30 Oct 2024

The stamps and registration department has proposed a 25-30% increase in circle rates for residential areas, 10% for industrial, commercial, and IT sectors, and 15% for farmland, marking the first revision in five years. This adjustment will raise property prices and stamp duty costs for buyers, aligning them with current market trends, especially in Noida and Greater Noida where property values have surged. Circle rates, used to calculate stamp duty, remained unchanged from 2020 to 2023 due to the pandemic's impact on the real estate sector. The proposed revisions aim to reflect the rising real estate prices, ensuring fair taxation and supporting market growth.Read more

30 Oct 2024

Housing sales in India's top 30 tier 2 cities saw a 13% decline in the July-September 2024 quarter, while new launches dropped by 34%, according to a report by Prop Equity. Sales fell to 41,871 units, down from 47,985 in the same period last year, and new launches dropped to 28,980 units. The west zone, including cities like Ahmedabad, Vadodara, and Surat, accounted for 72% of total sales. While cities like Sonepat and Panipat faced significant declines, Bhopal saw a 268% surge in new launches, indicating mixed performance across regions. These trends highlight the need for market adaptability to navigate evolving conditions.Read more

30 Oct 2024

The Pimpri Chinchwad Municipal Corporation (PCMC) is intensifying efforts to register unregistered properties, issuing notices to 52,787 owners identified during a comprehensive property assessment survey. Over 200,000 properties lack registration, with 4,261 owners responding by paying dues. PCMC has completed geo-sequencing for 855,000 properties and employed drones for effective identification. Utilising QR codes on notices, residents can file objections online, enhancing accessibility. Currently, PCMC has 630,000 registered properties, collecting INR 977 crore in property taxes for FY 2023-24. The initiative aims to increase annual tax revenue to INR 1,500 crore, improving city infrastructure and services.Read more

30 Oct 2024

Elan Group has raised INR 1,200 crore from Kotak Real Estate Fund, part of Kotak Alternate Asset Managers, to fuel its growth in Gurugram's real estate market. This investment will support ongoing and future projects, including Elan The Presidential in Sector 106 and Elan Imperial in Sector 82, where contracts worth INR 2,000 crore have been awarded to Leighton Asia for construction. Akash Kapoor, Director of Elan Group, sees this as a major milestone, bolstering their presence in a competitive market. This partnership reflects the growing demand for quality housing and strategic collaborations in the booming Gurugram real estate sector.Read more

29 Oct 2024

Greater Noida's real estate market is experiencing a surge in demand, as evidenced by recent auctions conducted by the Greater Noida Industrial Development Authority (GNIDA), which attracted INR 1,500 crore, far exceeding the INR 738 crore reserve price. Developers like Eldeco Infrastructure, Nirala World, Godrej Properties, and Sobha have acquired prime plots for both commercial and residential projects. Nirala World, for instance, plans a commercial project in Greater Noida West with a INR 250-300 crore budget. The region's growing appeal to major national developers signals a robust future for Greater Noida's real estate sector, with significant growth expected in both commercial and residential spaces.Read more

29 Oct 2024

The Indian housing market has undergone significant changes post-COVID-19, with affordable housing demand declining sharply. The ANAROCK-FICCI H1 2024 survey reveals 53% buyer dissatisfaction with affordable options, while affordable housing supply dropped from 40% in 2019 to 17% in 2024. Buyer preferences have shifted toward premium properties, with 45% now seeking homes above INR 90 lakh. Ready-to-move-in versus new launch preferences have reversed from 46:18 to 20:25. Investment focus has turned to rental income, driven by 70% rental rate increases. Regional variations show Southern cities preferring plots and villas, while MMR, NCR, and Pune favour apartments.Read more

29 Oct 2024

India has emerged as the undisputed global leader in hosting Global Capability Centres (GCCs), with over 1,800 centres serving more than 1,400 multinational corporations, of which over 100 new centres were added in just the past two years. GCCs occupy over 240 million square feet of Grade A office space across India's top seven cities. In the last 18 months alone, GCCs have leased 35.2 million square feet of space in India. As per JLL India, the number of GCCs in India is expected to exceed 2,300 by 2026-27, occupying more than 280 million square feet. The future appears bright for India's GCC sector, with GCCs accounting for approximately 50% of active, ongoing space requirements across the top seven cities.Read more

29 Oct 2024

Mumbai's real estate market is thriving this festive season, with a surge in property registrations during Navratri highlighting increased buyer confidence. Demand for luxurious living spaces and ultra-luxury villas is rising, as families seek homes that fit their evolving lifestyles. Infrastructure improvements and attractive loan schemes further boost investment opportunities, making this an ideal time for homeownership.Read more

28 Oct 2024

A recent CREDAI-MCHI report reveals that Mumbai remains India's priciest city for rental housing, with 1 BHK rents averaging INR 5.18 lakh annually, far outpacing the salaries of junior employees. Mid- and senior-level professionals are also burdened by high rental costs, leading many to consider relocating to more affordable cities like Bengaluru and Delhi-NCR. The report warns of a potential talent drain as rising costs and unaffordable housing may drive skilled professionals out of Mumbai, jeopardizing the city's workforce and future real estate investments.Read more

28 Oct 2024

Pune's property market saw high growth in the year 2024, with 1,38,412 registrations during the first nine months, up 29% year-on-year (YoY). Stamp duty collections surged by 38%, exceeding INR 5,253 crores. However, September 2024 witnessed a 33% drop in property registrations due to the inauspicious 'Shraadh' period, leading to a 13% decline in stamp duty collections to INR 508 crores. Luxury properties worth INR 1 crore and above rose to 14%, while demand for larger homes continued. Central Pune dominated with 80% of transactions, though West Pune's share grew to 12%, reflecting the city's evolving residential preferences.Read more