RESIDENTIAL PROPERTY
Sattva Group targets 85 pc growth in housing sales to Rs 6,500 cr this fiscal: MD Bijay Agarwal
Realty firm Sattva Group is bullish on India's housing market and will launch many projects to achieve 85 per cent growth in sales of residential properties to around Rs 6,500 crore this fiscal, a top company official said. In the 2023-24, Bengaluru-based Sattva Group achieved sales bookings of Rs 3,500 crore.
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 sale decline by 8% Q-o-Q as prices continue to rise
During the April-June quarter, residential sales witnessed an 8% drop compared to the previous quarter, attributed to the election season, heatwave, and rising property prices. Anarock data shows that 1,20,340 units were sold in Q2 2024 across the top 7 cities, down from 1,30,170 units in Q1 2024.
Under-construction housing prices increase 15.2% in June quarter
Residential real estate supply surged in June quarter driven by under-construction properties, prices rose 11.7% and 15.2% sequentially, surpassing ready-to-move-in prices in Gurugram, Mumbai, Noida, and Thane.
Mahindra Lifespace eyes Rs 8-10K crore sales in housing, industrial spaces by FY28
Amit Sinha, MD & CEO, mentioned the successful annual sales and highest pre-sales of Rs 2,328 crore in residential business for Mahindra Lifespace. They also achieved land leasing of 119.4 acres for industrial business.
BMC says not appropriate to issue stop work notice to Godrej Properties’ Kandivali project
The Municipal Corporation of Greater Mumbai (MCGM) has decided against issuing a stop work notice to Godrej Properties’ ongoing residential project in the Kandivali suburb of Mumbai as suggested by the defence ministry’s Central Ordnance Depot (COD).
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.
Higher property prices, changes in law to boost debt recovery from stressed realty projects: Report
The recovery of debt from stressed residential realty projects is expected to increase in the current financial year due to rising property prices and regulatory changes. Crisil forecasts a bad loan recovery rate of 16-18% by FY25, driven by improved project viability, strong demand, and investor interest. Recent amendments to IBBI regulations are also seen boosting real estate asset resolution. With residential realty demand projected to grow by 10-12% and low unsold inventories, ARCs are expected to expedite the turnaround of stressed projects.
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.
Kiran Gems’ Rajesh Lakhani buys sea-view luxury apartment in Worli for Rs 97 cr
Rajesh Labhubhai Lakhani, director of Kiran Gems, buys a luxury apartment in Mumbai's Three Sixty West tower. The tower includes The Ritz-Carlton Hotel. Kiran Gems is a sightholder authorized to buy rough diamonds from De Beers Group.
Properties worth Rs 1.17 lk cr sold by 18 listed realty firms in FY24; Godrej properties at top
Major real estate developers in India, including Godrej Properties, Prestige Estates Projects, and DLF, achieved significant sales bookings in the last fiscal year driven by strong demand for residential properties, especially luxury homes.
Hyderabad housing market seeing significant trend towards luxury homes: NAREDCO President
The Hyderabad property market is witnessing a surge in demand for luxurious homes with spacious layouts and modern amenities. G Hari Babu, National President of National Real Estate Development Council, discussed rising property prices and evolving market dynamics. Factors include government policies, unlimited FAR, and infrastructure development, driving significant growth in both residential and commercial sectors.
Prestige Estates Q4 Results: Profit plunges 70% YoY to Rs 140 crore
Prestige Estates Projects Ltd has posted 70 per cent decline in consolidated net profit at Rs 140 crore for the quarter ended March 2024 on lower income. Its net profit stood at Rs 468.4 crore in the year-ago period.
BSNL and MTNL prioritise govt organisations for land asset sales worth Rs 1 lakh crore
Recently, BSNL sold one of its properties in Lucknow to the Income Tax department for around Rs 229 crore, which was the market value of the building.
Unsold housing inventory dips by 57% in NCR in five years
Residential real estate upcycle aids NCR, slashing unsold stock by 57% in 5 years, topping nationwide improvement. Southern cities saw moderate declines. Controlled supply boosts NCR's success, buoyed by renewed buyer confidence and regulatory reforms. Gurgaon and Greater Noida lead reductions. Luxury segment drives demand, signaling further project surge.
High-value homes drive Hyderabad residential market
Hyderabad's residential property market in 2024 saw a 15% increase in property registrations and a 40% surge in transaction value, driven by demand for premium homes. Knight Frank's report revealed 26,027 properties registered, totaling Rs 16,190 crore.
Shriram Properties signs JDA for a 4-acre land in Bengaluru
Shriram Properties Limited (SPL) has inked a joint development agreement for a 4-acre land parcel in Yelahanka, Bengaluru. The project, slated for completion in three years, will feature 270 apartments spanning 3.8 lakh square feet, with an estimated revenue surpassing Rs 250 crore. SPL aims to launch the project in the first half of the fiscal year.
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