This directive follows the regulator’s observation of widespread non-compliance by promoters, raising serious concerns about transparency and accountability within the real estate sector.

During a recent review meeting, HRera highlighted that numerous promoters had failed to submit these mandatory reports, despite being issued repeated reminders.

Consequently, the authority has begun issuing show-cause notices to defaulting promoters. These notices stipulate a strict deadline for compliance and warn that failure to adhere will result in substantial financial penalties.

In its official order, HRera stressed that failing to file annual reports constitutes a significant breach of the Real Estate (Regulation and Development) Act, 2016 (RERA Act).

Promoters who do not comply within 30 days of receiving the notice will face an initial penalty of ₹5 lakh. Additionally, for non-compliance extending beyond 60 days, an incremental penalty of ₹10,000 per day will be imposed.

The submission of annual reports is a vital obligation under Section 4(2)(l)(d) of the RERA Act. Promoters are required to ensure their project accounts are audited by a certified chartered accountant within six months after the conclusion of each financial year.

This audit must confirm that funds collected for a project are used solely for its intended purpose and that withdrawals correspond accurately to the project’s progress.

HRera has further cautioned that any promoter who provides false information or violates the provisions of Section 4 may face penalties of up to 5% of the estimated project cost, as outlined in Section 60 of the Act.

This measure underscores the critical importance of upholding financial integrity in real estate projects.
The regulator has reiterated that these steps are designed to enhance transparency and accountability within the industry.

Promoters are strongly urged to comply with these statutory requirements promptly to avoid facing severe financial and legal consequences.

HRera’s strict stance reflects its dedication to protecting homebuyers’ interests and ensuring that project funds are managed responsibly. Through these actions, the authority aims to reinforce trust and ethical practices in the real estate sector.

The post Haryana RERA mandates builders to file annual reports within 30 days appeared first on .

Located in Mallampet Village, Medchal-Malkajgiri district, the project was initially scheduled for completion by July 1, 2023, with a grace period extending to December 2023.

However, with significant delays, RERA has directed the developer to finish all pending work within 90 days from November 14, 2024.

The action follows a complaint filed by flat buyers Allam Nagaraju, S. Arun Kumar, and others, who alleged multiple violations, including delays in project delivery and deviations from the approved construction plan.

According to the complainants, Sterling Homes did not adhere to the sanctioned plan, particularly in constructing the clubhouse and ensuring a compound wall to separate the project from its adjacent Phase II development.

They also accused the developer of misleading buyers by sharing amenities between Phase I and II without prior disclosure. Further, they alleged that Sterling Homes relocated the Sewage Treatment Plant (STP) in violation of the approved plan and began work on Phase II before completing Phase I, thereby compromising the rights of Phase I buyers.

In response, Sterling Homes defended itself in its submission to Telangana RERA (TGRERA), citing external factors such as regulatory hurdles, heavy rainfall, labour shortages, and disruptions caused by the pandemic as reasons for the delays.

The developer maintained that the deviations from the approved plan were minor adjustments made to ensure structural integrity and had been approved by the relevant authorities.

Sterling Homes denied allegations of malafide intent, asserting that Phase II construction was initiated only after securing the necessary approvals and that buyers had been informed about the shared amenities.

It further claimed that financial constraints, exacerbated by the complainants’ alleged non-payment of dues, contributed to the delays in completing Phase I.

In its ruling, RERA ordered the developer to complete all remaining work in the Sterling Orchids Phase I project, including promised amenities, strictly in line with the sanctioned plan, within 90 days.

Additionally, RERA mandated Sterling Homes to pay interest at a rate of 10.95% per annum to the complainants for the amounts already paid, as outlined in the Agreement of Sale.

At the same time, the complainants were directed to clear any pending sale consideration amounts within 45 days to facilitate the project’s progress. Both parties have been instructed to fulfill their respective obligations to ensure the project’s timely completion and prevent further disputes.

The post Telangana RERA Penalizes Sterling Homes ₹18 Lakh for Project Delays. appeared first on .

The complainant, Sharath, alleged that Buildox was promoting and accepting payments for a project named The Continent located at Kondapur/Hafeezpet without RERA registration.

Sharath revealed that he discovered the project through Facebook, which led to a WhatsApp chat with a person named Kamal. This interaction was followed by a meeting at the Buildox office with a representative, Damodara Prasad, who introduced himself as a director of Hexasky Infra Projects managing Buildox sales.

Assured of the project’s authenticity and promised possession by 2028, Sharath paid a token amount of ₹2 lakh in February. However, he later discovered that the project lacked mandatory approvals and the land was embroiled in legal disputes. Consequently, he filed a complaint with TG RERA.

In its defense, Buildox denied all accusations, asserting that the Facebook page advertising the project was unauthorized and fraudulent.

The company claimed it neither had a project named The Continent nor any association with individuals named Kamal or Damodara Prasad. Additionally, Buildox stated they had not received any payments related to the project. The company further alleged that their attempt to refund ₹2 lakh was obstructed due to a block imposed by the complainant.

Upon reviewing the evidence, TG RERA concluded that Buildox failed to substantiate its claims, including the justification for receiving funds, and did not comply with interim orders to provide bank statements.

The authority determined that Buildox had violated Section 3 of the Real Estate (Regulation and Development) Act, 2016, by marketing and collecting payments without the required approvals.

On November 11, TG RERA imposed a penalty under Section 63 of the Act, instructing Buildox to refund the ₹2 lakh booking amount to Sharath within 15 days. The authority also cautioned the company that failure to comply would result in additional action under Section 63.

The post Buildox Fined for Accepting Flat Booking Amount Without Telangana RERA Approval appeared first on .

Unlike standard disbursements under ‘affordable housing’ initiatives, this new approach would assess applicants’ income through unconventional means, such as examining the transaction activity of a street vendor via QR code payments.

Another proposed method involves estimating the business revenue of a roadside eatery by analyzing customer volume and average bill size.

This proposal is being explored in light of recent Cabinet approval for government support to construct 3 crore homes under the Pradhan Mantri Awas Yojana (PMAY) 2024.

PMAY’s focus areas include slum rehabilitation, credit-linked subsidies for economically weaker sections, and interest subsidies for low- and middle-income groups, along with affordable housing partnerships.

A senior banker confirmed the initial discussions but clarified that “it would be inaccurate to suggest that public sector banks are being pushed by the government to pursue this.”

If implemented through the extensive network of PSU bank branches, such a scheme could boost participation in the central housing programs, which were launched in 2016 for rural and 2015 for urban areas.

However, this would involve banks engaging a new customer segment traditionally served by non-banking financial companies (NBFCs), whose loan approvals have recently slowed due to concerns raised by the Reserve Bank of India over their growth rates. Typically, NBFCs charge 1.5-2 percentage points higher in interest.

“While affordable housing loans may fall under the central scheme, banks usually request some form of documentation, like income tax returns or bank statements, even for low-income applicants,” noted another banker.

“What could be explored now is whether banks could conduct an on-site assessment of income. PMAY has faced some obstacles, like missing documentation and regions where properties are transferred without notifying the lender.”

Some in the banking industry believe a partial government guarantee could be beneficial for loans where formal income documentation is absent.

The Indian Banks’ Association recently discussed this idea, with a source mentioning, “This will require a different strategy. Even with income documentation, banks often face scrutiny on factors such as loan-to-value ratios, which the regulator has capped at 90% for loans up to Rs 30 lakh.”

Just last week, the Cabinet approved the PM-Vidyalaxmi scheme to support meritorious students facing financial challenges in higher education.

Under this scheme, students accepted into ‘quality higher education institutions’ (ranked by the National Institutional Ranking Framework) are eligible for collateral- and guarantor-free loans from banks and financial institutions to cover tuition and other course-related costs.

The post State-Run Banks Explore New Home Loan Model for Informal Income Earners appeared first on .

The data highlights the impact of the Dussehra and Diwali celebrations on the city’s real estate activity, particularly in the municipal region under BMC (Brihanmumbai Municipal Corporation) jurisdiction. This growth marks a significant rise from 10,607 units registered in October 2023.

Residential units dominated this upward trend, comprising 80% of the total registrations for the month, emphasizing a strong and steady demand for housing in Mumbai.

October 2024 noted a marked increase in demand for high-value properties, with transactions for properties priced above Rs 2 crore reaching 2,876 units.

This high-end segment accounted for 22% of total registrations, up from 18% in October last year. The trend showcases an upward shift in consumer preference for premium properties, reflective of Mumbai’s resilient real estate market.

Conversely, the share of registrations for properties priced below Rs 50 lakh dropped significantly from 27% in October 2023 to 20% in October 2024, indicating a shift towards mid-to-high-end property investments.

Here is what real estate industry leaders have to say on the robust property registrations in October 2024:

Mr. Prashant Sharma, President, NAREDCO Maharashtra

“The remarkable increase in property registrations and revenue generation in Mumbai this October underscores the positive sentiment surrounding property investments during the festive period. The alignment of auspicious occasions like Navratri and Diwali in the same month has certainly catalyzed this growth, as buyers view this as an ideal time to make high-value investments.

This trend reflects the growing confidence in Mumbai’s real estate market, supported by strong demand across segments and favorable state policies. NAREDCO Maharashtra is optimistic that this momentum will continue, contributing significantly to the state’s economic growth and further bolstering buyer confidence in Mumbai’s dynamic property market.”

Mr. Rajeev Ranjan, Co-Founder & CEO, The Mentors Real Estate Advisory Pvt Ltd

“The festive period this October has brought forth a surge in property registrations, fueled by the high-value sentiment associated with Navratri and Diwali. This seasonal upturn, combined with the strategic allure of Mumbai as a premium investment destination, showcases the strength of the real estate sector as a wealth-building asset for buyers.

The impressive rise in revenue from property registrations not only reflects robust market activity but also signals a maturing buyer profile that sees long-term value in real estate. As we move forward, we anticipate sustained demand driven by such auspicious periods and consistent market confidence in Mumbai’s thriving property landscape.”

Mr. Anil Mutha, Chief Visionary & Co-Founder, Nandivardhan Group

“The strong performance in property registrations during October reflects Mumbai’s enduring appeal and the pent-up demand catalyzed by Dussehra and Diwali. The shift towards higher-value properties is particularly encouraging for developers as it indicates a maturing market where homebuyers are increasingly prioritizing location, lifestyle, and amenities. The real estate market is witnessing a transformative phase, and we are optimistic about the sector’s continued growth.”

Mr. Vedanshu Kedia, Director, Prescon Group

“The increased demand in the high-value property segment underscores a shift in buyer preference towards premium, amenitized, living experiences, as seen in the rise in registrations for properties priced above Rs 2 crore.

This trend highlights the aspirations of Mumbai’s buyers for quality and lifestyle-driven investments, and we expect this momentum to sustain as more homebuyers align their choices with long-term value creation and life-style oriented decision making.”

Mr. Rohan Khatau, Director, CCI Projects

“The significant increase in registrations, particularly in premium segments, signals a robust demand landscape driven by economic stability and aspirational buying. The reduced share of lower-value properties indicates a trend where Mumbai homebuyers are moving towards long-term investments that enhance quality of life.

The sector’s positive growth trajectory demonstrates the resilience and potential of Mumbai’s real estate market as it aligns with the aspirations of modern homebuyers.”

Mr. Govind Krishnan Muthukumar, Managing Director & Co-founder of Tridhaatu Realty

“The consistent rise in property registrations, especially during the festive season, reflects a renewed confidence among homebuyers, spurred by robust market dynamics and favorable economic conditions. The strong demand for high-value properties reaffirms Mumbai’s position as a lucrative and resilient real estate market.

With upcoming infrastructure advancements, we anticipate this trend will continue, creating positive momentum across all price segments and benefiting developers and consumers alike.”

The festive quote by Mr. Harshvardhan Tibrewala, Managing Director of Vida Realty

At Vida Realty, we are focused on developing premium, sustainable real estate projects that cater to the evolving needs of modern families. With Chembur emerging as a rapidly growing real estate market, we’ve seen a surge in interest, especially since Navratri, and we are excited to meet the demands of potential customers through our thoughtfully designed properties and flexible payment plans.

Our existing projects, such as Upper East 97, East Eden, and Roha Vatika, have set a benchmark in quality living. With our ongoing projects Eva Aria & Eva Aspire, and several upcoming projects like Vida Crest, Elevia, and JVLR60, we are targeting over ₹200-300 crore worth of property sales in the next six months.

The post Mumbai Property Registrations Surge by 22% in October 2024 boosted by High-Value Transactions in festive season appeared first on .

Quarter Highlights:

• Second highest ever Q2 Revenue since inception.
• Recorded footfalls of 4.51 lakhs.
• Bangalore Park recorded 1.96 lakhs footfalls, Kochi Park recorded 1.39 lakhs footfalls, Hyderabad Park recorded 0.92 lakhs footfalls and Bhubaneswar Park recorded 0.24 lakhs footfalls.

Half year Highlights:

• Recorded footfalls of 14.52 lakhs.
• Bangalore Park recorded 5.54 lakhs footfalls, Kochi Park recorded 4.14 lakhs footfalls, Hyderabad Park recorded 3.91 lakhs footfalls and Bhubaneswar Park recorded 0.93 lakhs footfalls.

Quarter Update:

• Footfalls for the second quarter ended September 30, 2024, were 4.51 lakhs, as against 4.96 lakhs during the corresponding period of the last financial year.
• Gross revenue for the second quarter ended on September 30, 2024, was Rs.71.23 crores, marking a 13% de-growth compared to Rs.81.41 crore achieved in the corresponding period of the last financial year.
• EBITDA for the second quarter ended September 30, 2024, was Rs.2.75 crores, marking a 90% de-growth compared to Rs.26.65 crore achieved in the corresponding period of the last financial year. This is primarily due to increased marketing expenses and expanded recruitment efforts aimed at building long-term brand value, raising awareness for the new park, and supporting Wonderla’s ambitious expansion plans.
• Adjusted EBITDA for the second quarter ended September 30, 2024, was Rs.4.74 crores, marking an 82% de-growth compared to Rs.26.65 crore achieved in the corresponding period of the last financial year.
• Profit after tax for the second quarter ended September 30, 2024, was Rs.14.72 crores, marking a 9% growth compared to Rs.13.52 crore achieved in the corresponding period of the last financial year.

Half year Update:

• Footfalls for the half year ended September 30, 2024, were 14.52 lakhs, as against 15.98 lakhs during the corresponding period of the last financial year.
• Gross revenue for the half year ended on September 30, 2024, was Rs.248.69 crores, marking an 8% de-growth compared to Rs.271.67 crore achieved in the corresponding period of the last financial year.
• EBITDA for the half year ended September 30, 2024, was Rs. 98.71 crores, marking a 34% de-growth compared to Rs.149.15 crore achieved in the corresponding period of the last financial year.
• Adjusted EBITDA for the half year ended September 30, 2024, was Rs.106.54 crores, a 29% de-growth compared to Rs.149.15 crore achieved in the corresponding period of the last financial year.
• Profit after tax for the half year ended September 30, 2024, was Rs.77.96 crores, marking a 20% de-growth compared to Rs.97.99 crore achieved in the corresponding period of the last financial year.

Business Outlook:

Commenting on the performance during the quarter, Mr. Arun K Chittilappilly, Managing Director, Wonderla Holidays Ltd., said “Wonderla’s achievement of its second-highest Q2 revenue since inception highlights the brand’s resilience and appeal, even in a dynamic market environment. This quarter’s footfall of 4.51 lakh reflects our dedicated efforts across Bangalore, Kochi, Hyderabad, and Bhubaneswar, despite challenges from shifting consumer preferences and natural disruptions, including landslides in Kerala and floods in Andhra Pradesh and Telangana. Each park made significant contributions, underscoring Wonderla’s regional strength and the sustained popularity of our offerings.

A significant milestone this quarter was the grand opening of Wonderla Bhubaneswar, inaugurated by the Deputy Chief Minister of Odisha, which has expanded our footprint and strengthened our presence in Eastern India.

While discretionary spending showed caution, our strategic emphasis on growing non-ticket revenue and engaging higher-value visitors has supported profitability. This quarter also saw a notable rise in online bookings especially across our established parks in Bangalore, Kochi, and Hyderabad compared to the same period last year. This aligns with Wonderla’s focused efforts to expand its online presence each year. Wonderla remains steadfast in delivering world-class experiences and adapting to shifting market trends. Our ongoing commitment to innovation and operational resilience not only reinforces current growth but positions Wonderla to capture new opportunities within India’s expanding amusement and entertainment sector.”

The post Wonderla records second highest ever Q2 revenue since inception appeared first on .

Mumbai, 06 November 2024 – Supreme Universal, a prominent name in Mumbai and Pune’s real estate landscape, is proud to announce the launch of the second phase of its luxury villa township, Supreme Villagio, situated  in Somatane, Pune.

Following the tremendous success of the first phase launched in early 2023, which saw nearly 100 villas sold, the company is now introducing an additional 70 exclusive 4 BHK villas. The second phase aims to cater to the ever-growing demand for sumptuous in the Pune region, drawing interest from both domestic and international buyers.

Supreme Villagio, spread over 16 acres, offers premium residential experience, elite accommodations and natural surroundings. The first phase of the project, launched in early 2023, quickly gained traction among high-end homebuyers and investors.

Close to 100 villas were sold out within a year, and the project is set for delivery early next year. This overwhelming response encouraged Supreme Universal to advance plans for the second phase, offering an additional 2.5 lakh sq. ft. of opulent living space.

Vishal Jumani, Joint Managing Director of Supreme Universal, expressed their excitement for the second phase: “The first phase of Supreme Villagio surpassed our expectations in demand and sales, generating significant interest from local and NRI buyers.

The second phase is already generating inbound demand from high-net-worth individuals (HNWIs) and investors from cities such as Pune, Mumbai, Ahmednagar, Aurangabad, Jaipur, Delhi and NRI markets like US, UK, UAE, Singapore and Australia.

The project’s unique location, the upcoming Navi Mumbai Airport, and the 105 km Eastern Ring Road add immense value to this development as an affluence investment opportunity.”

Supreme Villagio sets a new benchmark in villa living, standing out as a premier residential development. Situated 600 meters above sea level, it enjoys the same altitude and natural climate as Lonavala, offering residents fresh air, lush green surroundings, and a peaceful lifestyle away from the bustle of city life.

The project is well-connected to Pune’s major hubs, including Baner, Hinjewadi, and PCMC, as well as to the Mumbai-Pune Expressway and Old Mumbai-Pune Highway, ensuring easy access to both Mumbai and Pune.

In terms of amenities, the project boasts a grand central boulevard, a majestic clubhouse, a large swimming pool, manicured gardens, and a range of recreational activities. With its proximity to reputed schools, hospitals, and entertainment hubs such as Phoenix Mall in Wakad, Supreme Villagio offers residents an integrated, lifestyle-focused living experience.

The newly launched second phase includes 70 exclusive 4 BHK villas designed to elevate luxury living. Each villa has Private top terrace, two parking spaces, lift provisions, and a helper’s room. Several units are strategically placed facing the green spaces and central boulevard, providing breathtaking views and seamless access to the project’s premium amenities.

“The second phase has been designed to meet the evolving needs of top-tier homebuyers. Our focus is creating a living space with state-of-the-art facilities, a connection to nature, and a peaceful retreat,” added Mr Jumani.

Located near the Gahunje Cricket Stadium and surrounded by several landmarks, such as the Prati Shirdi Temple and Japalouppe Equestrian Centre, Supreme Villagio offers a serene and healthy lifestyle. It is also well-suited for weekend leisure activities such as golfing, paragliding, and equestrian sports, with coaching centers nearby.

Mr Jumani, “Supreme Villagio is naturally gifted with beautiful weather and offers a lifestyle emphasizing well-being, leisure, and privacy. This project is ideal for buyers looking to escape the concrete jungle and reconnect with nature while enjoying all the conveniences of modern living.”

Supreme Villagio’s remarkable first-phase achievements have set the stage for its impressive second phase, further solidifying its reputation as a pioneer in redefining luxury residential standards.

Supreme Universal remains committed to creating spaces that offer elegance and comfort while meeting the growing demand for high-quality, nature-immersed living experiences in Pune’s most sought-after neighborhoods.

The post Supreme Universal launches the second phase of Supreme Villagio in Somatane, Pune appeared first on .

We are proud to announce the success of Eva Aria, an elegant residential project in the vibrant locality of Chembur, Mumbai, which has already sold more than 50% of its inventory at its foundation stage. This project was initiated under Vida Realty’s old brand name i.e. Roha Realty and will be completed under the same banner.

Designed to cater to a variety of lifestyle preferences, Eva Aria offers a range of 2, 3, and 4 BHK apartments, with unit sizes from 624 to 1248 sq. ft. The under-construction project is set to introduce a refined living experience to Mumbai’s rapidly evolving skyline.

Eva Aria is equipped with premium amenities that every homebuyer seeks in modern urban living, including a state-of-the-art gymnasium for a well-rounded lifestyle. Every detail has been meticulously planned to create a harmonious blend of comfort and luxury.

Speaking on the project’s early success, Harshvardhan Tibrewala, Managing Director of Vida Realty, remarked, “We are thrilled to see such a strong response to Eva Aria, with more than 50% of our inventory sold at the foundation stage itself.

Our deck apartments are in high demand offering a unique blend of spaciousness and functionality. Customers have expressed appreciation for the thoughtfully designed layouts, finding them open and accommodating, complemented by the exquisite amenities that add real value to their living experience. It’s gratifying to know that Eva Aria’s offerings resonate well with today’s discerning buyers.”

Strategically located in Chembur, Eva Aria offers residents easy connectivity to the rest of Mumbai through a network of roads, including the Eastern Express Highway and Santacruz-Chembur Link Road.

Proposed Metro Line 4 (Wadala-Ghatkopar-Mulund-Thane-Kasarvadavali) will link Chembur to key areas, and Metro Line 2B (D.N. Nagar-Mankhurd) will further enhance intra-city connectivity.

Neighboring areas like BKC, Powai, Andheri, and Lower Parel offer diverse opportunities across the corporate, tech, and entertainment sectors. Eva Aria is only minutes away from top international schools and major entertainment hubs, ensuring a well-rounded and convenient lifestyle.

Eva Aria is fully compliant with the Real Estate Regulatory Authority (RERA) standards, bearing the RERA No P51800054410.

Homebuyers can be assured of our commitment to transparency, quality, and timely completion. For those seeking an ideal home in the heart of Chembur, Eva Aria presents an opportunity to experience the finest in city living with ease and convenience.

About Vida Realty:

Vida Realty, formerly known as Roha Realty, is the real estate arm of the multinational Roha Group. Since its inception in 2019, the company has developed over 1 million sq. ft. of premium residential spaces across Mumbai. With a mission to offer quality homes that cater to a diverse audience, Vida Realty combines innovation and sustainability to create opulent, durable spaces. The company is committed to transforming the real estate sector with unique customer promises and a focus on sustainable living.

The post Eva Aria in Chembur by Roha Realty (now known as Vida Realty) Achieves Major Milestone with 50% Inventory Sold appeared first on .

The tenure of the bond is five years. The Credit Rating of Rajkot Municipal Corporation is AA by Crisil. The bidding was done on the Electronic Bidding Platform of the National Stock Exchange (NSE).

Rajkot Municipal Corporation started preparation for the bond issue a long time ago. The first step was financial reforms like conversion to double-entry accounting and also digitization and computerization of all transactions. The next step was to improve the credit rating.

The first credit rating of Municipal Corporation was A- which has now improved to AA+ by Crisil. There were lots of efforts over the years to improve service level benchmarking for services, rationalization of user charges, improving recovery of both tax and non-tax revenue and overall improvement in the governance of Municipal Corporations which led to the present credit rating.

The Municipal Corporation further intends to improve the rating to AA+ to take it on par with other progressive cities of India like Ahmedabad, Surat, Pune, Indore etc.

The proceeds will go for creating water supply and sewerage infrastructure for newly merged areas of the city. One 23 MLD STP, One 14 MLD ESR, and about 500 km water distribution and sewerage collection network will be partly financed by the proceeds received from the bond issue.

The average borrowing cost for the cities will be much lower due to Rs. 13 crore interest subsidies given by the Government of India to cities that issue Municipal Bonds.

The major impact that will be on the Municipal Corporation post-bond issue would be the increase in transparency and reporting of financial and non-financial data.

The overall performance review mechanism in the Municipal Corporation will also see a lot of improved transparency. The Municipal Corporation will also benefit from strong internal control systems which will have to be institutionalized as a part of bond compliance. 

The post Rajkot Municipal Corporation Raises Rs 100 Crore Through Bond Issue to Boost Infrastructure & Community Services appeared first on .

Key highlights of the report are given below:

• India’s real estate sector remains optimistic, driven by stable residential demand and a growing office market. Project completions have slightly slowed, yet the reduction in vacancy rates highlights a positive trend for the industry.
• The retail sector saw a 7% year-on-year growth in space absorption in early 2024, with luxury retail expanding in Tier-II and Tier-III cities. Direct-to-consumer (D2C) brands are increasingly establishing physical stores, reshaping the retail landscape.
• Higher-priced residential units (₹10 million and above) have driven sales growth, while the mid-size and affordable segments experienced moderation. Major cities like Mumbai and Bengaluru lead in sales volume.
• India’s office market grew strongly in 2024, led by Bengaluru’s 8.4 million sq. ft. in H1 and GCC driving 37 percent of Q3 demand. Flex spaces also expanded, with co-working leading the segment.
• The retail market saw a 7 percent YoY increase in space absorption in H1 2024, with luxury retail expanding significantly.
• Private equity investments grew by 15% YoY, reaching US$3 billion in H1 2024, with foreign investors contributing significantly. FDI in real estate also rose, with over 70% of investments focused on ready assets
• Rising interest rates, geopolitical uncertainties, and inflationary pressures present risks, along with potential regulatory changes and environmental mandates that may impact construction timelines and costs.
• Emphasizing sustainable practices, the real estate sector aims to adopt energy-efficient building methods and renewable energy integration to meet India’s net-zero goals by 2070. Regulatory support will facilitate alignment with these global goals.
• The Pradhan Mantri Awas Yojana – Urban 2.0 (PMAY-U 2.0) continues to support affordable housing, with increased funding for credit risk guarantees to boost first-home construction

The post Infomerics Ratings – Real Estate Industry Outlook Report appeared first on .