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New Delhi, Mar 17 () The country's rooftop solar energy capacity stands at 1,922 mega watt (MW) and so far over Rs 1,874 crore has been released as central financial assistance towards installation of capacities in the sector, Parliament was informed on Tuesday. Till March 13, 2020, rooftop solar power plants of an aggregate capacity of 1,922 MW have been installed in the country, of which 346 MW have been installed in the residential sector, Minister of New and Renewable Energy R K Singh said in the Rajya Sabha, citing ministry data. He further said "so far as on 12.03.2020, an amount of approximately Rs 1874.39 crore has been released to various implementing agencies, i.e; state nodal agencies, Solar Energy Corporation of India (SECI) Limited, power distributing companies (DISCOMs), PSUs (public sector undertakings), government departments etc. under the rooftop solar programme as central financial assistance (CFA)/incentives inclusive of CFA towards residential sector." To increase installation of residential solar rooftop systems, he said government is taking various measures, including incentives for the DISCOMs for achievement of additional capacity, assisting states in development of online portal and aggregation of demand related to rooftop solar projects. The government is also providing CFA of 20 per cent of benchmark cost or tender cost, whichever is lower, for group housing societies/resident welfare associations for supply of power for common facilities under the phase II of Grid Connected Rooftop (GCRT) solar programme, he said, adding there is a toll free number -- 18001803333 -- for creating awareness among public about the programme. ABI ABI ABMABM

Installed rooftop solar capacity in India at 1,922 MW: MNRE Minister

New Delhi, Dec 30 () Fitch Solutions on Monday said it expects the country's residential and non-residential buildings sector to expand by 6.6 per cent, in real terms, next year, driven by fiscal support and a continued focus on the provision of affordable housing in urban areas.
 "Short-term expansion of India's building sector will be driven by a mixture of fiscal support and government policies supporting the housing market, as well as heightened activity within the logistics, retail and industrial buildings sectors," it said in a statement.
 Long-term growth, on the other hand, will mainly be driven by country's massive population, which requires continued investments into residential building construction sector, the statement said.
 Instances of stalled housing projects have been on the rise over the course of 2019, due to a credit crunch sparked by a series of defaults by non-bank financial companies, resulting in a decreased access to funding for both developers and homebuyers.
 In response, the government "approved a Rs 10,000 crore package in November 2019 aimed to aid stalled housing projects, with an additional Rs 15,000 crore to be contributed by state-run financial institutions."
 With funds more readily available, it expects a portion of stalled housing projects to resume construction, and this will feed into its forecasts for India's buildings sector growth in the short term.
 Opportunities in the construction of affordable housing units will remain strong over the coming years, driven by Prime Minister Narendra Modi's Pradhan Mantri Awas Yojana (Urban) initiative.
 Introduced back in 2015, Pradhan Mantri Awas Yojana aims to provide affordable housing to all urban poor by 2022, targeting more than 4,000 towns handpicked by the government.
 To provide financial support to homebuyers, various complementary schemes, such as the credit-linked subsidy scheme, were introduced alongside Pradhan Mantri Awas Yojana.
 "Though PMAY(U) is expected to boost growth of the residential buildings sector, we believe the government is unlikely to achieve its goal within the stated time frame due to the continued growth of India's urban population, which creates a greater demand for affordable housing, as well as delays in land acquisition and construction," it said.
 It further said that the "PMAY(U)-related construction is expected to carry on beyond 2022, contributing to growth of the residential buildings sector in the short to medium term".
 On a separate note, there exists a considerable amount of unsold housing inventory, mostly medium to high-end luxury units in urban areas that will limit the growth potential of the high-end residential buildings sector, it noted. SID DRR

India's buildings sector to expand by 6.6 pc next yr driven by fiscal support, govt policies: Fitch

Despite a slowdown in the economic, <keyword id="1390483" type="PERSON" weightage="20" keywordseo="housing-sales">housing sales</keyword> witnessed a marginal rise 2019 across eight major cities to nearly 2.46 lakh units, according to property consultant <keyword id="6363605" type="UNKNOWN" weightage="20" keywordseo="knight-frank">Knight Frank</keyword>. Releasing its latest report, India <keyword id="6354553" type="COMPANY" weightage="20" keywordseo="real-estate">Real Estate</keyword>: H2 2019, Knight Frank said that "despite headwinds of <keyword id="36141" type="ORGANIZATION" weightage="20" keywordseo="economic-slowdown">economic slowdown</keyword>, Indian real estate sector has recorded an overall growth in 2019." The <keyword id="35281" type="PERSON" weightage="20" keywordseo="residential-property">residential property</keyword> market in top eight cities recorded a growth of 1 per cent year-on-year (YoY) in sales volume in 2019. Total sales volume was recorded at 2,45,861 units in 2019 over 2,42,328 in 2018 as affordability improved, and developers aligned themselves with the needs of homebuyers by reducing ticket-sizes and unit-sizes in a bid to encourage sales, the consultant said. 
 "Housing market grew last year beating all odds," Knight Frank India Executive Director ( Valuation and Advisory, Retail and Hospitality) Ghulam Zia told reporters. 
 Housing sales increased in Delhi-NCR, Bengaluru, Chennai, Hyderabad and Ahmedabad, but dropped in Mumbai, Pune and Kolkata. 
 According to the report, Bengaluru saw maximum rise in housing sales of 10 per cent at 48,076 units.
 Housing sales in Chennai increased by 6 per cent to 16,959 units, while the national capital region saw 5 per cent rise at 42,828 units. 
 "Steady sales volumes is a positive sign for the reeling NCR residential market," said Muddasir Zaidi, Executive Director (North) Knight Frank India. 
 Average housing prices rose by 4-5 per cent last year, but it is still lower than 2015 level, Zaidi added.
 Hyderabad witnessed 4 per cent rise in sales to 16,267 units and Ahmedabad reported 3 per cent increase at 16,713 units. 
 However, Kolkata saw a decline of 12 per cent in housing sales at 11,266 units.
 Housing sales in Mumbai and Pune fell by 5 per cent and 2 per cent, respectively. Sales of apartments stood at 60,943 units in the financial capital and 32,809 units in Pune.
 New residential unit launches rose by 23 per cent YoY in 2019 to be recorded at 2,23,325 units.
 In the office segment, leasing of space rose by 27 per cent to touch record 60.6 million square feet (msf), backed by a surge in leasing activity by the information technology sector. New supply of office space surged by 56 per cent in 2019 and was recorded at 61.3 msf. 
 Shishir Baijal, Chairman and Managing Director, Knight Frank India said, "2019 can be seen as a relatively positive year for the real estate sector. The historic rise in the office transactions is a significant growth indicator for the office market as it represents the continued commitment of domestic and global corporations in the country's growth potential despite the ongoing economic slowdown."
 The residential sector also overcame the negative market outlook by registering a growth in sales volumes as well as new launches, he added.
 "Economic headwinds such as slower GDP growth, reduced industrial output, poor consumer sentiments, amongst others, presented significant challenges to the residential market throughout the year. 
 "However, the slew of recent fiscal and monetary incentives by the government and Reserve Bank of India, seem to have had an arrestive impact on the real estate sector," Baijal said. MJH ANS
ANS

Housing sales saw marginal rise last year in India despite economic slowdown: Knight Frank

<ul class="summary-list"><li>The homebuilding sector added 3,600 new jobs in January.</li><li>The rate is up 5.3% compared with pre-COVID levels.</li></ul>The homebuilding sector is adding more jobs — and that's a good thing because America is way behind on building homes. It could make buying more affordable. In January, the homebuilding sector added 3,600 new jobs, driving the rate up by 5.3% compared with pre-COVID levels. At the same time, construction wage growth jumped 5.8% year over year representing the highest level in 40 years, according to the US Bureau of Labor Statistics."January's gain is positive news for home builders and housing supply," Odeta Kushi, title insurance company First American's deputy chief economist, told Insider. "We need more homes built to relieve the supply-demand imbalance and in such a labor-intensive industry, more hammers means more homes." There's been a housing shortage in the US <a href="https://www.americanactionforum.org/insight/understanding-the-national-increase-in-house-prices/">for years</a>, and the COVID-19 pandemic hasn't done the homebuilding sector any favors. Throughout the pandemic, many construction projects have stalled due to a labor shortage and a lack of materials. This has made homebuilding more expensive and difficult, resulting in steep declines in residential construction. As more home builders fill job vacancies, more homes are likely to be built and that could possibly elevate some affordability concerns for homebuyers. "More housing supply would help bring balance to a housing market suffering from an acute supply shortage," Odeta said. "The result of a more balanced housing market would be moderation in house price growth."<h2>More construction jobs could lead to more affordable housing </h2>The amount of homes available for sale remains near <a href="https://magazine.realtor/daily-news/2021/09/17/report-america-is-short-524m-homes">historic lows</a>, but homebuilders, possibly driven by increases in employment, are attempting to change the narrative.In December, the latest month available for housing <a href="https://www.census.gov/construction/nrc/pdf/newresconst.pdf">construction data</a>, privately built housing starts came in at a seasonally adjusted annual rate of 1.702 million, marking a 1.4% increase from November. The rate was also 2.5% above December 2020's rate of 1.661 million, according to the U.S. Census Bureau. The Bureau also notes that during the month, single family housing starts, referring to residential construction, fell 2.3% from November's figures to 1.172 million. Despite the decline, the rate is still an improvement from 2020 when levels dropped 10.9% year over year. "The strong starts in December, a historically slower month amid the holiday season, reflects market optimism in the residential sector, and bodes well for a strong start to 2022," Kelly Mangold of RCLCO <keyword id="11893295" type="UNKNOWN" weightage="60" keywordseo="real-estate" source="Orion">Real Estate</keyword> Consulting, told CNBC. Although recent increases in production and employment are notable, the residential sector will need to step its game up even more. In early January, the median home sale price <a href="https://www.businessinsider.com/how-expensive-houses-us-median-home-price-mortgage-interest-2022-2">spiked</a> 16% year over year to an <a href="https://www.redfin.com/news/housing-market-update-new-high-home-price-january/#:~:text=The%20median%20home%2Dsale%20price,year%20over%20year%20to%20%24344%2C190">all-time high</a> of $365,000, and 5.24 million homes are still needed to meet homebuying demand. The National Association of Homebuilders <a href="https://www.nahb.org/news-and-economics/industry-news/press-releases/2021/08/housing-affordability-plunges-on-soaring-material--costs-rising-home-prices">reports</a> that housing construction will need to improve to support the housing market and slow future price growth. "The key to improving housing affordability is increasing inventory," Robert Dietz, The National Association of Homebuilders Chief Economist and Senior Vice President for Economics and Housing Policy, told Insider." Dietz notes that home prices have surged over the last two years and lack of inventory could make home buying frustrating for many potential buyers.

There are 2 bright spots in the housing market: Construction companies are hiring more workers and paying them better

Mumbai, Dec 29 () Realty player Ashwin Sheth Group is planning to invest around Rs 2,000 crore over the next five years to create a portfolio worth Rs 10,000 crore.
The city-based company, which has a significant portfolio in the residential segment, is also looking to set up more retail and commercial projects to cash in on the growing demand for such space.
"There is indeed a slowdown in the realty sector, but I believe this is the best time for serious developers like us to expand our portfolio. We plan to invest around Rs 2,000 crore in the next five years and create a strong portfolio of residential as well as commercial and retail spaces, mainly focused in the Mumbai metropolitan region," its director Chintan Sheth told .
At present, the developer has a portfolio of around Rs 4,000 crore, which includes 150 lakh sq ft of completed and 50 lakh sq ft of under-construction residential projects. Besides, it also has eight lakh sq ft of commercial space -- including three lakh sq ft of ongoing projects and another 16 lakh sq ft of retail space.
"With this kind of investment, we will be able to increase our portfolio to Rs 10,000 crore worth of assets in the next 5 years," Sheth said, adding that the investments would be largely funded through internal accruals and debt.
He further said the company will now focus on increasing its commercial and retail portfolio, given the slowdown in the residential sector.
"At present, almost 90-95 per cent of our portfolio is residential. But now we want to shift our focus to commercial and retail space especially because of the growing demand in these segments with tech driving the growth," he added.
According to property consultant CBRE, leasing activity for the office segment increased by more than 30 per cent annually to cross 470 lakh sq ft during the first three quarters of 2019 as compared to the previous year.
Sheth said that going forward, 70 per cent of the portfolio would be residential, while the rest would be a mix of retail and commercial.
"However, the model that we are looking at is more of a commercial/ retail development in and around the residential developments. We already have a mall with GIC as our partner and we are looking at acquiring stressed retail assets as well as developing greenfield malls," he said.
Similarly, the company will also develop small size office spaces ranging from 25,000 sq ft to a lakh sq ft depending on the demand in a particular market.
"We will cautiously choose locations and the sizes we would offer. I don't want to develop a structure which doesn't yield returns. Also in case of stressed asset acquisition, we will finalise projects which are value accretive and only after complete due diligence," Sheth added. PSK BAL
BAL

Ashwin Sheth Grp plans to invest Rs 2,000 crore in next five years

<keyword id="6358070" type="LOCATION" weightage="20" keywordseo="mumbai">Mumbai</keyword>, <keyword id="109410" type="PERSON" weightage="20" keywordseo="real-estate-stocks">Real estate stocks</keyword> traded on a positive note on Thursday after the <keyword id="6356172" type="UNKNOWN" weightage="20" keywordseo="Maharashtra-government">Maharashtra government</keyword> slashed the premium on construction of realty projects by 50% till December 31, 2021. The reduction under the <keyword id="4435953" type="COMPANY" weightage="20" keywordseo="Development-Control-and-Promotion-Regulation">Development Control and Promotion Regulation</keyword> 2034 would be applicable on all ongoing and new projects. Around 12.25 pm, shares of <keyword id="51993" type="DOMAIN" weightage="20" keywordseo="Indiabulls-Real-Estate">Indiabulls Real Estate</keyword> were trading on the <keyword id="35140" type="COMPANY" weightage="20" keywordseo="BSE">BSE</keyword> at ₹84, higher by ₹5.55 or 7.07% from its previous close. Godrej Properties' shares were trading at ₹1,477.95, higher by ₹17.20 or 1.18% from its previous close. Shares of <keyword id="210357" type="DOMAIN" weightage="20" keywordseo="Oberoi-Realty">Oberoi Realty</keyword> were trading 2.15% higher at ₹599.70. Sunteck Realty shares on the BSE were at ₹360.05, higher by ₹12.25 or 3.52% from its previous close. The <keyword id="10556994" type="UNKNOWN" weightage="20" keywordseo="latest-move">latest move</keyword> by the Maharashtra government is likely to give a major boost to the pandemic-hit realty sector in state. Siva Krishnan, Managing Director and India Head, Residential Services, JLL India, said: "This move will help reduce the landed cost for developers, thereby rationalising the cost and reducing the burden on customers. It is expected to further trigger the recovery of the residential real estate market which has seen a good uptick in the last two quarters due to factors like lower interest rates, and pro-active measures from the government like stamp duty reduction." He noted that the latest moves, coupled with the ongoing measures, will go a long way in enticing both end-users and investors back to the residential market. "The country's residential sector is already seeing an acceleration in sales, leading to a fast-paced recovery from the impact of the pandemic," Krishnan said. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-tcs-ril-maruti-airtel-godrej-properties-oberoi-realty-sobha-and-others/articleshow/80145182.cms">Top stocks to watch — TCS, RIL, Maruti, Airtel, Godrej Properties, Oberoi Realty, Sobha, and others</a> <a href="https://www.businessinsider.in/business/auto/news/ducati-is-launching-12-new-bikes-in-india-in-2021-check-the-launch-dates-here/articleshow/80146997.cms">From Scrambler and Multistrada to Monster and SuperSport — Ducati is launching 12 new bikes in India, check the launch dates here</a> <a href="https://www.businessinsider.in/india/news/petrol-has-reached-an-all-time-high-in-delhi-after-a-hike-of-23-paise/articleshow/80146505.cms">Petrol price is now past ₹84 in Delhi, over 62% of it is taxes</a>

Oberoi Realty, Sunteck Realty, Godrej Properties' stocks soar as Maharashtra halves levies for realty sector

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://www.guocoland.com.sg/resi_sg.shtml">GuocoLand</a>The tallest building in Singapore is a mixed-use development.</div></div></div><ul class="summary-list"><li>The Guoco Tower is the <a href="https://guocotower.com/about">tallest building in Singapore</a>.</li><li>It is home to the country's <a href="https://www.businessinsider.com/singapore-real-estate-record-james-dyson-penthouse-2019-7">most expensive penthouse, which the billionaire founder of Dyson purchased for $54.2 million in July</a>.</li><li>The <a href="https://guocotower.com/about">tower</a> boasts an urban park, office space, retail and dining space, and a five-star hotel.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>In the heart of Singapore's Central Business District sits the country's tallest building, the <a href="https://guocotower.com/">Guoco Tower</a>. The <a href="https://guocotower.com/">mixed-use development</a> is <a href="http://www.skyscrapercenter.com/building/tanjong-pagar-centre/15186">931 feet</a> tall and boasts 890,000 square feet of office space, 100,000 square feet of retail and dining space, a luxury residential sector with 181 residences, a 150,000-square-foot park, and a five-star hotel. Read more: <a href="https://www.businessinsider.com/singapore-real-estate-record-james-dyson-penthouse-2019-7">The 72-year-old billionaire inventor of the Dyson vacuum cleaner just set a real-estate record in Singapore - and his new penthouse sits on the top floors of the city's tallest building</a>The luxury residential sector, known as the Wallich Residence, occupies the <a href="https://www.listsothebysrealty.sg/eng/insights/336/5-things-to-know-about-singapores-tallest-building-tanjong-pagar-centre?full=1">39th to the 64th floor</a>. It is home to <a href="https://www.businessinsider.com/singapore-real-estate-record-james-dyson-penthouse-2019-7">the most expensive penthouse in Singapore</a>, which was recently purchased by British billionaire James Dyson for <a href="https://www.bloomberg.com/news/articles/2019-07-10/dyson-founder-pays-54-million-in-singapore-penthouse-record?srnd=pursuits-vp">$54.2 million</a>.The tower was designed by American architecture company <a href="https://guocotower.com/about">Skidmore, Owings &amp; Merrill LLP</a> and <a href="https://urbanland.uli.org/asia-pacific-summit/ulx-tall-and-taller-in-the-asia-pacific-region/">opened in 2018</a>.Keep reading for a look inside.

Step inside the tallest building in Singapore, where the country's most expensive penthouse just sold for $54.2 million and a 39th-floor infinity pool looks out over the city

In order to give a push to greener homes, the government is considering launching a scheme that would offer cheaper loans and lower registration fee for people who opt for greener residential units. As per government sources, the proposal is a part of ongoing discussions that the government is holding about framing '<keyword id="6360192" type="ORGANIZATION" weightage="100" keywordseo="Energy-conservation">Energy Conservation</keyword> Building Code for Residential Sector (ECBC-R),' following the code for government and commercial buildings that was framed in 2007. Power, coal and renewable energy minister <keyword id="6355222" type="PERSON" weightage="100" keywordseo="Piyush-Goyal">Piyush Goyal</keyword> will release the refreshed version of Energy Conservation Building Code-2017 (ECBC-2017) today, highlighting a huge leap that the Indian realty would take in the step of a greener tomorrow. Bureau of Energy Efficiency (BEE), an outfit under the power ministry, is tasked with the responsibility of working on a scheme that would incentivise new, more energy-efficient homes, thus lowering the requirement of utilities for lighting and cooling energy. Other than this, another proposal to offer incentives to existing residential properties turning more energy efficient is also being considered. ECBC-R will also give a push to the government's '<keyword id="6354869" type="UNKNOWN" weightage="100" keywordseo="make-in-India">Make in India</keyword>' campaign, given that it would raise the demand for energy efficient household equipment and other services. (Image source EnSite)

Go for green homes to get cheaper loans and lower registration fee

<ul class="summary-list"><li>Residential and commercial real estate have more pain coming as financial conditions tighten, Wells Fargo said.</li><li>Housing has been slammed by high mortgage rates, which have weighed on both demand and supply.</li></ul>There's more pain ahead for both the residential and commercial real estate market, thanks to a cocktail of bearish forces that are bearing down on both sectors, according to Wells Fargo."Our rating on the Real Estate sector remains unfavorable. Numerous headwinds have combined to make residential and commercial real estate investment unattractive based on our current analysis," senior global market strategist Scott Wren said in a note on Wednesday. "We expect that further deterioration of the underlying fundamentals is likely."A little over halfway through the year, financial conditions have tightened after a slew of bank crises, interest rates are at their highest level since 2007, and the Fed is saying it still might not be done tightening monetary policy to fight inflation.The rate on the 30-year mortgage is close to 20-year highs, which has weighed heavily on both supply and demand for homes. Higher rates, meanwhile, have also increased the cost of commercial mortgages and made it more expensive to refinance the mountain of debt coming due in the sector. But that's not all, Wren said. <a href="https://markets.businessinsider.com/news/stocks/credit-crunch-us-bank-crisis-stock-corporate-earnings-recession-svb-2023-4">Banks are pulling back on lending</a> after the failure of Silicon Valley Bank and others in the spring, which has made credit availability worse for commercial borrowers. The percentage of commercial <a href="https://www.consumerfinance.gov/data-research/mortgage-performance-trends/mortgages-30-89-days-delinquent/#mp-map-container" target="_blank" rel="noopener">mortgages that have been delinquent</a> for 30-89 days surged to 1.6% in December, more than double the rate of 0.6% in April 2021. Meanwhile, the delinquency rate for <a href="https://markets.businessinsider.com/news/commodities/commercial-real-estate-mortgage-delinquency-us-housing-market-default-risk-2023-6">office-backed commercial mortgage-backed securities</a> has surged to a five-year high, Wren said. In residential real estate, higher rates have led to <a href="https://markets.businessinsider.com/news/stocks/us-housing-market-inventory-shortage-high-mortgage-rates-slowdown-prices-2023-6">reduced inventory</a>, as many homeowners are cling onto the lower interest rates at which they financed their homes years ago. The lower supply of homes has pushed up prices even as demand sags because of expensive borrowing costs. The median price for an existing home in the US surged to $413,800 last month, according to National Association of Realtors data. That's a 51% increase from the median price in December 2019, posing a major headwind for the residential housing market."We believe tighter credit and job worries should impact demand. For these many reasons, we are cautious on residential markets," Wren said.Meanwhile, in commercial real estate, <a href="https://markets.businessinsider.com/news/stocks/real-estate-crash-demolish-office-buildings-demand-apartment-conversion-housing-2023-4">office demand</a> is still way down as work-from-home trends remain popular. <a href="https://markets.businessinsider.com/news/stocks/office-vacancy-hybrid-work-commercial-real-estate-rent-growth-lending-2023-7?_gl=1*1v1ntbc*_ga*MjMxMzA1Mzg2LjE2NTY0NDQxNTU.*_ga_E21CV80ZCZ*MTY4OTg1MzU5MC40NTEuMS4xNjg5ODU5NTExLjYwLjAuMA..">Office vacancy just hit an all-time high</a> of 13.1, NAR data shows. The All Equity Real Estate Investment Trust Index has also fallen 13% from levels at the start of the year, a sign that property values are taking a hit."We expect commercial real estate to underperform on a relative basis in the near-to-intermediate term," Wren said of the sector.Experts have warned of trouble in real estate as macro pressures mount. Housing affordability won't likely improve until mortgage rates decline more meaningfully, though that's not expected to happen soon. Meanwhile, commercial real estate prices are in danger of falling dramatically, with Morgan Stanley strategists predicting a 40% peak-to-trough decline.

There's more pain coming for residential and commercial real estate as tight credit and job worries threaten property markets

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Reuters / Kevin CoombsCranes are seen on a construction site in London's financial district of Canary Wharf, Britain December 1, 2016.</div></div></div>LONDON - The <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword>'s largest regional cities are seeing near-record levels of construction activity as developers invest heavily in commercial and residential real estate, according to an annual review by Deloitte.The consultancy firm's "Real Estate Crane Survey" monitors construction activity in Birmingham, Manchester, Leeds, and Belfast. According to the report's authors, there has been a sharp uptick in urban development across a range of sectors including offices, hotels, flats, shops, and student housing.Britain's construction sector was hit particularly hard by the 2008 financial crisis, resulting in years of contracting or flatlining growth and <a href="http://www.ilo.org/global/publications/world-of-work-magazine/articles/WCMS_115508/lang--en/index.htm">the loss of over 100,000 UK jobs</a>.Many economists <a href="https://www.theguardian.com/business/2016/dec/06/uk-office-construction-forecast-to-plunge-after-brexit-vote">predicted that the UK's construction sector would plummet</a> after the Brexit vote, but investor confidence appears to have defied forecasts to remain buoyant.Birmingham, England's second-most populous city, saw a surge of activity which included a 10-fold increase in residential schemes starting construction last year, totalling over 2,000 units in the city centre. There is also 1.4 million sq. ft. of office space under construction, a 50% increase on the previous year - representing the highest level of activity in the city since the report was first published in 2002.Manchester's, England's "northern powerhouse," saw 22 residential projects breaking ground last year - eight more than the previous high of 14 in 2007. Leeds, in Yorkshire, saw the highest level of office space delivered to market for 10 years, and Belfast saw a healthy 19 schemes under construction, with 11 schemes completing in 2016.Edward Bray, a Deloitte partner in Birmingham, said the uptick was partly the result of investment in infrastructure and transport."Improvements in transport links and major infrastructure works have opened up new development opportunities in areas that would have been considered peripheral just a few years ago," he said.Simon Bedford, local government development partner at Deloitte Real Estate, said: "The results of our four crane surveys reflect the growth and resurgence in the regions, breaking records set more than a decade ago.""Sentiment towards city centre development is buoyant with residential rising to new levels, quite literally in Manchester, with the addition of towers that will alter the city skyline.""All sectors are active and we conclude that our regional cities are delivering growth and investment at levels not witnessed for many years," he added. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/this-drone-footage-shows-scotlands-rugged-beauty-2015-11">Drone footage will make you want to book a trip to the Scottish Highlands</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="QxaGY2eTrxgIoli66mS-9i_JOieamA1v" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

A building boom is nearing record levels across some of Britain's biggest cities

Realty firm <keyword id="3077082" type="General" weightage="50" keywordseo="hiranandani-communities" source="Orion">Hiranandani Communities</keyword> will invest Rs 1,000 crore to develop a new housing project in Mumbai to tap rising demand. The company has launched a new housing project - 'Golden Willow' - in its mixed-use integrated township '<keyword id="8644858" type="General" weightage="50" keywordseo="hiranandani-fortune-city" source="Orion">Hiranandani Fortune City</keyword>' at Panvel. The company plans to develop 1 million square feet of residential space in this project, comprising around 700 units. The apartment size ranges between 490 sq ft to 1,150 sq ft of carpet area. The company will invest Rs 1,000 crore to tap the growing mid and luxury home demand in the Panvel realty market, <keyword id="221666" type="General" weightage="100" keywordseo="hiranandani" source="Orion">Hiranandani</keyword> Communities said in a statement on Thursday. The project will be funded by construction finance and internal accruals. The ticket size ranges from Rs 70 lakh to over Rs 2 crore. Niranjan Hiranandani- CMD- Hiranandani Communities, said, "the launch of this new residential sector is in alignment with the market buoyancy as the company seeks to capture strong demand for branded luxury homes post-COVID." In Hiranandani Fortune City, the company has already delivered 2200+ homes across 2.5 million square feet of residential space and 2 million square feet of commercial space, housing Asia's largest <keyword id="4065412" type="General" weightage="50" keywordseo="yotta" source="Orion">Yotta</keyword> NM1 data centre. He further said that "The Panvel realty market is currently booming as a new economic node with the commissioning of mega infrastructure projects. This has already led to the increase in property prices index northwards." The region is also witnessing the foray of many organised and branded developers to capitalise on the new growth opportunities, Hiranandani said. The Group has developed many mixed-used integrated townships across geographies like Powai, Thane, Panvel and Oragadam (Chennai). The group has strategically forayed into emerging real estate asset classes like industrial and logistics parks, a data centre that marks its pan-India presence. Currently, the group is also actively evaluating redevelopment projects in Mumbai and MMR (Mumbai Metropolitan Region) markets. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/tcs-flags-pain-in-us-markets-says-banking-sector-crisis-has-led-to-cuts-in-discretionary-spending/articleshow/99458916.cms">TCS flags pain in US markets, says banking sector crisis has led to cuts in discretionary spending</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/india-incs-revenue-growth-in-q4fy23-to-halve-to-10-12-crisil/articleshow/99459285.cms">India Inc's revenue growth in Q4FY23 to halve to 10-12% : Crisil</a>

You Searched For "residential sector" and got 11 results

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Step inside the tallest building in Singapore, where the country's most expensive penthouse just sold for $54.2 million and a 39th-floor infinity pool looks out over the city

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A building boom is nearing record levels across some of Britain's biggest cities

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Hiranandani Group to invest ₹1,000 crores to develop a new housing project in Mumbai

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