Page 4 - Housing Market

Despite high prices, more Indians want to buy a 3 BHK home: FICCI-Anarock

This is despite the fact that 55% of Indians believe their disposable income had been 'majorly' impacted by inflation

SPRE expect over Rs 1,000 cr revenue from luxury project in Mumbai

Shapoorji Pallonji Real Estate (SPRE) on Wednesday launched a new ultra luxury project in Mumbai with an estimated revenue potential of more than Rs 1,000 crore. The company would develop nearly 60 residential units in 'The Odyssey' project, located off Marine Drive, with a starting price of Rs 15 crore per flat. "The project comprises close to 60 apartments for sale, with revenues exceeding Rs 1,000 crore," SPRE said in a statement. The project has been designed by architect Hafeez Contractor. Venkatesh Gopalakrishnan, MD & CEO, SPRE, said, "At Shapoorji Pallonji Real Estate, we believe in creating more than just structures; we craft environments that redefine luxury and comfort. The Odyssey is a manifestation of this philosophy." With an expected revenue surpassing Rs 1,000 crore, he said, the project signifies a lucrative venture that sets new standards for ultra luxury projects in South Mumbai. "As we make our historic comeback to South Mumbai, we are confident that this ..

Housing sales up 31% in 2023, 476,530 units sold in top 7 cities: Anarock

Housing sales rose 31 per cent this year to nearly 4.77 lakh units -- an all-time high -- across seven major cities, despite price appreciation by an average 15 per cent, and higher mortgage rate, according to Anarock. Real estate consultant Anarock on Thursday released the annual data of seven major primary housing market, showing that housing sales increased to 4,76,530 units this calendar year from 3,64,870 units in 2022. Anarock Chairman Anuj Puri said, "2023 has been phenomenal for the Indian housing sector, despite global headwinds, rising domestic property prices, and interest rate hikes over the first half this year." Housing sales in the top 7 cities breached the previous high of 2022, and new launches stayed in step with the current housing demand, he added. Puri said it was widely expected that rising property prices and interest rates, along with global market uncertainties, would impact residential sales, but high demand sustained. As per the data, Mumbai Metropolitan

India's housing market to continue with high demand, growth in 2024

India's housing market defied logic this year to register all-time high sales as home buyers snapped up deals despite a jump in asking prices and the highest interest rates in six years. Market experts strongly believe the demand will not only sustain in 2024 but rise further, albeit at a slower pace, on high economic growth and expectations of a fall in home loan interest rate. The real estate industry saw record sales of residential properties in terms of both volumes and value, real estate market data showed as consumers are increasingly buying into the idea of home ownership post-Covid pandemic. The ouster of dubious developers from the real estate market thanks to greater regulatory oversight via RERA helped boost confidence among home buyers. The insolvency law too has played a role in elimination of defaulting builders. According to real estate consultant Anarock, housing sales are estimated to rise by 30 per cent this year to a record 4.74 lakh units in primary (fresh sales

Proptech startup HouseEazy raises $1 million from investors as seed funding

HouseEazy, a vertical marketplace for resale homes, on Tuesday said it has raised USD 1 million (over Rs 8 crore) from investors as seed funding led by Antler. Other notable investors in the round include India Accelerator, AC Ventures, Agility Ventures, Finvolve Ventures and industry veterans like Pirojsha Godrej (Executive Chairperson at Godrej Properties) and Sandeep Aggarwal (Founder at Droom), the company said in a statement. Seeking to bring trust, transparency and convenience to secondary real estate transactions, HouseEazy is building a full-stack, data-driven technology platform to provide the best prices and instant liquidity to sellers and title-checked, refurbished, ready-to-move-in homes to buyers. HouseEazy founders Tarun Sainani and Deepak Bhatia, who previously worked together at Godrej Properties, bring over 25 years of combined experience in the real estate industry. According to Housing.com data, proptech companies have received USD 4 billion in funding since 200

'Indian real estate most preferred in Asia-Pacific for global investors'

Colliers data also shows institutional investment in real estate soared 27 per cent year-on-year in the first nine months of 2023

China plans to allocate $137 bn of new funds to aid housing market

The outstanding amount of funds lent through the PSL program stood at 2.9 trillion yuan as of October.

US 30-year fixed mortgage rate jumps to near 21-year high, shows data

The average 15-year rate also jumped to 6.46 per cent. It was up from 6.34 per cent the week prior and was also the highest level since April 2002

China's housing slump much worse than data shows amid tepid growth

New-home prices have slipped just 2.4 per cent from a high in August 2021, government figures show, while those for existing homes have dropped 6 per cent

China's economic stress deepen with property market slump: Report

Official data on Tuesday will likely show modest gains in industrial output, retail sales, fixed-assets investment in July from year ago, although growth rates are still well below pre-pandemic level

China suffers new blow as exports see biggest drop in three years

China's economic recovery this year was expected to be buoyed by strong domestic demand, but a housing market slump has hit construction while consumption growth is slowing

Assess your affordability before purchasing amid housing market buoyancy

People in sectors witnessing layoffs should be especially cautious

Housing prices see 7% rise during Q1 of 2023 in top 14 cities: Report

The growth in the Indian residential market between January-March 2023 was driven by several factors, including infrastructure growth, government policies, and robust launches

Unsold housing stock falls 12% in last 5 yrs to 627,000 units: Anarock

With a significant rise in housing sales post-COVID, real estate consultant Anarock has said unsold homes with developers across seven major cities fell 12 pc in the last five years, and time needed to clear these inventories have come down by half to just 20 months. In its latest report, Anarock said unsold housing stocks have declined 12 per cent to 6,26,750 units at the end of January-March this year from 7,13,400 units as of March 31, 2018. More importantly, Anarock said, inventory overhang (estimated time developers need to clear unsold inventories at current sales velocity) fell to 20 months from 42 months at the end of March 2018. An inventory overhang of 18-24 months is normally considered healthy. Anarock Chairman Anuj Puri attributed the drop in unsold stocks and inventory overhang to a surge in housing sales. In Q1 of 2023, the top 7 cities recorded all-time high sales of more than 1.14 lakh units. "Strong home-ownership sentiment, relatively lower home loan rates, str

India housing market to remain resilient despite higher rates: Poll

A major source of employment in a country of 1.4 billion people where a majority are unskilled, the Indian housing market is likely to remain a stable contributor to economic activity in India

Global property market sitting on a $175 bn debt time bomb as slump spreads

As the toll from higher interest rates and the end of easy money mounts, many real estate markets are almost frozen with some lenders telling borrowers to sell assets or risk foreclosure

Australia's housing prices mark largest annual decline of 5.3% since 2008

According to the report, despite the downturn across many areas of the country, housing values generally remain 11.7% above where they were at the onset of the Covid-19 pandemic

Ahmedabad, Kolkata & Pune most affordable housing markets in 2022: Report

Despite showing the maximum improvement since 2011, Mumbai was the least affordable city in India in 2022: Knight Frank

Future sentiment score hints a decline in housing market momentum in Q4

The Current sentiment score has declined marginally from 62 in the second quarter of 2022 to 61 in the third quarter of 2022.

What NRIs on short visits to India must consider before buying property

They should hire a property consultancy or a lawyer to do due diligence on their behalf