The loading factor — the difference between the super built-up area and the actual carpet area of a flat — has been steadily rising due to growing common spaces such as lobbies, clubhouses, gardens, and utility areas.

What is the Loading Factor?

The loading percentage represents how much extra space homebuyers pay for beyond their actual usable (carpet) area.

Formula:
Loading % = (Super Built-up Area – Carpet Area) ÷ Carpet Area × 100
Example: If super built-up area is 1300 sq. ft. and carpet area is 1000 sq. ft., loading = (1300–1000)/1000 × 100 = 30%.

Loading in Top 7 Cities: 2019 vs 2025

Source: ANAROCK Research & Advisory

MMR Has the Highest Loading at 43%

Mumbai Metropolitan Region (MMR) continues to have the highest loading among India’s major cities — 43% in Q1 2025, up from 33% in 2019.

Bengaluru has witnessed the sharpest increase, from 30% in 2019 to 41% in Q1 2025, reflecting the rapid inclusion of upscale amenities in the IT hub’s housing projects.

Chennai, by contrast, remains the most conservative, with an average loading of 36%, indicating a buyer preference for paying more towards private space than common areas.

Expert View

“Today, homebuyers in the top 7 cities effectively get just 60% of the total space as livable carpet area,” said Dr. Prashant Thakur, Regional Director & Head – Research & Advisory, ANAROCK Group.
“While RERA mandates carpet area disclosure, there is no law limiting the loading percentage, leaving buyers exposed to high extra costs.”

He added that increased demand for amenities — such as fitness centres, clubhouses, landscaped gardens, and fire-compliant infrastructure — is driving the rise in loading percentages.

Call for Regulation

While Maharashtra RERA (MahaRERA) enforces carpet area disclosure more strictly than other states, Dr. Thakur highlighted that homebuyers across most Indian states remain unaware of how much they actually pay for usable space versus common areas.

“State RERAs should enforce mandatory clarity on how much of the super built-up area is actually usable,” he said.

The New Normal in Urban Housing

With urban housing trends evolving, higher loading is becoming the norm, not the exception. For homebuyers, this means evaluating not just the price per square foot — but what percentage of that square footage is actually usable.

Also Read: New Flats in MMR Shrunk 20%

The post Apartment Loading Rises to 40% in Q1 2025, Highest in MMR appeared first on Square Feat India.

The report, “Mumbai Luxury Housing H1 CY24,” highlights unprecedented sales figures, signaling robust growth and heightened confidence in the city’s real estate sector. This significant surge at the high end of the market aligns with an ongoing bullish trend in residential property sales overall, reflecting the exuberance and confidence in the Indian economy.

India Sotheby’s International Realty, India’s leading transaction and advisory firm for luxury homes, and data analytics firm CRE Matrix released the report on Mumbai’s luxury housing market for H1 CY’24 on Thursday.

Key Highlights:

·       Record Sales Value: Mumbai’s luxury housing market achieved its highest-ever half-yearly sales value of Rs ~12,300 crore in H1 CY24. This marks a significant increase from the average bi-annual sales of Rs 7,100 crore since 2019.

·       Unprecedented Unit Sales: A total of 1,040 luxury units were sold in Mumbai over the past 12 months, the highest number ever recorded in any 12-month period. This surge is indicative of a strong and sustained demand for luxury housing in the city.

·       Primary Market: The primary luxury segment saw sales worth Rs 8,752 crore, the second-best half-yearly sales value in the past five years, just slightly below the high of H1 CY23. The total value of luxury homes sold in both the primary and secondary segments reached Rs 12,300 crore, setting a new record.

·       Secondary Market: Rs 3,500+ Cr. highest-ever recorded sales value in secondary segment in Mumbai with growth rate of 38% in H1 CY’24 compared to H1 CY’23. The secondary segment, in particular, has experienced growth in both sales and market share within the luxury housing sector. In H1 CY’24, the market share of the secondary segment reached 32%, up from 27% in H1 CY’23. This signifies the market’s maturity and demonstrates investor confidence in diversifying their portfolios.

·       Dominant Localities: The top 10 localities in Mumbai contributed 80% of the total luxury housing sales value, with Worli leading the charge, accounting for 37% of the overall luxury sales value. Goregaon East saw a remarkable 1,444% increase in luxury home sales value, driven primarily by high sales in Oberoi Elysian.

·       Age Profile of Buyers: It is significant to note that more than half of homebuyers in the more than Rs 10 Crore luxury market belong to the 35-55 age category. This indicates a long-term trend of younger buyers preferring to buy luxury homes in India’s financial capital.

·       The Size Preference: Over the last two years, the trend of buyer preferences has shifted towards buying larger apartments. We see this trend is particularly noticeable in all sizes of homes between 1,000 to 8,000 sqft. in the last 2 years as represented in the chart in the report. The 2,000 to 4,000 sqft. size segment has emerged as the largest contributor – this remains the sweet spot in terms of size preferences for luxury homes priced above Rs 10 Cr

Mr. Sudershan Sharma, Executive Director, India Sotheby’s International Realty said, “Mumbai’s luxury housing market is surging and has touched unprecedented sales highs in H1 CY2024. Its strength underscores a growing demand for top-end luxury real estate, driven by India’s economic resilience and increasing affluence among the elite. The latest Hurun Global Rich List highlights a 51% increase in Indian billionaires, with 271 billionaires, a majority of who have a base in Mumbai. Unprecedented infrastructure development in the city has also opened new markets for luxury housing. We believe the country’s expanding wealth and aspirations for luxurious living will keep this segment buoyant.”

Abhishek Kiran Gupta, Co-founder & CEO of CRE Matrix, noted, “Mumbai had been witnessing around Rs 7,100 Cr. of luxury housing sales every half year, since 2019. In H1 CY’24, luxury segment in Mumbai has achieved its highest ever half – yearly sales value of approx. Rs 12,300 Cr. This is a clear indication that the demand of luxury housing is growing and HNIs & start-up founders are driving the segment to new heights.”

The report underscores the sustained momentum in Mumbai’s luxury housing market, driven by high demand and robust sales across key localities. With the market showing resilience and continuous growth, the outlook for the remainder of 2024 remains positive.

Other Key Highlights

• Units over 4,000 sqft contributed 18% to overall primary sales in Mumbai’s luxury housing in H1 CY’24, up from 13% in H1 CY’22.
• 24% of buyers from top 10 localities for luxury housing in Mumbai originated from areas beyond South Mumbai, indicating an upgrade in lifestyle and non-stickiness to original localities.
• Goregaon East accounted for 14% of homebuyers among the top 10 localities for luxury home purchases.
• The >65 years age segment is emerging as a strong buyer group as India’s seniors convert business gains into real estate assets.

Noteworthy Transactions

• Rs 270 crore by Anil Gupta & Well-known Polyester Ltd at Lodha Malabar, Malabar Hill
• Rs 156.5 crore by Rekha Jhunjhunwala & Family at Rockside Apartment, Malabar Hill
• Rs 116.4 crore by Vratika Gupta at Oberoi 360 West, Worli
• Rs 101 crore by Girdharlal Bawri & Others at G+1 Bungalow, JVPD Scheme, Juhu
• Rs 97.4 crore by Mavjibhai Shamjibhai Patel at Oberoi 360 West, Worli

Also Read: Real Estate’s Wish-list for Union Budget 2024-25

The post Mumbai’s Rs 10 Crore and above luxury residential units clock highest-ever half-yearly sales of Rs 12,300 crore appeared first on Square Feat India.

 To say that India’s two leading realty hotspots NCR and MMR (Mumbai Metropolitan Region) have seen off-the-charts housing market activity in the last five years is an understatement. Record-breaking sales have caused unsold inventory to decline and average residential prices to soar by 49% in this period.

“Latest ANAROCK Research data finds that NCR recorded a 49% five-yearly jump in average residential prices between H1 2019 and H1 2024 – from INR 4,565 per sq. ft. to INR 6,800 per sq. ft.,” says Anuj Puri, Chairman – ANAROCK Group. “In MMR, average residential prices appreciated 48% in the period – from INR 10,610 per sq. ft. in H1 2019 to INR 15,650 per sq. ft. in H1 2024.”

Source: ANAROCK Research

The steep rise of housing prices in Delhi-NCR and MMR is attributable to steep hikes in construction costs as well as healthy sales. Prices in both regions had maintained status quo from late 2016 to 2019. Just when these two markets were beginning to see green revival shoots, the pandemic struck.

The COVID-19 pandemic was a boon for these two residential markets, causing demand to soar to new heights. Initially, developers induced sales with offers and freebies; but with demand heading north, they gradually increased average prices. Strong sales helped unsold inventory to decline in the period, especially in NCR.

“Paradoxically, the pandemic was an undisguised blessing for the National Capital Region,” says Puri. “Once infamous for high unsold inventory fed by speculative demand and supply, the region has seen a sharp decline of over 52% in its unsold stock in the last five years – from approx. 1.82 lakh units at H1 2019-end to approx. 86,900 units by H1 2024-end. Interestingly, the inventory overhang has reduced to 16 months in NCR in H1 2024 as against 44 months back in H1 2019.”

Conscious curtailment of fresh supply was a major factor that helped the region to clear its stock. ANAROCK data indicates that only about 1.72 lakh units were launched in NCR between H1 2019 and H1 2024.

Meanwhile, MMR’s current available stock is at approx. 1.95 lakh units. In the last five years, the region has seen a 13% decline in its unsold stock – largely on account of substantial new launches to meet resurgent demand. MMR has seen over 5.26 lakh units launched between H1 2019 and H1 2024 – thrice the new supply in NCR in this period. The inventory overhang in the region came down 14 months as of H1 2024-end from 34 months back in H1 2019-end.

Also Read: Prices of under-construction projects increase 15.2% QoQ across top 13 cities

The post NCR & MMR Housing Prices Surge 49% in 5 Years, Unsold Inventory Plunges appeared first on Square Feat India.

Ashwin Sheth Group collaborated with chlorophyll, India’s first end-to-end brand consultancy firm, for the new brand identity. The new logo consists of the letters ‘A’ and ’S’ andreflects the commitment to crafting spaces that serve as mirrors to the worlds inhabited by Ashwin Sheth Group’s cherished stakeholders. The tagline, “Our world reflects your world”, eloquently expresses the dedication to understanding and fulfilling customers’ desires, needs, and aspirations.

Ashwin Sheth, Chairman and Managing Director, Ashwin Sheth Group, commented “India’s real estate market has long been a key driver of economic growth, significantly contributing to the country’s GDP. As Mumbai leads the luxury market and the real estate industry experiences positive momentum, we decided this was the perfect time for us to move onto the next level. Our rebranding marks a significant milestone in our journey, reflecting our commitment to creating spaces that resonate deeply with our customers’ aspirations. With sales reaching ₹1486 in FY23-24 and maintaining a remarkable three-fold growth trajectory, our financial year 2023–24 has been exceptional. This is just the beginning. Looking ahead, we are focused on redefining urban living through innovation, sustainability, and expansive community-building. With the new vision and brand identity my team is calling it Ashwin Sheth 2.0”.

Prabhakar Azad, Chief People and Process Officer, Ashwin Sheth Group, added, “Our commitment to employee centricity and our deeply ingrained values are the cornerstones of our company’s success. By integrating SAP, HONO, Smart APP, and SFDC, we are transforming our operational efficiencies to consistently exceed customer expectations moving towards being a tech-driven company. In FY23-24, Ashwin Sheth Group was recognized as one of the preferred companies for its pay cycle. We are devoted to attracting and hiring the industry’s top talent, ensuring our leadership team sets the benchmark in expertise and industry-leading business practices. We are also dedicated to fostering a world-class culture and offering exceptional growth opportunities for our outstanding talent, which will in turn help us scale greater heights.”

Bhavik Bhandari, Chief Sales and Marketing Officer, Ashwin Sheth Group, stated, “Driven by an insatiable passion for innovation, Ashwin Sheth Group redefines luxury through deep contextual understanding. As we embark on a future journey of expansion, Ashwin Sheth 2.0 signifies our dedication to providing not just homes but also an understanding of your desires, needs and aspirations. We are aggressively expanding in the Pan MMR region and we will be soon launching projects in Kandivali, Borivali, Sewree, Juhu, 7 Rasta, Marine Drive, Nepean Sea Road, Goregaon, Thane, Mulund, and Mazagaon. We will be soon foraying into cities like Bangalore, Pune, Delhi (NCR), Chennai, Hyderabad and Goa. Our focus remains on prime locations, meticulous planning, innovative design, and unparalleled quality. Our rebranding is more than a new identity; it marks our commitment to designing holistic lifestyles that reflect the essence of our customers. As we continue to innovate and grow, we are poised to deliver unmatched value and exceptional experiences, solidifying our position as market leaders in the real estate sector. As part of CMD’s vision and business expansion, the company plans to be among the top 10 leading real estate players in India in the next 4-5 years”.

Commenting on the new brand identity, Kiran Khalap, Co-Founder and Managing Director, chlorophyll brand & communications consultancy, commented, “Real estate in India is characterized by only a handful of pan-Indian brands. Given Ashwin Sheth Group’s ambition to become one, chlorophyll needed to use its rigorous process (ideantity) to understand the pan-Indian mindset. A surprising insight emerged, true luxury involves a true understanding of a buyer’s needs, something that the Ashwin Sheth Group excelled at. This led us to express the brand’s meaning in a startling visual (where A and S were mirror images) with the brand line: Our world reflects your world.  We believe this ideantity is the quickest way to find a place in the most expensive real estate on earth: human memory!”

The company is also planning to look at new growth drivers including new land acquisitions at strategic locations. This will include Joint Ventures, Redevelopments and others. The company is also expanding its product portfolio across Residential, Commercial, Township, Villas, Retail, Mix-Use, Farm-houses, Co-working spaces, Second Homes and Warehousing.

With ambitious expansion plans, ground-breaking sustainability initiatives, and the prospect of an impending IPO, ASG is poised to elevate its legacy in the Indian real estate landscape.

Also Read: Jodi Flats: A modern renaissance in urban living

The post Ashwin Sheth Group plans to invest over ₹4500 crores in the next 3-5 years appeared first on Square Feat India.

The Hyderabad real estate market will be significantly affected by the outcomes of the recent general election. On the back of a strong political comeback, there is likely to be greater emphasis on infrastructure and pro-business policies. This will draw in more IT firms and other industries, increasing the demand for commercial real estate.

Fresh development initiatives and improved connectivity may draw additional investment to remote locations. 

Housing Sales

According to ANAROCK Research, Hyderabad’s residential market has exhibited robust growth between 2021 and Q1 2024, with a cumulative total of approximately 218,800 new residential units launched and 154,300 units sold. 2023 witnessed a peak in activity, recording nearly 76,300 units launched and 61,700 units sold.

This represents a significant increase of 48% and 143% respectively, compared to figures from 2021.

Source: ANAROCK Research

Housing Prices

Prashant Thakur, Regional Director & Head – Research, ANAROCK Group, says, “Property values in Hyderabad also saw a substantial rise between 2021 and Q1 2024. On average, prices appreciated by 45%, reaching INR 6,350/sqft in Q1 2024 from INR 4,372/sqft in 2021.”

West Hyderabad, the zone with the highest concentration of office spaces, has seen even stronger growth. “Average residential capital values in this region have increased by 52% in the same period. Currently, the average price per square foot stands at INR 7,200,” says Thakur. Land prices, which had appreciated by over 30% in the last three years, have contributed significantly to the price hikes.”.

Source: ANAROCK Research

Avg. Property Prices in Key Hyderabad Micro-markets

 Source: ANAROCK Research

AP Factor – A Threat to Hyderabad?

The peoples’ mandate in neighbouring Andhra Pradesh with a large majority and an important ally at the center may lead to moderation of real estate growth in Hyderabad. Land prices in Hyderabad had appreciated by over 30% in the last 3 years. This had influenced prices rises across asset classes in the city.

Conceivably, the volume of residential real estate launches in the city may also rationalize as investors and buyers scout for competitive opportunities in Andhra Pradesh – which is expected to witness a surge in development along the new growth corridors.

Andhra Pradesh’s potential development can be a double-edged sword for Hyderabad real estate. However, the overall impact is likely to be positive as Andhra Pradesh’s growth could spark a ripple effect, attracting businesses and investors to the entire region.

This could lead to increased demand for office and commercial space in Hyderabad, especially along key corridors like the Hyderabad-Vijayawada highway. This area is already being primed for development with infrastructure projects and industrial parks, making it a potential growth engine for Hyderabad real estate.

While the outlook is promising, there are challenges. Some out-migration of businesses or residents to Andhra Pradesh is possible, especially if AP offers lucrative incentives. This could draw some investments away from Hyderabad, leading to a temporary correction in Hyderabad’s real estate prices and a potential dip in the commercial real estate market.

However, the presence of a large talent pool and developed infrastructure of the city, with enhanced connectivity, could make it difficult for companies to venture into a new state in the short term. While Hyderabad’s established infrastructure, strong IT base, and cosmopolitan character are unlikely to diminish significantly, the impact on the city’s real estate market will be influenced by how development unfolds in Andhra Pradesh.

Strong Fundamentals

Hyderabad is the nearest mega cosmopolitan centre for both the states, and this makes it an attractive destination of the population of the neighbouring cities and towns. It is a preferred location for the people from Andhra Pradesh, as the city offer opportunities for higher education, employment, entertainment, advanced healthcare needs and shopping for special occasions.

It is therefore not surprising that there is significant influx of housing buyers from the adjoining state.

Hyderabad’s real estate boom has strong fundamentals driving it. The city’s IT-ITeS sector, infrastructure development, and overall business ecosystem are likely to sustain demand for quality housing and commercial spaces.

The city’s economic activities are well diversified and not limited only to the services sector. There are equally strong and able industrial, manufacturing and logistics sectors along with healthcare and education that drive the demand for real estate in the city. Property price appreciation might be moderate going forward. However, a drastic decline seems unlikely, given the strong underlying demand. Overall, the long-term outlook for Hyderabad’s real estate market remains positive. Nevertheless, national market trends and the evolving situation in Andhra Pradesh bear watching.

Development of Amaravati

Mr. N Chandrababu Naidu has already proved his mettle in developing Hyderabad as a major city with world class infrastructure, and was successful in attracting major IT-ITeS, pharmaceutical and industrial companies to the state. This has been instrumental in generating employment and attracting talent from across the country, thus also spurring rapid real estate development. Now, the recently concluded election mandate has renewed the prospects of Amaravati in Andhra Pradesh.

While this dream project was shelved by the previous government, there are now very distinct possibilities of its revival. However, developments of a new capital city and the massive eco-system it entails is a task of epic proportions. Despite all political will and support, it will take time to fructify –  and to emerge as real competition to Hyderabad.  

Also Read: PM Modi’s 1st Housing Decision excites Real Estate Industry

The post Election Fallout – Will Hyderabad’s Realty Market Falter? appeared first on Square Feat India.

In recent years, the issue of affordable housing has gained significant attention in India as the demand for quality yet budget-friendly housing continues to outpace supply. This growing challenge stems from a multitude of factors ranging from rapid urbanization and population growth to economic disparities and regulatory hurdles. As India’s cities expand and develop, the need for accessible housing for all segments of society becomes increasingly urgent.

Urbanization and Population Growth

One of the main causes of the issue of affordable housing in India is rapid urbanization. According to the 2011 Census, India’s urban population stood at 377 million and is projected to reach 600 million by 2031. This influx of people into cities puts immense pressure on existing housing infrastructure, leading to overcrowding, informal settlements, and rising property prices. As urban areas expand to accommodate this population surge, the demand for affordable housing escalates, creating a supply-demand gap that is difficult to bridge.

Economic Disparities

Another critical factor contributing to the affordability crisis is the widening income gap and disparities in wealth distribution. While India boasts a burgeoning middle class and a growing number of affluent individuals, a large segment of the population still struggles to access basic amenities, including housing. Low-income families, in particular, find it challenging to secure decent housing within their limited budget, forcing them to live in substandard conditions or on the outskirts of cities where transportation and other essential services are scarce.

Rising Land and Construction Costs

The escalating cost of land and construction materials further exacerbates the affordability issue. Land prices in urban areas, especially in prime locations, have skyrocketed, making it financially unviable for developers to undertake affordable housing projects. Similarly, the cost of building materials like cement, steel, and labour has been on the rise, adding to the overall cost of construction. As a result, developers find it challenging to offer housing units at affordable price points while maintaining quality standards.

Regulatory Hurdles and Policy Constraints

Complex regulatory frameworks and bureaucratic processes also pose significant challenges to the development of affordable housing in India. Obtaining necessary approvals, permits, and clearances from multiple government agencies can be time-consuming and expensive, deterring developers from investing in affordable housing projects. Additionally, ambiguous land acquisition laws and outdated zoning regulations often hinder the development of affordable housing schemes, further limiting the supply of affordable homes.

Lack of Financing Options

In the affordable housing market, having access to reasonable financing solutions is essential for both developers and homeowners. Limited availability of funds at reasonable interest rates constrains developers’ ability to undertake large-scale affordable housing projects. Similarly, prospective homebuyers, especially from low-income groups, face difficulties in securing housing loans due to stringent eligibility criteria set by financial institutions. The absence of innovative financing mechanisms tailored to the needs of affordable housing exacerbates the affordability crisis.

Infrastructure and Service Deficiencies

The lack of adequate infrastructure and basic services in low-income housing areas adds to the challenges of affordable housing in India. Many affordable housing complexes can be found in peri-urban or outer-city settings, where access to basic amenities like transportation, healthcare, education, and water supply is scarce.This compromises the quality of life for residents and reduces the attractiveness of affordable housing options.

Sustainability and Quality Standards

Balancing affordability with sustainability and quality standards remains a persistent challenge in India’s affordable housing sector. While there is a growing emphasis on green building practices and energy-efficient design, implementing these measures without significantly increasing costs is a complex task. Ensuring durability, safety, and livability in affordable housing developments requires innovative approaches and technological interventions that are often underutilized due to budget constraints.

Government Initiatives and Way Forward

In spite of these obstacles, the Indian government has introduced a number of programs to support affordable housing, including the Affordable Rental Housing Complex (ARHC) scheme and the Pradhan Mantri Awas Yojana (PMAY). These schemes aim to incentivise developers, streamline approval processes, and provide financial assistance to eligible beneficiaries. However, sustained efforts are needed to address the systemic issues plaguing the affordable housing sector, including land reforms, policy reforms, and infrastructure investments.

In conclusion, the challenges of affordable housing in India are multifaceted and require a comprehensive approach involving collaboration between government agencies, developers, financial institutions, and civil society. By addressing regulatory barriers, improving access to financing, promoting sustainable practices, and prioritizing inclusive urban planning, India can make significant strides towards ensuring affordable housing for all its citizens. The path ahead is challenging but not impossible, and concerted efforts towards affordable housing will have far-reaching socio-economic benefits for the nation.

About the Author: Manju Yagnik, Vice Chairperson of Nahar Group and Senior Vice President of NAREDCO- Maharashtra

Also Read: Luxury Real Estate Trends 2024: What Buyers and Sellers Need to Know in Today’s Market

The post The growing challenges of affordable housing in India appeared first on Square Feat India.

“About 26 separate land deals, totaling approx. 298 acres, were proposed for residential and township projects to meet the region’s growing demand for housing and urban development,” says Santhosh Kumar, Vice Chairman – ANAROCK Group. “At least two land deals, spanning over 7 acres each, were planned specifically for commercial real estate projects. A separate deal involving approximately 8.61 acres was dedicated to an education-related project.”

City-Specific Deals:

• Delhi: One deal covering 5 acres was closed for residential development.
• Gurugram: Millennium City led the way with 22 deals, totaling 208.22 acres. These included one deal each for educational, residential, and retail purposes, while the remaining 20 deals were exclusively for residential development.
• Faridabad: A 15-acre land deal was finalized for residential purposes.
• Greater Noida: An 8.9-acre deal was secured for residential development.
• Ghaziabad: A substantial 62.5-acre deal was signed for a township project.
• Noida: Noida closed three separate deals, covering a combined area of 13.96 acres, for both residential and commercial developments.

Also Read: MMR Real Estate Witnesses 38% Surge in Property Registration

The post NCR Saw 29 Land Deals for Approx. 314 Acres Closed in FY-24 appeared first on Square Feat India.

This strategic collaboration will add an additional 6.2 million square feet of new residential projects to the ongoing 14.8 million square feet with a combined GDV of INR 17,100 crores, which will be delivered over the next five to six years. Provident, a large-scale community developer, has so far completed 15.1 million square feet of projects across the country with a presence in nine cities, including Bengaluru, Hyderabad, Chennai, Goa, Kochi, Mumbai, and Pune.

This partnership with HDFC Capital will help strengthen Provident Housing Limited’s commitment to leveraging alliances to capitalise on emerging opportunities in the real estate sector. With this investment, the company is poised for expansion, focusing on innovation, quality, customer-centricity, and sustainable project development.

Commenting on this investment, Ashish Puravankara, Managing Director, Puravankara Limited, said, “We are delighted to partner with HDFC Capital – an entity with a longstanding history of excellence. This deal reinforces the confidence of our institutional investors in the company’s corporate governance and the way we conduct our business. We stay committed to developing international quality homes, delivered on time with trust and transparency.”

Vipul Roongta, Managing Director & CEO, HDFC Capital, said, “HDFC Capital is committed to long-term partnerships with marquee real estate leaders like Puravankara with an excellent track record of development and delivery. Through our partnership with Puravankara, we will focus on meeting the increasing demand for high-quality homes for mid-income households in India.”

Mallanna Sasalu, CEO, Provident Housing Limited, said, “This strategic alliance with HDFC Capital marks a pivotal moment in Provident’s journey towards growth and acquiring larger market share. With HDFC Capital’s support, we are well-positioned to accelerate the development of new residential projects across India while delivering exceptional value to our customers and driving long-term shareholder value.”

Kunal Wadhwani, Principal Investments, HDFC Capital, said, “Our collaboration with Puravankara, a leading pan-India developer, helps address the significant demand for high-quality homes at affordable prices and is in line with HDFC Capital’s strategy of catering to the largely unmet demand in the mid-income residential segment.”

Neeraj Gautam, Group President of Finance, highlighted the importance of this investment, stating, “This marks a significant evolution in our investment strategy, signalling the beginning of larger partnerships and transactions that align with the overarching vision for the Group.”

Also Read: Noida International Airport boosts real estate rates on Yamuna Expressway

The post Provident Housing Secures Rs 1,150 Crore Investment from HDFC Capital appeared first on Square Feat India.

The Western Express Highway, serving as a vital north-south artery, offers unparalleled connectivity to several key areas of Mumbai. It links the suburbs to the city’s commercial hubs, making it an ideal location for professionals who seek to minimize their commute times. The proximity to the airport, along with easy access to the Mumbai Metro and local train networks, enhances its appeal, providing a seamless travel experience for residents.

Speaking on the factors that are driving the demand along the Western Express Highway, Umesh Jandial, Chief Business Officer, Omkar Realtors & Developers said, “The western suburbs comes with well developed conveniences and comforts; therefore is the most preferred choice of modern homebuyers. The belt along the Western Express Highway as a micro market is holding strong on rental yield and ROI factor. The infrastructural enhancements and connectivity it offers are unparalleled. The location is also in close proximity to Metro lines, upcoming Coastal Road along with excellent connectivity to the airport; it provides easy accessibility to various parts of the city. Therefore this belt is witnessing a premium quotient and strong demand for residential housing, especially in the Malad–Goregaon region. Our project Omkar Alta Monte on the WEH aims to encapsulate the essence of Mumbai living, offering tranquility and accessibility.”

The investment potential of properties along the Western Express Highway cannot be overstated. With property values appreciating and the promise of high rental yields, investors are keenly eyeing this area. Additionally, the corridor is seeing a proliferation of modern amenities, from high-end shopping centres to lush green parks, catering to a contemporary lifestyle that many Mumbaikars aspire to.

Commenting from the demand perspective, Rohan Khatau, Director, CCI Projects said, “The corridor along the Western Express Highway is experiencing a surge in housing demand driven by several factors, including enhanced connectivity and improved social infrastructure. Prospective home buyers now seek residences located near Metro stations, malls, schools, and hospitals for added convenience, while also considering areas with potential for capital appreciation. The response to our project, Rivali Park, situated along the Western Express Highway, has been remarkable. Homebuyers are not only prioritizing luxury but also demanding seamless connectivity and comfort. In response, we are committed to crafting environments that seamlessly blend comfort with connectivity, meeting the evolving needs of discerning homebuyers.”

Independent studies state many people moved from their 180-300 sq ft. congested apartments in South Mumbai and Central Mumbai towards the western suburbs, especially in areas such as Malad, Goregaon, Kandivali, Borivali and Mira Road. As per a recent study by ANAROCK, Mumbai emerged as MMR’s undisputed champion in 2023 with the highest year-on-year jump in housing sales compared to 2022. Mumbai’s peripheral western suburbs are seeing a protracted housing boom, with sales skyrocketing by a whopping 82% compared to last year.

Despite the upscale amenities and strategic location, residential projects along the WEH offer a range of options that cater to various budget segments. From luxurious apartments to more affordable housing options, there’s something for everyone. This affordability, coupled with the potential for high returns on investment, makes it an attractive proposition for both end-users and investors.

The government’s focus on improving infrastructure and fast-tracking developmental projects along the WEH has significantly boosted confidence among buyers. Upgrades in road quality, expansion of the highway to reduce traffic congestion, and enhancements in public transport facilities have made living in this area more appealing.

As Mumbai continues to grow, the WEH stands as a testament to the city’s dynamic evolution, offering a blend of luxury, convenience, and sustainability to its residents. With such dynamic growth, the future of this corridor looks brighter than ever, set to redefine urban living in Mumbai.

Also Read: Registration of properties in Mumbai rises 10% in March 2024 

The post Fast Lane to Comfort: Residential Boom along Mumbai’s Western Express Highway  appeared first on Square Feat India.

– Bengaluru & Mumbai record highest net absorption of 3.6 and 2.5 MSF respectively 

– Gross leasing volume crosses 20 MSF, registering a 33% increase y-o-y

– Bengaluru and Mumbai together hold 57% of share in total leasing volumes

The Indian office market continues its positive trajectory, registering a net absorption of 11.5 MillionSquare Feet (MSF) across top 8 cities in Q1-24, according to Cushman & Wakefield’s Q1 office data. This is the third-highest level recorded in the last five years, demonstrating a robust appetite for office space among businesses. Net absorption is a barometer of real demand or expansion of occupied space in the market. 

While this quarter’s net absorption was 38% lower than the exceptional Q4-2023, it was a 44% increase over Q1 2023, indicating continued space occupation by businesses. Bengaluru and Mumbai emerged as the leading markets, absorbing 3.6 MSF and 2.5 MSF of space, respectively. They were followed by Hyderabad at 1.6 MSF, Delhi-NCR at 1.5 MSF and Pune at 1.3 MSF, Ahmedabad and Kolkata at 1 MSF, and Chennai at .8 MSF.

According to the report, the Gross Leasing Volume (GLV) also remained robust at over 20 MSF, a 20% decrease q-o-q but a steep rise of 33% on y-o-y basis. Gross leasing volume, which factors in all leasing activity in the market, including renewal of contracted term by corporates, is an indication of overall market activity. This quarter’s figures signify a resilient market with sustained interest in office space. 

Nearly a third of the entire India GLV was recorded in just one city, Bengaluru (6.7 MSF), followed by Mumbai (4.8 MSF) with a share of one-quarter. The two cities combined had a share of over 57% in total leasing volumes for the first quarter. A significant contribution to Bengaluru’s healthy leasing volume was 4.8 MSF of fresh leasing activity, and the city accounted for 33% of total fresh space leasing across the top-8 markets. The city also received close to 2.0 MSF of pre-commitments during Q1-24, thereby making it the largest contributor amongst all.

In line with the trend seen in recent past, fresh leasing continues to dominate GLV with 72% share, with pre-commitments and term renewals taking-up the balance 28% in GLV. 

Among the sectors, IT-BPM and Engineering & Manufacturing sectors emerged as the major drivers of demand, contributing over 45% to the GLV. The BFSI and Flex Space leasing followed with ~17% and ~11% shares, respectively. 

Global Capability Centers (GCCs) took-up close to 4.5 MSF (~22% share in GLV) of office space in Q1, further consolidating the belief that this sector is having a positive influence on office market of India. 

The first quarter also witnessed close to 13 MSF of new supply, continuing the momentum of healthy supply from previous quarters. The cities that saw the biggest supply additions were Hyderabad (2.9 MSF), Bengaluru (2.9 MSF) and Delhi-NCR (2.8 MSF). These three, together accountedfor over 67% of total supply in top-8 cities. The new supply, coupled with strong absorption, led to a slight decline in the national vacancy rate to 18.1%. Notably, Mumbai’s supply-constrained market witnessed the sharpest vacancy rate drop by 1.22% points to ~17%. 

Rents across most cities exhibited a slight upward trend, reflecting the positive market sentiment and rising demand.

Commenting on the Q1 numbers, Anshul Jain, Chief Executive, India & Southeast Asia and Head of Asia Pacific Tenant Representation said, “The Indian office market is experiencing a robust momentum. We haven’t witnessed 20 MSF of leasing being recorded for two consecutive quarters in recent history. This strong performance may signal a shift and has the potential to become the new standard for the Indian market. The strong leasing, coupled with net absorption of 11.5 MSF– the third highest in the past five years (the previous being in Q4 2023 and Q2 2019) – signifies a surge in tenant interest for office space. As witnessed in the previous quarters, the impressive surge in office demand is primarily driven by fresh leasing. We are confident that a balanced supply pipeline and continued tenant demand will propel further growth in the Indian office market.”

Adding on to this, Veera Babu, Managing Director, Tenant Representation, India said, ” The tightness in vacancy rates, particularly in key markets lik​e Bengaluru, Pune, and Mumbai, is noteworthy. This trend persists despite new supply additions in most cities, indicating a strong and growing demand for office space. This could push occupiers to act proactively by pre-committing in the upcoming quarters, ensuring they secure the right space for their needs. Overall, the outlook for the office sector remains positive for the year ahead.”

Also Read: Office leasing surges by 35%

The post India’s Office Market Witnesses Strong Tenant Demand  appeared first on Square Feat India.