Occupancy rates for flexible workspaces exceed 80% across all major office markets. Key office hubs such as Mumbai (94%), NCR (92%), Bengaluru (86%), and Hyderabad (84%) continue to draw corporations, resulting in heightened demand for adaptable office environments, according to a Knight Frank India report.
Residential sales for the July-September quarter across the country's top seven markets declined by around 11 percent year-on-year, with sales during the Ganeshotsav in Mumbai, one of the most popular residential sales windows, being lower over the same period last year as well.
The Indian residential real estate market is seeing a significant influx of investors, a trend that experts believe is crowding out genuine homebuyers and end-users. This trend raises concerns about a potential slowdown in sales and an unsustainable rise in property prices, which could make homes unaffordable for many.
Key markets such as the National Capital Region (NCR), particularly Noida and Gurugram, are seeing price increases of up to 20% year-on-year, which experts cite as evidence of an investor-driven market.
In the heart of India’s thriving cities, a new skyline is taking shape. Towering structures rise into the sky, promising luxury, convenience, and a slice of urban utopia. Yet, behind this dazzling exterior, a significant challenge threatens to destabilize India’s real estate resurgence: A critical shortage of skilled contractors capable of executing these ambitious projects.
Ganesh Chaturthi 2024 marks the start of the festive season when several real estate developers and brokers gear up to offer schemes and discounts to prospective homebuyers. This year, however, is less about offers but more about flexible payment plans, especially the buy now, pay later scheme. The idea is to lure more people to take the opportunity to invest in property with the bare minimum amount.
A total of 25 ultra-luxury homes priced more than ₹40 crore were sold in Mumbai, Hyderabad, Gurugram and Bengaluru in the first eight months of 2024 for a collective sales value of approximately ₹2,443 core, Anarock data showed.
While Mumbai is synonymous with the uber luxury property segment in India, high-end residential units have seen growing demand in Bengaluru of late. With rising aspirations amid robust economic growth, the city is witnessing an increasing number of takers in the ultra-luxury housing market with the sale value of some homes priced at as high as ₹50 crore.
Mumbai and New Delhi have recorded an annual increase in their real estate prices at 13% and 10.6% respectively, while Bengaluru has witnessed a modest 3.7% rise. Globally, Manila has topped the Knight Frank’s Prime Global Cities Index with an increase of 26%.
The Indian real estate market is undergoing a seismic shift, driven by changing buyer preferences, an expanding economy and ambitious infrastructure projects. This dynamic landscape presents challenges and immense opportunities for developers and homebuyers.
Market dynamics: The Surge in residential property prices
Almost 2000 under construction housing projects totalling over 5 lakh units across 44 cities have been stalled on account of financial mismanagement by real estate developers and lack of execution capabilities, an analysis by data analytic firm PropEquity showed on August 15.
