Sales of luxury homes costing Rs 10 crore and above in Mumbai have risen 8%, making another new high of Rs 12,300 crore in H1 CY’24, compared to Rs 11,400 crore in H1 CY’23, according to a report by India Sotheby’s International Realty and CRE Matrix.

A penthouse at Aman New York has sold for $135 million, making it the most expensive home purchased in Manhattan this year. The five-story apartment atop the historic Crown Building on Fifth Avenue was sold as unfinished space that the buyer is responsible for building out, a spokesperson for developer OKO Group said. The deal for the roughly 12,500-square-foot (1,160-square-meter) unit works out to more than $10,000 a square foot.

With more than 50,000 houses yet to be completed under Pradhan Mantri Awas Yojana (PMAY)-Urban, housing and urban development department is drawing up plans to complete the houses on time as the central scheme is inching closer to its completion in Dec. According to the status, construction of 32,275 such houses is under progress while 17,915 houses are in the non-starter stage and 5,305 houses are not attached (status of which are not updated) by the respective urban local bodies.

In a first, the Union Housing and Urban Affairs Ministry is working on a Bill to create an urban land and immovable property records system — covering all urban lands, buildings, apartments, and flats — for Delhi with an authority to be headed by the Lieutenant-Governor, The Indian Express has learnt. The Delhi Urban Land and Immovable Property Records, Bill, 2024 that will cover all notified urban areas and apartments is a work in progress, said sources. At present, Delhi does not have an Act for managing urban land records, officials added.

The Bengaluru Airport City, a commercial and hospitality development hub being developed around Kempegowda International Airport (KIA), will see a development of over 45 million sq ft (msf), Rao Munukutla, the CEO of Bengaluru Airport City Limited (BACL) told Moneycontrol on the sidelines of the Confederation of Indian Industry (CII)-CBRE real estate conference in Bengaluru on July 10. The BACL is a wholly owned subsidiary of Bangalore International Airport Limited (BIAL) which operates the KIA.

Co-working startup Innov8 has announced the launch of three new centers in Delhi-NCR. These facilities span a total of ~60,000 sq ft and offer over 1200+ seats along with a range of thoughtfully-designed amenities and services. Strategically located within three of Delhi NCR’s most prestigious commercial hubs — Unitech Cyber Park, DLF Cyber City and Okhla – these centers provide prime connectivity and easy access for businesses and professionals from across Delhi-NCR. All centers are a 5-minute walk from major metro stations ensuring seamless travel for their members.

Elections around the world are set to have a profound, albeit temporary, impact on luxury housing, according to a new midyear Luxury Outlook report from Sotheby’s International Realty. “We really wanted to take a temperature check on what potential the US election might have on the market,” says Chief Marketing Officer Bradley Nelson, who spearheaded the report.

While the preferred period to rent a property in Mumbai, be it commercial or residential, is a minimum one year, there are instances when properties are leased for a shorter duration for two to six months. According to real estate brokers, there is no legal provision that prohibits property owners from renting out private property for a shorter period, but the rent charged is at a premium (extra) and is generally 20% higher than the market rate.

After a mad rush for rentals in the last two years, Bengaluru techies are moving away from the IT corridors to the city outskirts where rentals are affordable. Brokers say rentals in IT suburbs like Whitefield have come down by at least 15-20 percent year on year (YoY). Recently, a couple, both working in the IT field, in south-east Bengaluru's Sarjapura, decided to move from the prime Sarjapura area into the outskirts, about 5 km away.

India’s IT capital Bengaluru is expected to continue its lead in India's commercial real estate market with 330-340 million square feet of office stock by the year 2030, according to a report by the Confederation of Indian Industry and CBRE.