Frank India News

The Mumbai city (area under BMC jurisdiction) recorded property registrations of 12,602 units between Navratri until Bhai Dooj, spanning from October 15th, 2023, to November 15th, 2023, as against 9,659 units registered during the same period last year, resulting in a 30.0% year-on-year (YoY) growth, according to Knight Frank India.

₹3,170 crore (Cr) which too has increased by 41% YoY indicating a movement toward the sale of higher-value homes. The Hyderabad residential market includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy. In October 2023, the highest proportion of property registrations in Hyderabad was in the price range of ₹25 – 50 lakh, accounting for 50% of the total registrations.

Pune and Chennai at 4% and Ahmedabad with a 3% growth in six months were markets with the most growth, showed a Knight Frank India study. Total 23 million sq ft space transacted in the first half ending September across the top eight markets represents a 10% on-year drop in volume.

Mumbai is at 4th position among 46 cities globally in terms of price rise of luxury residential properties, according to Knight Frank.

Registration of properties in Mumbai municipal region rose 26 per cent annually to 10,607 units during October, according to Knight Frank India. Total 8,422 properties were registered in October last year in Mumbai city (area under BMC jurisdiction).

festive season has sparked a surge in the property market of Mumbai, the country’s financial capital led by positive sentiment among homebuyers. During the nine days of Navratri spanning from October 15 to 23 witnessed a 37.4% year-on-year growth in registrations at 4,594 property transactions in the city. The state exchequer collected a total revenue of Rs 435 crores from property registrations during this nine-day period.

As many as 4,594 property units were registered during the nine days of Navratri, spanning from October 15th to October 23rd, 2023, in Mumbai city (areas under BMC jurisdiction), according to a report by Knight Frank India. Property registration in the city witnessed 37.4% year-on-year (YoY) growth, marking an increase from 3,343 units registered during the Navratri period last year. 

₹3,378 crore which too has increased by 42% YoY indicating a movement towards the sale of more expensive homes. The Hyderabad residential market includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy. “The Hyderabad housing market is currently undergoing a notable upswing, primarily driven by a surge in demand within the city.

Real estate consultants and developers welcomed the RBI MPC decision on Friday to keep the repo rate unchaged for the fourth consecutive time, which was much needed albeit the looming inflationary pressure arising from the rising crude prices and rupee depreciation.

Global Capability Centres (GCC) of multinational companies are driving demand in Pune’s office space segment. Pune has recorded the highest GCC-focused area transacted volume in the country. Hyderabad was in the second spot in GCC leasing. GCCs accounted for 2.4 million sq ft in Pune and 2.2 million sq ft in Hyderabad.

September performance in terms of property registrations and stamp duty revenue collections, as robust demand boosted sales momentum despite higher mortgage rates and real estate prices. The country’s largest and most expensive realty market saw registration of over 10,602 properties during the month, up 23% from a year ago, while revenue collection through stamp duty charges rose 53% on-year to contribute over Rs 1,124 crore to the state’s exchequer, showed data from Maharashtra’s inspector general of registration. Real estate developers and industry experts are of the view that the momentum in property sales will continue in the upcoming festive season. «The robust response from homebuyers during the month of Ganesh Utsav indicates the positive sentiments towards home ownership despite higher mortgage rates,” said Sandeep Runwal, president, NAREDCO Maharashtra and MD at Runwal Developers. “Based on the current enquiry levels, we can certainly see a strong sales momentum in the upcoming festive season starting with Navratri.» Of the total properties registered in the month, 82% were residential apartments while commercial and other segments constituted the remaining 18%. «The Mumbai residential market continues to display remarkable resilience, consistently surpassing the 10,000-property mark,” said Shishir Baijal, CMD, Knight Frank India.

Property registrations in the Pune district rose by 99% year-on-year in August. The total value of the registered properties in August 2023 amounted to Rs 10,613 crore. According to Knight Frank India, 13,021 units were registered in August 2023, compared to 6,544 registrations in August 2022. 

Dwarka Expressway corridor may soon boast of some of the tallest buildings in the National Capital Region, as the Haryana government is granting an extra floor area ratio (FAR) to promote real estate development along the under-construction expressway. The Haryana government is introducing a new metro line along the expressway, enabling developers to expand under the Transit-Oriented Development policy even as there are height restrictions for buildings elsewhere in the NCR. State government officials have also met with developers in Mumbai and Bengaluru to showcase the development opportunities along the Dwarka Expressway. «Due to the metro line and upcoming global city planned by the Haryana government, the developers on the Dwarka Expressway can plan vertical development, which is not possible in the majority of the NCR. In coming years, we will see the development of utilising the policy benefits for high-rises,» said Mudassir Zaidi, executive director, North at real estate consultancy Knight Frank India. Any building with a height of more than 150 metres meets the tall-building classification.

real estate sector is one of the major contributors to revenue of states and UTs, which collected an estimated Rs 2 lakh crore during last fiscal year in various forms, including stamp duties, according to a Naredco-Knight Frank India report. This is equivalent to 5.4 per cent of the total revenue collected by all states and UTs in India during 2022-23, it added. «Real estate sector is one of the key contributors to the revenue of state governments.

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.

The financial capital of India has recorded the sixth highest year-on-year growth in prime residential property prices among global cities in the April-June period of 2023. In the second quarter of 2023, the prices of prime residential properties rose by 5.2 per cent year-on-year in Mumbai.

equity investments in the Indian real estate sector have consistently grown over the past two decades and from a projected figure of $5.6 billion in 2023, it is expected to reach $54.3 billion by 2047, an annual growth of 9.5%. Rajan Bandelkar, president, Naredeco India said, "Significant expansion of the Indian economy by 2047, will be powered by Real Estate.

Hyderabad recorded registrations of 5,557 residential properties in July 2023, notching up a rise of 26% year-on-year (y-o-y) with total value of the registered properties during the month at Rs 2,878 crore, up 35% y-o-y. In July 2023, the highest proportion of property registrations in Hyderabad was in the price range of Rs 25 – 50 lakh, accounting for 52% of the total registrations. Properties priced below Rs 25 lakh constituted 18% of the total registration.

real estate sector are skilled employees, the report mentioned. Whereas 4.4 million are core skilled employees, which includes engineers, technicians, clericals, etc, and 6.9 million are vocationally trained employees. According to the National Skill Development Council (NSDC), 87% of the employees (both skilled and unskilled) are absorbed by the real estate sector, while 13% are absorbed by the infrastructure sector.

The country’s financial capital witnessed over 10,221 property registrations in the month of July helping generate stamp duty collection worth nearly Rs 831 crore for the state exchequer. In July 2022, the city had seen stamp duty collection of Rs 829 crore on the back of registrations of 11,340, showed data from inspector general of registration, Maharashtra. «The demand in the mid-income and premium segment continues to be robust.

Real estate industry stakeholders including developers, financiers and institutional investors continue to be optimistic about the business environment over the next six months backed by the Indian economy's resilience despite a recessionary environment globally, showed Knight Frank-Naredco Real Estate Sentiment Index for April-June 2023. The performance of both office and residential property markets is expected to be robust as underlying demand remains firm, helping the future sentiment score rise to optimistic territory at 64 in the June quarter from 61 in the previous quarter.