Even the World Bank has initiated the process for lending a soft loan of ₹15,000 crore to the Andhra Pradesh government for the reconstruction of Amaravati capital city, the project is all set to another mega investment from the Housing and Urban Development Corporation Ltd (HUDCO), a central government enterprise, people familiar with the matter said.
In the bustling Mumbai Metropolitan Region (MMR), the real estate market has always been an anchor for housing growth.
But, the recent quarter has seen a noticeable pause. Despite MMR's dominant 32 per cent market share among India's top seven cities, new housing projects took a downturn in Q3 2024.
The most important of this comes is: Is this a temporary dip, or a sign of change in Mumbai’s ever-busy property scene?
Indians purchased approximately 3 lakh homes worth ₹4.26 lakh crore during the January-September period of 2024 across the top six cities in India, according to a report released by real estate data analytics platform CRE Matrix.
In the September quarter alone, India recorded sales of 92,208 home units worth ₹1.38 lakh crore across Mumbai, Thane, Delhi-NCR, Pune, Hyderabad, Kolkata and Bengaluru. Meanwhile the number of units launched during the three-month period stood at 73,974, per the report.
Property prices in India's top residential markets have continued to strengthen over the past year due to an increase in construction costs, online property brokerage firm PropTiger.com said in a report. PropTiger.com, a subsidiary of REA India, the owner of Housing.com, revealed that average property prices in most cities saw double-digit growth in the third quarter of 2024 compared to the same period last year.
A week after Chief Minister N Chandrababu Naidu relaunched works in Amaravati, prices of land have shot up to record highs. According to local realtors, land prices in the region have surged by 60% to 100% to Rs 50,000 to Rs 60,000 per sq. yard. The boom in land prices has triggered a debate on whether it is artificial or if it will sustain in the long run.
The Noida authority has decided to delineate the village residential areas (Abadi) of each village prior to initiating land acquisition for the upcoming ‘New Noida’ development in Gautam Budh Nagar and Bulandshahr districts in a move to ensure transparency and avoid future disputes, officials said on Sunday. The decision aims to prevent errors that could cause distress to farmers and delay development, they added.
The Yamuna Expressway Industrial Development Authority (YEIDA) has sold nine group housing plots for over Rs 1,000 crore through e-auction for development of luxury housing projects, officials said.
There has been a growing demand for residential properties in the area owing to the upcoming international airport at Jewar. The airport is likely to become operational by early next year.
Hyderabad registered home sales worth ₹36,461 crore during the January- September period of 2024 recording a 34% year-on-year increase, while the number of registrations increased 13% annually to 59,386, a report by property consultancy Knight Frank India said on October 24.
Land deal activity in India has surged 65 percent year-on-year reaching approximately 1,700 acres across six major cities, with the Delhi-NCR region leading the way, as per an analysis by real estate consulting firm CBRE.
During the January-September 2024 period, over 100 land deals were closed, up from over 60 deals during the same period last year. These deals were dominated by six major Indian cities (Delhi-NCR, Mumbai, Chennai, Hyderabad, Bengaluru, Pune).
Demand for affordable homes has nosedived since Covid-19, initially because this segment’s target clientele was financially impacted by the pandemic. However, the Anarock -FICCI Homebuyer Sentiment Survey – H1 2024 has identified other pain points. At least 53% of homebuyers are dissatisfied with the currently available options in this vital segment across cities.
