Uttar Pradesh is set to witness a boom in the real estate sector with the launch of projects worth over Rs 50,000 crore which will also see creation of a significant number of jobs for the youth in the state, the government said on Thursday.
The city that never sleeps is on the cusp of a significant transformation.
The much-anticipated and ambitious Coastal Road project, a state-of-the-art expressway stretching along Mumbai’s western coastline, is poised to be a major game changer, especially for residential projects in western suburbs. Already a preferred location for luxury residential projects, the Western suburb of Mumbai is expected to see a rise in
Mumbai is now among the top 10 luxury residential markets in the world. The city is ranked at number 8 globally in terms of price growth in luxury housing. Delhi takes the 37th spot and Bengaluru 59th position, according to Knight Frank’s The Wealth Report 2024.
Calling urbanisation as one of the defining trends of the 21st century, Shri Hardeep Singh Puri, Minister of Housing & Urban Affairs and Petroleum & Natural Gas, said that the two-thirds of the world’s population will live in cities by 2050. “Cities are going to be central in achieving various global goals, particularly those related to sustainability and climate resilience”, he said.
The ever-increasing dominance of branded developers in Indian residential real estate is shifting homebuyer attention from ready-to-move or almost-complete projects to newly launched projects. Latest Anarock Research data shows that over 40% of approx. 4.77 lakh homes sold in 2023 was in newly launched projects. The share of newly launched supply sales in pre-pandemic 2019 was much lower at 26% of approx. 2.61 lakh homes sold that year.
The ever-increasing dominance of branded developers in India’s residential real estate market is shifting homebuyers’ attention from ready-to-move or almost-complete projects to newly launched projects. While in the decade leading up to 2020, Indians were preferring ready-to-move homes due to repeated incidences of project delays and realtors going bankrupt, in the current decade more number of buyers are booking homes at the launch of the respective projects.
Housing prices in India have continued to increase in the third quarter of 2023-24, according to the data released by the Reserve Bank of India (RBI). The All-India Home Price Index (HPI) of the RBI jumped to 3.81% in the December quarter of 2023-24 from the year-ago period. During the corresponding quarter last year, the annual growth in the index was 2.81%.
This trend is spurred by the core objective of enhancing the efficiency of established processes. Amidst a swiftly evolving digital realm, it is increasingly precarious for enterprises to neglect the importance of embracing cutting-edge technologies, and the real estate sector is no exception.
Real estate company Emaar India plans to launch close to 8 to 10 mn sq ft this year with an investment of about a billion dollars over the next four to five years. Almost 80% of the projects will be in Gurugram, Kalyan Chakrabarti, CEO, Emaar India told HT Digital.
The company is currently present in five locations that include Lucknow, Mohali, Indore, Gurugram and Jaipur. It has not yet launched a project in Ludhiana.
Girdhari Lal Bawri, Managing Director of Macleods Pharmaceuticals, has purchased a 3,600 sqft bungalow on an over 7,000 sqft plot in Vile Parle area of Mumbai for Rs 101 crore, according to documents accessed by IndexTap.com.
Bawri has also additionally paid Rs 6.06 crore stamp duty and Rs 30,000 of registration fees, taking the purchase cost to Rs 106 crore, according to property registration documents.
