India jumped 18 places to 14th rank in home price appreciation globally in September quarter, with nearly 6 per cent price rise year-on-year, according to Knight Frank India.
Real estate consultant Knight Frank's Global House Price Index tracks nominal and real price growth across 56 countries in local currencies.
The Indian residential market remained unstoppable in 2023. In the first nine months of 2023, housing sales reached an all-time high. According to ANAROCK Research, total housing sales in the first nine months were more than 349,000 units across the top 7 cities, which was 96 per cent of the total sales recorded in 2022, despite the rise in both interest rates and housing prices.
Noida, the satellite town of the National Capital, has immense potential for real estate growth, especially office leasing. Demand for office space in the city is on the rise, and about 10 million square feet (msf) of office space has been leased out so far since the year 2020, Bhupindra Singh, Managing Director (North) at Colliers India, a real estate consultancy, said.
In Bengaluru, the available residential properties can be broadly categorised as standalone houses and residential communities. The local demand for homes plays a crucial role in determining the types of properties available in a particular area.
Real estate pre-sales in India are estimated to grow by 30 per cent year-on-year (Y-o-Y) in 2023-24 (FY24), driven by sustenance sales as launches were subdued for most companies, according to a Motilal Oswal report.
‘Sustenance sales’ refer to brisk sales of residual inventory from existing projects.
Despite macroeconomic challenges and short-term disruptions, office leasing in India has remained resilient with 42.2 million sq ft of space being leased between January and September this year, according to the 2023 Real Estate Overview and Outlook released by CBRE Group, a commercial real estate services and investment firm.
As more individuals seek opulent living experiences, the luxury housing sector is thriving, offering unparalleled opportunities for investors, developers, and homeowners alike
Whenever the lending interest rate increases, it directly impacts the EMIs of loan borrowers. A longer tenure and a bigger loan amount have a greater impact on the overall loan repayments.
Real estate has historically been attractive worldwide from various perspectives, whether it is for personal use or simply investing in it. The decision to buy or sell real estate is a complex one, with interplay of numerous facets of human behavior and decision-making abilities. It involves not only the physical attributes of a property but also aspects like emotions, social status, safety, proximity, etc.
Luxury real estate is experiencing explosive growth globally, driven by evolving consumer preferences and technological advances. The trend is similar in India, and the latest CBRE South Asia Pvt Ltd’s report, ‘India Market Monitor Q1 2023’, highlights this. The report, released recently, reveals that the luxury residential segment witnessed a remarkable 151% YoY increase in sales during the first quarter of 2023, building on its strong performance in 2022.
