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<keyword id="19895040" type="General" weightage="100" keywordseo="real-estate" source="keywords">Real estate</keyword> was India's asset of choice for investment in the first half of 2024, noted a recent FICCI-ANAROCK report. About 59% of the 7,615 respondents across 14 Indian cities expressed their desire to invest in real estate. Out of these, 67% of respondents wanted to buy a house to live in it, while the remaining 33% viewed it as an investment. Out of this 33%, the majority (57%) wanted to earn rental yields from the same, while another 20% planned to sell their property after its price has appreciated significantly. The remaining 23% viewed real estate as an asset for securing their future. Even for millennials, buying a house featured at the top of their priorities. 66% of millennials and 41% of generation X respondents highlighted that they intended to utilize their investment gains to buy a house in the future. What was also notable was the significant decline in demand for ready-to-move in units and a corresponding rise in demand for under-construction units. During the first half of 2024, for every 20 individuals who preferred a ready-to-move-in house, 25 respondents chose a new launch or under-construction property. This ratio was at 32:21 in the first half of 2021. Some of the reasons why over 53% of homebuyers are dissatisfied with the current available options when it comes to <keyword id="20254620" type="General" weightage="20" keywordseo="affordable-housing" source="keywords">affordable housing</keyword> are location accessibility (92%), poor quality construction design (84%), and small unit sizes (68%). Even the supply in the affordable housing category across the top 7 Indian cities has considerably shrunk over the last 3 years, from 26% in 2021 to just 17% as of September 2024. However, this differed based on the city. While over 50% of respondents chose 3BHK apartments in cities like Chennai, Hyderabad, Delhi-NCR, and Bengaluru, over 40% preferred a 2BHK in other metros like Kolkata. Mumbai Metropolitan Region (MMR) and Pune. However, that does not mean that there is little demand for luxury homes. 28% of respondents preferred buying a house between the range of Rs 90 lakh and Rs 1.5 crore. This was a mere 18% prior to the pandemic. However, the most common budget range for houses remained between Rs 45-90 lakh, with 35% of respondents choosing the same. As far as under-construction properties are concerned, a staggering 98% of respondents prefer timely project completion, 93% choose improved construction quality, and 72% prefer a well-lit, ventilated home. The report further noted that Indians are increasingly inclined towards larger, more luxurious living spaces. 3BHKs and apartments remained the most preferred choice of residence and property type, with 51% and 58% of respondents opting for them, respectively. Residential plots were also seen gaining traction, particularly in southern India, with 30% of respondents in Chennai, 29% in Bengaluru, and 27% in Hyderabad preferring them. <keyword id="21483825" type="General" weightage="20" keywordseo="home-loan-interest-rates" source="keywords">Home loan interest rates</keyword> also significantly influenced home buying decisions. If the rates are below 8.5%, it would have minimal impact on buying decisions for around 71% of respondents. However, interest rates exceeding 9% would significantly impact 87% of buyers. With the RBI currently deciding to hold off on slashing interest rates in October for the 10th consecutive time, home loan rates are likely to stay elevated in the future. Experts estimate that the RBI will start cutting interest rates early next year.

Real estate continues to dominate India's investment portfolios, shows FICCI report

<ul><li><keyword id="6358070" type="General" weightage="20" keywordseo="mumbai" source="Orion">Mumbai</keyword>'s ranking significantly improved from 38th in Q1 2022 to sixth in Q1 2023 for high-end properties. </li><li>Bengaluru and New Delhi also saw an upward shift in their rankings, reaching 16th and 22nd positions respectively. </li><li>Despite the Federal Reserve and other central banks approaching peak interest rates, it is expected that even prime housing markets will continue to face downward pressure. </li></ul>Three major cities in India, Mumbai, Bengaluru, and New Delhi, witnessed a growth in average annual prices of prime residential properties during Q1 2023. The growth pushed the ranking of these Indian metros in Knight Frank India's 'Prime Global Cities Index Q1 2023'. Mumbai's ranking significantly improved from 38th in Q1 2022 to sixth in Q1 2023 for high-end properties. Bengaluru and New Delhi also saw an upward shift in their rankings, reaching 16th and 22nd positions respectively, compared to their previous ranks of 37th and 39th, as per the report. “The Indian economy stood out with steady performance despite concerns around global growth and inflation that marked most of 2022. However, the Indian real estate markets displayed continued momentum in demand, amid concerns of an inflationary environment, and weathered a steep rise in home loan rates over the past 12 months,” said Shishir Baijal, chairman and managing director at Knight Frank India. In terms of year-on-year increase, Mumbai experienced a 5.5% rise in average prices, Bengaluru saw a 3% increase, and New Delhi recorded a 1.2% increase, all compared to Q1 2022. Globally, Dubai secured the top position with a substantial 44.2% surge in the value of prime residential properties. Mumbai's sharp rise in the international index can be attributed primarily to the increased demand in the city. While the demand has been robust across all segments, there has been a notable surge in the sale of prime residential properties. “Particularly, we have seen demand for prime residential property being maintained largely due to three factors, firstly these sets of consumers are less dependent on mortgage support; secondly, the continuous growth in economy has led to an increase and stability in income and lastly the prolonged trend of buying larger homes,” said Baijal. What’s the index about? The Prime Global Cities Index is an index that monitors and tracks the changes in prime residential prices in 46 cities worldwide. It uses valuation-based methods and records the nominal prices in the local currency of each city. The index experienced a decline of 0.4% in the 12-month period ending in March of this year, which is the first decrease since 2009. This is a significant turnaround from the peak growth of 10.1% observed in the fourth quarter of 2021. Dubai witnessed the most rapid increase in prime prices, with a year-on-year growth of 44.2% between Q1 2022 and Q1 2023. Despite the Federal Reserve and other central banks approaching peak interest rates, it is expected that even prime housing markets will continue to face downward pressure on prices in the coming quarters. “That said, it is unlikely we will see a correction similar in scale to that seen during the Global Financial Crisis, when the overall PGCI index fell 8.2% from peak to trough in 2009,” says the report. Early indications suggest that some markets have shown signs of improvement, as 46% of markets experienced quarterly price declines in the second half of 2022, which decreased to 28% in the first quarter of this year, the lowest number since Q1 2021.

Mumbai sees a significant jump in Prime Global Cities Index: Knight Frank

<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

<keyword id="1390483" type="General" weightage="20" keywordseo="housing-sales" source="Orion">Housing sales</keyword> rose 36 per cent 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, real estate consultant Anarock said average <keyword id="6468581" type="General" weightage="20" keywordseo="housing-prices" source="Orion">housing prices</keyword> across the seven cities grew 11 per cent annually in the July-September period this year. Hyderabad saw the highest rise of 18 per cent. 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 per cent 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 <keyword id="173069" type="General" weightage="20" keywordseo="home-loan-interest" source="Orion">home loan interest</keyword> rates stable, keeping housing purchase sentiment high," he added. According to the data, housing sales in Delhi-NCR rose 6 per cent to 15,865 units during July-September 2023 from 14,970 units in the year-ago period. In MMR, housing sales increased 46 per cent to 38,500 units from 26,400 units during the period under review. Housing sales in Bengaluru went up 29 per cent 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 per cent to 22,885 units from 14,080 units. Sales of <keyword id="135249" type="General" weightage="20" keywordseo="residential-properties" source="Orion">residential properties</keyword> in Hyderabad increased 41 per cent to 16,375 units from 11,650 units. In Chennai, housing sales rose 42 per cent to 4,940 units from 3,490 units. Housing sales in Kolkata went up 7 per cent 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 <keyword id="457183" type="General" weightage="20" keywordseo="luxury-housing" source="Orion">luxury housing</keyword> 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 pc in Jul-Sep in top 7 cities to record 1,20,280 units: Anarock

Capitalism may have a lot of ramifications, but one very pervasive side-effect to the system is eye-bags. Many a man — and woman — has had to trade their valued sleep-time for coin, after all. But what if there was a way to get paid FOR sleeping? In 2023, <keyword id="22966515" type="General" weightage="20" keywordseo="saishwari-patil" source="keywords">Saishwari Patil</keyword>, an auditor based in Bengaluru, clinched the title of ‘<keyword id="22966518" type="General" weightage="20" keywordseo="sleep-champion-of-the-year" source="keywords">Sleep Champion of the Year</keyword>’ and took home a prize of INR 9 lakh. But how? <keyword id="21339903" type="General" weightage="20" keywordseo="wakefit" source="keywords">Wakefit</keyword> has been hosting a “Sleep Internship” for a while now, drawing attention from across the country. The company calls upon applicants to participate in their program for 60 days where they’re mostly expected to hit the 9-hour sleep KPI, take power naps and test a new Wakefit mattress. And suffice to say that last year’s competition was intense. First, the winner had to get selected from a massive pool of 5 lakh applicants vying for a spot in the <keyword id="22966519" type="General" weightage="100" keywordseo="wakefit-sleep-internship" source="keywords">Wakefit Sleep Internship</keyword>. After that, they had to compete with 11 other participants that were shortlisted — all of whom were paid a stipend of Rs 1 lakh. Over the course of the 2-month-long program, these sleep interns logged a combined total of 7,000 hours of sleep, with their progress monitored and evaluated based on their sleep efficiency. The competition reached its peak with a live “sleep-off,” where the top four finalists slept in custom sleep pods, competing for the ultimate prize. And Saishwari emerged victorious with a remarkable sleep efficiency score of 99%, securing her position as the season’s top sleeper. <div type="Article" hostid="261" msid="112794594" title="The former Twitter director who went viral for sleeping in the office was deeply concerned about employee burnout" mstype="2" mssubtype="0"></div>The Wakefit <keyword id="22966514" type="General" weightage="20" keywordseo="sleep-internship" source="keywords">Sleep Internship</keyword> is not just a quirky contest; it’s also a part of the company’s broader mission to address a growing issue in India. According to the Great Indian Sleep Scorecard 2024, nearly 50% of Indians wake up feeling tired, with factors like long working hours, stress, and poor sleep environments contributing to widespread sleep deprivation. By creating the Sleep Internship, Wakefit aims to shine a light on the importance of <keyword id="20334530" type="General" weightage="20" keywordseo="quality-sleep" source="keywords">quality sleep</keyword> and encourage people to prioritise rest in their daily lives. The internship is a tongue-in-cheek way to promote better sleep habits, offering participants not just money, but also insights into improving their <keyword id="20760931" type="General" weightage="20" keywordseo="sleep-health" source="keywords">sleep health</keyword>, the company said. The good news is that you may have a chance at being crowned the next <keyword id="22966517" type="General" weightage="20" keywordseo="sleep-champion" source="keywords">Sleep Champion</keyword> of the Year! Building on the success of the previous seasons, Wakefit has already opened registrations for the fourth edition of its Sleep Internship. This time, the stakes are even higher, with the winner standing to earn up to Rs 10 lakh! Wakefit promises that this season will be more engaging than ever, with participants receiving a state-of-the-art Wakefit mattress and advanced sleep tracker. Additionally, the interns will undergo a series of sessions with sleep experts, fitness professionals, and wellness coaches, all aimed at enhancing their sleep quality. As the conversation around sleep continues to evolve, this initiative, while playful, underscores a critical message: quality sleep is not just a luxury, but a necessity for overall well-being. In the meantime, candidates interested in the program can fill in their entries <a href="https://www.wakefit.co/sleepintern/">here</a>. <div type="Article" hostid="261" msid="95275829" title="Wakefit.co announces &amp;#39;No Questions Asked&amp;#39; wellness leave policy for staff" mstype="2" mssubtype="0"></div>

A Bengaluru auditor earned Rs 9 lakh just for sleeping, and here’s how you can too!

<ul><li>In 2018, luxury home prices in the top seven cities averaged around ₹12,400 per <keyword id="1390002" type="General" weightage="20" keywordseo="square-foot" source="Orion">square foot</keyword>, which has now escalated to approximately ₹15,350 per square foot. </li><li>Bengaluru and Mumbai Metropolitan Region (MMR) followed Hyderabad closely with a 27% average price increase each. </li><li>Affordable homes priced below ₹40 lakh experienced a more modest 15% price appreciation during the same period.</li></ul>The <keyword id="386983" type="General" weightage="20" keywordseo="luxury-homes" source="Orion">luxury homes</keyword> segment, which pre-pandemic was in a lacklustre state, received a remarkable boost during the lockdown period resulting in substantial growth in <keyword id="6357824" type="General" weightage="20" keywordseo="sales" source="Orion">sales</keyword> and thus new supply being added. With demand surging, it was only a matter of time before prices caught up. An analysis of average <keyword id="2116392" type="General" weightage="20" keywordseo="price-trends" source="Orion">price trends</keyword> across the top seven cities in different budget categories, based on ANAROCK Research data, reveals that luxury homes have seen the most significant price appreciation at 24% over the past five years. In 2018, luxury home prices in these cities (Delhi-National Capital Region (NCR), Mumbai Metropolitan Region, Chennai, Kolkata, Bengaluru, Hyderabad and Pune) averaged around ₹12,400 per square foot, which has now escalated to approximately ₹15,350 per square foot. <cmsannotation type="cmsannotation" annotationid="Hyderabad sees significant rise, followed by Bengaluru" comment="subhead" text="Hyderabad sees significant rise, followed by Bengaluru">Hyderabad sees significant rise, followed by Bengaluru</cmsannotation> Among the top seven cities, Hyderabad witnessed the most substantial leap of 42% in the average price of luxury homes during this period, rising from around ₹7,450 per square foot in 2018 to about ₹10,580 per square foot in the first half of 2023. Bengaluru and Mumbai Metropolitan Region (MMR) followed closely with a 27% average price increase each. In Bengaluru, the average price of luxury homes was ₹10,210 per square foot in 2018, which has now risen to ₹12,970 per square foot. In MMR, homes in the ₹1.5 crore category had an average price of ₹23,119 per square foot in 2018, which has now reached ₹29,260 per square foot. <cmsannotation type="cmsannotation" annotationid="Affordable homes experience a more muted rise" comment="subhead" text="Affordable homes experience a more muted rise">Affordable homes experience a more muted rise</cmsannotation> 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. NCR witnessed the most significant average price increase in this category at 19%, going from ₹3,120 per square foot in 2018 to ₹3,700 per square foot in H1 2023. Hyderabad's budget homes came in second with a 16% price appreciation, rising from ₹3,460 per square foot in 2018 to ₹4,000 per square foot in H1 2023. Anuj Puri, Chairman - ANAROCK Group, says, "Extremely robust sales ably supported by good supply pipeline have resulted in luxury homes witnessing the most significant price appreciation. Considering the relative price stagnation in this segment in earlier years, a 24% increase over the last five years is notable. In the pre-pandemic period in 2019, sales in this segment were anything but stellar and this reflected in non-existent or negligible price growth." <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td colspan="4" 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:top;background-color:#ffffff;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Avg. Price Appreciation in Top 7 Cities (₹/sq.ft.) - 2018 Vs 2023 </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:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </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:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Affordable (&lt;₹40 Lakh) </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:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mid &amp; Premium (₹40 lakh - ₹1.5 Cr) </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:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Luxury (&gt; ₹1.5 Cr) </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:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2018 </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:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">3,750 </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:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">6,050 </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:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">12,400 </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;">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:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">4,310 </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:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">7,120 </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:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">15,350 </td></tr></tbody><tbody></tbody><tbody></tbody></table>

Hyderabad leads spike in luxury home prices – top 7 cities see 24% price rise in five years

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

<ul><li>There is no one fixed definition of <keyword id="457183" type="General" weightage="20" keywordseo="luxury-housing" source="Orion">luxury housing</keyword> and it differs from city to city. </li><li>In terms of share in sales of luxury housing, MMR and NCR top the list with more than 50% in all, followed by Bangalore and Pune at 20% and 15% share. </li><li>Overall, the demand for luxury housing in India is likely to continue growing in the coming years. </li></ul>In February, there was an image which went viral that showed a large crowd gathered at the office of realty developer DLF following the launch of a new project. The rush was about buying an apartment in that project that was priced at ₹7 crore. Last week, DLF confirmed that it has sold 1,137 such projects in its Gurgaon unit. This is not a one off incident. According to data by Knight Frank, a property consultant, in February 2023, the average value of properties registered in Mumbai was recorded at ₹1.9 crore which is 65% more than the average value of properties registered in February 2022 at ₹1.18 crore. Recently, the demand for luxury housing in India has been huge. When you think of luxury housing, think heated pools and spas, community gardens where you can grow your own herbs and veggies, a 24x7 clubhouse with pool tables, games, a business center and a coffee bar, a fitness center with high end cardio and strength training equipment, there is nothing money cannot buy. A mad rush: “If we define ₹2 crore and above as a general reference point for luxury housing, there has been an offtake of nearly 6,000 units in the top seven cities in last quarter with gross sales value of nearly ₹22,000 crore. During this period there has been a new supply of about 12,800 units in the top seven cities in the luxury bracket, which is highest in many preceding years,” says Subhankar Mitra, managing director - advisory services, Colliers India, a professional services and investment management company. In terms of share in sales, Mumbai Metropolitan Region (MMR) and National Capital Region (NCR) top the list with more than 50% in all. This is followed by Bangalore and Pune at 20% and 15% share. Hyderabad and Ahmedabad had less than 10% share in the luxury segment. “The demand for luxury housing in India has picked up in recent times. One of the primary reasons for this is the growth of the Indian economy, which has created a new class of wealthy individuals with a high purchasing power. They are willing to invest in premium living spaces that offer exclusive amenities, top-notch services, and state-of-the-art facilities,” says Anuj Puri, chairman, Anarock Group, a real estate services company. Another reason for the increased demand for luxury housing in India is the changing lifestyles and aspirations of the urban population. “Many individuals now seek a luxurious and comfortable living experience, which has led to a rise in demand for high-end residential properties that offer a host of amenities, such as swimming pools, fitness centers, and landscaped gardens,” adds Puri. The Covid-19 pandemic has also contributed to the increased demand for luxury housing in India. The pandemic has led to a shift in the way people live and work, with many individuals now looking for larger homes with more space to accommodate work-from-home arrangements and other lifestyle changes. One major factor for high sales of big-ticket price homes in Mumbai and other top cities could be the government’s recent move in the Union Budget 2023-24 which will come into effect from April 2023. Under this new move, if one sells a house/other assets including equities and his/her gains are more than ₹10 crore, then maximum benefit that he/she can avail is only up to ₹10 crore when invested into another property. Capital gains of over ₹10 crore will henceforth be taxed from April 2023. “Thus, to save tax on capital gains, the high networth individuals (HNIs) across top cities including Mumbai are rushing in close luxury housing deals before the financial year ends in March,” says Puri. Definition of luxury housing: “In the context of India, luxury properties typically refer to high-end residential properties that offer several amenities and features. These properties are in prime locations, upscale neighborhoods, or central business districts, and are designed with a focus on providing a luxurious and comfortable living experience to their residents,” says Amit Goyal, CEO, India, Sotheby’s International Realty, a luxury real estate brand. There is no one fixed definition of luxury housing and it differs from city to city, depending on the local real estate market, demographics, and lifestyle preferences. “For example, in Mumbai, luxury housing may refer to high-rise apartments with ocean views, while in Delhi, it may refer to large villas with private gardens and swimming pools. Similarly, in Bangalore, luxury housing may include gated communities with world-class sports facilities and spas,” says Puri. For Sotheby's International Realty, luxury property transactions typically exceed ₹15 crore. “However, considering the purchasing power parity in India, we can consider real estate priced at half a million dollars or around ₹4 crore as luxury and above ₹10 crore and uber luxury in the top 7 cities of the country,” says Goyal. According to the recent Luxury Outlook Survey 2023 conducted by India Sotheby's International Realty (ISIR), properties in the price range of ₹4-10 crore are most preferred by HNIs with almost 65% looking for investment in that range, while 33% of HNIs and UHNIs are willing to spend upwards of ₹10 crore to acquire the right high-end luxury property. In the new normal, modern-day luxury living is driven by various factors of lifestyle and infrastructural amenities. “Homes closer to key business hubs have increased the availability of luxury residences from a few restricted pin codes, allowing them to be location-independent,” says Dhaval Ajmera, director, Ajmera Realty and Infra India, a developer known for its mid-luxury to luxury housing projects across Mumbai, Pune and Bengaluru. In Mumbai, Wadala has emerged as one of the most promising home-buying locations with seamless connectivity to the business hotspots of Bandra Kurla Complex, Lower Parel and other prominent parts of the city. “The overall concept of luxury living is no longer solely connected to the posh localities and has undergone a major transformation. For example, modern-day luxury living is defined as residential properties that provide last-mile comfort and safety along with a plethora of modern experiential amenities that strikes a fine balance between lavishness and ease that overall accentuates the lifestyle of the residents,” says Cyrus Mody, founder &amp; managing partner, Viceroy Properties, a premium real estate developer. In the lap of luxury: Customers today demand extraordinary experiences. They desire a grand lifestyle and the very idea of luxury has evolved. “Customers are expecting larger spaces and well-defined homes with over 11 feet floor to ceiling height. There is a rise in buyers of properties as large or larger than 5,000 square feet. The demand is being driven by a clear shift in the thought process of home buyers who desire to go from independent residences to high end luxury apartments,” says Ram Raheja, managing director, S Raheja Realty. Modern luxury homes have home automation technology that provide the owners total control over maintaining a sustainable work-life balance. “Also in-built spaces like vestibules, expansive decks, and project amenities like heated infinity swimming pools, podium parkings and terrace gardens, are being offered by premium developers,” Raheja adds. Overall, the demand for luxury housing in India is likely to continue growing in the coming years, driven by factors such as rising affluence, changing lifestyles, and evolving work arrangements.

Posh neighborhoods, fabulous views, and heated infinity swimming pools: luxury real estate in India is booming

<ul><li>Demand for bigger homes has seen a spurt in the <keyword id="9208211" type="General" weightage="20" keywordseo="post-covid" source="Orion">post-Covid</keyword> era. </li><li>In fact, 77% of the NRIs are looking to buy bigger homes, while 23% want 4 BHK homes. </li><li>Housing sector has seen a 15-20% increase in demand by <keyword id="11904949" type="General" weightage="50" keywordseo="nri" source="Orion">NRI</keyword> in the first nine months of 2022 compared to the corresponding period in 2021.</li></ul>Many non-resident Indians (NRIs) are looking to come back to their motherland keeping in mind the ongoing economic situation due to the Russia-Ukraine war and thus, are actively searching for housing properties in India. "Despite the worst of Covid-19 now in the past, NRIs have clearly not forgotten the uncertainties associated with living in a foreign country during a major pandemic. Securing homes in India became, and remains, a priority for Indians everywhere,” said <keyword id="266974" type="General" weightage="80" keywordseo="prashant-thakur" source="Orion">Prashant Thakur</keyword>, Sr. Director &amp; Head of Research, ANAROCK Group. In fact, 77% of the NRIs are looking to buy bigger homes, while 23% want 4 BHK homes and 54% want to buy 3 BHK properties, according to CII-ANAROCK Consumer Sentiment Survey. The survey got 55,000 responses from NRIs, out of which 7% were currently stationed in the US, Canada, Gulf, Europe, and various Asian countries. Demand for bigger homes has seen a spurt in the post-Covid era. “While schools and offices have reopened, the desire for extra living space remains undiminished. Many of the large IT companies and IT-driven startups now operate on a hybrid work model,” says the report. Notably, more NRIs prefer investing in Indian real estate over stocks, mutual funds, gold, and fixed deposits. Another reason why NRIs prefer bigger homes is the favourable exchange rate. The percentage of NRIs looking for 2 BHK properties has declined from 40% in 2019 (pre-Covid) to 22% in 2022 (post-Covid). "As per <keyword id="7746659" type="General" weightage="50" keywordseo="anarock-research" source="Orion">ANAROCK Research</keyword>, the Jan-Sep period of 2022 saw approx. 2.73 lakh homes sold in the top 7 cities," said Thakur. The real estate market has overall witnessed a gradual recovery after successive Covid-19 lockdowns. The demand further boosted during the festive season despite higher interest rates and biting inflation. <cmsannotation type="cmsannotation" annotationid="Bengaluru remains as one of the top choices" comment="subhead" text="Bengaluru remains as one of the top choices"><keyword id="6354321" type="General" weightage="80" keywordseo="bengaluru" source="Orion">Bengaluru</keyword> remains as one of the top choices</cmsannotation> Bengaluru has been one of the top three choices among NRIs to invest in the housing sector before, during and after the Covid pandemic. Other than Bengaluru, Hyderabad and NCR are the top choices for the NRIs this year. At least 60% of the respondents agreed to be looking for properties in Hyderabad, 20% were eyeing the NCR region and 18% were preferring Bengaluru. Last year, Bengaluru, Pune and Chennai were the top picks for most NRIs. While 63% of the respondents want premium properties priced between ₹90 lakhs to ₹1.5 crore, 59% NRIs preferred luxury properties priced between ₹1.5 - 2.5 crore. Overall investment in the Indian housing by NRIs has ballooned from 55% in the pre-Covid year (2019) to 71% this year. "On an average, NRIs account for 10-15% of homes sold in any given quarter,” Thakur added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/canada-facing-labour-shortage-what-does-it-mean-for-indian-immigrants/slidelist/95251236.cms">Canada facing labour shortage — what does it mean for Indian immigrants</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/reliance-capital-bidders-flag-off-multiple-legal-issues-involving-rs-20000-crore-liability/articleshow/95248934.cms">Reliance Capital bidders flag off multiple legal issues involving Rs 20,000 crore liability</a>

More NRIs are keen to buy bigger homes in the country, says report

<ul><li><keyword id="6367512" type="General" weightage="20" keywordseo="amenities" source="Orion">Amenities</keyword> like fitness facilities, clubhouses, swimming pools and tennis courts have become an important factor for people looking to buy properties. </li><li><keyword id="15641598" type="General" weightage="20" keywordseo="demand-for-housing-properties" source="Orion">Demand for housing properties</keyword> has been increasing post pandemic, with real estate becoming an important investment for people, says <keyword id="486785" type="General" weightage="50" keywordseo="dhaval-ajmera" source="Orion">Dhaval Ajmera</keyword>, director of <keyword id="341487" type="General" weightage="100" keywordseo="ajmera" source="Orion">Ajmera</keyword> Realty and Infra India. </li><li>According to Edelweiss, the realty developer is planning to reduce gross debt by ₹350-400 crore by FY24. </li></ul>The Covid-19 pandemic has made people more conscious about their health. And, that’s reflecting in their housing choices. Health and wellness amenities like gyms, Yoga rooms, workout centres, spas and the like – become a top priority for homebuyers, says Dhaval Ajmera, director of Ajmera Realty and Infra India. Amenities and community living are what people are most concerned about while choosing a home and are ready to pay a premium for these, said Ajmera. Ajmera Realty is known for its mid-luxury to luxury housing projects across Mumbai, Pune and <keyword id="6354321" type="General" weightage="50" keywordseo="bengaluru" source="Orion">Bengaluru</keyword>. “Even if it is a single building or even a complex, people would really want to live in projects that have got plenty of amenities where they or their families can enjoy. And, these amenities come at a 15-20% premium,” Ajmera told Business Insider India in an interview. The love for facilities, clubhouses, swimming pools and tennis courts within a housing complex have become all the more important after the pandemic, when people were stuck in their homes. Demand to keep growing In general, the demand for <keyword id="4436446" type="General" weightage="20" keywordseo="housing-properties" source="Orion">housing properties</keyword> has been increasing post pandemic, with real estate becoming an important investment for people, beating even gold and stocks. Ajmera expects this trend to continue. “Post pandemic, we are seeing demand for homes and that is where we have seen good numbers clocked in by many listed and unlisted developers,” Ajmera added. Within his group, luxury and mid-luxury properties sales were good. Affordable property – defined as properties worth ₹1 crore in Mumbai – also clocked good sales this year, Ajmera added. The realty developer recorded an 82% year-on-year jump in sales at ₹166 crore for the quarter ended September this year. It sold nearly 80,000 sq ft carpet area during the period. ‘Buyers are responding to ongoing prices’ Recently, Ajmera Realty clocked its best festive season in the last two years — as it also coincided with new launches. The developer has a few new launches coming up in the next two years, primarily in Pune, Mumbai and Bangalore The company currently has over 1.3 million square feet (msf) of projects under development, including flagship projects such as Manhattan, Greenfinity and Sikova. According to an Edelweiss wealth research report, around 25% of the inventory worth ₹354 crore in the Manhattan flagship project has already been sold in less than six months of the launch. The last time the company saw sales as good as this was during the pandemic year of 2020 when it had an inventory of ready-to-move-in homes that was in deep demand in the middle of the pandemic. The demand that the sector is seeing is also expected to continue, bolstered by new launches across markets. Even rising interest rates will not play spoilsport, hopes Ajmera. “We have seen a rise in the interest rates but the demand hasn’t gone down because people realise that this is a temporary inflation. I feel that till the time it (interest rate) doesn’t cross 9%, this demand will stay,” Ajmera further explained. In spite of the demand, Ajmera doesn’t see property rates rising significantly next year. The exception however being a few micro pockets like in Wadala, where the real estate company has both land holdings as well as projects. “It is not wise for developers to increase the property rates right now because the market has been pretty decent, people are responding to the ongoing prices. However, in the ready-to-move-in segment, a little bit of surge can happen because the demand for ready houses is better than for under-construction properties,” Ajmera said. In the September quarter, the property rates saw a 6% y-o-y increase across eight cities — Delhi-NCR, MMR, Kolkata, Pune, Hyderabad, Chennai, Bengaluru, and Ahmedabad, according to a report by CREDAI – Colliers - Liases Foras. And Delhi NCR saw the highest increase in residential prices at 14% in the period. Reduce debt in two years The realty developer has a land bank of 11.8 msf for future development and projects and 1.3 msf land which is under development. According to the Edelweiss report, the company is planning to reduce its gross debt by ₹350-400 crore by FY24 by generating high operating cash flows and monetising assets. “We are seeing good sales traction happening, which is also helping in our repayment plan. We want to gather maximum sales, which will run the project and (have) less requirement of debt compared to a project that is having no sales and more debt. Projects are also being constructed at a faster pace, which is helping us also realise money faster and pay the debt faster and hence, this will help us reduce our debt,” Ajmera told Business Insider India. However, project-related debts are still going to continue, he added. “Project requires a certain kind of working capital finance, which is related to the project itself,” he added. As of September 30 2022, the company had a gross debt of ₹800 crore on their books, out of which ₹250 crore was for projects and the balance for general corporate purposes.

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