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<keyword id="6358070" type="General" weightage="100" keywordseo="mumbai" source="Orion">Mumbai</keyword>, <keyword id="13749453" type="General" weightage="20" keywordseo="housing-sales-in-mumbai" source="Orion">Housing sales in Mumbai</keyword> are likely to cross Rs 1 lakh crore this calendar year and may breach the Rs 2 lakh crore-mark in 2030 on rising demand, according to a report. Realtors body <keyword id="6404896" type="General" weightage="80" keywordseo="naredco" source="Orion">Naredco</keyword>'s Maharashtra chapter and property consultant JLL India on Friday released a report "Unlocking Opportunities with Infrastructure Development" here. The report noted that Mumbai maintains its position as one of India's largest residential markets, contributing 40 per cent to the total residential sales value in the country. In number of units, the Mumbai market accounts for 25 per cent of total sales volume across seven cities. "The market has witnessed a strong recovery in sales with 2022 surpassing 2018 both in terms of sales value and sales volume," the report said. In 2023, sales of residential units in Mumbai are expected to increase further. "Residential sales value is likely to breach the Rs 1 lakh crore mark." Sales would breach the Rs 2 lakh crore mark in 2030, the consultant estimated. Mumbai witnessed sales of Rs 90,552 crore during the 2022 calendar year and Rs 50,075 crore in the first half of this calendar year. Pre-Covid, the housing sales in Mumbai stood at Rs 60,928 crore in 2019 and Rs 66,820 crore in 2018. Mumbai city has demonstrated a robust recovery in 2022, witnessing an increase in both sales value and volume. "Maharashtra is amid a remarkable transformation driven by the visionary approach of its government towards infrastructure development. The opportunities that lie before us are boundless, and it is our shared responsibility to harness them, for the betterment of the state and the advancement of the real estate sector," Sandeep Runwal, President of NAREDCO Maharashtra and MD of Runwal Developers, said. Karan Singh Sodi, Senior Managing Director, Mumbai, MMR, India, JLL, said individuals have a preference for staying close to office markets. "Owing to this, residential clusters in proximity to office markets have flourished and attracted steep prices whereas those with limited connectivity have trailed," Sodi said. During the past three years, Mumbai's housing market, particularly in the luxury segment, has demonstrated a consistent upward trajectory, Ashwin <keyword id="297510" type="General" weightage="50" keywordseo="chadha" source="Orion">Chadha</keyword>, CEO of India Sotheby's International Realty, said. "The surge in demand has propelled both supply and prices, leading to an anticipated expansion in market size," Chadha said.

Housing sales in Mumbai likely to cross Rs 1 lakh cr this year: Naredco-JLL

New Delhi, <keyword id="1390483" type="General" weightage="20" keywordseo="Housing-sales" source="Orion">Housing sales</keyword> rose 8 per cent annually during the April-June period to 80,250 units across eight major cities, mainly on increased demand in Mumbai and Pune, according to PropTiger. Sales stood at 74,320 units in the year-ago period across primary (fresh sales) residential markets of the top eight cities. The housing brokerage firm on Wednesday released its Real Insight Residential - April-June 2023 report, stating that housing sales rose in three cities Mumbai, Pune and Ahmedabad but declined in other five major cities -- Delhi-NCR, Bengaluru, Hyderabad, Chennai and Kolkata. "India's top eight residential markets continue on a growth path. The RBI's decision to pause the hike in the key lending rate helped in sustaining strong positive sentiments for buying residential properties," Vikas Wadhawan, group CFO of REA India, said. PropTiger, Housing.com and Makaan.com platforms are owned by REA India, which is part of Australian firm REA, and News Corp. "The driving factors behind the uptick in housing sales over the last two years are pent-up demand from the COVID-affected period, growing appetite for home ownership, revival in the economy post-pandemic, and the evolving need for more spacious homes," he said. As per the data, housing sales in Ahmedabad increased 17 per cent to 8,450 units during the April-June period to 7,240 units in the year-ago period. Bengaluru saw a 19 per cent decline in sales to 6,790 units from 8,350 units while Chennai witnessed a 5 per cent fall to 3,050 units from 3,210 units. Housing sales in Delhi NCR fell 28 per cent to 3,230 units from 4,510 units. Hyderabad too witnessed a 3 per cent drop in demand to 7,680 units from 7,910 units. Housing sales in Kolkata decreased 40 per cent to 1,940 units from 3,220 units. Mumbai Metropolitan Region (MMR) saw a 16 per cent increase in sales to 30,260 units during April-June period from 26,160 units in the year-ago period. In Pune, sales increased 37 per cent during April-June to 18,850 units from 13,720 units in the corresponding period of the previous year. Delhi-NCR market includes Gurugram, Noida, Greater Noida, Ghaziabad and Faridabad while MMR includes Mumbai, Navi Mumbai and Thane. REA India Head of Research Ankita Sood noted that MMR and Pune contributed 61 per cent to total housing sales across 8 cities. Demand in localities such as Thane West and Dombivali in Mumbai and Charholi Budruk and Hadapsar in Pune have been high, she said. In terms of new housing supply, PropTiger reported that launches increased 11 per cent to 1,13,770 units during the April-June from 1,02,140 units in the corresponding period of the previous year.

Housing property sales in Bengaluru, Delhi sees a decline but Mumbai, Pune maintain pace

Housing sales drop 11% in top 7 Cities in Q3 2024: Here’s what you need to know!

<ul><li>As many as 16,100 new units in the <keyword id="457183" type="PERSON" weightage="20" keywordseo="luxury-housing">luxury housing</keyword> segment have been launched in India. </li><li>These include launches in top cities including Bangalore, Hyderabad, Pune, Mumbai Metropolitan Region(MMR) and the National Capital Region (NCR). </li><li>Most of these were launched in the range of ₹ 1.5 Crore to ₹2.5 Crore at 9,940 units. </li><li>The housing sales in 2018 increased by 15% in the west and 20% in the southern cities in India with new launches up by 77%.</li></ul>Indian builders are betting on the rich, even when things are not going. Since <keyword id="3315394" type="PERSON" weightage="20" keywordseo="demonetisation">demonetisation</keyword>, the luxury housing supply has more than tripled. As many as new 16,100 luxury housing units since 2017 in cities like Bangalore, Hyderabad, Pune, <keyword id="6361772" type="LOCATION" weightage="20" keywordseo="mumbai-metropolitan-region">Mumbai Metropolitan Region</keyword> (MMR) and the National Capital Region (NCR), according to ANAROCK Property Consultants. Such homes start at ₹1.5 crore and can go over ₹2.5 crore. This is a significant upsurge in new supplies, as compared to 5,240 units 2017. In 2018, the supply increased by 40% at 7,350 units. What is surprising is that 46,200 luxury homes still unsold which cost anywhere between of ₹1.5 to ₹2.5 crore. Yet, builders believe that the market has a lot of juice. In 2019, as many as 9,940 units have been launched. Bangalore and Hyderabad launched 1,970 ultra-luxury units which cost ₹2.5 crore and above. Even as the Indian housing sales are rebounding from their three year lull, the most homes which are being sold are in the affordable range, a<a href="https://economictimes.indiatimes.com/industry/services/property-/-cstruction/housing-sales-in-southern-cities-higher-than-north-and-west-india-in-2018-anarock/articleshow/67939424.cms">ccording to</a> Anarock. The housing sales in 2018 increased by 15% in the west and 20% in the southern cities in India with new launches up by 77%.

Luxury housing rebounds in India with almost three times more launches after two years

<ul><li>India’s real estate market witnessed a 20% quarterly drop in housing sales across seven cities, according to <keyword id="4695692" type="PERSON" weightage="20" keywordseo="ANAROCK-Property-Consultants">ANAROCK Property Consultants</keyword>. </li><li>The new launches also fell by a third of the total launches during the second quarter — from 69,020 units to 45,230 units. </li><li>Among the seven cities, Hyderabad saw a major decline in housing sales at 26%. </li><li><keyword id="6361772" type="LOCATION" weightage="20" keywordseo="mumbai-metropolitan-region">Mumbai Metropolitan Region</keyword> (MMR) and Bengaluru recorded maximum sales at 17,180 and 10,500 units, respectively.</li></ul>India’s real estate market witnessed a 20% quarterly drop in housing sales across seven cities, according to ANAROCK Property Consultants. As per the report, housing sales slumped from 68,600 units in the second quarter of 2019 to 55,080 units in the third. This may be attributed to the failed site visits due to heavy rainfall, ban on subvention schemes and the ongoing ‘shraadh’ period — which is considered inauspicious in some parts of the country. Also called Pitru Paksha, this period which lasts for 12-15 days is when Indians pay homage to their deceased ancestors and do not make any purchases during the period. Due to the slowdown, Indian builders are holding back new launches. They fell by a third of the total launches during the second quarter — from 69,020 units to 45,230 units. While on year-on-year basis, the housing sales declined by 18%. “The decline in new supply and housing sales in this quarter was expected as both homebuyers and developers remained cautious and risk-averse. The slew of economy-boosting measures by the government to spur growth across sectors will very likely give the housing sector a leg-up in the festive season and the ensuing quarters,” said Anuj Puri, Chairman of ANAROCK Property Consultants. Among the seven cities, Hyderabad saw the most decline at 26%. On the contrary, Kolkata witnessed sales of 3,120 units, with the least decline in sales. It also registered a 19% rise in new launches during the third quarter — at 3,130 units. Mumbai Metropolitan Region (MMR) and Bengaluru recorded maximum sales at 17,180 and 10,500 units, respectively. “Housing is intensely sentiment-driven and we expect the numbers to improve significantly going forward. Most importantly for the sector, we are seeing a gradual revival of investor confidence. The recent corporate tax cut will spur investments from both domestic and foreign investors – the real need of the hour,” Puri explained. However, the demand for affordable housing continues to rise, accounting for over 40% of the total new launches during the third quarter. See also: <a href="https://www.businessinsider.in/luxury-housing-rebounds-in-india-with-almost-three-times-more-launches-after-two-years/articleshow/70584923.cms">Luxury housing rebounds in India with almost three times more launches after two years</a> <a href="https://www.businessinsider.in/property-prices-in-three-big-indian-cities-may-fall-due-to-millions-of-jobs-lost-in-the-auto-sector/articleshow/70973886.cms">Property prices in three big Indian cities may fall due to millions of jobs lost in the auto sector</a> <a href="https://www.businessinsider.in/mumbai-tardeo-is-the-most-expensive-housing-locations/articleshow/71057943.cms">Get ready to shell out ₹56,000 per square foot if you want to stay in Mumbai’s Tardeo area</a>

Not just slowdown, Indian homes sales are brought down by 'Shraadh' custom and heavy rains

New Delhi, Jan 14 () Housing sales declined 30 per cent during the third quarter of this fiscal year to around 64,000 flats across nine major cities on poor demand amid economic slowdown, according to a PropTiger's report.
 Sales in the residential property market fell 13 per cent to 2,63,294 units during the first nine months of this fiscal as against 228,220 units in the corresponding period of the previous year.
 In its 'Real insight Q3FY20' report, the News Corp-backed company said that housing sales across nine cities fell 30 per cent during the October-December quarter despite the government launching several measures in the recent past to revive buyer sentiment. 
 Compared to 91,464 units sold during the quarter last year, only 64,034 homes were sold across the nine markets in Q3 this year.
 PropTiger, which recently raised USD 70 million funds from News Corp and its Australian group firm REA, tracks property markets of Ahmedabad, Bengaluru, Chennai, Gurugram (including Bhiwadi, Dharuhera and Sohna), Hyderabad, Kolkata, Mumbai (including Navi Mumbai and Thane), Pune and Noida (including Greater Noida and Yamuna Expressway).
 "The various measures launched by the government in the recent past to revive growth in the real estate market seem to have made little impact," said Dhruv Agarwala, Group CEO of Elara Technologies that owns Housing.com, Makaan.com and Proptiger.
 "Considering real estate is a major contributor to overall gross domestic product (GDP), which hit a glacial 4.5 per cent rate of growth in the July-September period, we expect further assistance from the government, which would nudge buyers to invest in real estate," he added.
 According to the data of each of the nine cities, Bengaluru registered a 50 per cent fall in sales numbers at 5,155 units.
 Hyderabad saw 44 per cent dip in sales at 4,372 units, followed by Pune that witnessed 39 per cent fall at 11,946 units. Housing sales in Noida declined 38 per cent to 2,830 units, Chennai and Kolkata, both cities, reported 33 per cent fall at 3,015 units and 2,566 units, respectively.
 Housing sales in Mumbai dropped by 18 per cent to 25,198 units and 14 per cent in Ahmedabad at 5,118 units.
 Gurugram in the Delhi-NCR market was least affected with 6 per cent dip in sales to 3,834 units during the October-December quarter of 2019-20 fiscal year.
 PropTiger report also mentioned that unsold inventories declined by 3 per cent during the third quarter at 7,97,723 units from 7,74,860 units at the end of September 2019.
 "At the current sales velocity, builders would take 29 months to sell off the existing stock," it added.
 Average values of property increased by 13 per cent year-over-year in Hyderabad, the highest increase among all the cities included in the report, while Gurugram and Ahmedabad registered 6 per cent and 5 per cent increase, respectively. 
 In other cities, prices showed only nominal increases, between one and three per cent. MJH ANS
ANS

Housing sales across 9 major cities drop 30 pc in Q3

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

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

<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

New Delhi, Apr 7 () Housing sales fell 29 per cent during January-March period across seven major cities to 27,451 units while the value of unsold inventories swelled to Rs 3.65 lakh crore as buyers postponed their buying decisions amid COVID-19 outbreak, according to JLL. The sale of residential units decreased by 29 per cent to 27,451 units in the Q1 of 2020 calendar year as against 38,628 units in the year-ago period. "The economic slowdown aggravated by the ongoing health crisis is manifesting itself in the form of a hit to sales with buyers postponing their purchase decisions," JLL India said in its quarterly report. This was the second largest dip in residential sales in the last five years, after Q1 2017, when the market witnessed a 37 per cent fall in sales due to demonetisation, it added. The sales declined in all the seven major cities. Bengaluru saw the maximum fall of 52 per cent at 4,186 units. Housing sales in Mumbai declined 19 per cent to 6,857 units, while Chennai recorded an 8 per cent fall at 2,453 units. Delhi-NCR and Pune recorded 18 per cent dip at 5,941 units and 3,728 units, respectively. Residential sales in Kolkata dropped 35 per cent to 1,259 units while 41 per cent fall was seen in Hyderabad at 3,027 units. The first quarter of 2020 witnessed an increase in unsold inventory as launches outpaced sales by a significant margin. New launches were up by 3 per cent at 40,574 units. Unsold inventory increased from 4,42,228 units in Q4 2019 to 4,55,351 units in Q1 2020. Moreover, Mumbai surpassed Delhi-NCR to become the market with the maximum quantum as well as value of unsold inventory. Across the top seven cities, developers are sitting on an unsold inventory worth Rs 3,65,100 crore at the end of March 2020. Mumbai has unsold stock of Rs 1,37,900 crore, while NCR has 81,300 crore and Bengaluru 64,000 crore. The COVID-19 pandemic is expected to weaken the GDP growth, which is seen falling below 5 per cent in FY 19-20 and potentially reaching 2008-09 levels in FY 20-21, said Ramesh Nair, CEO &amp; Country Head, JLL India. "However, the residential real estate market appears to be at an advantageous position today as compared to the global financial crisis, led by a series of structural reforms by the government in the past five-to-six years," Nair said. "When the COVID-19 scenario stabilises, factors such as better-priced deals, enhanced the financial health of banks and greater demand from end users will aid in improving buyer sentiment. Sales are expected to regain some traction towards the end of 2020 supported by the festive season during that period," he added. MJH ANSANS

Housing sales drop 29 pc in Jan-Mar; unsold stock touches Rs 3.65 lakh cr amid lockdown: JLL

New Delhi, <keyword id="19156935" type="General" weightage="20" keywordseo="Sales-of-Apartments" source="Orion">Sales of apartments</keyword> during the January-September period went up 21 per cent year-on-year to 1,96,227 units across seven major cities on better demand, according to property consultant JLL India. As many as 1,61,575 units were sold in the same period last year. Sales of apartments in January-September period of this year have already touched 91 per cent of 2022 annual sales. "With the onset of the festive season, robust sales are expected in the upcoming quarter and as a result, annual sales in 2023 are expected to surpass sales of 215,000 units recorded in the previous year," JLL India said in a statement on Monday. Across seven major cities, new launches of apartments also rose 21 per cent to 2,23,905 units during the first nine months of 2023 from 1,84,317 units in the year-ago period. The seven cities tracked were Delhi-NCR, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, and Pune. Mumbai includes Mumbai city, Mumbai suburbs, Thane city, and Navi Mumbai. JLL said the data includes only apartments and row houses, villas, and plotted developments are excluded from this analysis. "The prominent launches by branded developers saw good sales traction across all seven cities. Also, the consecutive fourth pause in policy rate by the RBI will have a positive impact on residential sales as financial institutions will maintain the home loan interest rates at the present levels," said Siva Krishnan, head, residential, India, JLL.

Sales of apartments in Jan-Sep up 21% to 1,96 lakh units in top 7 cities: JLL

New Delhi, June 25 () Housing sales are estimated to decline by 81 per cent to 12,740 units during April-June period of this calendar year due to COVID-19 pandemic and subsequent lockdown, property consultant Anarock said on Thursday. As many as 68,600 units were sold during April-June 2019 across seven major cities - Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, Bengaluru, Hyderabad, Chennai and Kolkata, Anarock said in a report. New launches may plunge by 98 per cent to only 1,390 units as against nearly 69,000 units in the corresponding period of 2019. "A massive drop in both new launches and housing sales were, of course, expected on the back of a complete lockdown for most of this quarter," Anarock Property Consultants Chairman Anuj Puri said. The nationwide lockdown was imposed on March 25 to curb the spread of coronavirus disease, bringing the construction as well as sales activities to a grinding halt. "Technology adoption has played a big role in housing sales of late, with many developers now strengthening their digital sales capabilities," he added. Housing sales are likely to fall by 83 per cent in Delhi-NCR to 2,100 units in April-June 2020 from 12,640 units during the corresponding period of the previous year, the report states. In the Mumbai Metropolitan Region (MMR), sales may drop by 83 per cent to 3,620 units from 21,360 units during the period under review. Sales in Bengaluru are seen at 2,990 units, a 77 per cent drop from 13,150 units. Pune can witness a drop of 79 per cent to 2,160 units from 10,490 units, while Hyderabad may see 85 per cent dip to 660 units from 4,430 units. Sales in Chennai are likely to fall by 84 per cent to 480 units from 2,990 units. Kolkata, too, is expected to see a 79 per cent dip to 730 units from 3,540 units. MJH SHW SHW

COVID-19: Housing sales may plunge 81pc in Apr-Jun; new launches to fall 98 pc, report

Enthused by strong housing demand, realty firm Godrej Properties Ltd has acquired 18 land parcels last fiscal for development of new projects with an estimated sales potential of around Rs 32,000 crore. Mumbai-based Godrej Properties, which is part of business conglomerate <keyword id="133008" type="General" weightage="20" keywordseo="godrej-group" source="Orion">Godrej Group</keyword>, had given a guidance that for future development it would add land parcels that have sales revenue potential of Rs 15,000 crore. However, the company's new business development, which means addition of new land parcels, jumped more than two-fold of annual guidance. Godrej Properties acquires land outrightly and also enters into joint development agreements (JDAs) with landowners to create a pipeline of future projects and expand its business. In a recent regulatory filing, the company presented its operational performance for 2022-23. Godrej Properties highlighted that it has added "18 new projects in FY23 with a total estimated saleable area of nearly 29 million square feet and total estimated booking value of around Rs 32,000 crore." In the fourth quarter of last fiscal, five new projects were added with an expected sales booking value of Rs 5,750 crore. Among big-ticket deals in FY23, the company acquired an 18-acre land parcel in Kandivali, Mumbai for Rs 750 crore to develop a luxury housing project with an estimated revenue potential of about Rs 7,000 crore. It also acquired legendary film actor, director and producer Raj Kapoor's bungalow at Chembur in Mumbai to develop a luxury housing project. In February last year, Godrej Properties Executive Chairman Pirojsha Godrej had said that the company would invest around Rs 7,500 crore over the next 12-18 months on the acquisition and development of new real estate projects. Sitting on a huge cash pile, Godrej Properties entered aggressively into the market to acquire land parcels. In the last fiscal, it purchased more land outrightly than signing JDAs with landowners. On operational front, Godrej Properties' sales booking rose 56 per cent last fiscal to Rs 12,232 crore -- an all-time high -- on strong demand for residential properties. Pirojsha Godrej attributed the strong growth in FY23 to its strong portfolio of projects across the country. For the first time, the company sold over Rs 2,000 crore of real estate in each of four focus markets of Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru and Pune. Out of the total sales bookings last fiscal, housing segment's contribution was 99 per cent. Pirojsha said the company look forward to building on this sales momentum in FY24. During 2022-23, sales volumes grew by 40 per cent to 15.21 million square feet from 10.84 million square feet in the previous year. The company delivered projects aggregating over 10 million sq ft across 5 cities in FY23. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/zepto-preps-for-public-listing-in-2-years-brings-in-ramesh-bafna-as-cfo-to-lead-ipo-process/articleshow/99514143.cms">Zepto preps for public listing in 2 years; Brings in Ramesh Bafna as CFO to lead IPO process</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rbis-mpc-decisively-in-a-rate-pause-territory-as-inflation-cools-down/articleshow/99497132.cms">RBI's MPC 'decisively' in a rate-pause mode as inflation cools down</a>

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