Please rotate your device!

We don't support landscape mode yet. Please go back to portrait mode for the best experience

Latest Blogs


Ritu Srivastava

March 29, 2023

Luxury real estate in India is booming, with posh neighborhoods, spectacular views, and heated infinity swimming pools.

In February, an image went viral showing a large crowd gathered at the office of real estate developer DLF after the launch of a new project. The rush was to purchase a flat in that project, which was priced at 7 crore. DLF confirmed last week that it had sold 1,137 such projects in its Gurgaon unit.

This is not a one-time occurrence. According to Knight Frank data, the average value of properties registered in Mumbai in February 2023 was 1.9 crore, which is 65% more than the average value of properties registered in February 2022, which was 1.18 crore.

The demand for luxury housing in India has recently been extremely high. There is nothing that money cannot buy when it comes to luxury housing. Think heated pools and spas, community gardens where you can grow your own herbs and veggies, a 24x7 clubhouse with pool tables, games, a business centre and a coffee bar, a fitness centre with high end cardio and strength training equipment.

"If we define 2 crore and above as the general reference point for luxury housing, there was an offtake of nearly 6,000 units in the top seven cities in the last quarter with a gross sales value of nearly 22,000 crore." There has been a new supply of approximately 12,800 units in the top seven cities during this time period.

In terms of sales share, the Mumbai Metropolitan Region (MMR) and National Capital Region (NCR) are at the top of the list, accounting for more than half of the total. This is followed by Bangalore and Pune, which have a 20% and 15% market share, respectively. In the luxury segment, Hyderabad and Ahmedabad had less than a 10% share. "Demand for luxury housing in India has recently increased." The expansion of the Indian economy, which has created a new class of wealthy individuals with high purchasing power, is one of the primary reasons for this. They are willing to invest in premium living spaces that provide exclusive amenities, first-rate services, and cutting-edge facilities," says Anuj Puri, chairman of Anarock Group, a real estate services firm.

Another reason for the increased demand for luxury housing in India is the urban population's changing lifestyles and aspirations. "Many people are seeking a luxurious and comfortable living experience, which has led to an increase in demand for high-end residential properties with a variety of amenities, such as swimming pools, fitness centres, and spas."

The Covid-19 pandemic has also increased the demand for luxury housing in India. The pandemic has influenced how people live and work, with many people seeking larger homes with more space to accommodate work-from-home arrangements and other lifestyle changes.

The government's recent move in the Union Budget 2023-24, which will go into effect in April 2023, could be a major factor in high sales of high-priced homes in Mumbai and other major cities.

If a person sells a house or other assets, including equities, and his or her gains exceed 10 crore, the maximum benefit that he or she can receive when investing in another property is only up to 10 crore. Capital gains of more than ten crore rupees will be taxed beginning in April 2023.

"As a result, high net worth individuals (HNIs) across top cities, including Mumbai, are rushing to close luxury housing deals before the fiscal year ends in March," says Puri.

"In the context of India, luxury properties typically refer to high-end residential properties that offer a variety of amenities and features." These properties are in prime locations, upmarket neighborhoods, or central business districts, and are designed with a focus on providing a luxurious and comfortable living experience to their residents," says Amit Goyal, CEO of the luxury estate brand Sotheby's International Realty in India.

There is no single definition of luxury housing, and it varies by city, depending on the local real estate market.

"For example, luxury housing in Mumbai may refer to high-rise apartments with ocean views, whereas luxury housing in Delhi may refer to large villas with private gardens and swimming pools." Similarly, luxury housing in Bangalore may include gated communities with world-class sports facilities and spas," Puri says.

Read More

Ritu Srivastava

March 29, 2023

Uttar Pradesh identifies sites for rental housing scheme in 27 towns

The state government plans to resurrect the affordable rental housing scheme for people from economically disadvantaged backgrounds.

The urban development department identified 27 towns in Uttar Pradesh where housing units will be provided to skilled and unskilled laborers who are forced to live in slums or roadside shanties.

Individuals with a monthly income of less than Rs 25,000 will be eligible for rental housing, with the local administration and urban body having the option of redefining the income criteria based on local dynamics.

Local governments have been asked to conduct surveys to determine whether affordable housing is required to improve the living conditions of the urban poor.

The properties will be offered to the interested party on a 25-year concession period. "The national average monthly rent for a single room unit is Rs 3,000" said an officer. As part of the PM Awas Yojana, the state government launched a survey to establish affordable rental housing complexes in 100 cities across Uttar Pradesh.

Neha Sharma, director of urban local bodies, stated that the state urban development authority will assist local bodies in identifying sites and existing housing projects that can be retrofitted to be suitable for urban poor housing.

Read More

Ritu Srivastava

March 26, 2023

Apartment Living is better for Kids

With property and individual home prices skyrocketing, it has become extremely difficult to purchase an individual house. Furthermore, individual dwellings come with a slew of additional costs such as maintenance, security, and a slew of others that you may be unaware of.

Most importantly, living in a single-parent household can make it difficult for your children to adjust. They might not be able to find other kids their age, enough open space to play in, or fun activities to participate in.

However, if you move to a flat, your children will be able to reap all of these benefits while also growing well. In this article, we will show you why moving to an apartment is better for your kids and you. 

Many Kids of the Same Age Group

When you live in a single family home, it can be difficult for your children to find other children their age who share similar interests. They will almost certainly be forced to interact with children and teenagers of various ages. As a result, your child may never consider them peers and form genuine bonds with them.

After all, forming genuine bonds with children of similar ages is much easier for your children and takes a lot of weight off their shoulders.

When you live in a flat, you are part of a close-knit community. Hundreds of families may live in hundreds of flats in society's flat complexes.

It will make it easier for your children to find children their own age and form friendships with them without hesitation. This allows your children to socialise, make new friends to play with, and be happier.


Separate Play Area for Kids

"All work and no play makes Jack a dull boy," you've probably heard many times in your life.

If your children do not get to play and have fun with their friends, their lives will be extremely boring. Without dedicated playtime, they will be uninterested in their studies and daily activities.

However, in today's concrete jungle, finding an open area to play with other kids is difficult, especially if you live in a single-family home in a major city.

Fortunately, most apartments have designated play areas for children. It allows your children to play a variety of games with their peers and have fun without inhibitions. Play areas, whether for cricket, football, badminton, or other games, provide enough space for your children to enjoy their favourite games.

Living in a flat with designated play areas benefits your children in a variety of ways, including the following: 

1. Improved physical and mental growth rate

2 Improved social abilities

3 Less reliance on mobile phones, tablets, and other electronic devices for gaming

So, if at all possible, you should move to a flat as soon as possible to help your children develop in a healthy manner.

Gated Community

Every parent wants their children to grow up in a safe environment with plenty of opportunities. However, unless you are fortunate, finding a suitable environment for your children's growth while living in an individual house is difficult. It will, in the end, prevent your children from reaching their full potential.

That is why you should consider moving to a flat in a gated community, which will allow your children to grow both physically and emotionally.

As previously stated, gated communities allow your children to play with other children their age. Furthermore, such communities have designated play areas and enhanced security, allowing your children to have fun while growing safely.

A gated community provides the following essential features:

1. Reliable safety features such as CCTV, intercom, and dedicated security guards ensure your child's safety while playing or participating in any activity.

2, Outdoor play areas, children's clubs, indoor play areas, and a variety of gaming tools promote active play and socialisation.

Do you want such advantages for your child? Then you should relocate as soon as possible to a flat in a gated community.


More Security for Kids

CCTV and other surveillance features are typically used to monitor gated communities around the clock. Societies also have security guards patrolling the community grounds and dedicated individuals guarding the gate to ensure that no children leave the property.

They have well-planned driveways and strict driving rules in place to ensure that no accidents occur while the children are playing on the community roads. Rooftops, corridors, and other common areas are usually well-lit, secure, and easily accessible at all times.

Even children's play areas have strong security and safety features to ensure that no child is injured. Even if an accident occurs, they make certain that the injured children receive first-aid treatment as soon as possible.

These features are not available if you live in a single-family home. Moving to an apartment would be a wise choice if you want your children to grow up in a safe environment.


Regular Events That Help in Kids’ Mental Growth

Moving to a flat allows you to live in a community where everyone knows each other and where many festivals are held. Whether it's Christmas, Diwali, Children's Day, or any other holiday, gated communities almost always organise various events to help both adults and children socialise with one another.
These events can broaden your children's horizons, help them learn new things, and allow them to socialise with people of various ages, all of which is beneficial to their mental development.

Helping your children grow in a healthy environment is more than enough reason to relocate.

Wrapping It Up

Living in an apartment is like living inside a joint family that gives a lot of freedom with no strings attached. Your family enjoys much privacy and still has a sense of community living. But most importantly, it helps your kids grow in a healthy way, both mentally and physically. As you can see, living in an apartment comes with a lot of benefits. So, weigh your options today to make a decision for your kids’ sake.

Read More

Ritu Srivastava

March 26, 2023

Uttar Prdesh PWD minister promises to resolve builder-buyer issues in Noida

Brijesh Singh, the state minister for public works, delivered the government's six-year report card on Saturday in Noida. Singh, who is also in charge of Gautam Budh Nagar, stated that he would try to resolve builder-buyer and farmer issues, as well as provide good treatment facilities at the district hospital.


According to the minister, MoUs worth Rs 35 lakh crore were signed at the UP Global Investor Summit in February 2023, with GB Nagar receiving Rs 9 lakh crore.

"The state's government has declared zero tolerance for crime. The government established a commissionerate system in Noida and other cities, and it has worked to improve farmer and women's welfare, among other things. We will also address local issues affecting farmers and homebuyers "He went on to say.

GB Nagar MP Mahesh Sharma, Noida MLA Pankaj Singh, Jewar MLA Tejpal Nagar, and Dadri MLA Dhirendra Singh joined the minister. They first attended chief minister Yogi Adityanath’s programme in Lucknow, celebrating six years of government and one year in the second term, through video conference and interacted with the media at Indira Gandhi Kala Kendra in Noida's Sector 6.

Read More


March 25, 2023

Deloitte inks one million sq ft of office lease in Bengaluru

Deloitte, a Big Four firm, has signed agreements with Prestige Group and Salarpuria to secure three office spaces totaling one million square feet in order to expand its Bengaluru operations.

The company has leased approximately 500,000 square feet of office space at Prestige Tech Park on the Outer Ring Road, as well as over 460,000 square feet in SalarpuriaAura and Eminence in Bengaluru.

"The new office leases can house 9,000 employees with a lock-in period of five years and an option to renew for an additional five years for the next two years," said two people aware of these deals.

A questionnaire sent to Deloitte received no response as of press time.

Over the last three years, Deloitte has hired nearly 50,000 professionals, nearly doubling its headcount in India.

The company intends to continue investing in people and productive capacities in India in order to support education, digital skills development, and training opportunities.

"Despite the uncertainty in the office market, the office sector is poised for growth in 2023, assuming the economic environment remains favourable. Even in the most pessimistic scenario, we do not expect leasing numbers to fall below peak pandemic levels "Colliers India MD Peush Jain stated.

Since the beginning of 2023, the India office leasing market has slowed and is expected to pick up in the second half of the year, led by global capability centres, BFSIcompanies, and startups with sound business models.

According to a Colliers-Ficci joint report, India's office sector is likely to see 35-38 million sq ft of gross leasing in 2023, with economic headwinds expected to ease by Q2 2022 and larger occupiers re-examining leasing decisions that were put on hold temporarily.

Read More


March 25, 2023

GNIDA issues RCs worth over Rs 23 crore against two builders over dues

The Greater Noida Industrial Development Authority issued recovery certificates totaling Rs 23.39 crore on Wednesday against two real estate developers for non-payment of dues dating back a decade, officials said. GNIDA CEO Ritu Maheshwari stated that those who have not paid their bills will face severe consequences.

Any land allottee will not be spared if they do not complete the project for which they were given the land or do not pay their dues to the authority. The action will range from issuing recovery certificates (RCs) to cancelling land allotments, according to an official statement, Maheshwari stated.

The Greater Noida Industrial Development Authority (GNIDA) issued RCs worth Rs 23.39 crore against developers Assotech Realty and AVJ Homes, according to Additional CEO Aditi Singh.

“In 2005, Assotech Realty was granted a plot of approximately 29,623 square metres in Sector Zeta One (Number GH-10). The builder has completed the project but has not yet paid the GNIDA dues in full. The builder has not paid since 2012 and owes approximately Rs 13.39 crore in premium and additional compensation "Singh stated.

"AVJ Developers has been served with the second RC. In 2009, AVJ Developers was also given a plot of approximately 4,473 square metres in Sector Beta II (No 90). Approximately Rs 10 crore is owed for the premium on this plot. Since 2013, the builder has not made any payments "According to the ACEO.

She stated that despite several notices, the GNIDA was forced to take this action due to nonpayment of dues.

Both RCs have been sent to the Collector for debt recovery, she added.

Read More


March 24, 2023

Sobha shares plunge 4% as Income Tax department raids premises

Sobha Ltd shares fell more than 4% in intraday trade on the NSE on Wednesday after the company said the income tax department raided its registered office and other premises.

Around 9:40 a.m., the stock was trading at Rs 498, down Rs 21.

"We would like to inform you that the Income Tax Department is conducting a search at Sobha Limited's registered office and other premises." Furthermore, as a responsible company, all of the Company's concerned employees/staff are extending their full cooperation to the Officials," the company stated in its exchange filing.

Sobha's stock has been on a downward trend for the past four trading sessions, including today, and has fallen nearly 9% in that time.

Over the past year, the stock has underperformed the Nifty50 index, returning a negative 33% while the benchmark fell by 0.2%. The stock is down from its 52-week high of Rs 764 set in March 2022. The 52-week low is Rs 480.20, which it reached on June 20, 2022.

In early trade, Sobha was one of three stocks in the 10-share Nifty Realty index that were trading in the red. Godrej Properties and Brigade Enterprises were the other two declining counters.

The Nifty Realty index, which tracked overall market optimism, was trading at 396.45, up 1.75 points or 0.44%. Oberoi Realty, The Phoenix Mills, and Macrotech Developers were the top gainers.

Meanwhile, the S&P BSE Sensex and Nifty50 were trading in the green around the same time. The former was up 217.08 points or 0.37% at 58,291.76, while the latter was up 71 points or 0.42% at 17,178.70.

Read More

Ritu Srivastava

March 21, 2023

Noida: Details like OC, CC of housing projects now available online

Officials announced on Monday that people can now check details like completion certificate, occupancy certificate, number of flats, or pending dues of any group housing project in Noida online.

The details can be found on the Noida Authority's website, www.noidaauthorityonline.in, under the heading 'Group Housing Builder Projects Information,' they said.

Prasun Dwivedi, Noida Authority's officer on special duty (Group Housing), statedthat the section was added to the website on Monday and is intended to promote transparency and e-governance in the public interest.

"The complete details of the projects of group housing such as project-wise OC and CC, pending dues, updated status of sub lease documents, total sanctioned flats, etc. have been displayed live on the official website to make the general public aware about the housing projects," Dwivedi said.

He stated that the general public can use the information about housing projects to buy and sell flats based on their needs.

According to Dwivedi, "We had received feedback from many people who felt the need for such a mechanism to assist them. This system for real-time updates on housing projects has been in the works for a few months."

"The system went live today, and we will continue to improve it to improve the user experience. It may not be completely accurate right now, but it will be constantly improved in the coming days, and details will be updated on a regular basis "The OSD was added.

Read More


March 16, 2023

Builders have to submit structural audit reports for OC from April 1 in Noida

The Noida Authority's structural audit policy will go into effect on April 1, making it mandatory for developers to seek occupancy certificates for new or delayed projects after having their buildings structurally vetted by an institute accredited by the Noida Authority and creating a framework for homebuyers to seek quick redress on complaints about structural defects in existing buildings.

"Starting April 1, the structural audit report obtained from one of the empanelled agencies will be mandatory with the online application for partial or full OC," said senior manager (planning) Devendra Nigam. The developer will receive the OC if the towers and society are safe from all angles."

Officials stated that if at least 25% of a building's occupants support an audit, the Authority can be approached immediately. A committee led by another CEO-level officer would then investigate their complaint and determine whether the flaw is minor or major. For a major defect, depending on the time since the issuance of the OC, the developer or the AOA will be responsible for engaging an agency for a structural audit and repair.

"After getting the OC, the builder will be responsible for structural audits for the next five years and rectifying the deficiencies found in the structural audits during this period. After five years, it will be the AOA's responsibility," Nigam explained.

The Noida Authority has appointed seven reputable institutes to conduct structural audits: IIT Kanpur, Aligarh Muslim University, BITS Pilani, Delhi Technical University, Motilal Nehru National Institute of Technology in Allahabad, Malaviya National Institute of Technology in Jaipur, and Central Building Research Institute in Roorkee. Officials stated that the developer or AOA must select an auditor from among them, and that the audit fee would be mutually determined by the developer or AOA and the institute engaged.

"If 25% or more buyers complain about a defect, the committee would investigate the complaint," Nigam explained. If the committee determines that the complaint is about minor flaws, the Authority will send a notice to the developer or AOA, whoever is in charge, to resolve the complaint within three months. If the committee determines that the complaint involves major flaws, a structural audit is required, which should take place within a month. The developer or AOA will then address the complaint."

He also stated that if the developer fails to complete the audit within the time frame specified, the Authority will hire a consultant to complete the audit and add the cost to its liability. In the case of the AOA, the amount will be recovered from the management board via a recovery certificate.

"If the structural audit report reveals that a building needs several repairs and retrofitting, the developer or AOA will have to start work at the site in a month and complete the same in six months.”On a case-by-case basis, the committee may extend this period," Nigam explained. "If the AOA or developer does not begin work, the Authority will act in accordance with the provisions of the Industrial Area."

Manoj Gaur, president of CREDAI (NCR) and CMD of Gaurs Group, welcomed the appointment of reputable technical institutes to conduct building structural audits. "Institutions are already conducting structural audits on all CREDAI registered developers.”However, this move will increase buyer confidence by bringing clarity and transparency to the process," Gaur said.

Read More

Ritu Srivastava

March 16, 2023

Things to consider before using a personal loan for home loan down payment

Property purchases have become more affordable due to the widespread availability of ready-to-move-in homes and home loans. Banks will only lend up to 80% of the property's value as a home loan, with the buyer responsible for the remaining 10%, as well as any additional transaction costs. If you do not have enough money saved, you may need to look into other options for making this down payment.

At this point, a buyer may consider applying for a personal loan rather than waiting a few years to save money for the down payment, because they are either desperate for a home of their own (the Coronavirus-induced lockdown may prompt more people to consider buying a home of their own) or want to avoid paying for the down payment.

While personal loans provide instant liquidity, because banks are quick to disburse them, a borrower must be aware of the inner workings of this product and how its purchase will affect his future financial situation.

Interest rates on personal loans

Personal loans have much higher interest rates than home loans because they are unsecured loans (banks provide these loans based on your face value, with no collateral). Currently, a buyer in India can obtain housing loans with interest rates ranging from 9% to 11%. Personal loan interest rates, on the other hand, currently range between 11% and 24%. This would significantly raise the cost of purchasing your home.

"Personal loans are only recommended when the buyer has no other choice. With higher interest rates and shorter repayment terms, they can increase the financial burden on buyers. Lower interest rates on personal loans are only possible if you have a good credit score and a consistent income. So, keep a positive attitude.

The effect of a personal loan on one's credit score

If a person takes out a personal loan to pay for a down payment on a house, his creditworthiness suffers as well. Because you used a portion of your creditworthiness and repayment capability to obtain the personal loan, the amount of home loan that the bank is willing to issue will be reduced. Typically, EMI payments should not exceed 40% of your monthly take-home pay.

Personal loan plus mortgage EMI computation

Assume you've decided on a house worth Rs 50 lakh. Because of your good credit score and timely repayment of all previous credit card loans, the bank is willing to give you a housing loan of Rs 45 lakh (90% of the property value). Because you are an old customer, the bank is also willing to make an exception for you.

At an interest rate of 8%, the EMI for a 20-year term is Rs 41,822.

You now require Rs 8 lakh as a down payment, as well as stamp duty and registration fees. You obtain a personal loan for this purpose.

The EMI is Rs 17,394 for a five-year term at an interest rate of 11%.

This means that your monthly EMI would be Rs 59,216.

Your monthly income should be around Rs 1.48 lakh for a lender to approve these two loans with a combined EMI of Rs 59,216 (the sum of all your EMIs cannot exceed 40% of your net monthly income).

It is important to note at this point that the two loans would absolutely limit your borrowing.

Tax advantages for personal loans

Personal loans for certain purposes, such as home renovation or purchase, are tax deductible under the Income Tax (IT) Act. Buyers in India can deduct the interest paid on personal loans under Section 24 (b) of the Income Tax Act if the funds are used to make a down payment on a house. If the property is self-occupied, the rebate amount is limited to Rs 2 lakhs per year. This is true even if you are using the funds to renovate your home. However, if the property is rented, the entire interest amount may be deducted.

Read More

Ritu Srivastava

March 12, 2023

Housing Sales Volume grows 11% across 7 cities in Q3

According to rating agency ICRA, housing sales in volume terms increased 11% in the third quarter of this fiscal year across seven cities due to increased demand. "The reported sales in Q3 FY2023 in the top seven cities in India are the highest quarterly sales recorded in over ten years," ICRA said.

The residential real estate sector saw strong demand in Q3 of FY2023, with an 11% year-on-year (YoY) increase in area sold. The area sold in the first nine months of FY23 increased to 412 msf, up from 307 msf in the same period last year.

ICRA observed a gradual shift in the overall segment-wise composition following the pandemic, with a rise in the share of the luxury and mid segments to overall sales across the top seven cities — Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR), National Capital Region (NCR), and Pune.

The contribution of the luxury and mid segments to overall sales has increased from 14% and 36%, respectively, in FY20 to 16% and 42%, respectively, in April-December of FY23.

"The value of the area sold in the residential real estate sector is expected to grow by 8-12% in FY23 and a further 14-16% in FY24," said Anupama Reddy, Vice President and Co-Group Head - Corporate Ratings at ICRA.

Based on a sample of the top 12 listed real estate developers. The preference for larger spaces/upgrades and home ownership is expected to continue. Despite the RBI's rate hikes during the current fiscal year, home loan interest rates are still lower than the peak pre-Covid interest rates, and affordability remains healthy, according to the rating agency.

"While low inventory overhang and calibrated launches benefit developers, the impact of a slowing job market and higher interest rates on affordability pose risks," Reddy said.

Unsold inventory levels fell to 839 msf in December 2022, down from 923 msf in December 2021. As a result, the years-to-sell (YTS) for unsold inventory fell to a decade low of 1.5 years, according to ICRA. Furthermore, the rating agency stated that the average sale price increased by 10% year on year in Q3 of FY23, owing to the partial pass-through of increased input costs as well as a change in product mix with a higher share of luxury units.

Read More


February 27, 2023

Retail space demand will rise further, with rents increasing by 15% in six months, according to experts

With the worst effects of the Covid pandemic having passed, it is expected that revived consumer sentiment, consumption appetite, and omnichannel adoption by brands and retailers will sustain retail growth. Mall developers are also encouraged by the positive outlook.

The retail market in India is expected to reach $2 trillion by 2032, according to the Retailers Association of India (RAI). Retail sales surpassed pre-pandemic levels in 2022, increasing by around 19%.

Retail demand has increased.

Developers plan to add nearly 25 million square feet of new mall space across the top 7 cities over the next 4-5 years, buoyed by this growth; NCR and Hyderabad account for nearly 46% of total new upcoming supply, closely followed by Bengaluru at 19%, according to the report.

"Currently, the top cities have over 51 million square feet of mall stock across the country," said Kumar Rajagopalan, CEO of RAI, "with NCR, MMR (Mu­m­bai Metropolitan Reg­ion), and Bengaluru accounting for 62% of total stock."

Also, spending by high-end brands in tier-II cities has increased over 50 per cent compared to the pre-pandemic period. According to the report, the availability of large land parcels and lower rental rates in comparison to larger cities has been instrumental in attracting many brands.

Buyers' changing behavior and interest in tier-II and tier-III centers for an "experience" that combines shopping with leisure and entertainment has pushed mall developers and brands to consolidate their presence in these underserved markets. "Tier-II and III cities gained prominence as employment centers opened in these cities," said Anuj Kejriwal, CEO & MD, ANAROCK Retail.

Rents are increasing.

Demand for retail leasing has increased as a result of increased consumer spending power. This has also resulted in an increase in average rental rates. "According to an industry analysis, rents at high-street locations in the country's top eight cities will increase by up to 50% in 2022, while shopping malls will see a 10% YoY average rent increase," said Aman Trehan, executive director of Trehan Iris.

According to the Anarock-RAI report, mall rents have increased by nearly 15%, which is higher than pre-pandemic levels. Bengaluru saw the greatest increase, at around 27%.

Though the percentage change is small because rentals fell significantly during the Covid period, they are still 20% higher than pre-COVID levels, according to Kunil.

Developers believe that average rental rates will rise another 15% in the next six months as more retail brands seek to establish a presence in prime locations.

Online vs. traditional retail

According to industry estimates, the online retail market in India accounts for approximately 25% of the total organised retail market and is expected to account for approximately 37% by 2030. Despite its increasing penetration, online retail accounts for a small portion of total business.

According to industry experts, despite the establishment of e-commerce channels following the pandemic, offline retail space did not face any major setbacks due to a high degree of integration of physical and digital.

Trehan stated that e-commerce has had no impact on offline retail because India is primarily an offline retail market, and retailers are adapting to changing market dynamics and transitioning to an omnichannel environment in which customers can shop through a variety of online and offline channels. "As a result, it's a win-win situation for us," he explained.

Read More


February 26, 2023

Property prices in 50 cities increase 7.1% year on year in Q3 FY23, according to NHB Residex

According to Residex, a housing price index (HPI) released by the National Housing Bank, residential property prices in 50 cities increased by 7.1% year on year during the quarter ended December 31, 2022, up from 4.5% the previous year (NHB).

NHB Residex publishes three housing price indices: 'HPI at assessment prices,' 'HPI at registered prices ‘and ‘HPI at market price’ for under-construction properties.

'HPI at assessment prices' tracks the movement of residential property prices in 50 cities on a quarterly basis, using FY 2017-18 as the base year, and is based on valuation prices collected from primary lending institutions.

On an annual basis, 44 of the 50 cities experienced an increase in the index, while six experienced a decrease. Gandhinagar's HPI increased by 21.4 percent, while Ludhiana's decreased by 11.6 percent.

Ahmedabad (14.4%), Bengaluru (8.0%), Chennai (8.7%), Delhi (1.8%), Hyderabad (10.2%), Kolkata (7.4%), Mumbai (4.4%), and Pune (7.2%) all saw an increase in the index on an annual basis.

On a quarterly basis, the 50-city index increased by 1.5% in October-December 2022, compared to 1.2% in the previous quarter. Since June 21, the index has shown an increasing trend on a quarterly basis.

The index increased in 40 of the top 50 cities during the quarter, with Kochi recording the highest sequential improvement of 6.4%, while Ludhiana, Delhi, Dehradun, Nagpur, Navi Mumbai, Raipur, Bhiwadi, Bidhan Nagar, Howrah, and New Town Kolkata recorded sequential declines in the 'HPI at assessment price'.

The 'HPI at market price for under-construction properties,' calculated using quoted prices for under-construction and ready-to-move unsold properties for 50 cities, increased by 10.8 percent year on year in the October-December 2022 quarter, compared to 2.9% the previous year. Lucknow saw the greatest increase (41.2%), while Rajkot saw a 3.4% decrease.

On a quarterly basis, the 50 city index increased by 3.1% during the quarter, compared to 3.7% in the previous quarter. The rising cost of construction is having an effect on property asking prices.

According to NHB Residex, the indices have been steadily rising since covid-19. The progress has been more noticeable in tier II and tier III cities.

Read More

Ritu Srivastava

February 18, 2023

Noida authority seeks consent from 17 institutes for building audits.

The Noida Authority has requested structural audits of buildings in the city from 17 technical institutions, including IITs and CBRI.

The Authority Board passed a structural audit policy for multi-story buildings in November of last year, making it mandatory for developers to submit a report after having the high-rises examined by an accredited institute. According to the policy, this report would be required in order to obtain full or partial occupancy certificates.

However, for existing buildings, the onus was placed on the developer or the AOA to arrange for a structural audit. If at least 25% of homebuyers in a particular society report defects within five years of receiving an occupancy certificate, the Authority will convene a committee to investigate the complaints and determine whether the defects are minor or major.

If the defects are severe, the builder will be required to conduct a structural audit and repair them. If defects are reported five years after receiving an OC, the AOA must intervene and order an audit.

Officials said that while the Authority had written to 17 institutions about becoming empanelled members of the audit team, only seven had responded so far. Among them are IIT-Kanpur, MNIT Prayagraj, BITS Pilani, NIT Jaipur, and CBRI-Roorkee. The policy will be implemented by the Authority after all institutions have signed on, officials said.

"We have sought consent from reputed institutions from across the country to join the panel for structural audit.” “The developer or the AOA, whoever is in charge of managing high-rise apartments, can approach any of these institutions and pay a fee to have a structural audit done," an official said.

He did, however, clarify that the fee would be decided between the developer or AOA and the institute, with no involvement from the Authority.

Following repeated complaints about poor construction standards, and in the aftermath of the Chintels Paradiso collapse, which killed two Gurgaon residents in February last year, the Authority began working on a policy to ensure periodic audits of buildings before and after handover.

Previously, the Authority would issue occupancy certificates for multi-story residential buildings after receiving a letter from the builder, which had been issued by a structural engineer or a technical agency.

There are currently 116 projects in the city. 47 of them are finished, while the rest are in various stages of construction.

Read More

Ritu Srivastava

February 08, 2023

Godrej Properties to add over 10 housing projects to development portfolio in FY23

These new additions will be made through its existing model of forming alliances and even direct land acquisitions supported by its robust balance sheet.

Godrej Properties, the real estate development arm of the Godrej Group, is likely to add at least 10 new residential projects across the country to its existing development portfolio by the end of March in the current financial year, a top company official said.


These new additions will be made through its existing model of alliance building and even through direct land acquisition which is backed by its strong balance sheet.


“The average size of a project to be added to the portfolio will probably be 1.5 to 2 million sq ft. But this can vary depending on the location and the occasion… We have a lot of new projects where we have more economic interest,” says Godrej Properties Executive Chairman of the company Pirojsha Godrej told ET.

The Godrej Group Company is trying to leverage its brand and financial position to take advantage of the opportunities for consolidation through the crisis arising in the real estate sector.


Industry experts believe that the ongoing market consolidation in favor of large and established developers will gain momentum due to their better execution efficiencies and access to liquidity in the current market environment as compared to smaller developers.


The company is also raising funds to drive consolidation and significantly strengthen its growth portfolio with the use of additional capital. Currently, it has a $1 billion war chest to support its development plans.

Read More

Ritu Srivastava

February 16, 2023

Avg monthly rents for 1,000 sq ft 2BHK flats rise up to 23 pc in top 7 cities from 2019.

According to Anarock, the average monthly rent for two-bedroom flats of 1,000 square feet has risen by up to 23% in seven major cities since 2019. The key residential rental hotspots saw up to a 23% increase in average monthly rentals between 2019 and 2022, according to a report by a property consultant.

The consultant calculated the average rent for a standard two-bedroom (two-bedroom) unit of 1,000 square feet.

Sector-150 in Noida saw the highest 23% increase in average rentals, to around Rs 19,000 per month, up from Rs 15,500 in 2019.

"Rental demand increased significantly in 2022," said Anarock Group Chairman Anuj Puri.

"With more companies calling their employees back to the office, including in hybrid mode, rental demand is rising across the seven top cities, after plummeting during the two worst Covid-19 waves," he added.

Puri predicted that rental demand would continue to rise in 2023.

"Employees returning from their hometowns or other parts of town tend to rent homes for at least the short term, often with the intention of purchasing later," he observed.

According to Anarock data, the average rent in Hyderabad's Hitech City increased by 7% to Rs 24,600 in 2022 from Rs 23,000 in 2019.

Gachibowli saw a 6% increase to Rs 23,400 from Rs 22,000 in the previous month.

In Delhi-NCR, the average rent in Sohna Road, Gurugram increased 14% to Rs 28,500 per month from Rs 25,000 per month.

Rent in Dwarka, the national capital, increased by 13% to Rs 22,000 from Rs 19,500.

In the Mumbai Metropolitan Region (MMR), the average rent in Chembur increased 13% to Rs 51,000 from Rs 45,000, while it increased 6% to Rs 41,000 from Rs 38,600 per month in Mulund.

Monthly rentals in Kolkata increased 16% to Rs 22,000 from Rs 19,000, while those in Rajarhat increased 11% to Rs 16,500 from Rs 14,800.

According to the data, the average rental value on Bengaluru's Sarjapur Road increased 14% to Rs 24,000 per month from Rs 21,000 per month.

Rentals in Whitefield, Bengaluru, increased by 18% to Rs 22,500 from Rs 19,000.

In Pune's residential market, Hinjewadi saw a 20% increase in average rent to Rs 21,000 from Rs 17,500, while Wagholi saw a 21% increase to Rs 17,000 from Rs 14,000.

The average rent in Chennai's Perambur increased by 13% to Rs 18,000 per month in 2022, up from Rs 16,000 per month in 2019.

The monthly rent in Pallavaram, Chennai, increased by 17% to Rs 17,000 from Rs 14,500 in 2019.

Read More

Ritu Srivastava

February 08, 2023

EMIs to go up, loans to get costlier as RBI hikes repo rate by 25 basis points to 6.5 per cent

As the Reserve Bank of India increased the repo rate by 25 basis points to 6.5 percent today, get ready to pay extra for your EMI. The repo increase will increase the cost of retail loans including home, auto, and personal loans among others, and borrowers must be prepared for increased monthly installment payments or tenure extensions, or both.

The decision of the monetary policy committee, which was approved by a vote of 4 out of 6 members, was announced by Governor Shaktikanta Das.

This year's first Monetary Policy Statement was released at this time.

After three consecutive 50 bps rate increases, the RBI increased its benchmark lending rate by 35 bps in December and declared that its fight against inflation was far from done.

The marginal standing facility rate and the bank rate will remain unchanged at 6.75% and 6.25%, respectively.

The MPC also made the decision to concentrate on removing accommodation in order to maintain target inflation going forward while promoting growth.

In order to ensure that inflation stays within the tolerance zone and gradually approaches the target, the MPC will continue to keep a close eye on the changing inflation outlook, RBI Governor and MPC Chair Shaktikanta Das said when announcing the policy choices.

The Reserve Bank has raised the short-term lending rate by 225 basis points since May of last year in an effort to keep inflation under control. As a result, between May 2022 and February 2023, the repo rate increased generally by 2.5%, from 4% to 6.5%.

The GDP growth forecast for FY23 has been increased by the RBI from 6.8% to 7%. The growth rate was estimated to be 6.4% for FY24.

The retail inflation rate decreased to 5.72% in December, remaining for a second month within the RBI's comfort zone of 2%-6%. In November it was 5.88%, and in October 2022 it was 6.77%.

Inflation has been declining, according to RBI Governor, and the "global economy does not appear so dismal currently." Retail inflation is anticipated to average 5.7% in Q4. However, core inflation is still "sticky." The inflation forecast for FY23 has remained at 6.5%. The inflation rate for FY24 has been set at 5.3%.

"The US Federal Reserve has slowed the rate of growth of its benchmark interest rate and the easing of retail inflation are both contributing factors to today's slower rate hike. After providing three consecutive rises of 50 bps, the apex bank increased the important benchmark interest rate (repo) by 35 basis points (bps) in December. Existing borrowers will be burdened by the latest increase, while new borrowers will be required to borrow money at higher interest rates. It would increase the cost of retail loans like home, auto, and personal loans among others, and consumers must be prepared for increased monthly installment payments or term extensions, or both "Adhil Shetty, the man behind BankBazaar.com, stated.

Read More

Ritu Srivastava

February 08, 2023

Builders in Noida plead with SC to recall order on the rate of interest

The Supreme Court was petitioned on Tuesday by the Confederation of Real Estate Developers of Noida and Greater Noida to review its decision from November 2017 that nullified the 2020 order capping the rate of interest on late payments by builders at 8% and allowed the authority to charge interest according to the agreement, which is in the range of 15%–23%.

For the past three years, the rate of interest debate has been interminably divisive. First, the Supreme Court capped the interest rate at 8% in June 2020, after reducing it from somewhere between 15% and 23%, depending on the terms of the contract. The court determined that the majority of the projects in Noida and Greater Noida were stalled because of the companies' financial difficulties and provided the builders with much-needed relief.

The authorities in Noida and Greater Noida then requested the recall of that ruling, claiming that the interest rate cap would cause them to lose Rs 7,500 crore. The Supreme Court accepted their request, recalled the ruling, and abolished the interest rate cap in November of last year, nearly two and a half years after it issued the order. The builders have since moved SC, asking for the restoration of the 2020 order and the recall of the recalled order.

Before a bench of justices, Ajay Rastogi and Bela Trivedi, and senior attorneys Abhishek Manu Singhvi, Ranjit Kumar, and Shekhar Naphade for the builders, argued that the 2020 order was a well-reasoned order that was given after careful thought and that there was no need to recall that order. Builders had a difficult time during the pandemic, according to Singhvi, who also informed the court that any benefits the company received from the reduced interest rate would be passed on to the customers and that the court could keep an eye on it.

In its 2020 order, the Supreme Court stated that the Amrapali Group of Companies-related bench had handled the case. The facts outlined also demonstrate how an unrelated issue ended up being handled by the bench that was primarily in charge of Amrapali Group of Companies' problems. When these orders were passed, no appropriate notice was given to the relevant authorities, and the court was also not informed of the precise effects of the rulings. We must conclude that this court erred in awarding relief to initiatives other than those of the Amrapali Group of Companies.

The court had capped lending rates in 2020, stating that the real estate industry needed to be "given momentum" and that relief should be given to builders since many of them were struggling to survive due to the slowing in the economy and the COVID-19 outbreak.

Read More

Ritu Srivastava

February 08, 2023

GST cut on cement may be put on fitment panel's table, says Finance Minister

Finance Minister Nirmala Sitharaman indicated Tuesday that the industry's demand for trimming the 28% goods and services tax levy on cement, a key input for the infrastructure sector, could be taken to the fitment panel under the GST Council.

The infrastructure sector proposed lowering the GST rate on cement because it would reduce project costs and promote growth. The minister responded, "I understand your point." Let's say we have the fitment committee look at it and, if required, take it before the council.

The minister was speaking at a post-budget gathering that was put on by the business group CII.

She urged India Inc. to collaborate with entrepreneurs and exploit their ideas for product development, as well as to look for "out of the box" suggestions for what can work as a catalyst to increase investment.

Sitharaman said to the businessmen in attendance, "I would think collaborating with startups for products... or for technical requirements is the need of the hour, and you should now unhesitatingly cooperate to achieve that benefit."

The minister urged businesses to promptly reevaluate their manufacturing procedures in light of some countries' erection of tariff walls on specific items as they went through the green transition.

The government's numerous production-linked incentive (PLI) programs may serve as a strong inducement to increase investment, according to the minister. She urged businesses to look beyond such plans and find more investment incentives.

According to her, following the COVID ruling, businesses began to consider India's prospects outside of their industries and adjusted their investment plans based on emerging technologies, sustainable development objectives, and sustainability imperatives.

Sitharaman, who increased the capital plan in the budget by 37.4% to 10 lakh crore, maintained confidence that the funding allotted for the current fiscal year will be used. The revised capital estimate for FY23 has been set by the government at 7.28 lakh crore.

Sanjiv Bajaj, president of the CII, praised the current budget for striking a balance between budgetary responsibility and economic expansion.

Read More

Ritu Srivastava

February 01, 2023

Real Estate Budget 2023: 10 major announcements by FM Nirmala Sitharaman

Nirmala Sitharaman, the Union Finance Minister, gave the Parliament a copy of the 2023–24 Budget. During her Budget address, the Finance Minister claimed that the government had developed a number of measures that would enhance the country's real estate and infrastructure. Regarding these sectors, FM has issued the following announcements:

1. The PM Awas Yojana budget was boosted by FM by 66%, putting it above Rs 79,000 crore.

2. The FM also suggested capping the section 54 and 54F deduction from capital gains on residential property investments at Rs. 10 crore. Lowering the amount of income tax exemption available for premiums from excessively expensive insurance policies.

3. FM also advised expanding the definition of capital gains" to include funds received in the form of a check or other form of payment for calculating capital gains in joint property development scenarios.

4. Union Finance Minister Nirmala Sitharama added that while interest paid on borrowed capital for purchasing or improving real estate may, under certain circumstances, be deducted from income, it may also be included in the cost of purchase or improvement at the time of transfer, lowering capital gains. It is suggested to provide that the amount of interest previously claimed as a deduction must not be included in the cost of acquisition or upgrade.

5. FM also suggested amending the rules to incorporate the money received by check or another form of payment as consideration when computing capital gains in circumstances of joint property development.

6. By implementing property tax governance changes and ring-fencing user fees on urban infrastructure, cities will be encouraged to improve their creditworthiness for municipal bonds.

7. Similar to the RIDF, an Urban Infrastructure Development Fund (UIDF) will be created using the shortfall in financing for priority sectors, according to FM. Public agencies will use this to build urban infrastructure in Tier 2 and Tier 3 cities, and the National Housing Bank will oversee it. States will be urged to use funding from the 15th Finance Commission's grants and other programs to implement reasonable user fees while accessing the UIDF. We anticipate providing 10,000 crores annually for this purpose.

8. According to FM, the newly constituted Infrastructure Finance Secretariat would support all stakeholders in securing more private investment in infrastructure, especially in areas heavily reliant on public resources like trains, roads, urban infrastructure, and power.

9. States and towns will be pushed to make urban planning changes and take other initiatives to make their cities "sustainable cities of tomorrow." According to FM, this entails the effective use of land resources, sufficient funding for urban infrastructure, transit-oriented development, increased access to and affordability of urban land, as well as possibilities for all.

10. Regardless of whether it engages in commercial activity, it is proposed to exempt any income earned by a body, authority, board, trust, or commission that was established or constituted by or under a central or state act with the goal of meeting the need for housing, planning, developing, or improving cities, towns, or villages, or regulating any activity or matter.

Read More

Shaktte Sachdev

November 15, 2022

Why buying residential property is a safe bet for future real estate investments?

The definition of what a home is and what it means is constantly evolving over time, and the unchanging waters in which we find ourselves have only increased its importance. The tangible aspect of a home as a long-term investment tool has become stronger than ever with a huge return over this period. It is considered as one of the best and safest investment options in the current scenario.

Here are some reasons why this is the best time to invest in residential real estate.

Tangible asset and financial security

Owning a residential property is one of the most important and biggest financial investments one can make. Besides, future financial security, a house is also an immediate tangible asset, which also gives a sense of physical security to the investor.

Incremental value of a property increases with time

Globally, gold and property are the most well-known assets as their value always increases over time. In real estate, there are many factors that define the value of a property- land, location, timing, infrastructural development, interest rates, etc. A property which is at a prime or future location and includes advanced facilities would be a good option, as it promises higher returns to the person who has invested in the particular property, both as rent or outright sale.

A safer investment option

The current volatility of equity market, interest rate of mutual funds and traditional (financial) savings instruments have made real-estate home one of the better viable investment option (in the present scenario). Prices do not fluctuate overnight due to market volatility, and moreover, it offers relatively low risk and greater scope for diversification.

Steady Income

Real estate investing can effectively generate more revenue than it costs to finance it. The current unprecedented socio-economic environment has given rise to a sense of greater fiscal discipline, especially in the cash flow aspects of operating a business. Being a landlord and letting out your property will result in steady cash flow even in uncertain times.

Real estate investing can effectively generate more revenue than it costs to finance it. The current unprecedented socio-economic environment has given rise to a sense of greater fiscal discipline, especially in the cash flow aspects of operating a business. Being a landlord and letting out your property will result in steady cash flow even in uncertain times.

The inherent benefits, especially the intrinsic value of a home, add to its owner. This makes it one of the safest and most reliable investment options of all time.

Read More