The ministry of housing and urban affairs on July 3 said that it has extended the deadline for the Smart Cities Mission till March 2025, allowing cities to complete ongoing projects, which account for around 10% of the total projects. “The Mission has been getting multiple requests from some states/city government representatives, to grant some more time to complete the balance 10% projects. These balance ongoing projects are in an advanced stage of implementation and got delayed due to various on-ground conditions.

With the monthly housing registration data in Mumbai coming in strong and hopes that interest rates would soon ease, Nuvama Institutional Equities said real estate developers focusing on Mumbai real estate market such as Godrej properties Ltd, Oberoi Realty, Macrotech Developers Ltd (Lodha) and Sunteck should do well going ahead. Data showed the number of housing units registered in Mumbai shot up 13 per cent YoY to 11,673 units in June. The overall value of units registered climbed 18 per cent YoY to Rs 16,900 crore. The average ticket size also inched up 4 per cent YoY for the month.

Urban India is seeing a new phenomenon of Aerocities, which are fully functional business districts anchored around the airport. As per the latest report by 360 Realtors prepared in partnership with Axon Developers, the country has 9 Aerocity projects spread over 14,000 acres of land parcels. Close to 22% or 3050 acres of Aerocity land is operational in India, which includes Aerocities in Delhi, Hyderabad, Mohali, and Durgapur. Around 18% or 2585 acres of Aerocity land is under development and is expected to soon the enter the market supply.

As we approach the upcoming budget, the Indian government is poised to unleash a transformative vision for the real estate sector, serving as a pivotal driver in revitalizing our nation's economy. Industry expects a comprehensive overhaul of tax policies to foster competitiveness and efficiency across corporate and individual tax frameworks.

As the Government of India gears up to unveil its annual budget later this month, the real estate sector, a cornerstone of the nation's economy, is keenly anticipating a series of measures that could significantly impact its trajectory. One of the primary expectations from the budget is the introduction of incentives to boost affordable housing. The government's ongoing push for "Housing for All" by 2022 has seen considerable progress, yet there remains a significant gap that needs to be bridged.

The Haryana government has decided to allow construction of buildings with a stilt and four floors in certain residential sectors, officials aware of the matter said on Monday. The development comes months before Haryana goes to the polls. Under the new policy, the state has allowed the construction of four floors with stilts in sectors where the layout plan allows for the building of four dwelling units per plot.

The Centre is reportedly mulling a tweak in the income criteria for middle-income groups (MIGs) to qualify for housing assistance in urban areas under the Pradhan Mantri Awas Yojana (Urban). The change is expected to be part of the 2024-25 budget, according to a TOI report. The new proposal, the report suggests, could see the two categories being merged into a single MIG category. In its first Cabinet meeting, the government approved financial assistance to build one crore houses in urban areas and two crore in rural areas over the next five years.

The number of companies with over 10% of their office portfolio being flexible workspace is expected to jump from 42% (Q1 2024) to 58% by 2026, according to a survey by real estate consulting firm CBRE South Asia. As per the findings of the ‘2024 India Office Occupier Survey’, about 30% of occupiers will expand their use of flexible office space as their primary portfolio strategy in the next 12 months. While companies across sectors indicated increased usage of flexible workspaces, domestic occupiers indicated a higher preference compared to American corporates, the report said

The premium residential market in the major cities saw a price appreciation in the range of 5 percent to 53 percent on across Delhi, Gurugram, Mumbai, Goa and Bengaluru in H1 of 2024 as compared to the year-ago period, according to a report by Savills India, a global property consulting firm. The report stated that property prices in premium projects in New Gurugram region were up by 53 percent year-on-year (YoY) followed by Noida Sector 150 at 43 percent. Villa prices in North Goa also witnessed a 28 percent YoY increase.

With the Union Budget 2024-25 set to be tabled next month, the real estate sector hopes that interest stimulants previously extended to homebuyers and developers of affordable housing that have expired in the last two years would be renewed to give a boost to the segment. The real estate sector is also hoping that the government will provide for further allocation to the Special Window for Affordable and Mid-income Housing Fund (SWAMIH). “The current growth trajectory is skewed towards mid-range and premium housing.