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Mumbai's luxury home rent in Tardeo is 4x more than that in Delhi's Golf Course Rd

<ul><li>Buying a house is becoming more and more expensive, as the metro cities are becoming crowded. </li><li>ANAROCK, a property consultancy firm, shared the list of top 10 most expensive location in India to buy a house. </li><li>The most expensive place to buy a house is Mumbai's Tardeo where a square foot of land can foot a bill of ₹56,200. </li></ul>The financial capital of India is also home to the country’s most priciest homes and pin codes. South Mumbai's Tardeo was declared most most expensive luxury residential location, which costs an enormous ₹ 56,200 per sq. ft. according to a property consultant ANAROCK. It means an average home in Mumbai’s costliest district only start at around ₹ 6.6 crore. Tardeo has three things going for it -- connectivity, connectivity and connectivity. This commercial and residential locality of the rich and the famous, is easily accessible to three key forms of transport — Chhatrapati Shivaji International Airport, Mumbai Central Railway Station and bus stands. Mumbai also snagged the second and third most hyper-expensive luxury housing locations are also in Mumbai. Worli and Mahalaxmi, with per square feet prices at INR 41,500 and INR 40,000 per sq. ft. respectively. And they are also heavily in demand. These two localities recorded an aggregate supply of over 9,600 units since 2013. “Even as India’s middle-class grapples with the prospect of an uncertain future in their careers and financial ability – the main drivers of housing demand – the rise of India’s super-rich continues unabated,” said Anuj Puri, chairman of ANAROCK Property Consultants. The next two super expensive areas are from Chennai and not Delhi as expected. Nungambakkan and Egmore are beyond the reach of most common people, as their per square feet prices are between ₹15000 to ₹20,000 . Anna Nagar also made it to the seventh position. Two of Delhi’s localities like Karol Bagh and Golf Course Road made it to the list however, and so did Kolkata’s Alipore area, along with Pune’s Koregaon Park. It is not surprising to see the growth in expensive homes as the rich increasing in number. According to a Credit Suisse report, there were an estimated 3.42 lakh Dollar-millionaires in India as on mid-2018 who collectively held around $6 trillion. It is forecast that 5.26 lakh Indian dollar millionaires’ wealth will be around $8.8 trillion by 2023. Market fluctuations make very little difference to the personal net worth of these individuals, indicating that they are not beaten by the slowdown like everyone else. See also: <a href="https://www.businessinsider.in/ashok-leyland-joins-the-club-of-no-production-days-as-its-august-sales-fall-by-50/articleshow/71047551.cms">Ashok Leyland joins the club of ‘No Production Days’ as its August sales fall by 50%</a> <a href="https://www.businessinsider.in/We-spoke-to-the-top-recruiters-in-the-booming-cannabis-business-Here-are-their-3-best-tips-for-landing-your-dream-job-in-the-industry-/articleshow/71001356.cms">Want a job? Baroda and Ahmedabad are hiring the most while Mumbai has stagnated</a>

Get ready to shell out ₹56,000 per square foot if you want to stay in Mumbai’s Tardeo area

<ul><li>A third of homeowners on <keyword id="1291598" type="PERSON" weightage="20" keywordseo="Houzz">Houzz</keyword>, a leading <keyword id="1068749" type="PERSON" weightage="20" keywordseo="Home-renovation">home renovation</keyword> platform, prefer to spend on renovation than buying a new house. </li><li>And 97% of them hired a professional including a carpenter, electricians and plumbers for repairs and renovations. </li><li>Over 29% of homebuyers are resorting to smart technologies like home assistants, streaming media players while renovating their home. </li></ul>A third of homeowners prefer to spend on renovation than buying a new house, with annual median expenditure at ₹300,000 in 2018. Further, as many as 26% of the 2500 respondents are mulling over renovating, according to a survey by Houzz — an American home renovation platform that is entering India. Data also showed that 97% of homeowners hired a professional including a carpenter, electricians and plumbers for repairs and renovations. A significant portion of homeowners hired a professional in 2018 (97%), with carpenters, electricians and plumbers in greatest demand (81, 76 and 63%, respectively). Of all generations, Gen Xers are the most likely to hire professional help, though the gap is surprisingly narrow. “Despite a number of headwinds for the global and national economy, renovation activity continued to keep pace in 2018 and will likely experience growth in 2019,” said Sanjay Nadkarni, Country Operations Manager, Houzz India. “Pent up demand continues to be the biggest trigger for renovations today, as homeowners prefer to stay put and invest in the design and functionality of their current home over moving to a different home. ”, Nadkarni added. What are people spending on and how? <table style="border-width: initial; border-style: none; 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;">Sources </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;">Percentage of people using sources </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;">Cash/Savings </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;">81% </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;">Credit Card that can be used anywhere </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;">14% </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;">Personal loan from friends and family </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;">8% </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;">Cash from previous home sale </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;">6% </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;">Construction loan </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;">6% </td></tr></tbody></table> Over 29% of homebuyers are resorting to smart technologies like home assistants, streaming media players while renovating their home. And cash (81%) was the most used medium to pay for renovation followed by credit cards (14%)and loan from friends (8%) in all age groups. See also: <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/news/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>

Top home renovation trends in India, according to Houzz

<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

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Mumbai's luxury home rent in Tardeo is 4x more than that in Delhi's Golf Course Rd

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Get ready to shell out ₹56,000 per square foot if you want to stay in Mumbai’s Tardeo area

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

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Maharashtra identified 14 districts as red zones— here’s the complete list of containment zones in Mumbai and Pune

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