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Gurugram, Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> on Monday inaugurated the <keyword id="19904807" type="General" weightage="20" keywordseo="haryana" source="keywords">Haryana</keyword> section of the landmark <keyword id="20156254" type="General" weightage="20" keywordseo="dwarka-expressway" source="keywords">Dwarka Expressway</keyword>, which will improve traffic flow and ease congestion between Delhi and Gurugram on NH-48. The total length of Dwarka Expressway is 29 km, out of which 18.9 km falls in Haryana, while the remaining 10.1 km is in Delhi. On March 9, 2019 the then Union ministers, <keyword id="20813426" type="General" weightage="20" keywordseo="sushma-swaraj" source="keywords">Sushma Swaraj</keyword>, Arun Jaitley and <keyword id="19897455" type="General" weightage="20" keywordseo="nitin-gadkari" source="keywords">Nitin Gadkari</keyword> had laid the foundation stone for Dwarka Expressway. The prime minister also held a road show here. Dwarka Expressway is India's first elevated 8-lane access control urban expressway, being constructed at an estimated cost of Rs 9,000 crore, as part of the Centre's Rs 60,000 crore highway development plan in the NCR to decongest the national capital. The Haryana section of Dwarka Expressway has been built at a cost of around Rs 4,100 crore and includes two packages of 10.2-km Delhi-Haryana Border to Basai Rail-over-Bridge (ROB) and 8.7-km Basai ROB to Kherki Daula. It will also provide direct connectivity to the IGI Airport in Delhi and Gurugram Bypass. Haryana Chief Minister <keyword id="19930751" type="General" weightage="20" keywordseo="manohar-lal-khattar" source="keywords">Manohar Lal Khattar</keyword> and Minister of Road Transport and Highways Nitin Gadkari were present at the event.

PM inaugurates Haryana section of Dwarka Expressway

The COVID-19 era presents a radically transformed real estate market, with preferences changing to accommodate new market realities. With work-from-home a viable option even after the lockdown, many future homebuyers will shift to the <keyword id="9273365" type="UNKNOWN" weightage="20" keywordseo="peripheral-areas">peripheral areas</keyword> for bigger homes and a better lifestyle - at more affordable prices, say reports. <div type="Article" hostid="261" msid="76198588" title="‘Home prices have to fall’⁠— Indian government’s stern message to realtors has other backers too" mstype="2" mssubtype="0"></div> With the rise of Work-From-Home (WFH), the 'walk-to-work' concept may lose some sheen prospective homebuyers will see sense in shifting to city peripheries, among many trends. The previous 'gold standard' of Indian housing - the walk-to-work/ short drive to work, by definition only in and around central corporate workplace hubs - may shed some of its popularity for the middle class. "The work-from-home concept may become the next fulcrum for home buying decisions, where the walk-to-work option had held the longest sway," says Anuj Puri, Chairman - ANAROCK Property Consultants. "This, and millennials' new-found preference for buying rather than renting homes, are among the most prominent new residential real estate trends of the COVID-19 era. With the rise of the WFH culture, many may now prefer to live in more spacious and cost-effective homes in less central areas. While sufficient supply currently exists in most of the peripheries, this new demand will eventually also dictate fresh supply. Bigger homes, affordable prices and more generous open spaces in the peripheral areas will draw demand from tenants and buyers alike," Puri adds. Affordability and Price Quotient Apart from changing real estate consumer preferences in a strengthening WFH environment, affordability is an enduring concern especially to the backdrop of an ailing economy and job loss/uncertainty. The peripheral areas are more affordable both from a rental and purchase perspective. The cost analysis of real estate difference for the country's three largest economic dynamos - MMR, NCR and Bengaluru are as follows: In NCR, the average price for a standard 1,000 sq. ft. property in areas within city limits is approx. Rs 88.20 lakh, against Rs 37.50 lakh in the peripheral areas  a 57 percent cost difference. Micro-markets within city limits considered include Vaishali, Vasundhara, Indirapuram, Noida, Golf Course Ext. Road, Sushant Lok, <keyword id="6385900" type="PERSON" weightage="20" keywordseo="Dwarka-expressway">Dwarka Expressway</keyword>, New Gurgaon, Dwarka, etc. Peripheral areas include Ghaziabad-Rajnagar Extension, Faridabad, Greater Noida, Sohna, Bhiwadi, Bahadurgarh, etc. Average monthly rent for a standard 2BHK home in areas within city limits is approx. Rs 22,000, against Rs 9,500 in the peripheries. In MMR (Mumbai Metropolitan Region), the average price for a standard 1,000 sq. ft. property in areas within city limits is approx. Rs 1.85 crore, against Rs 55.35 lakh in the peripheral areas a 70 percent cost difference. Micro-markets within city limits included Andheri, Vile Parle, Goregaon, Malad, Kandivali, Chembur, Wadala, Ghatkopar, Vikhroli, Powai, Mulund, etc. Peripheral areas include Kalyan, Bhiwandi, Dombivli, Mira Road, Vasai, Virar, Thane beyond Kasarvadavali and Owale Panvel, Ulwe, Taloja, etc. Average monthly rent for a standard 2BHK home in areas within city limits is approx. Rs 45,800, against Rs 12,500 in the peripheries. In Bengaluru, the average price for a standard 1,000 sq. ft. property in areas within city limits is approx. Rs 69.80 lakh, against Rs 43.50 lakh in the peripheral areas  a 38 percent cost difference. Micro-markets within city limits considered include Sarjapur Road, HSR Layout, Kudlu Gate, Singasandra, Hebbal, Jakkur, Yeswanthpur, Jalahalli, Whitefield, Marathahalli, KR Puram, J P Nagar, BTM, Jayanagar, Banashankari, <keyword id="230372" type="PERSON" weightage="20" keywordseo="Kodigehalli">Kodigehalli</keyword>, etc. Peripheral areas include Attibele, Electronic City, Yelahanka, Doddaballapura Road, Varthur, Budigere Cross, Kanakapura Road, Tumkur Road, <keyword id="27934" type="LOCATION" weightage="20" keywordseo="Mysore">Mysore</keyword> Road, Kogilu Cross and International Airport Road (Bellary Road). Average monthly rental for a standard 2BHK home in areas within city limits is approx. Rs 18,500, against Rs 9,500 in the peripheries. Rent vs Buy The rent vs buy debate involves many highly subjective factors. However, since millennials are increasingly interested in homeownership post-COVID-19, it is worthcalculating what works better for most in the current circumstances. Data reveals that the 5-year rental outgo for tenants living within city limits is equivalent to 27-52 percent of the total property cost in the peripheries of the top 3 cities (MMR, NCR and Bengaluru). Therefore, there is a strong rationale for homeownership in the peripheries. Also, the current home loan interest rates are at an all-time low, averaging around 7.15-7.8 percent - with the possibility of more reduction as the RBI recently cut repo rates even further to 4 per cent. In NCR, the average monthly rental outgo in city-limit areas is Rs 22,000. For five years, this equals nearly INR 13.77 lakh (including standard rental escalation for this period). This is almost 37 percent of the total average cost of a property in NCR's peripheral areas. In MMR, the average monthly rental outgo in city-limit areas is INR 45,800. For five years, this equals nearly INR 28.66 lakh (including standard rental escalation for this period). This is almost 52 percent of the total average cost of a property in MMR's peripheral areas. In Bengaluru, the average monthly rental outgo in city-limit areas is INR 18,500. For five years, this equals nearly INR 11.57 lakh (including standard rental escalation for this period). This is almost 27percent of the total average cost of a property in the peripheral areas. SEE ALSO: <a href="https://www.businessinsider.in/india/news/data-of-coronavirus-patients-state-wise-in-india/articleshow/74669748.cms">Coronavirus cases in India state wise</a> <a href="https://www.businessinsider.in/topic/coronavirus">Coronavirus News and Updates</a>

Work from home impacts real estate and housing choices

Realty major <keyword id="438918" type="UNKNOWN" weightage="100" keywordseo="Emaar-India">Emaar India</keyword> will invest Rs 2,000 crore over the next two years to complete all its ongoing 50 projects across the country, a top company official told <keyword id="6367495" type="COMPANY" weightage="20" keywordseo="PTI">PTI</keyword>. Dubai-based <keyword id="83201" type="CITY" weightage="20" keywordseo="Emaar-Properties">Emaar Properties</keyword> entered the Indian real estate markin 2005 in partnership with India's MGF Development and invested Rs 8,500 crore through the joint venture firm <keyword id="44918" type="COMPANY" weightage="20" keywordseo="EMAAR">Emaar</keyword> MGF Land. In April 2016, Emaar <keyword id="53077" type="COMPANY" weightage="20" keywordseo="Properties">Properties</keyword> announced its decision to end the 11-year-old JV through demerger. Since then, its Indian venture Emaar India is focusing on execution of ongoing projects, according to PTI. "Our focus in on delivery. We are putting in place all components required to complete our ongoing projects. We have increased the number of labourers on sites to over 10,000 from 1,000 a year ago," Emaar India CEO Sanjay <keyword id="35" type="PERSON" weightage="20" keywordseo="Malhotra">Malhotra</keyword> told PTI. The company has about 50 ongoing projects in Gurgaon, Jaipur, Lucknow, Mohali and Chennai comprising about 10,000 housing units. "We have got completion certificates for 2,000 apartments since July last year and these units are being handed over to customers. We are targeting to hand over all 10,000 units in the next two years," Malhotra said. Asked about investment, he said the company will infuse Rs 1,000 crore each in the current and next financial year on construction. Emaar India's CEO said the company has raised Rs 2,500 crore debt in last one year, of which about Rs 1,500 crore was used to replace costlier debt and rest on construction. The company currently has a debt of about Rs 5,000 crore. It would be raising more debts for construction purpose but there would be no equity infusion from parent Emaar Properties. Emaar India has brought in a new project management team to expedite projects. The uncertainty over the JV delayed execution of projects. On unsold stocks, Malhotra said the company does not have much unsold inventories. "We will be having unsold stocks of about Rs 600-700 crore, mostly on <keyword id="6385900" type="UNKNOWN" weightage="20" keywordseo="Dwarka-Expressway">Dwarka Expressway</keyword> in Gurgaon," he said. In line with market trend, the company has cut price by 10-15 per cent in projects on Dwarka Expressway to clear unsold stocks. Asked about new launches, Malhotra said the company could launch one or two projects later this year depending on the market condition. Considering the current slow market condition, he said the company "will make what we can sell". The demand currently is for apartments of lower ticket size, he said. Real estate market, especially housing sector, is facing a multi-year demand slowdown that has led to significant delays in delivery of projects and forced consumers to protest and even file legal cases. On the demerger, Malhotra said he expects the process to be completed by the end of this year. Emaar Properties had in April last year said it has "agreed to take steps for the reorganisation of Emaar MGF Land by way of scheme of arrangement (demerger)". The reorganisation was being done for greater focus on its Indian operations and for the purpose of developing the potential for further growth and expansion of the business, it had said then. The projects and land bank have been divided between the two partners. Emaar India has a land bank of 6,000 acres for future developments.

Emaar India to invest Rs 2,000 cr in 2 years to complete projects

<keyword id="6357824" type="General" weightage="20" keywordseo="sales" source="Orion">Sales</keyword> of <keyword id="47359" type="General" weightage="20" keywordseo="apartments" source="Orion">apartments</keyword> across seven <keyword id="480949" type="General" weightage="20" keywordseo="major-cities" source="Orion">major cities</keyword> are estimated to rise by 20 per cent to around 2.6 lakh units, the highest since 2008, on better demand, according to JLL India. Sales stood at 2,15,621 units in the last calendar year in Delhi-NCR, Mumbai, Chennai, Kolkata, Hyderabad, Bengaluru and Pune. Real estate consultant JLL India on Thursday said sales in the first nine months of 2023 reached 1,96,227 units as against 1,61,575 units in the year-ago period. Only apartments are covered in the report while <keyword id="4454413" type="General" weightage="20" keywordseo="row-houses" source="Orion">row houses</keyword>, <keyword id="46887" type="General" weightage="20" keywordseo="villas" source="Orion">villas</keyword>, and plotted developments are excluded. Mumbai includes Mumbai city, Mumbai suburbs, Thane and Navi Mumbai. In 2024, the consultant expects residential sales to be around 2,90,000 to 3,00,000 units on the back of robust demand and quality launches. "Despite the increase in home loan interest rates and <keyword id="72248" type="General" weightage="20" keywordseo="rising-prices" source="Orion">rising prices</keyword>, the overall sentiment in the domestic housing market remains positive, with homebuyers maintaining an upbeat attitude towards purchasing homes. "In 2023, residential sales are expected to surpass 2,60,000 units and launches 2,80,000 units to reach a historic high post-2008," Samantak Das, Chief Economist and Head of Research, India at JLL, said. Commenting on the report, Akhil Saraf, founder of HDFC Capital-backed Reloy, said the real estate industry has undergone a comprehensive transformation in recent years, encompassing regulatory changes and a shift in the mindset of both suppliers and consumers. Reloy helps builders in generating referral sales. "Developers are increasingly adopting a customer-centric approach, focusing on meeting the specific needs and demands of homebuyers. This renewed focus has bolstered confidence among potential buyers, reaffirming real estate as a viable asset class," Saraf added. Pradeep Aggarwal, Chairman of realty firm Signature Global, said the real estate sector has witnessed an impressive surge this year across major cities, including Delhi-NCR. "In areas like Dwarka Expressway, New Gurugram, South of Gurugram (Sohna) and SPR (Southern Peripheral Road), residential demand has seen a significant upswing, driven by a keen interest from buyers towards mid-housing and massive infrastructure development in these locations," Aggarwal said. Construction and real estate firm BCD Group MD Angad Bedi said the real estate sector has demonstrated remarkable resilience in 2023 despite uncertainties related to the global recession and rising interest rates.

Sales of apartments in top 7 cities may rise 20 pc to 2.6 lakh units this year: Report

India’s tech hubs see property prices zoom by around 30%

<ul><li>In Q2 2023, Kolkata saw the highest housing <keyword id="2345162" type="General" weightage="20" keywordseo="price-surge" source="Orion">price surge</keyword> annually among the top eight Indian cities at 15%. </li><li>The upcoming <keyword id="36208" type="General" weightage="20" keywordseo="festive-season" source="Orion">festive season</keyword> will help in further boosting the sales and sustain the momentum through the start of 2024.</li><li>Delhi NCR's unsold inventory decreased by 7% when compared to the same period in the last fiscal. </li></ul><keyword id="35281" type="General" weightage="20" keywordseo="residential-property" source="Orion">Residential property</keyword> rates in the leading eight urban centres of India surged by 7% year-on-year (Y-o-Y) driven by strong demand for housing supported by ongoing favourable attitudes among <keyword id="185169" type="General" weightage="20" keywordseo="homebuyers" source="Orion">homebuyers</keyword> and consistent interest rates, according to a report by Colliers, CREDAI and Liases Foras. The report also revealed that the city of joy, Kolkata, saw the biggest spike in the compared period. With a consistent aspiration for owning homes and stable interest rates, along with an increase in disposable incomes, the demand for housing is set to steadily expand, even in the face of global economic challenges. Given the rising desire for larger <keyword id="525790" type="General" weightage="20" keywordseo="living-spaces" source="Orion">living spaces</keyword>, <keyword id="6357020" type="General" weightage="20" keywordseo="developers" source="Orion">developers</keyword> persist in launching upscale projects, resulting in an upward trend in housing prices for properties still under construction in cities like Kolkata, Hyderabad, Delhi NCR, and Bengaluru. Says Boman Irani, President of CREDAI National , “We’re witnessing record breaking numbers due to the pent-up demand from covid and despite the price rise, we expect this trend to continue for the rest of the fiscal year – on the back of a relatively stabilised repo rate and lending ecosystem. Additionally, the upcoming festive season will help in further boosting the sales and sustain the momentum through the start of 2024.” <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">City </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Average Price Q2 2023(₹/sq ft) </td><td colspan="2" style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">QoQ Change </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Y-o-Y Change </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ahmedabad </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">6,507 </td><td style="border-left:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">3% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bengaluru </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">8,688 </td><td style="border-left:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chennai </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">7,653 </td><td style="border-left:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">3% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">6% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Delhi NCR </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">8,652 </td><td style="border-left:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">3% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">14% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hyderabad </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">10,530 </td><td style="border-left:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">1% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">13% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kolkata </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">7,315 </td><td style="border-left:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">1% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">MMR </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">19,111 </td><td style="border-left:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pune </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">8,540 </td><td style="border-left:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">11% </td></tr></tbody><tbody></tbody><tbody></tbody></table>Source: Liases Foras, Colliers All the prices are based on carpet area <cmsannotation type="cmsannotation" annotationid="Kolkata sees the highest price rise" comment="subhead" text="Kolkata sees the highest price rise">Kolkata sees the highest price rise</cmsannotation> In Q2 2023, Kolkata saw the highest housing price surge among the top eight Indian cities at 15% when compared to the same period last financial year, continuing a seven-quarter upward trend. This rise is due to increased demand, driven by government incentives like a 2% stamp duty reduction and a 10% lower circle rate extension until September 2023. In the same quarter, Delhi NCR followed closely with a 14% Y-o-Y increase. Notably, Golf Course Road and Dwarka Expressway witnessed remarkable price rises at 46% and 40% respectively. Golf Course Road's prices outpacing Delhi's in Q2 2023 can be attributed to improved connectivity and proximity to Gurugram's commercial hubs, spurring higher demand for homes. <cmsannotation type="cmsannotation" annotationid="Delhi NCR the only city where unsold inventory drops" comment="subhead" text="Delhi NCR the only city where unsold inventory drops">Delhi NCR the only city where unsold inventory drops</cmsannotation> Delhi NCR's unsold inventory decreased by 7% Y-o-Y, making it the sole city across India to experience such a decline, showcasing sustained healthy market dynamics. This trend of decreasing unsold inventory has continued for the last two quarters in Delhi NCR, indicating positive consumer buying sentiment. Conversely, driven by a surge in new project launches, especially in the Northwest suburb of Ahmedabad and the Southwest micro market in Hyderabad, both cities saw a rise in unsold inventory by 26% and 24% respectively Y-o-Y. Despite this increase, housing prices in both cities have consistently shown an upward trajectory over the past few quarters.

Housing prices surge 7% across top eight metros; Kolkata the unlikely topper

While there are nearly 5.68 lakh houses under various stages of construction in Delhi-NCR, any kind of periodic ban on construction by different agencies can only delay the projects, adding to the woes of the buyers. The maximum number of under-construction units is in <keyword id="18858" type="General" weightage="80" keywordseo="noida" source="Orion">Noida</keyword> and Greater Noida areas, accounting for nearly 2.70 lakh units, as per an estimate. On average, a one-month ban on all construction activity delays a project by at least 3-4 months, according to research by <keyword id="4695749" type="General" weightage="80" keywordseo="anarock" source="Orion">Anarock</keyword> consultants. As per the research, the areas in Delhi-NCR with the maximum under construction units presently include Greater Noida West, Yamuna Expressway, New Gurugram, Noida Expressway, Dwarka Expressway, Central Noida, Sector 150 (Noida), <keyword id="1464478" type="General" weightage="50" keywordseo="greater-faridabad" source="Orion">Greater Faridabad</keyword>, <keyword id="15299315" type="General" weightage="50" keywordseo="raj-nagar-ext" source="Orion">Raj Nagar Ext</keyword> (Ghaziabad), Sohna and Golf Course Ext Road. These areas together have more than 4 lakh units that are currently under various stages of construction. Greater Noida West alone has more than 1.37 lakh under-construction units currently. The air quality in Delhi-<keyword id="53426" type="General" weightage="100" keywordseo="ncr" source="Orion">NCR</keyword> has turned poor and heavy smog has started engulfing the region. This year too, to battle pollution, an action plan has been rolled out in advance, mandating that if the pollution levels breach certain levels (i.e., Stage III or 'severe'), authorities will have to enforce a ban on construction and demolition activities in NCR, except on essential projects (like railways, metros, airports, ISBTs, national security/defence-related projects of national importance). Apart from this, the construction of projects also gets hampered due to protests on the issue of land compensation. The Anarock research said that being periodic, the impact of these construction bans on overall property prices is almost negligible. Moreover, real estate prices in most cities are not so much a function of environmental concerns as of accessibility, proximity to the city centres or major employment hubs, urban mobility via various modes of public transport, and affordability. In Mumbai too, the city perennially experiences floods during monsoon, yet property prices remain steady. In fact, in the last two-and-a-half years since the pandemic, the Mumbai Metropolitan Region (MMR) has been the most active in terms of both new supply and new launches. As for Delhi-NCR, the region too has been very active. While developers restricted new supply, housing sales have been significant. In fact, the region has shed at least 23 per cent of its unsold stock in the last 2.5 years since the pandemic. Back in Q1 2020-end, the overall unsold stock in Delhi-NCR stood at 1.73 lakh units which have reduced to a little over 1.32 lakh units as of Q3 2022-end, said the Anarock research. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/huge-hike-in-airfare-from-delhi-mumbai-to-patna/articleshow/94961347.cms">Huge hike in airfare from Delhi, Mumbai to Patna</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/nissan-x-trail-premium-suv-to-launch-in-india-features-specs-and-everything-you-need-to-know/slidelist/94961171.cms">Nissan X-Trail premium SUV to launch in India – features, specs and everything you need to know</a>

Delhi-NCR: 5.68L houses under construction; periodic bans add to buyers' woes

<ul><li>On June 27, swarms of locusts were seen in several parts of Gurugram and on the Gurugram-Dwarka expressway near the <keyword id="89772" type="LOCATION" weightage="20" keywordseo="Indira-Gandhi-International-Airport">Indira Gandhi International Airport</keyword>, Delhi. </li><li><keyword id="9474774" type="COMPANY" weightage="20" keywordseo="the-delhi-air-traffic-control">The Delhi Air Traffic Control</keyword> (ATC) also directed pilots and airlines to take the necessary landing and take-off precautions. </li><li>The Delhi Environment Minister Gopal Rai has now called for an emergency meeting to tackle the situation. </li><li>A square kilometer of locust swarm containing around 40 million locusts can eat as much food as 35,000 people would in a day. </li><li>This is a first for Gurugram, the city has never been through a locust attack before. </li></ul>On June 27, swarms of locusts were seen in several parts of Gurugram and on the Gurugram-Dwarka expressway near the Indira Gandhi International Airport, Delhi. The Delhi Air Traffic Control (ATC) also directed pilots and airlines to take the necessary landing and take-off precautions. "Pilots of all airlines have been warned about <keyword id="8449878" type="COMPANY" weightage="20" keywordseo="The-Locust">the locust</keyword> seen near the airport, we have set up a team to monitor in view of the locust," a senior ATC official told ANI. <div type="image" title="682ee1ca23c77c32cd63345d1dd7d03b" msid="76660920" hostid="261"></div> The Delhi Environment Minister Gopal Rai has now called for an emergency meeting to tackle the situation. "After the emergency meeting, an advisory will be issued on steps to be taken to deal with the situation," Rai said. The officials from the agriculture department are now being asked to visit the areas near to Gurugram. The dark clouds of locusts covered several parts of the national capital region today - including Rajendra Park of sector 5, Surat Nagar, Dhanwapur, Palam Vihar, Maruti factory in sector 18, DLF phase 1 and other places in old and new Gurugram, IANS reported. <div type="image" title="a2b98ef6add9e94bf19b026a1b2c525d" msid="76660947" hostid="261"></div> This insect, which is more of a grasshopper, can eat more than its actual body weight. A square kilometer of locust swarm containing around 40 million locusts can eat as much food as 35,000 people would in a day. According to PTI, the district administration has issued guidelines for the residents, asking them to stay indoors. The residents in the affected areas are now speaking through the loudspeakers to keep the locusts away. "The swarms moved from west to east. They entered Gurugram around 11.30 am," K L Gurjar of the Locust Warning Organisation, Ministry of Agriculture, told IANS. However, the locust clouds are reportedly approaching South Delhi now. <div type="image" title="ea5704607cfea3599e6386fe0bb66265 (1)" msid="76660950" hostid="261"></div> This is a first for Gurugram, the city has never been through a locust attack before. The locust attacks first happened in May this year. The <keyword id="7710870" type="UNKNOWN" weightage="20" keywordseo="Desert-locust">desert locust</keyword> outbreak destroyed crops - spreading across Rajasthan, Punjab, Gujarat, Maharashtra and Madhya Pradesh. The state administrations are now using special vehicles and fire engines to spray insecticides across the northern part of India. Previously, it has happened in remote areas of Gujarat. With inputs from PTI

Swarms of locusts blanket India’s national capital region — pilots and airlines alerted ahead

New Delhi, Dec 2 () The Centre is working on road projects worth Rs 50,000 crore to decongest the national capital and this will help reduce pollution in the city, Union minister Nitin Gadkari said in the Rajya Sabha on Monday.
 "We are working on road projects worth Rs 50,000 crore for Delhi," he said.
The Centre is developing Dwarka Expressway with a cost of Rs 10,000 crore and also a dedicated road to connect Delhi airport from Dhaula Kuan, he said, adding that more spots been identified for decongestion.
"Pollution will be less in Delhi in the coming years," the road, transport and highways minister said.
Replying to a query on delay and cost overrun on highway projects, Gadkari said the government has found a solution for projects which were delayed because of land acquisition, clearances and other issues.
"Now, the speed has increased. Once upon a time it was Rs 2 km per day and now it is Rs 30 km per day... We do not have any financial problem," he said.
In a written reply, he informed the House that 5,126 km highway has been constructed till October in 2019-20. In 2018-19, 10,855 km highways were constructed.
"The revised normative costs for different categories of national highways were issued by Ministry of Road Transport and Highways in 2018-19 according to which the cost of construction of 2-lane highways is Rs 3.71 crore/km for plain terrain and Rs 10.11crore/km for hilly terrain. 
 "However, the actual cost would depend on site-specific requirements, number of bridges/culverts, soil conditions, etc," he added. MJH ANU

Projects worth Rs 50,000 cr underway to decongest Delhi roads : Gadkari

New Delhi, Dec 17 () Efforts are on to bolster the economy and create five crore jobs, Union Minister Nitin Gadkari said on Tuesday.
 The government is according high priority to the economy but at the same time, security issues are also important and the government cannot work in "silos", the minister said at the Agenda Aaj Tak 2019 here.
 The road transport, highways and MSME minister said situation is challenging but the Indian economy, which is the fastest-growing economy, will progress fast.
 "The mission is to create five crore jobs... We are giving attention to the economy. Developing infrastructure, rural agriculture and tribal development is also our priority," Gadkari said.
 In reply to a question, Gadkari said, "There is an integrated approach. India's economy is important but security is also important... The government has to work on various subjects at a time. We are giving attention to the economy. Developing infrastructure, rural agriculture and tribal development is equally important," he said.
 He added that the government does not run in silos and has to take care of all aspects.
 The minister said comprehensive plans are on to develop MSMEs that account for 29 per cent of the growth.
 On the highways front, the minister said that work worth Rs 17 lakh crore will be done in five years, including projects worth Rs 2 lakh crore by March and Rs 3 lakh crore in the next year.
 "Highways and shipping combined had witnessed work worth Rs 17 lakh crore during the previous five years," he added.
 About accidents, he said that unfortunately, these could not be reduced despite a number of steps but efforts are on including Rs 14,000-crore projects funded by the World Bank and the Asian Development Bank to correct highways designing.
 India accounts for 5 lakh accidents per annum in which 1.5 lakh people are killed.
 He said the country needs 22 lakh more drivers and efforts are on to establish driving training institutes and lamented that about 30 per cent of the driving licensees are bogus in the country.
 About highway projects, he said these include Rs 1.30-lakh crore Delhi-Mumbai Expressway, Rs 10,000 Dwarka expressway and Rs 50,000 crore worth of projects to decongest Delhi.
 In reply to a political question about the government in Maharashtra, he said the alliance there was "unnatural" and would be short-lived.
 Participating in the event, Commerce and Railways Minister Piyush Goyal said the country has got an industrious Prime Minister in Narendra Modi who involves himself in discussions on issues but the Prime Ministers' Office (PMO) never interferes in the decision-making process.
 He said that in the past over 5 years, there has been no interference from the PMO. NAM NAM HRS

Mission to create 5 cr jobs; govt taking steps to boost economy: Gadkari

Everyone wants a house in Delhi. And while buying a property in the main city has been a distant dream for many, real estate developers suggested that the property prices across the city has dipped in the past two years. 
	 
	“Residential property prices in several areas of Delhi having declined by 10-20% in 2013 and then stabilized in 2014. Fence-sitters are watching the market movements to determine if prices will slide further,” said Santhosh Kumar, international director at JLL India. 
	 
	He added, “Residential prices in established locations of South and Central Delhi such as Vasant Vihar, Defence Colony, Jor Bagh and Golf Links saw a decline of 15-20% in 2013 and remained at those levels in 2014. A correction in prices was also observed in areas like Westend, Shantiniketan, Prithviraj, Aurangzeb Road and Amrita Shergill Marg, but in a lower range of 10-15%.” 
	 However, property prices in <keyword id="6361586" type="COMPANY" weightage="20" keywordseo="Gurgaon">Gurgaon</keyword> and <keyword id="18858" type="COMPANY" weightage="20" keywordseo="Noida">Noida</keyword> remained stable last year. According to market players, the supply in this market has been more than the demand, which has resulted in excess inventory. “A bad economy made property buyers cautious in their purchases. The consumer sentiment was down coupled with high interest rates. All tthis resulted in a sluggish demand,” said Sunil Singh, a property broker in the region. In order to boost the demands, developers have been doling out heavy discounts on their projects. 
	 
	 Interestingly, the prices in areas such as Neemrana, Sohna and Delhi’s J and L zones recorded an increase of 15% to 35% last year. This is in contrary to the negative market dynamics and the stagnant property prices in Delhi and NCR. “The only exception to the appreciation observed in these locations was Yamuna Expressway, which remained stable. However, low land prices and development potential continue to help Yamuna Expressway remain an attractive destination for investors” added Kumar. 
	 
	BI India shares some tips offered by Kumar for home buyers interested in investing in Delhi and NCR. 
	 
	South and Central Delhi 
	 
	According to Kumar, if you are interested in buying an apartment in South and Central Delhi, then 2015 is a great time to do so. “The next six months are likely to witness an increase in developers’ pain; persistent negotiation can result in excellent deals,” said Kumar. 
	 
	Gurgaon and Noida 
	 According to market players, <keyword id="20486" type="UNKNOWN" weightage="20" keywordseo="Golf-course">Golf course</keyword> road in Gurgaon is the next upcoming area apart from Sohna Road and Dwarka Expressway. However, in Noida, Kumar has advised property investors and home buyers to invest in projects in Noida-Greater Noida Expressway and Noida City, that are being built by developers with proven credibility. 
	 
	Delhi J and L zone 
	 
	For the ultra rich property buyers, buying or developing farmhouses or townhouses is a good option. “However, due diligence highly advised for buyers,” noted Kumar.

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