The announcement, made during CREDAI-MCHI’s Annual General Meeting (AGM) on Wednesday, created a buzz in Mumbai’s real-estate circles — both because of the strategic importance of the role and Balwa’s high-profile past.

Balwa’s Role: Clearing Hurdles Between Developers and BMC

The task force is expected to act as a bridge between developers and civic officials, ensuring faster clearances, smoother approvals, and fewer procedural delays.

Every construction file in Mumbai passes through the BMC — from building approvals and FSI clearances to premium payments under the Development Control and Promotion Regulations (DCPR). The newly formed task force aims to streamline these interactions, resolve bottlenecks, and bring more transparency and predictability to the approval process.

Developers often flag premium charges, approval delays, and interpretation of development rules as pain points. CREDAI-MCHI hopes this structured coordination mechanism will improve communication and efficiency for the entire sector.

Acquitted in 2G Spectrum Case

Balwa’s appointment drew attention due to his earlier involvement in the 2G spectrum allocation case, one of India’s most widely reported corporate investigations. However, it’s important to note that Balwa was acquitted in the case.

His return to a leadership position within the developer community marks a new chapter — one that focuses on bridging industry-government relations in Mumbai’s ever-complex real-estate ecosystem.

‘Gangster — But a Good One,’ Says Balwa

During an on-stage interaction at the AGM, Balwa was asked what mistake he would avoid if he could go back 20 years. He replied candidly:

“On January 4, 2008, while celebrating my birthday, I received a call from someone in Delhi to come and sign documents related to telecom. I would have not done that, instead given time to myself.”

When asked what he would be if not a real-estate developer, Balwa quipped:

“Gangster — a good gangster though.”

The comments drew laughter from the audience but also underscored his journey from controversy to comeback.

CREDAI-MCHI’s Objective: Transparency and Coordination

According to CREDAI-MCHI, the task force will focus on facilitating dialogue between the developer community and BMC to ensure clarity on regulatory policies, simplify approval systems, and help maintain project timelines.

With Mumbai’s construction industry contributing significantly to employment and GDP, the initiative is being viewed as a constructive step toward better governance and cooperation.

Also Read: Shahid Balwa In Uddhav Govt’s Crucial Committee.

The post Shahid Balwa of DB Realty Named Convener of CREDAI-MCHI Task Force to Smooth Developer-BMC Relations appeared first on Square Feat India.

Speaking at an event organised by CREDAI-MCHI, the apex body of real estate developers in Mumbai, Gagrani said builders must take responsibility for improving the city’s deteriorating air quality by adhering to dust mitigation measures outlined in the Mumbai Air Pollution Mitigation Plan (MAPMP).

“There are a lot of court directions related to pollution. I request you to please follow the guidelines issued for construction sites. Don’t give an opportunity to PILs, RTIs, or even the courts to issue directions that could bring a bad name to the entire industry and stop projects,” Gagrani said. “If you install the sensors and make the data available in the system, it will be a win-win situation,” he added.

According to the commissioner, about 500 construction projects across Mumbai have already installed air quality monitoring sensors, which track particulate matter and measure the Air Quality Index (AQI) in real time.

These sensors provide hyperlocal air quality data, helping the BMC monitor whether developers are complying with dust suppression rules such as sprinkling water, covering debris, and limiting dust emissions.

In addition, LED display boards at construction sites will show the real-time AQI readings recorded by the sensors. The data from all sites will be integrated into BMC’s central monitoring system.

If a site repeatedly records poor air quality readings, the civic body will initiate action against the developer, officials said.

The BMC’s move comes as Mumbai continues to record worsening AQI levels, particularly during the winter months, with construction dust identified as one of the city’s major pollution sources.

Also Read: BMC issues First Air Pollution Notice to a Developer

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Supported by the Brihanmumbai Municipal Corporation (BMC) as Green Supporter, the initiative also partners with Meet in India, Incredible India, IGBC, CEE, IIA, BNHS–India, CDOS, and CREDAI–MCHI. The congress is expected to be India’s largest international event on landscape architecture, bringing together thought leaders from urban planning, ecology, design, and policy.

Industry innovators such as Freeform, Vyara, Wipro, K-Lite, SMARK, Fluidra by Astral, Simpolo, and KSR Brothers will also participate, showcasing the latest sustainable materials and design technologies.

“A platform for global dialogue”

Speaking at the announcement, Urmila Rajadhyaksha, President of ISOLA, said the congress aims to position landscape architecture as a key force in shaping the cities of tomorrow.

“Landscape architects have the power to influence how our cities evolve — balancing ecology with urban growth. Through this congress, ISOLA hopes to inspire collective action for a sustainable future,” she said.

Devyani Upasani Deshmukh, Convenor of IFLA–APR 2025, highlighted the event’s inclusive vision:

“The theme ‘Growth Paradox’ challenges us to rethink what kind of growth we are pursuing. Instead of constantly seeking what’s new, we must value and regenerate what already exists,” she said.

Urban collaboration and innovation

Jeetendra Pardeshi, Superintendent of Gardens and Tree Officer, BMC, underlined Mumbai’s unique challenges and innovations:

“Mumbai’s density leaves little room for open spaces, but it pushes us to innovate — through vertical gardens, podium greens, and terrace landscapes. Landscape architects are vital to improving the city’s environmental health,” he said.

Keval Valambhia, COO of CREDAI–MCHI, emphasized the need for intentional development:

“Growth is natural, but development must be conscious and humane. Landscape architecture connects the built environment with emotion and nature,” he said.

Mala Singh, Chairperson, IGBC, noted that landscape architecture is fundamental to truly green buildings, while Darshana Dubhashi, VP of IIA–Mumbai Chapter, called for collective and collaborative growth toward sustainable futures.

40+ speakers, exhibitions, and cultural showcase

The two-day congress will host 40+ eminent speakers from India and abroad, offering keynote sessions, debates, panel discussions, and exhibitions. A student-led Global Landscape Studio and a Manifesto Declaration will further promote awareness of sustainable growth among future generations.

The opening day will feature a traditional puppet show celebrating India’s cultural heritage, followed by the IFLA Awards Gala Nite, honoring excellence in landscape architecture across the Asia–Pacific region.

Also Read: Asia’s largest green real estate event to showcase over 1,000 sustainable technologies

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More than 50% of Mumbai’s population continues to live in slums or unstructured housing — a reality that defines both the city’s urban challenge and its development potential. The Slum Rehabilitation Authority (SRA), established to transform this landscape, has now launched a technology-driven reform agenda aimed at fast-tracking redevelopment projects, improving transparency, and restoring confidence among developers and slum dwellers alike.

According to official estimates, Mumbai has more than 2,000 notified slum clusters spread across nearly 9,000 acres, with over 10 lakh slum structures. The scale and complexity of rehabilitation make this digital transformation a major step toward creating a slum-free Mumbai.

Tech-powered transformation of SRA

Under the leadership of Dr. Mahendra Kalyankar, CEO of SRA, the authority unveiled a series of digital initiatives designed to make project approvals faster, transparent, and data-secure.

Among the highlights:

• A Standardisation Testing and Quality Certification (STQC)-approved multilingual website, accessible in over 25 languages, for easier access to information.
• An integrated online module with multiple access layers for different users — officers, architects, developers, and the general public — ensuring accountability.
• Blockchain technology to store and secure approval records, making tampering nearly impossible.
• Chatbots and digital dashboards to help slum residents and developers track applications in real time.
• A goal to map every slum structure in Mumbai by end-2025, creating a unified digital database.

Dr. Kalyankar said his team is also implementing Auto-DCR (Digital Construction Permissions) and time-bound eviction programs to remove non-cooperative structures within 45 days. “We are driven by one mission — to make Mumbai slum-free through transparency, technology, and teamwork,” he said.

Developer bodies surprised by SRA’s digital strides

The meeting, attended by senior representatives from CREDAI-MCHI, NAREDCO, BDA, and PEATA, began as a request for “ease of doing business” but turned into what several termed “a pleasant surprise.”

Sukhraj Nahar, President, CREDAI-MCHI, said:

“My company had never ventured into slum rehabilitation projects before, largely because of doubts about their viability. But after today’s presentation, I have a completely different perspective. The level of digitisation and the positive, development-oriented approach of SRA have created the right environment for slum redevelopment to succeed.”

Rushi Mehta, Secretary, CREDAI-MCHI, called the data-integration plan “a game changer.”

“By collating Aadhaar, PAN, electoral rolls, and electricity bills under one software, SRA can now generate Annexure-2 approvals in a single click — a process that earlier took 6 to 9 months. Linking Aadhaar to each family’s permanent home ensures only genuine beneficiaries receive homes and prevents multiple claims,” he said.

Rajan Bandelkar, Vice Chairman, NAREDCO, praised the SRA’s proactive approach:

“Under Dr. Mahendra Kalyankar’s leadership, the SRA is setting a new benchmark in governance and efficiency. These advanced digital systems will accelerate project approvals and restore developers’ confidence in slum rehabilitation schemes. With renewed momentum and accountability, Mumbai can truly move toward a slum-free future.”

Abhay Chandak, Vice President, NAREDCO Maharashtra, commended the new SOPs that allow demolition of non-cooperative structures within 45 days.

“In Worli, around 1,000 illegal structures were cleared within a month — actual demolition in just three days. This shows SRA’s renewed determination to create an environment where developers can execute projects without obstruction,” he said.

Vikram Mehta, President, Builders’ Association of India (BDA), said that the reforms also tackle new encroachments:

“It’s equally important to stop new slum constructions as it is to rehabilitate existing ones. The new encroachment-tracking cell uses satellite data to detect and flag new structures for immediate action. That’s a huge leap forward.”

Why these reforms matter

• For slum residents: Faster, more transparent approvals mean quicker movement from unsafe informal settlements to formal homes. Linking data ensures fairness and prevents fraud.
• For developers: The new digital ecosystem cuts paperwork, increases predictability, and reduces risk — encouraging more developers to take up rehabilitation projects.
• For Mumbai: Clearing and rebuilding slum clusters will improve infrastructure, reduce disaster risk, and bring large swathes of urban land into productive use.

Dr. Kalyankar emphasized that the reforms are not just about technology but about trust.

“SRA 2.0 is about speed, transparency, and accountability. We want every slum dweller to feel that their home, dignity, and future are at the heart of what we do,” he said.

Toward a slum-free Mumbai

For years, the SRA has faced criticism over slow progress — only a fraction of approved schemes have reached completion. But with the integration of digital processes, real-time monitoring, and strict timelines, stakeholders believe this could mark a genuine turning point.

The collaboration between SRA and major real-estate bodies signals a shared intent to transform the slum landscape of Mumbai into a more equitable, sustainable, and efficient urban environment. As NAREDCO’s Rajan Bandelkar summed it up — “With this digital leap, we are not just building houses; we are rebuilding trust.”

Also Read: Financial Institutions To Redevelop Stuck SRA projects

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The revised policy now allows developers and societies to pay the premium amount in five or six installmentsdepending on the plot size, instead of the earlier four-installment structure.

This amendment comes in response to representations made by CREDAI-MCHI and aligns MHADA’s payment structure with the Municipal Corporation of Greater Mumbai (MCGM) policy for staggered premium payments.

Key Changes in Premium Payment Structure

LOI = Letter of Intent

Under the previous resolution (No. 6749 dated July 11, 2017), premiums had to be paid in four equal installments with interest. The revised structure gives developers more time and flexibility, particularly for larger redevelopment projects on MHADA layouts.

Interest & Penal Provisions

• No Interest for One-Time Payment: If the entire premium is paid within one month of receiving the Letter of Intent, no interest will be charged.
• For staggered payments, interest will be charged at SBI’s prevailing one-year MCLR + 2%, either as simple or compounded interest, whichever is higher.
• Penal Interest: In case of delay beyond due dates, a flat 18% per annum penal interest will apply on the outstanding amount.
• If the full premium is not paid within the stipulated timeline of the LOI, the balance amount will attract an additional simple interest of 18% for the extended period.

Why This Matters

Regulation 33(5) of the Development Control and Promotion Regulations (DCPR) 2034 governs redevelopment of buildings on MHADA layouts. Under this regulation, societies or developers pay a premium for additional built-up area, calculated as the difference between existing built-up area and the total permissible FSI.

By extending the premium payment timeline, MHADA aims to:

• Ease cash flow pressure on developers and housing societies
• Encourage smoother redevelopment execution
• Align premium structures with MCGM’s staggered payment model
• Accelerate redevelopment of aging MHADA layouts across Mumbai

Also Read: MHADA lottery dates extended

The post MHADA Eases Premium Payment Norms for Redevelopment Projects appeared first on Square Feat India.

Key Highlights of the Expo:

• 500+ Channel Partners & Brokers – Engage with leading industry professionals.
• 5,000+ Potential Buyers – Direct access to serious home seekers from Mumbai MMR.
• ₹1,500+ Crore Turnover Potential – Unlock new investment and business growth opportunities.
• ₹40+ Crore Brokerage Opportunities – High-value commissions for real estate professionals.
• 70+ Residential & Commercial Projects – From luxury villas to budget-friendly homes.
• Exclusive Deals & On-Spot Bookings – Pre-launch pricing, special discounts, and financing options.
• Smart Home Innovations & AdTech – AI-driven marketing solutions powered by Brandniti.
• Construction Essentials Showcase – Cement, steel, plumbing, tiles, and more.
• Industry Insights & Expert Panels – Learn from top real estate leaders and financial experts.

The expo caters to aspiring homebuyers, investors, financial institutions, and construction vendors, with free entry, free parking, and a fully air-conditioned venue for convenience. Attendees can also participate in lucky draws and exciting giveaways.

Prashant Khandelwal, President of CREDAI MCHI Palghar-Boisar Unit, emphasized the expo’s significance, stating, “Following the success of our first expo, we are thrilled to bring Property Utsav 2025, offering boundless opportunities for businesses and homebuyers alike.”

With a focus on shaping the future of Palghar-Boisar’s real estate market, the expo is set to be a landmark event for developers, brokers, and buyers looking to invest in the region’s growing property landscape.

Also Read: CREDAI-MCHI Launches Exhibition to Streamline Redevelopment in Mumbai

The post CREDAI MCHI Announces Palghar-Boisar Property Utsav 2025, Showcasing 3,000+ Properties appeared first on Square Feat India.

The MMR Housing Report 2024 reveals notable trends in sales, inventory, and property values across various regions within MMR. According to the report, the overall housing sales in MMR have increased by 5% in FY 2024 compared to FY 2023, reflecting the region’s robust demand for residential properties despite a challenging economic environment. This growth is particularly significant given the backdrop of a 22% decline in new housing launches, indicating a strong absorption rate of available inventory.

Key findings from the report highlight a substantial 41% surge in sales in South Mumbai, driven by the redevelopment of old buildings into high-end luxury projects. Navi Mumbai follows with a 22% increase in sales, bolstered by improved connectivity and infrastructure developments such as the Atal Setu and Navi Mumbai Airport. Despite these positive trends, the report notes a 63% rise in unsold inventory in Navi Mumbai, primarily due to the high volume of recent launches.

The report also documents a steady rise in the average value of housing units across MMR. There was a notable 4% increase in FY 2024 compared to the previous fiscal year. Specific regions such as Bhiwandi, Thane City, Navi Mumbai, and Mira-Bhayandar experienced a 7-12% appreciation in apartment values, with the Rest of Palghar region seeing an impressive 25% increase.

Domnic Romell, President of CREDAI-MCHI, stated, “The report unveils critical insights into market dynamics, including a 9% rise in unsold inventories and a notable 4% increase in property prices during Q2 CY’23. These findings underscore our commitment to providing stakeholders with accurate, actionable data, and fostering informed decision-making in this dynamic market. We extend our gratitude to our partners and stakeholders for their ongoing support as we continue to shape the future of MMR real estate.”

An Industry expert associated with the report said, “ Despite a slight decline in growth rates of housing sales as expected, MMR still scaled new peaks in housing demand in FY’24. The Demand to Supply ratio in MMR has never been this high. Despite a 22% decline in launches, we saw a 5% growth in sales. Demand across macro-markets which contribute the most – Eastern Suburbs, Western Suburbs, Thane City  – remained strong. Navi Mumbai story is unfolding now with the Atal Setu effect kicking in – launches, demand and pricing – all going upwards in the region, and we expect this to continue in the near future. All Eyes on Aqua – With the Aqua line of Metro launching this year, we expect more hectic activity in regions benefitting from this development. “

The report underscores the dynamic nature of the MMR real estate market, with significant variations in performance across different regions. For instance, while Central Mumbai recorded a 12% drop in unsold inventory, the overall MMR region saw a modest 5% increase in unsold units compared to FY 2023, indicating a balanced demand and supply scenario.

All values are for FY’24 as compared to FY’23 unless mentioned otherwise. Green and red values denote highest and lowest values in that particular column respectively.

Also Read: Mulund Thane Corridor – the soon-to-be fastest evolving micro market of MMR

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MahaRERA has come with a circular that has now prohibited Liasoning agents from entering the MahaRERA office for certain activites.

In the matter of real estate project registration, extension and correction, documents as most specifically mentioned in various provisions of the Act, the Rules and the Regulations made thereunder as amended up-to-date are required to be submitted by promoters.

The circular reads, whereas, on scrutiny of the documents as submitted it is noticed that the documents is/are not submitted in compliance and in consonance or in the formats or timelines prescribed under the various orders and circulars issued by the Authority.

The ciruclar claims that the above necessitates issuance of scrutiny remarks and sending back to the promoters the application forms for undertaking necessary corrections. Even after issuance of scrutiny remarks it is noticed that the applications are resubmitted without complying with the scrutiny remarks or after partly complying with the scrutiny remarks resulting in delay in the
matter of real estate project registration, extension and correction.

Hence, MahaRERA has laid procedure that shall be Iollowed from January 1, so as to enable expeditious process of application received for real estate proiect registratiory extension and correction.

Self-Regulatory Organizations (SROs) registered with MahaRERA shall nominate 2 (two) persons who shall attend MahaRERA Office and the names of such nominated persons shall be given to Secretary/MahaRERA within 7 days.

If there is any change in this regard, such change shall be intimated immediately.
The persons so nominated by SRO’s shall be given the following information:
(i) SRO registration number of the promoter
(ii) The number of the application submitted by the promoter
(iii) The scrutiny remarks issued by MahaRERA The above information shall be given only to the nominated persons of such of the SRO’5 with whom the promoter is registered.

The nominated persons shall then follow up with such of the promoters registered with the respective SRO’s and ensure that the scrutiny remarks are complied.

MahaRERA concerned staff shall lend all necessary help, assistance and guidance to the nominated persons so as to enable the nominated persons to understand and get the scrutiny remarks resolved as per the requirement of MahaRERA

From the date of coming into force of this circular, liasoning agents shall not be permitted to attend MahaRERA office (or updates/enquiries in the matter regarding real estate project registration extension and correction.

Only in exceptional and complex cases shall promoter be permitted personally or through a representative duly authorized to attend MahaRERA office for resolving issue however, in that event also the concerned nominated person shall be present along with the promoter.

Self-regulatory Organizations (SRO) – includes six bodies, they are NAREDCO, CREDAI-MCHI, CREDAI-Maharashtra, Builders Association of India Maharashtra State, Marathi Bandhkam Vyavsayik Association, Brihanmumbai Developers Association. These bodies represent the developer community in the state of Maharashtra.

Also Read: MahaRERA cancels registration of 15 projects in KDMC

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Real estate has always had a track record of shooting up on the growth graph during the festive season. Moreover, the energy that surrounds during these Festivals such as Diwali are considered to be auspicious to buy a home. There is definitely an inclination towards purchasing property during festivities. Festive season such as Dhanteras and Diwali mostly see home-buying at its peak. Most people believe that this is an auspicious time to buy something new. A lot of people end up buying property on Dhanteras since they see own home as a sign of prosperity and good financial health.

Even Banks roll out offers for home loans which empowers home buyers to buy their homes at cheaper prices. Going against the rising interest rate trend, several banks have already slashed interest rates on home loans as part of the festive bonanza. State-owned Bank of Maharashtra has decided to reduce the minimum interest rate at which it will offer home loans to 8 per cent from 8.30 per cent effective from October 17, 2022. Last week, the State Bank of India (SBI) decided to offer a concession of up to 0.25 per cent on home loans, 0.15 per cent on top-up loans, and 0.30 per cent on loans against property for a limited period. In contrast, the Bank of Baroda (BoB) has waved off processing fees for its home loans and provides reasonable interest rates commencing at 7.95% p.a.

During festive seasons, developers too roll out several offers to entice their customers to buy their dream home.

This Diwali, Runwal Group has come up with a bouquet of festive offers at their various residential properties across MMR. At the Kanjurmarg West located project, Runwal Forests, they are providing the customers with flexible payment plans and at Runwal Bliss in Kanjurmarg East, they are offering a 10:90 subvention scheme in which you can pay just 10% now and 90% on OC receipt. For Runwal Pinnacle in Mulund, buyers will get the benefit of an easy payment plan where they have to pay just 10% now and low fixed pre-EMIs till March 2023. Lastly, at Runwal Gardens in Dombivli, Runwal Group has thoughtfully provided festive offers where customers can book their homes by paying just 1% now and the rest in a Flexi pay plan along with the advantage of no pre-EMI till Feb 2023.  Moreover, all the mentioned projects are also offering zero stamp duty and spot booking offers. Offers are valid for a limited period. T&C apply.

Rajat Rastogi – Executive Director, Runwal Group said “As always, the festive season brings about a positive vibe in the market. Home buyers are more inclined towards property purchase during this period we have put together a thoughtfully curated bouquet of offers and schemes at our projects for the festive season. This will help in making their decision-making process easier and faster. At Runwal Group we have been witnessing a great year and the velocity has picked up further since the festive season started a month back. The Dussehra-Diwali period has always been good for the industry in general and we are certain this year will be no different. Like I have said earlier also, good projects by reputed developers will always have more traction and we have been seeing this at all our projects.”

This Diwali, Pushpam Group has amped up its charm with the Double Dhamaka offer for their resort homes, Pushpam Sanskruti in Karjat. The main attraction of this special Diwali Offer is a guaranteed rental income of Rs. 11,000/- till possession for its customers and monthly 20% ROI after possession, more than 25 lavish ready amenities, RCI membership, and unlimited holiday. Pushpam Group believes in providing customers with the right value for the money. By investing in these resort homes, buyers can enjoy a blend of leisure, luxury, and investment. Additionally, these homes can rightly be called, ‘The Kamanewala Ghar’. Offer valid for a limited period. T&C apply.

Dr. Sachin Chopda, Managing Director, Pushpam Group said “Diwali is one such festival which is strongly found in our country’s rich cultural past, and the real estate industry by definition represents elegance and success. Many prospective buyers regard Diwali as an opportune time to seal their deal. The demand in the real estate sector is buoyant and consumer sentiment has turned upbeat for this festive season. For the more affluent and HNI segment, resort homes have emerged as a sought-after option, both for investors and end-users.”

With Diwali around the corner, Tridhaatu Realty announces an array of offers; where one can avail Premium Air Conditioned Homes furnished by IKEA along with attractive payment plans of 20:70:10 and 50:25:25 for their nearing completion projects Tridhaatu Morya and Tridhaatu Aum, respectively. Additionally, they are also offering Spot booking Offers together with Zero Stamp Duty, and Zero GST benefits for both projects located at Chembur. Offers are only valid for a short period of time on the exclusive and limited inventory this Diwali. So, hurry and grab the exciting offers!

Govind Krishnan Muthukumar, Co-founder & Director, Tridhaatu Realty said “Attractive price points and innovative payment plans are among the leading options that home-seekers are looking for in this festive season. As far as the real estate sector is concerned, this time the reason to buy a home goes beyond the traditional beliefs associated with the festival of Diwali and has more to do with the multiplying benefits and making the investment more profitable. We at Tridhaatu Realty curate festive payment options based on the requirements of our customers.”

Sumit Woods presents Exclusive Festive offers for potential customers, where one can avail of sparkling offers this Diwali. The Group is rolling out a range of benefits on booking a Limited Edition Sea View Home at their South Mumbai project – Sumit Atulyam, Matunga West such as a 50:50 builder subvention scheme under which the homebuyer pays 50% at the time of booking and the rest 50% on possession. Additionally, they are also offering an EV CAR on all bookings at Sumit Atulyam. They are also gifting their customers 21 Tola Gold on booking a home at Sumit Arcenciel located at Sarvodaya Nagar, Mulund West. Offers are valid only for limited inventory. T&C applies to all offers.

Mitaram Jangid, Founder and Director, Sumit Woods Limited said, “We at Sumit Woods are welcoming this Diwali by providing offers that will meet the contemporary needs of the homebuyers. We believe homes are a second name for comfort, and our eco-friendly homes are a perfect example of our commitment to quality and concern for the environment as well as our customers. We are optimistic that the wide range of projects in line with current demands will steer the real estate ship towards positive growth.”

Also Read: Keyblue Realtors signed a Development Deed worth Rs 116 crore in Ambernath

The post Developers gear up for Diwali, housing demand likely to sustain appeared first on Square Feat India.

By Varun Singh

A pick-up in housing demand across most cities and skyrocketing prices of raw materials for almost 2 years, led to YoY increase in housing prices, surpassing pre-covid levels across all 8 metro cities (Delhi, Mumbai, Kolkata, Pune, Hyderabad, Chennai, Bengaluru, and Ahmedabad) , according to the first edition of the Housing Price-Tracker report, jointly conducted by CREDAI, Colliers, and Liases Foras.

As per the report, the average residential prices in India rose 4% YoY during Q1 2022 after a prolonged slowdown, indicating that the residential market is on its path to recovery. While Delhi-NCR saw the highest YoY change with a noteworthy 11.3% surge in housing prices, prices in Bengaluru and MMR on the other hand remained largely stable. However, New Mumbai and western suburbs (beyond Dahisar) saw a 9-10% increase in prices on a YoY basis. Additionally, overall unsold inventory across the country declined marginally by 1% as demand improved for 7 consecutive quarters owing to by low loan rates and largely stable prices, even while all 8 cities saw an increase in prices.

Hyderabad and Ahmedabad also recorded a substantial YoY increase in prices with 9% & 8% respectively while Delhi-NCR led the charts in this aspect. Kolkata also recorded a 6% jump whereas Pune witnessed a 3% jump in its YoY increase in prices. However, MMR accounted for the highest share of unsold inventory, followed by Delhi-NCR and Pune.

Pan India residential prices Q1 2022

Harsh Vardhan Patodia, President of CREDAI National stated, “Price hike has been an ongoing issue, but we are pleased with the finance minister and the government’s intervention to control the rise in the cost of raw materials and in turn control inflation as the Indian economy had stayed resilient while grappling the strains of cost inflation of raw material prices in the last 18 months. Measures to reduce import duties on steel products, iron ore, and steel intermediaries, will provide a breakthrough for bolstering the availability of raw materials domestically, cool off the prices of steel products, and help tide the rise in prices of projects, strengthening consumer sentiment. Lowering custom duties on coal products will further aid the production of cement and shall help control the skyrocketing prices of cement.”

Patodia further added, “It will be important to capitalize on the current situation and help the sector back to a U-shaped recovery and the reduction in prices of fuel tax to pre-covid levels will provide an added impetus to help all sectors agnostic of their business and it’s respective consumers. Going forward, we suggest the state government cut down on state duties on fuel too to have a direct impact on the rise in inflation. CREDAI sincerely hopes that manufacturers will pass on the price cuts to end-users. This will help the real estate developers negate increased construction costs over the last 2 years, which will only help prospective homebuyers.”

Bengaluru sees the steepest drop in unsold inventory

In Q1 2022, Bengaluru noted the steepest drop in unsold inventory by 23% YoY. Residential demand in the technology-led city has climbed as the pandemic saw technology companies and startups performing well. Prices in the city have been stable for over a year.

After Bengaluru, Kolkata and Pune witnessed the next steep decline in unsold inventory with a 15% and 11% descent on a YoY basis, portending a recovery in demand. On the other hand, unsold inventory in Hyderabad increased 41% YoY. The rise in unsold inventory comes on the back of an increase in launches in the city. Most of the unsold inventory was seen in under-construction projects.

“It is exciting to see India’s residential market performing well and beating market expectations after so many years. End-users have faith in the market, and we expect credible developers to see higher sales this year as end-users are discerning about the reputation of the developer. There can be a meaningful increase in prices over the next 6-9 months in the range of 5-10%, across most of the markets. We can also see more activity in the high-end segment, in addition to the affordable segment” said Ramesh Nair, Chief Executive Officer, India and Managing Director, Market Development, Asia, Colliers.

MMR sees demand returning

MMR, which accounts for the highest unsold inventory at 32% saw stable unsold inventory in the last one year. At a time when the region saw significant new launches, stable unsold inventory signifies a revival in demand in the market. In terms of unsold inventory, central suburb extension accounts for 26% of the unsold inventory with the majority share in the price range of INR5,000-7,500 per sq feet.

“Jan-March quarter 2022 witnessed the new launches back to the pre-covid level. The coming quarters see an increasing flow of new launches. The fresh supply will induce an improvement in volumes. Thus, the sales will continue to grow despite the recent increase in the interest rates”, concluded Pankaj Kapoor, Managing Director, Liases Foras.

Also Read: Residential demand in Mumbai increases 15.2 percent

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