Anuj Puri News

land deals for over 2707 acres closed in 2023 across the country up from 82 deals for 2508 acre a year ago. Backed by strong residential sales momentum across cities, at least 72% of the total land area closed in 2023 is slated to be used for residential development. “In terms of transaction size, Ahmedabad was the front-runner with the biggest land transaction in 2023.

Despite hardening property prices and home loan interest rate hikes in early 2023, it has been a superlative year for Indian residential real estate. Latest ANAROCK Research data indicates that housing sales in the top 7 cities have created a new peak in 2023, breaching the previous high of 2022.

Among the top seven areas, Hyderabad saw the highest increase of 42% in the average price of premium homes in the five-year period. The price rose from Rs 7,450 per sq ft in 2018 to Rs 10,580 per sq ft during the first half of 2023. Bengaluru and MMR recorded the second-highest average price hike in this segment at around 27% each. In Bengaluru, the average price of a luxury home stood at Rs 10,210 per sq ft in 2018. Since then, the average price rose to Rs 12,970 per sq ft. In MMR, the average price in the luxury segment was Rs 23,119 per sq ft in 2018. It jumped to Rs 29,260 per sq ft at the end of the first six months of 2023.

₹6,105 per sq. ft. in Q3 2022 to nearly ₹6,800 per sq.

RERA across 27 states and eight Union Territories have resolved up to 1,16,300 cases of homebuyers' disputes till November 28, 2023, according to ANAROCK Research report based on data from the Ministry of Housing & Urban Affairs (MoHUA). Out of this, 38% of cases, or approximately 44,602 complaints were resolved in Uttar Pradesh alone, ANAROCK said. Haryana came a distant second with 18% of cases or approximately 20,539 cases resolved in the state. Thirteen per cent of cases or around 15,423 cases were resolved in Maharashtra. The three states cumulatively accounted for nearly 69% of the total disposed cases under RERA in the country. «Resolving homebuyer concerns is one of the main functions of the Real Estate (Regulation and Development) Act, which it has been demonstrably fulfilling,» says Anuj Puri, Chairman — ANAROCK Group. “Uttar Pradesh has resolved the highest number of cases. Considering how severely Noida and Greater Noida in UP had been impacted by unscrupulous players, this is noteworthy.” RERA: State-wise list of total cases disposed

In the fast-growing housing market of India, where affordable residences for the economically underprivileged and opulent homes for the affluent take centre stage, attention is increasingly drawn to a crucial yet sometimes overlooked segment—the mid-segment homes.

Also Read: Real estate trends: Will the sector witness a rise in women homebuyers in 2024? Experts decode In just the first nine months of 2023, the total residential property sales value is already 7% higher than the whole of last year, with the top 7 cities seeing inventory worth approx. ₹3,48,776 crore sold in this nine months period, as per data by ANAROCK Property Consultants. Between January and September 2023, approx.

In a bid to tame inflation and sustain economic growth, the Reserve Bank of India (RBI) on Friday decided to keep the repo rate unchaged at 6.5% for the fifth time in a row, which is good news for both homebuyers and real estate.

economy, India's housing market barely suffered a scratch from the Reserve Bank of India's 2.5 percentage points of interest rate rises from May 2022 through February this year. Average home prices were forecast to rise 6.8% this year and next, poll medians from a Nov. 16-30 survey of 12 property market experts showed, more than double the just over 3% increase in 2022 according to Reuters calculations based on the RBI's House Price Index.

Since the pandemic, India has seen a K-shaped recovery in many sectors. One of these is the residential real estate sector, where sales of premium or luxury housing have been on the rise.

BENGALURU , MUMBAI : Home rental costs in Bengaluru, Hyderabad and Pune rose as much as 30% in the last nine months as tech companies brought staff back to offices, and are expected to rise another 10-12% in the year ahead, Anarock Property Consultants said. Tata Consultancy Services (TCS) and Wipro have asked their employees to attend office thrice a week, while Infosys wants them in roughly 10 days a month. HCL’s senior management must attend office thrice a week, while junior to middle order are on work from home mode but nudged to come to office more.

The luxury housing segment continues to maintain a seemingly unstoppable growth curve in 2023. According to Anarock Research data, overall sales have been increasing steeply across the top 7 cities in 2023 compared to the previous year.

The Reserve Bank of India on Friday maintained the pause in the repo rate for the fourth consecutive time, which is good news for homebuyers.

The residential property segment in India remained unstoppable in Q3 2023, despite the usually slow monsoon quarter. According to the latest Anarock Research data, Q3 2023 saw housing sales across the top 7 cities create another new peak with approximately 1,20,280 units sold, against approximately 88,230 units in Q3 2022. Data shows that there has been a 36% annual sales growth in the residential housing segment.

Housing sales rose 36 per cent year-on-year to a record 1,20,280 units across seven major cities during the July-September period on robust demand amid stable mortgage rate, according to Anarock. Housing sales stood at 88,230 units in the year-ago period across the seven major cities. Releasing the data, real estate consultant Anarock said average housing prices across the seven cities grew 11 per cent annually in the July-September period this year.

Despite rising property prices and interest rate hikes in the last one year and more, demand for mid-range and premium homes remains high. The ANAROCK Consumer Sentiment Survey (H1 2023) indicates that at least 59% of the 5218 survey participants will buy mid-range and premium homes (priced from Rs 45 lakh to Rs 1.5 crore). This is a 10% sentiment increase for homes in this budget category over the survey’s H1 2020 edition.

Mumbai recorded its best decade in the number of property registrations in August as it saw higher contribution by units priced over Rs 1 crore, a report on Thursday said. The city saw over 10,550 properties being sold in the month, a 23% year-on-year increase, and collected over Rs 790 crore in stamp duty, which rose by 22%, totaling Rs 7,242 crore in the first eight months of 2023, said the Knight Frank India report.

Anuj Puri, Chairman & Founder, Anarock Group, says real estate “sales across the board, across all the major cities and even the tier-2 metros, seems to be pretty robust. The good thing is this is not coming on the back of speculators or investors. This is coming on the back of end users, younger end users, who are really wanting to buy it whether it's for social security or for other reasons, wanting to buy the residential.”Developers in the NCR region have planned a slew of launches in the second half of the year. That is a phenomenal 2023. Could 2024 be a record year too because we have seen volumes coming out of that region are very strong. Do you see that trend continue?It is appearing like that.

PTI, Anarock affirmed that the real estate developers are aiming at business expansion and tapping into the high demand for residential and commercial properties in the post-pandemic period. "Our latest research indicates that as many as 59 separate land deals for over 2,018 acres have been closed across the country between January to August 2023," Anuj Puri, Chairman of Anarock, said. The real estate consultant added that the land parcels are increasingly being used for setting up manufacturing units and hospitals.

Shaktikanta Das said. “The concept entails putting in place a clear method for resetting the rate of interest on loans of this kind. The Governor of the Reserve Bank of India has highlighted this plan, emphasising the necessity for an easier and more organised approach regarding interest rate changes," said LC Mittal, Director, Motia Group.

₹12,400 per square feet and at this point in 2023, have increased to around ₹15,350 per square feet, it added. Among the cities, Hyderabad emerged as the frontrunner in luxury home price growth, seeing a staggering 42% increase in average price from ₹7,450 per square foot in 2018. Bengaluru and the Mumbai Metropolitan Region (MMR) recorded a notable 27% appreciation each.