Page 5 - Housing

Affordable housing supply in India's top 6 cities slows to a trickle

Costs for such projects unviable, says real estate companies that see better gains in luxury properties

Buying your dream home, gifting for festivals: Top personal finance stories

We report on how strategise for a pricey property market and what to give family and friends for Diwali

Housing prices in Delhi-NCR, Bengaluru jump 29% in July-Sept: Anarock

Housing prices in Delhi-NCR and Bengaluru appreciated 29 per cent year-on-year in the July-September quarter on strong demand, high input cost and an increase in the supply of luxury homes, according to Anarock. Real estate consultant Anarock's data showed that the average prices of residential properties in Delhi-NCR increased 29 per cent to Rs 7,200 per square feet in the July-September quarter from Rs 5,570 per square feet in the year-ago period. In Bengaluru, the prices grew 29 per cent to Rs 8,100 per square feet in the third quarter of this calendar year from Rs 6,275 per square feet in the corresponding period of the previous year. Hyderabad saw the maximum 32 per cent rise in prices to Rs 7,150 from Rs 5,400 per square feet. The average Housing prices in the Mumbai Metropolitan Region (MMR) rose 24 per cent to Rs 16,300 from Rs 13,150 per square feet. Pune witnessed a 16 per cent increase in prices to Rs 7,600 from Rs 6,550 per square feet, while Chennai saw a 16 per cent

Housing sales down 11% in Jul-Sept, avg prices up 23% in 7 cities: Anarock

Housing sales fell 11 per cent during July-September to 1.07 lakh units in seven major cities on lower launches and an annual 23 per cent growth in average prices, according to Anarock. Real estate consultant Anarock on Thursday released data that showed an 11 per cent fall in sales of residential properties in July-September to 1,07,060 units from 1,20,290 units in the year-ago period. Anarock Chairman Anuj Puri said, "All the top cities individually recorded a dip in housing sales." The top 7 cities witnessed a drop of 19 per cent in new housing supply, with 93,750 units launched in July-September 2024 against 1,16,220 units in the corresponding period in 2023. "Nevertheless, the fact that sales remained higher than launches indicates that the demand-supply equation remains robust," Puri said. He pointed out that housing sales in the third quarter tapered down amid high prices and the monsoon season. "As always in this period, the 'shraad' period also suppressed demand to an ex

New housing supply in Delhi-NCR triples in Q2 to 13,311 units: PropEquity

Fresh supply of residential properties in Delhi-NCR is estimated to triple during July-September to over 13,300 units as developers look to encash strong demand, according to PropEquity. Real estate data analytics firm PropEquity has estimated new launches of housing properties at 13,311 units in the current quarter as against 4,147 units in the year-ago period. Housing sales in Delhi-NCR are likely to increase 22 per cent during July-September 2024 to 10,263 units from 8,411 units in the corresponding period of the previous year. Rise in fresh supply of homes was one of the major factors for an increase in sales in Delhi-NCR market, besides strong consumer demand. Overall across nine major cities, PropEquity data shows that new launches in July-September 2024 may fall to 93,693 units from 1,05,655 units in the same period last year. Sales are estimated to decline 18 per cent to 1,04,393 units in the quarter under review from 1,26,848 units in the same period last year. These nin

Delhi-based Proptech startup HouseEazy raises $7 mn in Series-A funding

HouseEazy said that the funds collected will be used to drive growth in new NCR (National Capital Region) geographies, expand its footprint, enhance products, and support team expansion

Keystone Realtors to invest Rs 900 cr on housing project in FY25: CMD Irani

Keystone Realtors will step up investment on construction of residential projects this fiscal to Rs 800-900 crore as part of its strategy to ramp up execution capabilities. Keystone Realtors, which sells its properties under Rustomjee brand, is one of the leading real estate developers in the country with a significant presence in the Mumbai Metropolitan Region (MMR). In an interview with PTI, the company's CMD Boman Irani, who is also president of realtors' apex body CREDAI, said the company would invest a lot on construction and land purchases this fiscal to grow its business. "We will be investing around Rs 800-900 crore on pure construction during this fiscal. We invested around Rs 400 crore in the last financial year," he said. Irani said the company has a surplus liquidity of around Rs 3,000 crore to make investments for growth. "We raised Rs 800 crore from Qualified institutional placement (QIP) plus our internal cash flow," he said. Irani noted that the demand in the hous

Housing crisis: Nearly 2,000 projects stalled in India; Mumbai tops list

According to recent PropEquity data, 1,636 projects totaling 4,31,946 units in 14 Tier-I cities and 345 projects totalling 76,256 units in 28 Tier-II cities have been stalled

TN takes cue from China: Lines up govt-run industrial housing for Foxconn

This comes at a time when Apple has reportedly lined up a plan to create residential accommodations for 78,000 people, out of which Tamil Nadu is set to receive the highest allocation of 58,000 units

Average flat size grew by 32% in top seven cities over five years: Report

Delhi NCR recorded the highest growth of 96%, from 1,250 sq. ft. in 2019 to 2,450 sq. ft. in H1 2024

News updates: CAS decision on Vinesh's appeal against Olympic final disqualification on Aug 13

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Union Cabinet approves PMAY-U 2.0 with Rs 2.30 trn housing assistance

The Union Cabinet on Friday approved the Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0 under which financial assistance will be provided to one crore urban poor and middle-class families through states and Union Territories to construct, purchase, or rent a house at an affordable cost in urban areas in five years. The decision was taken at a Cabinet meeting chaired by Prime Minister Narendra Modi. According to a statement, the government will provide an assistance of Rs 2.30 lakh crore under the scheme. A total of 1.18 crore houses have been sanctioned in the first phase of PMAY-U 2.0, while more than 85.5 lakh houses have already been constructed and delivered to the beneficiaries. The PMAY-U is one of the major flagship programmes of the Central government which is aimed at providing all-weather 'pucca' houses to all eligible candidates in the urban areas. "In pursuance of the Prime Minister's vision, PMAY-U 2.0, with an investment of Rs 10 lakh crore, will address the housing

The House of Abhinandan Lodha to invest Rs 1,800 crore, says chairman

Realty firm The House of Abhinandan Lodha -- which is into development of residential plots -- will invest Rs 1,800 crore this fiscal year on purchase of land and construction of projects as part of its expansion plan, a top company official said. Mumbai-based The House of Abhinandan Lodha, which was formed in 2021, has already launched nearly 10 plotted development projects covering 650 acres in Maharashtra, Goa, and Ayodhya in Uttar Pradesh. In an interview with PTI, the company's Chairman Abhinandan Lodha noted that the demand for housing plots has been very strong post-COVID pandemic. "We have launched more than 6,000 plots in the last three years and we plan to launch more than 2,000 plots by end of this calendar year," he said. Asked about investment plan for the current fiscal, Lodha said, "The total capital expenditure outlay for 2024-25 fiscal is around Rs 1,800 crore of which Rs 550 crore will be on construction and the remaining on land buying." He said the company is n

L&T Realty, Valor Estate to co-develop Rs 20k cr project in Mumbai's BKC

The project will feature a mix of premium housing, commercial spaces, and a five-star luxury hotel. It has a total development potential of over 7.5 million square feet

Alphacorp to invest Rs 350 crore in luxury housing project in Gurugram

Realty firm Alphacorp will invest Rs 350 crore to develop a luxury housing project in Gurugram as part of its expansion plan amid strong consumer demand. Without divulging the name of the partner, Alphacorp said it has tied up with an entity that owns two land parcels of nearly 2.4 acre each, located in Sector 15, Part 2, Gurugram. "We will develop a total of 200 apartments on these two land parcels," said Santosh Agarwal, Executive Director and CFO of Alphacorp. On one parcel of 2.38 acre, the company has launched luxury high-rise project 'Alphacorp SKY1' comprising 100 units. The price is Rs 5 crore per unit. The project on the second plot will also be launched in the next 2-3 months. When asked about the project cost, Agarwal said the total investment is estimated at Rs 350 crore excluding land cost. He said the investment will be funded through internal accruals and bank loans, if necessary. "Gurugram, regarded as the Millennium City, exemplifies rapid infrastructure growth a

Birla Estates acquires 5-acre land in Gurugran to build housing project

Realty firm Birla Estates has acquired a 5-acre land in Gurugram to develop a housing project with an estimated revenue potential of more than Rs 1,400 crore. Birls Estates is a wholly-owned subsidiary of Century Textiles and Industries Limited and the real estate venture of the Aditya Birla Group. In a regulatory filing on Monday, Centure Textiles informed that Birla Estates will expand its footprint in the national capital region (NCR) with a strategic land acquisition in Sector 71, Gurugram. "This 5-acre parcel offers a development potential of around 10 lakh square feet and is expected to generate revenue of over INR 1400+ crore with aesthetically designed residences," it said. K T Jithendran, MD & CEO at Birla Estates, said, "Gurugram has been a pivotal market for us from the outset. The real estate potential in this micro-market is immense and reinforces our strong focus in the Delhi-NCR region.

Signature Global to invest Rs 2,500 cr on housing projects in FY25: CMD

Realty firm Signature Global will invest around Rs 2,500 crore this fiscal on the construction of its various housing projects, its Chairman Pradeep Kumar Aggarwal said on Wednesday. He expressed confidence that the company would meet the sales bookings guidance of Rs 10,000 crore for the current 2024-25 financial year, a significant growth from Rs 7,270 crore in the preceding year. "We have speeded up the construction work across all our projects. We will be investing around Rs 2,500 crore during this financial year on pure construction activities," Aggarwal said on the sidelines of the Assocham real estate conference. He said the company is expecting to collect Rs 6,000 crore from customers this fiscal. The company would also utilise the surplus internal cash flow to acquire land and reduce debt, he added. "We are looking for land in Noida and Delhi markets for the development of housing projects," he said, adding that the company intends to launch projects in these two new citi

Proptechs experience traffic surge as AI enhances consumer experience

Reports indicate that the Indian proptech market is projected to grow 9.6 per cent annually from 2021 to 2025, reaching a $100 billion valuation by 2030

80% developers expect increase in housing demand from NRIs in 2024: Report

Overall housing demand in country to increase by up to 25%, it says

Budget 2024: Real estate sector bats for revival of affordable housing

Industry executives say the definition of 'affordable homes' should be changed in terms of price