Chennai has emerged as a shining example of efficient real estate development, with a significant reduction in project delays. According to a recent report by Anarock Consultants, the waiting time for homebuyers to take possession of their homes in large construction projects has decreased by nearly 36% compared to 2019. This positive trend is a result of stringent enforcement by the Tamil Nadu Real Estate Regulatory Authority (TN RERA) and advancements in construction technology.
The report reveals that Chennai witnessed the most substantial decline in waiting time among major Indian cities, dropping from 5.6 years in 2019 to 3.6 years in the first half of 2024. This trend is mirrored across other major cities, although the average waiting time for large under-construction projects remains higher in some regions. Hyderabad and Bengaluru recorded average completion times of 4.2 and 4.8 years, respectively, for large projects launched and completed between 2014 and the first half of 2024. Kolkata reported the longest average completion time of 5.7 years, followed by NCR and Pune at 5.4 years, and the Mumbai Metropolitan Region (MMR) at 5.2 years.
In the case of smaller projects, Chennai once again led with an average completion time of 3 years, followed closely by Hyderabad and Bengaluru. MMR and NCR had the longest waiting times for smaller projects, but all cities experienced an 8% to 29% reduction in these times. An official from Anarock Chennai attributed the faster completion times in southern cities to the prevalent practice of joint development projects. This approach, where landowners receive a share of the developed units, contrasts with the trend in Delhi-NCR and MMR, where developers typically purchase land outright, leading to longer project durations.
“The funds in southern cities are primarily allocated to construction rather than land acquisition,” the Anarock official explained. “Additionally, developers in the South tend to be more disciplined regarding project deadlines.” The strict regulations enforced by TN RERA have played a pivotal role in reducing completion times. An official from the Anarock Group noted that the regulatory authority’s stringent rules on project delays have significantly contributed to timely project completions.
Modernisation of construction technology has also been a key factor. An official from the Confederation of Real Estate Developers’ Associations of India (Credai) explained that pre-fabrication methods have accelerated construction processes. “The sales velocity is faster, resulting in better cash flow. Financial institutions are more cooperative in funding the final phases of construction. However, the most significant factor is TN RERA, which ensures that projects are completed on time,” he added.
India’s real estate market experienced a robust resurgence in the fiscal year 2023-24 (FY24), with 18 major listed developers collectively reporting sales bookings worth Rs 1.17 lakh crore. This marks an impressive 33% growth from the Rs 88,000 crore recorded in the previous fiscal, demonstrating the sector’s recovery, especially in the housing segment. Godrej Properties led the charge with record sales of Rs 22,527 crore, followed closely by Prestige Estates and DLF.
The surge is largely attributed to the heightened demand for residential properties, particularly in the luxury sector, as homebuyers seek reputable developers with proven track records. According to industry experts, the post-pandemic shift towards security and brand reliability has resulted in homebuyers increasingly favouring established players. The numbers speak for themselves, with Prestige Estates Projects reporting Rs 21,040 crore in sales and DLF, India’s largest real estate company by market capitalisation, achieving Rs 14,778 crore in FY24. Other major contributors included Macrotech Developers, known for the ‘Lodha’ brand, with sales of Rs 14,520 crore. This robust performance underscores the resilience of India’s realty sector, even as unlisted giants like Tata Realty, Adani Realty, and the Hiranandani Group remain major but unreported players in the market. Signature Global, a newer entrant, made headlines by doubling its sales bookings to Rs 7,270 crore, reflecting the broader demand surge across the country’s housing sector.
However, with this growth comes the need to address sustainability challenges. As cities expand vertically, particularly in high-demand zones like Mumbai, Bengaluru, and Delhi-NCR, real estate developers must focus on eco-friendly construction practices. This involves incorporating green building technologies, energy-efficient designs, and renewable energy sources to minimise environmental impact. Developers are now under pressure to ensure that this growth is aligned with global sustainability targets, making it crucial to balance economic progress with ecological responsibility. On a broader urban development level, the rising demand for branded developers highlights a consolidation of market power among fewer, more reliable players. This trend benefits homebuyers seeking security and timely delivery, yet it also raises concerns about urban planning. Local governments must step up in terms of improving urban infrastructure, from public transport to waste management, to support this real estate boom.
The Union Government’s recent decision to revise the annual ground rent for several prominent five-star hotels in New Delhi has ignited a legal storm. The hefty increases, from thousands or lakhs of rupees to crores, have prompted at least two hotels, The Imperial and The Claridges, to challenge the move in the Delhi High Court. The Land and Development Office (L&DO) under the Union Ministry of Housing and Urban Affairs issued demand notices in March this year to The Imperial and Claridges, demanding Rs 177.29 crore and Rs 69.37 crore, respectively.
These amounts were recalculated from 2002 and 2006, up to the present day. According to the L&DO, the revised rates were calculated at Rs 8.13 crore annually for The Imperial and Rs 3.85 crore annually for Claridges. This represents a substantial increase from the previous rates of Rs 10,716 and Rs 8.53 lakh per year, respectively. These new rates were determined to be 5% of the property value of the plots as of 2002 and 2006. The lessees of both plots have challenged the retrospective application of the revised rates, terming it arbitrary, and have taken the matter to the High Court. The cases, heard in May, have been scheduled for a subsequent hearing on July 22.
The historical context of these leases dates back to the British era when New Delhi was being developed as the capital. The 7.938-acre plot on Janpath Lane, housing The Imperial, was leased perpetually to S B S Ranjit Singh from April 8, 1932. The current joint-lessees argue that the recent demand notice issued on March 28 was abrupt and lacked a show-cause notice. They contend that the last revision in 2006 covered the period up to 2032, making another revision premature. Similarly, the 2.94-acre plot on Dr A P J Abdul Kalam Road, where Claridges stands, was leased to Lala Jugal Kishore on November 12, 1936. Claridges Hotel Pvt Ltd, which acquired the property in 1972, argues that the March 27 demand notice contradicts lease clauses stipulating a 30-year revision cycle and limiting the ground rent to one-third of the plot’s letting value.
They highlight that the last revision, effective from January 15, 2016, should have set the next revision date at January 14, 2046. The L&DO justifies the new rates by citing an ad-hoc policy from December 24, 1983, intended to address delays in determining letting values. However, they insist that this policy was only for the initial revision. They claim the 30-year period for both properties expired in 2002 and 2006, necessitating the revised rates at 5% of the land value. The notices issued by the L&DO gave the hotels 30 days to comply, warning of a 10% annual interest for non-payment. In their May hearings, the High Court directed the L&DO to conduct hearings with the lessees before finalising the ground rent. Subsequent rounds of hearings are scheduled, and similar demand notices have been issued to other five-star hotels in Delhi.
Delhi-NCR and Mumbai Housing Markets Surge A 50% Increase
The residential property markets of Delhi-NCR and the Mumbai Metropolitan Region (MMR) have experienced a dramatic surge in prices, with an average increase of approximately 50% over the last five years. According to data from real estate consultancy Anarock, the average housing price in Delhi-NCR has escalated to ₹6,800 per square foot in early 2024, up from ₹4,565 per square foot in the same timeframe in 2019. Similarly, MMR has seen prices rise to ₹15,650 per square foot from ₹10,610 per square foot, representing a 48% increase.
This remarkable appreciation in property values can be traced back to several key factors, notably the rise in construction costs, a significant uptick in sales volumes, and shifting consumer preferences, particularly catalysed by the Covid-19 pandemic. Before the pandemic, between late 2016 and 2019, property prices in these regions remained stable, offering little growth. However, the onset of the pandemic unleashed a wave of demand that developers swiftly capitalised on, leading to unprecedented price hikes. Anarock’s analysis identifies the pandemic as a pivotal moment for the residential market, sparking an urgent demand for housing. Developers, initially responsive with promotional offers, gradually increased prices to align with the soaring demand. This trend reflects not just economic conditions but also changing buyer priorities—especially the growing demand for larger, more spacious homes that offer a better quality of life.
Commenting on the trends, a spokesperson from TARC Ltd highlighted the influence of infrastructure developments and improved connectivity on the NCR region’s real estate market. These factors are critical as they not only fuel current demand but also ensure sustainable growth in the long term. Meanwhile, VS Realtors (I) Pvt Ltd, a Gurugram-based property brokerage, echoed this sentiment, noting the increasing desire among homebuyers for more comfort and enhanced living spaces post-pandemic. From a sustainability perspective, this surge in housing demand invites scrutiny. As urban areas expand, the need for eco-friendly building practices becomes increasingly vital. The push for larger homes must be balanced with sustainable construction techniques, ensuring that the growing housing stock does not come at the expense of the environment. Additionally, better public transport and green infrastructure must accompany residential development to maintain urban sustainability.
The Mumbai Metropolitan Region (MMR) is on the cusp of a vertical expansion surge, with a projected 34% increase in skyscrapers by 2030, according to a report by Anarock. Known for its dense population and limited land availability, MMR has embraced high-rise development as a solution to its space constraints. By 2023, 154 high-rise towers—each exceeding 40 floors—were completed, and an additional 207 skyscrapers are anticipated to be finished by 2030, showcasing the region’s steady climb in vertical real estate.
This trend contrasts with other Indian cities, where the demand for high-rise living has dwindled post-pandemic. Yet, MMR continues to favour towering structures as a symbol of the city’s economic vitality. The real estate consultant involved in the report noted that “skyscrapers are now synonymous with Mumbai’s skyline, signifying the city’s limited land resources and its growing population.” The city’s Floor Space Index (FSI) rules, allowing higher construction densities, coupled with reduced FSI premiums in 2019, have been pivotal in driving this skyscraper boom. Developers, encouraged by lower input costs and strong demand, have aggressively pursued high-rise projects.
By 2030, MMR will host a total of 361 skyscrapers over 40 floors. South Central Mumbai leads the way, with 103 towers (61 completed and 42 set to finish by 2030), while the central suburbs follow with 87 high-rises. The western suburbs, with 80 towers, and emerging hubs like Thane and Navi Mumbai, have also joined the trend. Thane, in particular, has seen a rapid adoption of the high-rise model with 61 towers in progress, of which only two have been completed so far.
The skyscraper surge also highlights a broader conversation around sustainable urban development. While these towering structures address housing demands, they present unique challenges in terms of environmental impact. High-rise buildings typically require greater energy consumption for elevators, lighting, and air conditioning, making it crucial to incorporate green building practices. Developers in MMR must now focus on integrating energy-efficient designs, solar panels, and rainwater harvesting systems to align with sustainability goals. On a civic front, the vertical growth of MMR raises concerns about the region’s infrastructure capacity, from traffic management to water and power supply. As these skyscrapers reshape Mumbai’s skyline, it becomes essential for authorities to strengthen urban planning strategies, ensuring that essential services keep pace with the booming vertical real estate market. The region’s future success depends on balancing rapid development with sustainable growth to create livable and resilient urban spaces.
Mumbai Property Surge Hope and Hurdles for Homebuyers
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Mumbai’s real estate market is undergoing a transformative phase, with property prices skyrocketing to unprecedented levels. For stakeholders, this surge presents a unique combination of lucrative prospects and daunting challenges, making it a complex landscape to navigate. Developers, investors, and buyers alike are grappling with the high costs and varied demands, which are reshaping the city’s property dynamics.
From the developers’ standpoint, the escalating property values signify a chance to secure substantial returns on investment. However, this potential for profit comes with the pressing need to deliver projects that not only validate these elevated prices but also appeal to the evolving tastes of a diverse customer base. Industry experts stress that maintaining a balance between affordability and profitability is essential. This requires a commitment to innovation in architectural design, amenities, and flexible financing models, which can attract buyers across various income segments.
“The recent spike in residential property prices, especially in luxury and premium segments, has made homeownership a challenging dream for many middle-class families. Even relatively modest homes in prime locations are now priced exorbitantly,” noted an industry expert. For potential buyers, the key challenge lies in aligning their budgets and lifestyle preferences with the available options in this high-cost market. The growing disparity between what the market offers and what buyers can afford is increasingly evident. The affordability gap is particularly daunting for middle-class families aspiring to own a home in central or well-connected areas of Mumbai. Recognising these issues, real estate firms like 21Storeys are adopting a comprehensive approach to address market complexities. “Our role encompasses everything from land acquisition and project funding to cash flow management, marketing, and operational execution,” said an expert from the firm.
With a robust team and extensive industry knowledge, 21Storeys ensures not just project execution but also profitability for its clients across Mumbai, Navi Mumbai, Thane, and beyond. Their broad network of property consultants, advisors, and brokers enables them to offer a holistic suite of services—from project inception to sales—allowing builders and developers to focus on their core strengths and strategic objectives. As property prices continue to soar, stakeholders in Mumbai’s real estate market must remain agile and proactive. While the potential for growth and profit is high, so too are the complexities and challenges. The road ahead demands innovative solutions and strategic planning to ensure sustained growth and a balanced approach that meets the needs of all market participants.
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