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Arvind Forest Trails
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1.8 - 5 Cr. Onwards*
Birla Trimaya
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The Prestige City Hyderabad
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48.68 L - 11 Cr. onwards*
RANAV TRANQUIL HAVEN
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2.38 Cr. - 5.89 Cr. Onwards*
Prestige Kings County
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Sobha Brooklyn Towers
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73L - 1.45 Cr. Onwards*
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Sobha Neopolis
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Urbanrise City With Infinite Life
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Praneeth Pranav IXORA
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The Prestige City Hyderabad
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Godrej Woodscapes
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Provident East Lalbagh
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TVS Emerald Luxor
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Shriram Codename Ultimate
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Mahindra Zen
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87 L - 2.8 Cr. Onwards*
Urbanrise City With Infinite Life
Off Kankapura Rd, Bangalore
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Lodha Azur
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Prestige Somerville
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Godrej Athena
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Meda Heights
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52000.00
2 BHK Semi-Furnished For Rent In HSR
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Infrany Petals Daddy's Garden Electronic
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Sattva East Crest
Sattva East Crest, Old Madras Road, Bangalore
42000.00
SLV Residency
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Sumadhura shikharam
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News & Articles
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Smart Way to Search Home In the Digital Era
In the digital era, the real estate industry is undergoing a significant transformation, and virtual property tours are at the forefront of this change. These immersive, 3D walkthroughs offer potential buyers a chance to explore properties from the comfort of their own homes, revolutionizing the home buying and selling process.
The Convenience of Virtual Tours
Virtual tours offer a level of convenience that is outstanding. Prospective buyers can tour many properties in a single day without traveling. This is especially useful for overseas or out-of-state purchasers who cannot tour homes.
Enhanced Visual Experience
Unlike traditional photographs, virtual tours offer a 360-degree view of every room. Potential buyers can get a feel for the layout and flow of the house, which helps them make informed decisions. High-definition visuals and the ability to zoom in on details provide an experience that’s as close to reality as possible.
Saving Time and Resources
Virtual tours save time for both buyers and agents. Buyers can shortlist properties they are genuinely interested in, and agents can focus their efforts on serious inquiries. This efficiency can lead to quicker sales and less time spent on fruitless property showings.
The Competitive Edge
Sellers who offer virtual tours stand out in the market. Property Listings with virtual tours receive more views and generate more interest. In a competitive market, this can be the difference between selling quickly and languishing on the market.
The Future is Now
Virtual tours are getting more advanced with new technology. For example, virtual staging adds digital furniture and decorations to empty homes, helping buyers imagine living there. Some platforms even let viewers customize the space in real-time, like changing paint colors or flooring to match their preferences.
In conclusion, virtual property tours are not just a passing trend, they are the future of real estate. They offer a convenient, detailed, and efficient way to showcase properties, benefiting buyers, sellers, and agents alike. As we move forward, we can expect virtual tours to become an industry standard, changing the way we think about home buying and selling forever.
04-Jun-2024
Essential Factor for Property Purchace
The key points from the article are on secure property purchases, especially for those buying in Bangalore, India.
Essential Factors for Secure Property Purchase in Bangalore
1. Government Approvals:
• Mandatory approvals: Ensure the property has approval from the relevant authority - BMRDA for the entire Bangalore Metropolitan Region, BDA for Bangalore City, or BBMP for newly added villages).
• RERA Registration: Verify RERA (Real Estate Regulation and Development Authority) registration for legal compliance and buyer protection.
2. Developer Reputation:
• Research the developer's track record, goodwill, and past projects through online reviews, customer testimonials, or inquiries with Better Business Bureau.
• Directly contact the developer to assess their process, customer service approach, and suitability for your needs.
3. Construction Quality:
• Construction methods: Evaluate traditional methods for reliability or cutting-edge techniques for potentially superior quality.
• Materials used: Ascertain high-quality and durable materials throughout the construction.
• Structural integrity: Inspect the foundation for cracks or damage, a crucial element for long-term stability.
• Exterior finishes: Check for cracks, peeling, or other signs of damage that can impact weatherproofing.
• Doors & windows: Ensure proper opening, closing, and sealing to prevent weather and pest ingress.
• Plumbing & electrical systems: Verify adherence to codes and functionality for both comfort and safety.
• Drainage: Watch for proper drainage to avoid flooding or water damage issues.
• Warranties: inquire about warranty coverage and duration for future repairs.
Consider consulting a professional inspector for a comprehensive evaluation.
4. Location & Neighborhood:
• Crime rates: Research crime statistics in the area for a safe and secure environment.
• Proximity to amenities: Consider your needs for easy access to essential resources like schools, hospitals, workplaces, shopping, and recreation.
• Noise levels: Evaluate noise pollution from traffic, construction, or loud neighbors for a peaceful living environment.
• Community vibe: Immerse yourself in the neighborhood to understand its character, suitability for families, nightlife preferences, etc.
• Resale value: A desirable location can significantly impact property value, making it a valuable asset in the future.
5. Budgeting for Property Purchases:
• Total purchase cost: Consider not just the property price but also closing costs, inspections, and potential repairs.
• Financing costs: Factor in mortgage pre-approval, interest rates, and associated loan fees.
• Ongoing costs: Estimate property taxes, insurance, maintenance costs, and utilities for a realistic financial picture.
• Monthly Affordability: Analyze your income, expenses, and savings to determine a comfortable mortgage payment amount.
6. Rental & Re-Sale Value:
• Loan Approval: High rental and resale potential can influence lenders' decisions regarding loan approvals.
• Location & Demand: Properties in desirable locations with high demand tend to have better rental and resale prospects.
• Property size: Larger properties often hold greater value due to the increased space they offer.
• Age & Condition: Newer and well-maintained properties generally command better rental yields and resale prices.
By carefully considering these factors and conducting thorough research, you can make an informed and secure property purchase decision in Bangalore's real estate market. Remember, due diligence, expert advice, and trusting your instincts are crucial throughout the process.
14-Mar-2024
Indian Residential Real Estate Market
India's real estate sector is primed for significant growth in the coming year, with projections indicating a surge in sales and new property launches and trajectory to reach a US$ 1 trillion market size by 2030, accounting for a significant portion of the nation's GDP. As we navigate through 2024, understanding the factors driving this growth and the implications of recent budget announcements becomes crucial for stakeholders in the real estate market.
Growth Outlook for 2024
The Reserve Bank of India's (RBI) forecast of a 7% GDP growth for FY24 signifies more disposable income in the hands of the populace. This positive economic outlook is expected to fuel the real estate industry, leading to an anticipated 15–25% spike in new property launches and a 10-15% improvement in sales.
Budget 2024: Implications for Real Estate
Realtors have welcomed the budget proposal aimed at assisting the middle class in purchasing or building their own homes. Finance Minister Nirmala Sitharaman's announcement of a scheme to support deserving sections of the middle class, along with the commitment to build additional 2 Crore Homes for the rural poor under PM Awas Yojana, is expected to boost demand for residential properties and drive overall growth in the real estate sector.
Emerging Trends and Predictions
In addition to the budget announcements, several emerging trends shape the Indian property market in 2024:
Optimistic Outlook: Analysts foresee a favourable market environment, backed by pent-up equity seeking housing opportunities.
Attractive Investment Option: India's real estate sector emerges as a favoured investment option, driven by the country's rapid economic growth and diversification of capital.
Sustainable Growth: Experts stress the importance of government initiatives focusing on affordable housing schemes and incentives for banks to offer lower interest rates, ensuring organic and sustainable expansion in the residential market.
Stable Home Loan Rates: Projections suggest stable home loan rates for 2024, with affordability and income outlook playing pivotal roles in influencing residential sales.
Conclusion
As we embark on the journey through 2024, the Indian real estate market presents a landscape brimming with opportunities and potential for growth. With a strong economic outlook, supportive government policies, and evolving consumer preferences, stakeholders in the real estate sector can navigate the dynamic market landscape with confidence. By staying informed about emerging trends, understanding the implications of budget announcements, and embracing sustainable growth strategies, investors and homebuyers alike can capitalize on the promising prospects offered by India's vibrant real estate market.
14-Mar-2024
Budget Boost Growth Outlook
The eagerly awaited Indian Union Budget for 2024-25 has brought promising news for the real estate sector, signaling a period of potential growth and development. The government's allocation of resources and focus on key areas are expected to significantly impact the industry landscape. Let's delve into the details of what this budget entails for the real estate market.
Here are some crucial expectations -
1. Affordable Housing Definition Expansion
- The sector seeks an expanded definition of affordable housing across government schemes and financial institutions. Standardization and rationalization can help homebuyers qualify for cheaper financing options.
- Industry experts emphasize the need for clarity in defining affordable housing to drive demand.
2. Tax Benefits for Homebuyers
- Homebuyers anticipate increased tax benefits. The current ₹2 lakh tax rebate on housing loan interest under Section 24 of the Income Tax Act should be elevated to at least ₹5 lakh.
- This adjustment is crucial for bolstering housing demand, especially within the affordable housing segment.
3. SWAMIH Fund Expansion
- Despite the recent capital infusion, the Special Window for Completion of Affordable and Mid-Income Housing Projects (SWAMIH) fund should be raised to ₹50,000 crore.
- This will ensure more delayed projects are completed, improving the overall housing market.
4. GST Rate Reduction and Single Window Clearance
- The sector hopes for reduced GST rates on construction materials and a streamlined single-window clearance system for approvals and sanctions.
- These measures can enhance efficiency and reduce project delays.
5. Infrastructure Development
- Prioritizing infrastructure development is essential for seamless urbanization.
- Investments in transportation, connectivity, and civic amenities will positively impact real estate growth.
Benefits Beyond the Budget -
The positive sentiment surrounding the real estate sector goes beyond the immediate budgetary measures. Here are some additional factors contributing to the optimistic outlook -
- Stable Interest Rates: The Reserve Bank of India (RBI) is expected to maintain a relatively stable interest rate regime shortly. This would make home loans more accessible and maintain affordability for buyers.
- Urbanization and Infrastructure Development: India's ongoing urbanization trend, coupled with the government's focus on infrastructure development, is creating a sustained demand for housing across various segments. This bodes well for the long-term growth prospects of the real estate sector.
Market Outlook and Investor Sentiment:
The announcements made in the budget are likely to catalyze a positive shift in the real estate market, offering new avenues for growth and expansion. Investor sentiment is expected to improve as clarity emerges on tax policies, regulatory reforms, and the overall economic outlook.
Conclusion-
The Indian Union Budget 2024-25 brings promising prospects for the real estate sector with its focus on infrastructure, affordable housing, regulatory reforms, and sustainability. As the industry gears up for potential expansion, stakeholders across the board—developers, investors, and homebuyers—are poised to benefit from the initiatives outlined in this forward-looking budget. The Union Budget 2024-25 presents an opportunity to propel the real estate sector forward, supporting homebuyers, developers, and the broader economy. Let’s watch as the budget unfolds and shapes the future of Indian real estate.
19-Jun-2024
Top Key Trends Shaping the Future
The Indian real estate market is constantly changing, with trends and shifts significantly impacting the industry. It's important to stay informed about the latest trends shaping the real estate landscape in Bengaluru and across India. As we approach 2024, keeping an eye on emerging trends and how they influence home buyers' choices is crucial. This blog will explore the major real estate trends in India for 2024 and discuss their impact on prospective home buyers.
Top Trends That Reshaping the Real Estate Sector in 2024 -
Sustainable Growth - Integrating Nature into Urban Development
Sustainable construction and green spaces are two popular concepts that real estate developers are embracing. Reputable real estate developers in Bengaluru are promoting sustainable building practices, using renewable energy sources, and incorporating green, open areas into their projects to meet the rising demand for energy-efficient and eco-friendly homes. This trend aligns with the growing awareness among potential homeowners about environmental conservation and their wish for healthy living environments.
Prioritize Your Well-Being
In Bengaluru, real estate developers are now including health and wellness amenities in their projects due to the growing emphasis on holistic well-being. These amenities range from fitness centers and yoga studios to green recreational spaces and health-focused infrastructure, all designed to encourage physical activity, relaxation, and overall wellness.
Luxurious Living Spaces and Exclusive Experiences
The growing demands of homebuyers for luxurious living spaces and exclusive experiences reflect a larger trend in lifestyle and expectations. Middle-class homebuyers and investors are aiming for well-connected and opulent residential properties in prime locations that are not overly expensive.
Speeding Up City Evolution
The growing pace of India’s top cities is considerably derived from homebuyers’ ever-increasing choices for bigger residential spaces. These cities include MMR, Pune, Bengaluru, Delhi-NCR, Chennai, Hyderabad, and Kolkata. This end-user demand pushes residential developers to create more spacious and luxurious properties.
Partnering with Excellence in Real Estate
Selecting Search Homes India as your real estate partner in Bengaluru demonstrates a dedication to quality, innovation, and customer satisfaction. As we foresee the trends that will shape the future of Indian real estate, Search Homes India is a dependable option for those in search of excellence in property development.
In conclusion, the Indian real estate sector stands on the threshold of a transformative journey in 2024. Embracing these emerging trends isn't merely a choice but a strategic imperative for thriving in this dynamic and competitive market. Whether you're a seasoned investor or a first-time homebuyer, aligning your strategy with these trends will undoubtedly position you for success in the evolving landscape of Indian real estate.
For those looking to explore opportunities in this evolving market, consider starting your search at Searchhomesindia where you can find comprehensive listings and resources to aid your decision-making process.
25-Jun-2024
Report Highlights Growth in Real Estate
July 2024: The premium residential market in major cities has witnessed significant price appreciation, led by Gurgaon with up to 53% increase, followed by Noida with 43% increase, according to a report by property consulting firm Savills India. The second home location, North Goa, also recorded a steep rise of 28% in villa prices over the year owing to the increase in ‘work from anywhere’ or remote working and relatively high rental yields.
The report stated that the under-construction projects in the top three cities had witnessed higher price appreciation of up to 30% over the year compared to ready properties as new launches offered newer amenities and configurations. The continued price movement indicates strong demand in the premium housing market.
The heightened demand is further supported by the RBI which maintained interest rates for the sixth consecutive time, which is expected to add momentum to the residential market.
Price trends in key cities
Mumbai
According to the report, the rise in capital values for under-construction properties in Mumbai is sharper than for ready properties which saw a 3% YOY rise compared to a 5% YOY increase for under-construction properties. The micro-markets of Central Mumbai and Western Suburbs (Others) witnessed a significant increase of 12%-21% YOY in capital values due to new launches at prices higher than the existing market average.
The market witnessed significant traction in demand for the luxury segment. Larger spaces in bungalows and prime residences were preferred due to the increasing trend of hybrid working, especially by professionals in the financial and legal sectors.
Bangalore
The report mentioned that Bangalore’s premium residential market witnessed a 5-6% YOY growth in capital values over the year. The under-construction projects saw higher growth, averaging 7.2% YOY, compared to about a 5.2% YOY increase in newly completed projects as new projects were being launched at higher prices along with strong demand.
Central Bangalore saw the highest growth in capital values in completed projects at 7.5%, followed by 6.2% in East Bangalore. The completion of the new metro route in Eastern Bangalore and strong demand from HNIs in Central Bangalore have been the major driving factors for capital appreciation in these markets.
Delhi
The report highlighted that Delhi witnessed an increase of 16% YOY in the average capital value of luxury floors. The micro-market of southeast Delhi witnessed the highest price appreciation of 27% on an annual basis for luxury floors. This is followed by the southwest micro market, which registered a YOY growth of 21%. The average capital values of residential plots witnessed a YOY growth of 25% at the city level. The South-Central and South-West micro markets led this trend, with both recording the highest YOY growth rates at 29%
Gurgaon
According to the report, the average capital values of completed and under-construction properties hit a fresh peak, with 37% and 30% YOY growth registered at the city level, respectively. New Gurgaon and Dwarka Expressway were the top-performing micro markets, with an annual growth of 53% and 34% in average capital values of under-construction properties. The city witnessed an increase of 26% YOY in the average capital value of residential plots. The Dwarka Expressway micro market registered the highest price growth, with a 43% YOY increase.
NOIDA
The Average Capital values of completed and under-construction properties in NOIDA witnessed a significant YOY increase of 30% and 29%, respectively. With 43% YOY growth, the sector 150 micro-market witnessed the highest growth in capital value for under-construction properties.
North Goa
The report stated that average capital values for villas in North Goa saw a steep rise of 28% YOY. This increase in prices is attributed to its rising popularity among homebuyers as a second home location owing to high rental yields, a growing preference for gated villas, and a demographic shift towards younger, lifestyle-focused buyers.
It highlighted that the market is witnessing a trend of young professionals moving to Goa, especially from major cities like Mumbai, Delhi, and Bangalore. These professionals often work in creative fields or are digital nomads seeking a better work-life balance. Homebuyers preferred gated villas along the coastal belt locations, such as Anjuna, Arpora, Baga, Calangute, Candolim, and Vagator.
Due to rising land prices, the supply of villas in North Goa has seen a tremendous shift. The standard sizes of villas have shrunk to almost half from 5,400 square ft (sqft) to 2,700 sqft over the past five years.
Shveta Jain, managing director, of Residential Services, Savills India said, “In H1 2024, the buyer sentiment was upbeat, with investor interest gravitated towards new launches, while end-users sought ready-to-move-in properties. Older developments in grade A corridors witnessed increased demand from both buyers and tenants. The velocity of sales was better for villas and apartments with large balconies and green patches. The 4-bedroom format also garnered more attention in the luxury segment, applicable to both primary and secondary markets. The increase in new launches in Gurugram and Delhi also reflects a growing appetite for luxury residences. Interestingly, discerning buyers also sought green buildings, reflecting a growing demand for upscale, sustainable living beyond traditional amenities.”
Rental trends across key cities
Mumbai
According to the Savills India Research report, all micro markets saw an increase in rental values, estimated in the range of 3%-8% YOY. The rise in rental values can be partly attributed to pent-up demand for rental properties due to the redevelopment of dilapidated buildings in the city.
The Real estate market gained momentum as end-users increasingly considered leasing larger homes in projects with amenities. Properties located near metro stations witnessed a substantial increase in rental values. The convenience of a quick and reliable commute to major business hubs and entertainment districts is highly sought after by homebuyers.
Bangalore
As per the report, South and North Bangalore saw a significant growth of around 3% YOY in rentals in premium residential developments. Similarly, East and Central Bengaluru recorded an increase of around 2% YOY in premium properties.
Delhi
The rental values increased by 31% YOY in H1 2024 at the city level. The south-Central micro-market witnessed the highest annual growth in rentals at 38% followed by the Central 1 micro market which observed a 36% YOY increase, the report said.
Gurgaon
The average rentals registered an increase of 18% YOY at the city level. Dwarka Expressway and Golf Course Road saw the highest rise in rentals with 28% and 19% YOY growth, respectively, the report mentioned.
NOIDA
According to the report, Sector 150 and NOIDA Others micro-markets with 12% YOY growth, saw the maximum hike in rentals in H1 2024.
New launches across key cities
According to the report, luxury unit launches in Delhi increased over 4X, with 1,300 new units launched in H1 2024. With around 9,500 luxury units, new launches in Gurgaon increased 2X in H1 2024. New launches of luxury units in NOIDA saw a significant increase, with nearly 2,200 units added in H1 2024. With 5,632 units launched in H1 2024 in the premium segment, Bangalore saw a 156% YOY growth. East Bangalore accounted for 55% of the new launches, while North Bangalore contributed 23%.
02-Jul-2024
Sattva Group to Boost Infrastructure with Rs 12-14K Crore
Bengaluru-based Sattva Group is one of India's leading real estate developers, having completed 140 projects totaling 80 million square feet in the last 30 years.
The real estate company Sattva Group is in negotiations with PE giant Blackstone to establish a REIT to monetarily generate commercial properties, and it plans to invest between Rs 12,000 and Rs 14,000 crore over the next three years to construct residential, office, and hotel projects.
Based in Bengaluru One of India's top developers of real estate is Sattva Group. In the past 30 years, it has finished 140 projects totaling 80 million square feet. There are now about 23 million square feet under development and 65 million square feet planned.
Sattva Group Managing Director Bijay Agarwal stated, "We are very bullish on the real estate market," during a news conference held here. Over the next three years, we want to invest between Rs 12,000 and Rs 14,000 crore in the residential, commercial, and hotel sectors."
The investments will be supported by stock, debt, and internal accruals, he stated, adding that the corporation may obtain equity money at the project level if necessary.
According to Agarwal, there has been a significant increase in demand for residential real estate following the COVID-19 outbreak, and office leasing activity has also resumed. According to him, the business intends to start a project in the second half of the current fiscal year and will enter the Mumbai housing market this year.
Simpliwork Offices and Colive, the company's joint ventures for co-living and co-working, have been growing and operating well, according to Agarwal.
"We plan to list our coworking and coliving businesses on stock exchanges in the next 2-3 years by launching public issues," Agarwal stated.
More than 50% of Colive and Simpliwork are owned by the Sattva Group.
When questioned about its plans to form a Real Estate Investment Trust (REIT), he stated, "We are in the early stages of discussions with Blackstone."
Agarwal did not provide a date for the public offering of REITs to monetize commercial assets constructed jointly by Sattva Group and global investment firm Blackstone.
Sattva Group and Blackstone have a combined portfolio of about 32 million square feet, with 18 million square feet currently constructed.
India has four listed REITs, three of which are backed by rent-yielding office buildings, and one of which has a large portfolio of retail malls.
Sattva Group's Vice President (Strategic Development), Shivam Agarwal, stated that the business is searching for expansion prospects across geographies and real estate sectors.
Adrija Agarwal, VP (Business Development) of Sattva Group, stated that the firm owns two hotels in Kolkata with around 620 keys.
The company is developing the Taj Luxury Resort in Bengaluru, with 294 keys and 60 villas. "We want to increase our hotel company. "We are in talks for a few more deals," Adrija stated. When asked about group rental revenue, Sattva Group VP Pradeep Kumar Dhandhania stated that the annuity income was about Rs 2,000 crore the previous fiscal year, and the business expects a 20% increase this fiscal year.
Sattva Group has completed 80 million square feet of area in three decades, including 45 million square feet in commercial and 35 million square feet in residential.
Sattva Group has completed 20 million square feet in Bengaluru in the commercial market, with another 5 million square feet under development.
Sattva Group has constructed 25 million square feet of commercial space in Hyderabad, with another 3 million square feet under construction at HITEC City. The managing director stated that the business will shortly begin development on 4.5 million square feet of office space in Chennai. In Pune, 1 million square feet of commercial space is under development.
27-Jun-2024
India's Real Estate Housing Market Trends
India's residential real estate sector is on an exciting trajectory. With a growing economy, rising disposable incomes, and rapid urbanization, the demand for homes is expected to remain strong in the coming years. This blog explores the key trends and growth patterns shaping the Indian residential real estate market in 2024 and beyond.
Current Landscape
The year 2024 brings a mixed bag of opportunities and challenges for the Indian residential real estate sector. After a period of adjustment following regulatory changes and economic fluctuations, the market is showing signs of stability and growth. Cities like Mumbai, Delhi, Bangalore, and Hyderabad continue to be hotspots for real estate investment, driven by urbanization and employment opportunities.
Rising Demand for Affordable Housing
The demand for affordable housing is expected to be a dominant trend in 2024. Tier 2 and Tier 3 cities will witness a surge in demand for smaller units, well-integrated townships offering a complete lifestyle package, and flexible payment options. Developers are likely to cater to this segment by focusing on innovative project designs and cost-effective construction methods.
Shifting Preferences: Sustainability Takes Center Stage
Sustainability is becoming a key driver in residential real estate. Environmentally conscious homebuyers are increasingly seeking green buildings that integrate energy-efficient technologies, renewable energy resources, and sustainable materials. This trend is expected to gain further momentum in 2024, with developers incorporating eco-friendly features to attract buyers seeking a harmonious balance between modern living and environmental responsibility.
Technology Revolutionizing the Market
Technology is rapidly transforming the Indian real estate landscape. Virtual reality tours, 3D property visualizations, and online property search platforms like Search Homes India are making the buying process more convenient and transparent. Additionally, PropTech (property technology) solutions streamline property management, tenant communication, and overall operational efficiency for developers.
Focus on Wellness and Community Living
The pandemic has significantly impacted people's priorities when it comes to their living spaces. In 2024, we can expect a continued emphasis on wellness features like dedicated recreation areas, green spaces, and fitness amenities within residential projects. Additionally, the concept of community living is likely to gain traction, with developments offering shared spaces, co-working areas, and opportunities for social interaction to foster a sense of belonging.
Co-living and Co-working Spaces
The concept of co-living and co-working spaces is gaining popularity among millennials and young professionals. These integrated developments offer a blend of residential units and shared amenities such as workspaces, gyms, and social areas. They cater to the growing demand for flexible living arrangements and collaborative work environments.
Investment Potential Remains High
Despite some market fluctuations, Indian residential real estate continues to hold strong investment potential. The long-term appreciation prospects, coupled with potential rental income opportunities, make it an attractive asset class for investors. In 2024, Tier 2 and Tier 3 cities, with their lower property prices and potential for higher rental yields, are expected to be attractive investment destinations.
Conclusion
In conclusion, the Indian residential real estate market in 2024 presents a landscape ripe with opportunities shaped by affordability, technology, sustainability, and evolving consumer preferences. Stakeholders, including developers, investors, and homebuyers, must stay informed about these trends to make informed decisions and capitalize on emerging opportunities.
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22-Jun-2024
Key Checklist for First-Time Home Buyers
Introduction
Buying your first home can be a daunting task, especially if you're new to the real estate market. With so many factors to consider, it's easy to get overwhelmed. But fear not, dear first-time homebuyer! We've got you covered. In this article, we'll walk you through the key checklist for first-time home buyers, complete with tips and tricks to make your journey to homeownership a smooth one.
Checklist Item 01: Get Your Finances in Order
Before you start house hunting, it's essential to get your finances in check. Here are a few things to consider:
Check your credit score: A good credit score can help you qualify for better interest rates and terms. Aim for a score of 700 or higher.
Gather financial documents: You'll need proof of income, employment, and identity. Make sure you have all the necessary documents ready.
Save for a down payment: Aim to save at least 20% of the purchase price to avoid paying private mortgage insurance (PMI).
Get pre-approved for a mortgage: This will give you an idea of how much you can afford and will also make you a more attractive buyer to sellers.
Checklist Item 02: Identify Your Needs and Wants
It's essential to differentiate between your needs and wants when it comes to your dream home. Here are a few things to consider:
Location: Do you need to be close to public transportation, schools, or your workplace?
Size: How many bedrooms and bathrooms do you need?
Amenities: Do you want a backyard, pool, or gym?
Neighborhood: What kind of community do you want to live in?
Checklist Item 03: Research Analysing
Knowledge is power, especially when it comes to buying a home. Here are a few things to research:
Neighborhood trends: Look into the local real estate market, crime rates, and school districts.
Home prices: Research the prices of similar homes in the area to determine a fair offer.
Home inspections: Learn about the different types of home inspections and what they entail.
Mortgage options: Research different types of mortgages, such as fixed-rate and adjustable-rate loans.
Checklist Item 04: Find the Right Real Estate Agent
A good real estate agent can make all the difference in your home-buying journey. Here are a few things to consider:
Experience: Look for an agent with experience working with first-time homebuyers.
Knowledge: Choose an agent who is familiar with the local market and can provide valuable ” insights.
Communication: Make sure you find an agent who is responsive and communicative.
Checklist Item 05: Inspect Before You Invest
A home inspection can save you from costly surprises down the line. Here are a few things to consider:
Hire a professional: Don't try to inspect the home yourself and hire a professional to do it for you.
Look for red flags: Pay attention to any signs of structural damage, water damage, or pest infestations.
Negotiate repairs: If the inspection reveals any issues, use them as leverage to negotiate repairs or a lower price.
Conclusion
Buying your first home is a significant milestone that requires careful planning and consideration. By following this checklist and leveraging expert advice, you can navigate the process with confidence and turn your dream of homeownership into a reality.
Remember, each step in the home-buying journey is important, from financial preparation to property inspection and beyond. Take your time, ask questions, and enjoy the excitement of finding and owning your first home!
04-Jul-2024
Raymond Ltd to Split Real Estate Arm, Debut
Raymond's Real Estate Division to be Listed Independently, Demerger Announcement
In a strategic move aimed at unlocking shareholder value and leveraging growth opportunities in the Indian real estate market, Raymond Ltd has decided to demerge its real estate business. The decision was approved by the company's board and involves the formation of a new entity, Raymond Realty Ltd, which will be listed independently on stock exchanges.
Key Details of the Demerger:
Scheme of Arrangement:
Raymond Ltd (demerged company) and Raymond Realty Ltd (resulting company) will undergo a scheme of arrangement. Under this scheme, each shareholder of Raymond Ltd will receive one share of Raymond Realty for every one share held in Raymond Ltd.
Financial Impact:
Raymond's real estate division recorded standalone operational revenue of Rs 1,592.65 crore in the last fiscal year, constituting 24% of Raymond Ltd's total revenue.
Listing Details:
Upon the demerger becoming effective, Raymond Realty Ltd will issue 6,65,73,731 equity shares with a face value of Rs 10 each to shareholders of Raymond Ltd. These shares will be listed on BSE Ltd and the National Stock Exchange of India (NSE).
Operational Highlights:
Raymond Realty Ltd holds approximately 100 acres of land in Thane, with a RERA-approved carpet area of 11.4 million sq ft. Currently, 40 acres are under development, contributing to ongoing projects worth Rs 9,000 crore. The land bank has the potential to generate over Rs 25,000 crore in revenue.
Strategic Vision:
Gautam Hari Singhania, Chairman cum Managing Director of Raymond Ltd, emphasized that the demerger aligns with the company's strategy to focus on creating shareholder value through distinct business segments. The move underscores Raymond's commitment to expanding its presence in the real estate sector alongside its established textile business.
Future Prospects:
With additional joint development agreement (JDA) projects underway in Mumbai, Raymond Realty Ltd aims to enhance its revenue potential in the Mumbai Metropolitan Region, projecting significant growth in the coming years.
The demerger plan is subject to approvals from the National Company Law Tribunal (NCLT), shareholders, creditors, and regulatory authorities. Raymond Ltd anticipates that the new listing of Raymond Realty Ltd will enhance transparency, operational efficiency, and market competitiveness for both entities
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Raymond Ltd, renowned for its leadership in the textile industry with brands like 'Raymond Ready to Wear', 'Park Avenue', and 'ColorPlus', continues to strengthen its position with a robust retail network spanning over 1,450 stores across India.
05-Jul-2024
Real Estate Residential Sales Reach Decade's Highest Point
In the first half of 2024, residential property sales reached their highest point in a decade, driven not by affordable housing but by the luxury segment. This trend highlights a growing preference for upscale properties among buyers. The demand for high-end homes is attributed to increasing disposable incomes, changing lifestyles, and the desire for better amenities. This shift underscores the evolving dynamics of the real estate market, where premium properties have emerged as the top choice for buyers seeking exclusivity and luxury.
The report highlights the significant demand for residential properties, reflecting a strong buyer sentiment and a rejuvenated real estate market. The sustained interest and investments in residential properties underscore the sector's resilience and its pivotal role in the country's economic landscape.
Key metropolitan areas have been at the forefront of this growth, with increased sales volumes signaling a positive trend for the foreseeable future. This surge in residential property sales is a testament to the sector's recovery and the growing confidence among homebuyers and investors alike.
As the real estate market continues to thrive, stakeholders are optimistic about maintaining this momentum in the coming months, further solidifying the sector's contribution to India's economic growth.
Gulam Zia, Senior Executive Director at Knight Frank India, noted a significant shift towards premium housing segments in H1 2024, with sales surpassing 1,73,000 units—a decade-high record. The premium category now commands 34% of the market, up from 15% in H1 2018. Conversely, sales for affordable housing (below Rs 50 lakh) dropped to 27% in H1 2024 from 32% in H1 2023, reflecting challenges from rising prices and home loan rates exacerbated by pandemic impacts.
Luxury Real Estate Leads Growth in H1 2024
The luxury residential market in India saw a significant uptick during the first half of 2024, capturing a substantial 41% share of total sales across major markets. Sales in properties priced over Rs 1 crore surged by 51% year-on-year, reaching 71,349 units compared to 47,130 units in the previous year.
In the premium segment, the National Capital Region (NCR) emerged as the top performer with 20,795 units sold, followed by Mumbai (14,699 units) and Bengaluru (13,698 units).
Despite the rise in sales, affordability concerns persist in the mid-segment category. Inventory levels saw a 3% increase year-on-year, with a notable 27% rise in the premium segment. However, indicators, like Quarters to Sell (QTS), improved, dropping to 5.9 quarters overall and 5.1 quarters for the premium segment.
Looking ahead, experts anticipate continued market momentum supported by stable economic conditions and a growing preference for premium housing. Efforts are underway to address challenges in lower price categories for a more inclusive market budget growth.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, expressed optimism, citing expectations of sustained stability in socio-economic and political conditions.
06-Jul-2024
Bengaluru Real Estate Market Soars Prices Up
Bengaluru's real estate market is experiencing a period of robust growth, driven by rising prices, shrinking inventory, and strong demand across both residential and commercial sectors. According to a recent report by ANAROCK, titled "Bengaluru's Real Estate - Your Gateway to Opportunity," the city has witnessed a remarkable 57% increase in average residential prices over the past five years.
Significant Price Appreciation
The ANAROCK report highlights a surge in residential property prices in Bengaluru. From Rs 4,960 per sq. ft. in H1 2019, prices have escalated to Rs 7,800 per sq. ft. by H1 2024. The city saw a substantial year-on-year increase of 32% between H1 2023 and H1 2024, with prices rising from Rs 5,900 per sq. ft. to Rs 7,800 per sq. ft.
Factors Driving Price Growth
Several factors contribute to the rise in Bengaluru's real estate prices. Soaring construction costs, combined with increased investor and buyer demand, are key drivers. Following a period of stagnation due to structural reforms and the COVID-19 pandemic, the post-pandemic market has seen a significant uptick in demand, prompting developers to raise prices to meet growing market interest.
Premium and Luxury Segments Lead the Charge
The growth in average prices is largely fueled by a surge in new launches within Bengaluru's premium and luxury segments. Approximately 75% of the new supply entering the market in H1 2024 belonged to these categories, indicating a growing appetite for high-end properties among buyers.
Positive Signs for Market Health
Beyond price hikes, the report highlights positive indicators for Bengaluru's real estate market health. The available inventory of properties has shrunk significantly, with a 30% decline over the past five years, signifying a strong absorption rate and a healthy demand. Additionally, the inventory overhang, referring to unsold properties, has fallen to a record low of eight months by H1 2024, down from 15 months in H2 2019, indicating a reduction in stagnant properties and a more fluid market.
Bengaluru's Booming Business Environment
Bengaluru's thriving business environment is reflected in the city's surging office space demand since 2020. This sustained demand underscores Bengaluru's attractiveness as a major business hub. While the dominance of the IT-ITeS sector has slightly decreased, there is a welcome diversification within the tenant base, with coworking space providers and manufacturing/industrial occupiers expanding their presence, indicating a maturing business ecosystem.
Looking Ahead: Growth and Challenges
The ANAROCK report forecasts continued growth for Bengaluru's real estate market in the coming years. Residential project launches and sales are expected to rise by 10-15% by the end of 2024 compared to 2023. Average capital values are also projected to witness a moderate appreciation of 10%, with prime locations potentially experiencing even steeper growth. Emerging trends like co-living spaces and eco-friendly homes are anticipated to play a significant role in market expansion.
The report also acknowledges urban challenges faced by Bengaluru, including traffic congestion, water scarcity, air pollution, and waste management issues. However, it highlights various infrastructure projects underway to address these concerns, such as the Multimodal Logistics Park (MMLP), Bengaluru Suburban Rail Project (BSRP), Namma Metro expansion phases, and the development of the Bengaluru Satellite Ring Road.
Overall, Bengaluru's real estate market presents a promising picture, characterized by strong growth, a reduction in unsold properties, and a diversified business environment. While urban challenges remain, ongoing infrastructure projects aim to create a more sustainable and livable city for the future.
09-Jul-2024
India Budget 2024-25: Real Estate Sector's Wishlist
As India gears up for the announcement of the 2024-25 budget, the real estate industry eagerly awaits measures that could significantly impact the sector, especially in affordable housing.
In recent years, affordable housing initiatives have driven progress through tax incentives for both developers and homebuyers. However, the consensus among industry experts is that more needs to be done to address persistent challenges.
High land acquisition costs, rising construction expenses, and the need for sustainable development practices continue to pose significant hurdles. From a consumer standpoint, the focus is on enhancing affordability and accessibility to homes.
One of the primary expectations is the reduction of the GST rate on basic construction materials such as cement, currently taxed at 28%. Lowering this rate could decrease overall construction costs, thereby reducing property prices.
Experts also emphasize increasing the deduction limit for home loan interest payments beyond the current ₹2 lakh per annum. This measure could substantially relieve homebuyers struggling with high property prices and rents. With home loan interest rates nearing double-digit figures due to the Reserve Bank of India's (RBI) consistent key interest rate of 6.5% for over a year, the ₹2 lakh limit is viewed as insufficient in the current economic climate.
While the government does not control interest rates, its policies can mitigate some of the burdens on homebuyers. Raising the interest repayment limit as a tax deduction could increase disposable income, benefiting many households.
The post-pandemic resurgence in real estate has highlighted the sector's digitization and adaptability. Looking forward, the budget is expected to introduce reforms that sustain this growth momentum. Initiatives such as incentivizing first-time homebuyers, revisiting stamp duty rates, and reviving the credit-linked subsidy scheme under the Pradhan Mantri Awas Yojana (PMAY) could empower India's burgeoning middle class with greater homeownership opportunities.
Another significant proposal is to grant infrastructure status to the real estate sector, which could facilitate easier access to financing. This change could lead to lower borrowing costs and increased affordability across the housing market.
In essence, the budget's impact on the real estate industry depends on its ability to address these critical consumer-centric issues, potentially making homeownership more attainable for India's expanding middle class.
The pressing question remains - will the new coalition government implement these reforms in the budget on July 23rd? The industry and potential homebuyers alike await the announcement with bated breath, hopeful for policies that will drive growth and accessibility in the real estate sector.
12-Jul-2024
A Market Analysis - Why Student Housing
STUDENT HOUSING BOOM: INDIA SEES 7.2% ANNUAL GROWTH, EXPECTED TO REACH 92 MILLION STUDENTS BY 2036
The student housing market in India is experiencing unprecedented growth, with a projected annual growth rate of 7.2% and an expected 92 million students by 2036. This surge in demand is driven by the increasing popularity of higher education, easier travel, and post-COVID-19 activities.
CURRENT LANDSCAPE
In a rapidly evolving real estate landscape, student housing in India is capturing the attention of developers and investors alike. With a surge in higher education enrollment and a shortage of purpose-built accommodations, the sector is poised for substantial growth. The current student housing landscape in India is characterized by a severe shortage of accommodation options, with only 7.5 million beds available to cater to the growing demand. This has led to a rise in the popularity of off-campus student housing, which offers benefits such as affordability, convenience, and modern amenities.
PROMISING ASSET CLASS
Student housing is emerging as a promising investment opportunity in India, with millions of students seeking quality accommodation near colleges and universities. The demand for purpose-built student housing is on the rise, driven by the need for better living spaces and amenities such as Wi-Fi, security, and recreational facilities.
RISKS ASSOCIATED WITH INVESTING
While student housing presents a lucrative investment opportunity, it also comes with risks such as market fluctuations, changes in demographics, and location-specific challenges. Investors must carefully consider these factors and ensure compliance with regulations, safety codes, and zoning laws.
TRENDS SHAPING THE FUTURE
Several trends are shaping the future of student housing in India, including:
1) The expanding middle class and rising demographics driving demand for higher education.
2) Growing interest in mixed-use developments that integrate housing with retail and recreational spaces.
3) Increasing focus on affordability and practical amenities.
4) Preference for single-occupancy units and privacy.
5) Flexibility in lease terms to adapt to uncertain times.
UNIVERSITIES ADAPTING TO DEMAND
Universities are also adapting to the changing demands of students, converting existing on-campus housing to single-occupancy units and better-utilizing space.
TIMELY AVAILABILITY CRUCIAL
The demand for student housing typically spikes during the fall semester, highlighting the importance of timely availability of accommodations to meet student needs.
As the student housing market in India continues to grow, investors, developers, and universities must work together to provide quality accommodation options that meet the evolving needs of students.
16-Jul-2024
Budget 2024-25 - Renewed Hope For Real Estate
The Union Budget 2024-25 approaches in July, and the real estate sector eagerly anticipates policy changes under the Modi 3.0 regime. Expectations are high for tax reliefs and other measures to boost sentiment and support industry growth. The future trajectory of the sector hinges on robust infrastructure deployment, crucial for enhancing urban living standards and developing emerging areas.
A long-standing demand in the housing sector is the grant of industry status, which could streamline operations and attract more investments. Anuj Puri, Chairman of Anarock Group, highlighted this expectation, noting that such a status could stimulate growth across the housing spectrum.
The housing sector has seen increased sales and new launches in major cities, yet the affordable housing segment faces challenges. Post-pandemic, the share of affordable housing in overall sales has declined significantly. Measures like tax breaks for developers and buyers are seen as imperative to revive this crucial segment.
Reinstating the Credit-linked Subsidy Scheme (CLSS) under the Pradhan Mantri Awas Yojana (PMAY) is critical to incentivizing first-time buyers of affordable homes. This scheme had previously promoted homeownership among Economically Weaker Sections (EWS) and Low-Income Groups (LIG). Experts suggest that the government could also reintroduce the 100% tax holiday benefits under Section 80-IBA of the Finance Act, 2016, to encourage the construction of affordable housing projects.
Adjusting the criteria for defining affordable housing is another crucial step, with current definitions needing updates to reflect city-specific market dynamics. The sector also advocates for rationalizing GST rates on under-construction properties, currently at 12% without input tax credit (ITC). Lowering these rates or reinstating ITC could enhance affordability and boost sales.
Introducing a single-window clearance system for real estate properties is essential to reduce bureaucratic delays and improve the ease of doing business. This system would streamline approvals, accelerate project timelines, and foster investor confidence.
Enhancing tax benefits under Section 24(b) (interest on home loans) and Section 80EEA (additional deduction for first-time buyers) would make homeownership more financially viable. Increasing deduction limits under these sections would incentivize investment in real estate, particularly affordable housing.
Promoting green and sustainable housing through tax incentives and subsidies could encourage environmentally responsible practices in the construction sector. Incentives might include tax rebates for developers using eco-friendly technologies and buyers investing in energy-efficient homes.
Finally, granting infrastructure status to the real estate sector remains a critical demand to facilitate access to cheaper funding and streamline regulatory processes. This status upgrade would enhance project viability and attract greater investments into the sector, Puri added.
20-Jul-2024
Delhi-NCR and Bengaluru Buck the Trends
Housing sales in India’s top residential markets fell by 6% during the April-June period of 2024, according to a quarterly analysis. The report, titled ‘Real Insight Residential – April-June 2024’, revealed that a total of 113,768 housing units were sold in Q2CY2024, compared to 120,642 units in the previous quarter (Q1CY2024). This decline in sales was observed across most cities, with the exceptions of Bengaluru and Delhi-NCR, which saw increases of 30% and 10%, respectively.
Attributes this overall decline to homebuyers adopting a wait-and-watch strategy ahead of the national elections, resulting in deferred real estate investments during the quarter. Despite this, consumer sentiment toward real estate investments remains strong, driven by robust market fundamentals.
Demand for homes moderated during the April-June period due to the general elections, even though consumer sentiment continues to remain extremely positive about real estate investments. We expect sales numbers to strengthen in the coming quarters, especially during the festive months, amid expectations of a pro-investment Union Budget after the formation of a new government at the Centre,” said Vikas Wadhawan, Group CFO of REA India and Business Head.
Wadhawan also noted that developers exercised caution, leading to a decline in new launches in half of the cities analyzed. This cautious approach is linked to anticipated policy changes in the upcoming Union Budget aimed at making India the world’s third-largest economy by 2027-28.
Bengaluru Defies Trends
Bengaluru stood out by defying the overall downward trend. The city's soaring property values prompted homebuyers to finalize purchase plans, and leading developers announced new project launches. The availability of ready-to-move-in homes was a key factor in the uptick in sales in Delhi-NCR.
On an annual basis, the sales numbers for the June quarter showed a 42% increase compared to the same period in 2023, when 80,245 homes were sold.
MMR: The Biggest Contributor to Supply and Sales
The Mumbai Metropolitan Region (MMR) was the largest contributor to new supply and sales during the June quarter. MMR accounted for 40% of new supply, followed by Pune with a 22% share and Bengaluru with 12%. These three cities also led in quarterly sales, with MMR claiming a 34% share, Pune 19%, and Bengaluru 12%.
The top localities in terms of sales in MMR included Thane West, Panvel, Dombivali, Vasai, and Chembur. In terms of new launches, Thane West, Panvel, Vasai, Dombivali, and Neral (all in MMR), along with Sholinganallur in Chennai, were the top contributors.
As the real estate market navigates through the post-election period, industry stakeholders remain optimistic about the potential for growth driven by favorable government policies and sustained consumer confidence.
11-Jul-2024
India's Booming Warehousing and Logistics Sector Drives
The warehousing and logistics sector in India is experiencing unprecedented growth, significantly impacting the real estate landscape. This surge is prompting real estate developers to construct expansive warehouses for leasing and develop capacities in fleet management to ensure last-mile connectivity.
The rise of e-commerce and the increasing demand for quick deliveries have underscored the importance of a robust warehousing and logistics network. As a result, real estate builders are focusing on developing large-scale warehousing facilities and enhancing fleet management services to meet the demands of last-mile delivery.
A recent report by ANAROCK, a properties consultancy and brokerage firm, highlights that despite a decrease in foreign investor activity compared to previous levels, the average deal size increased by 23% year-on-year (YoY). The aggregate value of private equity (PE) deals in Indian real estate rose in Q1 FY25, primarily driven by a significant investment in the warehousing assets of Reliance Retail.
Similarly, Colliers India reported a significant increase in investments in the industrial and warehousing segment. The second quarter of 2024 saw $2.5 billion in inflows—the highest in any quarter since 2021—with the industrial and warehousing segment accounting for 61% of total investments at $1.5 billion, driven by large deals in the sector.
Elara Securities' report on India-Logistics underscores the sector's growing network and importance. Government data shows a 15% YoY rise in eWay Bill generation during April-May, indicating a shift from unorganized to organized trade. Elara predicts that logistics firms like VRL Logistics and Delhivery are likely to report an average revenue growth of 11%, while Mahindra Logistics is expected to see a 19% YoY revenue increase, driven by growth in 3PL and Last Mile Delivery (LMD) segments.
ICRA forecasts a 13-14% YoY growth in industrial and warehouse logistics park (IWLP) supply in FY2025 across the eight primary markets, reaching approximately 424 million square feet. Absorption is expected to increase to 47 million square feet in FY2025 from 37 million square feet in FY2024, supported by strong consumption-led demand.
The vacancy rate in these markets stood at 10% in FY2024 and is expected to remain similar in FY2025. The sector's growth is fueled by its infrastructure status, e-commerce expansion, increasing consumption market needs, and the government's focus on making India a manufacturing hub.
Tushar Bharambe, Assistant Vice President and Sector Head – Corporate Ratings, ICRA, noted that the Grade A warehouse stock in the eight primary markets has grown at a healthy CAGR of 21% to 183 million square feet in FY2024 and is estimated to increase by 19-20% YoY in FY2025. The share of Grade A stock in the total warehousing supply is expected to expand to 51% by March 2025 from 49% in the previous fiscal.
The sector continues to see strong demand from third-party logistics (3PL) and manufacturing sectors, which accounted for 65% of the total leased area in ICRA’s sample set as of March 2024, while e-commerce accounted for 15%.
Developers are expanding beyond the eight primary cities, with plans to build more industrial parks and warehouses in regions like UP, Haryana, Rajasthan, and Punjab. Niranjan Hiranandani revealed that his group, in a joint venture with Blackrock, has committed ₹1,800-₹2,000 crore and plans to invest another ₹400-500 crore shortly. The group is also evaluating in-city warehouses or dark stores to meet the growing demand for last-mile delivery.
However, the rising demand has also led to increased land prices, posing a challenge for players. According to ICRA, favorable growth prospects are driving a steep increase in land prices, making land cost a critical factor in the profitability of warehousing projects. Tier-II and Tier-III cities are emerging as more cost-effective destinations for new Grade A warehousing developments due to the high land prices in Tier-I cities.
Shobhit Agarwal, MD & CEO, of ANAROCK Capital, noted that the top private equity deal in Q1 FY25 was a $1.5 billion investment in Reliance Retail's warehousing assets by ADIA and KKR, accounting for 71% of the total PE deals. The industrial and logistics segment continues to attract investors due to strong growth prospects supported by robust consumption and manufacturing-led growth expectations.
Ketan Kulkarni, Chief Growth Officer, Allcargo Group, emphasized the government's focus on transforming the logistics industry through infrastructure and technology-led reforms, positioning the industry for the next phase of growth.
As India continues to enhance its logistics infrastructure, the warehousing and logistics sector is poised for sustained growth, driving significant developments in the real estate market.
13-Jul-2024
Godrej Properties Teams Up with Chikkaballapur
Bangalore, July 16, 2024 : Real estate developer Godrej Properties Limited has announced a groundbreaking partnership with the Chikkaballapur City Municipal Council (CMC) and the Indian Institute for Human Settlements (IIHS) to tackle waste management challenges in Chikkaballapur, Karnataka. The collaborative effort, known as the City-Farmer Partnership project, aims to promote the scientific management of solid waste and support sustainable farming practices.
The initiative focuses on converting organic wet waste into valuable compost for farmers. Approximately 759 tonnes of legacy waste has been semi-processed into organic compost and supplied to 109 farmers across 17 villages in Chikkaballapur. The compost, derived from 1,000 cubic meters of garbage, was provided free of charge to encourage organic farming. Additionally, over 569 tonnes of segregated wet waste has been processed in collaboration with 81 farmers.
A central aspect of this initiative is fostering a symbiotic relationship between urban and rural communities. To educate farmer communities and stakeholders on sustainable waste management practices, IIHS conducted multiple training sessions for over 100 farmers on converting municipal waste into organic compost. Furthermore, 45 CMC staff members received training on critical aspects of waste management, emphasizing the importance of segregated waste collection and transportation.
The City-Farmer Partnership for the Solid Waste Management (SWM) project has also included a series of ward-level and feedback meetings to promote waste segregation at the source. These meetings were attended by CMC officials, the IIHS project team, Anganwadi workers, volunteers monitoring door-to-door waste collection, and approximately 50 residents from each ward. Six street plays and a road show were organized to reinforce the message and raise awareness, engaging citizens and commercial establishments with the benefits of waste separation.
Rohit Mohan, Chief Design and Sustainability Officer at Godrej Properties Ltd. commented on the initiative: “We recognize the substantial challenges posed by urban waste management, including the growing volume of urban waste and improper waste segregation. Engaging communities through initiatives such as training farmers to convert municipal wet waste into organic compost is one of our important projects catering to our long-term environmental goals.
This collaboration with Chikkaballapur farmers highlights our dedication to positively collaborate with multiple communities and contribute towards solid waste management across urban local bodies. By enabling local communities to turn urban solid waste into valuable resources, we seek to drive enduring environmental improvements and support sustainable farming practices. As environmentally conscious developers, we remain committed to promoting sustainable waste management practices through public-private partnerships and engagement with local communities.”
Godrej Properties has been at the forefront of driving awareness and capacity building for sustainable waste management across urban and rural communities, including at all their construction sites. In FY24, Godrej Properties successfully diverted more than 43,000 tonnes of waste from landfills, achieving net zero waste to landfill status.
This partnership is a significant step towards addressing waste management challenges in urban areas and promoting sustainable agriculture practices, reflecting Godrej Properties' commitment to environmental stewardship and community engagement.
17-Jul-2024
Comprehensive Real Estate Services for Customers
The real estate industry is multifaceted, involving numerous processes, stakeholders, and legalities. As a potential homebuyer, seller, or investor, navigating these complexities can be overwhelming. Comprehensive real estate services are designed to alleviate these challenges, offering clients a seamless and efficient experience. This blog explores the range of services offered, the benefits of using them, and why they are essential in today’s real estate market.
Understanding Comprehensive Real Estate Services
Comprehensive real estate services encompass all aspects of real estate transactions, from initial consultation to closing and beyond. These services are provided by real estate professionals who aim to meet all the needs of their clients, ensuring a smooth and stress-free process.
Key Components of Comprehensive Real Estate Services
1. Initial Consultation and Market Analysis -
1.Understanding client needs and preferences.
2.Conducting a thorough market analysis to determine property values and market trends.
3.Offering expert advice on pricing strategies for sellers and budget planning for buyers.
2. Property Search and Listing Services
1. Assisting buyers in finding suitable properties that match their criteria.
2. Providing sellers with strategies to list and market their properties effectively.
3. Utilizing Multiple Listing Services (MLS) and other databases to access a wide range of properties
3. Property Showings and Open Houses
1. Coordinating and scheduling property viewings for buyers.
2. Organizing open houses to attract potential buyers for listed properties.
3. Providing virtual tours and high-quality photographs to enhance property visibility.
4. Negotiation and Offer Management
1. Negotiating on behalf of clients to secure the best deals.
2. Managing offers and counteroffers to ensure favorable terms.
3. Guiding legal and financial implications of offers.
5. Financing and Mortgage Assistance
1. Assisting clients in understanding financing options and mortgage products.
2. Connecting clients with reputable lenders and mortgage brokers.
3. Providing tools for mortgage preapproval and financial planning.
6. Inspection and Appraisal Coordination
1. Scheduling property inspections and appraisals to assess property condition and value.
2. Reviewing inspection reports and negotiating repairs or price adjustments as needed
3. Ensuring compliance with local and federal regulations
7. Closing Coordination
1. Managing all paperwork and legal documentation required for closing.
2. Coordinating with title companies, attorneys, and other stakeholders.
3. Ensuring a smooth closing process and addressing any last-minute issues.
8. Post-Sale Services
1. Offering post-sale support such as moving services, home improvement recommendations, and utility setup.
2. Providing market updates and property management services for investors.
3. Maintaining client relationships for future real estate needs.
Benefits of Comprehensive Real Estate Services
Engaging comprehensive real estate services offers numerous benefits to clients, making the entire transaction process more efficient and less stressful.
Expertise and Experience -
Real estate professionals bring a wealth of expertise and experience to the table. They have in-depth knowledge of the local market, understand legal and financial intricacies, and possess strong negotiation skills. This expertise ensures that clients receive the best possible advice and support throughout the process.
Time and Stress Management -
Navigating the real estate market can be time-consuming and stressful. Comprehensive real estate services take on the burden of managing schedules, paperwork, negotiations, and more. This allows clients to focus on their daily lives while professionals handle the complexities of their transactions.
Access to Resources -
Real estate professionals have access to a vast network of resources, including MLS databases, industry contacts, and market analysis tools. This access enables them to provide clients with a wide range of property options, accurate market insights, and reliable service providers.
Personalized Service -
Comprehensive real estate services are tailored to meet the unique needs of each client. Whether you are a first-time homebuyer, a seasoned investor, or someone looking to sell your property, real estate professionals offer personalized strategies and solutions to achieve your goals.
Financial Savings -
While there may be costs associated with hiring real estate services, the long-term financial savings can be significant. Professionals can help secure better deals, avoid costly mistakes, and navigate financing options effectively, ultimately saving clients money.
Conclusion
In the dynamic and often unpredictable world of real estate, comprehensive real estate services provide invaluable support to buyers, sellers, and investors. By leveraging the expertise, resources, and personalized service of real estate professionals, clients can navigate the market with confidence and achieve their real estate goals. Whether you are embarking on your first home purchase or managing a portfolio of investment properties, comprehensive real estate services are the key to a successful and stress-free experience.
11-Jul-2024
Top Locations to Invest in Bangalore Real Estate 2024
Bangalore's real estate market presents a wealth of opportunities for investors looking to benefit from robust rental returns, significant capital growth, or simply to be a part of the city's vibrant landscape. This article explores the best places to invest in Bangalore, highlighting areas already popular with investors, locations poised for significant growth, and hidden gems yet to be discovered. .
List of The Best Places to Invest in Bangalore
1. South Bangalore (Jayanagar, BTM Layout, HSR Layout)
2. North Bangalore (Hebbal, Hennur Road, Thanisandra, Hesaraghatta, Yelahanka, and Jakkur)
3. East Bangalore (Koramangala, Electronic City, Whitefield Sarjapur Road)
4. Central Bangalore (Indiranagar, Brigade Road, MG Road)
5. West Bangalore (Marathahalli, Bellandur, Mahadevapura)
Best Areas to Buy Flats in Bangalore: A Guide to North, South, East, and West Bangalore -
Bangalore, known as the Silicon Valley of India, offers a diverse range of options for real estate investment. The city is divided into four main regions - North, East, West, and South, each with its unique characteristics and advantages. Here’s a detailed look at the best upcoming areas to invest in Bangalore, focusing on each of these regions.
North Bangalore
North Bangalore is renowned for its well-developed infrastructure and excellent connectivity to other parts of the city. The area hosts numerous IT companies and startups, making it a popular choice for professionals in the tech sector. Prime areas to consider for real estate investment in North Bangalore include:
- Hesaraghatta
- Yelahanka
- Jakkur
East Bangalore
East Bangalore boasts a well-developed infrastructure and superb connectivity. This region is also home to many IT companies and startups, attracting professionals working in the tech industry. The top areas to invest in real estate in East Bangalore are:
- Whitefield
- Sarjapur
- Electronic City
West Bangalore
West Bangalore is known for its robust infrastructure and connectivity. The presence of numerous IT companies and startups makes it a favorable location for tech professionals. Key areas for real estate investment in West Bangalore include:
- Mahadevapura
- Marathahalli
- Bellandur
South Bangalore
South Bangalore stands out for its excellent infrastructure and connectivity, as well as its upscale residential areas. It’s a favored choice for homebuyers seeking luxury properties. Additionally, the region houses many IT companies and startups. Notable areas to invest in real estate in South Bangalore are:
- Jayanagar
- BTM Layout
- HSR Layout
While these areas are among the most popular localities for real estate investment in Bangalore, it's crucial to conduct thorough research and due diligence before making any investment decisions. Considering factors such as property prices, infrastructure, connectivity, and the presence of IT companies, these localities are anticipated to be safe bets for real estate investment in 2024.
It’s also worth noting that the rental market in Bangalore is also quite strong, with a high demand for rental properties in these areas. According to the Search homes india Rent Report 2024, the average rental yield in these localities is around 5-7%, which is quite attractive for investors looking for a steady income stream. Additionally, the report also states that there is a high demand for 2BHK and 3BHK properties in these areas, indicating that there is a growing demand for larger, family-friendly properties in the city.
Top Trending Localities to Invest in Bangalore in 2024
According to the Search Homes India Rent Report 2024, the top trending localities to invest in Bangalore for 2024 are:
1. Whitefield
Whitefield remains one of the most sought-after localities in Bangalore for real estate investment. The area has experienced a significant rise in property prices, now averaging around INR 8,000 per sq. ft. Known for its well-developed infrastructure, excellent connectivity, and numerous IT companies, Whitefield is a favored choice among professionals in the IT sector.
2. Sarjapur
Sarjapur is another popular locality for real estate investment in Bangalore. Property prices have steadily increased, with the current average of around INR 6,500 per sq. ft. The area boasts well-developed infrastructure, good connectivity, and a high concentration of IT companies, making it an attractive option for IT professionals.
3. HSR Layout
HSR Layout is rapidly growing, with average property prices now at approximately INR 6,000 per sq. ft. This area is known for its robust infrastructure, excellent connectivity, and numerous IT companies. Additionally, HSR Layout features many educational institutions and shopping centers, making it an ideal place for families and one of the best places to buy a flat in Bangalore.
4. Bellandur
Bellandur is another fast-growing locality, with property prices averaging around INR 6,000 per sq. ft. Known for its developed infrastructure, good connectivity, and a significant number of IT companies, Bellandur is a popular choice among IT professionals. The area also offers numerous educational institutions and shopping centers, making it a great place for families.
5. Electronic City
Electronic City is one of the most favored localities for real estate investment in Bangalore. The area has seen a substantial rise in property prices, with the current average at around INR 6,000 per sq. ft. Known for its excellent infrastructure, connectivity, and a large number of IT companies, Electronic City is a top choice for professionals in the IT sector.
These localities are highlighted as top investment destinations based on data and insights from the Search Homes India Rent Report 2024. While these are just a few of the many popular localities in Bangalore, it's always advisable to conduct thorough research and due diligence before making any investment decisions. Considering factors such as property prices, infrastructure, connectivity, and the presence of IT companies, these localities are expected to be safe bets for real estate investment in 2024.
New Developing Areas in Bangalore
Bangalore’s real estate market is constantly evolving, with new areas emerging as potential hotspots for investors and homebuyers. Here’s a look at some of the new developing areas in Bangalore:
1. North Bangalore: This region is experiencing significant growth due to the establishment of new IT parks and educational institutions. Areas like Hennur Road, Thanisandra, and Hebbal are seeing a surge in residential projects, attracting young professionals seeking a modern lifestyle.
2. Budigere Cross: Located near the Outer Ring Road, Budigere Cross promises a serene environment with easy access to major IT hubs like Whitefield and Marathahalli. This area offers a mix of residential plots and villas, catering to those seeking a more spacious living environment.
3. Devanahalli: Known for the presence of Kempegowda International Airport, Devanahalli is transforming into a prominent residential hub. With improved infrastructure and connectivity, Devanahalli offers a perfect blend of urban amenities and a quieter atmosphere.
4. Yelahanka: Situated in North Bangalore, Yelahanka is another developing area with a rich history and a pleasant climate. The upcoming metro connectivity and the presence of the aerospace industry are driving growth in this region. Yelahanka offers a variety of residential options, from apartments to villas.
5. ORR (Outer Ring Road) Zone: The areas surrounding the Outer Ring Road are witnessing significant infrastructural development, making them attractive investment destinations. Areas like Kanakapura Road, Bannerghatta Road, and Sarjapur Road offer a mix of residential apartments and plots, catering to diverse budgets and preferences.
The rental market in Bangalore is also robust, with a high demand for rental properties in these areas. According to the Search Homes India Rent Report 2024, the average rental yield in these localities is around 5-7%, which is quite attractive for investors seeking a steady income stream. The report also highlights a high demand for 2BHK and 3BHK properties, indicating a growing preference for larger, family-friendly homes.
These areas have seen a steady increase in property prices in recent years and are known for their well-developed infrastructure, good connectivity, and numerous IT companies, making them popular choices for professionals working in the IT sector. The high rental yield and growing demand for rental properties in these areas make them attractive options for investors.
While it's always advisable to conduct thorough research and due diligence befo
18-Jul-2024
Secondary Real Estate Sales Impacted by Indexation
In a recent development, the real estate sectorhas expressed concerns regarding the government's proposal to eliminate indexation benefits for long-term capital gains on property sales. Industry leaders warn that this change could negatively impact property owners and the overall growth of the real estate sector.
Impact on Property Owners and Tax Implications
Niranjan Hiranandani, Chairman of NAREDCO, highlighted that the removal of indexation benefits could lead to higher taxes for property owners holding assets for more than ten years. This is particularly concerning for owners of heritage homes, who may face an increased tax burden upon selling their properties. Hiranandani noted that the absence of indexation would prevent adjusting the property's cost basis for inflation, potentially leading to higher taxable gains.
The 2024-25 budget proposes a flat tax rate of 12.5 percent on capital appreciation from property sales, without indexation benefits. However, the Income Tax Department has countered concerns, stating in a recent social media post that real estate returns typically range from 12-16 percent per annum, which is considerably higher than the inflation rate of 4-5 percent. The department argues that the new tax regime could be more beneficial in cases of higher capital appreciation.
Divergent Views on Real Estate Returns
Despite the official stance, some real estate experts guide argue that in certain cases, long-term real estate returns may not outpace inflation. Ritesh Mehta, Senior Director/Head of North, East & West Residential Services, mentioned that while the removal of indexation benefits might deter sellers in the secondary market due to higher taxable gains, the situation may not be prolonged. He also emphasized that first-time homebuyers would remain unaffected by these changes.
Potential Benefits for New Investors
Industry leaders remain optimistic that new investors, particularly those holding properties for more than two years, could benefit from the lower long-term capital gains tax rate. This shift might make short- and mid-term investments more attractive.
The Income Tax Department further added that the simplification of the tax structure, including the removal of differential tax rates for various asset classes, offers the benefits of easier compliance in computing taxes, filing, and maintaining records.
As the debate continues, stakeholders in the real estate sector are closely monitoring the potential implications of these proposed changes on property investments and overall market growth.
24-Jul-2024
Real Estate Industry Benefits from the Union
The Union Budget 2024-25, presented by Finance Minister Nirmala Sitharaman, brought significant positive changes to the real estate industry. This sector, often seen as a barometer of the country's economic health, has welcomed the budget's measures aimed at boosting growth and development. Here are the key highlights and benefits and key areas -
By focusing on these key areas, the real estate sector is poised for growth, contributing to the overall economic development of the country.
Key Areas -
Increased Allocation for PMAY: Boosts affordable housing with a 20% increase in budget.
Infrastructure Development: 10% rise in capital expenditure to enhance connectivity.
Tax Incentives: Extension of tax holidays and increased deductions on home loan interest.
Green Building Fund: Promotes sustainable and eco-friendly construction practices.
REITs: Reduced DDT to attract more investments.
Digital Transformation: Funds allocated for digitization of land records and blockchain technology.
For real estate enthusiasts, investors, and stakeholders, the Union Budget 2024-25 brings a mix of opportunities and optimism, laying the groundwork for a transformative year ahead.
1. Increased Allocation for Affordable Housing
The government has allocated a substantial increase in funds for affordable housing projects. This move aims to meet the growing demand for affordable homes and support the ‘Housing for All’ initiative. By boosting the allocation for the Pradhan Mantri Awas Yojana (PMAY), the budget ensures the continued momentum in constructing affordable housing units across the country.
2. Tax Incentives and Deductions
The budget introduced enhanced tax incentives for both homebuyers and developers. Homebuyers can now avail of increased tax deductions on home loan interest, which is expected to drive demand for residential properties. Additionally, developers are set to benefit from tax holidays on profits earned from affordable housing projects, encouraging more investment in this segment.
3. Infrastructure Development
One of the most notable aspects of the Union Budget 2024-25 is the focus on infrastructure development. Significant investments have been earmarked for the development of new smart cities, urban infrastructure, and connectivity projects. Improved infrastructure is crucial for the real estate sector as it enhances the livability of cities and boosts property values.
4. Single-Window Clearance System
To streamline the approval process for real estate projects, the budget proposes the implementation of a single-window clearance system. This initiative aims to reduce the time and cost involved in obtaining necessary approvals and permits, thereby expediting project completions and encouraging new developments.
5. Boost Rental Housing
Recognizing the growing demand for rental housing, the budget has introduced measures to promote this segment. The government plans to offer tax benefits to rental housing projects, which will incentivize developers to invest in this market. This move is expected to provide a significant boost to the rental housing supply, catering to the needs of urban migrants and young professionals.
6. Digital Transformation Initiatives
The budget emphasizes the adoption of digital technologies in the real estate sector. From digital land records to online approval systems, these initiatives aim to increase transparency, reduce corruption, and improve overall efficiency. The push for digital transformation is set to make property transactions smoother and more secure for all stakeholders.
7. Focus on Sustainability and Green Buildings
In line with global trends, the Union Budget 2024-25 places a strong emphasis on sustainability. The government has announced incentives for developers who incorporate green building practices and sustainable technologies in their projects. This initiative not only aligns with environmental goals but also appeals to the growing segment of eco-conscious homebuyers.
Conclusion
The Union Budget 2024-25 has set a positive tone for the real estate industry, with measures aimed at fostering growth, enhancing affordability, and promoting sustainability. The increased focus on infrastructure development, affordable housing, and technological advancements is expected to drive demand and investment in the sector. As these initiatives take shape, the real estate industry services is poised for a period of robust growth and development.
26-Jul-2024
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