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.
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 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.
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.
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.
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 (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.
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.
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 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.
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.
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.
Amitabh Bachchan, the star of Kalki 2898 AD, has been in the news lately due to his real estate holdings, particularly in the Mumbai real estate market. The Bollywood actor has spent more than Rs 100 crore on real estate in the temple town of Ayodhya and the financial hub of Alibaug during the past year.
Amitabh Bachchan registered three office units in Mumbai’s Signature building on June 20, 2024, paying approximately Rs60 crore. According to documents accessed from Floortap, the Bollywood actor paid Rs59.58 crore for three office units totaling 8,429 square feet in area.
Similarly, Bachchan paid Rs29 crore in September 2023 for four more apartments in the same Signature building, totaling over 8,396 square feet. Sara Ali Khan, Kartik Aaryan, and Manoj Bajpayee are among the other Bollywood celebrities who own office space in the same building.
Big B also bought a plot last year in Ayodhya, close to the Ram Temple, in The Sarayu, a plotted development project being built by The House of Abhinandan Lodha (HoABL), a Mumbai-based real estate developer.
The Kaun Banega Crorepati host paid Rs 10 crore to The House of Abhinandan Lodha (HoABL) in April of this year for a 10,000-square-foot piece of land in Alibaug, Maharashtra, which is close to Mumbai.
His son Abhishek Bachchan had previously registered six apartments in the Oberoi Sky City development in Mumbai’s Borivali West neighborhood on May 28, 2024. The Rs 15.42 crore purchase included six apartments with 4,894 square feet of RERA carpet.
High net-worth individuals, Bollywood stars, investors, and industrialists typically prefer investing in Grade A properties. Real estate consultants say commercial office spaces provide better returns than residential projects.
In Metro cities, commercial assets such as office space, retail space, and warehouses yield 6-10% gross rental yield, and in certain cases, even more. On the other hand, residential properties yield gross rental yields that range from 3% to 5%. On the other hand, advisors claim that land is among the most profitable investments if it helps for a long period and offers a higher capital appreciation.
“The goal of investment is the same whether discussing Bollywood celebrities or wealthy people. Capital appreciation and rental yields are the two key variables. This is the rationale behind real estate investments made by Bollywood celebrities and ordinary investors alike, according to Swapnil Anil, executive director and head of Colliers India’s Advisory Services division.
“New Bollywood stars tend to invest in established markets that offer a steady from rent cash and healthy capital growth. According to Swapnil Anil, capital appreciation is an investor’s primary concern when buying land.
With the Dwarka Expressway, businesses, residents, and investors stand to gain much from the promise of better accessibility and enhanced connectivity.
Gurgaon’s real estate market has experienced a surge in activity due to the Dwarka Expressway, drawing interest from investors and homebuyers. In the history of Gurgaon’s development, this corridor marks a critical turning point that will transform the city’s skyline and spur economic growth. In addition to increasing property values, the expressway has spurred economic activity nearby and electrified infrastructure to expand. Gurgaon is currently a leader in India’s growing real estate market, drawing interest from domestic and international markets. The Dwarka Expressway is creating a lot of talk, highlighting how important it will be in deciding Gurgaon’s status as a vibrant and future metropolis.
The real estate market in Gurgaon is experiencing a notable upswing, primarily due to improved connectivity between Delhi and Gurgaon. Maintaining the growth pace relies heavily on the central peripheral road, which is essential between the Dwarka Expressway and Sohna Road via the Southern Peripheral Road (SPR). The recent opening of the Dwarka Expressway’s Haryana segment by Prime Minister Narendra Modi is expected to improve traffic flow and reduce congestion between Delhi and Gurgaon. Experts in real estate note that the Dwarka Expressway in Gurgaon is growing in popularity as a residential area and predict the construction of opulent residential complexes shortly. Furthermore, a rise in housing prices is inevitable due to the expressway’s operationalization, as this will reflect its increased accessibility and desirability.
The Dwarka Expressway Gurgaon corridor has become a popular residential area, attracting buyers with its varied housing options and better infrastructure. Reputable builders have contributed to this boom by starting several projects nearby, enhancing Gurgaon’s standing as a top destination for real estate investment.
Over the last ten years, the area has witnessed the arrival of about 53,000 new housing units, of which more than 80 percent have already been snatched up by eager buyers, according to data from real estate consultancy Anarock. The primary residential market along the Dwarka Expressway has experienced a surge in average property rates due to strong demand. As of the end of 2013, the rates have risen from Rs 4,530 per square foot to Rs 8,300. This demonstrates the corridor’s appeal and bright future for successful real estate endeavors.
The Dwarka Expressway passes through several important Gurgaon sectors, including 81 to 115. Its catchment area includes sectors 36A, 36B, 37D, 88B, 99, 102, 103, 104, 106, 107, 108, and 109. It is noteworthy for having connections to the Delhi Mumbai Expressway, Manesar Road, and Pataudi Road. With the completion of the Haryana section of the expressway, developers are hopeful that their recent investments will finally pay off. This corridor is said to have delivered about 150 residential projects, and more high-end projects are expected to be launched soon. The opening of this crucial road infrastructure is expected to have a major effect on neighboring Delhi, especially on the residential zones in different villages, as well as revitalize areas within Gurgaon.
The Dwarka Expressway may also be of major benefit to the economy, directing the development of Gurgaon. Its revolutionary effects on the real estate industry and the broader economy highlight the significance of infrastructure in prompting growth and prosperity. Gurgaon is positioned to become a model for sustainable urban development and economic prosperity in India due to the expressway’s opening up new investment and connectivity opportunities.
Wide-ranging effects include increased economic activity, job creation, and improved liveability for the region, expected from this infrastructure project. With the Dwarka Expressway, businesses, residents, and investors stand to gain much from the promise of better accessibility and enhanced connectivity. Gurgaon is well-positioned to demonstrate its potential as a dynamic and vibrant economic hub that will propel innovation, growth, and prosperity for years as it embarks on this path of significant change.
In the Mumbai real estate market, there were 12,000 property registrations reported in May 2024.
In June 20214, the number of property registrations in the Mumbai real estate market increased by over 11% to 11,443 from 10,319 the previous year, as per the data released by the Inspector General of Registration and Controller of Stamps of Maharashtra. In the Mumbai real estate market, there were 12,000 property registrations reported in May 2024.
According to Maharashtra government data, stamp duty collections from property registrations in the Mumbai real estate market increased by over 15%, from Rs 859 crore in June 2023 to 986 crore in May 2024. Stamp duty receipts were Rs 1,034 crore as of May 2024.
Sectoral estimates indicate that residential units account for approximately 80% of all monthly property registrations in Mumbai.
While there was a YoY increase in Mumbai property registrations in Hune, the average recorded registrations for the first half of 2023 were 12,044 units, higher than the average of 10,578 units for the same period in 2023. As per the findings of a real estate consultant named Knight Frank India, this suggests that Mumbai’s residential market is resilient and buyers remain confident.
Furthermore, the government’s average revenue collection in the first half of 2024 was Rs 974 crore, 8% more than the average of Rs 906 crore in 2023. Many contributing factors, including the increased volume and value of properties being registered, can be attributed to the increase in revenue, according to a report by Knight Frank India.
The property sale registrations’ consistent year-over-year growth highlights Mumbai’s real estate market’s tenacity. Strong GDP growth, rising income levels, and a favorable environment for interest rates are all expected to contribute to this positive trend, leading to more potential buyers, according to Shishir Baijal, Chairman & Managing Director of Knight Frank India.
Properties with 1,000 square feet or less continue to be the most popular.
Apartments between 500 and 1,000 square feet saw a notable spike in June 2024, making up 46% of all property registrations. Conversely, 36% of registrations were for apartments up to 500 square feet, a decrease from 41% in June 2023.
This shows a distinct preference for larger apartments, as the proportion of units under 500 square feet is declining. According to Knight Frank India’s report, 15% of all registrations were for homes with an area of 1,000 square feet or more.
“The home sales registrations for June 2024 have witnessed a rise compared to June 2023, reflecting decent growth over the past year. The influence behind this upward trajectory of housing demand continues to be the connectivity boost across the city and the redevelopment boom. This upbeat sentiment is here to stay, and we will continue to witness the demand to further amplify across all segments and micro-markets in this region, especially in the western suburbs and eastern belt of Sewree-Wadala,” said Dhaval Ajmera, Director, of Ajmera Realty and Infra India Ltd.
Sara Ali Khan, Arjun Kapoor, and Shatrughan Sinha— three Bollywood actors– might soon have new neighbors. A public notice to sell their properties has been served to the owners of Indus Projects Limited and the Union Bank of India for failing to pay. The prime property going up for auction has a reserve price of Rs 104.11 crore.
Sara Ali Khan, Arjun Kapoor, Shatrughan Sinha, and his family are among the Bollywood celebrities who live in the same neighborhood as the building.
The notice states that the bank plans to hold an auction for the promoters’ nine-story residential building. Located in Mumbai’s Juhu Vile Parle Development (JVPD), Kapolei Society in Vile Parle West, the building consists of seven 4BHK apartments and a duplex.
The nine-story residential property is situated in Nutan Laxmi CHS Ltd. According to the bank notice shared by Kecta, a platform that markets repossessed properties up for auction by banks and financial institutions, the plot is 800 square yards and is located in the Nutan Laxmi Co-operative Housing Society Ltd., North South Road, JVPD Scheme, Vile Parle (West), Mumbai.
The building is owned by Indus Projects Limited, a public company established in 1997. The notice listed Kishor Mehta, Abhai Mehtax, Mahavir Mehta, Madhur Mehta, and Indus Mechanical Engineering Company Private Limited as bank debtors.
The entire amount owed is approximately Rs 90.46 crore. According to the notice, the owners owe State Bank of India Rs 18.60 crore plus interest at the applicable rate, costs, dues, and expenses that may accrue from April 23 until the full repayment and settlement of dues.
They also owe the Union Bank of India approximately Rs 71.85 crore plus interest at the applicable rate, costs, dues, and expenses.
Under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI) of 2022, the Union Bank of India is holding an auction for the bungalow.
According to Section 13(4) of the Act and Rule 8 of the Security Interest (Enforcement) Rules, 2002, the Authorized Officer has taken possession of the immovable secured assets because you did not comply with the notice within the allotted time.
The notice stated, “The immovable secured assets that the bank’s authorized officer has taken possession of will be sold by holding a public E-auction on June 20, 2024, by inviting bids from the public online on www.mstcecommerce.com, since the owners have failed to clear the dues of the secured creditor.”
There is a 25% off the list price on this offer. The entire transaction is cashless, and payment must be made through banking channels within 15 days of the auction date, according to Hecta’s founder and CEO, Sridhar Samudrala.
These are premium location ready-to-occupy floors that are ready to be owned. We hardly ever have access to such upscale properties, much less at a discount,” he continues.
Do you want to purchase a home at a bank auction? This is important for you to know.
Since banks only auction these properties when a loan borrower misses several payments, most of these real estate assets are offered below market value. The lender uses the auction to recoup the principal and interest balance owed for the loan.
Potential buyers of real estate at a bank auction should verify the property’s details, especially its legal specifications, before bidding.
Buyers are cautioned that expenses such as maintenance, property taxes, and electricity which are the buyer’s responsibility are not included in the reserve price listed.
The prospective buyer should also confirm whether the bank that promoted the sale took physical possession of the property after completing the necessary legal processes.
According to a legal expert, these properties are sold on an “as is where is,” “whatever is there is,” or “no recourse basis,” which means that the buyer must review the inclusions and exclusions and cannot back out of the agreement after the auction ends (unless there are extraordinary legal circumstances).
According to a legal expert, purchasers of apartments or bungalows up for auction should ascertain whether the properties are subject to any liabilities.
In the second quarter of 2024, Hyderabad’s residential real estate market saw a notable decline. The most recent report from real estate data analytics company PropEquity shows a sharp drop in sales and new launches in the April-June quarter of 2024.
Hyderabad saw the biggest quarter-on-quarter (QoQ) decline in housing sales, falling by 36 percent, out of the nine major cities: Mumbai, Delhi NCR, Bengaluru, Chennai, Hyderabad, Kolkata, Pune, Navi Mumbai, and Thane.
Q2 2024 sales were 15, 016 units, up from Q1 2024 sales of 23,595. Hyderabad saw a notable decline in new residential launches, with 11,603 units launched, a 19% decrease from the previous quarter (Q1 2024).
Hyderabad also saw a 36% decline in new residential launches during the same period last year (Q2 2023), going from 18,232 units launched to 11,603 units in Q2 2024. Hyderabad’s sales dropped by 20% year over year (YoY) in Q2 2023, from 15,016 units in Q2 2024 to 18,757 units in Q2 2023.
Conversely, YoY growth rates for residential launches were 95%, 67%, and 21% in Delhi, Bengaluru, and Chennai, respectively. The decline in Hyderabad was surpassed only by Pune’s 47% decline. Mumbai and Kolkata recorded YoY Increases in housing sales, while Hyderabad saw a 20% decline and Pune saw a 15% increase.
“The election quarter and the normally slow Q2 are the main causes of the slight decline in new launch supply across top Tier 1 cities. The residential real estate market is still strong and in gold and gold health following COVID, as evidenced by the higher absorption than new supply, according to PropEquity CEO & MD Samir Jasuja.
There was an 18% decrease in sales from 146,147 units sold in the previous quarter to 1,19,901 units sold in nine major cities in Q2 2024. Year-over-year, there was a slight decrease in housing sales of 2%. The number of newly constructed homes decreased by 7% every quarter, from 1,04, 391 units in Q1 2024 to 97,331 units in Q2 2024.
An active real estate market in 2024 is due to the interaction of changing consumer preferences, government policies, and market dynamics.
In recent years, there has been notable growth in the Indian real estate sector. The first quarter of 2024 broke nearly the record set in the previous year, with 2023 announcing the most new projects over the prior ten years. According to a report, the residential real estate market anticipates a significant influx of new launches in 2024, with an estimated range of 280,000-290,000 units. This has paved the way for a successful 2024, demonstrating that the industry is not only expanding but also showing signs of continued expansion in the years to come.
What market factors will influence 2024?
India’s real estate industry has long been one of the main forces behind economic expansion, contributing significantly to the GDP. The industry has proven resilient and adaptable in the face of challenges to the GDP. The industry has proven resilient and adaptable in the face of challenges in recent years, including the COVID-19 pandemic, regulatory changes, and liquidity crunch. A gradual recovery in the market was observed in 2023, driven by favorable government policies, pent-up demand, and a rise in the industry’s adoption of digital technology. According to former Housing and Urban Affairs Minister Hardeep Singh Puri, the Indian real estate market is projected to grow to a $1 trillion sector by 2030 and contribute roughly 15% of the country’s GDP by 2025.
The Indian real estate market is viewed as a worldwide investment opportunity in addition to meeting local demand. NRIs in particular actively participate in the market in addition to being investors as a way of keeping ties to their home country. About 10% of all market investments as of the 2019-2020 fiscal year were made by non-resident individuals (NRIs). Currently, this percentage is at 15%, and by the end of 2025, it is expected to reach 20%. This demonstrates the market’s widespread appeal and the trust that non-resident investors have put in.
The Indian real estate industry’s upward trend is evidence of its resilience rather than the product of chance. The industry has maintained a consistent rise in rental yield despite the ongoing devaluation of the Indian rupee and the difficulties presented by the state of the world economy. This has fueled the sector’s growth, providing confidence in its stability and potential for further progress, favorable economic policies, and an emotional bond with the home country.
Buyer Trends and Market Dynamics: The trend of Upscale Living
India’s growing economy has made it more desirable for those with more disposable income to live lavish lives. The populace also looks for homes with extra features like swimming pools, fitness centers, and lovely gardens. Beyond HNIs and UHNIs, people in the upper middle class also want bigger living areas and higher income levels.
Considering the Environment
The building of sustainable structures has seen a significant shift in the Indian real estate market during the past two years. The real estate industry is improving living standards by employing environmentally friendly building materials, water conservation and management techniques, and energy-efficient building designs. Customers are looking for houses that align with their values and views. Homes with rainwater collection systems, renewable energy systems, and energy-efficient appliances are sought after by today’s buyers, especially those belonging to Generation Y.
Naturally occurring light and air are also permitted in sustainable homes, creating an impression of greater room and fresh air. This improves moods and lowers stress levels, which boosts productivity— especially for those who work from home. Although building green real estate costs a little more than building traditional homes, people can save a significant amount of money on their bills over time, making it an excellent investment.
Choices for Housing
Due to a lack of Ready-to-Move-In (RTMI) inventory and price increases in gated communities, buyers are gravitating toward individual homes, resale properties, and under-construction projects. Resale properties are highly sought after because they offer a nice living space without the hassle or expense of interior design. Homes that are still under construction are preferred because it is expected that after the project is finished, their costs will rise significantly.
Changes in Investment
Commercial real estate has historically been favored for investment because of its higher returns and lower maintenance requirements. On the other hand, a significant increase in residential properties’ rental yield during the past two years, combined with their affordability, has shifted the odds in their favor. There is a general expectation that residential properties will capitalize more quickly than their commercial counterparts due to the quick price rise.
Policies and Government Initiatives
India continues to deliver on its promise of affordable housing through successful government initiatives and programs. Since real estate accounts for more than 50% of household savings in India, these actions have a major impact on the industry. The Reserve Bank of India’s (RBI) decision to maintain its policy rate at this level is helping to support the rapid expansion of the housing sector. If this stability continues, there will likely be an even greater demand for housing.
Technology Use
The real estate market is rapidly transforming thanks to technology, making it easier for people to access and invest in properties. Property viewing through virtual tours and buying/selling a house at the click of a button will alter the face of house hunting. People can search for affordable homes outside of their proximity through the use of metro-based filters on Proptech platforms, thus reducing their daily commute time while also being able to access affordable homes. Online channels are gradually becoming a one-stop shop for all real estate services, increasing convenience and efficiency.
Modern buyers want a home that easily incorporates technology to improve their quality of life, not just any old house. The demand for smart homes is changing the real estate market. Examples include automated lighting and climate control, voice-activated assistants, smart security systems, and elevators with predictive maintenance services. The use of smart home technology has made a significant impact on buyer preferences and purchase decisions by differentiating properties on the market.
In conclusion, there has been a noticeable uptick in building activity since COVID-19, which has given the real estate market a fresh impetus. Home prices in India will keep rising to provide a stable future for the middle-class population who aspires to a luxurious lifestyle. The market is ready for a recalibration and stability in real estate prices as projects see an uptick and new launches get closer to completion. 2024 is not only a promising year for homeownership, but is also presents a wealth of opportunities due to the convergence of market dynamics, government initiatives, and changing homebuyer preferences.
The Noida Expressway is a commercial real estate corridor characterized by its dynamic and rapidly evolving nature. Its strong points include its strategic location, excellent connectivity, and continuous infrastructure development.
One of the main thoroughfares linking Noida and Greater Noida, the Noida Expressway, has become a popular place to grow commercial real estate. High-street retail and office space are in high demand along this corridor, thus driving significant real estate development in the area. Buyers and investors see it as a one-stop shop for work, play, and entertainment.
The supply of retail space is expected to increase by 45% from the current 91 million square feet across seven major cities by 2028, supporting developers’ desire to expand their retail footprint. Recent market insights support this data. Delhi-NCR’s retail stock supply is anticipated to increase by 34%.
The expressway’s advantageous location and first-rate connectivity to other hubs are the key characteristics that make it a popular destination with strong return potential. It connects to the Yamuna Expressway in addition to Noida and Greater Noida, giving direct access to many significant Uttar Pradesh cities. The corridor has changed due to its proximity to the future Jewar Airport (Noida International Airport), which has made it a hub for office and retail expansion. The upcoming metro expansion in the area has also increased residential and commercial properties. This has boosted local company growth and raised property values, which has improved the socioeconomic development of the region as a whole.
Parallel to the current Noida Expressway, a new highway is being built thanks to cooperation between the irrigation department, REITS, NHAI, and the Noida Authority. With the construction of the Noida International Airport and the city’s expanding business sector, traffic is likely to rise, which this strategic infrastructure development seeks to handle. The area’s real estate market would benefit even more from this improved connectivity.
Additionally, a noteworthy trend in this expanding market is the growth of office and retail projects, which can be attributed to the extensive infrastructure development. The growth of small businesses, startups, and established companies has made the expressway a hub for job opportunities. The demand for commercial space in the area has increased as a result. The increased demand for premium office spaces is primarily driven by well-known companies like Tata Consultancy Services (TCS), Axis Bank, and top IT companies that have secured office spaces along the expressway. Astute investors can profit greatly from this trend by investing in these areas.
Concurrently, end users are seeing mixed-use commercials, high-street projects, and shop-cum offices as the hub of entertainment, leisure, and work all rolled into one, which is driving upshooting of the underlying demand for these projects in the corridor.
According to recent reports, domestic companies are predicted to account for more than 50% of the demand for offices IN 2024, with GCCs expected to gain even more ground and account for more than 40% of the total need. According to experts, Noida’s commercial real estate has flourished since the construction of the Yamuna and Noida expressways, opening up numerous investment opportunities with the expansion of retail and commercial properties.
The Noida Expressway offers substantial appreciation potential alongside numerous retail offerings, making it an ideal place to invest in retail. These connected elements solidify the corridor’s standing as one of the best places to find commercial real estate, guaranteeing a sizable influx of customers and excellent returns.
The Noida Expressway is a commercial real estate corridor that is rapidly changing and vibrant due to its strategic location, excellent connectivity, and ongoing infrastructure development. As the area expands, it presents businesses and investors with opportunities never seen before, guaranteeing long-term prosperity and steady growth.
According to a Colliers report, 17 high-potential cities, including Ayodhya, Varanasi, Puri, Dwarka, Shirdi, Tirupati, and Amritsar, will experience rapid real estate growth in the upcoming years due to government policy and infrastructure development in spiritual towns.
Spiritual tourism is predicted to contribute significantly to the growth of several temple towns in India. According to the report, long-term organized real estate players may be drawn to these spiritual destinations by improved roads, flagship trains, and new airports that provide improved connectivity and infrastructure. This is especially true for the hospitality and retail sectors.
Real estate consultant Colliers India has identified thirty potentially high-growth cities from 100 cities, where real estate development is anticipated to accelerate over the next five to six years. According to Equitable Growth and Emerging Real Estate Hotspots, 17 of these 30 high-potential cities will soon experience accelerated real estate development across or more asset classes.
According to the consultant, identifying high-impact locations for spiritual tourism required analyzing several factors, such as authorized allotments under different government programs, yearly visitor traffic at major pilgrimage sites, future real estate developer plans, and land price growth.
The distribution of these 17 high-impact emerging real estate hotspots across the nation’s Northern, Southern, Western, Eastern, and Central regions demonstrates equitable growth. The consultant’s list of cities includes the following in North India: Amritsar, Ayodhya, Jaipur, Kanpur, Lucknow, and Varanasi; Patna and Puri in East India; Dwarka, Nagpur, Shirdi, and Surat in West India; Coimbatore, Kochi, Tirupati, and Visakhapatnam in South India; and Indore in Central India.
In terms of growth spurred by spiritual tourism, Amritsar, Ayodhya, Dwarka, Puri, Shirdi, Tirupati, and Varanasi came out as cities to watch for, according to the consultant.
In addition to its eight megacities, India is predicted to have almost 100 cities with a population of one million or more by 2050. As per the report, significant factors such as infrastructure development, digitization, tourism, and office landscape changes will propel the next wave of urban growth in these locations.
“Affordable real estate, skilled labor, better infrastructure, and government initiatives are propelling smaller towns to become dynamic contributors to India’s economy. The real estate industry is expected to grow to $ 1 trillion by 2023 and possibly $5 trillion by 2050, accounting for 14-16% of the GDP.
According to him, there will also be a lot of activity in these new real estate hotspots for alternative asset classes like data centers, senior housing, and second homes.
Companies use the hub-and-spoke model more frequently due to the growing popularity of hybrid working, setting up satellite offices in smaller towns. Colliers identified the high-impact locations by conducting a thorough analysis that considered several factors, such as the start-up ecosystem and current state of technology, the availability of skilled labor planned and current infrastructure upgrades, and the locations’ closeness to established office markets.
Among other places, Coimbatore, Indore, and Kochi were identified as having a lot of potential as satellite office markets.
The office and residential markets in smaller cities are about to undergo an enormous shift as tech giants and creative start-ups take advantage of the highly qualified workforce that emerges in these emerging hubs. Companies and employees benefit from office rental arbitrage, which is usually 20-30% cheaper than the housing market in these areas, according to Vimal Nadar, senior director and head of research at Colliers India.
Leading real estate developers are expected to become interested in these markets due to the rise in demand, which will bring a flood of high-quality supply. He continued, “Moreover, the emergence of flexible spaces in these hubs will effectively close the gap between supply and demand for premium office spaces, promoting a new era of growth and opportunity.”
Rent for a three-bedroom apartment in a posh building in Mumbai’s Andheri district was Rs 77,000 monthly in 2021; however, as the city’s historic building rehabilitation project gained momentum, the monthly rent increased to Rs 1.14 lakh in 2023. The city now has more redeveloped homes accessible, so monthly rents are approximately Rs 1.18 lakh.
The number of redevelopment projects in Mumbai has increased, adding to the city’s rental growth in recent years. The redevelopment of several old buildings needed short-term rentals, but finding them in the same location was hard because there was not much of it. Real estate brokers and consultants claim that in 2024, this growth appears to have slowed down.
“After growing by nearly 50-60% in the last two years between 2021-2023 – rental growth across premium gated societies in Mumbai has cooled down to 5-9% in 2024,” data shared by Zapkey.com research indicates.
“An increase in society redevelopment was the primary driver of Mumbai’s massive rental growth in 2021-2023. In these societies, property owners were forced to rent short-term housing. The market’s mismatch between supply and demand caused rents to soar due to a rise in demand for rental properties. Demand was higher for premium gated societies,” said Sandeep Reddy, co-founder of Zapkey.com.
Given that the number of new redevelopment projects has slowed down and more new projects are being completed, which has increased the supply of upscale gated communities, Reddy continued, that the growth in rental income in 2024 is expected to be benign and in line with inflation.
The impact on western suburbs’ rents
The slowdown in rental growth has affected neighborhoods like Borivali, Malad, Goregaon, and Kandivali. In 2021 and 2023, the monthly rent for a 2BHK apartment in a posh building in Borivali was Rs 39,000 and Rs 58,000, respectively. According to research data shared by Zapkey.com, 2 BHK apartments in the same building are available for rent in 2024 for Rs 65,000.
In 2021, a 3 BHK apartment in Malad East, close to the Metro station and the Western Express Highway, was for rent at Rs 55,000. The monthly rental fee rose to Rs 85,000 in 2023 and Rs 87,000 in 2024.
Similarly, a large number of buildings in the Matunga neighborhood of Central Mumbai were slated for renovation in 2021, Due to these approaching or having already offered possession, the market’s supply has expanded.
“It all began in 2021 with a 50% reduction in premiums. There were more redevelopment projects as a result of this. A mismatch between supply and demand caused rentals to skyrocket as a result. In 2021, there was a greater demand and a restricted supply for rental apartments.
However, in 2024, the buildings which began being renovated in 2021 are now being turned over piecemeal. Monthly rents have become more reasonable due to the increase in the supply of new housing, according to Harshul Salva, managing partner of M Realty, which operates in the Matunga neighborhood of Central Mumbai.
The demand for rental housing in western suburbs in 2024 differs from that of 2021, 2022, or 2023. According to Dhiren Doshi, a property consultant based in Mumbai’s Borivali, older buildings that underwent renovation three years ago have now approached possession in neighborhoods like Shimpoli in Borivali West, close to Milap Talkies, and SV Road in Kandivali West.
As a result, people in the neighborhoods have begun to serve notices to the owners of the rented apartments, asking them to leave. Due to the correction of the demand ratio, this is causing an excess supply to enter the market where demand is different from before. As a result, prices are gradually stabilizing and in certain cases, even declining Doshi continued.
Why has the Mumbai real estate market seen an increase in redevelopment activity?
Mumbai has over ten thousand crumbling, ancient buildings. The Maharashtra government announced in 2021 that various premiums paid by developers to the authorities would be waived in full, which provided impetus for the redevelopment of these historic buildings.
However, developers willing to pay the remaining 50% of the premium upfront could only participate in this program.
How do you define premium?
The term “premium” describes the various fees the approving authority imposes. These comprise, among other things, the fungible premium, the premium paid for the floor space index (FSI), the open space deficiency premium paid for more land covered for construction, and the premium for lobbies, lift wells, and staircases.
Developers in the Mumbai market pay the authorities more than 20 different kinds of premiums. Sectoral estimates place the amount developers pay for premiums at between thirty and thirty-five percent of the project cost.