Frank India News

office demand in the IT city remained flat at 3.5 million square feet, a report by Knight Frank has said. Sales Decline in Affordable Segment “The less than ₹50 lakh housing segment saw sales decline by almost 65% to 70% in the first quarter of 2024 which has brought down the overall numbers. The sales in the ₹50 lakh- ₹1 crore residential segment has dipped by 7 percent. This is primarily on account of the affordability challenges faced by buyers of this segment. This may be a temporary blip,” said Vivek Rathi, head of research at Knight Frank India, at the launch of the Knight Frank titled India Real Estate: Office and Residential Report (January — March 2024).

record-setting momentum, marking its second-best March performance ever, led by brisk sales activity and robust demand despite higher mortgage rates and escalating property prices. The significance of performance is underscored by its second-place ranking, closely following March 2021, when the market received substantial support through a halving of stamp duty rates, intended to bolster business activity in the backdrop of the COVID-19 pandemic. The country’s commercial capital has witnessed the registration of over 14,145 properties during the month, up 7.5% from a year ago. Revenue collection through stamp duty charges, however, declined 8.1% to Rs 1,125 crore, according to data from the inspector general of registration in Maharashtra.

Mumbai's 10% price growth in the past 12 months driven primarily by affluent homebuyers looking for a lifestyle upgrade in the backdrop of a strong economic environment which continues to gain momentum. Mumbai recorded the third highest year-on-year growth in prime residential prices during the quarter, pushing it up the ranking table by five places to 3rd position from its 8th position in December 2022.

Knight Frank's latest report, released on March 20. The Prime Global Cities Index, which tracks the movement of prime residential prices across 45 cities worldwide, saw Mumbai leapfrog five places from its 8th position in Q4 2022 to claim the third spot. This remarkable surge highlights the city's growing appeal among high-net-worth individuals and the resilience of its luxury housing segment.

The commercial real estate market, particularly in Noida and its surrounding areas, has experienced a remarkable resurgence following the challenges posed by the COVID-19 pandemic. As we stride confidently into 2024, the landscape presents an array of opportunities for investors seeking secure long-term returns. According to a recent research report by Knight Frank India, the commercial real estate sector is poised to witness substantial growth, projected at 7-8% this year.

India is expected to see 50% growth in ultra-high networth individuals (UHNIs) in next five years, said a new report on Wednesday.

The resurgence of Global Capability Centers (GCCs) has helped demand for Grade A office spaces make a comeback. This has meant an improved leasing trajectory for office asset owners, who have been grappling with muted demand lately. In a spillover effect of challenges facing the Indian IT sector, leasing took a beating given that technology companies have been top contributing tenants for Grade A offices until recently.

Hyderabad region has witnessed a 1 per cent annual fall in registrations of residential properties in January to 5,411 units, according to Knight Frank. As many as 5,454 housing units were registered in January 2023 across the Hyderabad residential market, which includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy and Sangareddy. The data covers transactions of both primary (first sale) and secondary (resale) markets. As per the data compiled by real estate consultant Knight Frank India, the total value of properties registered during January stood at Rs 3,279 crore, which is 24 per cent higher year-on-year, indicating a movement towards sale of higher value homes.

Property registration in Pune during 2023 rose by 9.6% from its previous peak last year and reached a total of 1,52,323 registrations. According to Knight Frank India, the upsurge has led to a rise in total stamp duty collection, which was Rs 5,352 crore in 2023, up 10.5% year-on-year.

record-setting spree to surpass all the benchmarks and scaling a new all-time high in 2023 with its best annual performance ever despite higher interest rates and rising property prices. The country’s commercial capital has achieved a new peak in terms of both, registration of properties as well as state exchequer’s revenue collection through stamp duty charges. The maximum city has recorded total registrations of over 1.27 lakh real estate properties in 2023, making it the best year for property sales across primary and secondary market, exceeding last year’s peak by 4%. Total revenue collected through stamp duty rose 22% in 2023 to over Rs 10,850 crores, showed data from the inspector general of registration, Maharashtra. “The year 2023 witnessed a remarkable upswing for Mumbai’s real estate market as the city achieved its highest property registrations, driven by rising income levels, better affordability, and a positive homeownership outlook.

Registration of properties in Mumbai municipal area is likely to rise by 33 pc annually to around 12,500 units during this month on better demand, according to Knight Frank. As many as 9,367 properties were registered in Mumbai city (area under BMC jurisdiction) during the same month last year. Real estate consultant Knight Frank India has compiled the data of registration of properties from Department of Registrations and Stamps, Maharashtra government. As per the latest data of December, 12,134 units were registered till 12 noon and the number is set to reach around 12,500 units by late evening. «Homebuyers in Mumbai continue to demonstrate confidence in the property market, buoyed by stable demand and an enhanced positive sentiment. This optimism has resulted in a significant surge in property registrations in Mumbai,» the consultant said in a statement on Saturday. Of the overall registered properties, residential units constitute 80 per cent. Mumbai city is estimated to see registrations of more than 1,27,000 units this year and will lead to revenue collection of more than Rs 10,000 crore. Mumbai city is set to record the highest registration of properties in 11 years.

Mumbai, within the BMC jurisdiction, witnessed a notable surge in real estate activity with a total of 127,139 property registrations recorded from January to December in 2023. According to an official release by Knight Frank India, this marked the successful year for property sales (both primary and secondary) in the region since 2013, surpassing the previous year's peak by 4%.

The EMI (Equated Monthly Instalment) to income ratio for households has improved in 2023 after the brief decline in affordability in 2022, according to Knight Frank India’s proprietary Affordability Index.

Affordability Index: For many aspiring homeowners in India's bustling metropolises, the dream of owning four walls of their own has long felt like a distant mirage shimmering in the heat. But a recent report from Knight Frank India painted a surprisingly optimistic picture, suggesting that the dream is finally within reach for many.

India’s real estate market received private equity (PE) investments of USD 3.0 billion from 23 deals in 2023 (January 01 – December12, 2023), as against USD 5.3 bn recorded in 2022, according to Knight Frank India.

PE investments in Indian real estate declined by 44 per cent to USD 3.0 billion in 2023, the report added. Mumbai, NCR, and Bengaluru emerged as critical destinations for office investments. Mumbai led the PE investment trend at USD 1,685 million, followed by the National Capital Region (Delhi NCR) at USD 835 million.

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.

Experts from the real estate sector have praised the Reserve Bank of India’s decision to keep lending rates steady, highlighting its positive impact on demand and affordability.

Mumbai's real estate sales and registrations recorded their best November in 11 years, as per an assessment by Knight Frank India on Thursday, November 30, 2023. Shishir Baijal, Chairman & Managing Director, Knight Frank India, said, “Following a notable 6.5% YoY increase in prime property prices during Q3 2023, Mumbai is anticipated to witness a 5.5% upsurge in prime residential prices in 2024.

India needs an additional 2.4 million (24 lakh) hospital beds to reach the recommended ratio of 3 beds per 1,000 people, fuelling the demand for healthcare-related real estate space, according to Knight Frank. Currently, India has an estimated 70,000 hospitals, of which 63 per cent are from the private sector, global real estate consultant Knight Frank and US-based Berkadia said in their report released on Thursday. «India is facing a deficit of 2 billion sq ft of healthcare space to cater to its current population base of 1.42 billion people,» Knight Frank India said in a statement.

healthcare market, which was estimated to be $372 billion in 2022, up significantly from $73 billion in 2012. The Indian government has identified 582 investment opportunities in medical infrastructure, including hospitals, valued at $32 billion. The hospital industry accounts for 80% of the healthcare market in India.