Rising vacancies in the main southern cities can largely be attributed to increased new office space additions in the period. Altogether, the three cities saw new office space addition of 12.95 mn sq. ft. area in H1 FY22, accounting for nearly 58% share of the total new completions in top 7 cities
ANAROCK also saw continued interest in the super-luxury market of INR 10 Cr+ inventory, which in total contributed to almost 10% of the sales value so far. While the luxury market of INR 2.5+ Cr inventory has contributed almost 20% of the sales value so far.
The long-awaited housing market revival is underway even before the pandemic is fully subdued. Whether it will last well into next year and beyond remains to be seen.
Residential property prices across the top cities increased by 1-4% in Q3 2021 compared to Q3 2020, mainly due to an increase in construction cost. Data reveals that the top 7 cities collectively saw average property prices increase by 3% annually - to INR 5,760 per sq. ft. in Q3 2021 from INR 5,600 per sq. ft. in Q3 2020. Bengaluru saw the highest 4% annual rise to INR 5,150 per sq. ft.
The survey also highlighted the demand for bigger homes. At least 48% NRI respondents preferred larger homes of 3BHK configurations (>1,500 sq. ft.) while 28% favoured 2BHKs
Redevelopment projects in Mumbai may begin picking up pace again. There are no real alternatives - the biggest problem for real estate development in Mumbai is land scarcity. There are very few opportunities for greenfield developments in the more valuable city centre areas.
The housing market in the top 7 cities is likely to attain a new peak by 2023, when housing sales are estimated to cross 3.17 lakh units and new launches by 2.62 lakh units during the year. City-wise, MMR and Bengaluru are all set to lead from the front
Between 2016 and the first half of 2021, corporate and national developers like Godrej Properties Ltd., TATA Housing, Hero Realty, Sobha Ltd., Shapoorji Pallonji Group, Birla Estates and Mahindra Lifespaces took centre-stage.
ASTRA accelerates housing sales and enhances revenue turnover by 12-15%. The system's algorithm analyses customer behaviour data to yield highly accurate leads, thereby boosting marketing efficiency, reducing costs
Noida accounted for the maximum new luxury share (73%) in the first half of this year, followed by Gurugram with a 22% share, and Greater Noida with a 5% share.