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This year, the average age of first-time American homebuyers has reached a new high&mdash;38 years old, according to the National Association of Realtors (NAR). That&rsquo;s up from 35 just last year

Homebuying Age Hits All-Time High in the U.S.: Who Can Afford a Home Today?

This year, the average age of first-time American homebuyers has reached a new high&mdash;38 years old, according to the National Association of Realtors (NAR). That&rsquo;s up from 35 just last year

Who is buying most of the homes in the United States these days? If you think it's young people in their late 20s or early 30s, this news might surprise you. This year, the average age of first-time American homebuyers has reached a new high&mdash;38 years old, according to the National Association of Realtors (NAR). That&rsquo;s up from 35 just last year. Looking at repeat buyers, their average age has also climbed, reaching 61, compared to 58 last year. Overall, the typical buyer's age is now 56, up from 49 in 2023! So, what&rsquo;s driving this shift? Rising costs, high-interest rates, and fierce competition are keeping younger buyers out, while older, more experienced buyers are stepping in. What&rsquo;s your take on this trend? Is the dream of homeownership slipping further out of reach for young people?

Residential sales across India's top cities hit record highs in Q3 2024! Mumbai, Bengaluru, and Pune are leading the charge, while luxury homes dominate the market. But there's a twist—mid-range and affordable homes are struggling. 

Real Estate 2024 Trends: Luxury Dominates, Affordable Bust

Luxury Housing Booms, Affordable Segment Struggles in 2024

Residential sales across India's top cities hit record highs in Q3 2024! Mumbai, Bengaluru, and Pune are leading the charge, while luxury homes dominate the market. But there's a twist&mdash;mid-range and affordable homes are struggling.&nbsp;

India's real estate market is witnessing a significant shift, with luxury homes taking the lead in the latest sales figures. According to a recent Knight Frank India report, residential sales in the country&rsquo;s top eight cities saw a 5% rise in Q3 2024, totaling 87,108 units&mdash;the highest quarterly sales this year. In the first nine months of the year, approximately 2.6 lakh homes have been sold, marking a 9% increase compared to the same period in 2023.
The spotlight, however, is on the luxury segment. Homes priced above ₹1 crore have surged by a staggering 41% year-on-year. This is a clear indication that affluent buyers are driving the current boom in India&rsquo;s property market, with demand for premium homes rising sharply.
While the luxury market thrives, the mid and affordable housing segments have struggled to keep pace. Sales of homes in the ₹50 lakh to ₹1 crore range have dropped by 13%, and those priced under ₹50 lakh have seen a 14% decline. Rising interest rates on home loans and limited inventory in the affordable sector have contributed to this slowdown.
City-wise, Mumbai led the pack, recording the highest number of units sold at 24,222, followed by Bengaluru and Pune. These cities continue to be hotspots for real estate investment, driven by a combination of urbanization and high demand for quality housing. On the other hand, the National Capital Region (NCR) experienced a 7% dip in sales, primarily due to low inventory in the mid and affordable segments.
The trend highlights a growing divide in India&rsquo;s housing market, where high-end properties are flourishing while the affordable segment struggles with challenges. Developers are increasingly focusing on luxury offerings, making it harder for budget-conscious buyers to find suitable homes.
As India&rsquo;s real estate market evolves, it&rsquo;s clear that the luxury segment is playing a dominant role, reshaping the industry&rsquo;s landscape. With the demand for premium properties expected to grow, the future looks bright for high-end real estate.
Also Watch: <a href="https://www.editorji.com/business-news/iran-israel-conflict-impact-of-a-prolonged-crisis-on-stock-markets-gold-crude-1727952393368">Iran-Israel Conflict: Impact of a prolonged crisis on stock markets, gold &amp; crude</a>

The real estate market in India is soaring. As per CBRE, sales of luxury homes, up by 27% in the first half of 2024. Over 8,500 luxury units sold in H1 2024, compared to 6,700 in H1 2023. Delhi-NCR, Mumbai, and Hyderabad account for 84% of sales.&nbsp;

Demand For Luxury Properties Surges In India

The real estate market in India is soaring. As per CBRE, sales of luxury homes, up by 27% in the first half of 2024. Over 8,500 luxury units sold in H1 2024, compared to 6,700 in H1 2023. Delhi-NCR, Mumbai, and Hyderabad account for 84% of sales.&nbsp;

The luxury real estate market in India continues to soar. In a new report from real estate consultant CBRE sales of luxury housing units have surged by an incredible 27% in the first half of 2024.
Luxury properties, defined as homes priced over 4 crore rupees, have captivated buyers like never before. In the first half of 2023, 6,700 luxury homes were sold.
Fast forward to 2024, and that number has skyrocketed to over 8,500. Delhi-NCR, Mumbai, and Hyderabad are the hotspots, accounting for a staggering 84% of these sales.
Delhi-NCR leads the pack with a 14% increase, reaching 3,300 units. Mumbai isn't far behind with a 14% growth as well, selling 2,500 units. Hyderabad saw a phenomenal 44% rise, totaling 1,300 luxury homes sold.
Pune has also made a significant mark, witnessing a nearly six-fold increase in luxury housing sales, skyrocketing to 1,100 units from just 200 units last year &ndash; that's a staggering 450% growth.Meanwhile, Chennai and Kolkata saw steady sales with 100 and 200 luxury units sold respectively.
Surprisingly, Bengaluru didn't register any sales in this category during this period, compared to 200 units last year.
Meanwhile, in the second quarter alone, luxury housing segment across top cities saw over 40% year-on-year growth in sales with 4410 luxury homes being sold.
Anshuman Magazine of CBRE says that this momentum in the housing market is likely to continue for the rest of the year.&nbsp;

The Phoenix Mills ranks eighth with a valuation of ₹55,740 crore, experiencing an impressive 112% growth over the past year

From 7 to 36: How India overtook China in billion-dollar realty firms

The Phoenix Mills ranks eighth with a valuation of ₹55,740 crore, experiencing an impressive 112% growth over the past year

Here's a big update on India's booming real estate sector. In a historic achievement, India has now surpassed China in the number of billion-dollar real estate companies. According to the latest data from the Hurun Research Institute, India boasts 36 realty companies valued at more than one billion dollars each, which is a significant jump from six years ago when it was just seven companies. Leading the pack is DLF, India's most valuable real estate company, with a staggering valuation of ₹2 lakh crore. Following closely is Macrotech Developers, holding the second spot with a valuation of ₹1.4 lakh crore. The Indian Hotels Company, popularly known as the Taj Group, ranks third in the 2024 GROHE-Hurun India Real Estate 100, with a valuation of ₹79,150 crore. Godrej Properties, secures the fourth position with a valuation of ₹77,280 crore, doubling its worth with a remarkable 100% increase since last year. In fifth place, we have Oberoi Realty, valued at ₹66,200 crore. Prestige Estates Projects takes the sixth spot with a valuation of ₹63,980 crore, showcasing an incredible 230% growth over the past year. Making a notable entry into the top 10 is Adani Realty, growing 62% year-on-year with a valuation of ₹56,500 crore, and is the most valuable unlisted real estate company on the list. The Phoenix Mills ranks eighth with a valuation of ₹55,740 crore, experiencing an impressive 112% growth over the past year. Chandu Raheja's K Raheja Group holds the ninth position, valued at ₹55,300 crore. Finally, Embassy Office Parks rounds out the top 10 with a valuation of ₹33,150 crore, reflecting a 14% growth over the past year.

Signature Global's Gurugram project boosts shares by 6%, with sales exceeding Rs 2700 crore and strong interest. The project features premium condominiums and digital processes for transactions

Signature Global's shares surge after closing sales worth Rs 2700 crore in its Gurugram project

<h2>Signature Global's Gurugram project boosts shares by 6%, with sales exceeding Rs 2700 crore and strong interest. The project features premium condominiums and digital processes for transactions</h2>

Real state development company Signature Global saw its shares jump 6% intraday on Monday, before closing 2.5% higher at Rs 1422. This comes as the company on Sunday announced the launch and sales success of its premium residential project in Gurugram.
<h3>Gurugram residential project&nbsp;</h3>
As per the company, the project has received expressions of interest of more than twice the number of apartments to be sold. Since the expression of interest, the ongoing allotment process has achieved remarkable sales of over Rs 2700 crore till now.
The real estate firm further expects the total sales figure to increase significantly after the finalization of the allotment, setting a new benchmark in the region's premium housing segment.
The Signature Global's project will be implemented in two-phase with a total sales potential area of 3.7 million sq. ft. The first phase comprises 2.1 million sq. ft. and the remaining 1.5 million sq. ft. The company is expecting to launch the second phase soon. This project launch is part of land parcels with a sales potential of 17 million sq. ft. in Sector 71, Gurugram.
The project comprises of 608 uber-premium 3.5 BHK (3 to a core) and exclusive 4.5 BHK (2 to a core) condominiums, with 26-feet and 28-feet-long decks, respectively, along with a triple-height entrance lobby and 7 lagoon pools. This is designed by renowned architects including &nbsp;DPC from Singapore, MPFP from the USA, Confluence, NMP Design, Senelac Consultants, and Vintech Consultants.
The company also revealed that the entire process, from expression of interest (EOI) to allotment, booking, and payment, was conducted digitally.&nbsp;
Also watch: <a href="https://www.editorji.com/business-news/while-luxury-home-sales-are-zooming-affordable-housing-sales-is-a-different-story-shows-anarock-data-1715344682982">While luxury home sales are zooming, affordable housing sales is a different story, shows Anarock data</a>

Mumbai and Delhi have seen significant housing price appreciation, ranking 3rd and 5th globally. Knight Frank's report highlights strong demand and rising prices, with Manila leading at 26.2%

Real estate: Delhi, Mumbai among top 44 cities globally with highest surge in housing prices

<h2>Mumbai and Delhi have seen significant housing price appreciation, ranking 3rd and 5th globally. Knight Frank's report highlights strong demand and rising prices, with Manila leading at 26.2%</h2>

Mumbai and Delhi have secured notable positions in the global housing market, ranking third and fifth respectively among the top 44 cities in terms of housing price appreciation during January-March 2024, as per Knight Frank's "Prime Global Cities Index Q1 2024" report.
<h3>Housing price surge in Delhi, Mumbai</h3>
In the same period last year, Mumbai was ranked sixth and Delhi seventeenth. This year, Manila in Phillipines topped the list with a remarkable 26.2% annual growth in housing prices, followed by Tokyo at 12.5%.
Mumbai recorded an impressive 11.5% year-on-year growth in prime residential prices during the first quarter of 2024. Meanwhile, Delhi saw a significant rise from its 17th rank in the previous year to 5th position, with a 10.5% YoY growth.
However, Bengaluru experienced a slight decline in its ranking, moving from 16th place in Q1 2023 to 17th in Q1 2024, despite recording a 4.8% YoY growth in residential prices.
The Prime Global Cities Index (PGCI) by Knight Frank is a valuation-based index that tracks the movement of prime residential prices across 44 cities worldwide, using data from its global research network. The index monitors nominal prices in local currency.
Shishir Baijal, Chairman and Managing Director at Knight Frank India, highlighted the global trend of strong demand for residential properties, particularly in the gateway markets of Asia-Pacific and EMEA. "Like its peers in these regions, the improved rankings of Mumbai and New Delhi on the Prime Global Cities Index were underscored by the resilience in sales growth volume. We expect the momentum of sales to remain stable over the next few quarters as the economic conditions are likely to remain broadly unchanged," Baijal said.
Knight Frank's report also noted a strengthening in global housing price growth. Across 44 cities, the average annual house price growth rose by 4.1% in the 12 months leading to March 2024. "Prices are rising at their fastest rate since the third quarter of 2022," the report added.
This surge in housing prices reflects a robust global demand, with significant contributions from major cities like Mumbai and Delhi, highlighting their growing importance in the international real estate market.
Also read: <a href="https://www.editorji.com/business-news/rising-property-prices-in-india-delhi-ncr-sees-highest-annual-rise-of-16-among-8-cities-1686743194323">Rising property prices in India: Delhi-NCR sees highest annual rise of 16% among 8 cities</a>

Crisil forecasts bad loan recovery from stressed realty projects to rise to 16-18% by FY25, driven by property price increases and regulatory changes. Improved demand and low inventories will support quicker project turnaround and debt restructuring

Higher property prices, rule changes to boost debt recovery from stressed realty projects: CRISIL

<h2>Crisil forecasts bad loan recovery from stressed realty projects to rise to 16-18% by FY25, driven by property price increases and regulatory changes. Improved demand and low inventories will support quicker project turnaround and debt restructuring</h2>

Recovery of debt from stressed residential realty projects is projected to rise significantly in the current financial year, driven by increasing property prices and regulatory changes, according to a report by domestic rating agency Crisil.
<h3>Bad loan recovery</h3>
Crisil forecasts that the bad loan recovery rate will reach 16-18% by the end of FY25, up from 11% as of March 31, 2024. This improvement will be spurred by enhanced viability of stressed projects due to robust demand and price appreciation in the residential real estate sector. Additionally, increased interest from investors and promoters in reviving such projects will contribute to higher recovery rates.
<h3>Amendments to Insolvency and Bankruptcy Board of India regulations</h3>
Recent amendments to the Insolvency and Bankruptcy Board of India (IBBI) regulations for real estate projects are also expected to facilitate better resolution of stressed assets in the medium term. These changes will aid in the effective restructuring and turnaround of distressed projects.
Crisil's analysis of its portfolio, which includes security receipts worth Rs 9,000 crore from 70 stressed realty projects with a saleable area of 66 million square feet, underpins these estimates. The agency anticipates residential realty demand to grow by 10-12%, supported by healthy economic growth and strong demand across housing segments in the top six cities.
Low unsold inventories across major micro-markets will further aid asset reconstruction companies (ARCs) in quickly reviving stressed projects with support from promoters or external investors. Most of the projects analyzed turned non-performing assets (NPAs) between 2019 and 2022 due to declining sales and slower collections during the COVID-19 pandemic. The rest are pre-2019 NPA projects that struggled with liquidity issues stemming from weak demand.
Crisil&rsquo;s senior director, Mohit Makhija, noted that 33 million square feet of unsold inventory is likely to be sold at appreciated market prices due to significant price increases over the last two years and sustained demand for residential real estate. The emergence of distressed asset credit funds is also expected to improve last-mile funding accessibility, facilitating quicker debt restructuring by promoters with ARCs.
Additionally, the February amendments to the insolvency rules enable resolution of individual projects by separating them from the entire corporate entity. This change is crucial as only 8% of admitted cases have been resolved under the IBC, with debt worth Rs 40,000 crore stuck in 100 ongoing realty cases for over two years.
Crisil director Sushant Sarode highlighted that more project-specific resolutions are anticipated under the insolvency code, which will help maximize value for all stakeholders.
[With PTI inputs]
Also watch: <a href="https://www.editorji.com/business-news/personal-finance/dlf-sells-rs-5-590-cr-worth-apartments-in-gurugram-within-3-days-of-launch-1715249848279">DLF sells Rs 5,590 cr worth apartments in Gurugram within 3 days of launch</a>

Over the past five years new supply and sales share of luxury homes has been steadily rising while the share of affordable housing sales and supply has dramatically declined.  

While luxury home sales are zooming, affordable housing sales is a different story, shows Anarock data

<h2>Over the past five years new supply and sales share of luxury homes has been steadily rising while the share of affordable housing sales and supply has dramatically declined.&nbsp;&nbsp;</h2>

The Indian residential property market seems to be booming, both in terms of sales and new launches. Anecdotal data from developers show that luxury sales in particular have been robust, especially over the past year or so.&nbsp;
Developers such as DLF, Godrej Properties, Ashiana Housing have reported their luxury projects getting completely sold out in a few days, in some cases within just hours of launch. Just recently in April, Ashiana Housing reportedly sold 224 luxury flats worth ₹440 crore in Gurugram, in just 15 minutes.&nbsp;
But, the picture is not all rosy. While luxury housing sales are surging, affordable housing sales have declined. A new report by Anarock shows that the share of luxury sales (homes priced above ₹1.5 crore) was a whopping 21% in Q1 2024, compared to just 4%, five years ago. On the other hand, the share of affordable housing sales stood at 20% in the January to March quarter of 2024, a significant decline from the 37% share, five years ago.
&ldquo;The luxury segment is driven by a mounting appetite for bigger homes by branded developers in superior locations," says Anuj Puri, Chairman, Anarock Group. The downward spiral of this erstwhile poster child of the Indian housing industry (affordable housing) began during the pandemic and then morphed into a broader malaise. Even as the nation awaits the results of the ongoing general elections, any affordable housing revival will hinge on further government sops and incentives for buyers and developers, he adds.&nbsp;
<h3>Affordable Vs. Luxury Housing</h3>
Over a five-year period, the report shows that the new supply and sales share of luxury homes has been steadily rising. Pre-covid, luxury homes accounted for about 11% of overall new supply in the top 7 cities. In Q1 of 2024, this share has gone up to as much as 25%. From 25,770 luxury home units launched in the whole of 2019, over 28,000 units were launched in just the first quarter of 2024.&nbsp;
Affordable housing supply, meanwhile, has shrunk dramatically in the past five years. In 2019, supply of affordable homes stood at 40% out of the overall new supply additions in the top 7 cities. In Q1 2024, this number has dropped to just 18% of total new launches.&nbsp;
The report also says that NCR saw a major trend reversal in this five-year period &ndash; from affordable segment having the lion&rsquo;s share in Q1 2019 to it slipping to the lowest in Q1 2024.&nbsp;

The commercial real estate market in the United States has tumbled by 11% since FED's interest rate hike in March 2022 

US real estate crisis: Washington office building sold at 75% discount in a fire sale

<h2>The commercial real estate market in the United States has tumbled by 11% since FED's interest rate hike in March 2022&nbsp;</h2>

The US commercial real estate market seems to be facing a massive markdown. A Washington DC office building was sold at a whopping 75% discount. A real estate entrepreneur in a post on X said that 175 thousand sq ft tower in Vermont Avenue was sold for $16 million. Previously in 2006, the building was sold for as much as $60 million. The post further mentioned that the building's assessed value in 2018 was $72 million.
<blockquote class="twitter-tweet">
JUST IN: Another Washington DC office building has just sold at a massive ~75% discount to what it last sold for The 175k sq ft tower at 1101 Vermont Ave sold for $16M The building last sold for $60M in 2006 The assessment value in 2018 was $72M in 2018 Washington DC has&hellip; <a href="https://t.co/LXO2JN3XKF">pic.twitter.com/LXO2JN3XKF</a>
&mdash; Triple Net Investor (@TripleNetInvest) <a href="https://twitter.com/TripleNetInvest/status/1774421001570513239?ref_src=twsrc%5Etfw">March 31, 2024</a></blockquote>
<h3>US real estate market falls</h3>
The commercial real estate market in the US has been under intense pressure amid rising interest rates over the past couple of years. Since the FED's interest rate hike in March 2022, the prices in US have tumbled by 11%.&nbsp;
As per media reports, last week too, an 11-story office tower in San Francisco was sold at a 60% discount. The 56 year old building located at 60 Spear Street was brought for $41 million from Clarion Partners that had acquired the property in 2014 for $107 million.
Meanwhile, Kotak Mutual Fund's Managing Director Nilesh Shah while reacting to the Washington DC building post mentioned that the building goes for Rs 7,589 per square foot. He then asserted that the US commercial real estate is in deflation.
<blockquote class="twitter-tweet">
This building goes for ~ Rs 7589 per square foot. ~ 73 % lower than last traded price 18 years back. I did this calculation twice to confirm the number. The commercial real estate in US is truly in deflation / fire sale. Who bears all these losses? <a href="https://t.co/mDd9yaK0tH">https://t.co/mDd9yaK0tH</a>
&mdash; Nilesh Shah (@NileshShah68) <a href="https://twitter.com/NileshShah68/status/1774481250537103804?ref_src=twsrc%5Etfw">March 31, 2024</a></blockquote>

While the current rental yield in Dubai is 9-10%, the average yield in Greece, Cyprus, Malta and Spain is 4-5%

Indian investment in UAE, European real estate spikes amidst attractive rental yields

<h2>While the current rental yield in Dubai is 9-10%, the average yield in Greece, Cyprus, Malta and Spain is 4-5%</h2>

Indian investments into overseas real estate, specifically in Europe and UAE have witnessed a surge driven by immigration programmes such as the Golden Visa, and attractive rental yields exceeding 7%, reported Moneycontrol. This comes evern as the real estate prices in UAE are rising at the rate of 16-19% annually.
<h3>Real estate investment</h3>
As per RBI data, Indians remitted Rs 240.2 crore in December 2023 for purchasing immovable properties abroad. This was a notable increase from Rs 206.8 crore in the corresponding period the previous year. Likewise, FY23 also saw remittances worth Rs 2,714 crore which was a 38% surge from Rs 1,961 crore recorded a year earlier.
Real estate market's immovable property includes residential properties, warehouses, manufacturing units, and factories.&nbsp;
Also Read: <a href="https://www.editorji.com/business-news/number-of-ultra-rich-in-india-to-grow-at-50-by-2028-knight-frank-1709198112804">Number of ultra rich in India to grow at 50% by 2028: Knight Frank</a>
European countries like Greece, Cyprus, Malta, and Spain are also witnessing heightened real estate demand &nbsp;for immigration purposes.&nbsp;
"Typically, the application process for Golden Visa programs takes about 3-4 months, with investors anticipating citizenship within 5-7 years," Ritesh Mehta, Senior Director, &nbsp;Jones Lang LaSalle told Moneycontrol.&nbsp;
Golden Visa offers residency or citizenship to those who invest in real estate, government bonds, or other approved vehicles.
<h3>Rental Yields</h3>
As per data from Dubai Land Department as cited by international property consultant Vestian, India emerged as one of the top investors in Dubai with cumulative investments of $335 million across 123 projects during the first half of 2023.&nbsp;
Moneycontrol quotes Vijay Sawlani, a Dubai-based consultant at Property Junction and said that the average investment ticket size in Dubai ranges between Rs 4-4.5 crore, depending on the location and property size. The rental yields typically range from 7-9%, with prime locations like Downtown or Business Bay boasting short-term rental returns as high as 11-13%.
The minimum investment requirement to get a Golden Visa for Dubai for 5-10 years involve 2 million dirhams, or about Rs 4.5 crore.
"In prime Mumbai areas like Andheri, property prices range between Rs 38,000-45,000 per square foot (psf), whereas in Dubai's newer emirates like Sharjah, Ras Al Khaimah, and Abu Dhabi, prices range from Rs 25,000-35,000 psf, which is more affordable," Vijay Sawlani told Moneycontrol.
As per Moneycontrol the current rental yield in Sharjah and Abu Dhabi range from 6-8%, while Dubai has the highest yields, at 9-10%.
<h3>Investment in Europe</h3>
To get permanent residencies in countries like Greece, Cyprus, Malta, and Spain the investment must range between Rs 4-8 crore. As per Moneycontrol, the rental yield in such places on an average is 4-5%.&nbsp;
The report further mentioned that the entry level investment in Europe vary, starting from Rs 2.5 crore in rural areas, to Rs 8 crore in metropolitan cities. Greece, in particular, offers one of the cheapest residency programs, with popular destinations including Athens, Thessaloniki, Mykonos, and Santorini.
Other countries like the US and UK require higher ticket sizes, ranging from Rs 8 to 20 crore, with lower rental yields of 3.5-4%, and primarily attract high net worth individuals.
&nbsp;

While the average flat size in Bengaluru increased by 26% and 5% rise in Chennai, Mumbai and Kolkata saw a decline. Mumbai witnessed a 5% yearly decline and 2% decline by Kolkata

Demand for bigger homes remains steady; average flat size grows by 11% in top 7 cities

<h2>While the average flat size in Bengaluru increased by 26% and 5% rise in Chennai, Mumbai and Kolkata saw a decline. Mumbai witnessed a 5% yearly decline and 2% decline by Kolkata</h2>

The demand for bigger homes remains steady, despite the rising residential prices, shows an Anarock report. As per the Consulting firm, the average flat sizes in India's top seven cities- Mumbai Metropolitan Region, Delhi NCR, Hyderabad, Kolkata, Bengaluru, Chennai and Pune - have grown 11% annually in 2023 to 1,300 sq. ft.
In 2022, the average flat size across the seven cities was 1,175 sq. ft., 1,170 sq. ft. in 2021 and 1,167 sq. ft. in 2020.
<h3>Flat size grows</h3>
Among the seven cities, NCR saw the highest growth of 37% in average flat size in the last one year. The flat size grew from 1,375 sq. ft. in 2022 to 1,890 sq. ft. in 2023. As per the report, developers in the the region are actively tracking demand and launching larger homes - homebuyer demand is skewed significantly towards luxury apartments, which are primarily defined by bigger sizes.
"North-bound housing prices in the top cities have in no way dispelled the demand for generous living spaces,&rdquo; said Anuj Puri, Chairman &ndash; ANAROCK Group. &ldquo;The supply of bigger luxury homes increased significantly in 2023. ANAROCK data indicates that more than one lakh units (or approx. 23%) of the total new launches in 2023 were in the luxury category. The demand for bigger-size homes was kick-started by the pandemic, but there are no signs of it waning three years later. Led by an enduring &lsquo;new normal&rsquo; in homebuyer preferences, this demand seems eminently sustainable.&rdquo;
The five year trend also has NCR at the top place of seeing a maximum rise of average flat sizes in 2023 with 51%, followed by Hyderabad with a 35% rise in this period.&nbsp;
"In NCR, the average flat size increased from 1,375 sq. ft. in 2022 to 1,890 sq. ft. in 2023, rising by 37% on a yearly basis. If we consider 5-yearly trends, avg. flat size jumped by 51% from 1,250 sq. ft. in 2019," said Puri.
Meanwhile, Hyderabad has the highest average flat size in 2023 at 2,300 sq. ft., followed by NCR with 1,890 sq. ft. In Hyderabad the highest average flat size grew 30% YOY and 35% with a 5 yearly rise. Meanwhile, the average flat sizes in the city stood at 1,700 sq. ft. in 2019, 1,775 sq. ft. in 2022, and 2,300 sq. ft. in 2023.
The average flat size in Bengaluru stood at 1,484 sq. ft., Bengaluru's average flat size increased by 26% in 2023 and on a 5 yearly basis, the city saw a 16% jump in avg. flat sizes. Meanwhile, Chennai witnessed a 5% rise in average at 1,260 sq.ft., and a 15% 5-yearly rise.
Pune&rsquo;s average flat size stood at 1,086 sq. ft. in 2023 witnessing a 11% yearly increase. In last five years, the city saw a 19% jump in avg. flat sizes.
Interestingly, Mumbai and Kolkata witnessed a decrease in the average flat size in the last one year. In Mumbai the average flat size decreased to 794 sq. ft. in 2023 from 840 sq. ft. in 2022, witnessing a 5% yearly decline. However, over a 5-year period, avg. sizes in MMR were similar to 2019 at 784 sq. ft
In Kolkata the flat size declined 2%from 1,150 sq. ft. in 2022 to 1,124 sq. ft. in 2023. However, over a 5-year period, avg. flat sizes have risen by 12% in the city.

The sudden deceleration in the US housing market can be traced to 2022 when the Federal Reserve implemented interest rate hikes in an effort to combat inflation.

US home sales plunge to lowest in nearly three decades amid rising interest rates

The sudden deceleration in the US housing market can be traced to 2022 when the Federal Reserve implemented interest rate hikes in an effort to combat inflation.

The US housing market witnessed its worst year since 1995 as home sales plummeted to a historic low of 4.09 million, according to data released by the National Association of Realtors (NAR). The slump is attributed to a significant surge in interest rates, dissuading buyers and prompting potential sellers with lower rates to hold off.
Tight supply conditions exacerbated the situation, propelling prices to a new record. The median sale price in 2023 rose by 1% to reach $389,800 (&pound;307,625), marking a 40% increase since 2019. The NAR remains cautiously optimistic about the market's prospects in 2024 but issued a warning about persistent affordability challenges.
Economist Lawrence Yun from the NAR expressed concern over the unsustainability of recent price hikes and stressed the necessity of boosting housing supply to address the growing disparity between homeowners and renters. Yun cautioned that if current price trends persist, the nation could accelerate into a dichotomy of haves and have-nots.
The abrupt slowdown in the US housing market dates back to 2022 when the Federal Reserve initiated interest rate hikes to counter inflation. Last year saw mortgage rates, typically fixed for a 30-year period, surpass 7% for the first time in decades. This shift marked the end of a pandemic-induced buying frenzy, fueled by the central bank's rate cuts.
Despite recent declines in mortgage rates to 6.6%, the lowest since May, industry experts remain cautious. Analysts, including Nancy Vanden Houten from Oxford Economics, anticipate that rates will likely hover above 6%, insufficient to entice a significant number of sellers back into the market. The prevailing scarcity of existing homes for sale is expected to sustain positive home price growth in the coming year, further compounding affordability challenges for prospective buyers. Also Watch: <a href="https://www.editorji.com/business-news/ayodhya-ram-mandir-here-s-all-you-need-to-know-about-the-cost-of-construction-and-funding-1705669463988#google_vignette">Ayodhya Ram Mandir: Here's all you need to know about the cost of construction and funding</a>

While India is expected to register its highest home sales of 2,60,000 units in 2023, JLL India has mentioned that the home sales in 2024 are likely to be in the range of 290,000-300,000 units driven by a possible rate cut by RBI

India's home sales in 2023 to be the highest since 2008: Report

<h2>While India is expected to register its highest home sales of 2,60,000 units in 2023, JLL India has mentioned that the home sales in 2024 are likely to&nbsp;be in the range of 290,000-300,000 units driven by a possible rate cut by RBI</h2>

India is poised to register the highest home sales in 2023 after 2008, revealed a new report by real estate consultancy JLL India. As per the report, in the current calendar year, India is expected to record 260,000 units of home sales - which will be the highest since 2008.
<h3>Home Sales in 2023</h3>
In its "2023: A Year in Review" report, JLL said that home sales in the first 9 months of 2023 reached 196,227 units, 91% of the total sales in 2022.
"It is interesting to note that residential sales broke all records with average quarterly sales of over 65,000 units till the third quarter of 2023," the report mentioned.
Also Read: <a href="https://www.editorji.com/business-news/65-indians-willing-to-buy-homes-in-2024-nobroker-annual-report-2023-1702292195477">65% Indians willing to buy homes in 2024: NoBroker Annual Report 2023</a>
Mid-segment homes in the range of Rs 50-75 lakh saw the highest number of sales in which 45,592 units were sold in the first 9 months of 2023. Premium homes at the range of Rs 1.5 to 3 crore saw a sales of 42,919 units which was followed by sales in low-segment homes that cost below Rs 50 lakh. A total of 38,307 of these homes were sold in 2023.
The share of premium segment rose from 18% in the first 9 months of 2022 to 22% during the same period in 2023. The luxury segment (above Rs 3 crore) also witnessed an 83% surge in sales from 8,013 units in the first nine months of 2022 to 14,627 units in the first nine months of 2023.
"With homebuyers upgrading to bigger sized homes, developers are launching such projects taking cognizance of this demand trend," the consultancy said.
Along with the rise in sales, there also was a significant increase in new launches in 2023. A total of 2,23,905 units were launched which is 21.5% higher than in 2022.
"It is anticipated that by the end of 2023, we can expect around 280,000 launches. Furthermore, the robust supply pipeline from reputable developers indicates that the launches will continue to be strong in 2024, with an estimated range of 280,000-290,000 units," the report said
<h3>Home sales prediction for 2024</h3>
The report has also forecasted that in 2024, home sales are expected to be in the range of 290,000-300,000 units.
"There is a possibility of a policy rate cut in 2024 provided the GDP growth and inflation support such a stance of RBI. In that scenario, we would likely see a further growth trajectory in the residential sector," said Samantak Das, chief economist and head of research at JLL India.
"Also, the sales guidance shared by various established developers reflect robust sales which are expected to get a healthy response from the buyers," he added.

As per real estate developers who spoke to Mint and Moneycontrol, a ban for one month will delay the delivery on average by at least two to three months

Delhi-NCR air pollution: Construction ban hits real estate sector

<h2>As per real estate developers who spoke to Mint and Moneycontrol, a ban for one month will delay the delivery on average by at least two to three months</h2>

Delhi Air Pollution: Centre has banned construction activities in Delhi-NCR area for a month to curb the air pollution. While the move is pretty much required, it is ought to affect the real estate sector as ongoing projects will be delayed.
The Commission for Air Quality Management (CAQM) has invoked stage III of the Graded Response Action Plan (GRAP), which includes a ban on all non-essential construction and demolition activities in Delhi-NCR. GRAP action depends on four stages of pollution: Stage I - 'poor' (AQI 201-300); Stage II - 'very poor' (AQI 301-400); Stage III - 'severe' (AQI 401-450); and Stage IV - 'severe plus' (AQI above 450).
<h3>Impact on real estate&nbsp;</h3>
Real estate developers who spoke to Mint and Moneycontrol have said that the move will delay the delivery of projects, and impact builders as well as homebuyers. Moneycontrol quoted Manoj Gaur, chairman, Confederation of Real Estate Developers' Associations of India (CREDAI)-National and said that a ban for one month will delay the delivery on average by at least two to three months.
&ldquo;A one-month construction ban will lead to delays of at least two to three months in project completion. The real estate sector is concerned that blanket bans, while addressing pollution, may lead to increased project costs and affect the livelihood of construction workers,&rdquo; Gaur told Moneycontrol.
While assuring that the developers are proactively undertaking measures like sprinkling water regularly and installing anti-smog machines to mitigate pollution, he added that the ban may lead to increased project costs and affect the livelihood of construction workers
Some told Moneycontrol that government should adopt a case-by-case approach when implementing air pollution regulations, and control vehicular emissions and roadside dust, which are the main sources of pollution.
Also Read:<a href="https://www.editorji.com/business-news/economy/navratri-2023-ignites-mumbai-property-boom-37-4-surge-in-registrations-1698225928743">Navratri 2023 ignites Mumbai property boom: 37.4% surge in registrations</a>
Meanwhile Nayan Raheja, Raheja Developers told Mint that he agrees with the government to balance the rising pollution levels in and around the national capital. He further added that they would continue with soft activities that do not contribute to pollution to continue the construction process.
&ldquo;As the authorities had to ban construction activities to balance the degrading air quality, it might pose a challenge for the real estate sector . However, we believe that this measure is quite important to balance the rising pollution levels in and around the national capital. We hope to continue with soft activities that do not contribute to pollution to continue the construction process," Nayan Raheja, Raheja Developers told Mint.
<h3>Homebuyers on ban</h3>
Homebuyers who had invested in flats in Delhi-NCR are not very thrilled about the ban. Adwitiya Sharma, a homebuyer in Gurugram told Moneycontrol that the ban will delay the project that is already running behind schedule.
&ldquo;I was scheduled to get possession of my flat in July this year, but it is still not completed. The CAQM ban on construction activities will delay the delivery of my flat further,&rdquo; Sharma told Moneycontrol.
Meanwhile, some others call for a quick and sustainable solution for the pollution menace.

Homebuyers still favour mid-range to premium homes despite rising prices and interest rates, with 59% choosing homes priced between ₹45 lakh to ₹1.5 crore

Survey indicates real estate as top investment choice, gold least preferred

Homebuyers still favour mid-range to premium homes despite rising prices and interest rates, with 59% choosing homes priced between ₹45 lakh to ₹1.5 crore

Real estate has solidified its position as the top choice for investors, while gold finds itself at the bottom of the list, as per the Anarock Consumer Sentiment survey for the first half of 2023.
The survey results indicate a significant preference for real estate, with more than 60% of respondents expressing their favour, marking a 3% increase from the previous survey. In stark contrast, gold's appeal continues to dwindle, with a mere 5% of participants considering it their investment of choice. This shift in sentiment coincides with the resurgence of Fixed Deposits (FDs) as an attractive investment avenue due to rising interest rates.
Furthermore, the stability of home loan rates, averaging around 9.15%, has upheld the positive sentiment surrounding real estate. However, nearly 98% of those surveyed expressed concerns that any breach beyond 9.5% could significantly impact their home-buying decisions.
The survey also sheds light on the financial strain faced by the majority of respondents, with over 66% reporting that high inflation has eroded their disposable incomes, up from 61% in the previous year's survey.
This trend is attributed to persistent global and local inflationary pressures stemming from the ongoing pandemic and the Russia-Ukraine conflict. While this has yet to affect housing sales, any further inflationary spikes may hinder residential sales growth.
The survey underscores the dominance of end-users in the housing market, with 67% of respondents planning to purchase properties for their own use, seeking security in an uncertain economic landscape. Moreover, 52% of millennials and 35% of Gen-X respondents intend to utilize their investment gains from other asset classes to invest in homes in the future.
Despite the recent uptick in property prices and interest rates, the survey reveals that 59% of homebuyers still favour mid-range and premium homes in the price range of ₹45 lakh to ₹1.5 crore. The survey indicates a 10% increase in sentiment for homes in this budget category since 2020. Among these options, homes priced between ₹45-90 lakh are the most preferred, chosen by 35% of respondents, closely followed by 24% favouring homes priced between ₹90 lakh to ₹1.5 crore.

The registration of properties in Mumbai city (area under BMC jurisdiction) has crossed 10,600 units by 3 pm on Thursday

Mumbai property registrations set to surge 26% in August: Report

The registration of properties in Mumbai city (area under BMC jurisdiction) has crossed 10,600 units by 3 pm on Thursday

Property registrations in the Mumbai municipal area are projected to surge by 26% year-on-year in August, reaching around 10,800 units, the highest in a decade, driven by robust housing demand, according to Knight Frank India.
As of Thursday afternoon, property registrations in Mumbai city, falling under BMC jurisdiction, had already exceeded 10,600 units. This marks a significant increase from the 8,552 units registered in the same period last year and the 10,221 units registered the previous month.
Around 80% of the registrations this month pertain to housing transactions in both the primary (fresh) and secondary (resale) markets. The surge is expected to yield revenue collection of over Rs 800 crore for the state government.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, noted that Mumbai's residential market remains strong due to growing interest from aspiring homeowners. The registration of properties valued at Rs 1 crore and above has notably risen, driven by elevated property prices and a preference for more spacious accommodations.
Dhaval Ajmera, Director of Ajmera Realty &amp; Infra India Ltd, highlighted the confidence among Mumbai's homebuyers in the residential real estate segment, attributing it to the desire for better living spaces and ongoing infrastructural developments in the city.
Amit Goyal, Managing Director of India Sotheby's International Realty, emphasized the steady rise of Mumbai's luxury housing market over the past three years. With wealth creation in India accelerating and Mumbai poised to become one of the top 20 cities globally with the most millionaires by 2023, the luxury housing market is expected to maintain its strength.
Knight Frank data suggests that property registrations in Mumbai city are projected to exceed 83,500 units. Notably, the percentage of property registrations for properties valued at Rs 1 crore and above has risen from 48% in January-August 2020 to approximately 57% during the same period in 2023, indicating an ongoing trend of high-value property transactions.

DLF Chairman Rajiv Singh: wealthiest Indian real estate entrepreneur; see who's on 2nd position

As per the list, Arjun Menda &amp; family of Bengaluru-based RMZ Corp debuted at the third position on the list, with a wealth of Rs 37,000 crore

Realty major DLF's Chairman Rajiv Singh remains the wealthiest Indian real estate entrepreneur with a wealth of Rs 59,030 crore, according to GROHE-HURUN India.
With a wealth of Rs 42,270 crore, Mangal Prabhat Lodha and his family of Macrotech Developers (Lodha Group) is at the second position.
On Tuesday, GROHE-HURUN India Real Estate Rich List 2023 was released that ranks 100 individuals from 67 companies and 16 cities.
As per the report, 61 per cent of the list saw their wealth increase, of which 25 were new faces, while 36 saw their wealth decrease.
As per the list, Arjun Menda &amp; family of Bengaluru-based RMZ Corp debuted at the third position on the list, with a wealth of Rs 37,000 crore.
With a fortune of Rs 26,620 crore, Chandru Raheja &amp; family of K Raheja Corp, have successfully held onto the fourth position.
Hiranandani Communities founder Niranjan Hiranandani was at the 5th position with a fortune of Rs 23,900 crore.
Jitendra Virwani, 57, is ranked sixth on the list with a wealth of Rs 23,100 crore as the founder of Embassy Office Parks.
Vikas Oberoi, &nbsp;the founder of Oberoi Realty, has descended to the seventh position on the list. His wealth stood at Rs 22,970 crore.
With a wealth of Rs 16,110 crore, Basant Bansal &amp; family of M3M India occupy the eighth spot on the list.
Raja Bagmane, of Bagmane Developers, ranks ninth on the list with a wealth of Rs 16,100 crore.
G Amarender Reddy &amp; family, the founder and chairman of GAR Corporation, made their debut at the tenth position on the list with a wealth of Rs 15,000 crore.
"The entry point to the top 10 has surged from Rs 3,350 crore in 2017 to a staggering Rs 15,000 crore today. Similarly, the threshold to make it to the top 50 has risen from Rs 660 crore in 2017 to Rs 1,300 crore presently," Hurun India MD and Chief Researcher Anas Rahman Junaid told reporters.
With 25 per cent of the list comprising new entrants, it vividly showcases the burgeoning wealth generated by emerging real estate entrepreneurs, he added.

In Delhi, 134,827 properties were registered in 2022, a 68% increase over the year before. In contrast, Mumbai experienced a drop in registrations between 2021 and 2022.

Delhi sells more housing units than Mumbai from 2019-22

In Delhi, 134,827 properties were registered in 2022, a 68% increase over the year before. In contrast, Mumbai experienced a drop in registrations between 2021 and 2022.

Delhi has sold about 79% more houses than Mumbai over the last four year.
Data from property analytics company CRE Matrix shows that Delhi had higher sales in 2021 and 2022 compared to the pre-covid period. 1.15 lakh homes were sold in 2019, compared to 73,777 in 2020. In 2021 and 2022, this number reached 1.23 and 1.34 lakh.&nbsp;
The data revealed that there were 48,654 houses sold in Mumbai in 2019, 46,368 houses sold in 2020, 77,677 houses sold in 2021, and 74,943 houses sold in 2022.
According to the data, the most expensive house sold in Mumbai was worth Rs 96 crore in 2019 and Rs 520 crore in Delhi. In 2021, it was worth Rs 1,001 crore in Mumbai and Rs 253 crore in Delhi. And in 2022, the most expensive house sold was worth Rs 144 crore in Mumbai and Rs 265 crore in Delhi.
The CRE matrix only took into account registry data for Delhi, excluding Gurgaon and Noida, while for Mumbai, Thane and Navi Mumbai were not included in the statistics.

DLF sells 1,137 flats in Gurugram for over ₹8,000 crore within 3 days

In a regulatory filing, DLF informed that it has "witnessed record breaking pre-formal launch sales of Rs 8,000-plus crores for its luxury high-rise residences, The Arbour"

Realty major DLF Ltd has sold 1,137 luxury apartments, priced Rs 7 crore and above, in its housing project in Gurugram for over Rs 8,000 crore within 3 days, reflecting a strong demand for premium flats across major cities.
In a regulatory filing, DLF informed that it has "witnessed record breaking pre-formal launch sales of Rs 8,000-plus crores for its luxury high-rise residences, The Arbour".
DLF will build 1,137 4BHK apartments across five towers (38-39 storeys) in this 25-acre project.
The project is located at Golf Course Extension Road, Sector-63 Gurugram.
The project has been fully sold out within three days even before its launch, DLF said.
Aakash Ohri, Group Executive Director and Chief Business Officer, DLF Ltd, said, "Our latest luxury offering, 'The Arbour' has received a phenomenal response even before it was launched." The interest shown by discerning homebuyers in the country and overseas is clearly an endorsement of the highly aspirational DLF lifestyle, he said.
"It is perhaps a new touchstone in the luxury real estate segment. Significantly, over 95 per cent of the buyers are individuals who have bought into The Arbour for their end usage," DLF said.
In January, DLF had said it will launch this project with an estimated sales revenue of around Rs 7,500 crore.
"Demand of real estate across various price points is very strong, especially for products offered by trusted developers," Ohri had said.
DLF -- the country's largest real estate firm in terms of market capitalisation -- achieved a 45 per cent growth in sales bookings to Rs 6,599 crore in April-December period of this fiscal.

Amid a boom in the real estate residential market, a survey finds that women make up a key homebuyer segment with 65% of women preferring to invest in real estate while just 8% favour gold as an investment. 

Gold loses lustre as women prefer investing in real estate, shows survey 

Amid a boom in the real estate residential market, a survey finds that women make up a key homebuyer segment with 65% of women preferring to invest in real estate while just 8% favour gold as an investment.&nbsp;

Women in India are increasingly favouring investing in real estate compared to other avenues. A recent survey by Anarock property consultants found that 65% of women homebuyers prefer to invest in real estate, followed by 20% favouring the stock market. Just 8% of women respondents prefer investing in gold and 7% prefer FDs.
The survey revealed that 77% of women homebuyers buy homes for end-use, while 23% buy for investment. This is a shift from the previous survey, which showed that 82% of women bought homes for end-use, and 18% for investment. The survey also shows that 83% of the women respondents were looking for homes priced above Rs 45 lakh. The sweet spot for 36% of women home seekers is the Rs 45-90 lakh budget range, while 27% prefer premium homes priced between Rs 90 lakh and Rs 1.5 Cr, and 20% prefer luxury homes priced above Rs 1.5 Cr.&nbsp;
There are several benefits that Indian women can avail of while buying real estate. This includes:&nbsp;
<ol>
<li>To avail homes under the government&rsquo;s Pradhan Mantri Awas Yojna (PMAY), homes have to be registered either in a woman&rsquo;s name or with a woman as co-owner.&nbsp;</li>
<li>Lower stamp duty: Stamp duty charges are lower if the property is registered in a woman's name. However, this benefit varies from state to state.&nbsp;</li>
<li>Many banks offer a lower interest rate for home loans to women.&nbsp;</li>
</ol>
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