Page 7 - Housing

Housing sales in 30 major tier II cities down 13% in Jul-Sep: PropEquity

Housing sales across 30 major tier-II cities fell 13 per cent to 41,871 units during July-September period on higher base effect and drop in new supply, according to PropEquity. Data analytic firm PropEquity, which is part of listed entity P E Analytics Ltd, on Monday released the housing report of top 30 tier II cities. Sales in top 30 tier-II cities have fallen by 13 per cent in July-September quarter of 2024 while new launches have declined by 34 per cent. Housing sales fell to 41,871 units in the third quarter of 2024 calendar year as against 47,985 units in the same period last year. Launches (new supply) fell to 28,980 units in July-September quarter of 2024 from 43,748 units in the same period last year. The west zone comprising Ahmedabad, Vadodara, Gandhinagar, Surat, Goa, Nashik and Nagpur, contributed 72 per cent to the total sales. Commenting on the data, Samir Jasuja, CEO & Founder, PropEquity said, "The decline in sales and launches is on account of higher base effec

Godrej acquires 3-acre land in Ahmedabad for Rs 1,300 cr housing project

Realty firm Godrej Properties Ltd (GPL) has acquired around 3 acres of land in Vastrapur, Ahmedabad to develop a housing project having an estimated sales of Rs 1,300 crore. The company did not disclose the deal value and the name of the seller. "The development on this land is estimated to have a potential of ~0.9 million square feet of saleable area comprising primarily of premium residential apartments of various configurations with an estimated booking value of about Rs 1,300 crore," Godrej Properties said in a regulatory filing. Gaurav Pandey, MD & CEO, Godrej Properties, said, "We are happy to add our second project in Ahmedabad. This will further strengthen our presence in Ahmedabad and complement our strategy of deepening our presence in key micro-markets across India's leading cities." Earlier this month, Godrej Properties won bids to acquire 3 adjoining plots totalling 6.5 acres in Mumbai Metropolitan Region (MMR) to develop a housing project with a revenue potential of .

ATS Homekraft to develop housing project on Dwarka Expressway, Gurugram

Realty firm ATS Homekraft will invest Rs 1,300 crore to develop a luxury housing project on Dwarka Expressway, Gurugram as part of its expansion plan amid strong demand for residential properties. ATS Homekraft, a flagship company of ATS group, has launched a premium residential project 'Sanctuary 105', which is spread over 13 acres and comprises around 700 apartments. The company has sold around 340 luxury homes in the first phase of this new project for Rs 825 crore. Udaivir Anand, Managing Director of ATS Homekraft, said the company has launched a new luxury housing project at an affordable rate to target end-users and first-time homebuyers. Anand said the company will develop a total of around 750 apartments in this project, which has a built up area of 23 lakh square feet and a saleable area of over 16 lakh square feet. Asked about investment, he said the project cost is about Rs 1,300 crore including land. The investment will be met through internal accruals. Post-COVID, A

Gaurs Group to invest Rs 4,000 cr to build 17 acre project in Noida: CMD

Realty firm Gaurs Group will invest about Rs 4,000 crore to develop a 17-acre commercial project in Noida as part of its strategy to build rental assets, a top company official said. Gaurs Group Chairman and Managing Director (CMD) Manoj Gaur said the company will develop 5 million (50 lakh) sq ft of commercial space in the upcoming Grade-A project. "We are planning to develop a large commercial project on Noida Expressway. The total area will be about 5 million sq ft, of which 2.5 million sq ft will be retail, 2 million sq ft office and a hotel with more than 300 keys," Gaur said. He said the company will develop the project on lease model to boost its annual rental income that currently stands at more than Rs 125 crore. Asked about investment, Gaur said it will be about Rs 4,000 crore. The company is targeting to start construction of this project before March 2024. Gaur said the company will fund investments on existing as well as upcoming projects through internal accruals a

Top 8 housing markets see 5% annual sales dip in Sep quarter: PropTiger

Housing sales declined 5 per cent in the July-September quarter across the top eight cities due to a fall in new supply and sharp appreciation in prices, according to PropTiger. Real estate brokerage platform PropTiger.com, which is part of Australia's REA group that owns Housing.com, on Tuesday, released its report 'Real Insight' on India's residential market. A total of 96,544 units were sold in July-September, down 5 per cent from 1,01,221 units sold during the same period in 2023. The number of new residential units launched in the top 8 markets fell 25 per cent to 91,863 units from 1,23,080 units. PropTiger pointed out that a sharp increase in home prices, averaging a nearly 20 per cent increase across the top eight cities, impacted affordability. As per the data, housing sales rose only in Delhi-NCR and declined in the other seven major cities. Delhi-NCR saw a 29 per cent growth in sales to 10,098 units during July-September from 7,800 units in the year-ago period. However

Singapore ends 181 years of horse racing to make way for new homes

More than 120 hectares to be bulldozed for new homes to accommodate the growing Singaporean population that crossed 6 mn this year

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

Catch all the latest news updates from around the world here

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