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India’s overall <keyword id="148704" type="UNKNOWN" weightage="80" keywordseo="property-market">property market</keyword> continues to be depressed with builders sitting on piles of losses and buyers waiting in the hope that home loan rates would drop. There are a handful of green patches in the sea of red. Hyderabad is among the emerging markets, thanks to the investments it has been promised, followed by Chennai, Bangalore and the perpetual rush in Mumbai. 
 However, that hasn’t stunted the rapid growth of <keyword id="2941153" type="UNKNOWN" weightage="80" keywordseo="online-property">online property</keyword> services. More than the numbers, it’s the optimism about changing consumer trends that’s fuelling dreams for these sites. 
 
“Online is currently a small component of the real estate business. We have a long way to go in understanding consumer needs, building confidence and engaging with a larger mass of builders to provide users greater choice, convenience and transparency”, Muralikrishnan B, COO, IndiaProperty.com agrees. 
 
India’s online property market however has boomed with several players like Magicbricks, 99acres, Housing and so on. While investors and entrepreneurs are expecting big returns, won’t the Indian buyer rather play it safe than buy property worth lakhs online, considering that may serve as serious investment or his home? The risk factor is obviously bigger than a smartphone or laptop. 
 
“Property buying has evolved into a hybrid online-offline process. It’s incorrect to assume consumer behaviors would change overnight. However, there would always be room for advisory services that would liberate the power of the internet and mobile to act as valuable research tools and would be free from potential vested interests of brokers”, Muralikrishnan observes. 
 
In its latest report ‘India goes Mobile’, India property claims it saw a 10-40% increase in mobile users searching for property between January 2014 and May this year with a hefty 69% of mobile users and 61% of desktop users between 18-34 of age. 
 
“A majority of these people belong to the upwardly mobile urban professionals who are in their first/second jobs. They have good disposable income and understand the importance of investment and tax saving. While every segment is under-tapped and has a long way to go towards maturity, the bulk still lies in affordable housing”, Muralikrishnan agreees.

Where is
India buying its property?

<ul class="summary-list"><li><keyword id="6354516" type="UNKNOWN" weightage="60" keywordseo="property">Property</keyword> prices in the US may be heating up, but so are those down under in <keyword id="6355478" type="UNKNOWN" weightage="60" keywordseo="australia">Australia</keyword>. </li><li>One realtor told Insider he saw 20% increases in property prices within a matter of months.</li><li>Sydney's property prices are rising by AU$1,220 ($766) every day, with the median price of homes nudging toward $1 million AUD.</li></ul>First-time home buyer Gregory Anderson says his journey to find a home in Sydney is "a special kind of hell." Speaking to Insider about his quest to find a starter home, Anderson, 31, detailed how almost every listing he and his wife Sophie, 30, looked at was vastly out of their budget. What made it worse for the couple was how the price of apartments - even in suburban areas further from the city center - seemed to inch upward every day."It was depressing enough when we started house-hunting in January when we could already barely afford most listings. Then we started seeing these crazy price increases in March, of at least a $70,000 Australian ($53,000) rise in the asking price on places we were interested in," Anderson said. The couple went to view properties that were two-bedroom starter homes going for close to a million dollars after being priced out of bigger properties. Anderson told Insider that he saw homes going for around AU$1.4 million ($1.07 million) for a three-bedroom. To date, they still have not bought a home and are living out of a rental property."Houses are now way out of our reach. Maybe in twenty years, or perhaps not even then if things keep up," Anderson added.It's a sentiment many American home buyers can relate to - even as a new survey showed that as many as two-thirds of millennials who purchased homes in the last year say they <a href="https://www.businessinsider.com/millennials-homeowners-regret-buying-home-housing-market-2021-6">now regret the decision.</a> But while homeowners in the US are beginning to feel the hangover of an overinflated COVID-conscious market, Australia's prices continue to rise.<h2>What's happening in Australia's housing market?</h2><div type="image" title="sydney real estate" height="3456" width="4608" msid="83231803" hostid="261"></div>Sydney's skyrocketing housing market is just one example of the Great Australian Real Estate Grab. The coastal city of 5.3 million, known for its opera house and stunning beaches, saw housing prices increase by around AU$1,220 ($935) each day, according to the <a href="https://www.smh.com.au/politics/federal/house-prices-reach-yet-another-record-level-due-to-perfect-storm-of-low-interest-rates-improving-economy-20210601-p57wy6.html">Sydney Morning Herald</a>, That means that home prices rose an astounding AU$36,600 ($28,000) over May.<a href="https://www.businessinsider.com.au/australian-property-prices-supply-sydney-buyers-2021-6">Business Insider Australia's Jack Derwin</a> reported that the median price of a property in Sydney is set to break AU$1 million ($766,500) by the end of June. Prices of houses in Sydney<a href="https://www.businessinsider.com.au/house-prices-australia-recovery-coronavirus-rate-cut-2020-3"> exceeded the AU$1 million mark in March last year</a>, while <a href="https://www.businessinsider.com.au/metro-melbourne-house-prices-one-million-2021-4">Melbourne saw its median house prices crossing AU$1 million this April</a> for the first time in the city's history. But the gains in Australia's housing market may be heavily built on huge amounts of debt. Hal Pawson, professor of housing research at the University of New South Wales, told the <a href="https://www.theguardian.com/australia-news/2021/feb/16/the-australian-property-market-is-booming-but-the-gains-are-based-on-massive-debts">Guardian</a> that the Australian government's "cheap money," in the form of low interests and generous grants, have helped the market rate for homes shoot up.Home loan companies are currently <a href="https://www.ubank.com.au/campaigns/fixed-rate-home-loans?cid2=ser|cpc|pad|dr|ggl|nap|hl|gen|nap|EOFY|nap|ooc|pin|1yr|fix|1.75|nap|nap|nap&amp;ef_id=Cj0KCQjwnueFBhChARIsAPu3YkTkWobFnmRCT9TTL0q5ygilnITkr4dxlj4QyetU9s09vRMFrIkA-U8aAv6bEALw_wcB:G:s&amp;s_kwcid=AL!8569!3!524862399756!b!!g!!%2Baustralian%20%2Bhome%20%2Bloans!9026898874!92779561338&amp;gclid=Cj0KCQjwnueFBhChARIsAPu3YkTkWobFnmRCT9TTL0q5ygilnITkr4dxlj4QyetU9s09vRMFrIkA-U8aAv6bEALw_wcBAv6bEALw_wcB">offering</a> fixed rate loans for as low as 1.75%, though that fixed rate only lasts for one year and is subject to variability. "Cheap money is the most important thing by far," Pawson said. "It's the ability to take out AU$150,000 ($115,000) more on a mortgage than you could have had a year ago on the same salary."And realtors are bolstering that "cheap money" with further low- or <a href="https://www.facebook.com/glorygroupproperties/">no-deposit deals</a> and cash rebates worth thousands of dollars. Australia's frenzied market mirrors a trend in the US, where the real estate market is similarly over-heating.Statistics released by the <a href="https://www.nar.realtor/newsroom/housing-market-reaches-record-high-home-price-and-gains-in-march">National Association of Realtors</a> indicated that the median price for existing homes reached a historic high in March, hitting an average of $329,100 per home. In March, the Wall Street Journal also noted that the prices of homes in the US were increasing at the fastest rate in 15 years. Housing prices rose 11.2% last year amid a <a href="https://www.businessinsider.com/why-there-are-so-few-homes-for-sale-high-prices-2021-3">housing shortage.</a> This is happening while <a href="https://www.businessinsider.com/millennials-homeowners-regret-buying-home-housing-market-2021-6#:~:text=Nearly%20two%2Dthirds%20(64%25),it%20was%20because%20they%20overpaid.">more millennials enter the property market </a>and <a href="https://www.mynd.co/knowledge-center/how-working-remotely-will-impact-real-estate">remote workers looked to purchase property further from their offices. </a>Property prices in the US were edging up steadily even before the worst of the pandemic. <a href="https://www.businessinsider.com/bidding-wars-break-out-in-new-york-city-suburbs-in-wake-of-coronavirus-2020-6">Insider</a> reported on this trend last July, citing a June 2020 <a href="https://listwithclever.com/covid-19-induced-fears/">survey of 1,000 homeowners</a>, which found that some 42% of people who bought houses during the pandemic secured their property through bidding wars. <h2>Why is Australia's property market booming now?</h2><div type="image" title="sydney housing" height="2653" width="3538" msid="83231811" hostid="261"></div>Tim Lawless, head of research at the Asia-Pacific arm of consumer and financial data firm CoreLogic, told Insider that a range of factors drive up prices in the housing market. Still, the core of it lies in demand for housing far outweighing supply. "The low number of listings against such a high level of market activity has created a sense of urgency amongst buyers, which is another factor placing upwards pressure on housing prices. This 'fear of missing out,' or FOMO, means buyers are making their purchase decisions in near-record time and not negotiating very much at all on price," Lawless said.He referenced <a href="https://www.businessinsider.com.au/australian-property-prices-supply-sydney-buyers-2021-6">CoreLogic's data</a>, which indicates that the prices of houses in Australia will continue to rise throughout this year and most of next year."Most recently, Sydney has once again stood out for showing the strongest growth trend. Values here are up 9.3% over the three months ending May, the strongest growth rate over any three months since 1988," he said.He acknowledged, however, that the rate of growth for housing prices will not stay at the current levels."Worsening affordability will gradually impact on buyer activity. Additionally, new housing supply is ramping up with house approvals moving through record highs," Lawless said, adding that the country's borders remaining closed - and the consequently lower migration rates - will have an impact on relieving the demand for housing. <h2>Just how out of hand is the Australian real estate market? A realtor weighs in.</h2><div type="image" title="gold coast property" height="877" width="1170" msid="83231813" hostid="261"></div>Realtor James Folino, an independent realtor who works on Australia's Gold Coast, told Insider that he saw prices of houses going up at least 10% to 20% within the last three months. Folino added that properties that previously might be on the market for 30 to 45 days are now selling for five to seven days, with prices on houses, particularly those with land attached, going up by some 30%.Folino cited a <a href="https://l.messenger.com/l.php?u=https%3A%2F%2Fwww.realestate.com.au%2Fproperty%2Fwebview%2Funit-2-42-rudd-st-broadbeach-waters-qld-4218%3Fclient%3Diphone&amp;h=AT1oqpGvLNNgq-oF0p3odaHwcDovm1VCaJUSkjwqrRJpJ03q3n80b0VjmqQjWhgI5LwUC7zynx-Q5VjxYW-arcDMDCkMImBX-RJ52HiEeo34KJZPJhkH_43fkgAzL1Xz9HxLvTDTFk4TFk4">coastline property in Gold Coast that he handled</a>, which sold on February 11 this year for AU$720,000 ($551,000). It was sold again three months later, on May 14, for AU$937,500 ($718,000). This made a hefty AU$217,500 ($167,000) profit for the owner within three months.He also <a href="https://l.messenger.com/l.php?u=https%3A%2F%2Fm.themorningbulletin.com.au%2Fnews%2Fgold-coast-mega-mansion-sells-for-more-than-11-mil%2F3476174%2F&amp;h=AT1oqpGvLNNgq-oF0p3odaHwcDovm1VCaJUSkjwqrRJpJ03q3n80b0VjmqQjWhgI5LwUC7zynx-Q5VjxYW-arcDMDCkMImBX-RJ52HiEeo34KJZPJhkH_43fkgAzL1Xz9HxLvTDTFk4TFk4">handled a mega-mansion</a> that was sold off in 2018, then made a AU$3 million ($2.3 million) profit within three years when it sold again last week. This amounted to a AU$20,000 ($15,300) price increase per week.Folino told Insider he's not certain that the boom will last. "No one has a crystal ball, but booms do stop and have a correction. My opinion is when the banks increase the interest rate, we will see a flattening in the market," Folino said.

'A special kind of hell': Property prices in the US may be sky-high, but some Australian homebuyers are seeing home prices shoot up by almost $1,000 a day

<ul><li><keyword id="58899" type="General" weightage="20" keywordseo="shriram-properties" source="Orion">Shriram Properties</keyword> primarily focused on mid-market and affordable housing categories.</li><li>The price band of the public issue is ₹113 to ₹118 as the company intends to raise ₹600 crore.</li><li>It has done all the preliminary paperwork for its IPO back in 2018 but later deferred the plans due to the sluggish property market.</li></ul>The initial public offering (IPO) of realty developer Shriram Properties will open for subscription at 10:00 a.m today, December 8. The company intends to raise ₹600 crore from this public issue. Nearly ₹250 crore will be raised through the fresh issue, while the remaining ₹350 crore will be raised as offer for sale (OfS) from existing shareholders — including Walton Street Capital, TPG Asia and Omega TC Sabre Holdings. Shriram Properties is a south India-based company, which is primarily focused on mid-market and affordable housing categories. The price band of the public issue is ₹113 to ₹118. The <keyword id="6871731" type="General" weightage="20" keywordseo="shriram-properties-ipo" source="Orion">Shriram Properties IPO</keyword> market lot size is 125 shares, priced at ₹14,750 at an upper price range. A retail investor can buy up to 13 lots, costing up to ₹191,750. <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;">Events </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;">Timeline </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;">IPO Open Date </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;">December 8 </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;">IPO Close Date </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;">December 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;">Basis of Allotment Date </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;">December 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;">Initiation of Refunds </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;">December 16 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Credit of Shares to Demat Account </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;">December 17 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IPO Listing Date </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;">December 20 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> The grey market premium (GMP) — a premium amount at which shares are traded in the grey market — was at ₹18 on December 8. This is Shriram Properties’ second attempt to hit the public market. It had filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board Of India (SEBI) in 2018, but later deferred the plans due to sluggish property market. However, some stock brokerages don’t seem to be too excited about this public issue even now. Saurabh Joshi and Kaushal Thakkar of Marwadi Financial Services have suggested retail investors stay away from the offering as it is “expensive as compared to its peers.” The company has completed 29 projects, representing 16.76 million square feet of saleable areas, as of September 30 of this year. “We are constructive on the company's long term growth prospects given the current positive industry growth trends and Shriram's strong brand presence and execution track record. However, improvement in financials would remain a key monitorable for the company," said analysts at Reliagare Broking. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/indigo-stock-gains-as-a-plea-to-shut-down-spicejet-has-been-admitted/articleshow/88138734.cms">Indigo stock gains as a plea to shut down SpiceJet has been admitted</a> <a href="https://www.businessinsider.in/business/news/zoho-is-selling-its-video-calling-app-in-as-many-ways-as-possible/articleshow/88137006.cms">Zoho is selling its video calling app in as many ways as possible</a> <a href="https://www.businessinsider.in/india/news/these-are-the-states-with-confirmed-cases-of-omicron-covid-19-strain-in-india/slidelist/88138240.cms">Omicron in India — Maharashtra and Rajasthan have recorded 19 positive cases so far</a>

Shriram Properties' IPO open today —  All you need to know

<ul><li>Shares of <keyword id="58899" type="General" weightage="20" keywordseo="shriram-properties" source="Orion">Shriram Properties</keyword> list at ₹94 while the shares were allotted at ₹113 per share.</li><li>The IPO was subscribed 4.6 times on the last day of the bidding.</li><li>The market capitalisation of the company stood at ₹1,594 crore.</li></ul>Shriram Properties, part of the Shriram Group and one of the leading residential real estate development companies in south India, listed 20% below the issue price of ₹113 apiece. The listing took place on a day that the Sensex and the Nifty fell around 2% due to weak global cues and COVID-19 variant Omicron scare. Keeping aside the company's strong position in the southern part of the country and growth prospects, analysts had expected a poor listing gains for the company because of the <a href="https://www.businessinsider.in/business/news/shriram-properties-ipo-company-has-dominant-position-in-residential-space-at-south-india-omicron-may-spoil-its-plans-once-again/articleshow/88167044.cms">COVID-19 scare</a>. The company has reported losses for two consecutive years because its business operations were impacted by COVID-19 induced lockdown and restrictions. “Although the company has a strong brand name in South India, during COVID when real estate was booming, they suffered losses. The grey market premium currently trades between 8-10%, but given the current market conditions, we might see a comparatively weak listing,” Aayush Agrawal, senior analyst at Swastika Investmart, told Business Insider on December 17. Post-listing, the market capitalisation of the company stood at ₹1,594 crore, according to BSE data. The shares of Shriram Properties were trading at ₹97, lower by 17% at 10.01 a.m., on December 20. The grey market had indicated a decent listing for Shriram Properties a day prior to the listing with a ₹9 premium per share. The IPO was open between December 8 and December 10 ⁠and was oversubscribed 4.6 times by investors. The company intended to raise ₹600 crore through this public issue. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/future-retail-wipro-bajaj-auto-and-other-hot-stocks-to-watch-out-for-on-december-20/slidelist/88381615.cms">Future Retail, Wipro, Bajaj Auto and other hot stocks to watch out for on December 20</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/here-is-how-to-check-the-allotment-status-of-medplus-health-services-ipo/articleshow/88374021.cms">Medplus Health Services’ IPO: Here is how to check allotment status</a>

Shriram Properties lists 20% below IPO price amid a market-wide meltdown

The number of large office space transactions with companies across various sectors is <a href="http://www.businessinsider.in/Commercial-real-estate-rises/articleshow/51895047.cms">on a rise</a> across top Indian cities, and this has revived the hopes of the <keyword id="6354553" type="COMPANY" weightage="100" keywordseo="real-estate">real estate</keyword> industry, which is otherwise down. 
 
In the last fiscal, India's top six property markets have reported 236 transactions for large office spaces, ranging from 25,000 square feet and up to over one lakh square feet, which was nearly 30% higher than the number of deals registered in the year before that. 
 
Also read: <a href="http://www.businessinsider.in/Stagnant-property-prices-cheer-home-buyers-become-headache-for-investors/articleshow/52201283.cms">Stagnant property prices cheer home buyers, become headache for investors</a> 
 
"It is apparent from the increased number of transactions that business confidence is gaining momentum. Consequently, corporates across the spectrum are willing to look at India positively in the long term and are willing to commit to large spaces," said Raja Seetharaman, director at commercial data information and analytics firm Propstack. 
 
 
Also read: <a href="http://www.businessinsider.in/Keralas-property-market-crunch/articleshow/52291127.cms">Kerala’s property market crunch has nothing to do with India’s economic situation, but a worrying trend anyway</a> 
 
Specifically, it was the IT hub Bengaluru that recorded the highest number of big property lease and sale deals last year, out of which 76 transactions involved 16 million square feet of area. This was closely followed by Pune, having registered 46 deals for a total of 12 million sq ft. 
 
This demand for huge property spaces is rising because companies are expanding as well as merging their operations. This rise, being good for the realty sector, also marks a <a href="http://www.businessinsider.in/These-numbers-reveal-how-Indias-economic-growth-is-on-track/articleshow/52143518.cms">development in the Indian economy</a>, while contributing to job creation in the future. 
 
According to industry insiders, while the usual BFSI (banking, financial services and insurance) companies and IT/ITeS sectors are increasingly looking forward to buying these properties, start-ups and ecommerce players are not too far behind either. 
 
<a href="http://www.99acres.com/microsite/articles/files/2015/04/453121421.jpg">Image source</a>

Office property deals are on a rise, finally giving the Indian real estate industry something to rejoice about

Non-resident Indians, who were <a href="http://www.businessinsider.in/NRI-Investments-In-Indias-Real-Estate-Market-To-Surge-By-35/articleshow/42378724.cms">once major property buyers</a> in India, are now keeping away from investing here, and the Indian state of Kerala seems to be the <a href="http://www.businessinsider.in/Want-to-invest-in-real-estate-Think-Kochi/articleshow/48996677.cms">worst affected</a>. 
 
Off lately, Kerala has seen more than 50% drop in sales to the NRI buyers, as per the global real estate consultant Coldwell Banker. Among other places affected by this NRI disinterest in Indian property market are Ahmedabad, Surat, Vadodara, Bengaluru, Mumbai, <a href="http://www.businessinsider.in/Pune-Hyderabad-Navi-Mumbai-and-Ahmedabad-among-10-affordable-property-markets-in-India/articleshow/50548470.cms">Pune, Hyderabad</a>, Gurugram and Noida, which have seen around 20% drop in the annual demand over past two years. 
 
Also read: <a href="http://www.businessinsider.in/Know-why-NRI-home-buyers-are-back-on-propertydevelopers-radar/articleshow/48096968.cms">Know why NRI home buyers are back on property developers’ radar</a> 
 
The slowdown in the Gulf region, which has significantly reduced NRIs' disposable income, can be cited as the reason behind this change in trend, while one can’t ignore the role played by a week rupee, which even though improves the buying capacity, makes the actual ROI lower for NRIs. 
 
Kerala's property market has seen major investments from Gulf countries, which have now slowed down due to job rationalisations and slower economic conditions in Western Asian countries. 
 
This has forced the Kerala-based Builders to make homes for the middle income group so that at least local buyers can be attracted. Earlier, they focused on making houses costing Rs 1 crore and more, to invest NRIs. 
 
Some experts believe that it’s also the poor quality of <a href="http://www.businessinsider.in/Here-are-dos-and-donts-for-NRIs-who-apply-for-home-loans/articleshow/50296601.cms">client servicing</a> and construction that has led to a lowered NRI interest in buying properties in the state. 
 
<a href="http://realestatetalk.com.au.s3.amazonaws.com/wp-content/uploads/2015/07/houses_prices_down_28_05.jpg">Image source</a>

Kerala’s property market crunch has nothing to do with India’s economic situation, but a worrying trend anyway

<ul><li><keyword id="58899" type="General" weightage="20" keywordseo="shriram-properties" source="Orion">Shriram Properties</keyword> has been subscribed 1.63 times on the second day of its public issue.</li><li>The price band of the public issue is ₹113 to ₹118, the lot should consist of 125 shares.</li><li>The company intends to raise ₹600 crore from the public issue.</li></ul>The initial public offering (IPO) of Shriram Properties has been subscribed 1.63 times on the second day of its public issue. The issue will open for subscription for the last time today, December 10. The portion reserved for retail investors has been subscribed 8.53 times and the portion reserved for non institutional investors (NII) was subscribed 18%. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investor Category </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscription (Times) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qualified Institutional Investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.12 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non Institutional Investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.18 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail Investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.35 </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;">Employees </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.78 </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;">1.63 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Shriram Properties’ IPO opened for subscription on December 8. The price band of the public issue is ₹113 to ₹118. The lot size of the issue is 125 shares, priced at ₹14,750 at an upper price range. A retail investor can buy up to 13 lots, costing up to ₹191,750. The company intends to raise ₹600 crore from the public issue. Nearly ₹250 crore will be raised through the fresh issue, while the remaining ₹350 crore will be raised as offer for sale (OfS) from existing shareholders — including Walton Street Capital, TPG Asia and Omega TC Sabre Holdings. Shriram Properties is a south India-based company, which is primarily focused on mid-market and affordable housing categories. The company has completed 29 projects, representing 16.76 million square feet of saleable areas, as of September 30 of this year. The grey market premium (GMP) — a premium amount at which shares are traded in the grey market — was at ₹12 on December 8. <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;">Event </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;">Detail </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;">IPO Open Date </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;">December 8 </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;">IPO Close Date </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;">December 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;">Basis of Allotment Date </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;">December 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;">Initiation of Refund </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;">December 16 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Credit of Shares to Demat Account </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;">December 17 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IPO Listing Date </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;">December 20 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Saurabh Joshi and Kaushal Thakkar of Marwadi Financial Services have suggested retail investors stay away from the offering as it is “expensive as compared to its peers.” “We are constructive on the company's long term growth prospects given the current positive industry growth trends and Shriram's strong brand presence and execution track record. However, improvement in financials would remain a key monitorable for the company," said analysts at Religare Broking. 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Today is the last day to subscribe to Shriram Properties’ IPO — GMP at ₹12

New Delhi, <keyword id="45432" type="General" weightage="20" keywordseo="Godrej-Properties" source="Orion">Godrej Properties</keyword>' net debt rose 45 per cent during April-June period of this fiscal to Rs 5,298 crore from the previous quarter on aggressive land purchase across major cities. According to an investor presentation, net debt of Godrej Properties -- the real estate arm of business conglomerate Godrej Group -- stood at Rs 5,298 crore as on June 30, 2023 as against Rs 3,649 crore at March-end. Debt-equity ratio stands at 0.56. Since April last year, Godrej Properties has been aggressive in new business development under which the company is purchasing land outright and also entering into joint development agreements (JDAs) wth land owners to create a pipeline for future development. It focuses on Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune and Bengaluru markets. Enthused by strong housing demand, the company acquired 18 land parcels last fiscal year for development of new projects with an estimated sales potential of Rs 32,000 crore. It purchased four new land parcels with an estimated saleable area of 3.7 million square feet and expected booking value of Rs 6,450 crore between April-July period of this fiscal. Replying to a query whether the debt will increase further, Gordrej Properties Executive Chairman Pirojsha Godrej said, "I think you will see some increase...given the business development over the next couple of quarters." "But we think thereafter next year, we think the calendar 2024 is when there's a lot of these project launches happening...we expect very strong positive operating cash flows," he added. Earlier this month, Pirojsha had said the company's sales performance remained muted in April-June, but the company will meet the annual target to sell properties worth Rs 14,000 crore this fiscal. Godrej Properties' sale bookings fell 11 per cent year-on-year during the first quarter of 2023-24 to Rs 2,254 crore. "In terms of sale bookings, April-June was a weak quarter for us. But in deliveries, it was strong as we did nearly 5 million square feet area. Our annual guidance for deliveries is 12.5 million square feet," he had said in an interview. He exuded confidence that the company will achieve "healthy growth" in sale bookings during the remaining three quarters. Pirojsha said the company would achieve or even better the annual sales guidance of Rs 14,000 crore in 2023-24 against Rs 12,232 crore in the previous fiscal. Godrej Properties launched very few residential projects during the first quarter of 2023-24 and the bulk of bookings came from the ongoing projects. The pipeline of new launches is "very strong", he had said. On the financial performance front, the company recently reported a nearly three-fold jump in consolidated net profit to Rs 124.94 crore for the first quarter as against Rs 45.55 crore in the year-ago period. Total income rose to Rs 1,265.98 crore in April-June 2023-24 from Rs 426.40 crore in the corresponding period of the previous year.

Godrej Properties' Q1 net debt up 45% to Rs 5,298 cr from March-end; may rise further

The <a href="http://www.businessinsider.in/searchresult.cms?query=real+estate+market+&amp;sortorder=effectivedate">real estate market </a>has been witnessing a drop since July and residential sales across top 8 property markets in India have slipped 23% from a year ago to 109,159 units during July-December. 
 According to a report by <keyword id="6363605" type="CITY" weightage="20" keywordseo="knight-frank">Knight Frank</keyword>, the metropols has seen a crash in fourth quarter of 2016, including the usually resilient Bangalore. New Launches also fell 46% from a year ago to 68,702 units during the second half of 2016. 
 National Capital Region (<keyword id="53426" type="CITY" weightage="20" keywordseo="NCR">NCR</keyword>) is the worst-affected market followed by <a href="http://www.businessinsider.in/searchresult.cms?query=Bengaluru+&amp;sortorder=effectivedate">Bengaluru </a>and <a href="http://www.businessinsider.in/searchresult.cms?query=Mumbai&amp;sortorder=effectivedate">Mumbai</a>. In this situation, 2016 has replaced 2015 as the worst performing year in terms of sales volume in the recent history; being the lowest since global financial crisis. 
 
Sales volume in the top eight cities declined by 9% in 2016 to 244,680 units, the report said. The October-December quarter ended with 44% on-year drop in sales and 61% decline in launches. 
 The residential market of the top eight Indian cities including Mumbai, Delhi, <keyword id="6354321" type="CITY" weightage="20" keywordseo="Bengaluru">Bengaluru</keyword>, Pune and Chennai had started off on a positive note in 2016 with the first half of 2016 witnessing a 7% on-year jump in sales volume. The second half of 2016 had also began at the same pace with July-September sales volume showing a positive growth on the back of the start of the festive season. 
 
"All these factors coupled with political stability, regulatory environment, enhanced infrastructure, strong investments, approval to the <a href="http://www.businessinsider.in/searchresult.cms?query=GST+bill+&amp;sortorder=effectivedate">GST bill </a>and amendments to REITs led us to the feeling that the year would end on a high note for the residential property sector. But, the <a href="http://www.businessinsider.in/searchresult.cms?query=demonetisation&amp;sortorder=effectivedate">demonetisation</a> move pulled down the last quarter sales across all cities. The fall in Q4 (October-December) was intense, H2 2016 ended below H2 2015. 2016 ends at launches and sales being lowest since global financial crisis," Shishir Baijal, CMD, Knight Frank India, told ET. 
 
He expects uncertainty to continue in the next quarter. "It will be important to see how developers recalibrate their businesses to the changing environment and, whether buyers capitalize the opportunity of various reforms and change their status quo position of 'wait and watch," Baijal said. 
 
According to Knight Frank estimate, the real estate industry has lost revenue of Rs 22,600 crore during the fourth quarter. The government's notional loss on stamp duty levied by state governments has been estimated to be Rs 1,200 crore. 
 
For office property market, the year turned out to be steady and consistent in line with 2015 performance across six major markets including Mumbai, Bengaluru, Delhi and Pune. However, in the second half, office transactions fell 12% from a year ago to 20.4 million sq ft. New supply of office space reduced 46% in the second half of 2016 to 10.1 million sq ft. 
 
In the second half of 2016, average rental values rose to their sharpest level since 2013 at 11% from a year ago. Mumbai led the rise in rentals with a 16% on-year jump; NCR and Bengaluru followed closely at 14% and 12%, respectively, Knight Frank said.

Residential property sales across top 8 cities dip by 23%

It’s been a few years that <keyword id="104595" type="UNKNOWN" weightage="80" keywordseo="indian-investors">Indian investors</keyword> have taken a rather keen interest in the vibrant <keyword id="6354553" type="COMPANY" weightage="80" keywordseo="real-estate">real estate</keyword> market of Dubai, becoming the major non-Arab foreign investors in this sector after having outshone the British and even Americans. 
 
This however is not necessarily a new trend. Investing in Dubai has always had incentives for Indians. 
 
For starters, the city has welcomed Indians with open arms. Accounting for nearly half of the emirate’s rising population, Indians hardly feel away from home while in Dubai. With countless restaurants and eateries serving scrumptious Indian cuisines and daily interactions with people from back home, Dubai is thus the ideal choice for Indians that leave home to earn a better living. 
 
Plus, it’s hard to ignore the remarkable facilities and infrastructure Dubai has on offer that make investing in the city an easy decision. 
The numbers back these up too. 
 
 
 
Like 2014, Indians topped the list of foreign investors in <a href="http://www.businessinsider.in/searchresult.cms?query=dubai">Dubai’s</a> <a href="http://www.businessinsider.in/searchresult.cms?query=real+estate">real estate market</a> in 2015 as well. Indians poured in a cool AED 20 billion (₹370 billion) buying properties across the emirate. The figure showed a 10 percent growth over the previous year’s investment, depicting a continued interest of Indians in the sector despite talks of slowdown. 
 
But the interest is not surprising, as apartments in Dubai are offering rental returns of up to 8 percent in certain localities, according to UAE property portal <a href="https://www.bayut.com/">Bayut.com</a>. The website said its study had found rents for studio apartments in Dubai yielding 7 percent on an average in December 2015. 
 
These rental yields are far higher than those earned by prime <a href="http://www.businessinsider.in/searchresult.cms?query=property">properties</a> around the world. For example, rental yields in London are at best 4 percent for properties that cost millions more than similar estates in Dubai. So the leaning towards investment in Dubai becomes rather obvious. And apart from the financial advantages, investment in the real estate sector of Dubai is a pretty straight forward and hassle-free process, making it all the more attractive. 
 
Considering the lucrative rental yields apartments in Dubai offer, it comes as no surprise that most <a href="http://www.businessinsider.in/searchresult.cms?query=indian+investors">Indian investors</a> want a piece of the segment’s action. Bayut.com further revealed that more than half (60%) of all leads generated by Indians in 2015 were dedicated to properties up for sale. Within the leads for on-sale properties, a massive 82 percent related to apartments. On the other hand, villas up for sale managed to generate only 8 percent leads from prospective Indian investors, showing a clear preference for apartments. 
 
The website said the most favourite apartment buying localities for Indian investors were Dubai Marina, Downtown Dubai, Jumeirah Lake Towers (JLT), Business Bay and International City, in that order. The results depict the diversity of Indian investors, as the localities highlighted by the website include the most expensive (Downtown) as well as one of the least expensive areas (International City) for buying apartments in the city. 
 
To conclude, Dubai’s rising status as a global financial, investment and tourism hub are creating opportunities for professionals, businesses and investors alike. The city is fast reinforcing its place as the ideal bridge between the west and east and has capabilities and infrastructure to match its claims. And with Expo 2020 set to change its fortunes forever, the sky no more seems a limit for Dubai. 
 
(This article has been written with inputs from Bayut.com) 
 
Image credit: Indiatimes

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