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<ul><li><keyword id="15763923" type="General" weightage="20" keywordseo="Affordable-housing-supply" source="Orion">Affordable housing supply</keyword> reduced to 21% in 2022 as compared to 40% in 2019 in the <keyword id="35288" type="General" weightage="20" keywordseo="real-estate-market" source="Orion">real estate market</keyword> in India. </li><li>The <keyword id="4695749" type="General" weightage="80" keywordseo="anarock" source="Orion">Anarock</keyword> data projects that the total sales in the top 7 cities will exceed 3.6 lakh units in 2022, which is more than the 2014 peak sales of 3.43 lakh units. </li><li>Housing sales and new launches in the Jan-Sept period this year also surpassed the 2019 record with 2.73 lakh units sold and new launches at 2.65 lakh units.</li></ul>The year 2022 saw a robust growth in the housing and residential segment that helped accelerate the recovery in the overall real estate market from the pandemic-induced slump. And it was the mid-range, premium and luxury segments that led this growth while it was a lean period for affordable homes sales. As per Anarock data, in the first nine months of 2022, affordable housing supply reduced to 21% of the 2.65 lakh units launched in the top 7 cities during this period. In contrast, in the pre-Covid year of 2019, this segment had the highest supply share with 40% of the 2.36 lakh units launched in the top 7 cities that year. “Affordable housing had a lean time, with more buyers in this segment going into wait-and-watch mode; unsurprisingly, new supply in this category reduced markedly,” said Anuj Puri, chairman of <keyword id="6596330" type="General" weightage="50" keywordseo="anarock-group" source="Orion">Anarock Group</keyword>. The data further projects that the total sales in the top 7 cities will exceed 3.6 lakh units in 2022, which is more than the 3.43 lakh units sold in the previous peak year of 2014. Housing sales and new launches in the Jan-Sept period this year also surpassed the 2019 record with 2.73 lakh units sold and new launches at 2.65 lakh units, according to the Anarock data. In 2019, about 2.61 lakh units were sold, with new supply at 2.34 lakh units. Low home loan rates for most of the year and the pandemic-driven need for homeownership among people drove the growth of the real estate market. The year 2022 also saw a 5-7% rise in property rates after almost 2-3 years – however, neither this nor the increased home loan rates post the RBI rate hikes beginning May hindered the sales of residential properties. <cmsannotation type="cmsannotation" annotationid="Tier 2 and 3 market also recorded strong growth" comment="subhead" text="Tier 2 and 3 market also recorded strong growth">Tier 2 and 3 market also recorded strong growth</cmsannotation> Anarock’s consumer sentiment survey released in September found that Tier 2 &amp; 3 cities are the first preference for 25% of property seekers looking to invest in 2023. Lucknow and Ahmedabad, among all Tier 2 and 3 cities, recorded fairly decent sales and new launches in the residential segment this year.. “Many Tier 2 &amp; 3 cities are the new growth engines, where a lot of the country's real estate action will take place in the coming years. Their top favorites include Ahmedabad, Jaipur, Chandigarh, Nashik, Kochi, and Lucknow, where low property prices and improved infrastructure facilities are powerful investment magnets,” Puri further said. As per Anarock, thanks to robust sales and restricted new supply in 2022, unsold inventory in NCR reduced to 1.33 lakh units by Q3 2022-end – the lowest since 2013, when it was 1.51 lakh units. Moreover, new launches in 2022 were dominated by top developers like DLF, Godrej, M3M, Puri Constructions and Mahagun, which also helped boost consumer confidence and increase sales. <cmsannotation type="cmsannotation" annotationid="Rental property demands surged again" comment="subhead" text="Rental property demands surged again">Rental property demands surged again</cmsannotation> With more companies opening up their offices, the demand for rental properties saw a surge again. According to Puri, the rental market demand not only breached but surpassed pre-pandemic levels, rising 20-25% against pre-pandemic levels on average, with some popular societies even registering an over 30% jump in demand. Grade A developers – who are well-known developers with reputed clients like MNCs and high-networth individuals – had more market share in 2022. About 60% of the 2.65 lakh units launched in the first three quarters of the year was by branded developers - who also sold more than 55% of the 2.73 lakh units purchased in this period. Plotted developments also gained momentum in 2022, especially in south Indian cities of Bengaluru, Chennai, and Hyderabad. “Plot buyers have taken a futuristic investment perspective and are betting on the superior and safer long-term ROI (return on investment) of land over built-up properties. Many large developers catered to this demand in 2022,” said Puri. Suburbs also were also popular among homebuyers. Anarock’s consumer sentiment survey found that over 42% of the consumers continued to prefer peripheral/suburban areas where they can buy bigger homes with better lifestyle amenities at lower prices. Only 10% of respondents still chose walk-to-work city center locations, and only 23% were within the city limits, as per the Anarock consumer sentiment survey. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/med-tech-startup-that-can-detect-early-stage-dementia-raises-2-13-million/articleshow/96169184.cms">Med tech startup that can detect early stage dementia raises $2.13 million</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/bharatpe-ceo-enjoying-life-with-money-i-raised-but-fails-to-grow-company-says-ashneer-grover/articleshow/96165371.cms">BharatPe CEO enjoying life with money I raised but fails to grow company, says Ashneer Grover</a>

Mid-range, premium housing demand drive India’s residential market - Sales in 2022 to exceed 2014 peak

<ul><li><keyword id="6361772" type="General" weightage="50" keywordseo="mumbai-metropolitan-region" source="Orion">Mumbai metropolitan region</keyword> recorded the highest sales of 26,400 units, followed by <keyword id="53426" type="General" weightage="80" keywordseo="ncr" source="Orion">NCR</keyword> at t14,970 units. </li><li>Mumbai, <keyword id="6354552" type="General" weightage="80" keywordseo="hyderabad" source="Orion">Hyderabad</keyword>, <keyword id="2094" type="General" weightage="80" keywordseo="pune" source="Orion">Pune</keyword> and Bengaluru accounted for highest new property additions. </li><li>Based on price range, the survey estimated that 36% of total new supply was in the mid-segment (₹40-80 lakh). </li></ul>Real estate sales across India’s top seven markets have recorded a quarterly growth of 4% during September quarter, boosted by an improvement in homeownership sentiment post pandemic, according to real estate services firm <keyword id="4695749" type="General" weightage="80" keywordseo="anarock" source="Orion">Anarock</keyword>. On a year-on-year basis, this growth surged 41%. Overall, 88,230 units were sold in the quarter against 84,930 units in the preceding quarter and 62,800 units in Q3 2021. “The appetite for homeownership has remained undeterred, with maximum sales being driven by end users. There has been increased new supply by the leading and listed developers, who also reported robust housing sales. This trend will very likely continue in the upcoming festive quarter as well since homeownership sentiment has increased hugely post the pandemic,” <keyword id="6420759" type="General" weightage="50" keywordseo="anuj-puri" source="Orion">Anuj Puri</keyword>, chairman, <keyword id="6596330" type="General" weightage="50" keywordseo="anarock-group" source="Orion">Anarock Group</keyword>, said. Mumbai Metropolitan Region (<keyword id="6381620" type="General" weightage="80" keywordseo="mmr" source="Orion">MMR</keyword>) sold the most units – at 26,400 – among the top seven cities, registering a year-on-year growth of 26%. While Delhi sold fewer units at 14,970 as compared to MMR, in percentage terms its sales went up 46% annually. Pune registered a quarterly sales growth at 3% and annually, its growth stood at 45%. NCR, MMR, Bengaluru, Pune, and Hyderabad together accounted for 90% of the sales for the quarter. The sales in Chennai and Kolkata made up 10% of the total sales. Residential property prices across these top seven cities registered a quarterly increase in the range of 1-2% in Q3 2022. On an annual basis, prices have risen in the range of 4-7% primarily due to an increase in input costs and demand comeback post Covid, Anarock said. Mumbai, Hyderabad top new unit additions MMR is also on the top when it comes to new properties. The region added 36,000 new units in the quarter and overtook Hyderabad – the city which ranks second in terms of new additions – by a large margin. Hyderabad added 15,530 units during the quarter, while in NCR, it was much lower at 6,400 units. MMR, Hyderabad, Pune and Bengaluru together accounted for 86% of the total new property additions, says Anarock. As many as 93,500 new units were launched across the top seven cities, against 82,100 units in the preceding quarter — registering a 14% growth. On a yearly basis, there was a 45% jump of new real estate property launched. In Q3 2021, 64,560 units were launched in the top seven cities across the country. Analysing based on price segments, the survey estimated that 36% of total new supply was in the mid-segment (₹40-80 lakh), 28% in the premium segment (₹80 lakh-₹1.5 cr); 18% each in the luxury and affordable segments. The impact of <a href="https://www.businessinsider.in/business/news/here-is-how-much-your-emi-will-go-up-after-the-recent-repo-rate-hike/articleshow/94552904.cms">increasing</a> interest rates on home loans, however, is yet to be seen. “However, if inflation remains at elevated levels forcing RBI to aggressively increase interest rates, there might be some turbulence in the market,” Puri said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indian-corporate-credit-quality-remains-strong-in-h1-of-fy23-crisil/articleshow/94613479.cms">Indian corporate credit quality remains strong in H1 of FY23: CRISIL</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/jiobook-a-4g-enabled-budget-laptop-is-expected-to-launch-soon-at-15000/articleshow/94613338.cms">JioBook, a 4G-enabled budget laptop is expected to launch soon at ₹15,000</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/durga-puja-in-wb-is-a-grand-economic-activity-estimated-to-generate-40000-crore-transactions-3-lakh-jobs/articleshow/94613128.cms">Durga Puja in WB is a grand economic activity - estimated to generate ₹40,000 crore transactions, 3 lakh jobs</a>

Mumbai tops real estate sales and new launches in September quarter

<ul><li>Demand for bigger homes has seen a spurt in the <keyword id="9208211" type="General" weightage="20" keywordseo="post-covid" source="Orion">post-Covid</keyword> era. </li><li>In fact, 77% of the NRIs are looking to buy bigger homes, while 23% want 4 BHK homes. </li><li>Housing sector has seen a 15-20% increase in demand by <keyword id="11904949" type="General" weightage="50" keywordseo="nri" source="Orion">NRI</keyword> in the first nine months of 2022 compared to the corresponding period in 2021.</li></ul>Many non-resident Indians (NRIs) are looking to come back to their motherland keeping in mind the ongoing economic situation due to the Russia-Ukraine war and thus, are actively searching for housing properties in India. "Despite the worst of Covid-19 now in the past, NRIs have clearly not forgotten the uncertainties associated with living in a foreign country during a major pandemic. Securing homes in India became, and remains, a priority for Indians everywhere,” said <keyword id="266974" type="General" weightage="80" keywordseo="prashant-thakur" source="Orion">Prashant Thakur</keyword>, Sr. Director &amp; Head of Research, ANAROCK Group. In fact, 77% of the NRIs are looking to buy bigger homes, while 23% want 4 BHK homes and 54% want to buy 3 BHK properties, according to CII-ANAROCK Consumer Sentiment Survey. The survey got 55,000 responses from NRIs, out of which 7% were currently stationed in the US, Canada, Gulf, Europe, and various Asian countries. Demand for bigger homes has seen a spurt in the post-Covid era. “While schools and offices have reopened, the desire for extra living space remains undiminished. Many of the large IT companies and IT-driven startups now operate on a hybrid work model,” says the report. Notably, more NRIs prefer investing in Indian real estate over stocks, mutual funds, gold, and fixed deposits. Another reason why NRIs prefer bigger homes is the favourable exchange rate. The percentage of NRIs looking for 2 BHK properties has declined from 40% in 2019 (pre-Covid) to 22% in 2022 (post-Covid). "As per <keyword id="7746659" type="General" weightage="50" keywordseo="anarock-research" source="Orion">ANAROCK Research</keyword>, the Jan-Sep period of 2022 saw approx. 2.73 lakh homes sold in the top 7 cities," said Thakur. The real estate market has overall witnessed a gradual recovery after successive Covid-19 lockdowns. The demand further boosted during the festive season despite higher interest rates and biting inflation. <cmsannotation type="cmsannotation" annotationid="Bengaluru remains as one of the top choices" comment="subhead" text="Bengaluru remains as one of the top choices"><keyword id="6354321" type="General" weightage="80" keywordseo="bengaluru" source="Orion">Bengaluru</keyword> remains as one of the top choices</cmsannotation> Bengaluru has been one of the top three choices among NRIs to invest in the housing sector before, during and after the Covid pandemic. Other than Bengaluru, Hyderabad and NCR are the top choices for the NRIs this year. At least 60% of the respondents agreed to be looking for properties in Hyderabad, 20% were eyeing the NCR region and 18% were preferring Bengaluru. Last year, Bengaluru, Pune and Chennai were the top picks for most NRIs. While 63% of the respondents want premium properties priced between ₹90 lakhs to ₹1.5 crore, 59% NRIs preferred luxury properties priced between ₹1.5 - 2.5 crore. Overall investment in the Indian housing by NRIs has ballooned from 55% in the pre-Covid year (2019) to 71% this year. "On an average, NRIs account for 10-15% of homes sold in any given quarter,” Thakur added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/canada-facing-labour-shortage-what-does-it-mean-for-indian-immigrants/slidelist/95251236.cms">Canada facing labour shortage — what does it mean for Indian immigrants</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/reliance-capital-bidders-flag-off-multiple-legal-issues-involving-rs-20000-crore-liability/articleshow/95248934.cms">Reliance Capital bidders flag off multiple legal issues involving Rs 20,000 crore liability</a>

More NRIs are keen to buy bigger homes in the country, says report

<ul><li>Analysts say that rate hike impact is being felt on the affordable segment and may remain so for a few more quarters, even as luxury segment demand is still robust.</li><li>Along with the impact of rising property prices, multiple layoffs across large and small corporates is also affecting homebuyer sentiment.</li><li>Customer demand to remain cautious in the next few quarters as homebuyers are likely to delay purchase decisions.</li></ul>After a year of registering stellar sales in 2022, <keyword id="6354553" type="General" weightage="20" keywordseo="real-estate" source="Orion">real estate</keyword> demand is all set to slow down this year, say analysts. In spite of the <a href="https://www.businessinsider.in/finance/news/rbis-monetary-policy-committee-keeps-repo-rate-unchanged-at-6-5/articleshow/99284354.cms">pause taken in interest rate hikes</a> this April, <keyword id="35519" type="General" weightage="20" keywordseo="home-loans" source="Orion">home loans</keyword> have become costlier in the last six months – and will start having an impact on demand. <keyword id="6371181" type="General" weightage="20" keywordseo="interest-rates" source="Orion">Interest rates</keyword> have a direct correlation to housing demand, due to the large size of home loans – where a few basis point rise in interest rates can set buyers back by a few lakhs. Since May last year, the Indian central bank hiked interest rates six times totalling 250 basis points. The minutes of the meeting of the last monetary policy committee indicate that the <a href="https://www.moneycontrol.com/news/business/mpc-minutes-war-against-inflation-not-yet-won-premature-to-declare-end-to-tightening-cycle-says-jayanth-varma-10448141.html">rate tightening cycle</a> has not ended. In the meanwhile, buoyed by the pandemic-induced demand and falling inventory, real estate developers have been launching new projects. “While near-term demand is likely to be impacted adversely by recession in the US/Europe and the tech slowdown, supply glut continues unabated,” said analysts at Nuvama Institutional Equities. Top 7 cities recorded new launches of around 1.09 lakh units in Q1 2023 against 89,100 units in Q1 2022 and 92,900 units in Q4 2022 — indicating a rise of 23% on annual basis and a rise of 18% from the previous quarter, as per a report by CII-Anarock. The National Capital Region, Mumbai Metropolitan Region, Bengaluru, Chennai, Pune, Hyderabad and Kolkata are the top seven cities as quoted in the report. The effect on <keyword id="137700" type="General" weightage="20" keywordseo="affordable-homes" source="Orion">affordable homes</keyword> Until now, the interest rate hikes have pushed base home loan rates to around 9%, and any more hikes can change the way Indians would re-think home buying. Due to the consecutive rate hikes, borrowers have <a href="https://www.businessinsider.in/personal-finance/news/be-prepared-to-pay-higher-emis-no-room-for-loan-tenor-increase-after-rbis-latest-rate-hike/articleshow/96052276.cms">exhausted the options to increase their loan tenures </a>and keep EMIs unchanged. “Banks and NBFCs have, however, till now supported the demand by offering discounted spreads on the benchmark rate. The rate overhang is not expected to end any time soon and may see a few more quarters of uncertainty,” said a report by HDFC Securities. Analysts say that most of the rate hike impact is being felt on the affordable segment and may remain for a few more quarters while luxury segment demand is still robust. “Till now, the 250 basis point rate hike post-Covid has failed to dent the underlying secular housing demand in the sector. However, we are seeing early signs of weakness in the affordable segment. This is on an expected line as this segment is most sensitive to a rate change as it directly hits the loan eligibility,” said a report by HDFC Securities. Affordable housing refers to housing units that are affordable by that section of society whose income is below the median household income – with a square footage of 600 sq feet or below. As per the CII-Anarock report, the mid-segment homes priced ₹40 lakh-₹80 lakh continue to dominate new supply with 36% share. This is followed by the premium (₹80 lakh - ₹1.5 crore) with a 24% share and affordable segments (less than ₹40 lakh) with 18% share. As per analysts the demand projections for the premium or luxury segment might remain unaffected — but that caters to only a third of the new supply that’s being added. Sentiment suffers too Along with the impact of rising property prices due to input costs, multiple layoffs across large and small corporates is also affecting homebuyer sentiment. Amid a liquidity crunch, 16 startups have laid off 100% of their employees in 2023 and three of these startups were Indian -- WeTrade, Fipola and DUX Education, according to data from Layoffs.fyi. “Recent layoffs by both large and small corporates are likely to have at least some impact on the demand in the upcoming two quarters, and dent growth in the housing market. Many homebuyers impacted by layoffs may defer home buying decisions until their employment situation stabilizes,” said Anuj Puri, chairman of Anarock group. Demand for high ticket homes remains intact The two realty hotspots NCR and MMR have seen particularly strong momentum in the sale of high-ticket bigger homes over the last few quarters, finds the CII Anarock report ‘The Housing Market Boom’. The report highlights survey findings that tells 96% surveyed buyers confirm that further home loan rate hike will affect housing demand. “Demand in the luxury segment has been robust and has been the driving force for higher price realisation; the NCR market that saw the maximum price appreciation this year has been driven by demand for luxury housing,” said a report by HDFC Securities. Anarock data reveals that average property prices across the top 7 cities increased in the range of 6-9% in Q1 2023 when compared to Q1 2022, mainly due to an increase in the prices of construction raw materials and overall rise in demand. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/hcl-tech-projects-its-revenue-to-grow-between-6-8-in-fy24/articleshow/99644337.cms">HCL Tech projects its revenue to grow between 6-8% in FY24</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/bengaluru-localities-see-the-highest-surge-in-residential-rents-in-q1-2023/articleshow/99640732.cms">Bengaluru localities see the highest surge in residential rents in Q1 2023: Anarock</a>

Home buying sentiment to weaken but new supply is kicking in say analysts

<ul><li>Real estate tops as preferred investment asset class for 47% respondents. </li><li>About 58% of homebuyers, who are primarily end-users, are looking for ready-to-move-in (<keyword id="15089675" type="General" weightage="50" keywordseo="rtmi" source="Orion">RTMI</keyword>) properties. </li><li>Housing prices recorded a 7% year-on-year increase in April-June quarter of 2022.</li></ul> Real estate is <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>’s most-preferred asset class for investments in India, according to a Housing.com and <keyword id="6404896" type="General" weightage="80" keywordseo="naredco" source="Orion">NAREDCO</keyword> survey released on Monday. Nearly 50% of prospective customers are expecting prices to rise in the upcoming months due to strong demand during festive season, the survey claims. Housing.com, one of India’s full-stack prop-tech platforms, and NAREDCO (National Real Estate Development Council) conducted a joint survey of over 1,000 participants to gauge consumer sentiment and released the ‘Residential Realty Consumer Sentiment Survey H2 2022' report. As per the survey findings, 47% of respondents prefer to invest in real estate, the highest compared to other asset classes such as stocks, gold and fixed deposits. The data shows that 21% of respondents prefer to invest in the stock market, 16% in fixed deposits and 15% in gold. Housing prices recorded a 7% year-on-year increase in the April-June quarter of 2022. "India's residential market has seen a sharp revival in demand after the second wave of the Covid-19 pandemic. The rising cost of borrowing, increase in input costs and strong demand has resulted in a rise in housing prices," said, <keyword id="278771" type="General" weightage="50" keywordseo="dhruv-agarwala" source="Orion">Dhruv Agarwala</keyword>, Group CEO, Housing.com, PropTiger.com and Makaan.com Homebuyer sentiment has received a significant boost due to increased importance of home ownership, the need for extra space amidst hybrid-work policies adopted by many companies, and the exigency for safety and security. The survey observed that 58% of homebuyers, who are primarily end-users, are looking for ready-to-move-in (RTMI) properties. "Real estate sector in India is witnessing green shoots of recovery, thanks to various policy interventions implemented by the government, aiding the real estate sector to grow and ensuring speedy recovery of the industry post-Covid,” said <keyword id="5678919" type="General" weightage="50" keywordseo="rajan-bandelkar" source="Orion">Rajan Bandelkar</keyword>, President, NAREDCO. Will the repo rate hike deter homebuyers in India? The residential markets across India remain upbeat despite growing concerns about rising interest rates. The expected increase in <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword> repo rate by 50 basis points will not deter homeowners from purchasing property in India, says <keyword id="3400735" type="General" weightage="50" keywordseo="ankita-sood" source="Orion">Ankita Sood</keyword>, head of research at Housing.com. The repo rate stands at 5.4% as of now and the RBI may hike rates by 50 bps in its upcoming policy meeting this week. “While the hike was imminent, it remains below the pre-pandemic levels of 5-6%. The confidence in future earnings, coupled with the pandemic-induced importance of homeownership, will continue to drive residential sales not only in the top metros but also in the Tier-II cities,” added Sood. According to the Housing.com-NAREDCO report, the income outlook continues to strengthen and has reached an all-time high of 65% since 2020. “Declining interest rates were a key reason for the massive housing demand surge in the past two years. Also, the pandemic reinstated the importance of owning physical assets like real estate. This time around, the demand revival even included the previously rent-favouring millennials – who continue to be on the market for homes,” Anuj Puri, Chairman - <keyword id="6596330" type="General" weightage="50" keywordseo="anarock-group" source="Orion">ANAROCK Group</keyword>. Digital sales and marketing platforms have become the mainstay not only to search for a home, but also to close deals online or in just one or two site visits. The survey shows that 34% of homebuyers have suggested that they are willing to buy a home completely online or just after one site visit. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/icicidirect-launches-online-platform-flash-trade-for-fo-traders/articleshow/94454273.cms">ICICIdirect launches online platform Flash Trade for F&amp;O traders</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/great-resignation-impact-being-felt-in-india-as-attrition-rate-remains-elevated-at-20-in-2022/articleshow/94453768.cms">Great resignation impact being felt in India as attrition rate remains elevated at 20% in 2022</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/india-inc-set-to-offer-average-salary-hikes-of-at-least-10-4-in-2023-says-aon/articleshow/94452941.cms">India inc. set to offer average salary hikes of at least 10.4% in 2023, says Aon</a>

Prospective homebuyers expect property prices to increase

<ul><li><keyword id="19072515" type="General" weightage="60" keywordseo="luxury-housing-supply" source="Orion">Luxury housing supply</keyword> share at 27% in Q3 2023, hits 5-year quarterly share high.</li><li>Chennai is the only city to see a drop in new luxury supply between Q3 2023 and Q3 2018.</li><li>Hyderabad has seen the <keyword id="19072516" type="General" weightage="40" keywordseo="highest-new-luxury-supply" source="Orion">highest new luxury supply</keyword> among the top 7 cities in Q3 2023.</li></ul> The markets may be jittery for a host of reasons ranging from geopolitics to macroeconomic trends around the world. The conflict in Gaza between Israel and Palestine adds to the already tense global economic conditions as a result of the Russia-Ukraine war. However, <a href="https://www.businessinsider.in/business/news/unsold-stock-of-priciest-homes-in-mumbai-dips/articleshow/101192196.cms">data shows</a> that the rich are continuing to buy property in India which has prompted luxury housing supply share to hit a five year quarterly share high at 27% in Q3 2023. An analysis of average price trends across the top seven cities in different budget categories, based on ANAROCK Research data, has <a href="https://www.businessinsider.in/business/news/top-7-cities-see-24-price-rise-in-five-years/articleshow/102563727.cms">revealed recently</a> that <keyword id="386983" type="General" weightage="80" keywordseo="luxury-homes" source="Orion">luxury homes</keyword> have seen the most significant price appreciation at 24% over the past five years. Now, data shows that to meet the demand, 31,180 luxury homes (priced &gt;₹1.5 Cr) were launched across the top 7 cities in Q3 2023, against 4,590 in Q3 2018. A detailed look shows that not surprisingly, Hyderabad has seen the highest new luxury supply in Q3 2023 with approx. 14,340 units, followed by the Mumbai Metropolitan Region (MMR). Prashant Thakur, Regional Director &amp; Head – Research, ANAROCK Group, says, “Developers have been bullish about the luxury homes segment because of its superlative performance after the pandemic, with overall sales rising steeply across the top 7 cities. Post pandemic, homebuyers have been seeking bigger homes and apart from high-end amenities and good location, luxury housing is primarily defined by generous floor space.” ANAROCK’s most recent consumer sentiment survey also reflects this trend. In the pre-Covid edition of the survey (H1 2019), 9% respondents preferred luxury homes priced &gt;₹1.5 Cr while in the current edition of H1 2023, this share has risen to 16%. Affordable homes experience a more muted rise Contrastingly, the affordable segment - which was on a high before Covid-19 - saw compromised sales that also reflected in its average price growth. Affordable homes priced below ₹40 lakh experienced a more modest 15% price appreciation during the same period. The average price in this category across the top 7 cities was ₹3,750 per square foot in 2018, and it now stands at ₹4,310 per square foot. City-wise analysis: A 5-year comparison The city-level supply trend reveals that Chennai is the only city to see a drop in new luxury supply between Q3 2023 and Q3 2018. Hyderabad saw the highest new luxury supply among the top seven cities in Q3 2023. As many as 14,340 luxury units were launched in the city in Q3 2023, comprising a nearly 46% share of the total new luxury supply in the quarter. The National Capital Region (NCR) has witnessed new luxury supply rise to 3,870 units in Q3 2023, against 930 units in the corresponding period of 2018. Similarly, Bengaluru has seen approximately 1,710 new luxury units launched in Q3 2023, against 290 units. Kolkata, meanwhile, has seen 1,030 luxury units launched in Q3 2023 while in Q3 2018, the new supply was under 120 units.

Real estate market shows that the rich are not worried about an economic downturn

<ul><li>Despite global headwinds, many international brands are expanding in India, says a CBRE report. </li><li>Most of the leasing activity in H2 2022 was driven by fashion and apparel retailers. </li><li>Over 90% of respondents said in CBRE’s Live-Work-Shop survey that they shopped via multiple channels. </li></ul>Be it American luxury fashion brands like Victoria’s Secret, Canadian coffee chains like <keyword id="854092" type="General" weightage="80" keywordseo="tim-hortons" source="Orion">Tim Hortons</keyword> or even Japanese casual wear chains like Uniqlo – all are expanding their retail footprint in India despite global headwinds, says a report by real estate consulting firm CBRE. In the second half of 2022, American home furnishing chain <keyword id="199952" type="General" weightage="50" keywordseo="pottery-barn" source="Orion">Pottery Barn</keyword> opened two outlets in Delhi-NCR in quick succession. Lavazza and Armani/Caffe from Italy, Jamba from the US and The <keyword id="270853" type="General" weightage="50" keywordseo="coffee-club" source="Orion">Coffee Club</keyword> from Australia are anticipated to enter India, as per the report named ‘India Retail Figures H2 2022’. Adidas opened an experience store in Delhi-NCR, as did Zara, Nike, and Azorte. But they are not concentrated only in big cities, Tier-2 cities are equally popular with international retailers. While Uniqlo opened its first store in Chandigarh, Tim Hortons entered Ludhiana, and <keyword id="6377922" type="General" weightage="50" keywordseo="starbucks" source="Orion">Starbucks</keyword>, Biba, and <keyword id="64373" type="General" weightage="50" keywordseo="shoppers-stop" source="Orion">Shoppers Stop</keyword> opened outlets in Dehradun. “The Indian retail sector is recovering, and we anticipate that it will continue to gain momentum through 2023. Even amid difficult global economic conditions, international brands are expanding not only in Tier-I cities but also penetrating Tier-II &amp; III cities as they see India as a potential market," said Anshuman Magazine, chairman &amp; CEO - India, South-East Asia, Middle East &amp; Africa, CBRE. Retail leasing picks up in second half In the second half of 2022, retail leasing activity was down 19% year-on-year. But as compared to the first half, leasing went up 5% in the second half, the consulting firm says. Also, in 2022, retail sales went up by 20% as compared to the year before driving more retailers towards expansion. “Sales in July-December ‘22 surpassed the pre-pandemic levels owing to increased consumer confidence, leading to a hike in spending. Leasing momentum is expected to further pick up in Jan-Jun ‘23 owing to anticipated space take-up in newly completed malls,” said Ram Chandnani, managing director - advisory &amp; transactions services, CBRE India. While the expansionary sentiment was higher in the second half of the year, most of the leasing activity was driven by fashion and apparel retailers. This category accounted for 42% of the overall leasing activity seen in the second half of last year. The next biggest segment was food and beverage – which accounted for 12%, followed by hypermarkets at 7%. The entertainment category, which was impacted the most during the pandemic, also emerged among the top demand drivers in H2 2022, with a nearly 6% share in the overall space take up. Since the Covid-19 pandemic, shoppers have been increasingly opting for hybrid commerce – which is essentially a mix of offline and online retail. Over 90% of respondents said in CBRE’s Live-Work-Shop survey that they shopped via multiple channels. “Despite the continued growth of online retail, physical retail continues to gain prominence among Indian shoppers,” CBRE said. In spite of the gaining prominence, footfalls in retail and recreational spaces are yet to hit their pre-pandemic levels in major cities in H2 2022. However, they have been showing improvement on a quarter on quarter basis. Compared to June, footfalls in Mumbai, Delhi and Pune increased by 30%, 19% and 13% respectively in October. Thanks to the rising demand from retailers, rentals have also gone up on a half yearly basis, albeit in selective markets. While prominent mall clusters in Delhi-NCR and Bangalore witnessed rental growth of 3-15% and 2-6% Rental values inched up on a half-yearly basis in certain micro-markets across most cities, driven by robust retail demand. Among high streets, rents rose by about 4-8% across select locations in Delhi-NCR, Bangalore, by 4-12% in Ahmedabad, and by about 1-3% in Mumbai. Meanwhile, prominent mall clusters in Delhi-NCR and Bangalore witnessed rental growth of 3-15% and 2-6% respectively. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/catching-em-early-early-stage-startups-shine-as-their-investor-pool-widens/articleshow/97918089.cms">Catching ‘em early: Early-stage startups shine as their investor pool widens</a> <a href="https://www.businessinsider.in/business/auto/news/january-auto-sales-rise-14-y-o-y-but-sentiment-improving-at-a-snails-pace-says-fada/articleshow/97637350.cms">January auto sales rise 14% y-o-y but sentiment improving at a snail’s pace, says FADA</a>

Victoria’s Secrets, Tim Hortons & more expanding presence in India after the pandemic: CBRE

<ul><li>The positive momentum in the <keyword id="6354553" type="General" weightage="20" keywordseo="Real-estate" source="Orion">real estate</keyword> sector can hold on till the first quarter of 2023 say experts. </li><li>From the second quarter onwards, demand will be determined by interest rates, say experts. </li><li>The property rates could further shoot by 8% at least next year, due to rising input costs.</li></ul><keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>’s <keyword id="35288" type="General" weightage="20" keywordseo="real-estate-market" source="Orion">real estate market</keyword>, which has been buoyant since the Covid-19 pandemic, is expected to continue with its growth momentum in the first quarter of 2023, according to experts. Few experts are willing to make predictions beyond the first three months of the next year, due to uncertainty. They believe that an after-effect of global economic slowdown might have a role to play in the property purchase decisions of Indians. “There is a possibility of a recession in major global markets including the US and India cannot be decoupled from it. There could be some repercussions in the Indian market by way of layoffs which in turn may slow down the residential demand, if at all,” Anuj Puri, Chairman – Anarock Group, told Business Insider India. Moreover, in December, the Reserve Bank of India (RBI) raised base interest rates for the fifth time in seven months – taking it to 6.25%. Consequently, banks are expected to pass on the hiked interest rates to the consumers – increasing the cost of home ownership. Added to that, analysts say that the burden of home loans will be higher as many consumers have <a href="https://www.businessinsider.in/personal-finance/news/be-prepared-to-pay-higher-emis-no-room-for-loan-tenor-increase-after-rbis-latest-rate-hike/articleshow/96052276.cms">exhausted the option of increasing</a> home loan tenures without impacting their EMIs – in the last four interest rate hikes. The direction of repo rate hikes will guide the housing property demand in 2023, and experts say that there could be more such hikes ahead. “A lot will also depend on how the home loan interest rates pan out over the next year. While so far, the impact of the rate hikes has been minimal but if the rates rise further, it may go on to impact residential sales,” Puri added. <cmsannotation type="cmsannotation" annotationid="New launches may remain muted" comment="subhead" text="New launches may remain muted">New launches may remain muted</cmsannotation> According to Puri, new launches across the country overall may remain muted in the coming year. “We may see muted new launches in the new year as many developers would rather wait and watch how the global and Indian markets pan out over the year and if all goes well then we may see new launches increase in the second half of 2023,” Puri said. However, new launches in the Jan-Sept period of 2022 surpassed full-year readings of 2019 with approximately 2.65 lakh units launched in the nine-months period, according to Anarock data. MMR, Hyderabad, Pune have been ruling the charts for the last two quarters in terms of new launches. <cmsannotation type="cmsannotation" annotationid="Property rates to rise in 2023" comment="subhead" text="Property rates to rise in 2023">Property rates to rise in 2023</cmsannotation> That’s just one side of the coin. Hurt by low demand, many developers have not been increasing property rates for the last few years. But input costs have started hurting construction companies and the overall property rates increased by 5-7% in 2022. Next year, the real estate price hikes will be steeper at around 8% at least next year, according to Puri. This however might not affect demand as much, a few developers feel. Younger generation wants to own a home instead of renting – and this mindset change will aid real estate companies. “We have seen housing prices rise by 5-8% in 2022 but property sales remained robust as real estate became a favorite asset class among potential homebuyers. This momentum is likely to continue next year as developers are wary about the positive home buying sentiment and consumer’s goal for financial security,” Rahul Purohit, national sales head, Square Yards, told Business Insider India. Price increases, developers say, have little effect on intent to own homes as they have proven to be the best asset class for investment as compared to gold and equities. “Property price corrections won’t deter affordable home buying plans as consumers have full confidence in real estate as the best asset class,” Purohit added. Property demand is expected to be high across tier 1 cities, according to Square Yards. Reopening of offices, and increased business activity will guide residential demand in Mumbai, Delhi, Noida, Bangalore, Hyderabad, Gurgaon and Chennai. Demand is also expected to be high in Ahmedabad, Lucknow, Kochi, Indore, Agra, Varanasi, Gwalior etc. due to the massive infrastructural growth seen in these cities. Hiring in the real estate industry increased 10% in November on both month-on-month and year-on-year, according to foundit (formerly known as Monster) Insights Tracker (FIT) – indicating that the sector anticipates better times ahead. <cmsannotation type="cmsannotation" annotationid="The luxury of growth" comment="subhead" text="The luxury of growth">The luxury of growth</cmsannotation> The growing wealth of Indians and increased number of HNI or high networth individuals is another factor that’s fuelling the demand for luxury homes. Several reports suggest that the luxury house segment has acquired a lion’s share in overall home sales numbers in the year 2022. According to a recent survey conducted by India Sotheby’s International Realty, a larger number of HNIs are proposing to buy luxury property in the next two years. “Various real estate consultants cited that sales of luxury apartments witnessed significant growth month on month during the year. The Mumbai Metropolitan Region accounted for more than half of these sales,” Ram Raheja, managing director at S Raheja Realty, told Business Insider India. Raheja further added, “Enabled by a much higher purchasing power to the steep rupee fall — the Indian currency has breached the 82-mark against the US dollar — NRIs are also viewing this as a great opportunity to build bigger and better assets back home.” Apart from celebrities like Janhvi Kapoor and Madhuri Dixit and many more, startup founders and stakeholders too are people keen on the luxury housing market. 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Housing demand outlook 2023: Interest rates, global spillovers to play a key role

<ul><li><keyword id="54572" type="CITY" weightage="20" keywordseo="PepsiCo">PepsiCo</keyword> India said within 30 years of our establishment in India, PepsiCo India has grown exponentially to emerge as one of the largest Food and Beverage company in the country.</li><li>On account of such a tremendous growth, PepsiCo India has committed to invest over $2.1 billion in the country over a five-year period ending in 2022. </li><li>"While there have been some short-term head winds due to Covid, we at PepsiCo are extremely optimistic about the future and are committed to provide consumers the right portfolio of products across food and <keyword id="23943" type="PERSON" weightage="20" keywordseo="beverages">beverages</keyword>," they said.</li></ul> In an interview with IANS, Vishal Kaul, Vice President &amp; Business Head, Beverages, PepsiCo India and Dilen Gandhi, Senior Director and Category Head of Foods, PepsiCo India said within 30 years of our establishment in India, PepsiCo India has grown exponentially to emerge as one of the largest Food and Beverage company in the country. On account of such a tremendous growth, PepsiCo India has committed to invest over $2.1 billion in the country over a five-year period ending in 2022. "'As people adjust to the enew normal', in-home consumption is witnessing a significant uptake. We are witnessing a jump in both penetration and frequency of our food and beverage categories. There is a growing demand for our larger packs as in-home occasions of togetherness have increased manifold. While the consumers are looking at in-home experiences and seeking convenience, they are also looking at value," they said. "While there have been some short-term head winds due to Covid, we at PepsiCo are extremely optimistic about the future and are committed to provide consumers the right portfolio of products across food and beverages," they said. "Even in the COVID environment, our categories are seeing robust demand and growth across most channels," they added. Q: How is PepsiCo India responding with its business models to the Covid-19 situation? A: The COVID-19 has led to a complete paradigm shift as everything around us has changed- consumer behavior, retail landscape, competitive environment. Very early on, we realized there was no playbook to tackle the COVID challenge and the situation would continue to change. So, we had to arm ourselves with taking quick decisions while not having all the relevant information. To help us navigate the crisis, we established 6 guiding principles: Being People Centric, Being Consumer Centric, Being Customer Centric, Being Community Stewards, Being Agile and Being Prudent. These were the lens through which we saw every decision and we empowered our teams for agile decision making. At a time when stepping out for even essentials was fraught with risks, making our product conveniently available for our retailers and consumers was a key focus area. Hyper-local delivery emerged as a solution and we invested in emergent channels like Ecommerce for both B2C and B2B. We partnered with Amazon, Big Basket, Grofers, Swiggy and Dunzo to ensure uninterrupted availability of our food and beverage products to consumers across locations with safe delivery-on demand for all our consumers. For B2B, we further strengthened our existing Distributor model with the EB2B model, where we partnered with Udaan and Big Basket to help small and medium businesses. This partnership ensured our product portfolio was easily made available to retailers, so that they can cater to demand in the market. Q: How does PepsiCo view the big jump in consumption of snacks and beverages at home? A: PepsiCo India has always kept a pulse on consumer trends and continued to develop its portfolio in line with what consumers want. As people adjust to the enew normal', in-home consumption is witnessing a significant uptake. We are witnessing a jump in both penetration and frequency of our food and beverage categories. There is a growing demand for our larger packs as in-home occasions of togetherness have increased manifold. While the consumers are looking at in home experiences and seeking convenience, they are also looking at value. In order to serve the consumer better and rapidly adapt to their changing requirements we have introduced a 1.25-liter PET pack in our beverage portfolio at a very affordable price of Rs 50 which will enable the stay-at- home times even more special for our consumers. We have also introduced various combo packs for our food portfolio creating and further driving in-home consumption.Q: What are the investment plans for PepsiCo in India? A: Within 30 years of our establishment in India, PepsiCo India has grown exponentially to emerge as the largest Food and Beverage company in the country. On account of such a tremendous growth, PepsiCo India has committed to invest over $2.1 billion in the country over a five-year period ending in 2022. This commitment is a part of our previously disclosed commitment to invest $5.5 billion in India and includes our plan to double our manufacturing capabilities locally in the next five years, to cater to the ever-increasing demand of our products among the consumers. In recent years, we have announced an investment of Rs 514 Crores in a new foods facility in Uttar Pradesh which will provide 1,500 direct/indirect jobs. We have also invested in increasing capacity at our existing foods plants in West Bengal and Maharashtra and have additionally proposed to set up a greenfield project in Assam. Q: What is the production capacity for the PepsiCo products, and has it reached pre-Covid levels? A: We have resumed operations/ manufacturing across foods and beverages in the best manner possible, ensuring that all guidelines regarding safety of our employees are strictly adhered to. In the current environment and limited workforce across shifts, we are trying to ensure that we can meet the demand and operate at an optimal level to cater to our consumers with their favorite snacks and beverages. Nonetheless, we remain committed towards our employees and our consumers and see an uptake in both supply and demand in both categories. Q: What has been the response to the Covid situation? A: As brands look at engaging with consumers, the first and foremost part is that the current situation requires brands to provide consumers with a seamless and safe buying experience. That apart, this is also a unique opportunity to build an even more authentic relationship with the consumers by listening to them and providing the functional and emotional comfort. While there have been new ways of ensuring consumers had 24X7 accessibility of our products in a safe and hygienic manner, Brands across the PepsiCo India portfolio have also initiated interesting campaigns rooted into insights that we mined through the real time social listening we do at PepsiCo For consumers, safety comes first, and they are now refraining from going to crowded places and prefer low exposure. Hence, we partnered with SWIGGY and Dunzo to provide our products across food and beverages at their doorsteps, 24X7. We also saw that with low touch format being the new trend, there was a need to work with our partners to find low or no touch solutions for dispensing water. After extensive research and trials, we were able to finalize the Aquafina Low touch dispenser model as a product that we could roll out now given it meets key criteria including safety of consumer,practicality as well as economies of scale. We also evolved in the way we communicated to our consumers with messaging that were more relevant in current times. For example, <keyword id="44672" type="CITY" weightage="20" keywordseo="Pepsi">Pepsi</keyword> identified that while social distancing was the new normal, however a lot of consumers were either not aware of it or were not following it fully. Salaam and Namaste, which were deeply rooted into Indian culture are actually the best forms of contactless greetings, which was the need of the hour during the COVID times. In an endeavor to make these contactless Indian greetings a part of pop culture, Pepsi introduced a digital forward campaign that aimed at inspiring the world that greeting each other with salaam/namaste is a perfect way to ensure social distancing and yet maintain connections responsibly. It encouraged behavioral change through adherence to social distancing norms in an entertaining manner. The campaign broke all past records in India and made a meaningful impact to the consumers' lives. On the other hand, LAY'S, started a special initiative for the many unsung heroes of India - farmers, truck drivers, retailers, etc. e who continue to bring joy to millions even in these challenging times. The brand partnered with Smile Foundation to provide hygiene kits to over 40,000 families of such unsung heroes. These hygiene kits contain masks and sanitizers, to support these champions as they continue to work hard even in these unprecedented times. As part of the initiative LAY'S has also collaborated with leading Indian brands like Airtel, ICICI Bank, Parachute, Dunzo, Big Basket, JK Type, Vistara, Grofers and together have thanked millions of these unsung heroes. We also had other brands from our portfolio like Mountain Dew, Quaker, Tropicana etc do similar contextual campaigns and the response from the consumers has been overwhelming.Q: What have been the sustainability initiatives of PepsiCo? A: In its role as a responsible social citizen, PepsiCo India has taken several initiatives to contribute to the nation's ongoing efforts to combat the COVID-19 outbreak. As part of its #GiveMealsGiveHope global programme, PepsiCo India provided over 10 million meals to the underprivileged and marginalized families impacted by the COVID-19 outbreak across India. The meals were distributed in partnership with Akshaya Patra Foundation, Smile Foundation &amp; CII Foundation, across the country. The company also extended support to the healthcare and diagnostic facilities by providing over 35,000 COVID-19 testing kits to government labs, supplementing their efforts to combat the pandemic. Furthermore, the COVID 19 crisis has impacted the restaurants and the workers significantly. It is forecasted that 4 out of 10 restaurants would shut down. Pepsi initiated a campaign #PepsiSaveOurResturants, an inclusive program where every time you order food and add a beverage to your order and it can be any beverage -- Pepsi or any other beverage, Pepsi will give that many meals to the restaurant workers who have served us. Pepsi partnered with NRAI and Swiggy to bring this campaign to life. The campaign has got great response as it has provided many consumers an avenue to support the restaurant workers who have always served them. Q: What are the changing consumer patterns expected due to Covid? A: The COVID-19 challenge is making both consumers and brands face a new reality. Consumer behavior and pattern is emerging and evolving at a fast pace. Some of the key insights that are emerging are as follows: #Mobile is the new TV: Consumers, customers, employees and our ecosystem partners have leap frogged towards leveraging digital solutions and the mobile is at the epicenter of all this. Be it work from home, communication to consumers, taking orders from customers or Ecom, consumers are practically dependent on their mobiles. They are consuming content online, buying online and even engaging with extended family and finds online. Therefore, it's important to jump shift this capability and work with the ecosystem partners to strengthen this muscle. #Value in Table Stakes: While value has always been important for consumers, going forward it would become even more crucial. The brands/companies who can re-engineer their business models to deliver this via an advantaged model, would succeed in the long term. #Hope Trust and Fun: We believe consumers would be looking at 3 emotional benefits and brands that can provide the same authentically, would be the ones that consumers would choose - The first is Hope. Hope is tied very closely to empathy. Brands need to be empathic and craft messages which are reassuring and relatable to consumers in these unprecedented times. - The second is Trust. Now more than ever, consumers need to see brands walk the talk in everything they do e whether it is the core product promise or leading a cause to support communities. -The third is Fun. Today, consumers are working twice as hard, donning multiple hats and with sources of entertainment and recreation limited, a brand that can that can present an opportunity for consumers to express themselves in a fun manner will be able to build deeper connects with the consumers The situation would continue to evolve and it is important we continuously have our ear to the ground and we keep sharpening the strategy basis consumer needs. Q: What are the initiatives to bolster the retail network by PepsiCo? A: The pandemic has given rise to a enew-normal' world and we at PepsiCo India have maintained a close look out on the evolving consumer behavior pattern to be better prepared for the future. We take cognizance of the fact that we need to cater to different audiences, be it consumers, partners, distributors through different channels. For the consumers, demand for online deliveries has soared since the start of the stay-at-home order. Thereby, it was almost imperative for businesses to enhance their Direct to Customer (D2C) channels like Swiggy, Dunzo to ensure we have exclusive e-stores and a mechanism to cater to our consumers at their doorstep 24/7. By tapping the 'Daily Grocery' on Dunzo's app, customers can visit the LAY'S E-store and get these products delivered within an hour of ordering. The initiative has currently been launched as a pilot in <keyword id="6354321" type="LOCATION" weightage="20" keywordseo="Bengaluru">Bengaluru</keyword> and will eventually expand to 4 more cities across Mumbai, Gurugram, Delhi, and Jaipur. For the beverage category, we have tied up with Swiggy stores where we ensure availability of our products to the consumer on demand and delivery within 2 hours. On the other hand, Aquafina has tied up with a micro delivery platform OwO is for expanding reach into "At -home" consumption of packaged water. From a consumer perspective, our research has shown that consumers prefer dealing with apps such as OwO as they find it convenient. For the retailers and wholesalers, an interesting emerging channel is the EB2B model, under which PepsiCo India has entered into deep partnership with Udaan and Big Basket to help small and medium businesses. They should always have access to our product portfolio to ensure that they always meet demand. On the other hand, we remain committed to the distributors and ensure that we grow them and grow with them. Q: How does PepsiCo view the recent agriculture reforms including the flexibility to farmers to sell their products? A: Let's talk briefly about our collaborative programme and how that is focused on working closely with the farmers and based on years of trust and relationship. At PepsiCo India, we are guided by eWinning with Purpose' - our fundamental belief that the success of the company is inextricably linked to the sustainability of the world around. Agriculture is at the heart of PepsiCo India, and the companies relationship with farmers in India goes back 30 years. PepsiCo was the first company to introduce own researched processed grade varieties in India in late 90's. At present, PepsiCo is largest processed grade potato buyer in India. To fulfill its chip grade potato demand locally, PepsiCo developed largest collaborative farming for potato in India spread across 13 states working involving over 24,000 farmers. The potatoes are then processed in 3 manufacturing plants which employ close to 2,000 direct and indirect employees. The retention rate of farmers being part of the collaborative farming program is as high as 98 per cent. All the potato used in Lay's and Uncle Chipps is sourced from farmers in India e in fact, PepsiCo is the largest buyer of chip grade potato in the country today. Q: What are your views on the outlook for consumer sentiment? Is it an essential versus discretionary choice? A: India consumption story has just started and according to industry reports, India will be the 3rd largest consumption market by 2025. While there have been some short-term head winds due to Covid, we at PepsiCo are extremely optimistic about the future and are committed to provide consumers the right portfolio of products across food and beverages. Even in the COVID environment, our categories are seeing robust demand and growth across most channels. Our robust and balanced portfolio across "Fun for You" products like Pepsi, Lays Dew, Kurkure or "Better For You" products like Lipton, Pepsi Black or "Good For You" products like Quaker, Tropicana and Gatorade are getting greater acceptance from consumers. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/after-google-pwc-india-declares-a-company-wide-holiday-for-its-employees-this-friday-offers-time-off-for-a-well-deserved-break/articleshow/77125627.cms">After Google, PwC India declares a company-wide holiday for its employees this Friday – offers time off for a 'well-deserved' break</a> <a href="https://www.businessinsider.in/thelife/personalities/news/mukesh-ambani-is-now-the-fifth-richest-person-in-the-world-according-to-forbes/articleshow/77105843.cms">Mukesh Ambani is now the fifth richest person in the world, according to Forbes</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-infosys-hcl-tech-dont-want-h1b-ban-but-are-pocketing-savings-while-it-lasts/articleshow/77120776.cms">The H1-B visa ban is not what Indian IT firms want⁠— but they are pocketing some savings while it last</a>

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