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Home prices are up over 30% in at least three Indian cities — check details

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Mumbai apartment prices have not risen as sharply but properties in some areas like Panvel are super hot. Read on to know why

The average rise in home prices in top Indian cities is about 20% in the last two years, according to the housing price tracker report released by the real estate lobby CREDAI and data analytics firm Liases Foras.

CREDAI stands for the Confederation of Real Estate Developers’ Associations of India.

City Average price per square feet in 2023 Rise in prices since 2021
Bengaluru ₹9,976 31%
Kolkata  ₹7,912 30%
Delhi NCR ₹9,170 32%
Mumbai Metropolitan Region ₹20,047 2%
Chennai ₹7,701 7%
Pune ₹9,185 24%
Hyderabad ₹11,083 26%
Ahmedabad ₹6,737 18%

Source: CREDAI and Liases Foras.

The national capital region around Delhi, which includes Gurugram and Noida, aside from Bengaluru and Kolkata have seen the sharpest rise in property prices, over 30% each, in the last two years. The report attributes the price rise to benign interest rates, good economic growth and attractive prices.

The demand is the most in the relatively higher-priced homes in the mid-segment and luxury properties.

Part of the price rise is also due to the rising construction cost.

Parts of Bengaluru with a high concentration of tech firms, like
Whitefield, KR Puram, and Sarjapur have seen nearly 50-60% in home prices despite the doubling of supply from new launches in 2023 compared to 2021.

A similar trend was visible in Chennai, Pune and the national capital region (NCR), where the demand for properties outpaced the new launches.

Unsold home inventory in Delhi NCR dropped 19% in the last two years.

In the Mumbai Metropolitan Region (MMR), the most expensive residential market, housing prices saw a steady 2% increase in 2023 compared to 2021.

Property prices in the country’s financial capital have seen sluggish growth since the end of the pandemic; except in some categories.

However, some areas like Panvel have seen a notable 20% rise in the last two years. The analysts attribute this surge to the development of infrastructure projects like the Mumbai Trans Harbour Link (MTHL) and the essential metro lines.

Other analysts, like the ones at consulting firm Knight Frank, believe that MTHL will have minimal impact on real estate prices in the near term.

“We expect both – housing demand and supply – to thrust forward in 2024 not only in top 8 cities but in Tier II, III regions as well,” said Boman Irani, President of CREDAI National.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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All that Budget 2024 provides for housing in India

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

The provisions made in Budget 2024 may help real estate in smaller cities and rural areas. Read on to know more.

India’s real estate industry was hoping for tax breaks and fresh incentives from Budget 2024. However, Finance Minister Nirmala Sitharaman’s speech has left developers wanting more.

However, there’s something in the provisions that may help developers in some parts of the country. There will be more affordable housing and a new programme to move slum dwellers into a better housing projects are some of the proposals of interest for realty players.

The 11.1% increase in capital expenditure is expected to have a ripple effect across sectors including property development. “While the Interim Budget made no big-bang announcements, it continued to focus on infrastructure upgrades and building connectivity across the country,” said Anuj Puri, Chairman, Anarock Property Consultants, “This will benefit real estate growth in not just the top cities, but in tier-2 and tier-3 cities across the country.”

The government plans to build 20 million affordable homes in the next five years under the PM Awas Yojna (Gramin). So far, nearly 30 million homes have been built since the scheme began in 2015.

The FM also announced the start of a new scheme for middle-class housing — a demographic that Sitharaman claimed lives in rented homes, slums or unauthorised colonies — that would enable housing tenants to build or buy their own homes.

“The indication that the government is looking to focus on housing for all and affordable housing is a welcome step in that direction,” said Pavitra Shankar, MD at the Brigade Group.

The fact that this housing plan will likely free present-day encroachments for re-development is being seen as a positive for the real estate sector.

“The infrastructure capex outlay augmentation to 3.4% of GDP will have a multiplier effect,” said Samantak Das, Chief Economist and Head of Research & REIS, India at JLL.

While budgetary announcements like long-term loans to states for tourism development, and transit-centric development in urban centres are also seen as big positives for Indian real estate, the industry has been disappointed by a handful of long-standing demands not being met yet.

The real estate sector has been requesting for industry status for years. It would help them get access to credit and tax breaks. But the request has been ignored one more time. 

Further, the lack of tax incentives for homebuyers like the much-awaited increase on deduction limits for home loan interest under Section 24 not becoming a reality, has disappointed developers and property analysts. The interim budget also made no move to boost allocations for PMAY (Urban), disappointing a large section of the industry batting for better urban affordable housing.

“We are hopeful that the full budget later this year, will translate into tangible outcomes for the real estate sector and overall development of the economy,” said Pavitra.

“The focus on creating multi-modal connectivity through new rail corridors, airport and road infrastructure enhancement will support the overall logistics ecosystem while fostering new growth corridors,” Das added.

Also Read: Budget 2024: FM announces new housing scheme for middle class and 2 crore more houses under PMAY-Gramin

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Housing demand in India expected to surge to 93 million by 2036: Report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Key indicators suggest that Tier II and III cities are poised to take the lead in both driving and meeting this escalating demand. This surge aligns with government initiatives aimed at establishing Smart Cities and the burgeoning commercialisation activities in emerging regions.

The housing demand within India is estimated to surge to a mammoth requirement of 93 million houses by the year 2036. This is according to a report by the Collaborative Real Estate Development Association of India (CREDAI), in conjunction with Liases Foras. The report was unveiled during the New India Summit in Varanasi, Uttar Pradesh.

The projected exponential growth stems from various pivotal factors, such as the increasing population in both urban and rural landscapes, robust macroeconomic indicators, and favorable demographics. Key indicators suggest that Tier II and III cities are poised to take the lead in both driving and meeting this escalating demand. This surge aligns with government initiatives aimed at establishing Smart Ccities and the burgeoning commercialisation activities in emerging regions.

According to the report, 2023 witnessed a substantial influx of registrations and heightened interest from prospective homebuyers. Notably, over 19,050 Real Estate Regulatory Authority (RERA) registrations were recorded nationwide, predominantly in the residential segment, indicating a significant uptick in the housing market.

ALSO READ | Why this real estate company expects property prices to rise further

Furthermore, the report provided insights into the existing housing inventory dynamics. At a pan-India level, the inventory currently stands at 10,42,195 units, showcasing a 3% decline on a quarterly basis but a 2% increase year-on-year.

Cities like Mumbai Metropolitan Region (MMR) and Ahmedabad notably experienced a considerable decline in inventory during the quarter ended September 2023. Tier II cities, buoyed by robust demand, also witnessed a drop in inventory, now averaging a 20-month supply as of the quarter ended September 2023.

Pricing trends revealed a 6% compound annual growth rate (CAGR) in apartment prices, reaching 11,660 per square foot, with the National Capital Region (NCR) observing the most substantial spike at 22%. Additionally, the report offered detailed insights into sales figures and carpet prices across major emerging cities such as Nagpur, Bhopal, Surat, and others, outlining the changing real estate landscape across India’s diverse regions.

ALSO READ | Brigade sees potential for further price hikes in residential property

Boman Irani, President, CREDAI, said, “The rapidly growing Indian population and economy has resulted in accelerated demand and supply of homes, while also improving home buyers’ purchasing power and inclining them to buy bigger houses. The country is set to develop manifold in the next 10–15 years, and hence, through this report we look towards setting a new precedent with the emergence of Tier II, III regions and their contribution towards the sector and economy. Housing in such cities will witness a sharper trajectory as crucial Government Programs and increasing commercial commercialization activities come to the fore to create a strong pipeline of projects across all segments.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Property developers project 15-20% spike in sales, 5-10% increase in prices this year

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Nearly 40% of developers polled said they expect their sales volumes to rise by 10 to 15% this year, with 30% of the responses from developers projecting a more ambitious rise of 15 to 20% in sales volumes.

A CNBC-TV18 poll on home-buying in 2024 has revealed that real estate developers expect the housing bull run to continue in the New Year. Nearly 40% of developers polled said they expect their sales volumes to rise by 10 to 15% this year, with 30% of the responses from developers projecting a more ambitious rise of 15 to 20% in sales volumes.

An overwhelming number of developers (75%) polled said that they expect the mid-range segment — homes priced between ₹45 lakh and ₹2 crore — to outperform its peers in 2024. 20% of the developers participating in the poll said the premium and luxury segments — homes priced between ₹2 crore and ₹10 crore, and homes priced beyond ₹10 crore — would stand out this year.

“There is a strong expectation that luxury living will reach new heights, especially among residents of Mumbai,” said Aakash Patel, Director at Atul Projects India. “The prevailing trend towards luxury homes and penthouse living is expected to continue and potentially intensify further as the city’s well-heeled individuals seek even more opulent and exclusive residential experiences.”

Given the general bullishness in residential real estate, most developers (60% of responses polled) expect average weighted prices of residential units to increase between 5% and 10%, while 25% of responses to the CNBC-TV18 poll said price movement would be difficult to predict this year.

“Owing to positive market sentiments, the average price will appreciate by 5% to 10%,” said Darshan Govindaraju, Director at Vaishnavi Group. “The primary reason for this (positive sentiment) is the changing changing aspirations of the homebuyer, and the increasing desire to own a home. Besides, the uptick in rental in top cities, is another reason why people will prefer buying a property.”

In fact the ‘homebuyer’ label, 35% of developers participating in the poll, said would be the one compelling factor that would drive homebuying this year. An equally significant 30% of participants in the poll said capital gains from the 2023 equity market bull run would be another factor powering homebuying in 2024. However, there is one potential deal-breaker.

“While 2024 holds a lot of potential, developers will be cautious about factors like high-lending rates and immoral locations while launching a project,” Darshan added. Incidentally, 75% of developers polled said high lending rates would be a major deal-breaker to homebuying in the New Year, signaling that the RBI‘s much-awaited repo-rate cuts could play a significant role in how well the residential market performs this year.

“We expect strong sales momentum to continue in 2024 even as home loan rates are also expected to reduce, which in turn makes buying a bit more affordable,” said Praveer Shrivastava, Senior VP (Residential) at the Prestige Group, “This will be crucial, considering that prices have strengthened considerably in the last couple of years across all cities.”

CNBC-TV18 macro poll: Home-buying in 2024

1) What do you expect home sales growth to be in 2024?

  1. A) 10% to 15% ~40%
  2. B) 15% to 20% ~30%
  3. C) 20% to 25% ~25%
  4. D) Flat growth ~5%

2) Which product segment do you expect to outperform in 2024?

  1. A) Mid-range: ₹45 lakh to ₹2 crore ~75%
  2. B) Affordable: upto ₹45 lakh ~5%
  3. C) Premium: > ₹2 crore ~15%
  4. D) Luxury: > ₹10 crore ~5%

3) In 2024, you expect average price-per-sqft to…

  1. A) Appreciate by 5-10% ~60%
  2. B) Depreciate by 5-10% ~0%
  3. C) Stay the same ~15%
  4. D) Difficult to predict ~25%

4) What will be the one compelling factor to spur home-buying in 2024?

  1. A) Status of ownership ~35%
  2. B) Expensive home rent ~20%
  3. C) Equity gains ~30%
  4. D) Repo-rate cuts ~15%

5) A major deal-breaker for buyers in 2024 would be…

  1. A) Steep ticket price ~15%
  2. B) Small unit size ~0%
  3. C) High lending rate ~75%
  4. D) Bad location ~10%

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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DDA to offer luxury houses for the first time; priced between ₹2–5 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Subhasish Panda, Vice Chairman, DDA speak to CNBC-TV18 on the need to enter the luxury housing segment and the future of affordable housing.

After having built affordable housing for over 60 years, the Delhi Development Authority (DDA), an autonomous body under the aegis of the Ministry of Housing and Urban Affairs, is now venturing into luxury housing.

Subhasish Panda, Vice Chairman, DDA, told CNBC-TV18 in an interview that “it is the first time DDA is introducing the luxury end of housing. So far, DDA has always been into affordable housing. After building affordable housing all across the city, the high-end housing will be a step towards providing housing for all kinds of clients across Delhi.”

Panda says that the authority felt the need to enter the luxury housing segment as the residents of Delhi have been looking to buy luxury houses built by a government authority.

According to Panda, the “new project will be a combination of luxury apartments, including penthouses.”

The project has HIG apartments priced at around 2 crore, HIG plus at around 2.5 crore, and the penthouses are about 5 crore, Panda said.

The bidding will start on January 5, 2024, Panda added.

On why people will prefer a DDA luxury apartment against those built by private developers, Panda said, “People should prefer DDA over a private player as we are not at a conceptual stage and the project is almost at the completion stage. In a matter of a few months, we would be able to deliver houses to new owners.”

Second, DDA is backed by the government, and banks have a lot of trust in the pricing we are offering. So loans will be easily made available to potential buyers.

Third, the location of these luxury apartments is right opposite the new 18-hole golf course coming up in Dwarka sub-city. The apartments overlook the golf course, and the design of the new development is excellent.

Not just this, built on the latest Mivan technology, Panda is confident that “all these new developments of DDA have been constructed with the latest technology” will be much preferred by buyers.

Panda added, “The space/carpet area is huge as compared to the area one gets for this price in a private sector developed apartment.”

DDA will be offering three categories of flats under this project: “First is the penthouse; there are 14 of them. The second is the super HIG, which has four bedrooms and one special room for domestic help, and the third is the three-bedroom category, the HIG. All three categories have 2,093 flats, which will be bid out. The maximum number of flats is 946 in the HIG category,” Panda explained.

Apart from this, two other projects will be bid out by DDA, which would include the “MIG category at Dwarka Sector 14 and also in Lok Nayak Puram, and these are 900 flats,” Panda added.

But will this be the only luxury housing project that DDA will build, or is DDA looking at exiting affordable housing?

Panda says, “DDA looks forward to continuing to create more such spaces in the luxury segment. Having said that, affordable housing will continue to be the forte of the DDA. Considering that there is a need for both, we will go for a mix of both affordable and luxury housing in the coming future.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Housing prices rise in 43 cities in the first quarter of FY24, says NHB

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Eight key primary residential markets – Ahmedabad witnessed a 9.1 per cent appreciation in property prices while Bengaluru 8.9 per cent and Kolkata 7.8 per cent during the April-June 2023 period.

Housing prices rose in 43 cities in the first quarter of 2023-24, while the rates of residential units fell in seven cities, according to National Housing Bank (NHB).

In a Housing Price Index published by NHB, the regulator for housing finance companies said the home loan rates are still lower than the pre pandemic rates leading to a healthy affordability overall.

Eight key primary residential markets – Ahmedabad witnessed a 9.1 per cent appreciation in property prices while Bengaluru 8.9 per cent and Kolkata 7.8 per cent during the April-June 2023 period.

Other cities like Chennai saw 1.1 per cent, Delhi (0.8 per cent), Hyderabad (6.9 per cent), Mumbai (2.9 per cent) and Pune (6.1 per cent) increase in the index on an annual basis as per the Housing Price Index (HPI).

The 50-city HPI based on valuation prices of properties collected from banks and housing finance companies (HPI @ Assessment Prices) recorded an annual increase (Year-on-Year) of 4.8 per cent during the first quarter of FY24 as compared with 7 per cent a year ago, it said.

The annual change in HPI @ Assessment Price varied widely across the cities – ranging from an increase of 20.1 per cent (in Gurugram) to a decline of 19.4 per cent (in Ludhiana).

On a sequential (Q-o-Q) basis, the 50-city index registered an expansion of 0.7 per cent in April-June 2023 as against 1.3 per cent in the previous quarter. The index is showing an increasing trend on Quarter-on-Quarter basis since June 2021.

The index recorded increase in 36 cities out of 50 cities, with Chandigarh recording the highest sequential increase of 4.9 per cent, while Navi Mumbai, Ludhiana, Howrah and Bhiwadi, recorded sequential decline with more than 2 per cent in the HPI @ Assessment Price during the quarter (Navi Mumbai recording the maximum decline of 5.9 per cent).

On a sequential basis, the 50-city index witnessed an increase of 2.3 per cent during the quarter as against 2.6 per cent in the previous quarter.

.

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Housing prices rise in 43 cities in March quarter of FY23: NHB

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Housing prices rose in 43 cities in India in the fourth quarter of 2022-23 ending March, according to National Housing Bank (NHB) data released on Thursday.

Housing prices rose in 43 cities in India in the fourth quarter of 2022-23 ending March, according to National Housing Bank (NHB) data released on Thursday.

This was out of the 50 cities in the country it tracked, and noted that seven cities saw a fall in property prices.

Ahmedabad saw the highest rise at 10.8 percent, followed by Bengaluru (9.4 percent), Chennai (6.8 percent), Delhi (1.7 percent), Hyderabad (7.9 percent), Kolkata (11 percent), Mumbai (3.1 percent) and Pune (8.2 percent), as per the Housing Price Index (HPI) published by NHB.

The 50-city index exhibited a growth of 1.3 percent in the January-March 2023 quarter, showing a slight decline from the previous quarter’s expansion of 1.5 percent. However, it is noteworthy that the index has been consistently increasing on a quarterly basis since June 2021.

The overall valuation of properties, based on the assessment of prices of properties got through banks and housing finance companies, registered an annual increase of 5.8 percent during the fourth quarter of FY23 as compared with 5.3 percent a year ago.

The annual change in Housing Price Index had a wide range across cities, from an increase of 19.6 percent (Gandhinagar) to a decline of 12.9 percent (Ludhiana).

Also read: Indiabulls Housing Finance posts 14% fall in profit, net interest income surges to Rs 734 crore

The home loan rates are still lower than that of pre-Covid period leading to a healthy affordability overall, it said.

In terms of the supply side, the 50-city HPI, which considers quoted prices for under-construction and ready-to-move unsold properties (HPI@ Market Price for Under Construction Properties), experienced a significant annual growth of 11.7 percent in the March quarter, compared to 4.8 percent recorded a year ago.

This surge in quoted prices can be attributed to a combination of factors, including the partial transfer of increased input costs and heightened demand for ready-to-move-in properties, particularly in the affordable segment.

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Housing finance regulator asks lenders to adopt early warning signals framework

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

National Housing Bank (NHB), in a recent circular, said analysis of the frauds reported by the housing finance companies (HFCs) has revealed that the reasons behind accounts being identified as fraud accounts are seller impersonation, submission of fake income/ employment documents, submission of fake title deeds, a collusion of the builder and borrower.

Regulator for housing finance firms NHB has asked housing finance companies with asset size of over Rs 1,000 crore to adopt an early warning signals (EWS) framework to check financial frauds and also to prevent accounts from turning into non-performing assets.

National Housing Bank (NHB), in a recent circular, said analysis of the frauds reported by the housing finance companies (HFCs) has revealed that the reasons behind accounts being identified as fraud accounts are seller impersonation, submission of fake income/ employment documents, submission of fake title deeds, a collusion of the builder and borrower.

It has also been observed that such deficiencies are identified only when the borrower stops paying the EMIs after the disbursement of the loans, NHB said.

“It has been therefore decided that an Early Warning Signals (EWS) Framework should be adopted by the HFCs so that an alert is triggered before the account turns into non-performing asset (NPA) or declared as a fraud account,” it said.

NHB circular further said that tracking of the EWS must be integrated with the credit monitoring process in the systems of the HFCs so that it becomes a continuous activity.

Through the EWS framework, HFCs will be encouraged to take into account fraud risks in their risk management practices.

NHB has asked the housing finance companies to place the circular before their boards for information and to devise an implementation strategy.

“The mechanism needs to be put in place by April 1, 2024,” it said.

Also read:  Significant opportunity for housing finance companies outside the top four cities where disbursal ticket size less than Rs 25 lakh: Report

The NHB has provided an indicative list of EWS for individual borrowers (retail). This includes ‘disbursement of loan done without meeting all pre-disbursement conditions’, ‘occupation of the borrower has changed’, ‘adverse developments in the sector in which the borrower is employed’, and ‘company is unable to contact the borrower during credit monitoring’.

The regulator has also suggested an indicative list of EWS for corporate and project loans.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Housing demand rages on, prices up 7% in January-March 2023 period

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

According to Anarock, the January-March quarter saw 1.14 lakh homes sold across 7 top property markets — 14 percent higher than the same period from a year ago. Data from property website PropTiger.com indicates that prices are up too. The price of new residential stock across the country, in January-March was 7 percent higher, year-on-year.

Increased regulatory checks and rising interest rates notwithstanding, housing demand doesn’t seem to be slowing anytime soon. According to Anarock, the January-March quarter saw 1.14 lakh homes sold across 7 top property markets — 14 percent higher than the same period from a year ago.

Data from property website PropTiger.com indicates that prices are up too. The price of new residential stock across the country, in January-March was 7 percent higher, year-on-year.

Bengaluru saw the highest spike in prices at 10 percent, followed by Ahmedabad (7 percent), while certain micro-markets in Gurugram saw price-hikes as high as 13 percent.

“Apart from a rise in input costs, limited supply of the right product and ready-to-move-in projects for end-use have led to an upward push in prices,” said Ankita Sood, Head of Research at PropTiger.

Also Read: Realty Realm: NoBroker CEO Agarwal’s tips on real estate investments — primary vs resale

The outlook from PropTiger is that prices could go higher with ready-to-move homes attracting a premium. However, there are other factors at play that could make homes more expensive this year. One of these factors is material prices.

With the prospect of a cement-price hike looming just around the corner, developers might well pass it onto the buyer. Other building materials are also expected to see price revisions.

“There isn’t really much profit margin that can absorb all this increase in input costs,” said Anuj Puri, the chairman of the Anarock Group, “Any increase in input costs will go straight to the buyer, and the thinking is that this could be between 7 to 10 percent for FY24.”

Also Read: MahaRERA may suspend registration of over 500 projects for non-compliance

However, if there’s one factor that could offset this potential price-hike, it’s new inventory. According to Anarock, India saw 1.09 lakh home launches in the first quarter of 2023 — 23 percent higher year-on-year, and 18 percent more than a quarter ago. Nearly 36 percent of these launches were homes in the mass market segment, priced between Rs 40 lakh and Rs 80 lakh.

Developers say more launches are on the anvil from a few quarters ago, given that launches were on the backburner in an attempt to focus on exhausting existing inventory.

“Internally, we have clear target: we have to push sales up by 30 to 40 percent,” said Sandeep Runwal, MD of the Runwal Group, “So, you are going to see launches up by 30 to 40 percent for sure.”

While this increased supply could add downward pressure on prices, some predict that the recent layoffs, sluggishness in the IT sector and a hike in repo rates, should it happen, could also have an impact on consumer appetite. So, while home prices may up, there’s just no saying if they will go up further from here.

Also Read: Pan-India residential prices up 7% in January-March 2023 quarter

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Ashiana Housing converts expression into booking for all 224 units at Gurugram project

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Ashiana Housing on March 21 announced that it crossed the annual booking value of Rs 1,100 crore for the year 2022-23 with a total booking value of Rs 1,279 crore.

All 224 units in Phase 2 of ‘Ashiana Amarah’ at Gurugram, Haryana of Ashiana Housing have been converted into booking by April 17 with a total sales value of Rs 290.25 crore, the company said in a press release on April 20.

The project located at sector 93 Gurugram has a total saleable area of 3.77 lakh square feet with 3 BHK units. Phase 1 of ‘Ashiana Amarah’ project also comprised 224 units and had a sale value of Rs 242.6 crore. Ashiama Amarah Phase 1 was launched and fully sold in October 2022.

The company, on March 21 announced that it crossed the annual booking value of Rs 1,100 crore for the year 2022-23 with a total booking value of Rs 1,279 crore.

Also Read | Noida administration seals Supertech Group’s office over remaining dues

On March 27, the company was declared the highest bidder by Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) in an auction for the allotment of 43,708 square meters of land for another residential project in Manesar, Gurugram. Out of the total land, the saleable area was approximately 10.30 lakh square feet.

Earlier in March 2023, Ashiana Housing also announced the commencement of bookings in its Jaipur project ‘Ashiana Ekansh’, which had an estimated sale value of Rs 103 crores.

Also Read | Nifty Realty rally continues…. zooms 17% in last 11 sessions

Ashiana Housing stock rose 17 percent in the last one year and 27 percent since the start of this calendar year. Reacting to the news, the stock is currently trading with gains of close to 3 percent at Rs 181 per share.

Catch all the latest updates from the stock market here

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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Should Elon Musk be able to buy Twitter?