoming projects.” He said that prices have increased by 10% to 15% annually.

According to Propertywala, this neighborhood’s average price per square foot for real estate transactions is currently Rs 9,151.

Electronic City

Local real estate brokers in the South Bengaluru tech hub report a 10-15% increase in rentals year over year.

The price increase in this location cannot be compared to other areas because of the large amount of unsold inventory, according to Kiran Kumar, vice president of Hanu Reddy Realty. He stated, “The share held by apartment landlords is also declining due to the availability of multiple options for paying guests.

A 2-BHK apartment in Electronic City is currently for rent for an average of Rs 28,000, according to NoBroker.

Hennur

Hennur in North Bengaluru has become increasingly popular with IT professionals in the IT city as a preferred residential area after the COVID-19 pandemic. Six kilometers separate it from the well-known Manyata Tech Park.

According to Kumar, property values in this area have increased by 10% to 15% over the past 12 months. He also mentioned to expect a greater demand for 2 and 3 BHKs in this area.

According to Square Yards, a 950-1,200 square foot 2 BHK unit in Hennur currently rents between Rs 32,300 – 40,000. A 1,250- 1,630 square feet 3BHK rents for Rs 43,100 -55,600.

The Kempegowda International Airport is located in North Bengaluru, while Hebbal is 25 kilometers away.

According to Propertywala the average residential property rate in Hennur is $10,850 per square foot.

Gurgaon and Dwarka are leading the premium real estate boom, with prices rising by up to 53%

Posted on July 5, 2024 by supriya

The average capital values of completed and under-construction properties in Gurgaon reached a new high of 30% and 37%, respectively, with year-over-year growth recorded at the city level.

According to an analysis by global consulting firm Savills India, the top-performing micro real estate markets in the nation are New Gurgaon and Dwarka Expressway, with average capital values of under-construction properties growing by 34% and 53%, respectively, annually over the past year.

The consulting firm also noted that due to the rise in “work from anywhere” or remote working and relatively high rental yields, North Goa, the second home location, saw a sharp increase in villa prices of 28% over the year.

The average capital values of completed and under-construction properties in Gurgaon reached a new high of 30% and 37%, respectively, with year-over-year growth recorded at the city level. The average capital value of residential plots increased by 43%, the Dwarka Expressway saw the biggest price increase.

In Noida, the average capital values of completed and under-construction properties saw notable annual increases of 29% and 30%, respectively. Sector 150 in Noida had the largest growth in capital value for properties still under construction, a growth of 43 percent annually.

With an annual growth rate of 43%, the sector 150 micro market has the biggest increase in capital value among properties still under construction.

The average capital value of luxury floors increased by 16 percent annually in Delhi. With luxury floor prices rising by 27% annually, South-East Delhi saw the largest price appreciation. The South-West, which saw a year-over-year increase of 21%, comes next.

At the city level, the average capital values of residential plots increased by 25% annually. The micro-markets in the South-Central and South-West regions drove this trend, registering the highest YoY growth rates at 29% for each.

“As new launches offered newer amenities and configurations, the under-construction projects in the top 3 cities of Delhi, Gurgaon, and Noida witnessed higher price appreciation of up to 30% over the year compared to ready properties.” The premium housing market is experiencing strong demand, as evidenced by the ongoing price movement. Savills India claims that the RBI’s decision to keep interest rates unchanged for the sixth consecutive time is another element bolstering the rising demand and should support the expansion of the residential market.

Price patterns:

In Mumbai, the increase in capital values for properties still under construction is greater than that of ready properties, which saw a 3% year-over-year rise, and under-construction properties saw a 5% YoY increase.

The capital values of Central Mumbai and Western Suburbs (others) experienced a noteworthy YoY increase of 12% -21% due to new launches at prices exceeding the current market average.

The demand for the luxury segment saw notable growth in the market.

The growing trend of hybrid working, particularly among professionals in the financial services and legal domains, made larger spaces in bungalows and premium residences more desirable.

Bengaluru

Capital values in Bengaluru’s upscale residential market increased by 5-6% YoY during the year. Due to strong demand and higher prices for newly launched projects, under-construction projects experienced higher growth, averaging 7.2% YoY, compared to just completed projects that saw an increase of roughly 5.2% YoY.

After East Bengaluru, which grew by 6.2%, Central Bengaluru saw the largest increase in capital values of completed projects, at 7.5%.

The main drivers of capital appreciation in these markets have been the completion of the new metro route in Eastern Bengaluru and the high demand from HNIs in Central Bengaluru.

North Goa

North Goa’s average capital villa values increased by a major 28% year-over-year increase. Due to its high rental yields, growing appeal for gated villas, and demographic shift towards younger, lifestyle-focused buyers, it is becoming increasingly popular among homebuyers as a second home location, which is why prices have increased.

The market is seeing a trend of young professionals relocating to Goa, particularly from big cities like Bengaluru, Delhi, and Mumbai. These professionals frequently pursue better work-life balance as digital nomads or in creative industries.

Gated villas in coastal belt areas like Anjuna, Arpora, Baga, Calangute, Candolim, and Vagator were preferred by buyers.

The availability of villas in North Goa has drastically changed due to growing land prices. Over the previous five years, the typical size of a villa has decreased by nearly half, from 5,400 square feet to 2,700 square feet.

The following were the main trends these cities saw all year long:

Mumbai

Rental values increased in all micro-markets, with estimates ranging from 3% to 8% year over year. The pent-up demand for rental properties brought on by the city’s abandoned building redevelopment can be partially blamed for the increase in rental values.

The market grew as more and more end users began considering renting larger homes in amenity-rich projects.

Real estate near metro stations saw a sharp rise in rental values. The convenience of a quick and reliable commute to major business hubs and entertainment districts is highly sought after by homebuyers.

Bengaluru

Premium residential developments in South and North Bengaluru witnessed a notable 3% year-over-year increase in rental income. The rate of premium property growth in East and Central Bengaluru was also 2% YoY.

Delhi

At the city level, rental values rose by 31% YoY in H1 2024.
The Central 1 micro market saw a 36% year-over-year rent rise, while the South-Central micro market saw the largest annual at 38%.

Gurgaon

The average rental rate increased by 18% YoY in the city.
The two roads with the largest rental increases were Golf Course Road and Dwarka Expressway, with 19% and 28% YoY growth, respectively.

New launches across key cities:

There were 1,300 new luxury apartment launches in Delhi in H1 2024, an X4 increase.
In H1 2024, Gurgaon saw a 1–2X increase in new launches, totaling roughly 9,500 luxury units.
Noida has seen a significant increase in newly constructed luxury apartments, with an expected 2,200 units added in H1 2024.
With 5,632 new units introduced, Bengaluru’s premium segment experienced a 156% year-over-year growth in H1 2024. 23% of new launches occurred in North Bengaluru and 55% in East Bengaluru.

“Buyer confidence was high in the first half of 2024, with investors showing a preference for recently launched properties and end users looking for properties ready for them to move into. Buyer and tenant demand for older developments in grade A corridors increased. Large balconies and green spaces improved the sales velocity of villas and apartments. More attention was also paid to the 4-BHK in the luxury market, which is relevant to both primary and secondary markets. A growing number of new developments in Delhi and Gurgaon indicates a rising need for luxury homes. Shveta Jain, Savills India’s Managing Director of Residential Services. “It is noteworthy that picky purchasers also pursued green buildings, indicating an increasing desire for high-end, eco-friendly living beyond conventional conveniences.”

India’s atrocities are writing a new chapter in the real estate growth story: Report

Posted on July 5, 2024 by supriya

India is witnessing a surge in the popularity of atrocities, in line with global trends. They are emerging as early indicators of the modern Indian urban lifestyle, conceptualized as sub-urban areas centered around the airport.

Atrocities, fully operational business districts centered around airports, are a new phenomenon that urban India is witnessing. According to the most recent report prepared by 360 Realtors and Axon Developers, there are nine Aerocity projects across 14,000 acres of land in the nation.

India has about 22%, or 3050 acres, of operational Aerocity land. There are activities in Delhi, Hyderabad, Mohali, and Durgapur. A little over 18%, or 2585 acres, of Aerocity land, is currently under development and should soon be available for purchase.

Several projects are currently under construction, including a 150-acre project close to the recently opened Valmiki International Airport in Ayodhya, a 463-acre mixed-use project close to Devanahalli Airport, and the 172-acre Aerocity project close to the soon-to-open Jewar Airport.

The 740-acre Aerocity project, located close to the Navi Mumbai International Airport, is currently under full construction. Together with CIDCO, Adani is developing the project.

The UP state government has announced several important projects, including constructing a 1500-acre cityside development next to the Lucknow airport.

The world was first exposed to Aerocities in the 2000s, when self-sustaining urban ecosystems were created near airports in Singapore, Kuala, Lumpur, London City, Dallas, and Dubai. These thriving business districts began to change as parallel central business districts, reshaping the city’s development.

During the 2010 Common Wealth Games, India had its first Aerocity close to IGI Airport. Currently one of the most sought-after neighborhoods in the NCR, it is a 200-acre community that runs parallel to Cyber Hub, Golf Course Road, and Vasant Kunj. There are 15+ upscale hotels located in the GMR Aerocity. Aerocity is home to more than 100 of the top fast-food chains in addition to plenty of specialty shops, high streets, and lifestyle merchants. At MOPA (232 acres) and Hyderabad (1500 acres), GMR is also building other upscale Aerocities.

Capturing the interest of both large and new companies

Atrocities are signs of the contemporary Indian way of life. “The original plan for Atrocities was to serve as commercial transit hubs for domestic and foreign travelers. Over time, however, they have developed into fully operational commercial suburbs with several upscale hotels, chic retail establishments, fine dining establishments, affluent office buildings, etc., making them a popular destination for tourists and locals. According to Ankit Kansal, MD of 360 Realtors, “They also include logistic parks, business parks, e-commerce warehousing, etc. functioning as commercial catchments.”

There are 200-1500 acres of atrocities in the airport’s immediate vicinity (usually 1-3 km from the main airport premise.) Businesses, MNCs, and corporations are keen to locate their regional or corporate headquarters in the Aerocity region. Not only does it reduce travel expenses, but it also gives companies access to elite talent. Atrocities provide a comfortable yet laid-back environment for idea sharing, business networking, and semi-formal get-togethers; these events are quickly gaining popularity among startups and established companies,” continues Kansal.

Expanding Transition to NAR

Airport operators are increasingly moving toward Non-Aeronautical Revenues (NAR). Large sums of money must be invested in the development and operation of airports; parking and hanger fees, airline fees, and passenger fees alone will not cover these costs. Therefore, to create new revenue streams, airport developers and operators seek opportunities in several potential sectors, including food and beverage, lifestyle, hospitality, destination marketing, real estate, etc.

The pandemic has further highlighted how crucial it is to diversify sources of income into fresh, workable ideas. Nearly 60% of the global share is made up of NAR. It is still low in India, except for larger airports like Delhi (60%) and Mumbai (55%). It is restricted to about 15-25% in smaller airports. But times are changing, and given their attractive real estate opportunities, Atrocities will be important.

A bustling hub for the hospitality sector

With the increasing connection of luxury hotels, upscale hotels, corporate guest houses, long-term rental projects, serviced apartments, etc., atrocities are a hive for the hospitality industry. The total number of branded rooms in Atrocities is estimated to be around 5,500, according to data from a 360 Realtors study. It is expected to reach approximately 12,000 by 2030, with a compound annual growth rate of 16.9%.

There are about 4,000 rooms in Delhi Aerocity alone and a large pipeline of about 3,000 more rooms. The Bangalore Aerocity has a large pipeline with approximately 2500 rooms. In Hyderabad Aerocity, a 290-room Novotel hotel is operational. Boston Living is building a posh co-living complex with 1500 beds nearby. When the Hyderabad Aerocity is finished, it will rank among India’s biggest real estate developments.

Prominent areas near Jewar International Airport with room to grow

Posted on July 5, 2024 by supriya

Despite construction delays, one of the innovative projects that has altered the NCR skyline is the Noida International (Jewar) Airport. Once it’s operational, real estate goldmines like Noida, Greater Noida, and Yamuna Expressway will certainly take off. This list of the top communities that Jewar Airport will benefit from can be used by investors hoping to take advantage of this opportunity.

The operational timeline of the Noida International Airport, also known as the Jewar Airport, was recently pushed back, moving from the final quarters of 2024 to April 2025. The demand for real estate in Jewar’s surrounding areas is nevertheless persistently high due to the excitement surrounding this significant development. New residential developments are being dotted throughout the planned cities of Noida, Greater Noida, and Yamuna Expressway, as they attempt to capitalize on this situation. But as buyers, which neighborhoods should be our top priorities given the size of these cities?

Top 5 areas where Jewar Airport will be beneficial

Here is a list of the top five locations to invest in close to Jewar International Airport, based on factors such as the availability of residential stock and the potential for price appreciation brought about by additional upcoming developments.

Jewar, Greater Noida

Jewar is a suburban area only 2 km from the Yamuna Expressway. It is home to the notorious Dau Ji Mela and will soon be the location of the Noida International Airport. One of the main factors influencing buyer sentiment in this situation is connectivity, whether it be via road or air.

Other options are available to Jewar residents via the NH-334DD, which goes through the region.

The Noida Airport Rapid Metro corridor will also run through the area once the Jewar Airport is operational, linking it to the Delhi area’s Indira Gandhi International Airport, And that is not all! Other improvements to connectivity will improve Jewar’s vicinity, including:

The proposed 28-kilometer expressway from Jewar Airport to Kalindi Kunj in Delhi will connect Chola to Palwal Station via the new railway line.
An expected 28-kilometer expressway would run from Delhi’s Kalindi Kunj to Jewar Airport.

Property prices in Jewar have increased by 25% in the last few years as the many civic projects currently under construction. The residential inventory here is dominated by plots and land parcels, with an average plot rate of Rs 2,200 per sq ft currently found in Jewar.

This is comparatively cheap when you look at some of the larger nearby areas, such as Noida or Greater Noida.

Regarding the accessibility of fundamental facilities close to Jewar Airport, a few of the options that are within 3 km of the location are as follows:

Pragyan Public School
Blue Bird Public School
Kailash Hospital
Assaka Hospital
Amba Mall

The Yamuna Expressway’s Sector 22D

Situated on the Yamuna Expressway, Sector 22D is a rapidly developing residential hub and just a half-hour’s drive from the future Jewar Airport. The availability of well-known developers offering residencies at various costs draws prospective buyers to this neighborhood.

For example, investors seeking high-rise properties in recently launched projects might consider high-end developers such as Ace Group. However, Sector 22D Greater Noida provides ready-to-move-in flats by Supertech Builders, Orris Group, and Authority Flats by Yamuna Expressway if you want instant possession. A wide range of planned developments are also available to purchasers; the majority of these are governed by the Yamuna Expressway Industrial Development Authority (YEIDA).

At the moment, the average cost of real estate in Sector 22D is approximately Rs 8,300 per square foot for plots and lands, and approximately Rs 8,100 for apartments. However, Sector 22D Yamuna Expressway is regarded as one of the best areas to benefit from Jewar Airport for reasons other than the fact that apartments are readily available close to the airport.

Dankaur, Greater Noida

Another neighborhood, Dankaur, is only a 30-minute trip from Jewar Airport and provides prospective homeowners with several reasonably priced house options. In Dankaur, residential resale plots are widely available for Rs 11 lakh and above, with an average selling price of Rs 2,200 per square foot.

Since the Yamuna Expressway primarily facilitates connectivity near Jewar Airport, communities like Dankaur rely on this stretch for their commutes to Noida and Greater Noida. The Surajpur Industrial Area is only a 20-minute away. So Damnkaur homeowners can benefit from year-round rental advantages. Dankaur has many social amenities available, all within a 10-kilometer radius. Here, some of the most popular amenities are:

Situated on the Yamuna Expressway, Sector 22D, Greater Noida provides excellent access to neighboring social amenities. For example, the locality is only 8 km from Galgotias University, Noida International University, Krishna Hospital, and other places. The Sector 148 Metro Station on the Noida Aqua Metro Line is another alternative commute node; it is a 23-minute drive.

Educational Institutes	Healthcare Institutes	Recreational Spots
Gautam Buddha University	Shri Banke Bihari Hospital	Dhanauri Wetlands
N.S.P.D Public School	Kalash Hospital	Yamuna City Mall
Udai Public School	Guru Dayal Hospital	Sector-22B Shopping Center

Sector 150, Noida

A little further out of the suburbs, Noida’s Sector 150 is another excellent area that takes advantage of Jewar Airport. Despite being 45 km away, the proposed airport is readily accessible by car in 40 minutes because of Yamuna Expressway’s constant connectivity. The Noida-Greater-Noida Expressway and the Sector 148 Metro Station (Aqua Line) are two more important commuter hubs in this area.

The neighborhood has a great location advantage in addition to connectivity, as major business and commercial hubs like Sector 135, Sector 142, Sector 144, and Sector 153 Noida are only 14 km away. The neighborhood’s nearly 80% green open space content contributes to its overall liveability.

Combine this with the availability of renowned builders that provide contemporary, high-rise luxury homes, such as Godrej Properties, ATS Group, Eldeco Group, Mahagun Group, and others. However, what kind of appreciation in property value can buyers anticipate from this busy neighborhood? The flat/apartment rates in Sector 150 Noida and its historical price appreciation history are displayed in the table below.

Locality	Average Apartment Price	Price Appreciation in the 1 year	Price Appreciation in the last 3 years	Price Appreciation in the previous five years
Sector 150, Noida	Rs 10,700 per sq ft	27%	89%	98%

There is more! The extensive array of social amenities in Sector 150 Noida, some of which lie within ten kilometers, is another reason for preference. Below is a table that lists some of the most popular choices:

Educational Facilities	Medical Facilities	Recreational Facilities
GNIOT Group of Institutions	Prakash Hospital	The Grand Venice Mall
Galgotias College of Engineering	Apollo Cradle & Children’s Hospital	Inox Cinema
KR Mangalam World	Yatharth Super Speciality Hospital	MSX Mall
Greater Valley School	Gulshan One29

Chi 5, Greater Noida

Greater Noida’s Chi 5 comes last on our list of the best places to benefit from Jewar Airport. Chi 5 is only 40 minutes away by car from the soon-to-be airport, roughly 44 km away, and can be reached via the Yamuna Expressway. Furthermore, the location is only 17 km away from thriving commercial hubs such as Sector 132, Sector 135, and Sector 142 Noida due to its proximity to the Noida-Greater-Noida Expressway (5 km). The Surajpur Industrial Area (4.5km), Ecotech 2 (12 km), and Ecotech 111 (17 km) make Chi V one of the best housing hubs in terms of location.

Still, what kinds of properties should buyers search for in Chi V Greater Noida? The majority of the housing stock in the area is made up of contemporary, gated high-rise apartments, though there are a few isolated villas and plots. Purvanchal Projects, Nimbus Group, Earthcon Constructions, Amrapali Group, Proview Construction, and other prominent builders are leading the way for this reason.

Let us quickly review the average apartment prices in Chi V as shown in the table below, along with a glance at the historical price growth trajectory.

Locality	Average Apartment Prices	Price Appreciation in the last 1 year	Price Appreciation in the past three years	Price Appreciation in the previous five years
Chi V	Rs 8,300 per sq ft	38%	132%	122%

What’s more? Chi V, one of Greater Noida’s fastest-growing neighborhoods, is close to a variety of social amenities; some of the more well-liked ones are just five kilometers away and include:

The Great Venice Mall
JP International School
Samurja International School
Apollo Cradle & Children’s Hospital
Yatharth Superspeciality
MSX Mall

Considering the earlier stated details, Jewar International Airport is anticipated to yield substantial benefits and influence India’s aviation sector. The airport will open the door for more residential and commercial real estate development in and around its environs, so better connectivity is just one benefit. However, significant civic improvements are still being made to these prime locations that Jewar Airport will benefit. It is always preferable to consult a local real estate office to determine where to invest.

More than 1,500 acres of land that real estate developers have recently acquired through JDAs: a JLL report

Posted on July 1, 2024 by supriya

According to JLL, landowners and real estate, developers collaborated to develop 1,546 acres of land during the previous 18 months, from January 2023 to June 2024. There were 56 different Joint Development Agreements (JDAs) signed during this time. Development agreements have shown to be very effective in enabling developers to enter new markets and cities while giving landowners additional benefits. Furthermore, several renowned foreign developers who have recently joined the Indian real estate market have chosen to employ this tactic with encouraging outcomes.

Approximately 990 hectares of the 1,546 acres total JDAs were signed in 2023 alone, with the remaining 556 acres being signed in the first half of 2024.

Joint development agreements are still an option for national developers seeking to expand into new areas while sticking to an asset-light strategy, even though many now prefer outright land acquisitions. Over eighteen months, developers and landowners have come together to generate over 120 million square feet of development potential.

“Over the past 18 months, the residential sector has signed the most land Joint Development Agreements (JDAs). According to Dr. Samantak Das, chief economist and head of research and REIS, India, JLL, “proposed residential developments have a significant share of more than 97% (1,501 acres) in these signed agreements offering a development potential of 110 million sqft with an estimated gross development value of around Rs 99,460 crore.” “Real estate developers have been introducing new housing projects regularly due to the rising demand for housing in recent years. The number of new housing units introduced in India’s top 7 cities increased significantly in 2023, showing a 19% increase over 2022,” he continued.

Out of the 1,546 total acres, 45 acres were set aside for the development of commercial projects, most of which were office buildings with leases.

According to the city share analysis, smaller cities like Ahmedabad and Surat top the charts according to area transacted, while larger cities like Delhi NCR, Bengaluru, and Mumbai lead in the number of deals. The three larger cities accounted for just 26% of the total area, but together they hosted 36 deals, accounting for 64%. Smaller-scale transactions are primarily driven by land availability and cost in these larger urban areas. Nishant Kabra, head of JLL’s capital markets (North and West India), India, stated that the three cities– Delhi NCR, Bengaluru, and Mumbai— accounted for a significant Rs 83,927 crore, or over 84% of the total residential GDV (Rs 99,460).

Delhi NCR has been at the forefront of various transactions; since 2023, 20 JDAs totaling about 233 acres of land have been signed. There is a 36.5 million square foot potential development from these agreements. Most of these agreements, totaling 151 acres in the Delhi NCR, were signed in Gurgaon alone. Several legally binding deals have been entered into by prominent real estate players in Gurgaon, mainly along the developing Dwarka Expressway and Southern Peripheral Road corridors. Sonipat, Ghaziabad, Faridabad, and the NCT of Delhi accounted for the remaining deals in the NCR.

With nine deals totaling more than 102 acres and approximately 11 million square feet of development potential, Bengaluru came in second. Several deals were documented in Old Madras Road, Whitefield, and Yelahanka. Notably, a transaction involving more than 60 acres was recorded in North Bengaluru. Seven transactions totaling 62.5 acres, with a 9.9 million square foot development potential, were recorded in Mumbai.

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