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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

<keyword id="20503776" type="General" weightage="100" keywordseo="rental-income" source="keywords">Rental income</keyword> in major <keyword id="20026638" type="General" weightage="20" keywordseo="Indian-cities" source="keywords">Indian cities</keyword> has risen by 14.6% every year, and a meager 2.6% on a quarterly basis, said a recent report by Magicbricks, a <keyword id="19895040" type="General" weightage="20" keywordseo="real-estate" source="keywords">real estate</keyword> platform. Explaining the rental income dynamics, Abhishek Bhadra, Head of Research, Magicbricks, noted that with economic activity peaking, they anticipate continued growth in both <keyword id="21466032" type="General" weightage="20" keywordseo="rental-demand" source="keywords">rental demand</keyword> and rents in the short to medium term. "Additionally, the supply of rental units is expected to improve as the stock of under-construction properties nears completion. Overall, the current landscape presents a promising opportunity for landlords and investors, encouraging greater participation in the <keyword id="20052080" type="General" weightage="20" keywordseo="rental-market" source="keywords">rental market</keyword>," said the Head of Research. Rental income is a major source of earning for millions of Indians. <keyword id="19932272" type="General" weightage="20" keywordseo="navi-mumbai" source="keywords">Navi Mumbai</keyword> saw 6.2 % jump quarterly, while Hyderabad (4.2%), and Ahmedabad (4%) exhibited the most significant increase in average rents. In Navi Mumbai, the average rent increased from Rs 28.99 per square feet (psf) per month in Jan-Mar 2024 to Rs 30.78 psf per month in Apr-Jun 2024. Similarly, average rents in Hyderabad increased from Rs 22.01 psf to Rs 22.93 psf per month, while in Ahmedabad, rents rose from Rs 17.25 psf to Rs 17.94 psf per month. The report observed a significant 14.8% quarterly increase in rental demand during this period, following a 16% quarterly increase in the previous quarter. However, the report asserted that the supply has decreased by 2.2% quarterly across the cities due to high absorption rates, leading to a rise in rents. The highest rents are in cities of Mumbai (Rs 82.28 psf) per month, Delhi (Rs 33.72 psf) per month and <keyword id="19919131" type="General" weightage="20" keywordseo="thane" source="keywords">Thane</keyword> (Rs 29.84 psf) per month. The <keyword id="22641758" type="General" weightage="20" keywordseo="Magicbricks-report" source="keywords">Magicbricks report</keyword> further observed that average rents in Greater Noida is Rs 14.52 psf per month, Rs 20.10 psf per month in Noida and Rs 28 psf per month in Bengaluru. With high rental demand and rents, <keyword id="19951618" type="General" weightage="20" keywordseo="residential-real-estate" source="keywords">residential real estate</keyword> continues to be a lucrative investment market. While across the top 13 cities, the average rental yield is 3.6%, investments in Ahmedabad, Pune and Kolkata demonstrated the highest rental yields (3.8%), observed the report.

Rental income in key Indian cities spiked over 14%, says Magicbricks report

Leading multiplex operator <keyword id="19986619" type="General" weightage="100" keywordseo="PVR-INOX" source="keywords">PVR INOX</keyword> plans to close 70 <keyword id="22996404" type="General" weightage="20" keywordseo="non-performing-screens" source="Orion">non-performing screens</keyword> in FY25 and will go for potential <keyword id="20069509" type="General" weightage="20" keywordseo="monetisation" source="keywords">monetisation</keyword> of non-core <keyword id="20478737" type="General" weightage="20" keywordseo="real-estate-assets" source="keywords">real estate assets</keyword> in prime locations such as Mumbai, Pune, and Vadodara, according to its latest annual report. Though the company will add 120 new screens in FY25, it will also close almost 60-70 non-performing screens, as it chases for <keyword id="738150" type="General" weightage="20" keywordseo="profitable-growth" source="Orion">profitable growth</keyword>. About 40 per cent of new screens addition will come from South India, where it will have a "strategic focus" on this lesser penetrated region as per its medium to long-term strategy. Moreover, <keyword id="799" type="General" weightage="20" keywordseo="PVR" source="Orion">PVR</keyword> <keyword id="6407732" type="General" weightage="20" keywordseo="INOX" source="Orion">INOX</keyword> is redefining its growth strategy by transitioning towards a capital-light growth model to reduce its capex on new screens addition by 25 to 30 per cent in the current fiscal. Now, PVR INOX will partner with developers to jointly invest in new screen capex by shifting towards a franchise-owned and company-operated (FOCO) model. It is also evaluating monetisation of owned real estate assets, as the leading film exhibitor aims to become "net-debt free" company in the foreseeable future. "This involves a potential monetisation of our non-core real estate assets in prime locations such as Mumbai, Pune, and Vadodara," said Managing Director Ajay Kumar Bijli and Executive Director Sanjeev Kumar addressing the shareholders of the company. In terms of growth, they said the focus is to speed up expansion in underrepresented markets. "Our company's medium to long-term strategy will involve expanding the number of screens in South India due to the region's high demand for films and comparatively low number of multiplexes in comparison to other regions. We estimate that approximately 40 per cent of our total screen additions will come from South India," they said. During the year, PVR INOX opened 130 new screens across 25 cinemas and also shut down 85 under-performing screens across 24 cinemas in line with its strategy of profitable growth. "This rationalisation is part of our ongoing efforts to optimise our portfolio. The number of closures seems high because we are doing it for the first time as a combined entity," said Bijli. PVR INOX's net debt in FY24 was at Rs 1,294 crore. The company had reduced its net debt by Rs 136.4 crore last fiscal, said CFO Gaurav Sharma. "Even though we are cutting down on capital expenditure, we are not compromising on growth and will open almost 110-120 screens in FY25. At the same time, not wavering from our goal of profitable growth, we will exit almost 60-70 screens that are non-performing and a drag on our profitability," he said. In FY24, PVR's revenue was at Rs 6,203.7 crore and it reported a loss of Rs 114.3 crore. This was the first full year of operations of the merged entity PVR INOX. Over the progress on merger integration, Bijli said "80-90 per cent of the targeted synergies was achieved in 2023-24" In FY24, PVR INOX had a 10 per cent growth in ticket prices and 11 per cent in F&amp;B spend per head, which was "higher-than-normal". This was primarily on account of merger synergies on the integration of PVR and INOX, said Sharma. "Going forward, the increase in ticket prices and food and beverage spending per head will be more in line with the long-term historical growth rates," he said. PVR INOX aims to restore pre-pandemic operating margins, enhancing return on capital, and driving free cash flow generation. "We aim to boost revenue by increasing footfalls through innovative customer acquisition and retention," said Sharma adding "We are also driving cost efficiencies by renegotiating rental contracts, closing under-performing screens, adopting a leaner organisational structure, and controlling overhead costs."

PVR INOX to close 70 non-performing screens in FY25, plan monetisation of real estate assets

<keyword id="1390483" type="General" weightage="50" keywordseo="housing-sales" source="Orion">Housing sales</keyword> rose 36% year-on-year to a record 1,20,280 units across seven major cities during the July-September period on robust demand amid stable mortgage rate, according to Anarock. Housing sales stood at 88,230 units in the year-ago period across the seven major cities. Releasing the data, <keyword id="6354553" type="General" weightage="80" keywordseo="real-estate" source="Orion">real estate</keyword> consultant Anarock said average housing prices across the seven cities grew 11% annually in the July-September period this year. Hyderabad saw the highest rise of 18%. Anarock highlighted that quarterly sales in July-September touched an all-time high. In housing data, sales of apartments, villas and independent floors are included while plots are excluded. Anarock Chairman Anuj Puri highlighted that Mumbai Metropolitan Region (MMR) and Pune contributed 51% of the total sales. Puri noted that the continued healthy sales momentum is at least partially attributable to the repo rate pause maintained by the Reserve Bank of India in the two recent monetary policies. "This has kept home loan interest rates stable, keeping housing purchase sentiment high," he added. According to the data, housing sales in Delhi-NCR rose 6% to 15,865 units during July-September 2023 from 14,970 units in the year-ago period. In MMR, housing sales increased 46% to 38,500 units from 26,400 units during the period under review. Housing sales in Bengaluru went up 29% to 16,395 units during July-September this year from 12,690 units in the corresponding period of last year. In Pune, sales grew maximum by 63% to 22,885 units from 14,080 units. Sales of residential properties in Hyderabad increased 41% to 16,375 units from 11,650 units. In Chennai, housing sales rose 42% to 4,940 units from 3,490 units. Housing sales in Kolkata went up 7% to 5,320 units during July-September from 4,950 units in the year-ago period. "The ever-rising aspiration of owning a home mainly driven by rising income levels has meant a strong demand for housing over the last couple of years. The trend is expected to continue in the foreseeable future," Gurugram-based realty firm Krisumi Corporation Managing Director Mohit Jain said. The demand for luxury housing too is likely to remain strong amid the desire for upscale living experiences, he said. "Keeping pace with the demand for luxury homes, the supply is also expected to remain strong," Jain said.

Housing sales up 36% in Jul-Sep in top 7 cities: Anarock

New Delhi, Realty firm <keyword id="143494" type="General" weightage="20" keywordseo="Mahindra-Lifespace" source="Orion">Mahindra Lifespace</keyword> Developers Ltd on Friday reported a consolidated net loss of Rs 18.93 crore for the second quarter ended September on lower income. Its net loss stood at Rs 7.51 crore in the year-ago period. Total income declined to Rs 25.7 crore during the July-September period of the 2023-24 financial year from Rs 73.82 crore in the corresponding period of the previous year, according to a regulatory filing. Mahindra Lifespace is the real estate and infrastructure development arm of the business conglomerate Mahindra Group. On the operational front, the company said it achieved pre-sales of Rs 455 crore in residential business. It launched 0.47 million square feet of saleable area at Tathawade Phase 3 in Pune. The company collected Rs 311 crore in residential business. Mahindra Lifespace achieved land leasing of 9.9 acres in the industrial business for Rs 32.2 crore. The company's development footprint spans 34.46 million square feet of completed, ongoing, and forthcoming residential projects across seven Indian cities. It has over 5,000 acres of ongoing and forthcoming projects under development and management at its integrated developments and industrial clusters across four locations.

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

ANI

Rental income in key Indian cities spiked over 14%, says Magicbricks report

ANI

PVR INOX to close 70 non-performing screens in FY25, plan monetisation of real estate assets

PTI

Housing sales up 36% in Jul-Sep in top 7 cities: Anarock

PTI

Mahindra Lifespace posts nearly Rs 19 crore loss in September quarter

PTI

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