Investors flock to Coimbatore as the residential real estate market outperforms Tier-1 cities.

Posted on March 11, 2024 by supriya

Relying on its industrial and economic growth, Coimbatore has become one of the leading real estate development stories. Investment appeal has increased due to significant strategic projects like defense industrial parks, airport expansion, bypass institutions, and IT development. The recent floods in places like Chennai and Thoothukudi have accelerated the city’s transformation into a real estate hub as investors’ attention has shifted from major cities to Tier 2 cities. Coimbatore is a safer and more promising place to invest because of its pleasant climate and quality of life.

The investment hub

Due mainly to its variety of real estate options, which include both residential and commercial spaces, Coimbatore is becoming an increasingly attractive destination for real estate investors. In particular, there has been a spike in activity and investments in real estate projects in Coimbatore Western Bypass. Due mainly to its variety of real estate options, which include both residential and commercial spaces, Coimbatore is becoming an increasingly attractive destination for real estate investors. In particular, there has been a spike in activity and investments in real estate projects in Coimbatore Western Bypass. This trend is because Coimbatore attracts investors looking for growth and value in the real estate industry because of the city’s lower costs relative to larger cities and the substantial returns these investments can produce.

Real Estate Property Value Appreciation

Coimbatore’s land value has been rising, indicative of the city’s increasing economic vitality, potential as an IT hub, and allure as an investment destination. Near Coimbatore, neighborhoods like Kovaipudhur, Edayapalayam, Chinnamettupalayam, Vellakinar, Thudiyalur, Palathurai Road, Nanjundapuram, are becoming more well-known for their tranquil surroundings that are suitable for residential development and have more room for appreciation in the future.

This course is seeing a new age of change in the residential real estate market, with advanced types of living spaces like plotted development communities.

The surrounding “Tier 2” areas of Coimbatore also experience significant growth in light of the city’s real estate boom, demonstrating the positive spillover effect of the city’s success. Because of its proximity to Coimbatore’s thriving market and warm weather, Kovaipudhur, for example, has recently become the hub for those looking for high-quality residential and commercial investment opportunities. This growth points to a pattern in which urban overcrowding and the desire for quiet yet convenient living spaces in peripheral areas are more alluring due to their appreciation potential.

The economic dynamism of Coimbatore, strategic development projects, and a growing number of foreign and domestic investments are driving the city’s real estate market, which will continue to grow as investors and end users alike find the city attractive due to its affordability and high return potential.

In just five days, Casagrand Suncity smashes real estate records in Chennai by selling over 900 units

Posted on March 11, 2024 by supriya

With its innovative township project, Casagrand Suncity, Casagrand has broken all previous records in the city’s real estate market. Nestled on the Kelambakkam- Vandalur road, Casagrand Suncity, Chennai’s most ambitious township project, has achieved a significant milestone by selling more than 900 units in just five days, demonstrating the unmatched demand for high-end real estate in the city.

The project has the support of well-known actor Silambarasan, is based on Roman architecture, and covers 40 acres with more than 130 top-notch amenities, offering residents an unmatched and opulent lifestyle. The township, a city inside a city, provides its citizens with a vast array of opulent 2,3, and 4BHK apartments with many necessary amenities for a well-balanced combination of luxury, convenience, and sophistication.

“Casagrand Suncity is not just a residential project; it is a lifestyle destination, bringing the idea of a city within a city,” stated K Ravichandran, Vice President of Marketing at Caagrand. With Casagrand Suncity’s success, Caagrand can maintain its standing as the area’s top real estate developer. Delivering creative and sustainable living solutions that improve the lives of its clients is still the company’s top priority.”

The residents of Casagrand Sucnity enjoy a wide variety of lifestyle options. Apart from its residential developments, this master-planned township features a charming 30-acre park with 10 acres of central landscaping and 3.5 acres of tropical forest.

The 36-story Casagrand sun city’s Roman facade, massive domes, columns, pediments, and other Roman architectural elements represent a lavish and sophisticated living space for its occupants. Among the many features are a central basilica, two swimming pools, an Aquileia park, a picnic area, a Corinthian canal, a party terrace, and outdoor dining.

Moreover, the property boasts Santa Clara, a luxurious clubhouse featuring a grand double-height lobby and amenities, ensuring residents a vibrant and fulfilling lifestyle within the community.

Indian women prefer to invest in real estate, and their top preference is bigger homes

Posted on March 11, 2024 by supriya

More Indian women than ever have the means to purchase their own homes. Women can now invest in real estate more easily thanks to reduced stamp taxes on homes registered in their names and unique housing loan programs. Women tend to favor apartments most in the price range of Rs 45 lakhs to 1.5 crores.

Hyderabad: Women are choosing larger homes and real estate as their preferred investments as they gain financial independence. 57% of participating women homebuyers in an ANAROCK Survey released on International Women’s Day prefer 3 BHKs, indicating a clear preference trend for larger spaces, while 29% prefer 2 BHKs.

64% of female respondents looking for a home will purchase mid-to premium-class housing (between Rs 45 lakh and Rs 1.5 crore). Surprisingly, 23% of respondents would buy luxury properties costing more than 1.5 crore. According to 71% of the women surveyed, ready-to-move-in or completed properties take less than six months.

Women can now invest in real estate more easily thanks to reduced stamp taxes on homes registered in their names and unique housing loan programs.

“Women today are not mere influencers in the home buying process, but independent decision makers who buy homes for either self-use or investment,” states Santosh Kumar, Vice Chairman of ANAROCK Group. As per the most recent ANAROCK Consumer Sentiment Survey, 78% of female buyers prefer to purchase homes for use, with 22% opting to do so as investments. The end-use-to-investment ratio was 74:26 in H2 2021.”

The survey also reveals that the preferred investment asset class, according to 61% of female respondents, is housing. Approximately 16% favor the stock market, while 14% choose gold. Women made up half of the 5,510 survey respondents in total.

Notably, 3 BHKs are the most favored configurations for 57% of women respondents, followed by 29% of women home seekers voting for 2BHKs. Around 9% are looking for 4BHK homes.

Regarding price ranges, approximately 36% of female respondents looking for a home prefer to purchase mid-segment properties (costing between Rs 45 and Rs 90 lakhs), with 28% choosing luxury properties costing between Rs 90 lakhs to Rs 1.5 crore. Just 20% of respondents would buy luxury properties that cost more than Rs 1.5 crore, while 23% are willing to settle for less expensive homes under Rs 45 lakhs.

“A closer look indicates that only 15% of women respondents prefer homes in newly launched projects, even though the survey finds that 24% of all polled home seekers currently prefer newly launched properties,” says Kumar.

A staggering 71% of respondents will focus on homes that are either finished or set to finish in the upcoming six months. It suggests that most are purchasing for their immediate use.”

Women’s empowerment has become a significant issue in India in recent years due to the many government initiatives to empower women. The most recent law that the Parliament passed was the Women’s Reservation Bill of 2023.

In addition to the government’s flagship PMAY program, which prioritizes women’s homeownership, many independent urban women have entered the housing market to purchase homes.

Because they want to feel secure and independent, more Indian women are purchasing their own homes, and an increasing proportion of single women are living alone in nuclear families.

Indian real estate investment in the UAE and Europe soars amid high rental yields

Posted on March 6, 2024 by supriya

Due to immigration schemes like the Golden Visa and appealing rental yields of more than 7%, Indian investments in foreign real estate, particularly in Europe and the United Arab Emirates, have increased dramatically, according to Propertywala. It’s happening at the same time the UAE’s real estate prices are growing at 16-19% annually.

Investment in real estate

Indians sent out Rs 240.2 crore in December 2023 to buy real estate overseas, according to RBI data. Comparing this to Rs 206.8 crore during the same period last year, there was a noticeable increase. Similarly, FY23 saw remittances of Rs 2,714 crore, up 38% from Rs 1,961 crore in the previous year.

Immovable property in the real estate market consists of factories, warehouses, residential buildings, and manufacturing spaces.

The demand for real estate among European nations experiencing immigration are Greece, Cyprus, Malta, and Spain.

According to Ritiesh Mehta, Senior Director at Jones Lang LaSalle, “the application process for Golden Visa programs takes about 3-4 months, with investors anticipating citizenship within 5-7 years,” Moneycontrol was informed by Mehta.

Golden Visa offers residency or citizenship to individuals who invest in government bonds, real estate, or other approved vehicles.

Rental Profits

India emerged as one of the top investors in Dubai, with cumulative investments of $335 million across 123 projects during the first half of 2023, according to data from the Dubai Land Department, as cited by international real estate consultant Vestian.

Depending on the location and size of the property, the average investment ticket size in Dubai is between Rs 4-4.5 crore, according to Property Junction consultant Vijay Sawlani, who works in Dubai. Generally, the rental yields fall between 7 and 9 percent; however, in desirable areas like Downtown or Business Bay, the short-term rental returns can reach 11 to 13 percent.

A minimum investment of 2 million dirhams, or roughly Rs 4.5 crore, is required to obtain a Golden Visa for Dubai for five to ten years.

“Property prices in Dubai’s newer emirates like Sharjah, Ras AI Khaimah, and Abu Dhabi range Rs 25,000-35,000 per square foot, which is more affordable,” Vijay Sawlani told Moneycontrol. “Property costs in upscale Mumbai neighborhoods like Andheri vary from Rs 38,000 to Rs 45,000 per square foot.

According to Moneycontrol, rental yields in Sharjah and Abu Dhabi range from 6 to 8%, with Dubai offering the highest yields at 9 to 10%.

Investing in Europe

An investment of about Rs 4-8 core is needed to be eligible for permanent residency in countries like Greece, Cyprus, Malta, and Spain. According to Moneycontrol, these locations typically have a 4-5% rental yield.

According to the study, entry-level investments in Europe range from Rs 2.5 crore in rural areas to Rs 8 crore in cities. One of the least expensive residency programs is available in Greece, where popular locations include Athens, Thessaloniki, Mykonos, and Santorini.

High net worth individuals are the primary target market for other countries such as the US and UK, which have lower rental yields of 3.5-4% and require larger ticket sizes ranging from Rs 8 to 20 crore.

According to a survey, Indian home prices will rise by 7% amidst the surge in luxury real estate.

Posted on March 6, 2024 by supriya

A recent Reuters survey predicts that home prices in India will rise steadily by 7% this year and the following year, driven primarily by an increase in the purchase of luxury real estate.

The poll’s analysts emphasize the ongoing discrepancy between the supply and demand of affordable housing, a problem that will likely continue in the years to come.

The housing market has maintained its robust growth despite multiple interest rate hikes by the Reserve Bank of India between May 2022 and February 2023, thanks to the resilience of Asia’s third-largest economy.

In 2023, the Indian housing market demonstrated remarkable resilience as home prices increased by 4.3 percent, the highest percentage increase since 2018.

The Reserve Bank of India’s series of interest rate hikes has little effect on this growth trajectory.

While rising housing costs are a positive indicator of a thriving market, they also exacerbate poverty and stagnant wages for those in lower socioeconomic groups.

Aniket Dani, Director of Research at CRISIL Market Intelligence and Analytics, claims that high-net-worth individuals are the main force behind the recent spike in demand for luxury real estate.

Developers are focusing more and more on starting high-end projects, which makes it harder for the affordable housing market to overcome obstacles.

Experts differ on solutions to concerns about the gap between supply and demand in the affordable housing market over the next two to three years.

There is disagreement over whether the gap will narrow or widen further, underscoring its persistent challenges.

The post-pandemic spike in high-income earners buying homes has driven prices up despite the Reserve Bank of India’s efforts to control inflation through interest rate increases.

But prospects for interest rate reductions in the coming year are expected to improve affordability, which might help first-time homebuyers.

Knight Frank India’s national director of research, Vivek Rathi, emphasized the possible effects of interest rate changes on demand dynamics and affordability.

The survey predicts a noticeable increase in house prices in major cities like Bengaluru, Delhi, and Mumbai, with rises of 5.0 percent, 6.0 percent, and 9.0 percent anticipated for this year.

These forecasts highlight how India’s real estate market is changing and how its various regions have different dynamics.

Devastation Descended upon Noida as Real Estate Tycoon Pawan Bhadana’s death rattles Sector 93

Posted on March 6, 2024 by supriya

The loss of real estate tycoon Pawan Bhadana has shocked New Delhi. His passing emphasizes how vital it is to raise awareness of mental health issues.

Pawan Bhasana, a well-known real estate tycoon and Dream Land Builder, was found dead in his Sector 93, Noida Phase-2 home, giving New Delhi’s week a gloomy start. The community and industry are in shock after the awful event on Monday. Though more information is still pending, initial reports suggest that Bhadana’s extreme decision to take his own life may have been motivated by personal distress.

Deciphering the Disaster

The local authorities swiftly arrived at the scene to conduct the required investigations upon relieving the distress signal. Preliminary research indicates that Bhadana may have committed suicide as a result of prolonged, severe stress. The specific causes, however, are still unknown and are being investigated. Bhadana, renowned for making significant contributions to the Noida real estate market, has left a legacy of innovation and growth that has significantly impacted the regional economy and housing market. Bhadana, renowned for making significant contributions to the Noida real estate market, has left a legacy of innovation and growth that has significantly impacted the regional economy and housing market.

Industry and Community Reaction

The real estate sector, as well as the community at large, have expressed their condolences and tributes following the news of Bhadana’s passing. Coworkers, friends, and acquaintances have highlighted Bhasana’s professionalism, kindness, and commitment to his work in expressing their shock and sadness over the incident. Support for Bhadana’s family is overwhelming as word gets out, with many extending their condolences and helping hand during this trying time.

Putting Mental Health First

This tragic incident highlights how important mental health is, particularly for professionals in high-stress fields. It is a sobering reminder of the value of raising public awareness of mental health issues and the necessity of providing easily accessible support networks for those going through difficult times or depression. Considering this, we strongly advise anyone experiencing comparable issues to get assistance from mental health specialists or hotlines devoted to emotional support and suicide prevention. The resources that follow are available right away:

AASRA: We Are Available To Assist: 91-9820466726 (Languages: English, Hindi, Available 24*7)
Sanjeevani (Delhi): (Mon-Fri, 10 am-5:30 pm) 011-24311918, 011-24318883
Fortis Stress Helpline (Delhi): 918376804102

Pawan Bhadana’s untimely death is a tragic reminder of the challenges and pressures people face in the fast-paced world of real estate and business. While the community grieves, it is imperative to emphasize the importance of mental health support and the resources available for those in need. Bhadana’s contribution to societal development and his legacy in real estate will come to light as efforts to address the underlying causes of these tragic outcomes intensify.

Global capital markets director Harry Rogers joins Knight Frank India.

Posted on March 6, 2024 by supriya

Shishir Baijal, Chairman of Knight Frank, emphasized the importance of Rogers’ appointment regarding the new hire when India’s real estate market is flourishing.

Harry Chaplin Rogers has joined Knight Frank India as the director of International Capital Markets, the real estate consulting firm announced on Monday. It will be entrusted to Rogers to spearhead the company’s efforts to assist local and foreign clients in locating investment opportunities in the Indian real estate capital markets. According to a press release from the company, “He will play a critical role in connecting offshore capital requirements with the Indian real estate client base.”

Rogers will work with clients from the beginning of the transaction, investigating different funding options up to the capital stack. According to the company, Knight Frank’s global capital markets network combines the strengths of Knight Frank and Berkadia, a top US capital advisory firm owned by Berkshire Hathaway and Jefferies.

In response to his appointment, what did Harry Rogers say?

Rogers praised India’s stable economy as a growth accelerator and described his appointment as an exciting opportunity. “Being one of the world’s most stable economies with consistently high growth rates, the Indian real estate market offers an exciting opportunity for domestic and global funds.” A robust mid-to long-term economic outlook, coupled with recent growth in office, warehousing, logistics, and other core and non-core sectors, presents many reasons for global and domestic investors to support investments in India. “I am excited to be joining Knight Frank, a truly global business with an unmatched track record spanning more than a century,” he said.

According to the company, Rogers’ responsibilities include transaction structuring for offshore investors and Indian investment managers. Frank is eager to gain from Rogers’ expertise in global markets, especially in London. Knight Frank stated, “Among his responsibilities were leading transactions involving residential and commercial assets, personally helping his company to transact on deals worth over $300 million in the last three years.”

Concerning the most recent addition, what did Knight Frank say?

Regarding the new hire, Knight Frank Chairman Shishir Baijal emphasized the importance of Rogers’ appointment during a period of expansion for the Indian real estate industry. “India’s economy is expanding at one of the fastest rates in the world, and by 2030, it will continue to rank third in terms of GDP. It is becoming increasingly known as a desirable place to invest for foreign and domestic investors because of its strong domestic demand, long-term economic stability, and extensive infrastructure development. Following the COVID-19 pandemic, investors are inclined to diversify their portfolios to mitigate risk. India presents a good chance in this situation because of its solid foundation. He remarked, “I am excited to work with Harry to demonstrate to international investors the possibilities of investing in India.

What is the better long-term real estate stock to choose between Godrej Properties and DLF?

Posted on March 6, 2024 by supriya

With the real estate index plunging 125% over the last year, the market has experienced a notable upswing. It is possible to attribute this surge to high pre-sales numbers. In this context, let us compare the stocks of Godrej Properties and DLF to see which offers better long-term investment prospects.

The real estate market has experienced a notable upswing in the last year, as evidenced by the realty index’s explosion of over 125 percent. Excellent pre-sales numbers from real estate companies are responsible for this increase. Real estate companies’ stock prices have stayed high, partly because they announced upcoming projects, encouraging pre-sales numbers and market expansion.

In this context, let us compare the real estate stocks of Godrej Properties (GPL) and DLF to see which offers better long-term investment prospects.

Trend of Stock Prices

To date this year, DLF and Godrej Properties have outperformed the benchmark. GPL has increased by 24% in 2024 YTD, compared to DLF’s nearly 29% increase. In contrast, Nifty has grown by 3%, while the Nifty Realty index has increased by more than 18%.

Thus far in 2024, both stocks have produced positive returns in both months. DLF increased by 13 percent in February, bringing its winning streak to six months. In January, it increased by 9.7%. GPL saw gains for the fifth month in a row, adding 1.2 percent in February. It increased by about 18% in January.

Meanwhile, DLF and GPL have produced multi-bagger returns over the past year. While GPL has increased by 114 percent, DLF has grown by over 159 percent. Conversely, Nifty Realty has experienced a growth of more than 125%, whereas Nifty has grown by more than 27%. In intraday transactions today, March 4, DLF and Godrej Properties reached their 52-week highs. On March 14, 2023, DLF reached its one-year high of Rs 932, surging 177 percent from its 52-week low of Rs 336.50. GPL also reached its 52-week high of Rs 2,524, rising 151 percent from its March 29, 2023, 52-week low of Rs 1,005.

Meanwhile, DLF has come out on top over the next three years. While GPL is up just 67 percent, the stock has returned 194%.

Earnings

Due to increased revenue and decreased expenses, DLF reported a 27% increase in consolidated net profit to Rs 655.71 crore for the December quarter. Its net profit for the previous year was Rs 517.94 crore. In the October – December quarter of the 2023-24 fiscal year, total consolidated income increased to Rs 1,643.51 core from Rs 1,59 crore during the same period the previous year. Thanks to several launches throughout the quarter, DLF, the big real estate player by market capitalization, recorded its highest quarterly sales booking of Rs 9,047 crore. In addition to generating Rs 1,108 crore in operating cash, the company reported strong liquidity.

In contrast, Godrej Properties’ net profit in Q3FY24 increased 6% YoY to Rs 62.47 crore. Revenues for the company were Rs 330.44 crore, up 68.39 percent. In the December quarter of FY24, the company achieved its highest-ever pre-sales, totaling Rs 5,700 crore, a 76 percent increase over the prior year. Eight project launches between October and December helped the pre-sales and accounted for about 69% of the bookings. According to the company, bookings for the nine months that end on December 31, 2023, totaled Rs 13,000 crore, or 93% of the company’s goal for FY 24.

Which real estate stock offers the best chances for long-term financial gains?

Director and senior technical analyst Shhersham Gupta of Rupeezy favors DLF over Godrej Properties.

Godrej Properties and DLF have cooperated on several projects for the past year, resulting in excellent outcomes. But of the two, the DLF is the most promising due to its ambitious project launch pipeline. DLF plans to significantly increase its operating flows and profitability, with planned launches having a gross development value (GDV) of Rs 32,000 crore, representing considerably more than previous years’ figures.

Conversely, SAMCO Securities research analyst Moorjani believes Godrej Properties is more suitable.

Both DLF and Godrej Properties are currently selling at ridiculous prices. Therefore, even though current owners may decide to hang onto their shares, new investors should steer clear of these stocks. Godrej Properties recently reported its highest-ever quarterly sales bookings for the second consecutive quarter. When it acquired a 12.5-acre plot of land in Hyderabad with a massive 3,500 crore revenue potential, it also caused a stir. Furthermore, contrary to many others in the industry, Godrej Properties has reported growth in its profits and revenue. Godrej Properties is an excellent option for investors considering its financial performance and potential for growth.

In the interim, international brokerage firm Jefferies has called for a “buy” position in both real estate stocks. Godrej Properties’ target price has increased to Rs 2,700 (from Rs 2,635), signifying a gain of more than 7%. Conversely, the brokerage has already surpassed its target of Rs 875 for DLF. With two consecutive record-breaking pre-sales quarters and a robust launch pipeline for the fourth quarter, Godrej Properties expects to see at least 50% more sales growth this year. Due to the lack of noteworthy project deliveries during the quarter, its revenue of Rs 330.44 crore was below expectations. Worli (MMR), Ashok Vihar (NCR), and Sarjapur (Bengaluru) are just a few of the projects that GPL has said are probably going to be delayed. According to Jefferies on GPL, the launch pipeline for 4QFY24 is still strong, excluding these projects. A 15-year high quarterly profit, an all-time high in pre-sales, and more than Rs 1000 crore in free cash flow generation were made public for DLF in Q3. Additionally, according to the brokerage, DLF’s updated project pipeline indicates that launches for FY24 have taken place, but the pipeline for FY25 and FY26 has been steadily growing. It also added that the lease performance remained stable, with an 8% YoY rental growth.

Yet, CLSA has a “sell” call on both equities.

Ultimately, buyers and sellers of real estate need to consider these divergent viewpoints and carry out their due diligence.

Note: These are the opinions of individual analysts or brokerage firms; Propertywala does not endorse any of the ideas or opinions expressed above. Before making any investment decisions, we advise investors to consult with qualified specialists.

UP’s real estate market will continue with investments of Rs 50,000 crore.

Posted on March 2, 2024 by supriya

The state government stated on its website that these real estate projects, which include vital works in Noida, Ayodhya, were introduced during the just-finished ground-breaking ceremony in Lucknow.

The government of Uttar Pradesh announced on Thursday that the state would experience a boom in the real estate industry with the start of projects valued at over Rs 50,000 crore, which will also lead to the creation of many jobs for the state’s youth.

The state government said in a statement that these real estate projects, which include major construction in Noida and Ayodhya, were introduced during the just-finished ground-breaking ceremony in Lucknow.

Numerous well-known real estate companies, both domestically and internationally, have started working on projects in Uttar Pradesh. M3M India Private Limited plays a role in the project, investing Rs 7,500 crore in building official, retail, residential, and service apartments. More than 14,000 jobs will be available through the project for the state’s youth, according to the statement.

Additionally, it stated, “With an investment of Rs 3,000 crore, the House of Abhinandhan Lodha has initiated a luxury residential and commercial real estate project in Ayodhya, which is to create over 1,000 job opportunities.”

In addition to Omex, Prateek Retailers India, Wonder Cement, Shipra Estate, Rishita Developers, Gallant Lifespace Developers, ANS Developers, SG Estate, ORO Infra Developers LLP, Guy Laroche, Sanfran Developers, Janico Developers, Apex Group, BBD Group Viraj Constructions, Gajadhar Technosys LLP, Amamrvati Homes, Nilansh Builders, and Sapphies Infrastructures LLP are among the other significant investors in real estate sector, according to the statement.

“These real estate projects will provide Uttar Pradesh’s youth with numerous employment opportunities,” the government declared.

The government, noting that several well-known companies have implemented projects in the state through GBC 4.0, is optimistic about the logistics sector providing plenty of job opportunities to the youth of Uttar Pradesh in addition to real estate.

The Sharaf Group is the largest investor, contributing over Rs 1,250 crore towards building a logistics park in the Moradabad district. According to the release, the project will generate more than 1,250 job opportunities in the state.

According to the statement, the government approved the Warehousing and Logistics Policy to increase the state’s storage capacity in light of rising industrial investment in Uttar Pradesh.

It also stated, “This policy encouraged the development of logistics zones and provided fast-track land allocation for logistics parks.”

Five things to be aware of in the Bengaluru real estate market if you intend to rent an apartment there

Posted on March 2, 2024 by supriya

Thirty percent rent increases in specific parts of Bengaluru have caused the city’s rental inflation to exceed that of Singapore.

Over the last few months, rent in Bengaluru has risen by over 20% to 30% due to several companies abandoning work-from-home policies, which has caused the “floating” employee population to return to their offices from their hometowns. As a result, there are right now far too many renters vying for a limited number of properties. Additionally, there have been cases where over four potential tenants have competed for the same property. Due to this, the IT city’s rental inflation has reached nearly 24%, making it competitive with other major cities like Singapore.

Tenants in a city bereft of rental properties have been finding it difficult to comply with landlords’ constantly shifting demands; some have even gone so far as to look up potential tenants’ LinkedIn profiles. Additionally, there have been cases where real estate agents have given tenants have even jokingly said that it is harder to pass a “rental” interview than it is to pass a job interview.

India’s average rental inflation rate now exceeds that of Singapore and Dubai. In Singapore, the average annual rental inflation has been approximately 29%, while in Dubai, it has been 20%. According to a NoBroker study, certain areas of large cities, like Bengaluru, are seeing exponential rent increases of 30% and higher.

According to a report by Anarock Group, residential rent in India’s IT hub has increased by as much as 31%. “Rents will rekindle in the January to March 2024 rental market as Indians typically relocate in search of better job opportunities and amid increased hiring in the new fiscal year,” the report stated.

The opening of Bengaluru offices has significantly increased demand for real estate near IT parks and office clusters. Additionally, there is a rise in demand for homes along these connectors as the new metro corridor comes online.

Properties near metro stations in the IT city have seen a 15-18% increase in rent due to increased demand.

“Over the past year, Bengaluru has seen a sharp increase in housing rentals. According to Akhil Gupta, co-founder and chief executive and technology officer of NoBroker, “the average rent inflation to the IT capital has been 24%, with rent inflation reaching 30% in certain parts of the city.

A further trend is an increase in demand for rentals in areas that are accessible by metro but are not always close to office buildings.

The mandate requiring employees to return to their workplaces has resulted in a notable departure of individuals, thereby augmenting the need for residential real estate. The need to purchase a home and the pandemic’s effects on supply and demand have raised demand for residential properties. Rents and prices have increased as a result, according to Gupta.

He also mentioned how Mumbai’s metro connectivity has led to rental prices that are significantly higher than those of most other cities. It would be unfair to compare Bengaluru to Mumbai or Delhi because of how better connected these cities’ metro areas are.

Metro connectivity is highly beneficial, as the IT city is known for having a lot of traffic. According to our annual report, Bangalore has experienced the highest rate of rent inflation thus far this year.

According to him, there has been a 7-10% increase in rental inflation in the areas close to the metro line.

One notable connection is the Metro corridor, which runs from the western city of Kengeri to the eastern IT corridor of Whitefield.

According to Kiran Kumar, vice president of Hanu Reddy Realty in Bengaluru, rentals in East and North Bengaluru have increased dramatically since the Metro opened for business. Desirable areas like Whitefield, Koramangala, and Indiranagar along the purple line have seen a 20% increase in rental prices.

Previously renting for Rs 30,000 per month, a 2BHK next to the Indiranagar Metro corridor now fetches Rs 45,000. Rent for a 5BHK independent bungalow is Rs 3 lakh per month. Last year, the rent was approximately Rs 1.9 lakh per month. Compared to approximately 70,000 per month last year, a 3BHK in a gated community in the same area now commands rents between Rs 80,000 and Rs 1 lakh per month. A 1-BHK apartment without a parking lot for Rs 10,000 a month is now renting for Rs 22,000.

Rental prices have increased in areas along the metro corridor because of better metro connectivity between the east and the north. Because there are fewer properties than there is demand for them, people are willing to pay higher rent for properties near the Metro, according to him.

In Whitefield (located close to the IT corridor) as well, a 3BHK is going for Rs 50,000 to Rs 70,000 per month, and a 3 BHK villa that was going for around Rs 80,000 before the metro became operational today commands a rent of around Rs 1.5 to almost 2 lakh, he told HT Digital.

Are rent negotiations tough for tenants?

Looking at the rental market, it is still more in demand than it is in supply. The goal of tenants in gated communities is to obtain lovely residences. Therefore, even at high rentals, there are still a lot of takers in gated communities. There is hardly any time for negotiations because deals are closing so quickly. Consequently, Gupta said, “There is always another tenant waiting, willing to pay higher, even though tenants may want to negotiate.”

Has the cycle of rental deal closure gotten longer or shorter?

The inventory shortage has resulted in a significantly shorter transaction timeline. Deals have closed in as little as one day on occasion. Tenants are inspecting the property before the weekend even arrives, Gupta says.

New draft notification

Prospective tenants should be aware that the city’s governing body for civic and infrastructure, Bruhat Bengaluru Mahanagara Palik (BBMP), is getting ready to introduce a value-based property tax on April 1. Property owners may pay twice as much in taxes on rental properties under the new system as on owner-occupied properties. It could put more pressure on tenants’ high rents because of the mismatch between supply and demand.

SC mandates that Lodha reimburse the homebuyer Rs 2.25 crore plus interest for the delivery delay.

Posted on March 1, 2024 by supriya

The Supreme Court ruled on November 9, 2022, to overturn the order of the National Consumer Disputes Redressal Commission (NCDRC). The order also mandated that the developer repay the Rs 2.25 crore deposit within a year and pay simple interest at 12% annually.

The Supreme Court has ordered Lodha Crown Buildmart, a division of the publicity, traded real estate company Macrotech Developers (Lodha), to reimburse a homebuyer for Rs 2.25 crore within a year and to add a 12 percent annual simple interest rate. The reimbursement relates to the purported hold-up in getting a 1,966-square-foot apartment bought in November 2013.

Venkataraman Krishnamurthy paid Rs 7.55 crore for the 4-BHK apartment in the Lodha Evoq development in Wadala, Mumbai’s New Cuffe Parade. A homebuyer has paid Rs 2.25 crore per the payment schedule, with the remaining Rs 5.83 crore to arrive upon the start of fit-outs.

The flat would be delivered to the buyer for fit-outs by June 30, 2016, or, with a grace period, by June 30, 2017, according to the agreement signed between the buyer and the developer. The buyer accused the developer of breaking the contract when they did not deliver the apartment by the deadline for fit-outs.

The homebuyer approached the National Consumer Disputes Redressal Commission (NCDRC) and prayed for a refund of the amount paid with compound interest thereon at 18 percent per year, along with compensation for the harassment, mental agony, and torture suffered by them, apart from litigation costs.

On November 9, 2022, the NCDRC resolved the consumer complaint from the homebuyers and directed the developer to give the unit its actual physical possession within three months.

The NCDRC mandated the developer provide delay compensation in the form of simple interest at a rate of six percent annually on the total amount paid between June 30, 2016, the date of the commitment to take possession, and November 29, 2017, the date of the offer to take possession.

The NCDRC denied the buyer’s request for a refund, finding that the delay was not “unreasonable” and the buyer could still terminate the contract and seek a refund despite acknowledging that there was “some delay” in the developer giving the buyer possession of the apartment.

Following that, the homeowner appealed the NCDRC order to the Supreme Court.

According to a ruling by the Supreme Court on February 22, Clause 11.3 of the agreement stipulates that if the developer fails to deliver the apartment for fit-outs on time, they must notify the buyer within 30 days of the grace period ending. This notice must specify the updated date when the unit should be ready for possession and, if the buyer agrees, the contract extension.

In its decision against the NCDRC, the Supreme Court stated, “It was not for the NCDRC to rewrite the terms and conditions of the contract between the parties and apply it subjective criteria to determine the course of action to be adopted by either of them.”

Without reservation, the Supreme Court that the NCDRC had overreached its jurisdiction and authority when it ignored the legally binding covenants in the agreement and used its logic and reasoning to decide what would be best for the parties and the homebuyers moving forward.

The SC allowed the complaint, setting aside the NCDRC order dated November 9, 2022, and ordering the developer to reimburse the deposited amount of Rs 2.25 crore within a year, plus simple interest at 12 percent annually. This type of installment has a first installment due on April 5, 2024, and subsequent installments are due on the fifth of each calendar month until they are paid in full.

The Gurugram real estate regulator fines a developer for running deceptive advertising

Posted on March 1, 2024 by supriya

The policy is known as the Deen Dayal Awas Yojna (DDJAY) 2016 by the Authority, but the newspaper advertisement captions it as DDJAY 2024, which is “incorrect and misleading.”

The Real Estate Regulatory Authority (RERA), Gurugram, has fined Yashvi Homes Pvt Ltd Rs 25 lakh for publishing a “misleading advertisement” of a real estate project under the state government scheme, Deen Dayal Jan Awas Yojna (DDJAY) 2016, in a mainstream daily.

In a suo motu ruling, RERA Gurugram described the advertisement as “completely misleading.” Yashvi Homes is developing Golden Gate Residency, a residential project in Sector 3, Farukhnagar, Gurugram, under the DDJAY scheme.

The policy is known as the Deen Dayal Awas Yojna (DDJAY) 2016, as per the Authority, but the newspaper advertisement captions it as DDJAY 2024, which is “incorrect and misleading.”

The Authority stated that the promoter failed to supply the required project registration number and website address.

By Section 11(2) of the RERA Act of 2016, the promoter must prominently display the Authority’s web address in any advertisement or prospectus that it publishes. This website should contain all the information about the registered project that needs to be entered correctly, including the RERA registration number.

The Authority spokesperson said, “The amenities promised in the advertisement do not correspond with the project’s approved layout plan submitted by the promoter at the time of registration does not include provisions for amenities like a school, clubhouse, swimming pool, badminton court, half basketball court, among others.”

According to a spokesperson for the Authority, real estate promoters face legal action if they continue to use “misleading advertisements.”

Examining the Patterns and Forecasts of Bengaluru’s Real Estate Renaissance

Posted on March 1, 2024 by supriya

Bengaluru saw a 29% increase in housing sales, from 49,480 units in 2022 to 63,980 in 2023.

Over the past few decades, Bengaluru—often known as India’s Silicon Valley— has seen a remarkable transformation in the residential real estate market. Numerous factors, including better infrastructure, supportive government policies, a rise in the supply of IT professionals, and urbanization, have contributed to this change.

Bengaluru saw a 29% increase in housing sales from 49,480 units in 2022 to 63,980 lots in 2023. Bengaluru’s rise as India’s center of technology lies at the core of the city’s residential real estate boom. However, it is also critical to remember that, in 2023, 23% of the sales momentum came from the premium and mid-market (INR 50-75 lakh) segments, respectively.

The main rivers of demand were the growing return to work in the IT/ITeS sector, the expansion of global firms already in place, and the establishment of Global Capability Centers (GCCs). Moreover, the excellent supply that renowned developers brought in was a significant factor in the sales increases in many of these cities.

The city has been a magnet for highly skilled professionals from all over the nation and abroad due to its reputation as an innovation hub, numerous research institutes, start-ups, and multinational corporations. This talent inflow has led to a strong demand for housing, especially near large IT parks and tech campuses, which has sparked a rush of construction activity in these sought-after locations.

Due to its reputation as a livable city that boasts pleasant weather, lush green spaces, and a vibrant cosmopolitan culture, Bengaluru has become even more appealing to prospective homebuyers. The city’s vibrant lifestyle, excellent educational opportunities, and numerous dining options appeal to individuals and families, making it a great place to settle down and raise a family.

The growth of Bengaluru’s infrastructure has been essential to the city’s residential real estate growth. The city has made significant investments in the road and metro rail systems and other public transportation networks to improve accessibility and connectivity between different micro-markets. The development of satellite townships and growing suburbs that will satisfy the evolving needs and preferences of city dwellers has been made possible by this increased connectivity, which has also expanded the housing options available to residents.

Government policies and initiatives have also played a significant role in speeding up the real estate boom in Bengaluru. To serve the wide range of socioeconomic strata that constitute a community, initiatives like Housing for All and the Smart City Mission have encouraged developers to invest in affordable housing projects.

In addition, the Real Estate Regulation and Development Act (RERA) has increased investor and homebuyer confidence by ushering in a new era of transparency and accountability.

A new paradigm in Bengaluru’s residential real estate market has emerged with the emergence of co-living and co-working spaces, which meet the growing needs of a dynamic workforce.

The gig economy and flexible work arrangements are becoming increasingly common, which has increased demand for shared living and workspaces aimed toward young professionals and entrepreneurs.

Developers have quickly capitalized on this trend by providing creative solutions that combine affordable housing with numerous amenities— from wellness centers and community events to high-speed internet connectivity—–redefining what is in a modern urban setting.

In addition, the proliferation of financing alternatives has democratized homeownership by increasing its accessibility to a broad range of individuals. In addition to offering attractive home loan programs with competitive interest rates, banks, and other financial institutions have also fueled the growth momentum of the real estate industry with the introduction of alternative financing models like peer-to-peer lending and crowdfunding.

But even amid all the excitement surrounding Bengaluru’s residential real estate boom, it is essential to recognize the difficulties that still lie ahead. There is an immediate need for sustainable urban planning and development in the city because of its issues with traffic congestion, urban sprawl, and environmental degradation.

Onward, Bengaluru’s comeback in residential real estate is evidence of the city’s tenacity, inventiveness, and vibrancy. The real estate sector is a prime location for investment and growth due to the convergence of progressive policies, infrastructural development, economic dynamism, and changing lifestyle preferences.

To address problems and seize opportunities as Bengaluru grows and transforms, stakeholders must collaborate in a coordinated manner to move the city toward a more inclusive and sustainable urban future.

Why is the Mumbai real estate market witnessing a resurgence of the Buy Now, Pay Later model?

Posted on March 1, 2024 by supriya

Experts claim there has been a recent decline in primary sales in the Mumbai real estate market. Additionally, due to an excess of inventory brought on by the rise in launches over the previous two years, developers have been pushing sales through these various initiatives.

In the Mumbai real estate market and its environs, more and more builders are reintroducing “buy now, pay later” schemes, which let buyers pay only 10 or 20 percent of the total price up front and the remaining amount upon possession. These programs, which became popular during the 2015-2019 real estate slump, are designed to increase buyer confidence.

Diminished demand?

The Mumbai real estate market has seen a spike in launches and a rise in residential property sales over the past four years.

The Maharashtra government’s announcement in January 2021, waiving half of the permission fees developers had to pay, is credited with this growth. Several developers have had flexible payment options or subsidy programs during the last six months.

According to experts, this may be due to a decline in primary market real estate sales. Due to excess inventory from the increase in launches over the previous two years, developers have had to offer such schemes to boost sales.

In the past few months, developers including Wadhwa, Runwal, Ambit, Raymond Realtors, Microtech Developers (Lodha), Keystone Realtors (Rustomjee Group), and Wadhwa have all introduced flexi-payment options.

For instance, Lodha offers a 255 upfront payment option and a 75% payment option upon receipt of the occupation certificate (OC) for its Thane project. Like this, the Raymond group offers the option to pay 20% in advance and nothing at all until January 2025 in Thane. In November 2023, just in time for Diwali, several projects from the Rustomjee group had flexible payment options.

Directly from the horse’s mouth

Reintroducing the 20:80 subvention scheme is a calculated move to draw in buyers and speed up inventory offtake, which will increase cash flow and lower carrying costs, according to Rajendra Sharma, Chairman and MD of Ambit Realtors and Developers.

As a result, according to Navin Makhija, managing director of the company, the Wadhwa Group is providing subvention in projects where the OC is due in three to six months.

Experts in real estate also credit increased competition for the revival of developer subsidy schemes in the Mumbai market.

“Developers are forced to provide incentives to stand out and sustain sales momentum due to a high volume of launches. The real estate consultancy firm JLL India’s Ritesh Mehta, Senior Director and Head of West & North, Residential Services & Developer Initiatives, stated that the flexibility of staggered payments “aligns with developers’ robust cash flows post-Covid-19.”

Listed companies comply with investor requests to release their pre-sales figures every quarter. To create cash flows, developers must rely on banks or find innovative ways to sell their property for less money. First-time homebuyer promises can be used as collateral by developers to secure bank loans, according to RK Mumbai Realtors’ Director Ravi Kewalramani.

More launches

The number of units introduced within Mumbai city limits climbed from 25,404 in 2020 to 52,771 in 2023, according to the Maharashtra Real Estate Regulatory Authority (MahaRERA).

The Real Estate Regulatory Authority (RERA) may soon receive clarification on tax exemptions from the GST Council.

Posted on March 1, 2024 by supriya

According to an official, the Goods and Services Tax (GST) Council plans to provide clarification shortly that the Real Estate Regulatory Authority (RERA) will not be obliged to pay the GST.

The official argues that Article 243G of the Constitution, which addresses the responsibilities, authority, and powers of panchayats, applies to RERA, which acts as both a regulator and a facilitator for the real estate sector.

To safeguard consumer interests, promote transparency in real estate projects, and create a fast-moving dispute resolution process, several states established RERA.

According to the official, it has come to light that RERA employees are exempt from GST due to discussions regarding the nature of their roles.

The official went on to say that since state governments fund RERAs, charging GST would essentially be taxing those governments.

The Model Code of Conduct for the general election scheduled for April-May is likely to be imposed following a meeting of the GST Council, which will be presided over by the Union Finance Minister and include state ministers.

On October 7, 2023, the GST Council met for the last time.

A specialist claims that before July 18, 2022, several services offered by significant Indian regulatory bodies were GST-exempt. These bodies included the Reserve Bank, the Securities Exchange Board of India (SEBI), the Insurance Regulatory and Development Authority (IRDA), the Food Safety and Standards Authority of India (SSAI), and the Goods and Services Tax (GST) network.

The removal of this exemption on July 18, 2022, sparked debate about the tax ramifications for RERA organizations.

“In addition, the Input Tax Credit (ITC) is not applicable in the residential real estate industry. It implies that eliminating RERA authorities from the GST calculation may result in lower costs for developers and purchasers of real estate. So industry would greatly benefit from an explanation from the GST Council on this issue,” he continued.

Real estate trends: Why are wealthy Indians purchasing opulent homes before the fiscal year’s end?

Posted on March 1, 2024 by supriya

Real estate experts estimate that the ticket sizes for this year’s real estate transactions range from less than Rs 10 crore to more than Rs 100 crore.

There was a surge in the quantity of luxury real estate transactions recorded nationally before the close of the fiscal year. The ticket sizes for these properties range from Rs 10 crore to more than Rs 100 crore. Real estate advisors point out that there are financial considerations in addition to the fear of missing out (FOMO) on the most desirable properties in town due to the limited supply of luxury properties, which is one of the main driving forces behind such decisions.

According to them, one of the explanations might be that several investors who have profited from the financial markets are booking profits by buying real estate in anticipation of possible election-related volatility.

The range of ticket sizes, which begin at Rs 10 crore and go up to over Rs 100 crore, is another trend that has come to light. They suggested that this might be because of the Rs 10 crore cap on long-term capital gains reinvestment under Section 54F enacted in the Budget in 2023.

Here are a few recent high-value deals that happened in Mumbai and Delhi-NCR.

A 10,000-square-foot apartment at the Cameliias by DLF on upscale Golf Course Road in Gurgaon recently sold for Rs 95 crores.

For Rs 10 crore, Bollywood actor Mrunal Thakur and her father bought two apartments from Kangana Ranaut’s family in Mumbai’s Andheri West neighborhood.

Earlier this year, eight members of the Halan family—investors in stocks and other asset classes– paid a total of Rs 104 crore for four sea-facing twin apartments in K Raheja Corp’s opulent south Mumbai project. The apartments total 16,000 square feet.

Vratika Gupta, the creator of the well-known decor brand Maison SIA, paid over Rs 116 crore to purchase an opulent apartment in Mumbai’s Oberoi 360 West.

Demand for luxury homes is not limited to posh areas of Mumbai or Gurugram but also spreads to suburban locations. Krishna Kuppuswami Dasarakothapalli, known for films such as The Family Man, Stree, and Go Goa Gone, bought a duplex in Mumbai’s Goregaon suburb for Rs 30.50 crore this year.

According to Anuj Puri, chairman of ANAROCK Group, sales of ultra-luxury homes (worth more than Rs 40 crore each) have experienced an unparalleled surge in CY2023, setting new records for both quantity and quality. According to the most recent data from ANAROCK Research, the total sales value of ultra-luxury homes increased by an astounding 281% in CY2023 compared to CY2022.

He continues, “CY2023 has already made Indian real estate history in ultra-luxury property sales before it is over.”

Additionally, of the 62 ultra-luxury homes sold in CY2023, at least 12 had prices above Rs 100 crore, compared to just nine in 2022, according to Anarock data. In 2023, fifty opulent residences were sold for amounts between Rs 40 crore and Rs 100 crore. There were only four deals in this price range in 2022.

He continues, “This demonstrates the country’s current appetite for ultra-luxury homes.”

According to Amit Goyal, Managing Director of India Sotheby’s International Realty, who spoke with HT Digital, there has been an increase in high-end real estate transactions toward the end of the fiscal year.

Many investors who have profited from the stock market are now real estate investors. After all, the stock market is expected to remain volatile during the elections.

“That is to say that ticket sizes are smaller than last year after the announcement in Budget 2023 and the changes to Section 54 and 54F went into effect,” he added.

According to him, a surge of transactions surpassing Rs 100 crores was recorded in March 2023 as an increasing number of wealthy individuals utilized their earnings to acquire real estate before April 1, 2023, when the exemption from long-term capital gains tax for buying residential properties was limited to Rs 10 crores.

According to Ritesh Mehta, Senior Director and Head of Residential Services & Developer Initiatives, West and North, JLL, several buyers are investing in real estate, the majority of which they intend to use for their use and booking profits from the share market.

“This is one of the causes of the comparatively small ticket size compared to the prior year. Most of the deals in the previous year were above Rs 90 crores, especially after the long-term capital tax exemption for purchasing residential units at Rs 10 crores. Before the end of the fiscal year, most deals in the premium segment range from Rs 10 crores to more than Rs 100 crores,” he said.

In the future, he says, “the trend is expected to continue.”

The Mumbai real estate market records a 21% YoY increase in property registrations but a 22% decline in stamp duty collections.

Posted on March 1, 2024 by supriya

According to Knight Frank India, residential units comprise 80% of registered properties, with non-residential assets constituting the remaining 20%.

In February 2024, the Mumbai real estate market recorded 11,742 property registrations, 21% higher than the 9,684 registrations for the same month in the same year. According to data from the Maharashtra government, there has been a 7% monthly increase, with 10,967 properties registered in January 2024.

However, from Rs 1,112 crore in February 2023 to Rs 865 crore in February 2024, the revenue from stamp duty collections decreased 22% YoY. Stamp duty receipts increased from Rs 760 crore in January 2024 on a MoM basis.

According to Knight Frank India, a real estate consulting firm that examined the data, the government’s decision to restrict tax deductions on capital gains earned from the sale of residential property after March 31, 2023, is what caused the exceptionally high stamp duty collections last year and the subsequent drop in stamp duty collections.

Furthermore, eight percent of all registered properties are residential units, with the remaining twenty percent being non-residential assets.

Mumbai saw the most property registrations in February 2024 compared to any other February in the previous twelve years. Increased optimism and the release of pent-up demand as the pandemic’s effects subsided drove the prior high in February 2022. However, according to Knight Frank India’s report, the recent surge can be attributed to growing income levels and a positive attitude toward homeownership.

February 2024 saw a rise in the percentage of apartments of 500 square feet or less, from 34% to 45% in the previous year. Conversely, the share of apartments with a floor area of 500-1000 square feet dropped from 45% to 42% last year.

However, this may be an isolated incident, as Mumbai homebuyers have recently preferred larger apartments, according to Knight Frank India.

Knight Frank India Chairman and Managing Director Shishir Baikal, “The positive trajectory is expected to sustain, particularly with the anticipated robust economic momentum and the potential easing of interest rates during the year, creating a favorable environment for homebuyers.”

Where are the houses being sold?

In the meantime, the combined Central and Western suburbs account for over 73% of all properties registered, as these areas are hot spots for new developments that provide a variety of contemporary amenities and excellent connectivity.

92% of consumers in Central suburbs and 86% of customers in Western suburbs chose to buy things at their local micro market. According to Knight Frank India’s research, the familiarity of the area and the availability of goods that suit their preferences for features and price also play a role in this decision.

The real estate fund of Motilal Oswal contributes. First close of Rs 1,250 crore.

Posted on February 22, 2024 by supriya

Across India’s top 8 cities, IREF VI will strategically concentrate on early-stage investments in mid-income/affordable residential projects.

The first close of the sixth real estate fund, India Realty Excellence Fund VI (IREF VI), was announced by Motilal Oswal Alternates (MO Alts). Launched with an aim corpus of approximately Rs 2,000 crore, the fund has committed Rs 1,250 crore after its first close.

MO Alts has made capital investments in the real estate sector through five real estate funds. The company oversees additional stand-alone and in-house real estate investments. As an experienced real estate manager, MO Alts has funded approximately Rs 7,500 crore across 50 Indian developers and completed more than 150 investments. In addition, they have profited from over 20% of their pre-approval wagers.

The early-stage investments in mid-income/ affordable residential projects in India’s top 8 cities—Mumbai, Delhi-NCR, Pune, Bangalore, Chennai, Hyderabad, Kolkata, and Ahmedabad—will be the primary strategic focus of IREF VI.

High net-worth individuals, Indian non-residents, family offices, and corporations have raised this fund. The fund is set up as an alternative investment fund (AIF Category II). MO Alts is the name of Motilal Oswal Financial Services Limited’s alternative investment platform.

In the growth stages of real estate and private equity, MO Alts manages assets worth over $2 billion in aggregate.

“This marks the largest and fastest first close for our real estate funds to date,” stated Vishal Tulsyan, MD & CEO, MO Alts. This successful fundraising endeavor amid a rising stock market shows our investors are in our abilities. We are very optimistic about the real estate market and believe it will experience strong growth shortly. We are committed to strengthening our position as the leading capital provider for the real estate sector by taking advantage of as many opportunities as we can in the years to come.”

“The Indian real estate market has exhibited remarkable resilience and growth in recent years,” stated MO Alts co-head (real estate) Saurabh Rathi. The demand for residential real estate has been exceptionally high, and the office market has exhibited robust absorption as it approaches the pre-pandemic peaks. The need for early-stage capital is more apparent than ever, with sectoral indicators indicating sustained momentum. We are committed to meeting this need by utilizing our solid risk management framework, conservative underwriting procedures, and proven track record.”

Co-head of MO Alts’ real estate department, Anand Lakhotia, stated, “We are incredibly appreciative of our investors’ continued faith in our investment knowledge, especially those who have previously invested in our funds. We are in an excellent position to take advantage of new opportunities because of the tightening restrictions on banks and NBFCs regarding capital utilization and the positive outlook for the real estate market. Our robust pipeline of investment opportunities in major cities being evaluated at various stages and offering competitive risk-adjusted yields makes the deal flow look extremely promising.”

Everything about the 2024 Gujarat Housing Scheme

Posted on February 22, 2024 by supriya

In addition to providing unsold housing units in existing projects, the Gujarat Housing Board has been actively introducing new projects to meet the state’s housing needs. In addition to being affordable, the government’s support ensures that these houses are built for every segment of society.

Under the auspices of the state government, the Gujarat Housing Board (GHB) has been working to create new housing initiatives to benefit the populace. Housing for families in the Below Poverty Line (BPL), Economically Weaker Section (EWS), and Low-income Group (LIG) has received particular attention. A portion of the Middle-Income Group (MIG) and Higher-Income Group (HIG) of society are also catered to by particular projects in the new housing schemes.

There are a few cities where the projects are underway: Surat, Ahmedabad, and Vadodara.

Concerning the Gujarat Housing Board

The division of the province of Bombay led to the creation of the Gujarat Housing Board (GHB) in 1961. The board must provide housing initiatives for all social classes of State residents. It not only constructs affordable apartments in Gujarat but also develops commercial properties.

How can one apply for the Gujarat Housing Scheme 2023?

The Gujarat Housing Scheme application procedure is as follows:

Step 1: Go to the Gujarat Housing Board’s official website.

Step 2: After that, click the “application form” link in the upper left corner of the homepage.

You can then the application form by opening a new window.

Step 3: Correctly complete all the information and submit the form. Save the receipt for your records.

Qualifications for the Gujarat Housing Scheme 2023

The candidate must be a resident of the State of Gujarat and be older than eighteen.
The scheme applicant was not eligible to receive any other housing scheme from the government of Gujarat.
If someone wants to be eligible for MIG or LIG quotas, they cannot own any other property in India.
Rs 1,00,001-2,50,000 is the annual family income threshold for applying for a LIG home.
The annual household income requirements for applying for a MIG home are Rs 2,50,001-10,000,000.
Candidates for HIG apartments must earn at least Rs 1,000,000 annually as a family.
Required documentation to apply for a 2023 residence proof document under the Gujarat Housing Scheme
Caste certificate
Income certificate
Aadhaar Card
Passport-size photographs with a transparent background.

Which general amenities come with houses constructed through the Gujarat Housing Scheme?

A few standard features of homes constructed by GHB are:

Elevators
Vitrified tiles (for flooring)
Parking
Earthquake resistant construction
Street lights
Regular water supply
Landscaping

Distribution of residences under the Gujarat Housing Scheme 2023

The Gujarat Housing Scheme allots houses through a drawing process. The Gujarat Housing Board holds an online drawing in front of the applicants to guarantee transparency.

Gujarat Housing Scheme 2023 will also launch new projects soon. Visit the official website for announcements and updates on the application process. Additionally, these houses ae intended for end users, and tenants are not encouraged.

Five trends are influencing the residential real estate market in India.

Posted on February 22, 2024 by supriya

The rapid expansion of the middle class in India is mainly to blame for the significant changes occurring in the Indian real estate market. Development professionals, investors, and potential end users are all very interested in this revolutionary shift, characterized by a sharp increase in population and economic growth. Urbanization, rising incomes, and easier access to education all contribute to this phenomenal growth.

The Indian residential market is a leading indicator of changing regulations, economic vitality, and societal aspirations due to its novel opportunities and trends. The value of India’s residential real estate market reached an all-time high of Rs.3.47 lakh crores in FY23, representing a strong 48% annual growth. The sales number also showed an upward growth trajectory, increasing by 36% to 379,095 units sold.

The nation is changing swiftly, and every part of the industry beats in time. The following are the main developments influencing India’s residential real estate market:

Rise of Low-Density Housing: Plotted developments, townhouses, and villas are among the low-density housing options currently in high demand. Low-density housing uses less energy, such as electricity, air, and water, and is similar to small neighborhoods or single-family homes. Long-term residents of this kind of housing are encouraged to lead sustainable lives. Reducing the need for additional infrastructure in neighborhoods by forming them with fewer houses and preserving the land largely intact can help save resources. Buyers are becoming more aware of the benefits of low-density housing. Low-density housing is becoming more popular for people to escape congested urban areas and prioritize privacy, space, and harmony with nature. Developers are introducing carefully planned, low-density projects in response to this trend, emphasizing the value of open spaces, lush greenery, and a feeling of exclusivity. This change reflects a rising desire for well-balanced homes that combine contemporary conveniences with the peace of suburban settings. According to India Sothby’s International Realty’s annual Luxury Outlook Survey 2023, roughly one-third of HNIs and UHNIs are willing to spend over Rs 10 crores on real estate. For instance, Landmark Group sold out of its plots in record time at Landmark Avana, a new low-density housing project in Gurugram, particularly to a younger demographic looking for more space and a better standard of living.

Technological Integration: By improving comfort, security, and convenience, technology integration is completely changing the residential landscape. Ad IoT devices, home automation systems, and AI-powered assistants biome standard features in smart homes set new standards for futuristic living while providing residents with a seamless living experience. India’s smart home market is expected to generate US$6.5 billion in revenue by 2024. Based on research and markets for smart homes, India ranked third globally in 2020. Furthermore, by 2025, there will be 442 million smart homes in India, an increase over the current number of homes, according to Statista’s Digital Market Outlook for 2021.
Growing Preference for Owning a Home: The start of the COVID-19 pandemic has caused a significant shift in the way that society views home ownership. Purchasing a home is becoming more and more important to people than renting one. People now recognize the benefits of living in their own space with areas set aside for work, study, and leisure. As a result, people are more conscious of the inherent worth of owning a home since it provides a greater sense of stability and security during uncertain times. Like the pre-COVID housing loan levels, Indian banks advanced housing loans totaling approximately 2 trillion Indian rupees in FY22. As more Indians were investing in residential real estate, this suggested that homebuyer confidence was returning.

Elegant living: The market focuses on pricey, showy real estate. These upscale residential developments draw discriminating buyers looking for an unmatched quality of life with their first-rate amenities. According to a recent India Sotheby’s International Realty study, the number of affluent people planning to buy luxury real estate in the upcoming years has considerably increased. The luxury real estate market has seen substantial disruption due to growing income levels, deeper technological integration, and evolving consumer preferences brought about by shifting demographics. Millennials are becoming interested in luxury real estate as their incomes rise and their urban lifestyles change. Luxurious properties are in high demand due to the possibility of substantial rental income and a high return on investment. The sales of luxury homes in India increased by 130% in the first half of 2023 compared to the last year. Set to open in Dwarka Expressway, Landmark Group’s new residential project promises to be the ideal residential complex with its endless luxury services and state-of-the-art amenities that are best suited for the changing way of life.

Tier 2 becomes a powerful force: After the pandemic, many people assessed their living situations and looked for sale houses in their hometowns to feel more stable. The consequence has been an increase in the visibility of Tier 2 cities, which are growing hubs for real estate. The discernible increase in investment activity is causing significant changes in these cities’ real estate markets. With a robust housing market supporting them, Tier 2 cities are rapidly expanding their infrastructure and offering various opportunities for residential and commercial use. Furthermore, the government’s support of cities helps the real estate industry expand. Projects to develop townships and settlements may receive up to 100% FDI approval from the government. Tier 2 cities real estate growth has surpassed Tier 1 cities. For example, at the end of the fiscal year 2021-22, Ahmedabad’s residential real estate market size of INR 83,390 crores exceeded the market sizes of some Tier 1 cities, like Chennai and Kolkata, with INR 52,554 crore and INR 38,440 crore, respectively. This expansion was also apparent in Tier 2 cities like Nashik, Jaipur, Vadodara, and Gandhinagar.

The government has increased its efforts to provide affordable housing in response to the recent spike in housing demand, and developers have modified their business plans. The term “affordable housing” describes real estate with prices within the reach of low- and middle-class families. The affordable housing project Landmark the Homes in Sector 81 is anticipated to be completed by December 2024, according to the Landmark Group. One can look into government-funded programs created especially for low-income groups or home loan options from private lenders/NBFCs to purchase affordable housing in India. A commitment of Rs 79,000 crore (US$9.64 billion) for the PM Awas Yojna has been announced in the Union Budget 2023-24, a 66% increase over the previous years.

Government initiatives such as the Rajiv Awas Yojna and Pradhan Mantri Awas Yojana have encouraged developers to take on projects to offer affordable housing, thereby promoting accessibility and inclusivity in the real estate market. Meeting the demand for 40 million urban housing units is necessary, given that the population is growing at an average annual rate of 2.1% and that a large portion of our population has low purchasing power.

India’s growing urban population is driving up demand for homes, changing the country’s skylines and city spaces.

Top 5 Places to invest in real estate in Goa

Posted on February 20, 2024 by supriya

Are you considering settling in Goa, among the Portuguese colonies lining the Arabian Sea coast? Residential real estate accommodates a wide range of preferences, from those looking to retire to those looking to retire to those seeking to buy a home. In North and South Goa, investors have a variety of options to select from, including villas, apartments, and plots. However, where in Goa are the top places to purchase real estate?

A popular holiday destination near Maharashtra, Goa is known as the “land of beaches and seas.” The Mopa International Airport and the Zuari Bridge are just two infrastructure projects that have made headlines recently. In addition to improving connectivity, these projects have refocused attention on Goa’s residential market.

Top areas in Goa to purchase a property

The following list explores the salient characteristics, past prices, and real estate trends of the five most desirable places in Goa.

North Goa’s Porvorim

A thriving residential community in the center of Goa, Porvorim sits along the Mandovi River and the busy Mumbai-Goa Highway. Additionally, it serves as the legislative capital of Uttar Pradesh. NH-78 and NH-66 connect strategically to the Panvel-Kochi-Kanyakumari Highway, Karmali Railway Station, and Dabolim Airport. Porvorim offers a wide range of housing options, with large, move-in ready 2 BHK apartments dominating the market. Porvorim offers monthly rental rates between Rs 9,000 and Rs 39,000, and home-buying prices hover around Rs 8,300 per square foot. The area continues to appeal to working people as a place to live, especially since industrial estates like Pilerne and Colvale are only 14 km away.

Mapusa, North Goa

Mapusa, a residential and commercial district known for its busy lifestyle, is tucked away in Goa’s northern region. The locality is connected to areas within the city and beyond by the Calangute-Mapusa Road, NH-66, Thivim Railway Station, and Mapusa bus terminal. The 2 BHK apartments from local builders dominate the Mapusa housing market, which provides a high-end experience. With a sharp 40% increase in the previous five years, the average property price in Mapusa is now approximately Rs 6,450 per square foot. Those who invest in Mapusa can anticipate reasonable monthly rentals, which start at about Rs 26,600, along with consistent price growth.

Candolim, North Goa

From Aguada to Calangute, the charming community of Candolim in North Goa is situated along the Arabian Sea and Nerul River’s shores. With a variety of sea-facing properties and excellent connectivity through NH-66, Aguada Fort Road, and Verem-Nerul Road, Candolim is the ideal location for anyone looking to live a tranquil coastal lifestyle. One-bedroom and 2-BHK ready-to-move-in apartments in Candolim’s residential inventory; the average price per square foot is roughly Rs 12,800. In the past five years, home values in Candolim have increased by 80% despite the high rates due to the constant demand. Rentals in the area are around Rs 26,000-35,000 per month.

Goa’s Dona Paula

A well-known tourist destination, Dona Paula is a posh neighborhood in Panaji’s suburbs. There are luxurious homes, resorts, and hotels in the area. NH-66, Jetty Road, and Hawai Beach Road all provide connectivity in Dona Paula. In Dona Paula, the most common type of housing is an upscale 3-BHK apartment, with prices starting at about Rs 12,050 per square foot. Reputed domestic builders like Mohan Group, Rajdeep Builders, and Mathias Construction are responsible for most of Dona Paula’s residential developments.

South Goa’s Colva

Colva, a posh residential area in South Goa known for its captivating coastline, features bungalows, standalone houses, multi-story vacation rentals, and residential apartments. The vicinity has excellent access to the Dabolim Airport, the Margao and Majorda regions, the Mumbai-Goa Highway (NH-66), Colva Beach Road, and Colva-Benaulim Road.

The Goa locations mentioned above are well-located and provide numerous housing options. Although buyers are free to choose any of them based on their needs, preferences, and financial situation, making an informed decision requires careful consideration of all available options. First-time buyers can also speak with local real estate professionals for more details and help.

Property prices in Pune are booming, with a 46% increase in registrations for properties between Rs 50 lakh and Rs 1 crore.

Posted on February 20, 2024 by supriya

A 46% year-over-year increase in property registrations was reported in January 2024 by the Maharashtra government’s Department of Registrations and Stamps, also known as the Inspector General of Registration and Controller of Stamp (IGR), which helped the Pune real estate market.

The data shows that in January 2024, there were 17,700 registered property units, compared to 12,166 units in the same month the previous year. This spike indicates a growing interest in investing in city real estate.

In December 2023, the district registered 14,725 property units, generating Rs 560 crore in revenue from stamp duty. In January 2024, stamp duty receipts increased significantly from Rs 441 crore in January 2023 to Rs 589 crore.

Real estate consultancy Knight Frank India reports that in the Pune district in 2023, there were 152,323 property registrations, and stamp duty collections totaled Rs 5,351 crore.

A Knight Frank India analysis shows that residential units priced between Rs 50 lakh and Rs 1 crore accounted for the most registrations in January 2024, accounting for 32% of all housing transactions. The properties with prices between Rs 25 lakh and Rs 50 lakh held a 31% market share, making them the closest competitors. Additionally, from 10% in January 2023 to 14% in January 2024, the market share of properties in the higher value segment–which includes those priced at Rs 1 crore and above–increased, indicating that buyers are growing more accustomed to selecting properties in this price range.

Furthermore, as of January 2024, 41% of the market consisted of apartments ranging from 500 to 800 square feet. Less than 500 to 800 square feet. Less than 500 square feet was another prevalent apartment size, drawing interest and accounting for 33% of transactions. The market share of apartments larger than 1,000 square feet increased from 12% in January 2023 to 14% in January 2024.

Regarding buyer demographics, most buyers–who accounted for a sizable fifty-four percent of the market—were between the ages of thirty and forty-five. Sixteen percent of buyers were between the ages of forty and sixty, and twenty-four percent of consumers were under thirty.

Ghaziabad’s circle rates as of 2024-2025

Posted on February 20, 2024 by supriya

The Uttar Pradesh government sets circle rates, which are the lowest prices at which property in Ghaziabad can be sold. The whole amount is charged for stamp duty and registration fees when registering new or used property. Circle rates vary based on the type of property and the area, so it is critical to know the most recent rates that apply in the area. Continue reading to learn about Ghaziabad’s most recent circle rates for 2024-2025.

How does Ghaziabad calculate circle rates?

The lowest price at which the Uttar Pradesh government will sell a property is known as the “circle rate” in Ghaziabad. Like other Indian cities, Ghaziabad’s circle rates fluctuate according to the area’s market value and level of infrastructure development. Usually, the revision complies with local requirements. The fact that Ghaziabad’s increase in the maximum circle rate has made headlines for housing hubs for all the right reasons is not surprising. These include the vicinity of the Delhi-Meerut Expressway and the Rapid Rail corridor’s influence zone.

Factors influencing Ghaziabad’s Circle rates

Commercial properties are subject to a higher circle rate from the state government than residential properties. When determining circle rates in Ghaziabad, the Uttar Pradesh government considers several factors, including the type of property, the market value of the area, and the condition of the current infrastructure.

Property type: Even within the same neighborhood, Ghaziabad’s circle rates for plots and standalone homes differ from those for flats and apartments.

Infrastructure status: A community with sufficient infrastructure inside the municipal boundaries would have a higher circle rate than an area outside the municipality’s borders.

The government’s authorities examine a region’s circle rates annually. Conversely, the rates may or may not change. In Ghaziabad, the rates have not altered since 2014.

How can I look up circle rates online in Ghaziabad?

Ghaziabad circle rates are accessible online in PDF format. To view the circle rates online, take the actions:

Step 1: https://ghaziabad.nic.in/

Step 2: Move your cursor to the information section and select “New circle rate list Ghaziabad.”

Step 3: To see the most recent circle rates, you can search for the name of a specific locality.

Circle Rate: Ghaziabad’s Most Recent New and Updates

2023

After almost six years, the district administration in Ghaziabad increased the circle rates by an average of 10-12%. For FY 2023-2024, the circle rate increase varies from six percent to twenty percent. The hike applies to regions adjacent to the Delhi-Meerut Expressway and along the Rapid Rail corridor. It would directly affect the cost of real estate in the city, which has historically been a well-liked destination for low-middle-class residential real estate. In two Ghaziabad townships– Vasundhara and Siddharth Vihar, which are close to the Rapid X Corridor— the Housing Board has also increased circle rates. There is a rise in circle rates due to this recently opened courier.

It is essential to understand the typical circle rates in the area to calculate the price of a property bought or sold. You need to verify these rates on the authority’s official website or speak with a knowledgeable real estate agent because of stamp duty and registration fees.

Beyond The Present: Future-Proofing Your Investment in Ayodhya’s Real Estate Market

Posted on February 20, 2024 by supriya

Shortly, Ayodhya’s infrastructure development will significantly boost the real estate market.

Wise investors continually seek chances for long-term growth and sustainability as the real estate market shifts. Real estate investors wishing to safeguard their future find that Ayodhya is a promising destination due to its thriving growth and rich historical fabric.

The Ayodhya Cultural Tapestry

Ayodhya, the birthplace of Lord Rama, is important culturally and economically. Millions of tourists visit the city because of its cultural significance, which generates a strong demand for lodging and entertainment. Recent data shows that since 2019, the tourism industry has grown steadily, with an astounding 15% annual growth.

The surge in tourism in Ayodhya provides ample proof of the city’s potential as a lucrative investment destination, particularly for the hotel and real estate sectors. Those looking to take advantage of this growth should consider projects with a heritage theme, hotels, and resorts to align their portfolios with the growing demand.

Infrastructure Development Drives Economic Growth

There is an expectation that Ayodhya’s infrastructure will lead to an increase in real estate sales. The last two years have seen a 30% increase in the road network, indicating the government’s commitment to enhancing connectivity. In addition, the city’s airport is undergoing extensive renovations to accommodate the growing number of visitors.

Improved connectivity always results in higher property prices; therefore, infrastructure investments will benefit local real estate investors. Prices for residential real estate in Ayodhya have increased by a notable 10% per year, and analysts anticipate that this trend will continue as infrastructural projects draw closer to completion.

Ideal Site for Industrial Development

Ayodhya is a fantastic location for business and industrial endeavors because of its advantageous location in the middle of Uttar Pradesh. The number of new business registrations in Ayodhya has increased by 25% recently, suggesting that companies are increasingly keen to establish themselves in the city.

Investors evaluating potential investments in commercial real estate should be aware of this tendency. Apart from its strategic location, the government’s pro-business policies have contributed to Ayodhya’s increasing prominence as a commercial hub. Ayodhya is a popular choice for investors seeking long-term returns in the commercial real estate market because of these combined attributes.

Government Measures Lighting the Path

Government initiatives primarily shape the Ayodhya real estate market. Implementing tax breaks and expediting approval processes, the government is actively fostering an environment conducive to real estate development. Over the previous year, there has been a 20% increase in the number of real estate projects that the government has approved.

Investors need to know about these programs and utilize them to future-proof their assets. The government is committed to Ayodhya’s development, so investors need to modify their plans to account for the shifting policy environment.

Ayodhya is a blank canvas ready to be filled with the future as we gain more knowledge about its real estate market, not just a picture of the present. If investors possess the necessary expertise and strategic insight, they could gain from Ayodhya’s growth.

I encourage other investors to consider Ayodhya as a progressive investment destination. The information is self-explanatory and shows the city’s ability to grow steadily in various real estate markets. Investors can future-proof their portfolios and help Ayodhya grow from a historic town into a thriving cultural and economic hub by embracing the city’s journey beyond the present.

The MahaRERA and the Advertising Standards Council will use artificial intelligence to monitor real estate advertisements.

Posted on February 20, 2024 by supriya

Artificial intelligence (AI), according to MahaRERA, will be used to identify ads published without a QR code or MahaRERA registration number. As defined by the RERA Act, any project larger than 500 square meters or eight apartments registered with the MahaRERA.

On February 15, the Advertising Standards Council of India (ASCI) and the Maharashtra Real Estate Regulatory Authority (MahaRERA) announced their partnership to identify developers advertising projects without QR codes and registration numbers. To identify developers advertising projects without QR codes and registration numbers, the Maharashtra Real Estate Regulatory Authority (MahaRERA) and the Advertising Standards Council of India (ASCI) announced their collaboration on February 15.

Artificial intelligence (AI) will identify advertisements published without a QR code and MahaRERA registration number.

To defend consumer interests on websites, social media, television networks, newspapers, and other media, ASCI is a voluntary self-regulatory organization for the advertising industry.

MahaRERA and the ASCI have signed a Memorandum of Understanding (MoU) to safeguard the interests of homebuyers, according to a statement released on February 15. Manisha Kapoor, the CEO of ASCI, and Vssant Vani, the administrative officer of MahaRERA, are signatories to the agreement.”

By the agreement, advertisements published without a MahaRERA registration number and QR code will use artificial intelligence. In response, the statement announced the formation of a core group tasked with tracking, observing, and evaluating these ads to eventually bring them to MahaRERA’s attention.

Developers are prohibited from advertising a project unless it has been filed with MahaRERA. We have taken ex officio legal action against developers who have displayed advertisements without a registration number.

To allow prospective homeowners to obtain comprehensive information about a project with just one click, it is now necessary for advertisements to include a QR code, according to MahaRERA Chairman Ajoy Mehta.

He went on, “There are newer forms of advertising emerging in the new age media, which we cannot ignore. Therefore, to recognize and stop such deceptive or incomplete advertisements across all media, we need the aid of ASCI, a self-regulatory organization, and industry experts. The most recent action will aid in reducing these false and deceptive commercials.”

MahaRERA is tightening its grip on developers.

Since 2023, MahaRERA has been taking measures against publications of advertisements that do not include a QR code or registration number. Aside from the traditional media, the authority has expanded the reach of new-age media.

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Property prices in Pune are booming, with a 46% increase in registrations for properties between Rs 50 lakh and Rs 1 crore.

Ghaziabad’s circle rates as of 2024-2025

Beyond The Present: Future-Proofing Your Investment in Ayodhya’s Real Estate Market

The MahaRERA and the Advertising Standards Council will use artificial intelligence to monitor real estate advertisements.