With a large number of infra projects being launched in the city, the BMC has decided to auction three of its prime plots in the island city, including one in Malabar Hill, to generate resources. This is the first time that the BMC will lease out its plots, something that institutions like MMRDA and MSRDC have done so far, monetising their land banks to raise money for the infrastructure projects implemented by them.
Chennai’s commercial real estate market has seen a 75-fold growth over the past 25 years, reaching 76.5 million square feet by the first half of 2024 from 0.5 - 1 million square feet in 1999, according to a report released by property consultancy JLL.
Meanwhile the residential segment has grown about 27 times to 2,75,000 housing units from 10,100 during the same period, the report added. Property values today range between ₹5,000 to ₹25,000 per square feet, up from ₹850-2,500 per square feet in 1999.
While Bollywood stars have been in the news for buying apartments across several luxury projects in Mumbai, there are several real estate developers who prefer selling their luxury flats to industrialists or high net worth individuals (HNIs) from non-Bollywood background, boutique developers HT.com spoke to said.
According to developers of two boutique luxury real estate projects, HNIs often purchase apartments priced at ₹50 crore and above where they expect privacy and do not want the building to be in the limelight.
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.
