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<ul class="summary-list"><li>Baby boomers' wealth is an "underappreciated" risk to the economy, a portfolio manager told BI.</li><li>That's because they could be heavily impacted by swings in stock and home prices.</li></ul>One of the economy's most powerful engines may be at risk. That's because baby boomers, America's second-largest and <a target="_blank" class="" href="https://www.businessinsider.com/us-economy-baby-boomers-are-driving-economic-strength-ed-yardeni-2024-4">richest generation</a>, could abruptly dial back their spending at the first sign of economic or market turmoil, according to Brij Khurana, a fixed income portfolio manager at Wellington Management.Khurana thinks what has made boomers the wealthiest generation — stocks and housing — also makes them a risk to economic stability. Even a mild correction to asset prices could spook older Americans enough to rein in their spending and kick out a key support from under the economy, he told Business Insider.Such a scenario is an '"underappreciated risk," he said, given how much boomers' spending habits have fueled economic growth in recent years.The generation is already flashing early signs that their spending power is starting to wane. Despite shelling out on travel in recent years, just 19% of baby boomers said they planned to splurge in 2024, according to a <a target="_blank" href="https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/the-state-of-the-us-consumer">McKinsey &amp; Company</a> survey, lower than the average 38% recorded across all generations.Boomers are also signaling that they're beginning to rotate out of stocks and into longer-duration fixed income, Khurana says, pointing to the rally in long-dated US Treasuries. The iShares 7-10 year Treasury bond ETF is up 6% over the last year."I do think that's partly due to some asset allocation shifts that have been taking place," Khurana said.The shift to bonds from stocks is a normal occurrence as people get older and move to protect their wealth after years of accumulation. However, other commentators have noted that as boomers reposition en masse, they risk shocking the market and prompting bouts of volatility as they sell down their stock holdings. Also, given that they don't have as long of a time horizon as younger investors, boomers <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/recession-economy-outlook-us-stock-market-ownership-old-americans-retirement-2024-1?utm_source=twitter&amp;utm_medium=social&amp;utm_campaign=markets-sf">may be prone to panic selling</a> in a downturn, exacerbating market losses as they look to minimize their own downside. Khurana said he pegs the odds of a recession in the next two to three years as higher than 50%. That's in line with the outlook from New York Fed economists, with <a target="_blank" class="" href="https://www.newyorkfed.org/medialibrary/media/research/capital_markets/Prob_Rec.pdf">central bankers pricing in a 61% chance the economy could tip into recession</a> within the next 12 months, per their latest projection."If asset prices, even if they fall from very high levels — even if they fall, call it 10% — then I think that psychologically really matters," he said. "And you can see them cut back on their spending and [if] the savings rate rises, which would push the economy into recession in that world."<h2 id="1f4f9b0a-8c69-484f-bba5-c8635495ad04">The biggest spenders</h2>What's bad news for boomers is bad news for the economy, given how much economic growth has <a target="_blank" class="" href="https://www.businessinsider.com/baby-boomers-spending-net-worth-us-economy-recession-2023-10">relied on their spending down their $75 trillion nest egg </a>in recent years. The demographic spends <a target="_blank" class="" href="https://www.epsilon.com/us/insights/resources/cross-generational-marketing">around $548 billion a year</a>, more than any other generation, according to a report from marketing research firm Epsilon. Meanwhile, they tucked away the least savings among any generation last year, with the average boomer putting away just $4,059 in 2023, according to a <a target="_blank" href="https://www.notion.so/the-new-inflationary-era-is-here-105f0f4b6661808b9a01e833849e5366?pvs=21">report</a> from the insurance firm New York Life.Their spending is fueled by the tremendous amount of wealth the generation is holding on to, Khurana says. Boomers were sitting on $78.5 trillion in the first quarter of this year, or the equivalent of 52% of the entire net worth of the US, according to <a target="_blank" class="" href="https://www.federalreserve.gov/releases/z1/dataviz/dfa/distribute/chart/">Federal Reserve</a> data.<div type="image" title="US wealth by generation graph" height="800" width="1200" msid="113552817" hostid="261" sizebytes="27562"></div>The generation has become exceedingly wealthy because it's holding onto the largest share of all real estate and stocks in the country, which have ballooned in value over the last five years. Broken down by each generation's holdings of property and stocks, boomers accounted for 42% of all real estate ownership and 54% of all corporate equity and mutual fund ownership. <div type="image" title="Real estate ownership by generation" height="800" width="1200" msid="113552819" hostid="261" sizebytes="28306"></div><div type="image" title="Corporate equities and mutual fund shares by generation" height="800" width="1200" msid="113552820" hostid="261" sizebytes="32312"></div>"What I think is happening is that, because asset prices are up, they feel very comfortable spending very aggressively," Khurana said. "There's no question that I think they have certainly fared better in this environment than other generations have."Yet, the gains they've enjoyed in the stock and housing market have also put boomers in a precarious position, with the group most at risk of wealth destruction if home or stock prices were to drop.Housing and equity prices marched to record highs in the years since the pandemic, but commentators, including Khurana, think a <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/yen-carry-trade-stock-market-crash-jobs-report-recession-yardeni-2024-9?_gl=1*34ds0l*_ga*OTI1ODIwOTQ2LjE3MTYzOTg2NjU.*_ga_E21CV80ZCZ*MTcyNjc2Mzc2My4zNTkuMS4xNzI2NzY0NjU1LjM3LjAuMA..">correction</a> in <a target="_blank" class="" href="https://www.businessinsider.com/real-estate-home-prices-correction-housing-market-buying-a-house-2024-7">both markets</a> could be imminent. <a target="_blank" class="" href="https://www.businessinsider.com/stock-market-crash-recession-indicators-labor-market-rate-cuts-hussman-2024-8">John Hussman</a>, one of the market's most bearish forecasters, estimated that stocks could have as much as 70% downside. According to one indicator tracked by his firm, the market looks to be the <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-crash-1929-prediction-sp500-outlook-overvalued-john-hussman-2024-3">most overvalued since 1929</a>, he said in a recent note. <a target="_blank" class="" href="https://www.businessinsider.com/us-cities-where-home-prices-are-falling-the-most-2024-6">Home prices, meanwhile, are already starting to drop</a> in key metros that boomed during the pandemic, like cities in Florida and Texas. <a target="_blank" class="" href="https://www.businessinsider.com/housing-market-home-prices-falling-buying-a-home-outlook-supply-2024-9">Home price cuts jumped</a> to their highest level in over 5 years in August, according to a Realtor.com report.That's not to say boomers will cause the next recession, but the risk during a recession is dialed up under the current paradigm, Khurana said."I think it's an increase in the savings rate caused by a decline in asset prices is a risk that is not on people's radar and is definitely something that could cause the recession. And I think the probability of that is certainly higher than many people think in the next five years, or two to three years, to be honest."

Baby boomers have a ton of their wealth tied up in stocks and housing. Here's why that's a risk to the economy. 

Metro Brands, Indian Oil, India Cements and other hot stocks on December 22

<ul><li>Shares of <keyword id="9095636" type="General" weightage="20" keywordseo="metro-brands" source="Orion">Metro Brands</keyword> list at ₹436 while the shares were allotted at ₹485 per share.</li><li>The IPO was subscribed 3.64 times on the last day of the bidding.</li><li>The market capitalisation of the company stood at ₹11,837 crore.</li></ul>Marquee investor Rakesh Jhunjhunwala-backed Metro Brands, which is one of the largest Indian footwear specialty retailers in India, made a weak listing on the National Stock Exchange (NSE) and BSE at a 12.8% discount on the issue price of ₹485 apiece. Metro Brands issue was expected to open at a discounted price due to weak grey market premium and analyst commentary on the company’s finances. The company’s financial performance in FY21 was not very great due to COVID-19 restrictions in the country that affected the entire footwear retailing segment. Its revenue from operations declined by 37.75% in FY21. In the meantime, it permanently closed 24 stores, due to significant decline in footfalls on account of COVID-19. Post-listing, the market capitalisation of the company stood at ₹11,837 crore, according to BSE data. The shares of Metro Brands were trading at ₹446.70, lower by 10.66% at 10.01 a.m., on December 22. The grey market had also indicated a discounted listing for Metro Brands a day prior to the listing. The IPO was open between December 10 and December 14 ⁠and was oversubscribed 3.64 times by investors. The company intended to raise ₹1,367 crore through this public issue. Started in 1955 as a footwear specialty retailer in India, Metro Brands now caters to footwear needs of men, women, unisex and kids. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/metro-brands-indian-oil-india-cements-and-other-hot-stocks-on-december-22/slidelist/88423034.cms">Metro Brands, Indian Oil, India Cements and other hot stocks on December 22</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/heres-why-axis-bank-may-be-willing-to-pay-2-billion-to-buy-citis-india-ops/articleshow/88407858.cms">Here’s why Axis Bank may be willing to pay $2 billion to buy Citi’s India ops</a>

Metro Brands debuts on a negative note with a 12.8% discount

<ul><li>Today is the third day to subscribe to footwear retailer <keyword id="6356415" type="General" weightage="20" keywordseo="metro" source="Orion">Metro</keyword> Brands.</li><li>The issue has received bidding for 50% of the shares up for sale.</li><li>The Rakesh Jhunjhunwala-backed company is looking to raise ₹1,367 crore.</li></ul>The initial public offering (IPO) of Rakesh Jhunjhunwala-backed Metro Brands has been subscribed 50% on the first two days of issue. The company’s shares will open for subscription today, December 14, for the last time. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Category </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscription (Times) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qualified Institutional Buyers (QIB) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.16 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non Institutional Investors (NII) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.17 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail Investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.87 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.52 </td></tr></tbody></table> Metro Brand — which is one of the largest Indian footwear specialty retailers in India — has set the price band of its shares at ₹485 to ₹500. The lot size has been set at 30 shares, costing ₹15,000 at upper price issue. Retail investors can buy upto 390 shares, 13 lots, for ₹1.95 lakh. The grey market premium (GMP), premium at which investors are comfortable buying the shares before it gets listed on a stock exchange, was at ₹34 on December 13. The company intends to raise ₹1,367 crore through this public issue, nearly ₹5 will be raised through fresh issue and the remaining ₹1,072 crore will be raised through offer for sale. The allotment status of Metro Brands’ IPO will be<a href="https://www.businessinsider.in/stock-market/news/metro-brands-ipo-opens-today-and-here-are-all-the-important-details-you-need-to-know/articleshow/88194908.cms"> announced on December 17</a> and the company is likely to list on the stock exchange on December 22. Metro Brands started in 1955 as a footwear specialty retailer in India. It operates 586 stores across 134 cities spread across 29 states and union territories in India. Some of Metro’s brands include Mochi, Walkway, Davinchi and J. Fontini, as well as certain third-party brands such as Crocs, Skechers, Clarks, Florsheim, and Fitflop. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/after-giving-up-on-90-minute-delivery-five-years-ago-due-to-lack-of-profitability-grofers-is-now-chasing-10-minute-delivery/articleshow/88253221.cms" data-type="tilCustomLink">After giving up on 90-minute delivery five years ago due to lack of profitability, Grofers is now chasing 10-minute delivery</a> <a href="https://www.businessinsider.in/business/telecom/news/ussd-mobile-banking-charges-trai-vs-airtel-vodafone-idea/articleshow/88249773.cms">TRAI’s push to make mobile banking services via USSD free faces stiff opposition from Airtel, Vodafone Idea</a> <a href="https://www.businessinsider.in/stock-market/news/shares-of-tega-industries-list-at-753-while-the-shares-were-allotted-at-453-per-share/articleshow/88249181.cms">Tega Industries meets its GMP of ₹300 and lists at 66% premium</a>

Today is the last day to subscribe to Metro Brands’ IPO — issue subscribed 50%

<ul><li><keyword id="85530" type="General" weightage="20" keywordseo="new-projects" source="Orion">New projects</keyword> are selling out on launch day, highlighting the urgency among buyers to secure a property </li><li>The average rent increase has been higher than average salary increments across cities, prompting potential home buyers to take the plunge </li><li>Those who were initially considering homes in the 60-80 lakh range are now being priced out and are opting for more affordable options. </li></ul>India's major cities are experiencing a housing boom in 2024. <keyword id="6357824" type="General" weightage="20" keywordseo="sales" source="Orion">Sales</keyword> have gone up by 20% in the first quarter so far (January 1 to March 15) with nearly 147,000 units sold across Delhi, Mumbai, Bengaluru, Hyderabad, Chennai, and Pune, according to a report by NoBroker, a property search portal. According to the report, this positive trend is likely to have been led by a combination of factors. The Indian economy is on a strong growth trajectory, and the government's stable economic policies are boosting buyer confidence in the real estate market. People feel secure about investing in property, despite ongoing increases in property prices, according to the report. Growing aspiration to own than to rent A clear desire for homeownership is evident, possibly driven by the security and stability that owning a physical asset like a house provides. Additionally, relatively affordable home loan interest rates, currently ranging between 8.30% and 11.15% per annum, are further greasing the wheels of the housing market. Says Amit Agarwal, CEO &amp; Co-founder of NoBroker.com, "The average rent increase has been higher than average salary increments across cities which has prompted potential home buyers to take the plunge. While rents may stabilise with more supply coming in gradually, they will not come down.” According to NoBroker’s annual report 2023, 74% of participants indicated that they favoured real estate as an option over other investment choices like Systematic Investment Plans (SIPs), stocks, gold, and Bitcoin. This momentum in <keyword id="1390483" type="General" weightage="20" keywordseo="housing-sales" source="Orion">housing sales</keyword> has been continuing for a while. Even in December 2023, housing sales were up 31% year on year, revealed a report by property consultant ANAROCK. Diverging implications on the <keyword id="6358021" type="General" weightage="20" keywordseo="budget" source="Orion">budget</keyword> of <keyword id="185169" type="General" weightage="20" keywordseo="homebuyers" source="Orion">homebuyers</keyword> However, an interesting trend is emerging within the buyer pool. Average urban buyers, who were previously looking at properties priced between ₹80 lakh and ₹1 crore, are now setting their sights on more expensive options, exceeding the ₹1 crore mark. This shift in preference suggests a desire for larger living spaces and the security of gated communities. On the other hand, those who were initially considering homes in the 60-80 lakh range are now being priced out. Such buyers are opting for even more affordable options albeit at faraway places with lesser amenities. It is important to acknowledge the uneven impact on different income groups — while some buyers are capitalising on the positive market conditions, others are struggling to keep up with rising prices. New projects in high demand New projects are selling out on launch day, highlighting the urgency among buyers to secure a property. This surge in demand is driving up prices, especially for near-completion properties, as buyers rush to lock in purchases before prices climb further. Interestingly, the gap between established developers (Grade A) and newer companies (Grade B) is narrowing. Grade B builders are commanding prices closer to their Grade A counterparts, suggesting a more competitive market. However, the recent easing of inflation in India could improve affordability for buyers, making it easier to get loans and participate in the market. This easing inflation might offer some relief for those looking to enter the Indian housing market.

Housing markets remain strong in 2024, sales rise 20% across six metro cities in Q1

<ul><li>Mumbai’s <keyword id="13353446" type="General" weightage="20" keywordseo="home-registrations" source="Orion">home registrations</keyword> topped 10,000 for the third consecutive month in August.</li><li>New <keyword id="826584" type="General" weightage="20" keywordseo="metro-lines" source="Orion">metro lines</keyword> have become operational driving demand in new micro markets.</li><li>Western suburbs are seeing a lot of new launches, while Kanjurmarg, Dombivli and Navi Mumbai are seeing traction too. </li></ul>India’s most valuable real estate market has been on an upswing — for the third consecutive month in August, its monthly housing units registered were over 10,000. The number of home registrations in August were up 27% when compared to the same period a year before, while their overall value was up 26% — indicating that the market is growing in both value and volume. “The Mumbai market has been stable despite interest rate hikes and the levy of metro cess. Increase in wages and employment opportunities and return-to-work scenario are expected to keep home buying activity healthy,” said a report by Nuvama which believes that the sales would improve going ahead and large developers will benefit most from the trend. Metro lines &amp; new markets Real estate experts say that many trends are driving this change, including stabilisation in interest rates, the post pandemic-era need for large living spaces and the entry of young home buyers into the market. Within Mumbai, however, accelerated new launches as well as improvement in infrastructure — is propelling growth across micro markets. “The upward trajectory is also fueled by the government's progressive policies and infrastructure investments across MMR. With new Metro lines, flyovers and roads, the connectivity factor has played a major role in offering options at newer locations, which often come at more efficient prices,” said Lucy Roychoudhury, head of sales and marketing at Runwal Group. Homebuyers are also now confident of real estate as an asset class, comments Dhaval Ajmera, director, Ajmera Realty &amp; Infra adding that the growth in sales is due to the-dual effect of the need to upgrade to a bigger and better living spaces and focused impetus on infrastructural developments across the city. Rise in re-development projects, rising rentals are also driving people towards home buying. Pockets of growth Apart from the existing Versova to Ghatkopar metro line, the Dahisar to DN Nagar line has become operational along with Dahisar to Andheri. Moreso, seven more lines cutting across Mira Road, Vikhroli, Wadala and more are under construction along with Navi Mumbai lines cutting Kharghar, Belapur and more. “The operationalisation of the second phase of two metro lines seems to have benefited the real estate activity in this region,” said Anuj Puri, chairman of Anarock Group. The highest number of new launches in April to June 2023 shows that the highest number was recorded in the Western suburbs at 55%, says data by Anarock. “Housing demand in relatively newer micro-markets like Kandivali, Ghatkopar, and Kharghar has seen a sharp rise,” says Arun Sharma, AVP of sales &amp; marketing at Viceroy Properties. Locations such as Kanjurmarg, Vikhroli, Dombivli and a few others in Navi Mumbai, have emerged as new points of interest in MMR, says Roychoudhury. Even as patterns are changing, the love for ‘large homes’ are intact as properties priced above ₹2.5 crore accounted for a fifth of the launches — and the market is still skewed towards high-end and ultra-luxury segments. The ultra-luxury segment includes HNIs and UHNIs looking to close favourable deals by utilising the gains made through other investment avenues, primarily the booming stock markets,” says Puri.

Mumbai’s rising metro connectivity fuels home sales in new micro markets

<ul><li>India climbed 18 spots up to 14th rank in Knight Frank’s global house price index in Q3.</li><li>Globally, <keyword id="112918" type="General" weightage="20" keywordseo="home-prices" source="Orion">home prices</keyword> across the 56 markets grew at an average of 3.5% YoY.</li><li>Home prices in micro markets of tech hubs in India grew in double digits over three years. </li></ul>India climbed 18 spots up to 14th rank in Knight Frank’s global house price index in the third quarter of 2023. Home prices in the country increased 5.9% year-on-year, resulting in a significant upward momentum. Globally, home prices across the 56 markets covered by the Knight Frank’s Global House Price Index grew at an average of 3.5% YoY in September 2023. In the previous quarter, global home prices moved up by 2.2%. As per Knight Frank, the growth in India’s residential market, despite the challenges of higher home loan rates as well as threats of inflation, is due to its stable economic growth. During the pandemic, central and state governments provided sops that triggered the market. "In light of an increased interest cost environment stemming from heightened inflation levels, the robust domestic economic fundamentals, and the escalating aspirational attributes of residential real estate, are driving heightened demand among homebuyers in prominent residential markets within the country,” said <keyword id="1417134" type="General" weightage="50" keywordseo="shishir-baijal" source="Orion">Shishir Baijal</keyword>, CMD of Knight Frank India. A few micro markets in India, especially tech hubs in Hyderabad, Bangalore and Pune, saw sharp prices increase. The price rises in these markets are anywhere between 28-33% in three years, said a report by Anarock. “The upsurge in urbanisation is providing additional momentum to infrastructure development, paving the way for emerging residential hubs in the urban centres of India," said Baijal. In spite of price rises, the Indian housing market has been robust. By the end of the third quarter of 2023, as many as 3.49 lakh units were sold in the top 7 cities, against 3.65 lakh units in 2022. Concurrently, the overall sales value of sold housing inventory also inched up to ₹3.48 lakh crore. In the first nine months of 2023, the total residential property sales value is already 7% higher than all of 2022. “Property prices remained stagnant or experienced a decline for 5-6 years starting from 2013. During this period, the demand was notably low. However, post-Covid, we observed a substantial revival in demand, surpassing the previous highs,” said Prashant Rao, MD of Poulomi Estates. Several factors contributed to the rise in property prices, including pent-up demand, a desire to upgrade, a willingness to spend more for better and modern amenities. Additionally, improvements in the economic scenario and infrastructure development led to an increase in property prices. While property prices surged significantly across the country, Hyderabad consistently outpaced other metros year-on-year, experiencing the highest price rise due to an influx of corporates relocating their base to the city. This trend is expected to persist. Turkey leads the way in global price rises Turkey held the top spot in the rankings since Q1 of 2020. It’s once again the strongest growth of 89.2% on a year on year basis. The south-eastern corner of Europe dominates the top five spots of rankings, with Greece (14%), Croatia (13.7%) and North Macedonia (11%). Japan is the standout performer in the Asia-Pacific region, with 6.3% annual growth, followed by India with 5.9% annual growth. “The resilience of global house prices is surprising in light of rising costs for mortgage borrowers, however strong savings, above inflation pay settlements and low supply of stock for sale are all acting as market supports. The big issue for housing markets in 2024 will remain low market liquidity, with sales volumes down by up to a quarter compared to their recent peaks- only a shift to lower interest rates will lift sales activity,” said Liam Bailey, global head of research, Knight Frank.

India now the 14th priciest residential real estate market

<ul class="summary-list"><li>More apartments are being built in Miami than anywhere else in the US, the Wall Street Journal reported.</li><li>Some 90% will be luxury units, following a demographic shift in the area.</li></ul>People from all over the country flocked to Florida during the pandemic, reshaping the housing market there forever.Now, "the Florida housing market is undergoing a restructuring as a result of the work-from-home phenomenon," housing expert Jonathan Miller told Insider.There is an onslaught of luxury apartment towers designed for these newcomers expected to enter the market next year, the Wall Street Journal reported this week. Particularly in South Florida, it's a sign that these wealthier newcomers — mostly from the northeast — have permanently altered Miami's housing market, Miller said."The luxury market is wider and deeper than it ever has been before," and that will make it harder for middle class Miamians who lived in the city before the pandemic to find housing they can actually afford, Miller said.<h2>A changing state</h2>An estimated 674,740 people reported their permanent address changed to Florida in 2021, according to Census data. This influx sent the housing market there into a frenzy.In January 2020, the median home price in Miami was $343,500, according to <a target="_blank" href="https://www.redfin.com/us-housing-market">Redfin</a>. Last month, it was $560,000 — a 63% increase since the start of the pandemic."The fact that Florida is getting more expensive is making it less attractive to homebuyers," Daryl Fairweather, chief economist for Redfin Corp. <a target="_blank" href="https://www.bloomberg.com/news/articles/2023-06-17/move-to-florida-home-price-boom-makes-it-among-least-affordable-housing-markets">told Bloomberg</a>. "It becomes a concern for people trying to fix their monthly housing expenses."<div type="image" title="Miami housing market" height="2592" width="3872" msid="103755007" hostid="261" sizebytes="1213610"></div>The Miami metro area is feeling the brunt of the new normal. Rich newcomers drove up the cost of living and forced <a target="_blank" href="https://www.businessinsider.com/miami-dade-florida-population-declines-first-time-since-1970s-2023-8">lifelong Miamians to move away</a>, Insider previously reported. The city had its first population decline in a decade between 2021 and 2022."If you're looking at how much people are spending on rent, almost anywhere in Florida they spend about 10% to 15% more of their income on rent today compared with just a decade ago," Eli Beracha, director of the Hollo School of Real Estate at Florida International University, told The Wall Street Journal.The benefactors of this shift: developers and those migrating from other states.For wealthier newcomers who moved from the northeast, Miami luxury housing is actually comparatively cheap, Miller said. The average monthly cost to rent a unit in Manhattan last month was $5,552, according to Miller's market report, much less than the average cost to rent a unit in Miami, which is $2,438, per <a target="_blank" href="http://Rent.com">Rent.com</a>.That, coupled with Miami's year-round warm weather, tropical beaches, and a tax-friendly environment has made the city a "feeder market," for northeastern movers who are unchained from their offices in some of the most expensive cities in the country, Miller added."There's been more demand for luxury," because of that, he said, which is why developers are focusing on that type of housing.<h2>Lifelong South Florida residents have been forced to leave</h2>The Miami metropolitan area, which consists of Miami-Dade, Broward, and <a target="_blank" href="https://www.palmbeachpost.com/story/news/local/2023/05/18/who-qualifies-for-workforce-affordable-housing-in-south-florida/70222770007/">Palm Beach counties</a>, has been struggling with affordable housing.For example, Miami's middle class residents — especially renters — are in crisis.<a target="_blank" href="https://www.wsj.com/real-estate/luxury-homes/luxury-apartment-glut-in-south-florida-offers-some-price-relief-1a5317c8">The Wall Street Journal reported</a> that since 2019, rental prices have <a target="_blank" href="https://www.wsj.com/articles/miami-locals-are-steamed-over-relocating-new-yorkers-driving-up-apartment-rents-11652175000?mod=article_inline">increased more in Miami</a> than in nearly any other major metro area, soaring 56.5%, according to Zillow."We were <a target="_blank" href="https://www.wlrn.org/transportation-development/2023-07-18/hialeah-housing-affordablity-crisis-popular-rents">forced out of our own city </a>where we grew up, where we nourished our roots, where we have so many contacts and so many people who want us back," Mercedes Cabrera, a decades long resident of Hileah, a city in Miami-Dade County, told local news outlet WLRN earlier this summer.The <a target="_blank" href="https://www.wptv.com/money/real-estate-news/middle-class-residents-face-housing-challenges-as-new-money-moves-into-palm-beach-county">middle class buyer</a> in Palm Beach County is "always coming in a second or third," WPTV reported last year.Indeed, in this "restructuring," in South Florida, brought on by pandemic migration, new construction will skew luxury, Miller told Insider. New housing for middle class residents will occur "perhaps on the margin," but seldom if ever, he added.And, with the existing housing stock running short, people looking for housing in South Florida won't "see any significant improvement in affordability," he said."Miami and most of Southeast Florida have rebranded into more luxury markets. I don't see that as a fluke or an anomaly," Miller said. "Price structure has reset."

Why the middle-class is being permanently priced out of Miami

<ul><li>The Indian stock markets could open on a negative note on September 20, snapping the upward trend from the previous week. </li><li>Trends on SGX <keyword id="6354813" type="General" weightage="20" keywordseo="nifty" source="Orion">Nifty</keyword> showed a decrease of 113 points, suggesting that Nifty could open in the red amid negative cues in other Asian markets. </li><li>Wipro and <keyword id="2351966" type="General" weightage="20" keywordseo="interglobe-aviation" source="Orion">InterGlobe Aviation</keyword> could be among the top stocks to watch out for on September 20. </li></ul><cmsannotation type="cmsannotation" annotationid="Wipro" comment="subhead" text="Wipro">Wipro</cmsannotation> Announced setting up a new co-innovation space with Google Cloud. It will be based in Bengaluru and provide support to business customers looking to onboard to the cloud. <cmsannotation type="cmsannotation" annotationid="InterGlobe Aviation" comment="subhead" text="InterGlobe Aviation">InterGlobe Aviation</cmsannotation> The government has decided to increase domestic flight capacity to 85 percent from 72.5 percent with immediate effect. <cmsannotation type="cmsannotation" annotationid="Cadila Healthcare" comment="subhead" text="Cadila Healthcare">Cadila Healthcare</cmsannotation> Received US Food and Drug Administration (FDA) approval for Vortioxetine tablets used to treat depression. <cmsannotation type="cmsannotation" annotationid="Nazara Technologies" comment="subhead" text="Nazara Technologies">Nazara Technologies</cmsannotation> Its subsidiary, Nodwin Gaming, has acquired the gaming business and related IP of OML Entertainment for ₹73 crore. <cmsannotation type="cmsannotation" annotationid="Bajaj Holdings" comment="subhead" text="Bajaj Holdings">Bajaj Holdings</cmsannotation> Approved a dividend of ₹90 per share, with the record date being September 29, 2021. <cmsannotation type="cmsannotation" annotationid="Indian Oil" comment="subhead" text="Indian Oil">Indian Oil</cmsannotation> Efforts underway to restart the crude processing unit at its Barauni refinery after an incident on September 16 injured 19 people. <cmsannotation type="cmsannotation" annotationid="Adani Ports &amp; SEZ" comment="subhead" text="Adani Ports &amp; SEZ">Adani Ports &amp; SEZ</cmsannotation> Has approved the issuance of ₹1,000 crore worth debentures. <cmsannotation type="cmsannotation" annotationid="Rail Vikas Nigam" comment="subhead" text="Rail Vikas Nigam">Rail Vikas Nigam</cmsannotation> Bagged a ₹1,035 crore contract for the Indore Metro Rail Project. <cmsannotation type="cmsannotation" annotationid="Zee Entertainment" comment="subhead" text="Zee Entertainment">Zee Entertainment</cmsannotation> US equity giant BlackRock has increased its shareholding in the company to 5.01 percent by picking up over 3 lakh equity shares via the open market. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-and-airtel-need-tariff-hikes-agr-moratorium-might-not-be-enough-say-analysts/articleshow/86285450.cms">Vodafone Idea and Airtel need tariff hikes, AGR moratorium might not be enough, say analysts</a> <a href="https://www.businessinsider.in/stock-market/news/chip-makers-like-nvidia-are-set-to-soar-as-semiconductor-sales-to-reach-544-billion-in-2021-bank-of-america-says/articleshow/86320628.cms">Chip makers like Nvidia are set to soar as semiconductor sales to reach $544 billion in 2021, Bank of America says</a> <a href="https://www.businessinsider.in/stock-market/news/from-tesla-to-netflix-these-are-the-companies-that-look-set-to-join-the-apos1-trillion-clubapos-in-the-next-5-years/slidelist/86319281.cms">From Tesla to Netflix: These are the companies that look set to join the '$1 trillion club' in the next 5 years</a>

Wipro, InterGlobe Aviation and other top stocks to watch out for on September 20

<ul><li><keyword id="103425" type="General" weightage="20" keywordseo="mapmyindia" source="Orion">MapmyIndia</keyword>’s IPO has been subscribed 6.16 times in the first two days of its issue.</li><li>The price band for the public issue has been fixed at ₹1,000-1,033. </li><li>The portion reserved for retail investors has been subscribed 7.17 times.</li></ul>The initial public offering (IPO) of CE Info Systems — the parent company of MapmyIndia — has been subscribed 6.16 times in the first two days of its issue. The issue will open for subscription for the last time today, December 13. The price band for the public issue has been fixed at ₹1,000-1,033. The lot size will be of 14 equity shares and in multiples of 14 shares thereafter. The portion reserved for retail investors has been subscribed 7.17 times, whereas the portion for non-institutional investors has been subscribed 6.27 times. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investor Category </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscription (Times) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qualified institutional buyers (QIB) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.32 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non-institutional investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.27 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.17 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.16 </td></tr></tbody><tbody></tbody></table>The grey market premium (GMP) of the company’s shares was at ₹900 on December 10. MapmyIndia was founded in 1995 by Rakesh and Rashmi Verma. The company is currently being led by Rohan Verma. The company builds digital map data, telematics services, location-based software-as-a-services (SaaS) and geographic information system (GIS) services. The company intends to raise ₹1,040 crore IPO entirely through an offer for sale (OfS), which will give partial exits to MapmyIndia’s cofounder Rashmi Verma, Qualcomm Asia Pacific, Zenrin and others. The digital maps company is looking to sell 1,00,63,945 equity shares. MapMyIndia reported a revenue of ₹152 crore from its operation in fiscal year 2021 and its net profit was around ₹59 crore. In the first half of FY2022 — between April to September 2021 — the company’s revenue was at ₹100 crore and net profit was at ₹46 crore. MapMyIndia reported a revenue of ₹152 crore from its operation in fiscal year 2021 and its net profit was around ₹59 crore. In the first half of FY2022 — between April to September 2021 — the company’s revenue was at ₹100 crore and net profit was at ₹46 crore. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/mapmyindias-grey-market-premium-is-at-900-heres-all-you-need-to-know/slidelist/88200647.cms">MapmyIndia’s grey market premium is at ₹900 — here’s all you need to know about the business</a> <a href="https://www.businessinsider.in/stock-market/news/rakesh-jhunjhunwala-backed-star-health-lists-at-a-discount-of-nearly-6/articleshow/88199030.cms">Rakesh Jhunjhunwala-backed Star Health lists at a discount of nearly 6%</a> <a href="https://www.businessinsider.in/business/corporates/news/metro-brands-that-is-open-for-ipo-is-aggressively-planning-on-opening-new-stores-despite-covid-19s-impact-on-its-profits/articleshow/88204220.cms" data-type="tilCustomLink">Metro Brands is aggressively planning on opening new stores despite COVID-19’s impact on its profits</a>

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