Hyderabad Property Market Sees 48% Surge in Registrations

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October 3, 2024

Hyderabad Property Market Sees 48% Surge in Registrations

Hyderabad’s property market has demonstrated remarkable resilience, with July 2024 witnessing a striking 48% year-on-year increase in property registrations, reaching an impressive ₹4,266 crore. A recent report by Knight Frank India highlights that the number of registrations for the month soared to 7,124 units, reflecting a robust 28% year-on-year growth. This surge contributes to a cumulative total of 46,368 home registrations in Hyderabad since January 2024, marking a solid 17% increase compared to the same period last year. Additionally, the state’s stamp duty revenue experienced a notable upswing, climbing to ₹28,578 crore between January and June 2024, a remarkable 40% year-on-year rise.

While properties valued below ₹50 lakh continue to dominate the market, their share has decreased from 69% in July 2023 to 61% this year. Conversely, there has been a pronounced shift towards higher-value properties, with registrations for homes priced at ₹1 crore and above rising significantly to 13% of the total in July 2024, up from 9% the previous year. This trend illustrates a growing inclination among buyers toward premium properties, with registrations for high-value homes showing a staggering 94% year-on-year increase in July 2024. Such dynamics not only reflect changing buyer preferences but also indicate the evolving economic landscape in Hyderabad, where increasing disposable incomes are allowing more individuals to invest in higher-end real estate.

The ongoing performance in property registrations and stamp duty revenue underscores the vibrancy of Hyderabad’s real estate sector, attracting significant investment and interest from various quarters. As the market continues to thrive, it highlights a broader trend in urban India, where economic growth and evolving demographics are reshaping housing demands. However, this shift raises concerns about affordability and accessibility for lower-income groups, who may feel increasingly priced out of the market as the demand for premium properties escalates.

PMRDA Evaluates Housing Price Adjustments

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Homes and buildings

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October 3, 2024

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PMRDA Evaluates Housing Price Adjustments

The Pune Metropolitan Region Development Authority (PMRDA) is currently deliberating the necessity of increasing apartment prices within its housing projects. This review has been initiated by the Commissioner, who is examining whether adjustments to the pricing structure are warranted after over a decade since the last revision in the 2012-13 fiscal year. The need for a price assessment arises amidst shifting market conditions and growing public interest in upcoming housing lotteries.

Officials have been tasked with compiling data to evaluate the feasibility of any price adjustments, though a definitive decision from the PMRDA has yet to be announced. This initiative coincides with the PMRDA’s plans to release remaining apartments from the Walhekarwadi housing scheme and the Peth No. 12 project, which had originally aimed for a July 2024 launch. However, technical issues have delayed this timeline, prompting ongoing coordination with the Maharashtra Housing and Area Development Authority (MHADA). The anticipated lottery for these homes has spurred a surge of inquiries from potential buyers eager for affordable housing options.

The PMRDA’s current housing developments comprise 792 units in Peth No. 30 and 32 at Walhekarwadi, including 378 one-room kitchen units aimed at economically weaker sections (EWS) and 414 one-BHK apartments for low-income groups (LIG). The Peth No. 12 project, funded under the Pradhan Mantri Awas Yojana, offers an impressive 4,883 homes, with a substantial number reserved for EWS and LIG. Despite a lottery held in December 2022, many units remain unsold, highlighting the ongoing affordability challenge in Pune’s housing market. The existing prices are set at ₹19 lakh for one-room kitchens and ₹25.5 lakh for one-BHKs in Peth No. 30 and 32, while Peth No. 12 features prices of ₹7.4 lakh for one-BHKs and ₹32.592 lakh for two-BHKs.

Housing Beneficiaries Face Lease Finalisation Deadline

Pune

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Homes and buildings

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October 3, 2024

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Housing Beneficiaries Face Lease Finalisation Deadline

Beneficiaries of housing projects in Pimpri Chinchwad, funded by the Housing & Urban Development Corporation Limited (HUDCO), are under pressure to finalise their lease agreements and registrations. Originally managed by the Pimpri Chinchwad New Town Development Authority (PCNTDA), these projects are now overseen by the Pune Metropolitan Region Development Authority (PMRDA). However, administrative delays have arisen due to a significant number of beneficiaries failing to complete essential paperwork and adhere to payment schedules for their flats. This situation has prompted the PMRDA to intervene and enforce compliance measures.

The challenges stem from beneficiaries who have neglected both their financial obligations and the formalisation of lease agreements. To address these issues, the PMRDA has conducted a comprehensive survey of the affected properties and issued notices urging beneficiaries to complete the required documentation promptly. Under the current regulations, beneficiaries were obligated to pay for their flats within specified timelines and subsequently formalise lease agreements. The ongoing non-compliance has led to a backlog of unresolved registrations, hampering the operational efficiency of the housing projects. The PMRDA’s Land and Estate Department is actively managing this process and addressing cases where flats have been transferred to new owners without the necessary documentation.

The PMRDA Commissioner has strongly urged all beneficiaries to conclude their lease and registration processes within the stipulated timeframe. Failure to comply could result in stringent actions against defaulters. This initiative aims to streamline the backlog and ensure that all housing transactions are legally binding and properly documented. Furthermore, those who have transferred their flats to others must complete the transfer process to avoid potential legal and financial complications. This emphasis on adhering to procedural norms is essential to secure property rights for all stakeholders involved and to facilitate smoother operations in the housing sector.

Greater Noida Property Prices Set for Significant Increase

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Homes and buildings

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October 3, 2024

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Greater Noida Property Prices Set for Significant Increase

Beginning April 1, 2024, Greater Noida is poised to experience a marked increase in residential property prices, with the Noida Authority announcing a rise of 5 to 5.5 percent across all property categories. This decision follows a substantial 55 percent hike in land rates, which has resulted in the reclassification of several sectors in Greater Noida West from the fourth category to the first. As a consequence, property rates in these sectors have surged by nearly 56 percent compared to the previous year, creating a ripple effect throughout the real estate market.

The impending rate revision will directly impact both residential and commercial properties, raising costs for potential homeowners and investors alike. For example, the price of a residential flat currently valued at ₹50 lakh is expected to rise to between ₹52 lakh and ₹55 lakh, contingent on the application of the new rates. The revised allotment rates for various sectors, including Sectors 1 through 4, 10, 12, 16, and Swarn Nagari, will now stand at ₹47,227 per square metre, up from ₹44,850 last year. In a striking contrast, industrial land rates have skyrocketed from ₹9,920 per square metre to ₹30,788 per square metre, underscoring the changing landscape of Greater Noida’s real estate market.

This increase in property prices occurs alongside a range of ongoing and planned development projects within Greater Noida and Greater Noida West. The CEO of Greater Noida Authority noted that property allotment rates are adjusted annually, reflecting the anticipated growth and development in the area. The latest rate adjustments are likely to drive up the costs associated with establishing industries, further emphasising the area’s rising appeal to investors. This evolving dynamic in Greater Noida’s real estate sector continues to attract significant interest, both from residential buyers and industrial stakeholders.

Hyderabad’s Real Estate Prices Hold Steady

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Homes and buildings

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October 3, 2024

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Hyderabad's Real Estate Prices Hold Steady

Hyderabad has reaffirmed its status as the second most expensive residential real estate market in India, following Mumbai, according to the latest Affordability Index released by Knight Frank India. The current EMI-to-income ratio for Hyderabad stands at 30 percent, a figure that has remained stable since 2022. This consistent ratio reflects a relatively unchanged affordability landscape, suggesting that the city has maintained its attractiveness to potential homebuyers amidst rising property prices.

The Affordability Index tracks the proportion of a homeowner’s income allocated to Equated Monthly Installments (EMIs) for loans, providing insight into the financial viability of homeownership in various markets. While many regions across India have experienced fluctuations in affordability, Hyderabad has shown remarkable stability in this regard. Over the past decade, from 2010 to 2021, the city saw a slight improvement in affordability metrics, with a notable rise in 2022, which has since levelled off. This steady state is crucial, as it suggests that despite high property prices, buyers can manage their financial commitments effectively.

According to the Chairman and Managing Director of Knight Frank India, maintaining stable affordability is essential for sustaining homebuyer demand and sales momentum, which play a significant role in economic growth. With the Reserve Bank of India projecting a robust 7.2% GDP growth for FY 2025, alongside a stable interest rate environment, there is optimism that rising income levels and affordability will continue to support demand in the residential market throughout 2024. This financial confidence encourages potential buyers to commit to long-term investments in property, fostering a stable housing market.

Ahmedabad Commercial Property Sector Booms

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Homes and buildings

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October 3, 2024

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Ahmedabad Commercial Property Sector Booms

Ahmedabad is witnessing a remarkable resurgence in its commercial property sector, highlighted by a 20-25% increase in new project launches this year. This revitalisation comes as the city emerges from the stagnation induced by the COVID-19 pandemic, indicating a significant rebound in economic activities. As businesses and developers adapt to post-pandemic realities, the commercial property market is positioned for robust growth, supported by a renewed appetite for larger office spaces and a decrease in available inventory.

Recent data from the Gujarat Real Estate Regulatory Authority (GujRERA) reveals that the fiscal year 2024-25 has already seen the initiation of 22 commercial projects and 70 mixed-use developments. This marks a notable recovery compared to the previous year, which reported 67 commercial and 236 mixed-use projects. Notably, the commercial activity levels have not yet returned to the pre-pandemic peak of 108 commercial projects in 2019-20, suggesting that there is still room for further growth in the sector. Analysts attribute this uptick to shifting business preferences that favour larger office spaces, especially in prime locations like SG Road. This trend is further bolstered by local enterprises and out-of-state companies eager to leverage Ahmedabad’s favourable economic climate and advanced infrastructure.

A recent report by Knight Frank India indicates that a staggering 1.7 million square feet of office space were transacted in the first half of 2024, representing a remarkable 219% increase compared to the same period last year. This surge in demand is largely driven by India-facing businesses, particularly in sectors such as consulting, healthcare, and information technology. As firms adapt to evolving work patterns, this shift towards larger office spaces underscores a broader trend in the commercial property landscape. However, despite these positive developments, the retail segment continues to lag behind, reflecting changing consumer behaviours and shopping patterns.

Aryan Khan Makes ₹37 Crore Real Estate Move

Residential

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Homes and buildings

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October 3, 2024

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Aryan Khan Makes ₹37 Crore Real Estate Move

In a high-profile addition to the real estate landscape, Aryan Khan, son of Bollywood superstar Shah Rukh Khan, has made headlines by acquiring two floors in a prominent building located in Panchsheel Park, South Delhi, for ₹37 crore. Officially recorded in May 2024, the transaction involved a stamp duty payment of ₹2.64 crore, highlighting the financial significance of this deal. This acquisition marks not only a strategic investment for the young entrepreneur but also a poignant return to his family’s historical roots in the city.

The property carries a deep sentimental value for the Khan family, as it was originally purchased by Shah Rukh and Gauri Khan. Aryan’s decision to buy this property resonates with a desire to reconnect with his familial heritage and solidifies the Khan family’s long-standing association with the area. Involving Gauri Khan, an esteemed interior designer, in the property’s renovation underscores the family’s commitment to honouring their past while investing in their future. This dual approach reflects a balance between nostalgia and modernity, illustrating how the Khan family intends to weave their legacy into the fabric of their ongoing ventures.

Beyond his real estate investments, Aryan Khan is on the brink of making a significant impact in the entertainment industry with his directorial debut in the much-anticipated web series “Stardom.” Produced under the Khan family’s Red Chillies Entertainment banner, this series promises a nuanced exploration of the Bollywood world from Aryan’s unique perspective. His sister, Suhana Khan, is similarly carving her niche in the real estate sector, having recently acquired a luxury home in Alibaug for over ₹10 crore, further evidencing the siblings’ strategic investments in both property and their burgeoning careers in entertainment.

DDA Unveils 39,000 Flats in Ambitious Housing Schemes

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Homes and buildings

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October 3, 2024

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DDA Unveils 39,000 Flats in Ambitious Housing Schemes

In a landmark initiative poised to reshape Delhi’s housing landscape, the Delhi Development Authority (DDA) has announced the launch of three major housing schemes this August, collectively offering 39,573 flats tailored to a diverse range of income groups. This strategic move aims to address the pressing housing needs of residents across the capital, including low-income groups, middle-income groups, and high-net-worth individuals. The flats will be situated in several prominent localities such as Dwarka, Rohini, Jasola, Narela, Loknayakpuram, and Siraspur, presenting a golden opportunity for aspiring homeowners seeking affordable housing solutions in urban settings.

The flagship Sasta Ghar Housing Scheme stands out as a beacon for low-income families and economically weaker sections (EWS), providing approximately 34,000 budget-friendly flats. These properties, starting at about ₹11.5 lakh, will be located in areas like Ramgarh Colony, Siraspur, Loknayakpuram, Rohini, and Narela. The scheme’s first-come, first-served basis is designed to empower a significant segment of the population, enabling many families to transition from rented accommodation to homeownership, thereby enhancing their quality of life and community stability.

Complementing this initiative is the General Housing Scheme, which offers around 5,400 flats catering to a broader demographic, including higher-income groups (HIG) and middle-income groups (MIG). Priced at approximately ₹29 lakh, these units will be available in Jasola, Loknayakpuram, and Narela. This inclusive approach ensures that a wide spectrum of residents can access quality housing, thereby fostering a sense of community cohesion. Furthermore, the Dwarka Housing Scheme introduces 173 luxury flats, appealing to affluent buyers, with prices starting at ₹12.8 crore, thus catering to the upscale market segment and stimulating economic activity in the region.

Real-Estate Broker Detained Under Goondas Act for Fraud

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Homes and buildings

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October 3, 2024

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Real-Estate Broker Detained Under Goondas Act for Fraud

In a significant move to combat property fraud, the Avadi City Police have authorised the detention of a real estate broker under the Goondas Act, following a spate of fraudulent activities that have left numerous property owners vulnerable. This decision comes in the wake of the broker’s arrest for allegedly engaging in a sophisticated scheme involving the forgery of legal documents and impersonation, allowing him to unlawfully acquire and sell properties without the owners’ consent. The incident highlights an alarming trend of real estate fraud, which is increasingly endangering the trust of citizens in property transactions.

The broker, who has been identified as residing in Ambattur, was apprehended by the Land Fraud Investigation Wing after a complaint from Ibrahim, a 76-year-old resident of Chengalpattu. Ibrahim reported that the broker, along with accomplices, fabricated a death certificate and a legal heir certificate to orchestrate the illegal sale of his property in Korattur for ₹90 lakh. This fraudulent act not only highlights the vulnerability of elderly citizens in real estate dealings but also underscores the urgent need for more robust legal safeguards against property scams. Reports indicate that such fraudulent schemes are on the rise, prompting authorities to take decisive action to protect citizens and restore faith in the property market.

The application of the Goondas Act—typically reserved for repeat offenders who pose a persistent threat to public safety—reflects the severity of the situation and the community’s growing concerns regarding real estate scams. By detaining the broker, the Avadi City Police aim to send a strong message to potential offenders, thereby reinforcing legal mechanisms that address property fraud. This crackdown is crucial in maintaining the integrity of real estate transactions and ensuring that property owners feel secure in their investments.

Prestige Estates Embarks on Bold Expansion Across Seven Cities

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Homes and buildings

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October 3, 2024

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Prestige Estates Embarks on Bold Expansion Across Seven Cities

In a strategic move to amplify its market presence, Bengaluru-based Prestige Estates has unveiled an ambitious plan to launch 43 new real estate projects across seven major Indian cities. Known for its diversified portfolio, the company aims to develop a remarkable 92 million square feet across various sectors, including residential, commercial, and retail. The expansion will cover key urban centres such as Hyderabad, Delhi-NCR, Goa, Bengaluru, Mumbai, Chennai, and Kochi, reflecting Prestige Estates’ commitment to harnessing the burgeoning opportunities within these dynamic markets.

The company is not just focusing on traditional residential and commercial projects; it is also set to introduce 10 new hospitality ventures, collectively offering 2,034 keys. This diversification reinforces Prestige Estates’ footprint in the hospitality sector, complementing its ongoing projects. Currently, the company is actively engaged in 52 projects, covering a total developable area of 90 million square feet. The hospitality division also comprises three operational hotels with 955 keys, underscoring Prestige Estates’ robust growth trajectory and its pivotal role in shaping India’s real estate landscape.

The recent investor presentation showcased the company’s substantial land holdings, encompassing a land bank of 260 acres across Bengaluru, Mangaluru, Mysuru, and Pune. This extensive reserve not only positions Prestige Estates favourably for future developments but also reflects its strategic foresight in navigating market demands. As the company embarks on this ambitious journey, it is clear that its multifaceted approach is designed to sustain growth and respond to the evolving needs of urban India.

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