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New Delhi: Realty firm <keyword id="20847750" type="General" weightage="20" keywordseo="house-of-hiranandani" source="keywords">House of Hiranandani</keyword> will invest Rs 3,200 crore to redevelop five housing societies in <keyword id="19895282" type="General" weightage="20" keywordseo="mumbai" source="keywords">Mumbai</keyword>. The company has presence in <keyword id="19932542" type="General" weightage="20" keywordseo="mumbai-metropolitan-region" source="keywords">Mumbai Metropolitan Region</keyword> (MMR), Bengaluru, Hyderabad and Chennai. The company said it has signed additional redevelopment projects of 17 lakh square feet with a GDV (Gross Development Value) of Rs 5,000 crore. "The company has entered into registered development agreements with five major housing societies in Chembur and plans to invest Rs 3,200 crore," House of Hiranandani said in a statement. These five housing societies in Chembur comprising 459 tenants include redevelopment of Maitri Park in Chembur East, admeasuring about 9 acres and <keyword id="23131883" type="General" weightage="20" keywordseo="shrinagar-society" source="keywords">Shrinagar Society</keyword> in Chembur West, a cluster of four societies admeasuring about six acres. The company said it is in the process of securing necessary approvals and plans to complete the redevelopment within the next 4-5 years. <keyword id="23140485" type="General" weightage="100" keywordseo="surendra-hiranandani" source="keywords">Surendra Hiranandani</keyword>, Chairman and Managing Director, House of Hiranandani said, "Redevelopment of established societies is a new opportunity that House of Hiranandani would like to explore. Today, Mumbai city has no space for expansion. The older regions of Mumbai are full of old and dilapidated buildings with insufficient infrastructure." "Considering the scarcity of space, redevelopment of these buildings is an ideal solution that can unlock the potential of these spaces, create world class infrastructure and amenities for the residents and also transform the clogged spaces into planned sustainable and liveable communities," he said. House of Hiranandani has an experience of over four decades in the real estate industry. Along with residential, House of Hiranandani has also constructed over 12 mn square feet of area in the commercial sector. Till date, House of Hiranandani has delivered 25,375 homes and developed 45.82 million square feet of residential and commercial real estate.

House of Hiranandani to invest Rs 3,200 crore to redevelop 5 housing societies in Mumbai

On Monday, there was a noticeable increase in gold rates across India. In Delhi, the current price for 10 grams of 24-carat gold stands at ₹75,310. Meanwhile, on the MCX, gold contracts for June delivery experienced a climb of ₹ 540, settling at ₹ 74,610 per 10 grams. The increase in gold prices today is believed to be influenced by the uncertainties over interest rate cuts later this year and currency value fluctuations. Here is an extensive daily list to give you the most recent information on gold prices in India's key cities. <h2>Check gold rates in different cities on 20th May 2024</h2><table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">City </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">22-Carat </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">24-Carat </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Delhi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹69,050 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹75,310 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹68,900 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹75,160 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kolkata </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 68,900 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 75,160 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chennai </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 69,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 75,280 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bengaluru </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 68,900 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 75,160 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hyderabad </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 68,900 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 75,160 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ahmedabad </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 68,950<a href="https://www.goodreturns.in/gold-rates/ahmedabad.html">l</a> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 75,210 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pune </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 68,900 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 75,160 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Surat </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 68,950 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 75,210 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nagpur </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 68,900 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 75,160 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kerala </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 68,900 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 75,160 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vijayawada </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 68,900 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 75,160 </td></tr></tbody></table> “COMEX Gold prices remained stable close to $2387 per ounce, indicating little fluctuation, but are positioned to record a second consecutive weekly increase. This trend is attributed to the recent release of US economic data, which has led to increased speculation of potential rate cuts. Despite this optimistic outlook, any significant upward movement in gold prices is restrained by the consistent stance of Federal Reserve officials, who have reiterated their commitment to maintaining interest rates at elevated levels for an extended period. While there is anticipation surrounding the possibility of rate adjustments, Fed officials have not openly signaled any immediate changes, thus tempering the bullish sentiment in the gold market,” says Kaynat Chainwala, Senior Manager – Commodity Research at Kotak Securities. The Indian equity market started the week on a bleak note, considering the pessimistic developments of the week went by. The benchmark index slipped towards the previous swing low, coinciding with the 100 DEMA on the daily chart, but the bulls took care of the same and made a strong recovery to eventually settle the week above all its major EMAs on the daily time frame. It had been a robust week for the bulls, with Nifty50 soaring nearly 2 percent and settling above the 22450 zone, says Osho Krishan, Sr. Analyst - Technical &amp; Derivative Research, Angel One. The Indian equity market experienced a strong recovery this week, with Nifty 50 rising nearly 2% and closing above 22450, Overtaking all major EMAs. This rebound followed a dip to the previous swing low, coinciding with the 100 DEMA. The bulls' dominance was marked by broader market participation and sectoral rotations, with the MIDCAP index reaching an all-time high. In Spite of elevated volatility, the market sentiment turned positive. Key support levels are at 22350-22300 and 22200, while resistance stands at 22600-22650 before potentially reaching the peak of 22800. However, the participation of BANKNIFTY is essential for continuous progress, and market movements may be influenced by voting participation, suggesting cautious positioning. Gold rates experience daily fluctuations due to a myriad of short- and long-term factors. These include considerations such as shifts in supply and demand, economic indicators, geopolitical developments, currency movements, investor sentiment, and more. Given the dynamic nature of the precious metals market, effective monitoring and analysis of pricing data are crucial for investors and traders to make informed investment decisions. While these data points offer valuable insights into market trends and factors driving price movements, investors are advised to perform their own due diligence before making any investment decisions. As the day progresses, it is important for investors to remain vigilant and monitor gold rates closely for any emerging trends or market developments. By staying informed about these daily price fluctuations, investors can identify potential trading opportunities and make well-informed investment decisions. For daily updates and in-depth analysis of gold rates, continue following our coverage on Business Insider India. Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. Rates are subject to change from time to time and across multiple geographical locations. We recommend readers consult certified, qualified and registered advisors for professional and personalised financial advice.

Gold Rate Today (May 20, 2024): Prices in Major Indian Metropolitan Regions

<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>Bengaluru, Pune, and Kolkata each observed a 7% annual increase in office rental values between H1 2023 and H1 2024. </li><li>Mumbai metropolitan region (MMR) and national capital region (NCR) registered a 5% rise each. </li><li>From constituting 11% of the leasing market in H1 FY2020, coworking spaces constitute a 24% share in H1 FY2024. </li></ul>Office rentals have gone up in top seven cities in 2023 when compared to the previous year. In Chennai, there was a 10% annual surge in the average monthly office rental values, rising from approximately ₹62 per sq. ft. in H1 FY23 to about ₹68 per sq. ft. in H1 FY24. Following closely, Hyderabad experienced an 8% yearly growth, with the average monthly office rental value climbing from ₹61 per sq. ft. in H1 FY 2023 to roughly ₹66 per sq. ft. in H1 FY2024, according to ANAROCK research data. Bengaluru, Pune, and Kolkata each observed a 7% annual increase in office rental values during this period, MMR and NCR registered a 5% rise each. In MMR, the most expensive office market, the monthly average office rental value surged from ₹130 per square foot in the H1 FY 2023 to ₹136 per square foot in H1 FY 2024. Meanwhile, in the NCR, the average office rental value was ₹81 per square foot in H1 FY23, witnessing an increase to ₹85 per square foot in H1 FY 2024. In Bengaluru, the average monthly office rental value stood at ₹90 per sq. ft. in H1 FY2024, a rise from ₹84 per sq. ft. in H1 FY23. Meanwhile, Pune witnessed a shift from ₹74 per sq. ft. in H1 FY23 to ₹79 per sq. ft. in H1 FY24. In Kolkata, the average monthly rental reached ₹58 per sq. ft. compared to ₹54 per sq. ft over the same period. Currently, the city boasts the most economical office rental values among the top 7 cities. Says Prashant Thakur, regional director and head , research, ANAROCK Group, "Research data indicates that Grade A office rental values averaged at ₹83 per sq. ft. per month across the top 7 cities in H1 FY2024, while in the corresponding period in FY23, it was approx. ₹77.5 per sq. ft." “The rising demand and a diminishing supply for Grade A office space in prime locations is leading to a simultaneous increase in office rentals. Both international and Indian corporations are proactively searching for enhanced office spaces to accommodate the growing needs of their expanding businesses,” says Mohit Batra, Regional Director, Realistic Realtors, a real estate firm. Commercial leasing remain tepid During the period mentioned, however, there was a notable lack of momentum in commercial office space activity across the top 7 cities. Both the net absorption of office spaces and the completion of new office developments remained relatively unchanged compared to the corresponding period in the previous year. The increase in new office supply across these cities was minimal, with a mere 5% rise in H1 FY24 in contrast to H1 FY23. Simultaneously, the net absorption of office spaces experienced a slight annual decrease of 1% during this timeframe. “It was widely anticipated that commercial office space demand in India will see a downturn amid layoffs by several large corporations worldwide, and shrinking business volumes," says Thakur. Co-working spaces continue to be in demand In terms of net absorption categorised by sectors, the information technology (IT) and IT-enabled services (ITeS) segment maintained its dominance in leasing activities during the first half of Fiscal Year (H1 FY) 2024. However, there has been a consistent decline in its overall contribution to leasing transactions year after year. In H1 FY2020, the IT/ITeS sector held a 46% share in overall leasing activities, but by H1 FY2024, this share dwindled to a mere 29%. Consequently, there has been an uptick in the share of coworking spaces. From constituting 11% of the leasing market in H1 FY2020, coworking spaces constitute a 24% share in H1 FY2024. This shift indicates a changing preference among corporations of varying scales, who now perceive flexible workspaces as a practical and more cost-efficient alternative for their operations.

Office rentals rise across top 7 cities as new supply remains minimal

<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

If things work as planned, <keyword id="6358070" type="LOCATION" weightage="20" keywordseo="mumbai">Mumbai</keyword> will have at least two operational metro lines in 2020 connecting the western suburbs of the city. The two corridors, Metro Line-2A (Dahisar-DN Nagar) and Metro Line-7 (Dahisar East-Andheri East), are proposed to be commissioned simultaneously in 2020, the <keyword id="64095" type="COMPANY" weightage="20" keywordseo="Mumbai-Metropolitan-Region-Development-Authority">Mumbai Metropolitan Region Development Authority</keyword> (MMRDA) said in a statement. MMRDA has not yet received possession of land for a car depot for Metro Line-7 as the land parcel is currently with the Airports Authority of India (AAI).
 MMRDA had proposed to give AAI another land in Gorai in lieu of their land. However, currently, this land has got a stay by the Bombay High Court as it had been earmarked for a law university.
 Meanwhile, MMRDA has also claimed that corridors, Line-2B (DN Nagar-Mandale), Line-4 (Wadala-Kasarvadavali) and Line-6 (Swami Samarth Nagar-Vikhroli), will be operational by 2021.
 The Supreme Court has restrained MMRDA from chopping trees for construction of the Metro Line-4 and asked to maintain status quo on felling of trees for the project. It had also sought replies from the MMRDA and the state.
 The ambitious Colaba-Bandra-Seepz Metro-3 corridor, being implemented by the <keyword id="117023" type="LOCATION" weightage="20" keywordseo="Mumbai-metro">Mumbai Metro</keyword> Rail Corporation (MMRC), has been facing several roadblocks and also missed its deadlines, which is now expected to be commissioned in 2021. After the change of dispensation in Maharashtra, Chief Minister Uddhav Thackeray ordered a stay on the construction of a metro car-shed for Metro Line-3 in <keyword id="6370614" type="DOMAIN" weightage="20" keywordseo="aarey">Aarey</keyword> colony, touted as the city's green lungs. Protests by locals, NGOs and the chief minister's son who is now a Cabinet minister, Aditya Thackeray, led to Uddhav Thackeray making this announcement soon after taking charge.
 "Once completed, these five lines -- 2A, 7, 2B, 4 and 6 -- with an aggregate worth of Rs 44,869 crore are expected to serve more than 50 lakh commuters at around 98 stations across the city," the MMRDA said.
 These lines are expected to make a considerable commuter shift by 35 per cent, thus easing the gruelling grind that the suburban rail network is, it said.
 "We are overcoming the biggest challenge one might face, which was to do these development projects without having to completely stop the vehicular traffic even for 10 minutes. It will be an accomplishment to showcase to the entire world. Mumbaikars have shown great patience. Now, it is time to reap rewards," MMRDA Commissioner R A Rajeev said.
 Apart from these, Mumbai will also witness works on projects like Mumbai Trans-Harbour Link (MTHL) and the Virar-Alibaug Multi-Modal Corridor having an aggregate cost of Rs 31,430 crore. 
 The ambitious Rs 17,843-crore MTHL project will be connecting Sewri with Nhava Sheva and help solve the traffic congestion in the island city by improving connectivity between Mumbai and <keyword id="57321" type="LOCATION" weightage="20" keywordseo="Navi-Mumbai">Navi Mumbai</keyword>. "Besides these, there are several other bridges and connectors which will be beneficial to Mumbaikars. There are two flyovers, with an estimated cost of around Rs 163 crore and a road coming up to clear the BKC junction, among others proposed," MMRDA said. PSK HRS

In 2020, Mumbai's Western suburbs could have two operational metro lines

Japanese multinational corporation (MNC) <keyword id="199230" type="COMPANY" weightage="20" keywordseo="Sumitomo-Corporation">Sumitomo Corporation</keyword> has bid a staggering Rs 2,238 crore for a three-acre plot in the prime Bandra-Kurla Complex (BKC) in central Mumbai, an official said here on Tuesday. "We have received the bid from the company for the plot here. However, the bid will be scrutinised and evaluated and will undergo our processes for other formal approvals before it is finalised. We cannot fix a timeframe for this," Dilip Kawathkar, Executive Director, <keyword id="64095" type="COMPANY" weightage="20" keywordseo="Mumbai-Metropolitan-Region-Development-Authority">Mumbai Metropolitan Region Development Authority</keyword> (MMRDA), told IANS. The bid, which works out to around Rs 745 crore per acre, is billed among the biggest in the country in recent times, though the MMRDA officials declined to elaborate. Officials said if Sumitomo Corporation wins the bid, it may be entitled to a floor space index (FSI) of 4 permissible on the BKC plot, or a built-up area of approximately a million square feet. Established in 1919, the Tokyo headquartered Sumitomo Corporation is spread across Japan, Asia, Europe, America, Africa, East Asia and other countries globally, dealing in <keyword id="17408" type="DOMAIN" weightage="20" keywordseo="infrastructure">infrastructure</keyword>, realty, media, metal products, transportation and construction systems, minerals, energy and chemicals.

Japanese multinational Sumitomo has bid a whopping ₹2,238 cr for a 3-acre plot in Mumbai's Bandra Kurla Complex

<ul><li>Mumbai Metropolitan Region (MMR) saw its average flat sizes reduce to 743 sq. ft. in Q1 2023, from 932 sq. ft. in 2018. </li><li>Average flat sizes in the top seven cities have risen by 7% to about 1,225 sq. ft. in Q1 2023.</li><li>On a yearly basis, the average flat sizes in the top seven cities in Q1 2023 rose 5%</li></ul>New flat sizes in the financial capital of India, Mumbai, have shrunk by 20% in the last five years bucking the trend of consumers preferring larger homes in the rest of the top seven cities, as per real estate services provider Anarock. Mumbai Metropolitan Region (MMR) saw average flat sizes reduce to 743 sq. ft. in the first quarter of 2023, from 932 sq. ft. in 2018. "In these five years, only 2020 saw average flat sizes in MMR see an annual rise of 21% against 2019. Since 2020, homes in the region are shrinking,” said Anuj Puri, chairman, Anarock Group. However, this is an outlier. Despite rising property prices, average new flat sizes grew by 7% in the other top metros of India – to about 1,225 sq. ft. in Q1 2023 from about 1,150 sq. ft. in 2018. <cmsannotation type="cmsannotation" annotationid="Hyderabad, NCR: Size matters" comment="subhead" text="Hyderabad, NCR: Size matters">Hyderabad, NCR: Size matters</cmsannotation> Among the top seven cities, the national capital region (NCR) saw the highest growth in average flat size in the last five years – from about 1,250 sq. ft. in 2018 to about 1,700 sq. ft. in Q1 2023. When it comes to the highest average flat size, Hyderabad tops the list with about 2,200 sq. ft. in Q1 2023, followed by NCR. “Before Covid-19, apartment sizes were shrinking annually to meet the demand for compact homes prevalent then," said Puri. "The central concerns were affordability and millennials’ preference for low-maintenance homes. 2020 saw an abrupt reversal of buyer preferences. With a sudden emphasis on the WFH and study-from-home culture, flat sizes began increasing for the first time in four years.” On a yearly basis, the average flat sizes in the top seven cities in Q1 2023 rose 5% – to about 1,225 sq. ft. from about 1,170 sq. ft. in Q1 2022. MMR and Chennai were the exceptions as they saw a 6% and 5% decrease, respectively, in average flat sizes during the period. “A perception among developers that there is currently sufficient existing supply of larger format homes may be a factor,” said Anarock, explaining the decrease in MMR as well as Chennai. “Also, while MMR is hyper-expensive, Chennai is a very cost-sensitive market. In both instances, increasing the supply of smaller, more affordable homes makes sense. <cmsannotation type="cmsannotation" annotationid="New construction, better space" comment="subhead" text="New construction, better space">New construction, better space</cmsannotation> On a yearly basis, NCR saw average flat size rise 50% in Q1 2023 while Kolkata saw flat sizes increase by 44% to 1,150 sq. ft. in Q1 2023. While Hyderabad saw average flat size increase by 29% in the year, Pune saw a 16% yearly increase to 1,013 sq. ft. in Q1 2023, and Bengaluru saw a 8% yearly jump to about 1,300 sq. ft.

Mumbai flat sizes have shrunk 20% in past five years but other metros show improvement

<ul><li>The share of <keyword id="386983" type="General" weightage="20" keywordseo="luxury-homes" source="Orion">luxury homes</keyword> in total housing sales has doubled across the top seven cities, according to a report. </li><li>Anarock report says that it is the end-users who are driving these sales. </li><li>In addition to builders offering discounts, NRIs are also taking advantage of the favourable exchange rates to snap up high-priced properties. </li><li>The share of affordable housing in the total housing sales, however, has dwindled in the period under review.</li></ul> Indian luxury home sales have shown a steep rise across the country’s top seven cities in the first half of 2022. According to a report by Anarock Research, 25,700 luxury housing units were sold in the first half of the year – comprising 14% of total home sales. This share is twice the level witnessed in the first half of the pre-pandemic year of 2019, when it was only 7% of the total home sales, with 17,740 units sold. Luxury homes are defined as those properties that cost ₹1.5 crore or above. These sales were led by <keyword id="6361772" type="General" weightage="50" keywordseo="mumbai-metropolitan-region" source="Orion">Mumbai Metropolitan Region</keyword> (<keyword id="6381620" type="General" weightage="80" keywordseo="mmr" source="Orion">MMR</keyword>) and the National Capital Region (<keyword id="53426" type="General" weightage="80" keywordseo="ncr" source="Orion">NCR</keyword>), with high real estate prices. MMR’s luxury housing sales share increased to 25% of the total sales from 13% in 2019, while NCR saw a steep jump in its share of total sales at 12% in the period under review, up from 4% in 2019. All the other cities – be it Bangalore, Hyderabad, Pune, Kolkata or <keyword id="12864" type="General" weightage="80" keywordseo="chennai" source="Orion">Chennai</keyword> – also saw the share of these high priced units going up. The Anarock report noted that end-users were driving sales instead of investors. "There is a clear takeaway on overall economic performance. Even though the typical buyers in this budget segment were not as impacted by the pandemic as the rest, HNIs (high networth individuals) are conscious of cost. Discounts by developers made luxury properties very attractive for these buyers and NRIs have also been snapping up luxury homes in India because of the favourable exchange rate,” said <keyword id="6420759" type="General" weightage="80" keywordseo="anuj-puri" source="Orion">Anuj Puri</keyword>, chairman of Anarock group. The report also said that developers have stepped up new supply in the luxury segment, launching over 28,000 such units across the cities in the first half of 2022. Approximately, 28,960 luxury homes were launched in the entire 2019. At the same time, the share of the affordable housing segment – or houses priced over ₹40 lakh – saw its sales share dip to 31% from 38% in 2019. “Hyderabad saw the maximum dip in affordable housing sales share followed by Chennai,” the report said. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/rbl-bank-introduces-super-senior-citizen-fixed-deposits/articleshow/93704417.cms">RBL Bank introduces Super Senior Citizen Fixed Deposits</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/idbi-bank-revises-interest-rates-on-term-deposits-introduces-limited-period-500-day-fixed-deposit/articleshow/93704349.cms">IDBI Bank revises interest rates on term deposits, introduces limited-period 500-day fixed deposit</a>

Discounts, favourable exchange rates are driving up luxury home sales

<ul class="summary-list"><li>Public health experts have previously said <keyword id="11894310" type="UNKNOWN" weightage="60" keywordseo="vaccine" source="Orion">vaccine</keyword> inequality would allow for new variants. </li><li>A Texas doctor and his team developed Corbevax, a low-cost COVID-19 vaccine. </li></ul>A Texas pediatrician and a professor developed a low-cost COVID-19 vaccine that was approved for emergency use in <keyword id="11892747" type="UNKNOWN" weightage="60" keywordseo="india" source="Orion">India</keyword> on Tuesday. Dr. Peter Hotez, a pediatrician at Texas Children's Hospital, developed the Corbevax vaccine alongside Baylor College professor Dr. Maria Elena Bottazzi, <a href="https://www.texaschildrens.org/texas-children%E2%80%99s-hospital-and-baylor-college-medicine-covid-19-vaccine-technology-secures-emergency">a press release from the children's hospital said. </a>"This announcement is an important first step in vaccinating the world and halting the pandemic," Hotez said. The vaccine, which the developers called the "World's COVID-19 Vaccine," uses a traditional recombinant protein-based technology, which would allow it to be mass-produced and used across the globe. "Protein-based vaccines have been widely used to prevent many other diseases, have proven safety records, and use economies of scale to achieve low-cost scalability across the world," Bottazzi said.According to the press release, the vaccine's initial construct and production was developed at Texas Children's Hospital and then licensed from the Baylor College of Medicine to Biological E. Limited, a Hyderabad-based vaccine, and pharmaceutical company. Hotez said in a <a href="https://twitter.com/PeterHotez/status/1475838570883690499">tweet</a> that Biological E. already has 150 million doses ready and will be making 100 million doses a month. The vaccine was found to be safe and effective after two phase 3 clinical trials of more than 3,000 participants, the press release said. The low-cost vaccine is meant to help<a href="https://www.businessinsider.com/new-coronavirus-variant-may-be-result-of-vaccine-inequality-2021-11"> low and middle-income countries</a>, access vaccines, the press release said. "Widespread and global vaccination with our Texas Children's-Baylor-BE vaccine would also forestall the emergence of new variants. We have previously missed that opportunity for the alpha and delta variant. Now is our chance to prevent a new global wave from what might follow," Hotez said. The announcement comes as the <a href="https://www.businessinsider.com/how-long-does-booster-protection-omicron-covid-last-study-2021-12">Omicron variant</a> spreads across the globe. The variant is believed to be more transmissible than previous variants. So far, there have been more than 282 million COVID-19 cases across the globe, according to data from Johns Hopkins University. Experts have previously warned that rich countries hoarding vaccines and the lack of access in poorer countries could allow for new variants to emerge. While more than 48% of the world population has been fully vaccinated, wealthier countries <a href="https://ourworldindata.org/covid-vaccinations?country=OWID_WRL">like the US and UK have a significantly higher rate of doses administered per 100 people. </a>Ken Shadlen, a professor of development studies at the London School of Economics and Political <keyword id="11896083" type="UNKNOWN" weightage="100" keywordseo="science" source="Orion">Science</keyword>, <a href="https://www.businessinsider.com/rich-nations-hoarding-covid-19-vaccines-could-backfire-experts-say-2021-3?r=US&amp;IR=T">told Insider's Sinéad Baker</a> in March that if global vaccine inequality persists "it's going to potentially undermine the health benefits of all that we're doing with lockdowns and vaccines."The vaccine's authorization was praised by Texas politicians, including former presidential candidate Beto O'Rourke. "Making Texas proud!" O'Rourke <a href="https://twitter.com/BetoORourke/status/1475909362736631810">said</a> of Hotez's team. <a href="https://t.co/zMnxgBveZz" target="_blank" rel="noopener noreferrer"></a>In a <a href="https://twitter.com/PeterHotez/status/1475839914910666767?s=20">tweet</a>, Hotez added that the children's hospital does not plan to profit from the vaccine, calling it a "gift to the world."He said the technology to develop the vaccine has already been transferred to producers in India, Indonesia, Bangladesh, and Botswana.Hotez did not respond to Insider's request for comment at the time of publication.

A Texas pediatrician and professor developed a low-cost COVID-19 vaccine. India just granted it emergency use authorization.

With so many highway movies doing the rounds, sojourning from city to city and state to state feels like a romantic prelude to a long <keyword id="6374782" type="UNKNOWN" weightage="100" keywordseo="journey">journey</keyword> of self-discovery – till reality strikes. And just like a movie, the reality can be multilayered – varying from bad roads to gasping traffic and minimal road safety. But we promised you relief from those travelling conditions the next time we return with our <keyword id="2053047" type="UNKNOWN" weightage="100" keywordseo="Open-roads">Open Roads</keyword> series. And here we are, with more information about a whole new bunch of <keyword id="2074695" type="UNKNOWN" weightage="100" keywordseo="Intracity-and-inter-city-expressways">intracity and inter-city expressways</keyword> that not only reduce <keyword id="4251245" type="UNKNOWN" weightage="100" keywordseo="Commute-time">commute time</keyword> but also reshape a country’s landscape, <keyword id="34412" type="ORGANIZATION" weightage="80" keywordseo="economy">economy</keyword> and way of life. In the last slideshow of this series, the journey begins from the <keyword id="44875" type="UNKNOWN" weightage="100" keywordseo="West-coast">west coast</keyword> and goes down south. 
 As we have mentioned before, expressways are limited-access roads designed for high-speed traffic. The economic impact of an <keyword id="2074705" type="UNKNOWN" weightage="100" keywordseo="Expressway-network">expressway network</keyword> criss-crossing the country is all too obvious and the <keyword id="6404450" type="ORGANIZATION" weightage="100" keywordseo="Ministry-of-Road-Transport-and-Highways">Ministry of Road Transport and Highways</keyword> (MoRTH) has already recommended a total <keyword id="2074707" type="UNKNOWN" weightage="100" keywordseo="E-way-network">e-way network</keyword> of about 18,637 km in the country. Development work is being done in three phases and is scheduled to be completed by 2022. During the Interim Budget, <keyword id="6355261" type="POSITION" weightage="60" keywordseo="Finance-minister">Finance Minister</keyword> <keyword id="43940" type="PERSON" weightage="60" keywordseo="P-Chidambaram">P Chidambaram</keyword> also told the Parliament the road network in the country witnessed over sevenfold increase at 3.89 lakh km over the past decade. 
 Does that mean we may soon see an <keyword id="2074709" type="UNKNOWN" weightage="100" keywordseo="E-way-ecosystem">e-way ecosystem</keyword> similar to the interstate system in the US? Given the obstacles in terms of <keyword id="6364579" type="UNKNOWN" weightage="100" keywordseo="Land-acquisition">land acquisition</keyword>, <keyword id="414903" type="UNKNOWN" weightage="100" keywordseo="fund-crunch">fund crunch</keyword> and <keyword id="2074714" type="UNKNOWN" weightage="100" keywordseo="Slow-implementation">slow implementation</keyword>, it’s definitely going to take some time. Meanwhile, hop into the driver’s seat and go off exploring some super-fast roads you have not travelled yet. After all, it’s a journey with no end… and wheels will always need roads. 
 
Image: Thinkstock Photos/Getty Images

You Searched For "Hyderabad Metropolitan Development Authority" and got 11 results

House of Hiranandani to invest Rs 3,200 crore to redevelop 5 housing societies in Mumbai

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

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In 2020, Mumbai's Western suburbs could have two operational metro lines

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Japanese multinational Sumitomo has bid a whopping ₹2,238 cr for a 3-acre plot in Mumbai's Bandra Kurla Complex

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Discounts, favourable exchange rates are driving up luxury home sales

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A Texas pediatrician and professor developed a low-cost COVID-19 vaccine. India just granted it emergency use authorization.

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