Registration of properties in Pune fell 11 per cent year-on-year in November to 13,371 units despite strong demand, according to Knight Frank India.
In a statement on Saturday, real estate consultant Knight Frank India said Pune recorded 13,371 property registrations in November 2024, generating Rs 475 crore in revenue for the state exchequer.
As many as 14,988 units were registered in November last year.
India's primary housing markets, spanning seven key cities which include cities like Delhi-NCR, Mumbai, Kolkata, Chennai, Bengaluru, Pune, and Hyderabad are expected to see significant activity in 2024, with JLL India projecting that approximately 305,000 apartments will be sold by the end of the year. The total value of these sales is anticipated to reach INR 5.10 lakh crore, covering a total area of around 485 million square feet. This marks a notable performance across these major markets, which are critical to India's real estate sector.
For the first time in the Maharashtra Housing and Area Development Authority’s (MHADA’s) 47-year-old existence, the housing body will foray into diverse housing solutions like rental housing, student accommodation, working women’s hostels, shared units, studio apartments, industrial housing, and old age homes.
The Supreme Court has decided to untangle the labyrinthine interpretations of property rights granted to Hindu women under Section 14 of the Hindu Succession Act, 1956, potentially marking a landmark in a saga spanning six decades.
The question? Whether a Hindu wife inherits full ownership rights to property bequeathed by her husband, even when a will imposes restrictions.
Over the past six years, peripheral areas across India's top cities have outpaced prime locations in terms of housing price appreciation, according to the latest findings from real estate consultancy firm ANAROCK Research.
Cement dealers have undertaken incremental price hikes since the start of December, following four to five months of flat prices that reduced dealer margins and impacted the profitability of cement manufacturers.
Dealers attribute the hikes to increased demand from the real estate sector, driven by better labour availability post-festive season, and an increase in orders from the infrastructure sector.
The hikes
Knight Frank, in collaboration with HDFC Capital and Brigade REAP, has published a report that highlights the transformative impact of PropTech on India's real estate industry and its potential to enhance housing affordability. The report predicts that investments in PropTech will grow at an impressive compound annual growth rate (CAGR) of 15%, increasing from USD 6 billion in 2023 to USD 16 billion by 2030.
The Indian real estate market is projected to catapult from $350 billion in 2023 to a staggering $1 trillion by 2030, driven by rapid urbanization, digital adoption, and innovative technological solutions, according to the AURUM PropTech report released at India PropTech Summit, 2024. With the urban population expected to reach 680 million by 2047, the market is witnessing a fundamental transformation that extends far beyond traditional real estate paradigms. This population growth necessitates 230 million additional housing units.
In 2024, India’s luxury real estate market witnessed a dramatic surge in demand, with properties priced between ₹10 crore (A$1.83 million) and ₹80 crore (A$14.68 million) becoming the top investment choice for high-net-worth individuals (HNIs) and ultra-high-net-worth individuals (UHNIs).
Residential property demand in Bengaluru between mid-October to mid-November rose by 5.97% from the same period during September and October, according to Magicbricks, a prop-tech company. The increase is driven by positive sentiment toward property investments, boosted by festive season discounts and offers.
