Continuing its upward trajectory, India’s top eight primary residential markets witnessed a strong demand during January-March (Q1 2024) this year with sales rising by 68 per cent in value terms to nearly Rs 1.11 lakh crore, according to a report by PropTiger.com.
Institutional investments in Indian real estate sector touched USD 1.0 billion in the first quarter of 2024, signalling a steady and positive start to the year. While this was a 40% drop compared to the same period last year, India’s real estate investments showed improvement on a sequential basis registering 21% QoQ rise. Foreign investments retained their dominance, forming 55% of the total inflows during the quarter. Domestic investments too witnessed a notable rise at 15% YoY in Q1 2024. The share of domestic inflows in overall institutional investments continued to rise to 45% in Q1 2024, compared to 24% in Q1 2023.
Global Capability Centres (GCCs) accounted for a share of one-third in the overall India office leasing in Jan- Mar ’24. Within the GCCs space take-up, E&M companies contributed to over one-fourth share, followed by automobile firms. Bangalore led the chart for GCC leasing, boasting a 60% share, followed by Hyderabad with 26% and Delhi-NCR with 9%. Notably, 38% of the large-sized deals (exceeding 100,000 sq. ft.) were secured by GCCs during this period, underscoring their significant impact on the office leasing landscape.
Bombarded by the celebrity cricket icon as its brand ambassador, a gullible home buyer, Akshat Jain in Greater Noida, bought an apartment with the builder. However, his dreams of a sweet home had a crash landing when the developer defaulted and reports of conflict emerged between the developer and the cricketer over the non-payment of endorsement fee. Track2Realty probes whether celebrity brand ambassadors could be made liable if the builder fails with the promise.
Bengaluru and Hyderabad emerged as frontrunners for demand of Grade A office space in Q1 2024, cumulatively accounting for more than half of the India leasing activity. The office market of Hyderabad especially demonstrated a strong momentum with 2.2x space uptake in Q1 2024 as compared to the corresponding quarter last year. This demand was driven by Healthcare & Pharma and Technology sectors. Amongst other major office markets, Mumbai too experienced a notable surge in leasing activity, an impressive 90% YoY rise in Q1 2024.
The overall leasing by luxury brands across the formats stood at 0.6 mn. sq. ft. in 2023, at almost 170% Y-o-Y growth. While High Streets constituted a 45% share in the overall luxury retail leasing in 2023, luxury brands’ stores in Malls followed at 40% and standalone stores accounted for the remaining 15%. This surge in leasing has been accompanied by the entry and expansion of various international luxury fashion, watch and jewellery brands across different locations. The eight cities tracked for leasing include Delhi-NCR, Mumbai, Bangalore, Kolkata, Pune, Ahmedabad, Chennai, and Hyderabad.
Greater Noida West, or Noida Extension in popular parlance, is a case study in how a high potential property market suffers from years of systematic plight. Reason is more political apathy than administrative callousness, and the home buyers in this part of the world are waiting for basic services like Underpass, Metro Rail, Foot Over Bridge among others for around a decade now. A micro market with around a million (10 lakh) vote bank, taken together voters of high-rise apartments & adjoining villages, is part of Gautam Buddha Nagar Lok Sabha constituency. Ravi Sinha finds that the citizens in this part of the world have no one but themselves to blame for having allowed elected representatives to treat them as taken for granted voters.
Has housing price surged across India in the last two years? A report says it has surged 20% from 2021 to 2023, led by significant growth in demand. As per the Housing Price Tracker Report by CREDAI – Colliers – Liases Foras major cities like Bengaluru, Delhi NCR and Kolkata witnessed about 30% rise in housing prices in two years. Unsold inventory in Delhi NCR dropped the highest during 2021-2023 period, at 19%, followed by Chennai and Pune. Housing prices across top eight cities in India increased 9% YoY in 2023. Track2Realty reports.
Ram Kirpal is a construction worker in Noida. However, this daily wage earner is not a regular employee or even contractual worker with any real estate company or contractor. He goes back to his native place, Purnea in Bihar, on each harvest season and agriculture continues to be his main occupation. He works on construction sites in Noida only when there is no agricultural work back home. He is part of the bigger problem that the Indian real estate faces – labour shortage! A Track2Realty report.
Intygrat Law Offices, a boutique law firm that has multiple real estate as well as home buyers’ client portfolio has been honoured with the National Legal Excellence Award at the ASSOCHAM’s Bharat Legal Conclave 2023. The award ceremony was in New Delhi on Friday, October 20, 2023.