BENGALURU PROPERTY PRICES
Marriott ties up with Whiteland corporation for first branded residences project
The Gurugram property, with an investment of more than Rs 5,600 crore, will be developed in phases with local developer Whiteland Corporation and will encompass an area of 6 million square feet, Trinh Quynh Phuong, vice president of mixed-use development for Asia Pacific at Marriott International, told ET.
Residential property sales highest in a decade: Not affordable housing, but this segment emerges as top favourite
India's real estate sector remained buoyant as residential housing sale surged to an 11-year high in the first half of 2024. A total of 1.73 lakh residential units sold during the January-June period of 2024, according to the Knight Frank report. Mumbai led with 47,259 units sold, up 16% during H12024. The premium housing sales rose to 34% market share in H1 2024, from 15% in H1 2018. Meanwhile, the affordable housing segment sales dropped to 27% in the January-July period 2024.
Housing sales in top 30 Tier II cities up 11% in FY24 to nearly 2.08 lakh units: PropEquity
Housing demand in India has increased by 11% last fiscal, reaching nearly 2.08 lakh units across 30 Tier II towns, according to PropEquity's report. The top 10 Tier II cities contributed 80% to the total sales in these small towns, with sales of 1,68,998 units in 2023-24. The other 20 Tier II cities include Bhopal, Lucknow, Goa, Coimbatore, Raipur, Vijayawada, Indore, Kochi, Trivandrum, Mangalore, Guntur, Bhiwadi, Dehradun, Ludhiana, Chandigarh, Agra, Mysore, Sonepat, Panipat and Amritsar.
Stable economy boosts India's housing market to new heights, scales 11-year peak
The housing property market across India is seeing substantial growth in sales volumes, driven by stable economic conditions and continued confidence, even amidst higher mortgage rates. This uptrend is led by the top eight cities, including Mumbai, Delhi-NCR, Bengaluru, Pune, and Hyderabad, propelling the country’s residential real estate market to an 11-year high in sales volumes during the first half of the year.
BCD Group bags 1.5 mn sft of residential development in Bengaluru
BCD Group secured a 1.5 million sqft residential project in Bengaluru from Ramsons Trendsquares for Rs 660 crores, their first collaboration. The mixed-use development spans 6.5 acres with 600 units in phase 1 and 5 million sqft in phase 2. With the first phase sold out, BCD aims to begin phase 2 soon. The project capitalizes on Bengaluru's premium real estate market, especially in Sarjapur's thriving tech hub.
Godrej Properties sells more than 2,000 flats in Bengaluru for over Rs 3,150 crore
With the successful launch of this project, Godrej Properties said the company has surpassed its full-year FY24 sales in South India within the first quarter.
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Prices of premium residential under-construction properties continue to rise in top cities
According to Savills India, prices of premium under-construction residential properties surged up to 53% in major cities like Gurugram, Delhi, Noida, Bengaluru, and Mumbai. Gurugram led with the highest increase. North Goa also saw a 28% rise in villa prices, driven by remote work trends and high rental yields.
This Indian city sees third highest jump in prime residential property prices in the world: Report
In Q1 2024, Mumbai led Indian cities with an 11.5% year-on-year increase in prime residential prices, ranking third globally in Knight Frank's Prime Global Cities Index. Delhi followed with a 10.5% rise, securing fifth place. Knight Frank attributed the surges to India's robust economic growth, with GDP exceeding 8% annually. 'Prime Global Cities Index' is a valuation-based index tracking the movement of prime residential prices across 46 cities worldwide.
Housing sales likely to fall 2 pc in Apr-June to nearly 1.2 lakh units across top 9 cities
Housing sales estimated to decline 2% to nearly 1.20 lakh units in current quarter across major cities, mainly due to lower demand in Hyderabad and Pune, as per PropEquity data.
Share of high-value property transactions doubles since 2019
There has been a consistent increase in the sale of properties in higher price brackets, including those valued between Rs 75 lakh-1 crore and above Rs 1 crore. This trend suggests a growing inclination towards upscale real estate offerings, potentially driven by factors such as increased disposable income and changing lifestyle preferences.
Sales of affordable homes fall 4% in Mumbai, Bengaluru and other top cities in Jan-Mar: PropEquity
Sales of affordable homes priced up to Rs 60 lakh each declined 4% in eight major cities to 61,121 units during January-March due to lower supply and higher demand for luxury apartments, as per PropEquity data.
Mumbai luxury property market records 3rd highest price rise globally in Q1
Mumbai saw a significant rise in prime residential prices, recording the third highest year-on-year growth globally. New Delhi also saw an increase, while Bengaluru experienced a slight drop. Mumbai's growth was driven by strong demand for higher value apartments. India's property markets have seen a surge in prices due to robust economic growth.
Should you buy a house now before property prices soar or wait for home loan interest rates to drop?
A favourable wealth effect, driven by a sharp rise in the equity markets, is enticing many first-time homebuy ers to take the plunge, while affluent buyers are looking for second homes. If you are a fence-sitter, still unsure about when to buy a house, this market presents a big dilemma. Is it the right time to buy a house?
Robust housing demand helps in faster inventory liquidation
Residential property markets in the top seven cities - Mumbai, Delhi-NCR, Pune, Bengaluru, Chennai, Hyderabad and Kolkata - have witnessed a significant 31% decrease in the time taken to sell active unsold housing inventory, showed a JLL analysis.
India's top 7 cities see 31% decline in time to liquidate unsold housing inventory
According to him, time needed to sell the unsold inventory in the premium segment has dropped from 51 months in 2019 to 29 months in the first quarter of 2024, showcasing the strong sales momentum in this segment. Apartments belonging to ticket size category of Rs 3 crore and above, have also witnessed a 11% reduction in time to sell during the same time.
India’s retail realty expansion to continue led by urbanization, consumption growth
The top seven Indian cities--Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Pune, Kolkata, Chennai--will add over 45 million sq ft of retail real estate through 88 new developments. This anticipated growth will outstrip the retail space supply from the past decade (2014-2023), which totaled around 38 million sq ft, showed data from JLL India.
Holiday home demand tapers off as rentals fall
Goa is becoming a first-home market with interest from businessmen and startup founders. Luxury second homes are in demand, especially in locations like Porvorim. Coonoor Estates is developing high-end luxury homes for buyers looking to settle down.
Affordable homes supply down 38%
New supply of affordable homes - priced up to ₹60 lakh each - declined 38% across eight major cities to 33,420 units during January-March this year, with builders focusing on developing luxury flats, according to PropEquity. Real estate data analytic firm PropEquity attributed the fall in new supply to sharp rise in land and construction costs, which has made development of affordable housing projects less profitable or unviable.
Union Bank invests Rs 250 crore in Hyderabad realty co’s luxury housing project
Company’s project The Megaleio will be spread in over one million sq ft area and will need to Rs 800-900 crore. While the funding raised from the bank will be used to start the construction, balance work will be done through the sales receivable, which is more than Rs 1,200 crore.
PE Fund Mapletree acquires Bengaluru land for over Rs 1,900 crore
Adarsh Developers, a real estate development company, has recently completed the sale of a 41-acre land parcel in Bengaluru to Mapletree Investments, a private equity fund based in Singapore. The transaction, valued at over Rs 1,900 crore, forms a key aspect of Adarsh Developers' strategy to alleviate debt burdens. With an estimated development potential of approximately 7 million square feet, the land sale represents a significant step forward for both parties involved.
Daughter of Divi's founder shells out Rs 80 crore for two Hyderabad properties
Nilima Prasad Divi, daughter of Murali Divi, the founder of Divi's Laboratories, a prominent pharmaceutical company in India, has recently acquired two properties in Hyderabad, totaling Rs 80 crore. The first property, located in Jubilee Hills, spans 12,000 sq ft with a built-up area of 200 sq ft. The second property, also covering 12,000 sq ft, was acquired for a similar amount from Moturi Surya Kamal Prasad, according to the sale deed documents provided by Zapkey.
Housing prices in this Bengaluru area jumped 32% in Q1; know how much property prices have risen in your city
Average housing prices in Bengaluru have increased by 19% year-on-year (YoY) in the January-March quarter of 2024. It was the highest increase in residential prices among the eight cities, according to a report released by CREDAI and Colliers Liases Foras. Check how much property price has risen in your city
Housing prices in top 8 markets rise average 10% on-year in Q1: Report
Residential real estate in top Indian cities saw a 10% average price increase YoY in the Jan-Mar quarter, driven by strong demand. Bengaluru, Delhi NCR, Ahmedabad, and Pune led with double-digit growth. Unsold inventory increased marginally nationally but dropped in Pune, Delhi-NCR, and Ahmedabad. Bengaluru and Hyderabad saw a slight dip in unsold units quarterly. Developers are monitoring stock and demand for new launches.
Supreme Court admits petition on imposition of GST on joint development pacts
The Supreme Court admits a petition challenging GST imposition on transfer of development rights in joint development agreements, impacting real estate projects nationwide. Notices issued to government bodies for replies. Argument centers on whether such transfers constitute a taxable supply under GST law, potentially leading to double taxation. Decision could reshape real estate dynamics.
SPL acquires 4 acre land parcel near Electronic City, Bengaluru
Shriram Properties Limited (SPL) has acquired a 4 acre land parcel in Chandapura, near Electronic City in Bengaluru, to develop residential communities. The project, expected to generate revenue over Rs 259 crore, will cover 4 lakh sq ft and include 350 apartments. SPL plans to launch the project during FY25
Quess Corp MD buys 10,000 sq ft plot for ₹67.5 cr in Bengaluru
At ₹70,300 per sq ft, the deal set a new benchmark for the property market in the country's technology hub. "The deal was closed last week, and the property belonged to Arvind Reddy and Geeta Reddy. The last deal closed in this locality was clinched at around ₹68,000 per sq ft by TVS Motor," said people aware of the matter.
Ajit Isaac buys the most expensive property on Bangalore's Billionaire Lane for ₹67.5 crore
The southern suburb of Koramangala has emerged as a thriving hub for entrepreneurship in the bustling city of Bangalore. With its prime location and strategic proximity to the city's business centers, Koramangala has become a sought-after neighborhood for startups and self-made billionaires alike.
Housing market continues to defy higher mortgage rates, property prices
Despite higher mortgage rates and rising prices, India's residential property market is thriving. The first quarter of the year saw record-breaking sales, with 74,486 apartments sold in the top seven markets. Mumbai, Bengaluru, and Pune led the way, with strong sales in the luxury and mid-income segments. Home loan rates are expected to decrease, boosting the affordable housing sector. Prices have increased by 3-15% from last year, with Bengaluru and Delhi NCR seeing the highest increases. The market is expected to continue its growth momentum in 2024.
Under-construction housing prices rise 30.6% in January-March
Prices of under-construction residential projects in top 13 Indian markets rose 30.6% year-on-year. Shift towards affordable properties observed. 2BHK demand share increased to 42% between January and March.
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