Gurugram developers have taken a dim view of the Haryana government’s ban on the construction of a fourth floor and a stilt on residential plots introduced in February last year and demanded the moratorium be lifted as they have suffered consequential losses due to the government’s decision.
The Mumbai Metropolitan Region (MMR), including the Mumbai real estate market, reported 60,719 residential property transactions worth Rs 54,239 crore in the first quarter of 2024. Micro-markets like Thane, Dombivali, Mira Road, Virar, Ulwe Kandivali were a few of the most preferred destinations for purchasing residential units, according to data from the Maharashtra government collated by real estate consultancy firm Square Yards. According to the data, in Q4FY24, MMR reported 46,638 property registrations were reported to have a value of Rs 39,170 crore
Despite global uncertainties stemming from uneven economic scenarios and geopolitical tensions, the first quarter of 2024 witnessed office leasing activity of 16.7 mn sq. ft in India, a 20% increase year-on-year even as office space absorption across India’s six major cities is likely to register around 61 mn sq ft in 2024, according to international real estate advisory firm Savills India. Bengaluru continued to contribute the highest to overall leasing in the country with a share of 27%, followed by Hyderabad, and Mumbai at 20% and 19%, respectively in Q1 2024
The overall construction cost in the country will experience an average increase of 6% across various sectors in 2024, according to JLL’s latest Construction Cost Guide released recently. Among the cities, Mumbai continues to be the most expensive city with costs higher while Chennai offers a more cost-effective option. The higher costs in Mumbai can be attributed to the increased prices of essential construction materials like cement, reinforcement steel, structural steel and stones.
India Ratings and Research (Ind-Ra) has maintained a neutral outlook for the residential real estate sector for the financial year 2024-25. Absorption in residential real estate and prices are likely to be supported by affordability and stability of interest rates, the rating agency said. However, given the high base of the just-concluded financial year 2023-24, the growth rates are likely to taper down.
Delhi-NCR saw 29 land deals spread across 314 acres closed in FY 2024 as against 23 land deals covering approximately 273.9 acres in FY 2023, data shared by Anarock shows. Among the top cities, NCR clocked 29 land deals for more than 313 acres, followed by MMR with 19 land deals for approximately more than 157 acres, it showed. In Delhi, one deal covering 5 acres was closed for residential development. In Gurugram 22 deals totaling 208.22 acres were closed.
The Indian real estate segment has undergone a transformative shift. The most notable shift that has come to the fore in the last couple of years is the demand in the luxury housing segment. Not only are the discerning homebuyers looking for a home that matches their lifestyle, but there is also been a greater demand for bigger homes. This has also been captured in a recent report by Anarock Research, which reveals that the average flat size in top Indian cities has been on the rise, experiencing an annual increase of 11% in 2023.
Sales of homes with a price tag of $10 million or more climbed 19% in Dubai during the first quarter as the world’s ultra-wealthy continue to flock to the Middle East’s business and tourism hub despite mounting geopolitical tension across the region. A total of 105 luxury homes were sold for $1.73 billion in the first three months of this year, according to property consultant Knight Frank LLP. Sales on Palm Jumeirah, the iconic tree-shaped artificial island off the coast of Dubai, accounted for 36.3% of the activity in the quarter.
Model Economic Township (MET City), a subsidiary of Reliance Industries, has announced impressive growth figures for the fiscal year ending March 2024. The development, which marks a significant milestone in India's industrial landscape, underscores MET City's commitment to excellence and sustainable urban development. In a remarkable achievement, MET City recorded a staggering 60 per cent growth in the fiscal year 2023-24. The total number of plots booked during this period stood at 1079, spanning various segments, resulting in a total booking value of INR 1913 crore.
Shubhashish Homes, a real estate developer in Jaipur, has entered into a development agreement with Gurnani Group to develop a residential group housing project on Main SEZ Road, just 100 meters from the main Ajmer Road. Spread over 10.6 acres (approximately), the project will offer approximately 7 lakh sq-ft of saleable area and will be developed as a modern and one of the most luxurious villa projects in Jaipur. “This will be a landmark project of Rajasthan. We will develop it as a very luxury villa project.
