Santhosh Kumar, Vice Chairman – ANAROCK Property Consultants

  • Just 63,000 ready units currently benefit out of total 6.73 lakh units across top 7 cities
  • Nearly 22,000 ready unsold units completed before 2017 don’t benefit from new rule
  • 33% of 5.88 lakh unsold under-construction units in the luxury segment – 49% in MMR – will not benefit immediately 

Just when the real estate industry was preparing to give the budget a complete thumbs down, the finance minister sprung a surprise ‘bonanza’ for the sector in the last 10 minutes of his speech. Or so it seemed.

Without a doubt, affordable housing gained amidst what was essentially a mass-appeal budget. However, it was the extension of tax relaxation on notional rent for unsold inventory for another year that cheered developers.

However, under closer scrutiny, it is unlikely to benefit a majority of them as on date.

Anti-climax for developers


Anuj PuriAnuj Puri, Chairman – ANAROCK Property Consultants

  • Among the top 7 cities, MMR saw most new  launches – nearly 13,600 units & highest sales at 15,200 units in Q2 2018
  • 17,220 promoters and 15,550 agents under MahaRERA – highest RERA registration Pan India
  • Stamp duty increase may be a slight dampener in the short-term

On the back of critical policy reforms like DeMo, RERA and GST, 2018 is seeing both sales and new supply picking up across cities. Interestingly, the Mumbai Metropolitan Region (MMR) leads this trend.

ANAROCK data indicates that out of the total new housing supply of around 50,100 units in Q2 2018 across the top 7 cities, MMR saw the highest number of new launches with nearly 13,600 new units – a 59% increase against the preceding quarter.

In terms of sales too, MMR clocked the maximum housing sales with approximately 15,200 units being sold in Q2 2018 – an increase of 26% against Q1 2018.

MMR’s top 3 micro markets across budget ranges 2017 – Q2 2018: 

Affordable Segment (<

Santhosh Kumar, Vice Chairman – ANAROCK Property Consultants

When the scion of one of the world’s most iconic real estate brands comes to India to help market yet another luxury homes project – this time in the Millennium City of Gurgaon – the market sits up and takes notice.

By all standards, the upcoming Trump Towers are a sizeable undertaking – the 47-storey towers will put 250 exclusive units on the market, with completion and possession slated for 2023.

As can be expected from such an iconic development by a brand that has already made a strong imprint in Mumbai, Pune and Kolkata, the price tags are astronomic, ranging from INR 55-110 million.

This gives rise to a logical question – at a time when the luxury housing market in India has yet to pull itself out of the doldrums, is there any appetite for such an offering? Let’s examine some facts.

In the Asia Pacific region, India ranks 4th in the list of countries with largest HNI population. The HNI stratum of the Indian population largely remains shielded from the macroeconomic risks,

Anuj Puri, Chairman – Anarock Property Consultants

Be it South Delhi, South Mumbai, South Chennai, South Kolkata or South Bangalore – the Southern parts of any metro city have always ranked at the top of that city’s property pyramid.

These precincts are generally seen as the most prime and posh residential destinations and have historically housed the Who’s Who of the city.

If one wants to announce oneself or one’s business socially, buying a home or opening an office in these parts has always been seen as a pretty good bet.

This phenomenon still continues; however, with the passage of time, newer areas are competing with these legacy areas and are attracting the younger rich and the neo-rich.

Different cities are seeing this happening, largely because of the extremely limited new supply of residences in prime neighborhoods.

However, where there is any availability, wealthy buyers will always prefer a home in the Southern part of a city.


In Mumbai’s case, south-central Mumbai has finally shed the image of the mill district and now has superlative trophy projects under construction.

Anuj Puri, Chairman – ANAROCK Property Consultants

With the revival in Indian residential real estate well underway, it is pertinent to turn our attention to which formats have been in high demand at every given juncture.

Such awareness is primarily useful from an investor’s point of view, but anyone who tracks Indian real estate out of purely academic interest cannot fail to be interested, either.

The Value Chain

Despite a lot of ambiguity attached to the term, affordable housing rules the roost today.

With the Government having a taken a sharp-focus policy approach to boosting this segment and employment market opening up once again, mass-housing makes more sense today than ever before.

Mid-income housing, which comprises of the 2/3BHK formats in not-so-remote locations, is also seeing a pickup in interest from buyers, with ready-to-move options in RERA-compliant projects by reputed developers selling well.

Luxury housing was one of the major losers after the demonetization move and has now taken an extreme back seat. However, there is one niche segment which still holds its own to a great extent.

Anuj Puri, Chairman – ANAROCK Property Consultants Pvt. Ltd.

While the man on the street continues to wonder when he will be able to buy a modest home of his own, India’s super-rich are raising palatial homes at truly astronomical expense.

Indeed, on the surface, India’s wealthiest appear to operate in an entirely separate dimension which has no overlap at all with the ‘real’ world.

There is certainly an element of truth in this – wealth tends to beget more wealth, and at some point, a perpetual motion machine grinds into motion; a cycle of money-generation which vibrates on a rather unique frequency.

The question is – does this frequency broadcast an ever-widening social divide? Not quite.

There are more elements to these super-homes than meets the eye. The trend of India’s extremely high net-worth individuals building palatial homes needs to be viewed from various angles.

Of course, it is to a great extent, a lifestyle statement that broadcasts the fact that the individual and his family have ‘arrived’ and should be numbered among the country’s wealthiest and most influential people.