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<ul><li>New launches went down by 2% in Mumbai, and by 4% in Ahmedabad in Jan-Mar 2024.</li><li>At 93,254 units, new launches surpassed sales across the top 8 cities during the first quarter of 2024.</li><li>Pune and Kolkata were the only top cities to see robust growth in sales and new launches. </li></ul>The country is in the midst of a real estate upcycle, yet the pace of new project launches has slowed down in the top four cities. The number of launches went down by 2% in Mumbai and 4% in Ahmedabad in the January-March quarter of 2024. <keyword id="19916484" type="General" weightage="20" keywordseo="national-capital-region" source="keywords">National Capital Region</keyword> (NCR) and Hyderabad showed a marginal 3% and 1% respectively, as per data launched by <keyword id="19895044" type="General" weightage="20" keywordseo="knight-frank-india" source="keywords">Knight Frank India</keyword>. But, that’s only half the story. Bengaluru’s new launches picked up by 9%, and three cities showed double-digit growth. Kolkata’s new launches grew by a whopping 89%, Pune’s grew by 15% and Chennai's by 10%. Overall, new project launches grew by 7% across the top 8 cities of <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>. “New launches were recorded at 93,254 units, surpassing sales in this quarter. Depleted older inventory drove consumers to newly launched properties at attractive prices, lowering average inventory age to 15.9 quarters in Q1 2024 from 16.7 at the end of 2023” says <keyword id="19895043" type="General" weightage="20" keywordseo="knight-frank" source="keywords">Knight Frank</keyword> in its report. Growth in home sales and new launches in Jan-Mar 2024 <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;">City </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;">Sales (% change) </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;">New launches (% change) </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;">Mumbai </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;">17% </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;">-2% </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;">NCR </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;">1% </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;">3% </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;">Bengaluru </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;">-2% </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;">9% </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;">Pune </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;">14% </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;">15% </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;">Hyderabad </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;">15% </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;">1% </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;">Ahmedabad </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;">11% </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% </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;">Chennai </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;">8% </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;">10% </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;">Kolkata </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;">12% </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;">89% </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;">9% </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% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: Knight Frank India NCR and Bengaluru sales growth is tepid The overall sales across these cities in Q4 grew 9%, and five of them exhibited double-digit growth. Yet, there are two outliers — NCR sales grew by a marginal 1%, and sales fell by 2% in Bengaluru. Pune and Kolkata are the only two cities that saw a robust double-digit growth in sales as well as new launches. High-value home sales are growing at a faster pace than others. Homes priced at ₹1 crore and above accounted for 40% of the same. A year ago, they accounted for 29% of sales. The sales of such units grew by 51%. Units priced between ₹50 lakh to ₹1 crore fell by 6% YoY in Q4. Those under ₹50 lakh fell by 10% YoY, continuing a nine-quarter deceleration trend. “The residential segment witnessed a significant surge, propelled by continued growth in sales in the higher price category of ₹1 crore and above. This not only demonstrates a strong demand trajectory but also reflects buyers' confidence in making long-term commitments,” says <keyword id="20404833" type="General" weightage="20" keywordseo="shishir-baijal" source="keywords">Shishir Baijal</keyword>, chairman &amp; managing director of Knight Frank India.

New property launches dip in major Indian cities, sales growth tepid in Delhi-NCR, Bengaluru

<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 class="summary-list"><li>Airbnb CEO Brian Chesky said properties run by people with many listings had lower average ratings.</li><li>Chesky told The Verge's Decoder podcast that small-scale hosts give guests a "local feel."</li></ul>Airbnb CEO <a target="_blank" href="https://www.businessinsider.com/airbnb-ceo-brian-chesky-30-billion-startup-2016-8">Brian Chesky</a> said last week that hosts with more rental properties don't always get the best reviews.last week that hosts with more rental properties don't always give guests the best experience.Speaking on the October 28 <a target="_blank" href="https://www.theverge.com/24279570/airbnb-ceo-brian-chesky-founder-mode-apple-steve-jobs-management-decoder-podcast-2024">episode of The Verge's Decoder podcast</a>, Chesky described Airbnb's new Co-Host Network, a tool that connects homeowners with locals in their area who will manage their listings for a fee.The company prefers to feature smaller-scale operators in the Co-Host Network, he said."These would be people who only manage a few properties, so they're not going to be managing you and 100 other homes. Maybe three, four, or five other homes," he added.Chesky said that <a target="_blank" class="" href="https://www.businessinsider.com/airbnb-commercial-hosting-causing-mess-for-rental-housing-market-2022-7">professional third-party property management companies</a> often have grand ambitions."You tend to need economies of scale, so you're going to be managing hundreds of properties, even thousands of properties," he told Verge editor-in-chef Nilay Patel. "If you manage thousands of properties, now you have a whole bunch of employees. Then, you probably have a company name, and your employees probably wear a T-shirt with a company name on the T-shirt."But that growth and professionalization don't necessarily translate into guest satisfaction.Chesky said that the average review score for listings run by third-party managers was 4.62 out of five stars, which Chesky described as "significantly below the median range review score."In recent years, professional hosts with a large number of listings have played a significant role in the market as investors and third-party managers scaled up the number of properties on their rosters.In September, short-term-rental analytics site AirDNA <a target="_blank" class="" href="https://www.airdna.co/blog/the-best-airbnb-property-management-services">reported</a> that across Airbnb and its rival Vrbo, property managers with more than 21 active listings controlled 28% of all active listings and generated 36% of the industry's total revenue.Chesky said on the podcast that small-scale <a target="_blank" class="" href="https://www.businessinsider.com/hosts-contributed-to-airbnb-downfall-experts-fees-high-costs-say-2024-8">hosts</a> are more likely to offer a "local feel," an experience more aligned with <a target="_blank" class="" href="https://www.businessinsider.com/how-airbnb-was-founded-a-visual-history-2016-2">the company's original purpose</a>."It kind of moves Airbnb a little closer toward the roots," he said.In the company's third-quarter <a target="_blank" class="" href="https://www.businessinsider.com/airbnb-earnings-shares-most-interesting-things-cohost-2024-11">earnings call</a> Thursday, Chesky announced that the Co-Host Network debuted on October 16 with 10,000 cohosts already registered. In the first three weeks after its launch, an additional 20,000 individuals expressed an interest to join it, he said.<h2 id="53112fb8-a1fe-411a-884b-0fe9a2bd46a6">Airbnb's growth poses some new challenges</h2>Chesky's remarks on the podcast come during a key moment for the short-term-rental giant.Following explosive growth over the last decade, <a target="_blank" href="https://www.businessinsider.com/meteoric-rise-spectacular-fall-airbnb-queen-vacation-rentals-real-estate2024-4">especially during the pandemic</a>, cities around the world, from Barcelona to <a target="_blank" href="https://www.businessinsider.com/nyc-short-term-rental-airbnb-ban-housing-market-impact-data-2024-10">New York City</a>, are <a target="_blank" class="" href="https://www.businessinsider.com/cities-fighting-airbnbs-with-regulations-for-short-term-rentals-2022-5">reexamining their relationships with short-term rentals</a>. Some places are increasing taxes on Airbnbs, while others have opted for more restrictive rules like requiring homeowners to stay on-site with guests.Concerns that a growing number of Airbnbs <a target="_blank" class="" href="https://www.businessinsider.com/airbnb-ban-budapest-hungary-terezvaros-neighborhood-vote-referendum-2024-9">threatens the number of homes available for locals</a> has animated local debates over regulations, <a target="_blank" href="https://www.businessinsider.com/barcelona-airbnb-ban-florence-amsterdam-lisbon-are-regulations-working-2024-8">though research is still inconclusive</a> on how short-term-rental bans impact rents and home prices.On the podcast, Cheksy said that larger hosting operations can mimic "an industrial hospitality experience," like <a target="_blank" class="" href="https://www.businessinsider.com/airbnb-vs-hotel-some-travelers-choose-hotels-for-price-quality-2024-8">a hotel</a>."People want a local feel, as compared to Amazon, delivery, or other types of businesses where scale makes the service better," he said. "Hospitality at scale often makes the service more challenging."Chesky added that some large-scale hosts are better than others."If anyone's listening and they work at or are a third-party property manager, we love the ones guests love," he told The Verge. "Although the average rating across the board isn't as high, there are some unbelievable property managers, and we love them."

Airbnb hosts with a lot of properties get lower ratings from guests, CEO Brian Chesky said

<ul class="summary-list"><li>Oura Health Oy is releasing a new smart ring this month, Bloomberg reported.</li><li>CEO Tom Hale said that the company expects to double its annual sales this year, to around $500 million.</li></ul>Oura Health Oy is set to launch a new generation of rings this month, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-09-30/oura-nears-500-million-in-annual-revenue-and-readies-new-ring?srnd=phx-latest">Bloomberg</a> reported Tuesday.The Finnish company's fourth generation of fitness-tracking rings will feature a slimmer design, improved battery life, and more accurate activity tracking. Sources told Bloomberg that this marks the company's most significant product update in three years.Oura has sold more than 2.5 million rings since its founding 11 years ago, according to a <a target="_blank" href="https://www.businesswire.com/news/home/20240614157633/en/%C5%8CURA-Helping-Millions-of-People-Improve-Their-Health-Surpasses-2.5-Million-Rings-Sold">June</a> press release.The company's rings, priced at $299, track various health metrics, including sleep and heart rate. In addition to the hardware, Oura sells a $6 monthly subscription, which provides users with insights into their sleep and other health data.Oura's smart rings are a favorite for athletes, from the WNBA to NASCAR; for royalty — even Prince Harry sports one; and for executives, who were spotted wearing the devices at July's <a target="_blank" class="" href="https://www.businessinsider.com/what-billionaires-ceos-wearing-sun-valley-conference-style-trends-2024-7">Sun Valley Conference,</a> the "summer camp for billionaires."CEO Tom Hale told Bloomberg that he expects the company's annual sales to double this year, to around $500 million.While Oura has yet to disclose details about the upcoming release, its latest smart ring could help maintain its edge in an increasingly saturated market.In July, Samsung entered the smart ring space with the $400 <a target="_blank" href="https://www.businessinsider.com/guides/tech/samsung-galaxy-ring-release-date-price-features-specs">Galaxy Ring</a>, which tracks health metrics and features built-in AI capabilities. Bloomberg reported in February that Apple also toyed with the idea of developing smart rings, although no plans have been publicly announced. Apple's smartwatch tracks some of the same metrics as the Oura ring, including temperature and sleep.In May, Samsung filed a preemptive <a target="_blank" href="https://storage.courtlistener.com/recap/gov.uscourts.cand.430276/gov.uscourts.cand.430276.1.0.pdf">lawsuit</a> against Oura, declaring that its Galaxy Ring does not violate Oura's patents.The complaint said that Oura had a track record of targeting competitors with patent lawsuits over widely used smart ring technologies like sensors and health tracking metrics. Samsung referenced past cases where Oura <a target="_blank" href="https://affiliate.insider.com?h=d219b666c366748a21f7889ab6844f2fdb3c39bce1dfb54433057125366a265d&amp;postID=66fb6f9ad8616474985847e8&amp;postSlug=oura-new-smart-ring-launch-features-thinner-battery-samsung-galaxy-2024-10&amp;site=bi&amp;u=https%3A%2F%2Fouraring.com%2Fblog%2Foura-files-itc-action-for-patent-infringement%2F%3Fsrsltid%3DAfmBOoocAg7b1S1FuAjvE1Vnbz7UcocIaKf9mS6p7lq2gmuPbm-zHbc9">sued</a> competitors including Ultrahuman, RingConn, and Circular. Samsung filed the lawsuit, which is ongoing, after Oura's Hale said in an <a target="_blank" class="" href="https://www.businessinsider.com/oura-ceo-samsung-galaxy-ring-apple-watch-patent-dispute-2024-1">interview</a> with CNBC in January that the company would be watching the Galaxy Ring closely for potential intellectual property violations.<h2 id="b15ef548-4add-424f-94ed-827db37149f2">Big industry growth — but no Oura IPO yet</h2>Smart rings are poised for significant growth, with Samsung's Galaxy Ring potentially playing a key role in the industry's expansion, Avi Greengart, president and lead analyst at Techsponential, told Business Insider in <a target="_blank" href="https://www.businessinsider.com/smart-ring-samsung-oura-health-wearables-mwc-device-2024-2">March</a>.Greengart said customers are increasingly conscious of improving their sleep. In 2021, Oura published a <a target="_blank" href="https://www.mdpi.com/1424-8220/21/13/4302">study</a> that claimed finger monitoring was optimal for measuring sleep quality.Last month, analysts from research firm IDC <a target="_blank" class="" href="https://www.idc.com/promo/wearablevendor">said</a> that the smart ring market could retain its "premium status as a select few brands still lead the category."According to a report by Global Market Insights published this February, the global market for smart rings was $210 million in 2023 and is expected to reach $1 billion by 2032.Companies — and their investors — like smart rings because customers buy a monthly subscription, not just the ring itself. That translates to more stable, predictable revenue over time.Despite stiffening competition, Oura's Hale told Bloomberg that the company doesn't "have to do that much" to continue growing, adding that its profit margins are more similar to those of software manufacturers than those of traditional hardware companies.Hale said Oura has no immediate plans to go public. He said the company is more focused on growth and profitability, calling an initial public offering a potential "energy suck."Oura did not respond to a request for comment by Business Insider sent outside business hours.

Oura, beloved by techies and athletes alike, is launching a new smart ring this month: Bloomberg

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

New launches see decline in Q3 on back of escalating property prices

Residential property demand in India at a 10-year high with mid and premium buyers on the rise

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

<ul><li>Among these cities, the Mumbai Metropolitan Region (MMR), and Pune accounted for over half (51%) of the <keyword id="438914" type="General" weightage="20" keywordseo="total-sales" source="Orion">total sales</keyword>, says an Anarock report</li><li>The number of <keyword id="1085768" type="General" weightage="20" keywordseo="new-launches" source="Orion">new launches</keyword> rose from 82,150 units in Q2 2022, to over 102,610 units in Q2 2023.</li><li>MMR and Pune dominated in terms of <keyword id="1055657" type="General" weightage="20" keywordseo="new-supply" source="Orion">new supply</keyword>, representing 63% of the total new launches across the top 7 cities. </li></ul> Despite the recent surge in home loan rates and economic challenges, including layoffs by both large and small corporations, the Indian housing market has continued its upward trend in the second quarter of the year. <keyword id="1390483" type="General" weightage="20" keywordseo="housing-sales" source="Orion">Housing sales</keyword> in the top seven cities have reached an all-time high, with approximately 115,100 units sold in Q2 2023, According to the latest data from ANAROCK Research. This represents a 36% increase compared to the sales of around 84,940 units in Q2 2022. National Capital Region (NCR), MMR, Bengaluru, Pune, and Hyderabad together accounted for 90% sales in the quarter. MMR, and Pune accounted for over half (51%) of the total sales, with Pune witnessing the highest yearly growth of 65%. Collectively, these two cities contributed to the sale of 58,770 units. <cmsannotation type="cmsannotation" annotationid="Rise in new launches" comment="subhead" text="Rise in new launches">Rise in new launches</cmsannotation> Furthermore, new project launches in the top 7 cities surpassed the one lakh mark once again, experiencing a 25% year-on-year increase. The number of new launches rose from 82,150 units in Q2 2022 to over 102,610 units in Q2 2023. MMR and Pune dominated in terms of new supply, representing 63% of the total new launches across the top 7 cities. Individually, these cities observed a 31% and 29% yearly increase in their new supply, respectively. Says Anuj Puri, Chairman, ANAROCK Group,“Housing sales in the top 7 cities broke the previous high record of Q1 2023, and stood at more than 1.15 lakh units in Q2 2023. Pune and MMR were the only two cities to see a quarterly rise in housing sales, of 4% and 10% respectively, while other cities saw some dip. But on a yearly basis, most top 7 cities saw a significant jump in housing sales.” <cmsannotation type="cmsannotation" annotationid="Increase in residential property prices" comment="subhead" text="Increase in residential property prices">Increase in <keyword id="35281" type="General" weightage="20" keywordseo="residential-property" source="Orion">residential property</keyword> prices</cmsannotation> In Q2 2023, the average residential property prices in the top 7 cities experienced an increase ranging from 6% to 10% compared to Q2 2022. This rise can be attributed primarily to the escalation in prices of construction raw materials and the overall growth in demand. Among these cities, Hyderabad witnessed the highest annual jump of 10%, with the average price reaching INR 4,980 per square foot by the end of Q2 2023.

Indians buying more houses by the day – sales at all-time high between April-June in metros

<ul class="summary-list"><li>There's a growing demand for luxury short-term rentals — and people to oversee these properties.</li><li>Property-management jobs are expected to grow faster than average in the next decade.</li></ul>The <a target="_blank" class="" href="https://www.businessinsider.com/renting-housing-market-home-ownership-mortgages-affordability-real-estate-2024-5">growing trend of "forever renters"</a> — people who expect to rent properties for their entire lives rather than owning any — is contributing to an <a target="_blank" class="" href="https://www.businessinsider.com/super-luxury-apartments-rent-rentals-2024-7">uptick in demand for luxury rentals</a>.With more renters and travelers seeking luxury vacation rentals, in particular, property managers are needed to vet renters or overnight guests, collect rents, and maintain properties. The US Bureau of Labor Statistics has reported that <a target="_blank" class="" href="https://www.bls.gov/ooh/management/property-real-estate-and-community-association-managers.htm">property-management jobs are expected to grow faster</a> than the average rate for all vocations through 2032.Business Insider talked to two property managers about breaking into managing short-term vacation property and residential rentals, as well as the industry's future.<h2 id="4da1d8db-c598-4fc1-8ef2-fc3a95024bdf">What skills are needed for property management</h2>Karen Hatcher, the CEO of <a target="_blank" href="http://www.sovereignrm.com/">Sovereign Realty &amp; Management</a>, manages rentals across metro Atlanta. Before starting the company, Hatcher worked in corporate sales, but after seeing her now-husband successfully flip homes, she got her real-estate license and eventually began managing properties.<div type="image" title="A headshot of Karen Hatcher wearing a purple dress and sitting behind a desk." height="3484" width="5219" msid="112574747" hostid="261" sizebytes="309112"></div>Although a four-year degree or certification isn't required, one state may have different requirements than another. In Georgia, property managers don't have to be licensed but must work with a licensed broker, Hatcher said.She also said newcomers to real estate and property management should consider joining the <a target="_blank" href="https://www.irem.org/">Institute of Real Estate Management</a>, which offers continuing education, skills classes, and networking. There are also a few industries that Hatcher said people may have an easier time transitioning from."Accounting or finance backgrounds provide a strong foundation because they focus on budgeting, financial analysis, and cash-flow management — all crucial for managing rental income and expenses," she said. "Sales experience is equally valuable, as property managers market vacancies, showcase properties, and negotiate leases."Jobs with many moving parts, customer-service experience, and marketing roles also provide "a great launching pad" for breaking into property management, she added.Rebekah Boley, the founder and CEO of <a target="_blank" href="https://hotelhomestays.com/hotelhomestays">Hotel Home Stays</a>, an Arizona-based company that manages vacation rentals, got into her industry after purchasing a campground in Charlotte, North Carolina, and turning it into a <a target="_blank" class="" href="https://www.businessinsider.com/hilton-points-autocamp-airstream-glamping-camping-rv-resorts-2024-4">glamping resort</a>.Unhappy with the service from the property-management company, Boley decided to develop her own, which has grown to include properties across the US. Boley said that having real-estate knowledge was a huge plus for prospective property managers."If you have a background in real estate, design, or contracting, you may have an advantage," she said. "Some soft skills required for this job are being organized, paying close attention to detail, knowing how to multitask, and being personable. It's also important to know that you may not have many days off."<div type="image" title="A headshot of Rebekah Boley wearing a white, pink, and orange-patterned shirt and sitting on a staircase." height="1056" width="1696" msid="112574746" hostid="261" sizebytes="95332"></div><h2 id="60dfb6ba-b1ea-4489-b1c9-75ec2054fcd6">What to expect on the job</h2>No two days are exactly alike, Hatcher said, but she consistently responds to owner emails, reviews new leases, and meets with her team, which is in charge of fielding rental inquiries, conducting screenings, and coordinating move-ins and move-outs."While my team handles the front lines, I'm focused on the bigger picture. As CEO, I'm constantly analyzing our portfolio's performance, from occupancy rates to financials," she said. "I review market trends, adjust strategies as needed, and set goals to ensure we hit our targets. Training is also a regular part of my week, and staying up to date on the latest rental laws, technologies, and best practices is vital."Boley said her work is usually more behind the scenes and that, like Hatcher, her typical day involves a lot of communication."Because the vacation-rental industry changes constantly, I'm always working on pricing and availability, making sure that the dynamic pricing is correct," she said. "My staff is also busy submitting insurance claims for damages or communicating with contractors."<h2 id="fcd8fe3a-0359-42af-a59f-6f46689f634d">The rewards of property management</h2>Two of the biggest benefits property management can offer are great flexibility and a high earning potential. Property managers are usually paid a salary plus <a target="_blank" class="" href="https://www.businessinsider.com/real-estate-agent-discusses-new-home-buying-rules-housing-market-2024-4">commission</a>, an agreed-upon percentage of a monthly rental or nightly fee. Hatcher said another benefit was helping her property owners maximize profits, whether for retirement or long-term wealth creation."There's immense satisfaction in knowing that my work directly contributes to a client's financial security, whether through aggressive lease marketing, stringent expense control, or proactive maintenance," she said. "Seeing the positive results roll in is incredibly fulfilling."Managing residential properties is different from managing vacation rentals because of the turnover rate. Vacation-property managers have to deal with the owner's expectations, but they also interact with guests expecting a certain level of customer service, which Boley said could be rewarding."Vacation-rental-property managers can make a decent income if their homes are making over $10K per month," Boley said. "Although income is rewarding, it's just as rewarding to see amazing reviews from guests who have loved their stay and sing our praises."<h2 id="fb37852a-437e-45fb-89d4-fa3dad5a9a0b">The challenges of property management</h2>The industry has its challenges because of the high level of personal interaction, Hatcher said, but implementing efficient systems can reduce some of the biggest problems, like squatting and <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/mortgages/mortgage-fraud">application scams</a>, and help attract and onboard quality renters. Property management also requires professionals to be "on it" at all times, she added."You're dealing with people's homes, offices, or businesses, which is very personal to them," Hatcher said. "It requires amazing customer service, conflict-resolution skills, lots of follow-up, and the ability to prioritize many tasks. It's this mix of behind-the-scenes process work and frontline, hands-on management."If you're getting into managing vacation rentals, the challenges are a bit different, as there are fluctuations that correspond with seasons, events, and weather. To succeed, you have to know the vacation market and keep up with the regulations around vacation rentals, Boley said."Vacation rentals are a niche market, and to perform at the top, you have to work extraordinarily hard," she said. "Most vacation rentals make less than $5,000 a month, so we focus on just the top luxury properties. You also have to ensure your product is in line with client expectations. Because the definition of 'luxury' is always changing in the market, there is an ongoing need to revamp and step it up."<h2 id="890f4c5b-b999-4a52-a2e5-cf17fe65ac92">The future of property management</h2>Boley said the growth of the vacation-rental market took off during COVID -19 shutdowns as people realized the value of a <a target="_blank" class="" href="https://www.businessinsider.com/vacation-home-primary-residence-family-benefits-2024-2">vacation home</a>, and many booked one for the first time. However, she said the future of luxury vacation rentals depended on the location and the freedom for landlords to rent out their properties."If cities continue to shut down the ability for people to operate vacation rentals, then the industry won't last," she said. "However, with more oversight and protection for guests, the industry will continue to grow and improve with time."Hatcher is confident that the residential-property-management industry will continue to grow, fueled by the growing history of rental properties as profitable investments and landlords' desire to delegate the work around increasingly complex regulations for rental properties."In Atlanta, the opportunities seem endless. The city's thriving economy, fueled by industries like film and technology, is drawing new residents and investors," Hatcher said. "This creates a high demand for quality rental properties and, by extension, skilled property management."She added, "Rental housing is becoming a larger share of the overall housing stock, and property managers will be needed to oversee these portfolios."

A career in property management is looking more desirable as renters and travelers opt for luxury living

<ul class="summary-list"><li>Saudi Arabia is getting a Trump Tower.</li><li>The Trump Organization and Dar Global announced plans to develop a residential project in Jeddah.</li></ul>It's full steam ahead for Sauda Arabia's <a target="_blank" href="https://www.businessinsider.com/saudi-arabia-neom-plans-financial-pressure-foreign-investment-the-line-2024-5">Neom megacity</a>, but the kingdom is also giving the green light to other luxury projects too.Property developer Dar Global, the international arm of Saudi developer Dar Al Arkan, announced a new deal Monday to develop a residential development in Jeddah with the Trump Organization.The plans include the future launch of a Trump Tower in the Saudi city, which would mark the Trump company's first project in the country.Ziad El Chaar, CEO of Dar Global, said in a <a target="_blank" href="https://www.prnewswire.com/news-releases/dar-global-strengthens-ongoing-relationship-with-the-trump-organization-by-announcing-second-collaboration-and-future-launch-of-trump-tower-jeddah-saudi-arabia-302186852.html?utm_source=dlvr.it&amp;utm_medium=twitter">statement</a>: "The new agreement in Saudi Arabia will leverage the strengths of both organizations to attract more international investors and vacationers. This collaboration underscores our commitment to grow our footprint by elevating the standards of luxury living in the region."Eric Trump said in a statement that the deal would expand his family company's presence in the Middle East.<div type="image" title="Ziad El Chaar, CEO of Dar Global, with Eric Trump and Donald Trump Jr." height="1800" width="2700" msid="111435469" hostid="261" sizebytes="105030"></div>The Trump Organization and <a target="_blank" href="https://www.trump.com/media/the-trump-organization-and-dar-global-unveil-trump-international-oman-at-aida">Dar Global have announced a similar deal in Oman for a $500 million</a> Trump International hotel complex.The deal permits use of Trump branding under license to developers, but the Trump International Oman is not owned by the Trump Organization.Saudi Arabia is aiming to woo the luxury international market, in part to differentiate itself from nearby Dubai.The kingdom has other luxury projects on the boil, including resorts along the Red Sea. Sindalah, one of the island resorts aimed at luxury clientele, is scheduled to open by the end of the year.Antoni Vives, Neom's chief urban planning and islands officer, said in a <a target="_blank" rel=" nofollow" href="https://www.neom.com/en-us/newsroom/neom-mdlbeast-luxurious-beach-club">press release</a> that Sindalah will be a "new model for luxury travel and living."Representatives for the Trump Organization and Dar Global did not immediately respond to requests for comment from Business Insider, made outside normal working hours.

Saudi Arabia is getting a Trump Tower as it ramps up its luxury property push

<ul class="summary-list"><li>The Chrysler Building, a renowned gem of NYC, is the latest victim of the office apocalypse.</li><li>Cooper Union, the property owner, told the Journal that RFR Holding owed $21 million in rent.</li></ul>The Chrysler Building, a long-admired gem of New York City's skyline, could be the latest victim of the nationwide office collapse.The lease between Cooper Union, which owns the land on which the building sits, and RFR Holding LLC was terminated last week, <a target="_blank" class="" href="https://www.wsj.com/real-estate/commercial/chrysler-building-owner-is-poised-to-lose-control-of-iconic-skyscraper-74c61ab7">The Wall Street Journal</a> reported.Cooper Union, a private college in the city, told the Journal that RFR Holding had not paid its rent since May and owed it $21 million.The website for RFR Holding, a private real estate management company, still features the Chrysler Building. The firm says it is "known for owning and managing some of Manhattan's most prestigious signature office properties, including 375 Park Avenue (The Seagram Building) and 405 Lexington (The Chrysler Building)." The firm says it has a "proven track record of adding significant value to acquired properties."Business Insider could not immediately reach RFR Holding, Cooper Union, or their respective attorneys for comment on Thursday. But attorneys representing RFR told the Journal it intends to hold onto the building and is prepared to go to court if needed."While RFR prefers to resolve this matter amicably, and privately, if possible, it is also prepared for the alternative, if necessary," the lawyers, Terrence Oved and Darren Oved, told the Journal.Commercial foreclosures have soared since the COVID-19 pandemic, which ushered in a monumental shift in workplace culture, launching the work-from-home and hybrid work era. The commercial office market has struggled to recover since. ATTOM, a real estate data provider, found <a target="_blank" class="" href="https://www.businessinsider.com/office-market-collapse-outlook-commercial-real-estate-foreclosures-default-debt-2024-4">foreclosures jumped 117%</a> year-over-year from March 2023 to the same time this year.The picture isn't any prettier if you zoom out. In May 2020, there were 141 commercial foreclosures. In June 2024, there were 647, a recent ATTOM <a target="_blank" class="" href="https://www.attomdata.com/news/most-recent/attom-special-report-june-2024-commercial-foreclosure-report/">report</a> found. New York, along with California, Texas, New Jersey, and Florida, saw the most commercial foreclosures in June 2024, the report said. Morgan Stanley warned in February that office buildings were facing a 30% peak-to-trough correction in office prices.Experts predicted the drop in office values could be as bad or <a target="_blank" class="" href="https://www.businessinsider.com/office-commercial-real-estate-cre-crash-2008-gfc-delinquency-vacancy-2024-3">worse than the 2008 crash</a>. What that means for the iconic Chrysler Building — and the rest of the New York City skyline — remains to be seen.

An iconic gem of New York City's skyline is the latest victim of the office collapse

<ul><li>MMR accounted for 39% share in the new launches, whereas <keyword id="66" type="General" weightage="100" keywordseo="delhi" source="Orion">Delhi</keyword> had only 7% share. </li><li>New launches of MMR rose by 21% against the second quarter of 2022. </li><li>In Delhi, new launches saw a 9% year-on-year decline.</li></ul><keyword id="6741044" type="General" weightage="20" keywordseo="new-property-launches" source="Orion">New property launches</keyword> are picking up across top cities, as the sector has sharply recovered from its pre-pandemic lows. <keyword id="6361772" type="General" weightage="50" keywordseo="mumbai-metropolitan-region" source="Orion">Mumbai Metropolitan Region</keyword> (MMR) saw the most new launches in the third quarter, among the top seven cities.According to <keyword id="4695749" type="General" weightage="20" keywordseo="Anarock" source="Orion">Anarock</keyword>’s Q3 2022 Residential Market Overview, MMR accounted for 39% of the share of new launches – at 36,000 units. New launches in MMR rose by 21% against the second quarter and 118% as compared to the same quarter last year. Amongst the three sub-markets of MMR, Mumbai, contributed nearly 79% to the new supply, followed by 15% in Thane and the rest in Navi Mumbai. <keyword id="674224" type="General" weightage="50" keywordseo="delhi-ncr" source="Orion">Delhi NCR</keyword>, on the other hand, witnessed the highest year-on-year decline in new launches. During the quarter, its new launches accounted for a mere 7% of the total new supply in Q3 across the top seven cities. Approximately 6,400 new residential units were launched between July and September 2022, according to the report. Within Delhi NCR, Gurgaon had the highest supply share of 61% in Q3 but saw a decline of 9% against Q2. Greater Noida, at the second spot, saw a 19% q-o-q rise and also witnessed an increase in the new launch activity, contributing 28% to the NCR’s overall new supply. Noida and Faridabad are the two NCR markets which saw no new launch activity in the current quarter, the report said. <cmsannotation type="cmsannotation" annotationid="Delhi has more affordable supply" comment="subhead" text="Delhi has more affordable supply">Delhi has more affordable supply</cmsannotation> “In contrast to the preceding quarter, mid-end segment in NCR has surpassed the number of affordable housing launches to become the top launched price bracket among developers in the current quarter, accounting for 35% of new supply,” the report added. In MMR, most of the new supply was launched in the affordable, mid end and high end segments — accounting to 22%, 29% and 21% respectively, to new launches in the current quarter. Delhi also saw the highest drop in the inventory, whereas, MMR’s available inventory remained stable on a year-on-year basis, according to the report. NCR had 1.32 lakh unsold units by the end of Q3, while Mumbai had around 1.91 lakh units. MMR also recorded the highest sales of home properties among the top seven cities, with over 26,400 residential sales recorded between July and September this year. On the other hand, NCR recorded a decline in quarter-to-quarter housing sales by 2%, with only 15,000 properties sold in Q3 of 2022. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/95-indian-companies-experiencing-new-types-of-fraud-after-covid/articleshow/95530428.cms">95% Indian companies experiencing new types of fraud after Covid</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/paytm-sees-no-impact-from-lock-in-expiry-trends-show-heavy-buying/articleshow/95528992.cms">Paytm sees no impact from lock-in expiry, trends show heavy buying</a>

You Searched For "new property launches" and got 12 results

New property launches dip in major Indian cities, sales growth tepid in Delhi-NCR, Bengaluru

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

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Airbnb hosts with a lot of properties get lower ratings from guests, CEO Brian Chesky said

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Oura, beloved by techies and athletes alike, is launching a new smart ring this month: Bloomberg

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New launches see decline in Q3 on back of escalating property prices

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Residential property demand in India at a 10-year high with mid and premium buyers on the rise

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

ANI

Indians buying more houses by the day – sales at all-time high between April-June in metros

Anagh Pal

A career in property management is looking more desirable as renters and travelers opt for luxury living

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Saudi Arabia is getting a Trump Tower as it ramps up its luxury property push

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An iconic gem of New York City's skyline is the latest victim of the office collapse

Katie Balevic

Mumbai tops in new property launches in Q3, Delhi saw the highest decline: Anarock

Vaamanaa Sethi

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