Track2Realty: Mumbai’s residential segment witnessed mixed sentiments during the first six months of the year. While the city’s leasing market displayed signs of weakness during the review period, the sales market managed to hold its ground with limited capital appreciation in a few locations. These are the findings of CBRE’s latest research report on the residential sector, ‘India Residential Market View H1 2013’.
Central Business Districts (CBDs) are supposed to be the lifeline of the city and a mirror of the economic activity and real estate market trend.
This strategic growth is expected to be driven by a focus on innovation as these companies seek to enhance their technological capabilities and market presence. Moreover, emerging technologies are projected to generate approximately 4.7 million tech jobs over the next five years across diverse sectors, including manufacturing, retail, education, finance, and insurance. This surge in job creation underscores the growing importance of technology across industries and highlights the need for a skilled workforce to meet the evolving demands of the digital economy.
World Villas brings Scottish-themed architecture to Navi Mumbai, surrounded by natural forest trails and a scenic riverfront. The development boasts exclusive amenities, including the prestigious Club 10 Gymkhana which is inspired by renowned institutions like Bombay Gymkhana and MCA. This exclusive 50-foot tall gymkhana spans 2,00,000 square feet, spread over an expanse of 10 acres. It also features the grand ‘Hall of Fame’ arrival lobby which is 4000 square feet. This exclusive membership club features state-of-the-art facilities, including an IPL-size cricket ground, complemented by a private forest area with walking trails and tree houses. Inspired by the iconic Lord’s and the Oval, the IPL-size cricket ground at World Villas is also home to the expansive Veranda restaurant, a training academy, and a sports shop.
INR 3,500+ crore highest-ever recorded sales value in secondary/resale market in Mumbai with growth rate of 37% in H1 CY’24 compared to H1 CY’23. The top luxury micro-markets in Mumbai—Goregaon East, Worli, Mahalakshmi, Prabhadevi, Mumbai Central, Malabar Hill, Bandra West, Lower Parel, Tardeo, Byculla—have contributed to 80% of primary luxury sales by value in H1 CY’24. More than half of homebuyers in the more than INR 10 Crore luxury market belong to the 35-55 age category.
A large share of global buyers (NRIs & HNIs) don’t wish to invest in the Indian property market. 78% of them have their own reasons to look towards overseas property market. The recent banking woes have further dented their confidence to invest in India. They also feel that the property prices in India are way too higher, compared to the overall value proposition on offer.
According to the World Bank, India ranks at 63rd among 190 countries, and the ranking is anticipated to improve further in the coming years backed by progressive government policies. Meanwhile, the real estate sector has shown remarkable resilience despite the bearish phase of the economy. Below is a lowdown of how the real estate story unfolded in 2019:
Even as India’s middle-class grapples with the prospect of an uncertain future in their careers and financial ability – the main drivers of housing demand – the rise of India’s super-rich continues unabated. According to Credit Suisse report, there were an estimated 3.42 lakh dollar-millionaires in India as on mid-2018 who collectively held around USD 6 trillion. It is forecast that 5.26 lakh Indian dollar millionaires’ wealth will be around USD 8.8 trillion by 2023. Market fluctuations make very little difference to the personal networth of these individuals.
While consolidation has been an ongoing phenomenon for some time, recent mergers, acquisitions and joint developments are underscoring this trend like never before. The Indian residential sector saw a series of disruptions in the last two to three years, with revolutionary reforms like DeMo, RERA and GST remarkably altering the way real estate business is conducted. A natural by-product of this upheaval was consolidation, with fly-by-night developers completely vanishing and small players merging with big ones.
Construction consultancy firm, Linesight has opened offices in Mumbai. Linesight intends to focus on Mumbai, Pune, Bangalore and the Hyderabad metro cities of India as part of its expansion plans in the region.