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India’s tech hubs see property prices zoom by around 30%

<ul><li>In 2023, <keyword id="6362656" type="General" weightage="20" keywordseo="apartment" source="Orion">apartment</keyword> prices in <keyword id="6354539" type="General" weightage="20" keywordseo="dubai" source="Orion">Dubai</keyword> rose by approximately 18% and villa prices by about 22% </li><li>Dubai also has no capital gain tax, which makes investing in <keyword id="6354553" type="General" weightage="20" keywordseo="real-estate" source="Orion">real estate</keyword> a compelling proposition. </li><li>Rental yields, robust capital appreciation, and the stability of the Emirati Dirham (AED) are other reasons cited for <keyword id="6355120" type="General" weightage="20" keywordseo="investment" source="Orion">investment</keyword>. </li></ul>After the COVID pandemic got over, the real estate market has been going from strength to strength with affluent Indians also looking outside the country to make investments. Sample this – as per a report by ANAROCK, in 2022, Indians accounted for about 40% of all home-buying deals, with a total investment of ₹35,000 crore, nearly doubling the investment from 2021. Now, according to the Betterhomes <keyword id="6393792" type="General" weightage="20" keywordseo="residential" source="Orion">Residential</keyword> Market Report 2023, Indians have emerged as the leading investors in Dubai's real estate market, surpassing Britons in the third quarter of 2023. In the first six months of the year gone by, Indian investors pumped approximately $335 million into the Dubai real estate sector. The Dubai real estate market has experienced robust growth in terms of price appreciation and rental yields. “In 2023, apartment prices rose by approximately 18.3%, and villa prices by about 22.2%. The market is expected to continue this trend in 2024, with short-term rentals projected to jump by around 20% and long-term rentals by 15% compared to 2023,” says Morgan Owen, managing director, Middle East and North Africa, ANAROCK Group, a real estate services company. Growth potential The Dubai real estate market is projected to grow by about 15% in 2024, driven by a robust economy and foreign investor interest. “Dubai real estate has been very volatile over the last few years, but the last two to two and a half years has been a golden period. You have a market where you are seeing a boom,” says Sanjay Guha, Founder and CEO, Acquist, a real estate advisory firm. Golden visa and tax benefit Given its proximity to India and a sizable Indian diaspora of over 3.5 million residing in Dubai, the city has long been perceived as a second home for many Indians. “The attractive aspects of investing in Dubai include impressive rental yields, robust capital appreciation, and the stability of the Emirati Dirham (AED) being pegged to the US Dollar,” says Akash Puri, director, international, India Sotheby's International Realty. Puri adds that Dubai's "Golden Visa" initiative has also garnered significant attention from Indian investors. Acquiring property stands as the simplest way of investing and securing a Golden Visa. If your purpose of investment is to get a Golden Visa, then you need to buy a property worth at least 2 million dirhams in Dubai. This will grant you a Golden Visa for 5 years, renewable on the same conditions. “It must be noted that Dubai also has no capital gain tax, which makes investing in real estate a compelling proposition. Ease of doing business and a tax-friendly environment are a big plus,” says Puri. “What is happening is that you have an option to invest in Dubai from ₹2 to ₹2.5 crore. If you look at Mumbai, you cannot buy anything at this price in a place like South Mumbai,” says Guha. Why the HNI are investing According to Guha, a lot of HNIs invest in Dubai to de-risk their portfolio. Their primary investments remain in the Indian rupee, but they can have alternate asset classes in dollar terms, since the Dirham is pegged to the dollar. “Dubai offers rental yields of 4% to 7% annually, with no taxes on property rental income and capital gains, increasing the profitability of investments,” says Owen. There is also another advantage of investing in a Dubai property. “In Dubai, you can buy the flat, put the flat on rent, get the money in your account, pay any required taxes sitting at your home in India or anywhere in the world, it is that easy and professionally managed,” says Guha. How to invest in a property in Dubai? The Liberalised Remittance Scheme (LRS), a program implemented by the Reserve Bank of India (RBI) allows resident individuals in India to freely remit up to $250,000 per financial year (April 1st to March 31st) for any permissible current or capital account transaction or a combination of both. That is about ₹2 crore. Let us say a family is buying a property worth ₹8 crore in Dubai. Each of them can remit a maximum of ₹2 crore approximately in one financial year ending March. According to Guha, the payments to be made for a property can be done in such a way that half the payment is made at the end of a financial year and the other half is made in the next financial year. When done at the end of March this would mean only a few days gap in between, thus utilising limits for both financial years for both individuals. What to keep in mind Before investing in a Dubai property, it's crucial to conduct thorough research on the market trends and dynamics. Understanding the legal aspects related to property ownership in Dubai is paramount to ensure a smooth and compliant investment process. “When planning to buy a property in Dubai, the initial step is to clearly define the end goal: whether the purchase is for investment purposes or personal use. This clarity guides the selection process along with comprehensive market research and engaging a reputable agency which will further be invaluable in navigating the process,” says Puri. Additionally, considering the location and the reputation of the developer can significantly impact the property's long-term value.

The Indian rich is buying property in Dubai – Tax benefits to rental yields, the driving forces at play

As Finance Minister Nirmala Sitharaman unveiled the Union <keyword id="19955368" type="General" weightage="20" keywordseo="budget-2024" source="keywords">Budget 2024</keyword>, all eyes were on the <keyword id="20024321" type="General" weightage="20" keywordseo="housing-sector" source="keywords">housing sector</keyword>, which has been a focal point for both developers and <keyword id="19907145" type="General" weightage="20" keywordseo="homebuyers" source="keywords">homebuyers</keyword>. Expectations were high for increased deduction limits on home loan interest repayments, higher principal repayment deductions, and more robust incentives for first-time homebuyers. Last year's budget focused on increasing <keyword id="20254620" type="General" weightage="20" keywordseo="affordable-housing" source="keywords">affordable housing</keyword> through the Pradhan Mantri Awas Yojana (<keyword id="19945794" type="General" weightage="20" keywordseo="PMAY" source="keywords">PMAY</keyword>), with a significant allocation to achieve the goal of "Housing for All." The <keyword id="20152263" type="General" weightage="20" keywordseo="real-estate-sector" source="keywords">real estate sector</keyword> had previously seen incentives for developers building affordable housing, such as tax holidays under Section 80IBA and increased allocation through the SWAMIH fund to improve liquidity for stressed projects. <h2>Major announcements in Budget 2024</h2>As per FM Sitharaman's 2024 Budget announcements, PMAY is set to add an additional 3 crore affordable housing — houses priced under Rs 40 lakh — in rural and urban sections of India. This will be accomplished with Rs 10 lakh crores, which includes assistance of Rs 2.2 lakh crores over the next five years. A provision of <keyword id="21240797" type="General" weightage="20" keywordseo="interest-subsidy" source="keywords">interest subsidy</keyword> to facilitate loans at affordable rates is also envisaged, the FM noted in her speech. “This is certainly pertinent – the affordable homes category has been seeing a decline in overall sales since the pandemic, to approximately 19% in H1 2024 from over 38% in the period before the pandemic in 2019,” notes Anuj Puri, Chairman of ANAROCK Group. “Consequently, this segment’s percentage share of the total housing supply in the top 7 cities also fell to 18% in H1 2024 from nearly 40% in 2019. Any boost to this vital segment is therefore welcome.” As per December 2023 reports, 65% of houses under PMAY-Urban had been completed and delivered to beneficiaries since the scheme was introduced in 2015. This amounts to over 78 lakh pucca houses out of the 1.18 crore sanctioned. The new addition to PMAY will thus attempt to more than triple the quadruple the number. <h2>Tax reliefs and transparent rental policies</h2>This year, the sector expected further <keyword id="20345361" type="General" weightage="20" keywordseo="tax-relief" source="keywords">tax relief</keyword> measures for homebuyers and developers. Key demands are aplenty, including increasing the deduction limit for home loan interest repayment from the current Rs 2 lakhs to Rs 3-4 lakhs for self-occupied properties, reintroducing tax exemptions for first-time homebuyers, standardising the definition of "Affordable Housing", and reducing GST on construction materials like cement and steel. However, there has been only disappointments on this front based on the announcements so far. However, in terms of the tax changes, the Budget has proposed a massive reduction in rental matters for the individual. While the current tax deducted at source (TDS) for Payment of rent by individuals or HUF under Section 194-IB stands at 5%, the new budget is set to bring this down to 2%, effective from October 1, 2024. <div type="Article" hostid="261" msid="111946291" title="Union Budget 2024-25 key highlights: Angel tax to be scraped" mstype="2" mssubtype="0"></div>Further, the government has promised to enable and implement policies and regulations for efficient and transparent <keyword id="20071228" type="General" weightage="20" keywordseo="rental-housing" source="keywords">rental housing</keyword> markets with enhanced availability. <h2>Additional initiatives</h2>Further, dormitory-style accommodations have also been announced for industrial workers in public-private partnership mode with Viability Gap Funding (VGF) support and commitment from anchor industries. VGF is a scheme that helps support important infrastructure projects that may not be financially viable, through grants that total up to 20% of the total project cost. The FM also announced that policies and regulations for efficient and transparent rental housing markets with enhanced availability will be put in place, to ease the rental and home-owning process. <div type="Article" hostid="261" msid="111953230" title="Union Budget 2024-25: Mobile Phones to get cheaper, as FM Nirmala Sitharaman reduces basic customs duty to 15%" mstype="2" mssubtype="0"></div>Markets are optimistic in the aftermath of these announcements, with many housing finance companies recording healthy gains since the speech. Puri notes that the renewed focus on rural and urban job creation, if effective, may provide some boost to affordable housing in even tier 2 and 3 cities. “The Finance Minister's allocation of ₹10 lakh crore to help 1 crore poor middle-class families buy houses will boost the demand for residential properties,” remarks Divyam Mour, Research Analyst at Samco Securities. ”This funding, along with interest subsidies, will greatly benefit real estate developers like DLF, Macrotech Developers, NBCC, and Sunteck Realty, as well as housing finance companies focused on the lower and middle classes, such as Aadhar Housing Finance, Aptus Value Housing Finance, and Aavas Financiers.”

Budget 2024: More affordable housing, lowered rent TDS — here’s what will change for the housing sector this year

<ul><li>In 2023, new <keyword id="6354516" type="General" weightage="20" keywordseo="property" source="Orion">property</keyword> launches across the top 7 cities witnessed a 25% annual surge.</li><li>MMR and Pune accounted for the majority of new launches, constituting nearly 54% of the total new launches. </li><li>Approximately 6 lakh units are available for sale across top 7 cities in India as of 2023-end. </li></ul>Indian homes across top 7 cities are expected to get pricier by as much 8-10% in 2024. The market might absorb these hikes, without an impact on demand, as per real estate consultancy Anarock. In 2023, <keyword id="6468581" type="General" weightage="20" keywordseo="housing-prices" source="Orion">housing prices</keyword> surged by 10-24% across the top 7 cities on an annual basis. This was primarily driven by heightened input expenses and robust demand. Despite the escalation in property prices and the increase in home loan interest rates earlier in 2023, the Indian residential real estate sector has experienced an exceptional year, according to the latest Anarock Research data. <keyword id="1390483" type="General" weightage="20" keywordseo="housing-sales" source="Orion">Housing sales</keyword> in top 7 cities reach an all time high in 2023 Housing sales in the top 7 cities have reached an all-time high in 2023, surpassing the previous peak recorded in 2022. Approximately 4,76,530 units were sold in 2023 across these cities, marking a significant 31% year-on-year increase from the 3,64,870 units sold in 2022. The last peak within the decade was observed in 2022 after 2014, with around 3.43 lakh units sold in the top 7 cities. MMR recorded the highest sales in 2023, with approximately 1,53,870 units sold, followed by Pune with around 86,680 units. These two western markets emerged as the primary drivers of residential sales in 2023. New property launches witness a surge Moreover, new property launches across the top 7 cities witnessed a 25% annual surge, rising from approximately 3,57,640 units in 2022 to about 4,45,770 units in 2023. Mumbai Metropolitan Region (MMR) and Pune accounted for the majority of new launches, constituting nearly 54% of the total new launches throughout the year. Says Anuj Puri, chairman Anarock Group, "2023 has been phenomenal for the Indian <keyword id="50054" type="General" weightage="20" keywordseo="housing-sector" source="Orion">housing sector</keyword>, despite global headwinds, rising domestic property prices, and interest rate hikes over the first half this year. Housing sales in the top 7 cities breached the previous high of 2022, and new launches stayed in step with the current housing demand.” According to Anarock research, 31% of total new supply was in mid-range (₹40-80 lakh) price bracket, 28% in ₹80 lakh -₹1.5 crore bracket and 23% in the ticket price of over ₹1.5 crore. The share for affordable housing was the lowest at 18%. New launches overview - City-wise <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td colspan="4" style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#a6c9ec;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">City-wise New Supply (In Units) </td></tr><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#a6c9ec;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;"> Cities Name </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#a6c9ec;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2023 </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#a6c9ec;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2022 </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#a6c9ec;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">% Change (2022 Vs 2023) </td></tr><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">NCR </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">36,735 </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">25,360 </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">45% </td></tr><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">MMR </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,57,700 </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,24,650 </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">27% </td></tr><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bangalore </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">54,435 </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">49,195 </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">11% </td></tr><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pune </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">83,625 </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">64,340 </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% </td></tr><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hyderabad </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">76,345 </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">68,010 </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">12% </td></tr><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chennai </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">20,140 </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">9,995 </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">102% </td></tr><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kolkata </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">16,790 </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">16,090 </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">4% </td></tr><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#a6c9ec;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#a6c9ec;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">4,45,770 </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#a6c9ec;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">3,57,640 </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#a6c9ec;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">25% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Source: ANAROCK Research Approximately 6 lakh units available for sale as of 2023-end Despite substantial new housing supply throughout the year, the total available inventory in the top 7 cities decreased by 5% by the end of 2023 compared to the previous year. Approximately 6 lakh units are currently available for sale across these cities in India. Demand for budget <keyword id="457183" type="General" weightage="20" keywordseo="luxury-housing" source="Orion">luxury housing</keyword> continues to rise Demand for luxury housing has surged significantly, as homebuyers seek larger and more comfortable living spaces in the aftermath of the pandemic. The addition of new luxury properties across the top 7 cities in 2023 skyrocketed fivefold compared to figures recorded in 2018. This substantial growth in luxury supply indicates a sustained interest in upscale housing options. Looking ahead to 2024, there are no indications of a slowdown in the demand for luxury housing.

Housing in top 7 cities to witness a 8-10% average price rise in 2024

<ul class="summary-list"><li>Russia is shutting down a mortgage subsidy program that fueled a property boom, Bloomberg has reported.</li><li>It's a sign Russia is trying to cool off its real-estate sector, as well as its overheating economy.</li></ul>Russia is shuttering a major housing subsidy program as policymakers try to contain a property boom that has helped overheat the economy in recent years, Bloomberg reported Tuesday.Russia's government has spent about half a trillion rubles since 2020 to fund a program offering mortgages at rates as low as 8%. That's much lower than the market rate for mortgages in Russia, with banks offering mortgages at rates ranging between 17% and 20%, according to government data cited by <a target="_blank" href="https://www.bnnbloomberg.ca/russia-ends-housing-mortgage-subsidy-that-stoked-a-property-boom-1.2091787">Bloomberg</a>.But that program has ushered a wave of Russians into the nation's real-estate market, which has sent property prices soaring. That poses a threat to Russia's economy, which experts have warned is becoming overheated as the costs of its war take a toll.<a target="_blank" href="https://fred.stlouisfed.org/series/QRUN628BIS">Residential property prices</a> in Russia rose to a fresh record in 2023, according to data from the Bank for International Settlements. Home prices nearly tripled from 2020 to 2023 alone, data from Russia's Institute for Urban Economics shows, attesting to the inflationary pressures of the subsidy program.Rising property prices are largely attributed to increased housing demand over the past few years. Home purchases ballooned to 18 trillion rubles last year, amounting to about 11% of Russia's GDP, Kremlin data shows. About 75% of mortgages in the nation last year were subsidized by the program.Bloomberg reported that most people eligible for a subsidized mortgage wouldn't be able to get one starting this week.Since its beginning in 2020, the program has received criticism from top policymakers. According to estimates the Bank of Russia made at the start of the year, keeping the program running through 2026 would have cost Russia another 1 trillion rubles, or $11.3 billion.The Bank of Russia also reported "signs of overheating" in the mortgage-lending market late last year."The larger the volume of subsidized loans, the higher interest rates need to be for all borrowers to prevent high price growth," the central bank's governor, Elvira Nabiullina, added in June.Aleksei Kiselev, a Russian economist and a research associate at the Florence School of Banking and Finance, noted that bucking most predictions, Russia's economy had been running too hot for most of the war.Inflation is up, wages are rising, and GDP is steadily rising, even as the country deals with stiff sanctions from the West."Economic crises occur for various reasons, including financial bubbles that grow until they burst," Kiselev said in a recent commentary on the <a target="_blank" href="https://carnegieendowment.org/russia-eurasia/politika/2024/07/russia-economy-boom-cost?lang=en">Carnegie Endowment</a> website."At some point, the imbalances will rise to the surface and force the state to retreat from its commitments to its people. It does not really matter whether this takes the form of confiscations, the removal of massive subsidies, price increases, or an indefinite freeze on deposits and pensions," he added.Russian inflation clocked in at 8.61% in June, well above the Bank of Russia's 4% price target. In a recent Reuters poll, analysts said they expected inflation to remain well above target all year, which could prompt central bankers to raise rates to 18% in July.

Russia is looking to rein in the country's property boom as it tries to cool an overheating economy

<ul><li>The overall <keyword id="15856070" type="General" weightage="20" keywordseo="demand-for-residential-properties" source="Orion">demand for residential properties</keyword> is expected to sustain in the first quarter of next year but will remain skeptical later - depending on the impact of repo rate hike. </li><li>In comparison to the previous quarter, new launches grew by 57%, but saw a 24% decline on a year-on-year basis in NCR in Q3. </li><li>The number of <keyword id="13737890" type="General" weightage="20" keywordseo="Grade-A-office" source="Orion">Grade A office</keyword> leases across the top 7 cities is down by 6–10% over 2021 by the end of the third quarter this year.</li></ul>Despite recording an upbeat performance in residential properties in terms of sales, the year 2023 will continue to witness controlled supply of new launches in most of the top cities, says <keyword id="6420759" type="General" weightage="50" keywordseo="anuj-puri" source="Orion">Anuj Puri</keyword>, chairman — Anarock Group. “The launch trend in 2022 was calculated caution, with developers refraining from putting more inventory on the market than it could reasonably absorb - especially in already abundantly supplied markets,” Puri said. NCR is a clear example of this. In 2022, NCR saw restricted new supply, which played a major role in reducing unsold inventory, added Puri. The NCR region accounted for 7% of the total new supply in Q3 2022 across the top 7 cities (MMR, NCR, Chennai, Hyderabad, Kolkata, Bangalore and Pune). Approximately 6,400 new residential units were launched in NCR between July and September 2022, as per <a href="https://www.businessinsider.in/business/news/mumbai-tops-in-new-property-launches-in-q3-delhi-saw-the-highest-decline-anarock/articleshow/95531567.cms">Anarock’s Q3 2022 Residential Market Overview - Delhi-NCR report</a>, which came in November. In comparison to the previous quarter, new launches grew by 57%, but saw a 24% decline on a year-on-year basis in NCR. “Reduced stock earnings suppress the appetite for discretionary spending and making long-term financial commitments, especially in the cost-intensive housing sector that stays afloat on home loans. Developers have already factored in this possibility, causing them to hold an even tighter rein on new supply until more clarity emerges,” Puri further said. Ready to move in properties will continue to draw the most demand among homebuyers in 2023. The overall demand for homes will sustain at least in the first quarter of next year and is expected to remain skeptical afterwards - largely depending on a few important factors like repo rate hike and consequently, hiked home loan interest rates. The demand is expected to contract if the home loan interest rate rises above 9.5%, according to Anarock’s most recent Consumer Sentiment Survey. <cmsannotation type="cmsannotation" annotationid="Commercial real estate sector may be impacted by global recession" comment="subhead" text="Commercial real estate sector may be impacted by global recession">Commercial real estate sector may be impacted by global recession</cmsannotation> Puri believes that the commercial real estate sector in India depends heavily on expansion by domestic and international corporate companies, and global recession could have direct and considerable repercussions on the Indian commercial office market. After witnessing a dull year in 2020, the <keyword id="15856071" type="General" weightage="20" keywordseo="demand-for-commercial-properties" source="Orion">demand for commercial properties</keyword> picked pace in 2021 with supply and demand recording a 21% and 34% growth respectively, over the previous year. The first half of 2022 also remained upbeat with companies started opening their offices, and asking for employees to work from the offices. But the imminent threat of recession in the US considerably changes things. Currently, 70% of offices in this country are occupied by foreign companies who focus on cost advantages like sub-dollar rentals for good quality Grade A offices, and almost 80% lower operating cost per full-time employee in India compared to the tier II cities in the US, according to Puri. However, the number of Grade A office leases across the top 7 cities was down by 6–10% over 2021 by the end of the third quarter this year. In fact, Puri shared that with each passing quarter the pace of decreased leases has increased - leading to increased caution and reticence by MNC occupiers in the last quarter of 2022. A recession in US in 2023 will only compound this caution, further slowing down MNC leasing. However, the deals concluded in 2022 offer a sliver of hope. “Though the number of leases is declining, the deals that were concluded in 2022 showed that occupiers are confident about the future and are taking positions that are leading to an increase in rentals,” said Puri SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/work-from-office-moonlighting-mental-well-being-workplace-trends-of-2022-that-are-likely-to-persist-in-the-new-year/articleshow/96423772.cms">Work from office, moonlighting, mental well-being — Workplace trends of 2022 that are likely to persist in the new year</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/indias-hiring-intent-rises-in-q4-led-by-positive-sentiment-in-ecommerce-telecom-and-educational-services-industries/articleshow/96424123.cms">India’s hiring intent rises in Q4 led by positive sentiment in ecommerce, telecom and educational services industries</a>

US recession may impact demand for residential and commercial properties in 2023: Anarock

<ul><li>2022 can be considered a watershed year for residential real estate across India’s top eight cities, said a <keyword id="6363605" type="General" weightage="100" keywordseo="knight-frank" source="Orion">Knight Frank</keyword> report. </li><li>Encouraged by good sales velocity, new project launches also grew 41% in 2022 as compared to the year before. </li><li>Real estate prices rose in the range of 4-7% across markets.</li></ul>The <keyword id="703971" type="General" weightage="20" keywordseo="real-estate-sales" source="Orion">real estate sales</keyword> in India’s top eight markets in 2022 rose 34% to a nine-year high of 312,666 units, as per a report named as India Real Estate: 2022 by consultancy firm <keyword id="151748" type="General" weightage="50" keywordseo="knight-frank-india" source="Orion">Knight Frank India</keyword>. The report added that 2022 can be considered a watershed year for the residential sector across the top eight cities of India. “The residential sector was an exceptional story of growth in 2022, as despite numerous inflictions, the pace of growth remained largely intact. This momentum is the result of a definitive shift in attitude in favour of home ownership that has ignited the latent demand,” said <keyword id="1417134" type="General" weightage="50" keywordseo="shishir-baijal" source="Orion">Shishir Baijal</keyword>, chairman and MD of Knight Frank India. Encouraged by this sales velocity, launches also saw a commensurate rise – registering a 41% growth in 2022 as compared to the year before. NCR region saw the most high growth in real estate sales – at 67%, followed by Ahmedabad at 58% and Bengaluru by 40%. Only sales in Kolkata registered a fall of 10% in 2022. Baijal said that the sales momentum has remained despite worsening affordability on account of rising home loan interest rates and moderate price rises. Real estate prices grew in the range of 4-7% across markets in 2022. “We estimate the pace of sales to remain unchanged in the new year, as most parameters are expected to remain favourable, including levels of inflation that is expected to start stabilising by mid of 2023,” he added. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">City </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Price movement in 12 months </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;">Price movement in 6 months </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NCR </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bengaluru </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pune </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chennai </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hyderabad </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kolkata </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4% </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% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ahmedabad </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1% </td></tr></tbody></table>Source: Knight Frank <cmsannotation type="cmsannotation" annotationid="Gross leasing of office spaces was also high" comment="subhead" text="Gross leasing of office spaces was also high">Gross leasing of office spaces was also high</cmsannotation> As offices have opened up after two long years, the overall gross leasing activity in office spaces increased by 36% YoY in 2022 as compared to 2021. The report said that 2022 is historically the second-best year for office transaction volume, as it achieved a peak in 2019. This was in spite of global economic uncertainty seen in the last quarter of 2022. “The office market has made a significant recovery in 2022 despite concerns of a looming recession in the developed economies. The evolution of the office as an enabler of productivity continued with more corporations recalling their staff to office,” Baijal further said. New completions in the office space segment were also high and saw an upswing by 28% in 2022. Bengaluru, Hyderabad and NCR were the top markets which added more office spaces. “For the first time in over a decade we have seen simultaneous growth in all major real estate segments. Office, residential, warehousing and retail, all registered significant increase in activities in 2022,” Baijal said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/bharatpe-gets-in-principle-nod-from-rbi-to-operate-as-online-payment-aggregator/articleshow/96886390.cms">BharatPe gets in-principle nod from RBI to operate as online payment aggregator</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/tariff-hike-led-growth-5g-key-events-for-telecom-in-2023-decisive-year-for-vil-clsa/articleshow/96886908.cms">Tariff hike-led growth, 5G key events for telecom in 2023, decisive year for VIL: CLSA</a>

Residential sales hit 9-year high in 2022, second best year ever for office leasing: Knight Frank

<ul class="summary-list"><li>Residential and commercial real estate have more pain coming as financial conditions tighten, Wells Fargo said.</li><li>Housing has been slammed by high mortgage rates, which have weighed on both demand and supply.</li></ul>There's more pain ahead for both the residential and commercial real estate market, thanks to a cocktail of bearish forces that are bearing down on both sectors, according to Wells Fargo."Our rating on the Real Estate sector remains unfavorable. Numerous headwinds have combined to make residential and commercial real estate investment unattractive based on our current analysis," senior global market strategist Scott Wren said in a note on Wednesday. "We expect that further deterioration of the underlying fundamentals is likely."A little over halfway through the year, financial conditions have tightened after a slew of bank crises, interest rates are at their highest level since 2007, and the Fed is saying it still might not be done tightening monetary policy to fight inflation.The rate on the 30-year mortgage is close to 20-year highs, which has weighed heavily on both supply and demand for homes. Higher rates, meanwhile, have also increased the cost of commercial mortgages and made it more expensive to refinance the mountain of debt coming due in the sector. But that's not all, Wren said. <a href="https://markets.businessinsider.com/news/stocks/credit-crunch-us-bank-crisis-stock-corporate-earnings-recession-svb-2023-4">Banks are pulling back on lending</a> after the failure of Silicon Valley Bank and others in the spring, which has made credit availability worse for commercial borrowers. The percentage of commercial <a href="https://www.consumerfinance.gov/data-research/mortgage-performance-trends/mortgages-30-89-days-delinquent/#mp-map-container" target="_blank" rel="noopener">mortgages that have been delinquent</a> for 30-89 days surged to 1.6% in December, more than double the rate of 0.6% in April 2021. Meanwhile, the delinquency rate for <a href="https://markets.businessinsider.com/news/commodities/commercial-real-estate-mortgage-delinquency-us-housing-market-default-risk-2023-6">office-backed commercial mortgage-backed securities</a> has surged to a five-year high, Wren said. In residential real estate, higher rates have led to <a href="https://markets.businessinsider.com/news/stocks/us-housing-market-inventory-shortage-high-mortgage-rates-slowdown-prices-2023-6">reduced inventory</a>, as many homeowners are cling onto the lower interest rates at which they financed their homes years ago. The lower supply of homes has pushed up prices even as demand sags because of expensive borrowing costs. The median price for an existing home in the US surged to $413,800 last month, according to National Association of Realtors data. That's a 51% increase from the median price in December 2019, posing a major headwind for the residential housing market."We believe tighter credit and job worries should impact demand. For these many reasons, we are cautious on residential markets," Wren said.Meanwhile, in commercial real estate, <a href="https://markets.businessinsider.com/news/stocks/real-estate-crash-demolish-office-buildings-demand-apartment-conversion-housing-2023-4">office demand</a> is still way down as work-from-home trends remain popular. <a href="https://markets.businessinsider.com/news/stocks/office-vacancy-hybrid-work-commercial-real-estate-rent-growth-lending-2023-7?_gl=1*1v1ntbc*_ga*MjMxMzA1Mzg2LjE2NTY0NDQxNTU.*_ga_E21CV80ZCZ*MTY4OTg1MzU5MC40NTEuMS4xNjg5ODU5NTExLjYwLjAuMA..">Office vacancy just hit an all-time high</a> of 13.1, NAR data shows. The All Equity Real Estate Investment Trust Index has also fallen 13% from levels at the start of the year, a sign that property values are taking a hit."We expect commercial real estate to underperform on a relative basis in the near-to-intermediate term," Wren said of the sector.Experts have warned of trouble in real estate as macro pressures mount. Housing affordability won't likely improve until mortgage rates decline more meaningfully, though that's not expected to happen soon. Meanwhile, commercial real estate prices are in danger of falling dramatically, with Morgan Stanley strategists predicting a 40% peak-to-trough decline.

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