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New Delhi, Realty firm <keyword id="444094" type="General" weightage="20" keywordseo="Prestige-Estates-projects" source="Orion">Prestige Estates Projects</keyword> Ltd has reported a six-fold jump in its consolidated net profit to Rs 850.9 crore in the second quarter of this fiscal year on higher income. Its net profit stood at Rs 140.7 crore in the year-ago period. Total income rose to Rs 3,256 crore in the July-September period of 2023-24 from Rs 1,474.7 crore in the corresponding period of the previous year, according to a regulatory filing on Tuesday. During the April-September period of this fiscal, net profit increased to Rs 1,117.8 crore from Rs 345.6 crore in the year-ago period. Total income rose to Rs 5,222.3 crore in the first six months of this fiscal from Rs 3,486.5 crore in the same period of the last financial year. <keyword id="368714" type="General" weightage="20" keywordseo="Prestige-Estates" source="Orion">Prestige Estates</keyword> is one of the leading real estate developers in the country.

Prestige Estates Q2 2023-24 profit jumps 6-fold to Rs 850.9 crore

New Delhi [India], June 13 (ANI): Mumbai and New Delhi are among cities in India that recorded a sharp annual increase in their <keyword id="6354553" type="General" weightage="100" keywordseo="real-estate" source="Orion">real estate</keyword> prices in the first quarter of 2024, according to a report by London-headquartered global property consultancy firm <keyword id="6363605" type="General" weightage="20" keywordseo="Knight-Frank" source="Orion">Knight Frank</keyword>. In case of Bengaluru, the average real estate prices witnessed a modest 4.8 per cent rise in prime residential or luxury homes during the January-March quarter of 2024. According to the report by the property consultant, titled '<keyword id="22041946" type="General" weightage="20" keywordseo="Prime-Global-Cities-Index-Q1-2024" source="Orion">Prime Global Cities Index Q1 2024</keyword>', Mumbai's significant rise on the international index was largely due to the rise in demand in the city. While the demand has been strong for all segments, there has been a rise in the sale of higher value products. Mumbai recorded the third highest year-on-year growth in prime residential prices in Q1-2024, pushing it up the ranking table by three places to 3rd position from its 6th position in Q1-2023. Delhi NCR rose from 17th rank in Q1-2023 to 5th in Q1-2024 with a growth of 10.5 per cent on a yearly basis. However, Bengaluru observed a slight decline in ranking from 16th place in Q1-2024 to 17th rank in Q1-2024, even while it recorded a 4.8 per cent yearly growth in residential prices. India's main cities, notably New Delhi and Mumbai, have witnessed a surge in house prices driven by robust economic growth, with annual GDP growth exceeding 8 per cent in the just concluded financial year 2023-24. Manila, the capital city of Philippines, claimed the top spot in the ranking with a 26.2 per cent annual rise in prices. The growth, as per the Knight Frank report, can be attributed to two key factors: purchasing power, and substantial infrastructure investments within and around the city. Tokyo in Japan jumped 17 places up with 12.5 per cent yearly price growth and ranked 2nd in the index. Despite Japan's overall population decline, Tokyo sustains a net population growth owing to migration from other regions within the country. Shishir Baijal, Chairman and Managing Director at Knight Frank India said, "The strong demand trend for residential properties has been a global phenomenon, led by gateway markets of Asia- Pacific and EMEA (Europe, Middle East, and Africa)." "Like its peers in these regions, the improved rankings of Mumbai and New Delhi on the Prime Global Cities Index was underscored by the resilience in sales growth volume. We expect the momentum of sales to remain stable over the next few quarters as the economic conditions are likely to remain broadly unchanged." The Prime Global Cities Index is a valuation-based index tracking the movement of prime residential prices across 44 cities worldwide. The index tracks nominal prices in local currency.

Mumbai, Delhi record real estate price appreciation in double digits; Ranked 3rd and 5th globally

The residential market shows a positive outlook, with 51% of stakeholders predicting higher sales over the next six months. However, a notable 24% expect stability, while 25% predict a potential decrease, reflecting a balanced yet cautious sentiment, as per a recent <keyword id="19895043" type="General" weightage="20" keywordseo="Knight-Frank" source="keywords" meta.keywordsubtype="org" meta.entityname="Knight Frank" meta.hostid="261" meta.entityid="Knight Frank">Knight Frank</keyword> report. The outlook for residential launches is also positive, with 61% expecting an increase, suggesting continued demand. A more tempered view is held by 20% of respondents who expect stability, and 19% foresee a decrease in launches. The Indian <keyword id="20152263" type="General" weightage="20" keywordseo="real-estate-sector" source="keywords">real estate sector</keyword> continues to reflect a positive outlook for the near future, though with a more cautious approach. In terms of pricing, 63% of stakeholders expect a rise, but 36% anticipate stable prices, and a very small minority predict a decline. G Hari Babu, National President, National Real Estate Development Council (<keyword id="20429653" type="General" weightage="20" keywordseo="naredco" source="keywords">NAREDCO</keyword>), said, "The residential and office markets continue to show notable activity, signaling ongoing growth and opportunity. Developers and other key stakeholders, including banks and financial institutions, are maintaining a positive outlook." He added, "This suggests that while there may be short-term challenges, the sector is well-positioned to adapt and thrive. The continued optimism and activity in the market highlight the sector's ability to sustain its momentum and drive forward, amidst changing conditions." The <keyword id="22822547" type="General" weightage="20" keywordseo="office-leasing-market" source="keywords">office leasing market</keyword> shows signs of strong recovery, with 63% of respondents predicting an increase in leasing activity, driven by positive business sentiments and <keyword id="21313740" type="General" weightage="20" keywordseo="economic-revival" source="keywords">economic revival</keyword>. However, 24% expect stability, and 13% foresee a decline. New office supply also remains a point of interest, with 47% expecting an increase, while 29% anticipate stability, and 24% forecast a decrease. Furthermore, 67% of stakeholders expect office rents to rise, signaling confidence in the market's ongoing growth, even as 27% anticipate stable rents and 7% expect a decrease. The <keyword id="20635920" type="General" weightage="20" keywordseo="future-sentiment-score" source="keywords">Future Sentiment Score</keyword>, which measures stakeholders' outlook over the next six months, saw adjustments across various regions. The North Zone score slightly decreased from 65 in Q1 2024 to 63 in Q2 2024, though it remains firmly optimistic. The South Zone witnessed a more significant drop from 76 to 65, signaling a moderated outlook. In the East Zone, the score fell from 77 to 65, largely influenced by the discontinuation of the 2% stamp duty cut. The West Zone also saw moderation, with the score dipping from 73 to 66, though it too, remains optimistic. The overall Developer Future Sentiment score decreased from 72 to 61, reflecting a more guarded approach. Developers, while cautious, continue to remain optimistic due to strong sales since early 2023. On the other hand, the Non-Developer Future Sentiment core, which includes financial institutions and PE funds, also moderated from 73 to 68. This shift indicates stakeholders' careful consideration of macroeconomic concerns. Optimism in India's broader economic scenario remains strong, with 59% of respondents expecting an improvement, reflecting confidence in the country's economic resilience. However, 24% foresee stability, and 17% predict a decline, underscoring global economic uncertainties. Meanwhile, 51% of respondents anticipate increased funding availability for real estate investments, reflecting continued confidence in the financial sector's support for the real estate market. Shishir Baijal, Chairman and Managing Director of Knight Frank India Pvt Ltd, noted, "As we transition through 2024, a host of factors are playing out globally. The global economic landscape shows resilience despite ongoing challenges. Inflation rates are gradually aligning with central bank targets, enabling a more supportive monetary policy. India, benefiting from stable post-election conditions, remains a strong growth beacon." He added, "Domestic consumption is robust, supported by consumer loans, though there are some signs of growth moderation. Food inflationary pressures persist, but are converging overall towards price stability targets. With a projected GDP growth rate of 7.2% for FY 2025, India's outlook remains positive. An effective monetary policy by the Reserve Bank of India has helped sustain growth with price stability, positioning India as one of the fastest-growing large economies globally." The Current Sentiment score, which reflects stakeholders' view of the market compared to six months ago, moderated from a decadal high of 72 in Q1 2024 to 65 in Q2 2024. This suggests a more measured outlook as stakeholders navigate evolving global economic conditions. Despite the dip, the score remains indicative of optimism. Looking forward, the Future Sentiment index also adjusted from 73 in Q1 2024 to 65 in Q2 2024, signaling a positive yet more conservative outlook for the near term. While macroeconomic uncertainties may dampen enthusiasm, stakeholders continue to show confidence in the sector's resilience and adaptability.

Despite budget provisions, residential housing market will see sales growth, notes recent report by Knight Frank

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hello there! Prime Day is officially here, and we've got a <a target="_blank" href="https://www.businessinsider.com/guides/deals/best-prime-day-deals-big-deal-days-2024-10">rundown on all the deals worth checking out</a>.In today's big story, another hurricane <a target="_blank" href="https://www.businessinsider.com/hurricane-milton-category-five-threatens-florida-fema-funding-2024-10">is set to hit Florida this week</a>, threatening a real-estate market already on edge.What's on deck:<ul><li>Markets: China's <a target="_blank" rel="noopener" href="https://www.businessinsider.com/china-stock-markets-csi300-golden-week-reopening-bazooka-stimulus-outlook-2024-10">stock rally fizzles</a> as lack of fresh fiscal stimulus disappoints investors.</li><li>Tech: <a target="_blank" href="https://www.businessinsider.com/elon-musk-robotaxi-day-tesla-robotics-ai-2024-10">Elon Musk's robotaxi pitch</a> this week could decide Tesla's future.</li><li>Business: <a target="_blank" rel="noopener" href="https://www.businessinsider.com/meet-jeff-smith-starboard-value-hedge-fund-investor-pfizer-2024-10">Meet Jeff Smith</a>, the hedge-fund investor taking on Pfizer.</li></ul>But first, when it rains, it pours.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">Hurricane (part 2)</h2><div type="image" title="Hurricane Helene" height="1334" width="2000" msid="114050793" hostid="261" sizebytes="123164"></div>Another hurricane is expected to hit Florida as the state continues recovering from Hurricane Helene.Hurricane Milton, a Category 4 storm (it weakened from a Category 5, but remains "extremely dangerous"), is on track <a target="_blank" href="https://www.businessinsider.com/hurricane-milton-category-five-threatens-florida-fema-funding-2024-10">to make landfall near Tampa Bay by Wednesday</a>. It's the latest hurdle for the state's volatile real-estate market.Milton's peak wind speeds hit 160 mph on Monday. Heavy rain is expected before the storm arrives, and flooding is anticipated throughout the region. Florida Gov. Ron DeSantis has issued a state of emergency for 51 counties, and mandatory evacuations have begun in some areas. The mayor of Tampa, Jane Castor, has also issued a stark warning that <a target="_blank" rel="noopener" href="https://www.businessinsider.com/hurricane-milton-tampa-mayor-castor-evacuation-orders-die-warning-helene-2024-10">anyone who remains in the city as Milton approaches will "die."</a>It's never a good time for a hurricane to hit, but preparing for a powerful storm while you recover from another makes the situation even more challenging.Helene caused over 220 deaths and as much as $34 billion in damage, according to an estimate from Moody's Analytics. Meanwhile, federal agencies meant to provide emergency assistance, like FEMA and the Small Business Administration, face their own cash crises.<div type="image" title="Hurricane Helene" height="1334" width="2000" msid="114050795" hostid="261" sizebytes="707320"></div>Back-to-back hurricanes represent the latest problem for a real-estate market facing buyer's remorse.The threat and cost that hurricanes pose mean Florida homeowners have some reevaluating to do <a target="_blank" href="https://www.businessinsider.com/florida-real-estate-worth-it-home-prices-insurance-hurricane-helene-2024-10">if they want to remain in the state</a>, write Business Insider's Jordan Pandy, Dan Latu, and Madeline Berg.One homeowner told BI she pays $7,000 a year in flood and hazard insurance for her 1,400-square-foot bungalow just south of Tampa. (The policies paid off, her home was deemed uninhabitable after Helene, and she still wants to live there after it's repaired.)But those high costs, coupled with the annual fear of potentially losing your home every fall, have other residents throwing in the towel. Even a few insurers have <a target="_blank" href="https://www.businessinsider.com/florida-condo-owners-prices-drop-insurance-hoa-taxes-increase-2023-3">called it quits on the state</a>, while others could increase their prices by over 300% in the coming years.It's representative of the extremes the Sunshine State's real-estate market has faced in recent years. One of the pandemic's hottest markets, some people are now souring on Florida over its <a target="_blank" href="https://www.businessinsider.com/florida-housing-market-sales-weather-climate-change-retirement-pandemic-costs-2024-9">climate, costs, and overcrowding</a>. (It's not alone in its post-pandemic comedown, as <a target="_blank" href="https://www.businessinsider.com/texas-housing-market-home-prices-falling-austin-dallas-moving-trends-2024-10">Texas is facing a similar fate</a>.)But as much as people want to get out of the state, there will always be those looking to get in. More than 8,000 miles of coastline will do that.One Florida resident whose home sustained almost three feet of water damage from Helene cut their listing price by 40%. Within hours, their real-estate agent received 25 calls from investors interested in the property.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Harris hits '60 Minutes' without Trump. Political scientists weigh in on<a target="_blank" href="https://www.businessinsider.com/kamala-harris-sixty-minutes-interview-donald-trump-why-explained-2024-10"> whether the interview matters</a>.</li><li>Google <a target="_blank" rel="noopener" href="https://www.businessinsider.com/google-app-store-android-third-party-epic-games-judge-2024-10">must allow third-party app stores on Android</a>, Epic Games judge rules.</li><li>The job market is in the 'Twilight Zone,' <a target="_blank" href="https://www.businessinsider.com/job-market-outlook-claudia-sahm-layoffs-hiring-economy-twilight-zone-2024-10">top economist Claudia Sahm says</a>.</li><li>The Russian arms dealer who was exchanged for Brittney Griner is <a target="_blank" href="https://www.businessinsider.com/russian-arms-dealer-viktor-bout-sell-weapons-to-houthis-wsj-2024-10">trying to sell weapons to the Houthis: report</a>.</li><li>This $9 billion hedge fund just joined the raid on big-bank commodity-index traders <a target="_blank" href="https://www.businessinsider.com/alphadyne-hires-jpmorgan-commodity-index-head-byuen-2024-10">with a senior JPMorgan hire</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Xi Jinping" height="1500" width="2000" msid="114050791" hostid="261" sizebytes="856940"></div><ol><li>Jittery investors are keeping a lid on China's stock market rally. Stocks surged on Tuesday thanks to pent-up demand from a weeklong trading break — but lost steam after Beijing <a target="_blank" rel="noopener" href="https://www.businessinsider.com/china-stock-markets-csi300-golden-week-reopening-bazooka-stimulus-outlook-2024-10">failed to announce more stimulus measures</a>.</li><li>What recession? Goldman Sachs cut the <a target="_blank" href="https://www.businessinsider.com/recession-outlook-economy-goldman-unemployment-jobs-report-nonfarm-payrolls-rates-2024-10">probability of a recession in the next year to 15%</a>, largely thanks to a strong jobs report. But the jobs report might have lowered the chances of something else: <a target="_blank" href="https://www.businessinsider.com/interest-rate-cuts-fed-outlook-recession-economy-stocks-ed-yardeni-2024-10">more rate cuts this year</a>.</li><li>Greenlight's dispute with its alleged former head of macro keeps getting messier. James Fishback is asking to be <a target="_blank" href="https://www.businessinsider.com/greenlight-former-macro-analyst-sues-david-einhorn-2024-10">awarded at least $5 million from Greenlight's David Einhorn</a>, claiming age discrimination. According to the filing, Einhorn dismissed Fishback's compensation concerns, saying he was being paid "a lot of money for a kid."</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Elon Musk." height="2400" width="3600" msid="114050797" hostid="261" sizebytes="493076"></div><ol><li>Elon Musk's next big pitch. The billionaire will have to convince investors that Tesla is more than just a car company at Thursday's Robotaxi Day, when he'll share updates on his plan for a driverless fleet. The event is part of Musk's master plan to position Tesla as <a target="_blank" href="https://www.businessinsider.com/elon-musk-robotaxi-day-tesla-robotics-ai-2024-10">tech company first, car company second</a> — and comes as Tesla's revenues have dipped.</li><li>Nvidia CEO Jensen Huang keeps talking about "sovereign AI." Here's what that means. A sovereign cloud guarantees data is stored locally, only used for intended purposes, and not transferred outside national borders. BI spoke with Vultr, a cloud-service provider, about why <a target="_blank" href="https://www.businessinsider.com/sovereign-clouds-explained-data-center-ai-national-security-vultr-2024-10">the phrase is all the rage</a>.</li><li>Reading the tea leaves of the adtech exodus. Adtech execs keep leaving, a sign of a <a target="_blank" href="https://www.businessinsider.com/adtech-leadership-changes-signal-new-phase-amid-investor-pressure-2024-10">new era marked by Big Tech dominance</a>. With Google, Meta, and Amazon looming large, independent adtech companies are forced to compete over scraps. Case in point: Adtech company <a target="_blank" href="https://www.businessinsider.com/adtech-company-pubmatic-layoffs-staff-reductions-2024-10">Pubmatic laid off 1% of its staff</a> last week as it reorients business toward growth areas.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="A woman drinks a tropical cocktail on a beach with an MRI scan in the background." height="900" width="1200" msid="114050788" hostid="261" sizebytes="137494"></div><ol><li>Mojitos and an MRI. Millions of American "medical tourists" save between 40% and 90% on medical services by getting health screenings abroad. <a target="_blank" href="https://www.businessinsider.com/medical-tourists-health-screenings-tests-exams-on-vacation-mexico-turkey-2024-10">That's a bad sign for the US healthcare system</a>.</li><li>The hedge-fund investor taking on Pfizer has a formidable reputation. Pfizer got a wake-up call on Sunday when one of the most feared activist investors on Wall Street revealed a stake in the company. Since 2011, Starboard Value's Jeff Smith has extracted board seats and profits from corporate America — <a target="_blank" rel="noopener" href="https://www.businessinsider.com/meet-jeff-smith-starboard-value-hedge-fund-investor-pfizer-2024-10">by force if necessary</a>.</li><li>How to reach potential voters: Porn and podcasts. They may not agree on much, but both Harris and Trump know that <a target="_blank" href="https://www.businessinsider.com/podcaster-new-politics-power-broker-harris-and-trump-know-it-2024-10">podcasts are the new way to reach voters</a>, with each appearing on ultra-popular shows. Elsewhere on the internet, <a target="_blank" href="https://www.businessinsider.com/porn-website-advertisement-project2025-male-harris-trump-2024-10">porn sites have become a battleground for male voters</a>. A $100,000 campaign is aiming to tie Trump to Project 2025's efforts to ban porn and imprison its producers.</li></ol><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Pepsico reports Q3 earnings, Samsung issues Q3 pre-earnings guidance, and Boeing announces Q3 deliveries.</li><li>Donald Trump participates in Univision News town hall with undecided Hispanic voters.</li><li>Kamala Harris has a full day of interviews: She'll appear on "The View" on ABC, "The Howard Stern Show" on SiriusXM, and "Late Night with Stephen Colbert" on CBS.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Amanda Yen, fellow, in New York. Milan Sehmbi, fellow, in London.

Florida's real-estate market is on edge amid back-to-back hurricanes

A day before the official release of India's Gross Domestic Product (<keyword id="35050" type="General" weightage="20" keywordseo="GDP" source="Orion">GDP</keyword>) figures for <keyword id="21593310" type="General" weightage="20" keywordseo="Q1-FY25" source="keywords">Q1 FY25</keyword>, a report by <keyword id="20548750" type="General" weightage="20" keywordseo="Anand-Rathi" source="keywords" meta.keywordsubtype="org" meta.entityname="Anand Rathi" meta.hostid="261" meta.entityid="Anand Rathi">Anand Rathi</keyword> research estimates the GDP to grow by 7 per cent, primarily driven by the robust performance of the services sector. The financial advisory firm also maintains its full-year <keyword id="19972825" type="General" weightage="20" keywordseo="GDP-growth" source="keywords">GDP growth</keyword> projection at 7 per cent, though it warns of potential downside risks. Utilities GVA is expected to rise by 11.5 per cent, while the construction sector has slowed due to election-related disruptions and the impact of heat. The mining sector remains strong, supported by increased coal production. The services sector is expected to be the primary driver of GDP growth in Q1 FY25. Despite reduced <keyword id="20155204" type="General" weightage="20" keywordseo="government-spending" source="keywords">government spending</keyword> ahead of the elections, which is likely to dampen growth in some service sectors, financial, real estate, and professional services are expected to have performed well. This performance is attributed to strong market activity and credit growth. However, the trade and transport sectors present a mixed picture, with some indicators showing improvement while others remain moderate. Overall, Services Gross Value Added (GVA) is expected to grow by 8.2 per cent in Q1 FY25. As per the report, Investment was a key growth driver in FY24, fuelled by government infrastructure projects and a real estate upswing. However, the momentum appears to have slowed in Q1 FY25 due to pre-election restrictions. Despite this, the report predicts a significant rise in government capital expenditure in the coming months, supported by greater budget allocations. The report highlights the changing dynamics of private consumption in India. FY24 saw weak consumption, especially in rural areas, with final consumption expenditure growing by just 3.8 per cent. However, as FY25 begins, there are signs of a rural revival. Indicators such as increased two-wheeler sales and improving Fast-Moving Consumer Goods (FMCG) volume growth signal a rebound in rural demand. In contrast, urban demand continues to show signs of sluggishness. The muted sales of passenger vehicles, weaker retail credit transfers, and flat Goods and Services Tax (GST) collections underscore this trend. While consumption is not expected to see a significant rise in Q1 FY25, the outlook for the remainder of the year appears positive. This optimism is bolstered by anticipated higher agricultural output and sharper government focus on rural areas. The agriculture sector is expected to post a subdued growth of 2.1 per cent in Q1 FY25, affected by scorching heat and uneven rainfall last year, which led to lower reservoir levels and hindered farming activities. However, the outlook is more promising for the remainder of the fiscal year, with better rains and improved sowing conditions expected to boost agricultural output Additionally, a rebound in stamp duty collections suggests buoyant real estate sales. Private capital expenditure, which was previously subdued, is expected to expand in FY25, driven by rising capacity utilisation and strong order books. The industrial sector, which grew by 9.5 per cent in FY24, is expected to see a shift in growth drivers in Q1 FY25. The focus is now moving towards utilities and mining, with manufacturing growth slowing. While government infrastructure projects and private capital expenditure will continue to support industrial growth, the global growth slowdown poses potential risks.

Anand Rathi anticipates Q1 FY25 GDP growth at 7%, a little lower than RBI's estimate of 7.1%

<ul class="summary-list"><li>Americans' net worth hit a record $163.8 trillion in Q2, driven by a surge in real estate and stock prices.</li><li>Data from the Federal Reserve shows a nearly 2% increase In net worth from Q1, with real estate leading the gains.</li></ul>New data from the Federal Reserve reveals that Americans are the richest they've ever been.Americans had a cumulative net worth of $163.8 trillion at the end of the second quarter, according to the Fed's latest <a target="_blank" class="" href="https://www.federalreserve.gov/releases/z1/20240912/z1.pdf">Financial Accounts of the United States report</a> released on Thursday.The record high in Americans' net worth last quarter increased nearly 2% from the first quarter reading of $161 trillion, with the gains driven mostly by continued price appreciation in the US real estate market.A $1.8 trillion increase in real estate valued and a $700 billion gain in stocks drove the increase.The stock market hit a record high in June, as did the S&amp;P CoreLogic Case-Shiller U.S. National Home Price Index.Along with the net worth increase, household debt jumped almost 1% from the first quarter to $20.2 trillion, while cash and cash-like security holdings dropped slightly to $18.44 trillion.Overall, the data paints a healthy financial picture for the US consumer, who is flush with cash and has plenty of exposure to rising-value assets.It's one reason the US economy has been so resilient even in the face of the Fed's aggressive interest-rate hikes over the past two years.Economist David Rosenberg said in a note last month that July's strong spending data was likely buoyed by the "wealth effect," which is the idea that when a consumer sees their net worth rise, they feel confident to spend more money, and vice versa.The <a target="_blank" class="" href="https://markets.businessinsider.com/news/interestrates/u-s-retail-sales-jump-much-more-than-expected-in-july-1033694732">strong July retail sales data</a> was "very likely the product of the "wealth effect" which has kept the high-end consumer chugging right along," Rosenberg said.It's not just rising net worths that are boosting US consumers, but also rising wages.Data from the Census Bureau <a target="_blank" class="" href="https://www2.census.gov/library/publications/2024/demo/p60-282.pdf">released earlier this week</a> shows the median US household income rose 4% in 2023 to a record high of $80,610.The sharp rise represented the largest annual jump in inflation-adjusted income since 2019.Altogether, the US consumer seems to be doing more than fine based on the latest economic data.

Americans are the richest they've ever been thanks to soaring real estate and stock prices

New Delhi [India], May 23 (ANI): Once notorious for oversupply and all-round market disarray, Delhi-NCR's real estate sector is witnessing a reversal of winds as the unsold inventory in the region has declined by a massive 57 per cent in the last five years, the latest report by real estate consultant Anarock Group observed. The report added the unsold real stock in the national capital region declined from approx. 2 lakh units at Q1 2018-end to approx. 86,420 units by Q1 2024-end. In the same period, the main southern cities saw their unsold stock decline from approx. 1.96 lakh units in Q1 2018 to over 1.76 lakh units in Q1 2024. Gurgaon holds the highest stock with approximately 33,326 units, marking a 37 per cent decrease. Greater Noida follows with about 18,668 units, having reduced its stock by 70 per cent. Ghaziabad's inventory declined dramatically by 70 per cent to around 11,011 units. Noida saw a 71 per cent decrease, with approximately 7,451 unsold units remaining. Combined, Delhi, Faridabad, and Bhiwadi have about 15,964 unsold units, a 31 per cent reduction since 2018, as per the report. It further observes the top Southern markets Bengaluru, Hyderabad, and Chennai saw their collective unsold stock shrink by 11 per cent in this period. MMR and Pune in the West saw their cumulative unsold stock reduced by 8 per cent. In the East, Kolkata saw its unsold inventory decline by an impressive 41 per cent in the period. Citing the reason behind the low decline of unsold inventory, the real estate consultant added that there have been massive new property launches in Hyderabad, most notably over the last two years. The city saw its housing stock almost quadrupled in the last 5 years. Bengaluru saw unsold inventory decline by 50 per cent in this period. In the West, MMR and Pune saw unsold stock decline by 8 per cent in the last five years - from approx. 3.13 lakh units in Q1 2018 to approx. 2.90 lakh units in Q1 2024, the report added.

Unsold real estate properties decline in Delhi-NCR by 57%; Rate slower in Bengaluru, Hyderabad, Chennai

New Delhi, State-owned <keyword id="159757" type="General" weightage="20" keywordseo="NBCC" source="Orion">NBCC</keyword> (India) Ltd has reported a 16 per cent decline in its consolidated net profit to Rs 81.90 crore for the second quarter of this fiscal due to provisioning for expected loss in a Gurugram housing project. Its net profit stood at Rs 97.72 crore in the year-ago period. The total income, however, rose to Rs 2,129.09 crore during the July-September period of 2023-24 from Rs 2073.89 crore in the corresponding period of the previous year, a regulatory filing said on Thursday. The company's consolidated net profit increased to Rs 159.31 crore in the September 2023 quarter against Rs 92.87 crore in the year-ago period. Its total income rose to Rs 4,094.90 crore in the first six months of this fiscal from Rs 3,927.13 crore in the corresponding period of the previous year. A preferred partner of the government for infrastructure projects, NBCC's 93.22 per cent of business revenue comes from the PMC (project management consultancy) segment and redevelopment works on a consolidated basis. The company is also into real estate development. NBCC's profit declined during the September quarter despite a rise in the total income due to an exception item of provisioning of losses of Rs 65.39 crore. In notes of account, NBCC said that "the group has made an additional provision for expected loss of Rs 6,539.19 lakh against sale of flats/units/interest/cost of stamp duty and registration charges for execution of title deed of flats/units in the favour of group at the quarter and six months ended on September 30, 2023". The matter is related to its residential real estate project 'NBCC Green View', Sector - 37 D, Gurugram. NBCC had sold 392 units (255 flats, 126 EWS and 11 shops) out of 942 units and had received a total amount of Rs 210.12 crore, out of which Rs 159.57 crore was recognised as revenue in the previous year and Rs 40.48 crore were booked as advance from allottees till March 31, 2022. "Subsequently, the buildings in the project exhibited structural cracks. The group received many complaints and representation from some of the homebuyers. Group appointed IIT Delhi to look into the matters," the filing said. IIT Delhi, in its report dated October 6, 2021, advised that the buildings must be vacated within two months in view of the safety of the occupants and further advised to get the feasibility of repairs re-examined. Thereafter, a committee of experts from IIT Roorkee and CBRI Roorkee (Central Buildings Research Institute) was constituted for structural assessment of this project in furtherance to the report of IIT Delhi. "This expert committee opined that no repair/restoration method seems economically viable and safe in the long term. It is recommended to demolish the structure," NBCC said. Further, a review panel of two retired SDGs of CPWD was constituted, which also concurred with the recommendation given by the expert committee. "In view of the advice from the experts and considering the safety of the residents, the buildings were evacuated completely with the help of the District Administration under Disaster Management Act," NBCC said. The company, in its board meeting held on June 21, 2022, accorded the approval to settle with all the homebuyers/allottees by way of buyback of their flats/units by paying the total amount received from the allottees against the sale of flats/units amounting to Rs 210.12 crore and the cost of stamp duty and registration charges paid by them amounting to Rs 9.73 crore. Accordingly, the offer letter for the buyback of their flats/EWS units/shops was communicated to all homebuyers/allottees through posts and mails. "In view of the uninspiring response from the buyers against the first and second buyback offer of the group, the Board in its 529th meeting held on August 18, 2023, decided to reconsider the same in order to arrive at an amicable settlement," NBCC said. Accordingly, the Board of Directors has accorded in-principal approval to settle with all the homebuyers/allottees by way of buyback of their flats/units by paying the total amount received from the remaining allottees against the sale of flats/units amounting to Rs 195.39 crore and the cost of stamp duty &amp; registration charges paid by them amounting to Rs 9.11 crore and simple interest of 6 per cent per annum on the total receipts (excluding stamp duty and registration charges) amounting to Rs 105.79 crore reckoned from the date of receipt of each payment made till the approval date, August 18, 2023. In addition, Rs 12.24 crore (approximately) is estimated to be incurred towards the cost of stamp duty and registration charges for execution of title deed of flats/units in the favour of the group. "Accordingly, the group, in its submission to the National Consumer Disputes Redressal Commission (NCRDC) on October 6, 2023, submitted its willingness to refund the entire amount received from complainants with simple interest at 6 per cent per annum from the date of respective deposits," NBCC said.

NBCC Q2 2023-24 net profit falls 16% to Rs 82 cr on provisioning for loss in Gurugram housing project

<ul><li>Unsold <keyword id="35061" type="General" weightage="20" keywordseo="housing" source="Orion">housing</keyword> stock declines 11% in Q3, 2023. </li><li>Indian developers are strategically focusing on reducing older <keyword id="3032077" type="General" weightage="20" keywordseo="unsold-inventory" source="Orion">unsold inventory</keyword>. </li><li>With an 8% increase in absorption compared to the previous year, the market is showing resilience. </li></ul>New property launches increased by 2% in tier one cities, reaching 97,871 units in July to September 2023, up from 96,408 units in the same period previous year. However, it's important to note that the quarter witnessed an 11% decrease in <keyword id="1085768" type="General" weightage="20" keywordseo="new-launches" source="Orion">new launches</keyword> when compared to Q2FY24 due to reduced demand stemming from higher <keyword id="35507" type="General" weightage="20" keywordseo="property-prices" source="Orion">property prices</keyword> and mortgage rates. <cmsannotation type="cmsannotation" annotationid="Unsold stock declines" comment="Subhead" text="Unsold stock declines">Unsold stock declines</cmsannotation> In the reported quarter, unsold housing stocks in Tier 1 cities in India decreased to 508,464 units, down from 526,497 units in Q3 2022, marking an 11% decline, according to research data by PropEquity, an online <keyword id="6354553" type="General" weightage="20" keywordseo="real-estate" source="Orion">real estate</keyword> data and analytics platform. While Hyderabad saw a 6% increase in unsold stock among the country's top seven cities during the same period, Delhi-NCR region experienced a 7% drop in unsold stock in Q3 2023 compared to Q2 2023, with residential property sales maintaining their positive momentum post-pandemic. Indian developers are strategically focusing on reducing older unsold inventory, leading to a decrease in unsold stocks, while also launching fewer new projects. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td colspan="6" style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Key Market Indicators - Tier 1 Cities </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Indicators </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 2022 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q2 2023 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 2023 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q-o-Q </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Y-o-Y </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">New Launches </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">96,408 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,10,468 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">97,871 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-11% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total Absorption </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,14,216 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,22,702 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,15,904 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-6% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">1% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Unsold stock </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">5,70,932 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">5,26,497 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">5,08,464 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-11% </td></tr></tbody></table> Source: PropEquity Research Says Samir Jasuja, Founder &amp; CEO of PropEquity, “Housing prices have been climbing in major Indian cities in the post-COVID years. While this upward trend in capital values is attracting investors to India's key real estate markets, there is reduction in unsold housing stock. However, due to appreciation in both prices and mortgage rates, housing demand is currently facing challenges. Going forward, if interest rates on home loans remain stable or even soften in the coming months, we anticipate an increase in housing demand." <cmsannotation type="cmsannotation" annotationid="However, bullish trend continues" comment="Subhead" text="However, bullish trend continues">However, bullish trend continues</cmsannotation> The bullish trend in the real estate market, which began in 2022, has continued into 2023. An analysis of the first three quarters shows that new property launches in Tier 1 cities have remained consistent with 2022 levels. However, what stands out is an unprecedented surge in demand, projected to reach a decade-high of 5 lakhs units. With an 8% increase in absorption compared to the previous year, the market's resilience is evident. As we approach the upcoming festive season in the next quarter, the real estate market is poised for a surge in new property launches.

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