The Indian housing market is witnessing a growing demand for 3BHK units, according to the FICCI-ANAROCK Consumer Sentiment Survey H2 2023. The survey found that cities like Bengaluru, Chennai, Hyderabad, and Delhi-NCR have seen at least 50% of respondents choosing 3BHK units. Additionally, 38% of respondents favor 2BHK units. Interestingly, in the expensive Mumbai Metropolitan Region (MMR), 44% of respondents preferred 2BHK units. The demand for 1BHK units is primarily seen in Western markets like MMR (17%) and Pune (10%). The survey also revealed that 75% of property seekers now want balconies, and over 73% of survey respondents said that their decision to buy a home would not be affected if home loan rates stay below 8.5%.
General elections: Will the housing market create another peak, like 2019, in 2024?: Election years in India seem to have an impact on the housing market. The previous election years in 2014 and 2019 saw housing sales reaching new peaks. Experts believe that one of the major factors driving this performance was the decisive election results. Between 2016 and 2019, the residential real estate sector experienced a slowdown, and the momentum for revival started in 2019. However, the pandemic dampened these early green shoots. Surprisingly, the housing market bounced back in 2021, and the momentum has continued since then. Industry experts believe that all signs are pointing towards another peak in housing sales in 2024.
Crib to digitise India’s multi-billion student housing, co-living market: Crib, a property management app founded in 2021, has announced its latest product, Crib Plus. The new version is designed specifically to cater to the needs of large-scale student housing and co-living brands. The Indian co-living market is expected to double by 2024, according to a report by Colliers. Additionally, the student housing sector is projected to experience exponential growth, driven by an anticipated increase in the number of students. This move by Crib reflects the increasing trend towards digitization in the real estate market. Awfis expands its footprint in Bhubaneshwar :Awfis, India’s largest flexible workspace solutions company, has opened its third and largest center in Bhubaneshwar. This new center is strategically located in the Odisha Technology Centre and spans almost 0.1 million sq ft. The design of the center draws inspiration from Odisha’s heritage, including its classical dance, beaches, and the iconic Sun Temple. The center aims to provide a vibrant workspace environment that integrates local elements and fosters creativity. Sunteck West World receives EDGE Green building certification Sunteck, a real estate developer, has received the EDGE Green building certification from IFC for its project, Sunteck West World Naigaon. The project’s design offers substantial environmental benefits, including energy savings of 23%, water savings of 34%, and embodied energy savings of 38%. This certification reflects Sunteck’s dedication to sustainable building practices and its commitment to the long-term impact of its projects. Foreign investors infuse $4 billion per year in Indian real estate: India’s real estate market has seen significant investments from foreign investors. According to Colliers, global investors from countries like the US, Canada, Singapore, Hong Kong, South Korea, and Japan have infused $4 billion annually in the last five years. With the country’s projected GDP growth rate of 5.7% in 2024, India remains an attractive destination for real estate investments. Investors are expected to continue increasing their activity in the Indian real estate market.
Zaramount unveils luxurious living in Goa with its Casa Havana and Casa Vino villas: Zaramount, a real estate company, has recently launched two villa series in Goa – Casa Havana and Casa Vino. These villas are situated along the banks of the Moira River and offer a luxurious living experience. Casa Havana features six villas spread across 2,475 sq meters, each boasting five bedrooms, bathrooms, and a private swimming pool with a Jacuzzi. On the other hand, Casa Vino consists of five villas named after various types of fine wine. These three-bedroom villas are spread over 1,500 sq meters and offer a seamless connection between indoor and outdoor spaces, with floor-to-ceiling windows inviting the sunshine. These villas redefine luxury, innovation, and integration with the community.
Sobha initiative: 220 underprivileged women-led families get homes for free: Sri Kurumba Educational and Charitable Trust, the CSR arm of Sobha, a leading real estate developer, is committed to giving back to society through various initiatives. Their latest initiative, Griha Sobha 2024, aims to provide free housing to 220 underprivileged women-led families in Palakkad. The trust has already handed over keys to 100 homes, and the foundation stone has been laid for another 120 homes. This initiative reflects Sobha’s dedication to women empowerment, housing, and social responsibility.
Peninsula Land project, Salsette27, achieves the coveted IGBC Platinum Certification: Salsette27, a residential project managed and marketed by Peninsula Land, has achieved the prestigious Platinum Certification from the Indian Green Building Council (IGBC). This certification is a testament to the project’s energy efficiency and sustainability features. The apartments in Salsette27 consume less power, resulting in lower electricity costs and a smaller carbon footprint. The building is equipped with solar lights, solar water heaters, and solar-powered waste and sewage treatment plants. It also features an integrated building management system and multiple electric vehicle charging points. Salsette27 sets a new benchmark for sustainable living.
Bengaluru’s White Lotus Group targets Rs.12 billion revenue in FY’24: The White Lotus Group has announced its plans for new villa projects in the North Bengaluru area with an estimated revenue potential of Rs.12 billion. The group has already gained recognition for its projects like Aravindaksha, Kalpavriksha, Amaranta, Anora, Ohana, and Tamara. Recently, the company secured a significant funding round of Rs.1.5 billion from the Luxe Port Group of Companies based in Dubai. This funding will support its growth plans and help strengthen its presence in Bengaluru, as well as expand into other major cities like Hyderabad, Pune, and Chennai. As the Indian real estate market continues to evolve and attract significant investments, developers are responding with innovative projects and sustainable practices. The demand for larger homes, the digitization of the housing market, and developments that focus on sustainability and community integration are driving the industry forward. With foreign investors showing confidence in the market, the future looks promising for the Indian real estate sector
