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<ul><li>Positive economic data, lowering inflation and timely project completion is expected to drive home sales in 2024 too.</li><li>The possibility of interest rate cuts in 2024 can be another driver for residential home sales.</li><li>Hybrid work policies, love for amenities and community living will determine choice of homes.</li><li>Changing lifestyle preferences of tier-2 and tier-3 consumers expected to drive more branded home developments from Chandigarh to Coimbatore. </li></ul> Indian home sales are all set to hit a 15-year peak in 2023, with over 3 lakh residential units purchased. Come 2024, they will go higher as lower inflation will push more fence-sitters ahead in addition to all around positivity around the Indian economy. There is also another key factor that will drive more people to buy homes. Grade A developers who are completing their projects on a war-footing, providing a supply of new-homes. “Timely project completion is giving a major boost to overall consumer sentiments, and they are coming forward to take the plunge,” Anuj Puri, chairman of <keyword id="6354553" type="General" weightage="100" keywordseo="real-estate" source="Orion">real estate</keyword> consultancy Anarock group, tells Business Insider India. Pricier yet affordable Residential home sales for the ongoing festive quarter have been 30% higher than that of 2022. Thanks to heavy demand and new launches, the prices of homes have also been going up. A few micro-markets, in and around the tech hubs of Hyderabad, Bangalore and Pune, prices have shot up by anywhere between 25-33%. “Capital value growth is expected to witness divergent trends across micro-markets and property categories and will largely be governed by unsold inventory levels and inventory overhangs,” says Anshuman Magazine, chairman &amp; CEO - India, South-East Asia, Middle East &amp; Africa, CBRE. Whitefield in Bangalore, Gachibowli in Hyderabad and Wagholi in Pune are some of the micro-markets that have seen good price appreciation. Overall, across the top 7 cities, the average growth in property prices has been anywhere between 8-10%. As per Anarock, it’s expected to see at least 12% increase in 2024. Emerging infrastructure is also expected to push for price growth. Mumbai Metro Connectivity in the western suburbs has pushed up the housing demand in the Andheri-Borivali belt significantly. “With the backdrop of tremendous infrastructural development going on in full swing across the cities and states, we foresee the emergence of newer micro-markets as well as the strengthening of the existing ones. Similarly, the demand for housing in other cities and peripheries is expected to grow, owing to the phenomenal connectivity boost, leading to price growth across the targeted micro-markets,” Dhaval Ajmera, director, Ajmera Realty tells Business Insider India. While home prices might turn pricier, there is a chance that the net costs of home buying may go down if interest rates ease. The central bank has kept base interest rates unchanged for the fifth consecutive time in December. A few experts hope that a lower interest rate cycle might kick off in the coming year. "In 2024, we are likely to see a renaissance with affordability levels expected to be on an improving trajectory as macroeconomic fundamentals support a repo rate reversal and thereby interest rate reduction that could provide another fillip to the residential sales market," said a JLL report Home Purchase Affordability Index' (HPAI). The depreciation of the rupee against major global currencies, together with stable economic conditions in India is also a factor. "A notable trend has been the heightened interest in Indian real estate from NRIs. The advancement of technology has streamlined the process of property management from far away which has boosted NRIs confidence in Indian real estate as an avenue for investment, said Saurabh Garg, Co-founder &amp; Chief Business Officer, NoBroker. Space not price is the criteria Indians’ love for spacier and larger homes might not go away and are ready to shell out more. The lockdown-era love for people needing more space will not reverse as fast as companies went back from work-from-home policies. Lingering hybrid work policies are expected to keep people yearning for workstations inside homes that support remote work and flexi-living. It indicates a long-term shift in behaviour. “Buyer demand for large homes is still high, even in light of impending changes to laws about remote work. This tendency is anticipated to continue, reshaping the real estate market in 2024 as people look for homes that strike a balance between comfort, usefulness, and adaptability to changing work environments,” said Manju Yagnik, VC of Nahar Group. Indians will no longer base their home buying decisions on affordability alone. More factors have come into play like health &amp; safety, community living, sustainability, and integration of smart home technologies. “Home buyers are expected to continue to display strong preferences for projects which offer enhanced accessibility to essential infrastructure, ancillary amenities and thoughtfully designed indoor and outdoor spaces – which will propel the demand for this segment going forward,” says Magazine. Emerging tier-2, tier-3 opportunity Growing affluence in smaller cities and towns is also building demand for branded homes. Many developers will be going beyond top 8 cities where demand for amenities-driven homes is going up. Most of this demand is seen in tier 2 &amp; 3 cities such as Lucknow, Jaipur, Ahmedabad, Coimbatore and Chandigarh. “What aids the real estate market in these smaller towns and cities is their affordable prices as against big cities and the superior infrastructure that many of these Tier 2 and Tier 3 cities provide,” said Chitnis. There is a lot of home-buying interest by NRIs in such cities too, especially Kochi and Ahmedabad. That’s where a chunk of the new demand for the coming year will come from. These regions provide profitable prospects for developers and homeowners, say developers. “Our prognosis for continued development is positive beyond the top 7 and 8 cities. We anticipate a spike in major branded properties due to growing demand and promising development opportunities in emerging economies. This growth is driven by greater connectivity, changing lifestyle preferences, and infrastructure developments,” says Yagnik. ALSO READ: <a href="https://www.businessinsider.in/stock-market/markets/news/midcaps-will-move-but-not-as-fast-in-2024/articleshow/106143826.cms" data-type="tilCustomLink" target="_blank">Bulls &amp; Bubbles: Midcaps will move but not as fast in 2024</a> <a href="https://www.businessinsider.in/india/webstories/mukesh-ambani-to-savitri-jindal-indias-richest-in-2023-and-their-wealth-change/slidelist/106175315.cms" data-type="tilCustomLink" target="_blank">Mukesh Ambani to Savitri Jindal: India's richest in 2023 and their wealth change </a>

Real estate market on the boil but homes will still be ‘affordable’ in 2024

<ul><li>Gated communities are a hot favourite amongst not only NRIs but affluent Indian residents as well.</li><li>Chennai, <keyword id="6354552" type="General" weightage="40" keywordseo="hyderabad" source="Orion">Hyderabad</keyword>, and Mumbai are seeing the maximum <keyword id="11904949" type="General" weightage="100" keywordseo="nri" source="Orion">NRI</keyword> demand. NRIs are also showing notable interest in senior living real estate projects</li></ul> The non-resident Indians, better known as NRIs, might be having a Swades moment. No, they are not returning to their homeland but have been noticed as buying property in the country with gusto. In an interview to Business Insider, Saurabh Garg, Co-founder and Chief Business Officer at NoBroker said, “We have witnessed a 35% growth year-on-year in the investment of NRIs in Indian residential real estate. This burgeoning trend is especially evident in their preference for gated communities, which offer a host of amenities.” Gated communities are a hot favourite amongst not only NRIs but the affluent Indian residents as well. Just a month back, a Hyderabad-based construction firm launched a Rs 3,000 crore <keyword id="1775779" type="General" weightage="30" keywordseo="gated-community" source="Orion">gated community</keyword> project claiming that it is the biggest in the city which has steadily seen a rise in rentals in the past few years. Adds Garg, “These communities provide not only enhanced security but a host of modern lifestyle resources, all of which contribute to an elevated lifestyle and high returns on investment (ROI) should they decide to rent out or sell later.” The logic behind the rise in <keyword id="541044" type="General" weightage="80" keywordseo="nri-investment" source="Orion">NRI investment</keyword> The increased investment in Indian real estate by NRIs can be attributed to the ease of investment, owing to technological changes, especially as things are now online. The increased demand from NRIs is especially from the gulf countries, followed by Singapore, the United States, and Australia, says the NoBroker research. Chennai, Hyderabad, and Mumbai have seen maximum demand, but no surprises there. Parallel to this trend, NRIs are also showing notable interest in senior living real estate projects for their parents or grandparents. These properties usually have healthcare facilities or partnerships with nearby healthcare providers. Thus, their elders can have easy access to medical assistance within the comfort of their homes. “A substantial 65% (of the interested NRIs) are opting to purchase properties for personal use, either for themselves or their parents,” Garg adds. Other interesting trends The NoBroker half-yearly report points to some changing patterns in the Indian real estate market, especially when renting is concerned. 3BHK units in greater demand: Potential buyers from Bangalore, Chennai and Delhi-NCR prefer 3BHK units over the earlier favourite 2BHKs. The primary reason behind this is the hybrid work culture as there is a need for a larger space to work as well as live. Further Investments: For the first time in many years, property owners are getting the “asking price” for their properties. The report says that 40% of landlords are considering investing in a new property. Quick renting turnaround: On average gated society properties get rented out 30% faster than non-gated society properties, says the report. 52% of the surveyed in Delhi mentioned that their properties got rented out within a fortnight. This was 46% in Mumbai.

Indian real estate sees 35% rise in demand from NRI customers

The sale of residential <keyword id="-460" type="General" weightage="20" keywordseo="real-estate-in-mumbai" source="Orion">real estate in Mumbai</keyword> is not only higher than pre-covid levels but stands at its highest in the last 10-years in July 2021. Going by the recent trends, a substantial push came from the millennials. It demonstrates yet another behavioural change induced by the COVID-19 pandemic as these millennial cohorts were once perceived to be more inclined to rent a home as opposed to buying one. According to <a href="https://www.morganstanley.com/ideas/India-millennials-growth-sectors">reports</a>, there are over 400 million millennials in India, which is higher than the entire population of the US. Now aged between 25-40 years, millennials in India comprise one-third of its total population and 46 % of the country’s total workforce, with a spending capacity of $3.6 billion. The millennial generation is generally defined as people born between the mid-1990s to early 2000s, more specifically within the 1981 to 1996 period. In India, the millennials are considered profligate spenders and a generation that seeks instant gratification, not worrying or planning much about the future. As proponents of the sharing economy, they would rather use ride-share apps like Ola and Uber than buy a car, look after its repair, fuel, and pay EMIs. The same logic applied to owning a house too. They would prefer to rent a house than buy one, pay maintenance and EMIs. This behaviour by the millennials held true till early-2020 before the arrival of the COVID-19 pandemic. The same millennials have shown a marked change in their habits. <a href="https://www.thehindubusinessline.com/news/real-estate/millennial-prefer-home-ownership-over-renting-survey/article33861200.ece">Reports</a> indicate that this largest spending cohort of people is now turning serious in their spending. Two factors could be playing a part in this behavioural pattern change, one is the coming of age of the millennials and in many cases, they are the sole providers of their families. Experts <a href="https://www.architecturaldigest.in/story/expert-speak-why-millennials-wont-settle-for-small-cramped-city-homes-anymore/">believe</a> that the second reason for the change in spending priorities is the pandemic induced lockdown that revealed the handwriting on the wall - the non-sustainability of the ‘reckless’ spending and the advent of WFH with its wide acceptance. <cmsannotation type="cmsannotation" annotationid="What’s driving this change in sentiment?" comment="subhead" text="What’s driving this change in sentiment?">What’s driving this change in sentiment?</cmsannotation> A recent news <a href="https://www.livemint.com/money/personal-finance/millennials-borrowed-for-health-and-credit-refinancing-in-2020-survey-11614249892908.html">report</a> highlights this shift in the spending pattern of millennials from borrowing for lifestyle and recreational purposes to serious priorities like home repairs and medical emergencies in the family. Another study by Standard Chartered Bank discloses that as a cohort the millennials are the most inclined to conscientiously strive for their far-sighted monetary objectives. The study specifically shows that 48% of the Indian millennials who are saving for a substantial buy like a car or a house whereas only 28% of the 45+ generation. This matured approach to financial matters also reflects in a recent study by 360 Realtors, a renowned name in <keyword id="6354553" type="General" weightage="20" keywordseo="real-estate" source="Orion">real estate</keyword> advisory services, wherein 3/4th of millennials expressed their desire to purchase a residential property in the next three years. A similar report by Anarock Property Consultants echoes the same intent mentioning that 55% of total buyers looking to buy their own homes are from the millennial age group. This number stood at 42% last year. 68% of the millennials polled by Anarock indicated that these home purchases were for their own end-use. Nobroker.com, a leading real-estate platform, says that millennials as a group constituted 63% of all its buyers amongst its entire user base, up from 49% from the pre-covid period. For the city of Mumbai, the millennials buyers were 74% of all the buyers across all the age groups. <cmsannotation type="cmsannotation" annotationid="The COVID-19 impact &amp; rising need to own a home among millennials" comment="subhead" text="The COVID-19 impact &amp; rising need to own a home among millennials">The COVID-19 impact &amp; rising need to own a home among millennials</cmsannotation> While the pandemic has largely been instrumental in the shift in millennials’ mindsets towards buying homes, other significant factors are influencing this decision. The success of the WFH model means both employers and the millennial employees view a hybrid model of work wherein one does not have to go to an office every day as a sustainable framework of the future of work culture. This also means that the idea of career mobility and city-hopping for jobs is not at the forefront and a hybrid model of work. The major constituent, which is fulfilling the millennial aspiration of buying a house of their own in Mumbai into a real possibility is the lowest ever interest regime prevailing in the current times. The easy availability of credit and having experienced the flexibility and commute-less remote work means that the millennial buyer can now fulfil his bigger home dreams away from the island city to accommodate his/her remote WFH and their children’s online schooling in extended suburbs of MMR. The combination of record-low interest rates that have limited scope to reduce further and incentives by government augur well for both the millennial buyers of first-time home as an end-user and ones looking at a second home for investment. Disclaimer: This is a sponsored article in partnership with Lodha Group SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/enterprise/enterprise-software/news/saas-company-icertis-is-looking-to-hit-the-public-market-next-year/articleshow/85786657.cms">After Freshworks, Icertis is looking for an IPO for next year in the US</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/ami-organics-wants-to-become-debt-free-post-the-ipo/articleshow/85781458.cms">Ami Organics wants to become debt-free post the IPO, to cut dependence on China in the coming years</a>

Changing landscape of real estate in India — millennials are driving the demand

<ul><li><keyword id="2739029" type="General" weightage="20" keywordseo="nobroker" source="Orion">NoBroker</keyword> came into existence 7 years back when its founders had bad experiences with brokers.</li><li>What started as a service in 2 cities has now expanded to 6, and the platform aims to reach out to the top 50 Indian cities in the next 3-4 years.</li><li>We speak to <keyword id="262315" type="General" weightage="20" keywordseo="saurabh-garg" source="Orion">Saurabh Garg</keyword>, Co founder &amp; CBO, NoBroker who talks to us about the platform’s journey so far and what the next few years will look like for the platform.</li></ul>How many of you have rented, bought or sold a house and have absolutely hated the experience of paying brokerage? And if you are from places like Mumbai, chances are you have paid brokerage to the same broker for numerous years, even if you have not moved houses. For years, information asymmetry has forced many of us to unwillingly resort to using the services of brokers. It is this consumer problem that NoBroker identified and tried to solve by creating its platform over 7 years back, which came into existence from the personal experiences of the founding members. Fast forward 7 years, NoBroker has now expanded from simply connecting buyers and sellers or homeowners and tenants to even offering services like painting, cleaning, Movers and Packers, Home Sanitization to even AC Service &amp; Repair and Pest Control. It has also expanded to six major urban centers. The platform is now looking at ringing in its next phase of growth and recently launched a high decibel campaign to educate people about its buy-sell proposition. “We have been around for around 7 years now and a lot of our growth has come from word-of-mouth. However, there is also latent demand. People hate paying brokerage, and that’s where we have come in, and addressed a pain-point almost all of us have gone through,” said Saurabh Garg, Co founder &amp; CBO, NoBroker. Today, the platform claims to handle $2 billion worth of transactions on its platform annually. “Currently, we do nearly 50,000 rental transactions every month and around 4,500 buy-sell transactions, which is a much larger number in comparison to most of our competitors,” shared Garg. For now, the platform wants to focus on its buy and sell offering and wants to grow the number manifold. The campaign While NoBroker had earlier released a rental campaign, it was primarily aimed at targeting home owners rather than people looking for rent. The platform, over the years, has used digital advertising more. It has also come up with a lot of regional communication. But with the current campaign, the aim is to talk to a larger audience. <div type="Youtube" id="4y5Xve6LLNg" title="NoBroker Nahi Kiya Kya?" thumbUrl="https://i.ytimg.com/vi/4y5Xve6LLNg/mqdefault.jpg"></div> “While word-of-mouth has been an important driver for us, the latent demand for our offerings has helped us carve a space for ourselves. We listened to our consumers and solved a problem they had been struggling with. Currently, almost 65-70% of our customers come to us organically, without us doing any kind of marketing which is a big advantage for us. However, we thought it was a good time to come up with the campaign because people still feel we are very large in the rental space, but we are now very large in buy and sell too. We do 4,500 transactions in buy and sell every month which almost amounts to Rs 3,000 crore worth of transactions every month. So our objective behind the campaign was to tell everyone that we are pretty big in the buy and sell segment too. NoBroker came into existence because we did not want people to pay brokerage, our aim was to make the process easier and more convenient. Our ad aims to introduce NoBroker as a friend who will help you buy and sell in a more hassle-free way,” explained Garg. Expansion plans When NoBroker had been launched, it had started as a website. A mobile app followed a few years later. It started its operations in two cities, Mumbai and Bangalore. From there, NoBroker is today present in 6 large cities. The aim is to grow its presence substantially in the next few years. “We think this problem related to brokers exists in the top 50 cities in India. So, in the next 3-4 years, we want to go to the top 50 cities and solve the problem across rental, resale, or new sales. We also think that our proposition of non-brokerage clubbed with a one-stop shop works really well because as you move to smaller cities, getting professional services is also a big problem. Services like painting, movers and packers etc play a critical role in the entire real-estate journey and we are trying to make it a painless process, a one-stop shop. Our aim is to make it as seamless for our consumers as possible. We also want to ensure that when someone is availing a service on our platform, there is a certain level of quality and it is done in a proper manner. The future NoBroker had announced in April last year that it had raised $30 million (Rs 230 crore) in its series D round of funding that was led by General Atlantic. Right now, from a communication perspective, the platform will continue to talk about its increasing market share in the buy and sell segment. The aim is to increase the number of transactions drastically in the coming years. “The number of listings we have for buy and sell are much larger than a lot of other platforms. The task at hand for us is to make people aware of our play in the space and to figure out if we can take the 4500 closures to 3X that number in a year. We do resale and primary, which is also a very big business for us. So driving traction on sales and taking it from here to a very large business will be our key focus. Secondly, we want to keep on increasing our market share because when that happens, you are able to give more options to consumers, whether it is a buyer or tenant. So we will aim at going deeper into the cities. Thirdly, we will also focus on identifying pain-points and offering services to make the process easier for them. Over a period of time, we have realized that rent agreement, packers and movers and painting are pain-points, so we have added those services. People can also pay rent on our platform. So our endeavour would be to keep removing our consumers’ pain-points by adding important services so that we can make our consumers’ journey seamless. Also, <keyword id="9264124" type="General" weightage="20" keywordseo="nobrokerhood" source="Orion">NoBrokerhood</keyword>, our society management app has also gained a lot of traction so that is also something we will keep investing on,” concluded Garg.

Almost 65-70% of our customers come to us organically, without us doing any kind of marketing: Saurabh Garg, NoBroker

New Delhi, Feb 11 () Realty portal NoBroker on Tuesday said it has acquired Society Connect for an undisclosed amount.Society Connect, a startup founded in 2016, is a technology mapped platform for society management. It has a major presence in the national capital region.NoBroker said in a statement that it has acquired Society Connect in an all cash deal, but did not disclosed the amount."With the acquisition, NoBroker aims to further strengthen its hold in the visitor and community management space where it already has a strong presence with its app NoBrokerHood," it added.The company will hire all Society Connect's employees to combine efficiencies of their ERP (enterprise resource planning) system along with its own visitor and community management app NoBrokerHood.NoBroker.com is a tech-enabled brokerage-free real estate platform. It has so far raised USD 121 million through several rounds of funding.It participates in the entire user journey starting from the house search to packers &amp; movers, home loans, rental agreements, cleaning services, and NoBroker Pay. It has more than 7.5 million registered users. MJH BAL

NoBroker acquires Society Connect

New Delhi, Jun 12 () COVID-19 pandemic has accelerated the adoption of digital tools in Indian real estate, and the process of search as well as shortlisting of properties will largely shift to online platforms, according to industry experts. Participating in a webinar, Arvind Subramanian, MD and CEO designate of Mahindra Lifespaces, said the technology would play an important role in the real estate sector, not only in sales and marketing but in construction and design as well. He described residential property as a 30-years consumer product and said it should not be treated as any other financial products. The webinar was organised by BW Businessworld and WHub. Dhruv Agarwala, the CEO of Housing Proptiger and Makaan.com, said there has been tremendous acceleration in digital adoption since the lockdown, which was imposed on march 25 to curb coronavirus spread. He mentioned that the total traffic at its three platforms fell 40 per cent during the first week of the lockdown compared with the pre-COVID level. However, Agarwala said, the traffic has now bounced back and is 20 per cent more than pre-COVID level. Although traffic on its sites has come back, he said, buyers will be cautious due to salary cuts, lay-offs and economic downturn, but investors are looking to purchase because of attractive prices and payment plans. Square Yards CEO Tanuj Shori said his company has been able to sell 3,000 properties during this period, thanks to fast adoption of digital tools like virtual walk through and payment gateways by developers as well as customers. He said the coronavirus pandemic has accelerated the speed of adoption of digital although there will be some element. NoBroker co-founder Amit Agarwal said around 2,000 properties have been transacted on its websites during this period. The process of search, shortlisting and walk-throughs of properties have shifted to online. He highlighted that even the rental deals are taking place without physical visits. MyGate founder Vijay Kumar said the technology will play a big role in making real estate market more efficient. SAI Estate Consultants MD Amit Bhagwan Wadhwani, however, said that human interference will be required to complete the real estate transactions, although digital tools are being helpful in lead generations. Awfis founder and CEO Amit Ramani said the technology is enabling coworking operators in providing services more efficiently. Agarwala of Housing.com said that the PropTech companies have not been able to attract huge investment in the last ten years but the scenario could change in the next decade. "We are just seeing the emergence of PropTech in India," he added. MJH BAL

COVID-19 quickens adoption of digital tools in real estate: Experts

New Delhi, Dec 4 () NoBroker.com, a brokerage free property platform, on Wednesday announced its entry into the Delhi-NCR market and aims to have presence in 20 major cities over the next three-four years. 
In October, the Bengaluru-based firm raised USD 50 million in Series D funding, led by Tiger Global Management, for business expansion. It has raised USD 121 million since its inception in 2014. 
NoBroker.com helps in buying/selling and renting of housing and commercial properties by connecting owner and property seekers without involving brokers.
"We have entered into the Delhi-NCR which is the biggest property market in the country," NoBroker.com co-founder Saurabh Garg told reporters here.
The company now has presence in six cities -- Bengaluru, Mumbai, Pune, Hyderabad, Chennai and the national capital region and aims to have presence in 20 major cities over the next three-four years.
Since its launch in New Delhi, NoBroker.com has already garnered 62,000 consumer registrations and over 27,000 listings on the platform. It has, thus far, facilitated over 1100 deals in the region.
On operational front, co-founder Amit Kumar Agarwal said the company is facilitating 20,000 transactions per month, of which 85 per cent are for rental.
Asked about revenue model, Agarwal explained that the company earns money by charging for premium service which is providing a phone relationship manager to help fast execution of transaction.
The company also generates revenue by offering value-added services like packers and movers, property loan, legal documentation, furniture rental and 'NoBroker Pay' for rent payment through credit card, he added. 
Garg said the company has already achieved break-even in Bengaluru and Mumbai. It takes 12-18 moths to break-even in any city, he added. 
The company, however, declined to disclose the revenue posted in the last fiscal. 
"The idea of zero brokerage holds a lot of appeal for the value conscious Indian consumer. Our platform aims to create a transparent real estate ecosystem by eliminating brokerage from the equation." Agarwal said. NoBroker also helps customers in suggesting the ideal location to buy or rent a property as well as the rent or capital value of the property. 
The company raised an initial round of funding from SAIF Partners of USD 3 million in 2015, followed by a Series B of USD 17 million from Japanese investor Beenext and Korean investor KTB Ventures in 2016. 
In June 2019, NoBroker raised USD 51 million from General Atlantic. MJH DRR
DRR

NoBroker expands to Delhi NCR; aims to be present in 20 major cities over next 3-4 yrs

<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>The demand for <keyword id="3248028" type="General" weightage="20" keywordseo="ready-to-move-in" source="Orion">ready-to-move-in</keyword> (RTMI) properties has increased from 78% in 2022 to 85% in 2023. </li><li>In metros areas, an increasing number of purchasers are leaning towards acquiring apartments or houses situated within <keyword id="4042409" type="General" weightage="20" keywordseo="gated-communities" source="Orion">gated communities</keyword>.</li><li>Escalating rental expenses are altering behaviours, nudging tenants towards considering <keyword id="408196" type="General" weightage="20" keywordseo="home-ownership" source="Orion">home ownership</keyword> as a viable option. </li></ul>In 2023, developers have displayed a bullish approach towards new project launches, directly responding to the rising demand for residential spaces and the swift uptake by buyers, according to NoBroker, a property search portal. During this period, <keyword id="19784935" type="General" weightage="20" keywordseo="property-values" source="Orion">property values</keyword> experienced their most significant surge in a decade, due to several factors including a scarcity in inventory, buyers' preference for home ownership, infrastructure enhancements, better connectivity, and overall economic expansion in these urban centres. A shift has occurred in the buyer demographic, with a larger proportion of first-time homebuyers entering the market. Demand for ready to move in properties on a rise According to NoBroker, the demand for RTMI properties has increased from 78% in 2022 to 85% in 2023. However, supply has not been able to keep up with this increased demand. The Covid years had seen a drop in new project launches (due to all round uncertainty), which has now led to a crunch in the available inventory. The above has resulted in a significant increase in the price of resale properties in older projects. There has been a marked increase in the speed of deal closure in gated communities, from 58 to 32 days, at prices that are 1.2 to 1.3X of prices just a year back. This jump in demand for RTMI inventory can be attributed to: people looking to move in immediately (mostly renters) and investors in a buoyant real estate market to capitalise on the wave of higher rental yields. Bangalore and Mumbai have registered maximum demand for RTMI properties for obvious reasons. Gated communities in demand, even though they come at a premium In metros areas, an increasing number of buyers are leaning towards acquiring apartments or houses situated within gated communities. These properties come at a higher price due to their ability to offer convenience and amenities that many buyers desire but are generally lacking or difficult to access within the broader social infrastructure. These sought-after features include enhanced security measures, access to a gym, sports facilities, swimming pools, and various other amenities. The premium cost is often justified by the comprehensive package of benefits and comforts these properties provide, catering directly to the preferences of discerning buyers seeking a more holistic and secure living environment. This trend has indeed become evident through the introduction of numerous integrated townships in different cities. Return to office means more want to buy within city limits Following the return to office, there's a renewed interest in purchasing properties within city limits. During the Covid years, 42% of customers leaned towards buying homes on the outskirts, a short-term shift in behaviour. However, there's been an increase in the percentage of individuals seeking properties within city limits, rising from 79% in the previous year to 85% this year, according to NoBroker data. Mumbai and Bangalore stand out as exceptions, where long-term real estate investment strategies continue to push investments towards the outskirts of the cities. These decisions are supported by strong investment rationales. In Bangalore, the growth of the urban landscape towards the Airport in Devanahalli remains a driving force. For Mumbai, customers priced out of the city are turning to suburbs. Higher <keyword id="12243727" type="General" weightage="20" keywordseo="rents" source="Orion">rents</keyword> makes it tough for tenants, make them consider home ownership India's rental landscape is proving tough for tenants, grappling with soaring rents that strain their finances, compelling them to cut back on expenses. While gated societies were traditionally preferred for their security and amenities, their steep rents are shifting demand towards more affordable independent houses and floors. Notably, there's a rising interest in areas slightly distant from office hubs but reachable by metro. This shift is driven by both convenience and a strategic response to sky-high rents. However, regions not neighbouring office complexes or IT hubs haven't experienced a drastic rental surge. The escalating rental expenses are altering behaviours, nudging tenants towards considering home ownership as a viable option. The desire to secure property has accelerated amidst these challenging rental market conditions, shortening the time span between decision-making and action-taking.

Ready-to-move-in properties witness demand uptick in 2023

<ul><li>Delhi NCR is the 10th most expensive commercial real-estate market, followed by Mumbai.</li><li>Hong Kong SAR continued to be Asia’s most expensive office market.</li><li>Bengaluru also made it to the list at the 22nd position with an annual rent of $20.5 per square foot.</li></ul>Three Indian cities — Delhi, Mumbai and Bengaluru — are among the most expensive commercial real estate markets in the Asia-Pacific (APAC) region, according to a recent report by property consultancy firm Knight Frank. These markets may get even more expensive as the rents of commercial properties in these cities are expected to rise in the next 12 months. Hong Kong SAR continued to be Asia’s most expensive office market with an annual rent of $175.4 per square foot per year. India’s national capital Delhi NCR is the 10th most expensive commercial real-estate market in the APAC region, with an annual rent of $51.6 per square foot. Delhi was followed by India’s financial capital Mumbai in the eleventh rank, as the commercial property rents stood at $45.8 per square foot per year. Bengaluru also made it to the list at the 22nd position with an annual rent of $20.5 per square foot. The rental value in all three cities is expected to increase over the next 12 months as transaction volumes are expected to pick up going forward, the report added. “The Indian office market witnessed (a) strong leasing trend that continued into Q2 2022 with Bengaluru leading in transaction volumes. With its unique position, India can expect its key driving sectors such as IT/ ITeS to continue to grow despite global headwinds,” Shishir Baijal, chairman and managing director, Knight Frank India said. A report by <a href="https://www.businessinsider.in/business/news/as-people-move-back-for-work-rents-rise-by-12-across-cities-says-report/articleshow/92983097.cms">online property rental platform NoBroker</a>, released last week, also revealed that about 71% of respondents of NoBroker’s Rent Report have already moved to their work cities, while 54% are looking to relocate within the city or to the city they work in the near future. These relocation activities in the last six months have caused a property crunch in cities like Bengaluru, Mumbai and Pune, the report added. Saurabh Garg, co-founder and chief business officer of NoBroker, noted that the dearth of available property and rising demand had increased the rents by 12% across cities. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/business/corporates/news/it-is-attrition-rates-and-not-the-wage-hikes-dampening-indian-it-cos-earnings/articleshow/93120202.cms">It is attrition rates and not the wage hikes dampening Indian IT cos earnings</a> <a href="https://www.businessinsider.in/stock-market/news/tata-steels-net-profit-declines-in-q1-on-the-back-of-rising-raw-material-costs/articleshow/93116879.cms">Tata Steel’s net profit declines in Q1 on the back of rising raw material costs</a> <a href="https://www.businessinsider.in/business/startups/news/need-more-than-35-say-swiggy-workers-who-threaten-strike-against-new-policies/articleshow/93114671.cms">Need more than ₹35 say Swiggy workers who threaten strike against new policies</a>

Delhi, Mumbai & Bengaluru — Asia-Pacific’s most expensive property markets, set to get pricier

<ul class="summary-list"><li>Indian techies were tripling salaries during the pandemic due to bloated demand for talent. </li><li>But the tech sector — especially edutainment — has already begun feeling the pinch amid a global downsizing. </li></ul>As the world strapped in for the pandemic, closing schools and sending workers home last year, India's techies were having a field day. Firms in Bengaluru, a tech hub in Southern India with 1.5 million IT employees and once dubbed the <a href="https://www.ft.com/content/7b774116-2964-11e5-acfb-cbd2e1c81cca">"world's back-office</a>," hired willy-nilly, as they struggled to cope with a surge in global demand for digital products."Salaries hit the roof," Yeshab Giri, the chief commercial officer at Randstad India, told Insider. He recalled one applicant who left his job with an annual salary of 1.2 million rupees, or $14,700. The tech worker received five offers from five different companies, and over several months negotiated his yearly pay up to 3.3 million rupees, or $40,400, Giri said. That's almost triple his last paycheck. To put that into perspective, rent for a one-bedroom apartment in the heart of Indian tech hub Bengaluru costs $1,840 a year, according to data from real estate company <a href="https://www.nobroker.in/blog/cost-of-living-in-bangalore/">NoBroker.</a>"These weren't one-off cases," said Uddhav Kumar, the co-founder and CEO of Lynkit, a firm that offers inventory and supply chain tracking services to logistics companies. "Everyone who was working would almost be guaranteed to have an offer that was double or triple what he earned."The skyrocketing demand though, didn't outlive the pandemic. Like with the US, as COVID-19 measures receded in India, so did the tech boom. Silicon Valley has seen round after round of layoffs in recent months, and India's been feeling the pinch too.Salary offers are declining, and at least 3,800 employees in Bengaluru were laid off in the last three months, according to data aggregated by <a href="https://layoffs.fyi/?">Layoffs.fyi.</a>But India's tech winter has been muted so far, four Bengaluru-based hiring experts told Insider. They see the decline more as the market returning to the brink of normalcy, and said there's still hope for laid-off tech workers — as long as they've been active in their jobs.<h2>'The glory days of last year are over'</h2>Recruiters believe the industry reached its turning point near the end of the third quarter."The glory days of last year are over, where everybody and anybody could get a job if they were half-decent," said Anup Menon, the vice president of CIEL HR Services. "In that sense, the average to below-average talent will have things to worry about. It won't be so easy to get a job.""Companies are now very clear about the budget they have, and will only hire within that range," he added.By CIEL's estimates, India's IT sector saw a 41% decline in hiring in September, compared to monthly averages in 2022, Menon said. However, he added that companies traditionally also slow down their hiring toward the end of the year."If you look at 2018, 2019, these are numbers comparable to those years," he said. Tech workers, especially those just laid off from well-known companies like Twitter or Stripe, are still looking at a "fairly decent quality pool" of employers, said Menon.But they'll have to expect fewer perks and lower salaries, he added.CIEL found that 77% of all tech companies are ending remote work or switching to hybrid work arrangements, compared to 25% of companies who enforced similar policies last year, he said. Subhashree Ghoshal, a senior consultant at JAC Recruitment India, told Insider that most tech companies engaging in layoffs are mostly looking to trim off excess workers as fewer projects come in — not necessarily their core workforce."The major backlash has been faced by employees who have been bench employees," said Ghoshal, referring to employees who aren't actively working on IT projects but are still on the company payroll.Firms are also looking to hire fresh graduates who are cheaper, while laying off employees who lead small teams like program managers and supervisors, said Ghoshal. Most in the latter category typically have five to 15 years of experience, he said.<h2>'The worst, however, may come next spring'</h2>The worst may come next spring, said Ghoshal, who predicts a surge in layoffs at the start of the first fiscal quarter and at the end of the second as Western demand for outsourced tech workers dwindles.At Randstad, Giri estimates a 25% drop in hiring in 2023. "We read a lot about the West, experts talking about financial slowdown in the US. We'll have to wait and watch," he said.For now, most of India's tech firms have shown resilience to market headwinds, faring better than their Silicon Valley peers.Tata Consultancy Services, an India-based mega firm with 600,000 employees, announced a net income of $1.3 billion in the second quarter of 2022, per <a href="https://www.bloomberg.com/news/articles/2022-10-10/tcs-profit-tops-estimates-after-outsourcing-giant-wins-new-deals">Bloomberg</a>. In the same quarter, Infosys, which hires a 345,000-strong workforce, <a href="https://www.infosys.com/investors/reports-filings/quarterly-results/2022-2023/q1/documents/q1-fy23-financial-results-auditorsreport.pdf">reported</a> a $65.6 million net profit. In contrast, Twitter <a href="https://investor.twitterinc.com/financial-information/quarterly-results/default.aspx">reported</a> a net loss of $270 million in the second quarter of this year, while Amazon <a href="https://affiliate.insider.com?postID=6386b687722a6819e779d5f6&amp;site=bi&amp;u=https%3A%2F%2Fir.aboutamazon.com%2Fnews-release%2Fnews-release-details%2F2022%2FAmazon.com-Announces-Second-Quarter-Results-fe1df2b70%2F">reported</a> a net loss of $2 billion in the same time frame. Meta <a href="https://investor.fb.com/investor-news/press-release-details/2022/Meta-Reports-Second-Quarter-2022-Results/default.aspx">reported</a> a 36% net income drop to $6.69 billion in Q2 2022, compared to the same quarter in the previous year.Menon of CIEL believes demand for tech workers will pick up again in the second quarter of next year, after a "much-needed correction" in the industry. "It was a little too unpredictable with the job hops and the kinds of salaries that were floating around," he said.Lynkit CEO Kumar concurred. "There was a lot of false hype around things that didn't add value but kept expanding," he said. "I think we are going to see that slowly being weeded out of the ecosystem."<h2>Sectors like edutainment for kids are badly hit</h2>One example of the post-pandemic decline involved digital services for kids, said Lynkit CEO Kumar. With schools shut during the pandemic, parents began buying educational and entertainment, or edutainment, subscriptions to keep their children busy."When schools started again, suddenly these kids had no reason to have these subscriptions," he told Insider.Education startup Byju's, touted as the <a href="https://asia.nikkei.com/Business/Education/Indian-edtech-Byju-s-raises-250m-from-existing-investors#:~:text=BENGALURU%20%2D%2D%20India's%20largest%20online,was%20cutting%20about%202%2C500%20jobs.">largest education tech startup</a> in India, spent <a href="https://economictimes.indiatimes.com/tech/startups/byjus-buys-great-learning-toppr-as-2-billion-acquisition-spree-continues/articleshow/84752307.cms?from=mdr">$2 billion during the pandemic</a> buying up other education firms to boost growth. It suffered a $575 million net loss in the year ending March 2021, <a href="https://www.bloomberg.com/news/articles/2022-09-14/byju-s-reports-widening-losses-after-prolonged-audit-delay">per Bloomberg</a>. The company blamed poor macroeconomic conditions, and said it adopted a new revenue recognition model that led it to defer 40% of its revenue to the next few years, <a href="https://www.reuters.com/technology/indias-byjus-posts-gross-revenue-100-bln-rupees-fy22-2022-09-14/#:~:text=Gross%20revenue%20for%20fiscal%202022,listing%20plans%20to%20next%20year.">Reuters reported</a>. In October, Byju's laid off 2,500 employees, or around 5% of its total workforce. Byju's did not immediately respond to Insider's request for comment for this story.Lynkit has been feeling the ripple effects of the third quarter fallout, said Kumar. Its HR department recently received around 1,200 resumes for an open product manager position, a role that normally sees 500 to 600 applications, the CEO said.Yet compared to the high-profile dismissals in San Francisco, the furloughs in Bengaluru represent smaller proportions of staff let go.And 2,500 jobs are a mere drop in the total pool of tech workers in India; Giri estimated that a total 350,000 people will join the local IT industry by the end of 2022."The layoffs that we're seeing are not really mass layoffs. Large companies laid off about 2,500 people, but we have to understand that they have a base of 50,000 people," Giri said.

Bengaluru, home to 1.5 million IT workers and called 'the world's back-office,' has dodged the tech winter ripping through Silicon Valley &mdash; but experts warn it may not last

New Delhi, Jun 18 () Real estate technology companies that are used to being overlooked from investors may see their fortunes turn after the COVID-19 pandemic, as the industry embraces proptech to improve the way property is bought, sold or rented, according to Housing.com CEO Dhruv Agarwala. Addressing a webinar organised by media company Entrepreneur on Thursday, Agarwala, who is also the CEO of PropTiger and Makaan.com, said the pace of adoption of digital technologies has accelerated after the outbreak of the coronavirus disease and the subsequent nationwide lockdown imposed on March 25. He said that going forward, there would be increased adoption of technologies across the value chain, right from designing to construction to sales and marketing, and property management. In each of these areas, there could be significant opportunities for capital infusion by both domestic and foreign investors, he added. Agarwala pointed out that proptech players have not been able to raise funds like technology players in other sectors such as e-commerce and food because of the inherent problems in the real estate sector. The sector has been reeling under the multi-year demand slowdown on account of demonetisation and disruptions caused by the goods and services tax (GST) and realty law RERA, he said. However, he said, "It's just a matter of time, when we can see significant inflows of capital in proptech". "In the next five years, we can expect a large sum of capital being infused in proptech companies," Agarwala said but refrained from giving any number. He expected the process of searching and shortlisting of properties to largely shift on digital platforms, both for renting and buying. "People will still visit one or two shortlisted properties before eventually deciding to buy," he said. On housing prices, Agarwala said the price reduction would not be across the board. He said the builders who have stressed balance sheets would like to clear their inventories by cutting rates or giving discounts. However, the real estate developers with strong balance sheets and huge cash reserves would not reduce price. Citing a survey report done by Housing.com, Agarwala said the potential homebuyers have deferred their plan to purchase properties by 0-12 months and only a small percentage (19 per cent) of respondents have put the plan on hold permanently. Singapore-based Elara Technologies, which owns the three realty platforms Housing.com, Makaan.com and PropTiger, has raised USD 175 million so far from investors. Among other players, NoBroker.com has raised over USD 150 million and Square Yards around USD 75 million. MJH HRS

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