Housing

Housing shortage to reach 31.2 mn units by 2030: CII-Knight Frank report

India is estimated to have a cumulative affordable housing shortage of 31.2 million units by 2030 with a potential market size of Rs 67 trillion, according to a joint report by CII and Knight Frank. Industry body CII and real estate consultant Knight Frank India on Wednesday released a joint report 'Affordable Housing in India' at a conference here, pointing out that there is already an existing shortage of 10.1 million units. Addressing the event, Ghulam Zia, Senior Executive Director, Research, Advisory, Infrastructure & Valuation at Knight Frank India, pointed out the shortage of affordable housing in India, presenting a huge business opportunity for real estate developers. "The cumulative Affordable housing shortage in India is projected to reach 31.2 million by 2030, with the market size estimated at Rs 67 trillion," he said. The affordable housing segment also could provide a lot of opportunities for financial institutions. "Based on the assumption of a 77 per cent loan ...

Top Indian cities report about 1 million unsold housing units: Study

The new housing supply during Q3 2024 declined by 19 per cent YoY

Rs 200 cr of homebuyer's compensation recovered from realtors: MahaRERA

The Maharashtra Real Estate Regulatory Authority (MahaRERA) on Monday said it has recovered over Rs 200 crore from developers to compensate homebuyers for their losses. The authority also outlined plans to further intensify its recovery efforts. The real estate watchdog said it has issued 1,163 warrants for recovering Rs 705.62 crore across the state and has made developers cough up Rs 200.23 crore from 283 warrants involving 139 real estate projects, as per an official statement. Over Rs 378 crore of the recoveries are due from Mumbai suburban and Pune alone, the statement said, adding that specific efforts are being undertaken to expedite the same like appointing retired Tahsildars (revenue officials) in the offices of the district collectorates in Mumbai suburban and Pune. Of the Rs 200 crore in recoveries, Mumbai city contributed Rs 46.47 crore in recoveries involving 22 warrants in 13 projects, Rs 76.33 crore came from 85 warrants in 42 projects in Mumbai suburban and Rs 39.10

Gaurs Group to invest Rs 750 cr on new housing project in Greater Noida

Realty firm Gaurs Group will invest about Rs 750 crore to develop a luxury housing project in Greater Noida to expand its business amid strong demand for residential properties. Gaurs Group Chairman and Managing Director (CMD) Manoj Gaur said the company will develop around 250 units in this new housing project. "We will soon be launching a new housing project in Greater Noida. The project will have 12 lakh square feet of developable area," he told PTI. Asked about project cost, Gaur said it will be around Rs 750 crore, including land and construction costs. The company had bought this land located at Jaypee Greens in Greater Noida from banks. Gaurs Group is already developing one project at the same location. Gaur, who is also Chairman of realtors' apex body CREDAI, said the demand in Noida and Greater Noida remains strong, and there is a lack of adequate supply. Last month, Gaurs Group said it would develop a 17-acre commercial project in Noida with an investment of Rs 4,000 cr

Signature Global to launch housing projects worth Rs 50K cr in next 3yrs

Realty firm Signature Global Ltd plans to launch multiple housing projects worth Rs 50,000 crore in Delhi-NCR over the next three years as part of its expansion plan amid strong consumer demand. Signature Global, listed on stock exchanges, is one of the leading real estate firms in the country. It sold properties worth Rs 7,200 crore last fiscal and is targeting to sell Rs 10,000 crore this fiscal. In an interview with PTI, Signature Global Chairman Pradeep Aggarwal noted that housing demand continues to be strong in Gurugram, and the company would keep expanding its presence by launching more projects and acquiring new land parcels. "We have a strong launch pipeline. We are targeting to launch projects worth Rs 50,000 crore over the next three years," he said. The company has already acquired land in Gurugram and adjoining areas to launch multiple projects, Aggarwal noted. "We gave guidance to launch Rs 16,000 crore worth of projects during the current fiscal year. We achieved Rs

CFPB's open banking rules for consumer data unveiled by US watchdog

Republican chair of the US House Financial Services Committee Patrick McHenry welcomed the announcement, calling for Congress to codify the new rule's protections into law

Housing sales in 30 major tier II cities down 13% in Jul-Sep: PropEquity

Housing sales across 30 major tier-II cities fell 13 per cent to 41,871 units during July-September period on higher base effect and drop in new supply, according to PropEquity. Data analytic firm PropEquity, which is part of listed entity P E Analytics Ltd, on Monday released the housing report of top 30 tier II cities. Sales in top 30 tier-II cities have fallen by 13 per cent in July-September quarter of 2024 while new launches have declined by 34 per cent. Housing sales fell to 41,871 units in the third quarter of 2024 calendar year as against 47,985 units in the same period last year. Launches (new supply) fell to 28,980 units in July-September quarter of 2024 from 43,748 units in the same period last year. The west zone comprising Ahmedabad, Vadodara, Gandhinagar, Surat, Goa, Nashik and Nagpur, contributed 72 per cent to the total sales. Commenting on the data, Samir Jasuja, CEO & Founder, PropEquity said, "The decline in sales and launches is on account of higher base effec

Godrej acquires 3-acre land in Ahmedabad for Rs 1,300 cr housing project

Realty firm Godrej Properties Ltd (GPL) has acquired around 3 acres of land in Vastrapur, Ahmedabad to develop a housing project having an estimated sales of Rs 1,300 crore. The company did not disclose the deal value and the name of the seller. "The development on this land is estimated to have a potential of ~0.9 million square feet of saleable area comprising primarily of premium residential apartments of various configurations with an estimated booking value of about Rs 1,300 crore," Godrej Properties said in a regulatory filing. Gaurav Pandey, MD & CEO, Godrej Properties, said, "We are happy to add our second project in Ahmedabad. This will further strengthen our presence in Ahmedabad and complement our strategy of deepening our presence in key micro-markets across India's leading cities." Earlier this month, Godrej Properties won bids to acquire 3 adjoining plots totalling 6.5 acres in Mumbai Metropolitan Region (MMR) to develop a housing project with a revenue potential of .

ATS Homekraft to develop housing project on Dwarka Expressway, Gurugram

Realty firm ATS Homekraft will invest Rs 1,300 crore to develop a luxury housing project on Dwarka Expressway, Gurugram as part of its expansion plan amid strong demand for residential properties. ATS Homekraft, a flagship company of ATS group, has launched a premium residential project 'Sanctuary 105', which is spread over 13 acres and comprises around 700 apartments. The company has sold around 340 luxury homes in the first phase of this new project for Rs 825 crore. Udaivir Anand, Managing Director of ATS Homekraft, said the company has launched a new luxury housing project at an affordable rate to target end-users and first-time homebuyers. Anand said the company will develop a total of around 750 apartments in this project, which has a built up area of 23 lakh square feet and a saleable area of over 16 lakh square feet. Asked about investment, he said the project cost is about Rs 1,300 crore including land. The investment will be met through internal accruals. Post-COVID, A

Gaurs Group to invest Rs 4,000 cr to build 17 acre project in Noida: CMD

Realty firm Gaurs Group will invest about Rs 4,000 crore to develop a 17-acre commercial project in Noida as part of its strategy to build rental assets, a top company official said. Gaurs Group Chairman and Managing Director (CMD) Manoj Gaur said the company will develop 5 million (50 lakh) sq ft of commercial space in the upcoming Grade-A project. "We are planning to develop a large commercial project on Noida Expressway. The total area will be about 5 million sq ft, of which 2.5 million sq ft will be retail, 2 million sq ft office and a hotel with more than 300 keys," Gaur said. He said the company will develop the project on lease model to boost its annual rental income that currently stands at more than Rs 125 crore. Asked about investment, Gaur said it will be about Rs 4,000 crore. The company is targeting to start construction of this project before March 2024. Gaur said the company will fund investments on existing as well as upcoming projects through internal accruals a

Top 8 housing markets see 5% annual sales dip in Sep quarter: PropTiger

Housing sales declined 5 per cent in the July-September quarter across the top eight cities due to a fall in new supply and sharp appreciation in prices, according to PropTiger. Real estate brokerage platform PropTiger.com, which is part of Australia's REA group that owns Housing.com, on Tuesday, released its report 'Real Insight' on India's residential market. A total of 96,544 units were sold in July-September, down 5 per cent from 1,01,221 units sold during the same period in 2023. The number of new residential units launched in the top 8 markets fell 25 per cent to 91,863 units from 1,23,080 units. PropTiger pointed out that a sharp increase in home prices, averaging a nearly 20 per cent increase across the top eight cities, impacted affordability. As per the data, housing sales rose only in Delhi-NCR and declined in the other seven major cities. Delhi-NCR saw a 29 per cent growth in sales to 10,098 units during July-September from 7,800 units in the year-ago period. However

Singapore ends 181 years of horse racing to make way for new homes

More than 120 hectares to be bulldozed for new homes to accommodate the growing Singaporean population that crossed 6 mn this year

Affordable housing supply in India's top 6 cities slows to a trickle

Costs for such projects unviable, says real estate companies that see better gains in luxury properties

Buying your dream home, gifting for festivals: Top personal finance stories

We report on how strategise for a pricey property market and what to give family and friends for Diwali

Housing prices in Delhi-NCR, Bengaluru jump 29% in July-Sept: Anarock

Housing prices in Delhi-NCR and Bengaluru appreciated 29 per cent year-on-year in the July-September quarter on strong demand, high input cost and an increase in the supply of luxury homes, according to Anarock. Real estate consultant Anarock's data showed that the average prices of residential properties in Delhi-NCR increased 29 per cent to Rs 7,200 per square feet in the July-September quarter from Rs 5,570 per square feet in the year-ago period. In Bengaluru, the prices grew 29 per cent to Rs 8,100 per square feet in the third quarter of this calendar year from Rs 6,275 per square feet in the corresponding period of the previous year. Hyderabad saw the maximum 32 per cent rise in prices to Rs 7,150 from Rs 5,400 per square feet. The average Housing prices in the Mumbai Metropolitan Region (MMR) rose 24 per cent to Rs 16,300 from Rs 13,150 per square feet. Pune witnessed a 16 per cent increase in prices to Rs 7,600 from Rs 6,550 per square feet, while Chennai saw a 16 per cent

Housing sales down 11% in Jul-Sept, avg prices up 23% in 7 cities: Anarock

Housing sales fell 11 per cent during July-September to 1.07 lakh units in seven major cities on lower launches and an annual 23 per cent growth in average prices, according to Anarock. Real estate consultant Anarock on Thursday released data that showed an 11 per cent fall in sales of residential properties in July-September to 1,07,060 units from 1,20,290 units in the year-ago period. Anarock Chairman Anuj Puri said, "All the top cities individually recorded a dip in housing sales." The top 7 cities witnessed a drop of 19 per cent in new housing supply, with 93,750 units launched in July-September 2024 against 1,16,220 units in the corresponding period in 2023. "Nevertheless, the fact that sales remained higher than launches indicates that the demand-supply equation remains robust," Puri said. He pointed out that housing sales in the third quarter tapered down amid high prices and the monsoon season. "As always in this period, the 'shraad' period also suppressed demand to an ex

New housing supply in Delhi-NCR triples in Q2 to 13,311 units: PropEquity

Fresh supply of residential properties in Delhi-NCR is estimated to triple during July-September to over 13,300 units as developers look to encash strong demand, according to PropEquity. Real estate data analytics firm PropEquity has estimated new launches of housing properties at 13,311 units in the current quarter as against 4,147 units in the year-ago period. Housing sales in Delhi-NCR are likely to increase 22 per cent during July-September 2024 to 10,263 units from 8,411 units in the corresponding period of the previous year. Rise in fresh supply of homes was one of the major factors for an increase in sales in Delhi-NCR market, besides strong consumer demand. Overall across nine major cities, PropEquity data shows that new launches in July-September 2024 may fall to 93,693 units from 1,05,655 units in the same period last year. Sales are estimated to decline 18 per cent to 1,04,393 units in the quarter under review from 1,26,848 units in the same period last year. These nin

Delhi-based Proptech startup HouseEazy raises $7 mn in Series-A funding

HouseEazy said that the funds collected will be used to drive growth in new NCR (National Capital Region) geographies, expand its footprint, enhance products, and support team expansion

Keystone Realtors to invest Rs 900 cr on housing project in FY25: CMD Irani

Keystone Realtors will step up investment on construction of residential projects this fiscal to Rs 800-900 crore as part of its strategy to ramp up execution capabilities. Keystone Realtors, which sells its properties under Rustomjee brand, is one of the leading real estate developers in the country with a significant presence in the Mumbai Metropolitan Region (MMR). In an interview with PTI, the company's CMD Boman Irani, who is also president of realtors' apex body CREDAI, said the company would invest a lot on construction and land purchases this fiscal to grow its business. "We will be investing around Rs 800-900 crore on pure construction during this fiscal. We invested around Rs 400 crore in the last financial year," he said. Irani said the company has a surplus liquidity of around Rs 3,000 crore to make investments for growth. "We raised Rs 800 crore from Qualified institutional placement (QIP) plus our internal cash flow," he said. Irani noted that the demand in the hous

Housing crisis: Nearly 2,000 projects stalled in India; Mumbai tops list

According to recent PropEquity data, 1,636 projects totaling 4,31,946 units in 14 Tier-I cities and 345 projects totalling 76,256 units in 28 Tier-II cities have been stalled