13 Jan 2025

The Mumbai Metropolitan Region (MMR), which includes Greater Mumbai, has seen a 5% annual growth in residential property prices in 2024, with a weighted average price of INR 8,277 per sq. ft., according to a recent Knight Frank India report. Central and South Mumbai led this growth with price appreciations of 8% and 7%, respectively. While properties priced above INR 50 lakh accounted for a significant portion of transactions, a notable shift was observed towards the INR 1 crore to INR 2 crore segment. The city's residential sales in the INR 20 crore to INR 50 crore category grew by 143%, reflecting robust demand for premium housing. This growth was bolstered by transformative infrastructure projects like the Mumbai Coastal Road and Metro Lines, enhancing connectivity and boosting market confidence.Read more

13 Jan 2025

East Bengaluru's residential market witnessed an 87.4% YoY surge in supply, driven by a 33.6% increase in capital appreciation and an 11.4% rise in rents, according to Magicbricks. Budigere Cross led the growth with a 190% rise in supply and a 48% increase in property values, followed by Whitefield (91.35%), HSR Layout (83.3%), and Sarjapur (75%). The surge is fueled by infrastructure upgrades, including connectivity via Old Madras Road, Outer Ring Road, and Namma Metro. Premium housing demand surged, with INR 10,000 psf properties comprising 37% of the demand. East Bengaluru continues to solidify its position as a prime residential hub.Read more

13 Jan 2025

Residential projects under construction in India's major cities recorded remarkable price growth in 2024, with Gurugram's New Gurugram micro-market seeing a 55% year-on-year increase, according to Savills India. Other hotspots included Bengaluru (25% appreciation), North Goa (16%), and Mumbai (10%). Noida's premium segments also showed robust growth, with up to 16% increases in some areas. The luxury housing market flourished, with Gurugram adding 16,140 new units, a 150% jump. Rising construction and land costs, coupled with strong demand for spacious homes, fueled the trend. Stable interest rates from the RBI further bolstered buyer confidence, indicating sustained momentum in India's real estate market.Read more

10 Jan 2025

Maharashtra's Deputy Chief Minister Eknath Shinde, who also oversees the housing ministry, reviewed the department's progress and revealed plans to build 100,000 homes for mill workers. He emphasized that the state's new housing policy should focus on affordability, sustainability, and environmental friendliness. He also addresses the need for accelerating stalled redevelopment projects, particularly in Mumbai. Shinde also mentioned that Maharashtra will be the first state to introduce a housing policy for senior citizens. Various housing initiatives, including those for students, women workers, and workers in general, are underway.Read more

10 Jan 2025

The Noida Authority has directed Suraksha Realty to take over the maintenance of Jaypee Kosmos after the developer's subsidiary ceased operations on January 1, 2025. The maintenance services, including housekeeping and security, had been suspended, and residents were left without support. Despite proposals from Suraksha to hand over maintenance to the apartment owners' association, the Noida Authority determined that the project was far from complete. The residents raised concerns about incomplete infrastructure and the lack of green spaces, and Suraksha was instructed to provide a comprehensive breakdown of common areas for verification.Read more

10 Jan 2025

The Department of Town and Country Planning (DTCP) has uncovered violations in around 7,500 of the 15,000 houses surveyed across DLF Phases 1 to 5. The issues include illegal construction and commercial activities such as guest houses and paying guest accommodations in residential buildings. The survey is part of a broader crackdown following a petition by Resident Welfare Associations (RWAs) in DLF City. While the DTCP has sealed properties found violating norms, enforcement challenges persist. Further actions are expected after a hearing in the Punjab and Haryana High Court on January 10.Read more

10 Jan 2025

With Navi Mumbai International Airport (NMIA) nearing full-scale operations by mid-2025, the long-delayed Navi Mumbai Airport Influence Notified Area (NAINA) project has regained focus. Spanning 94 villages, NAINA's development plan is being implemented via Town Planning Schemes (TPS), with CIDCO addressing illegal constructions, engaging landowners, and initiating infrastructure projects worth INR 2,550 crore. Land-pooling offers landowners 40% of developed land to minimize displacement, encouraging cooperation. TPS 1 and 2 are ready for property transfers, while others are under review. The project, crucial for Navi Mumbai's growth, depends on sustained collaboration and proactive measures to unlock its full potential as a thriving urban and investment hub.Read more

09 Jan 2025

The Greater Noida Authority has introduced a scheme offering 10 residential plots ranging from 51 sqm to 500 sqm. The plots, priced between INR 27 lakh and INR 2 crore, will be allocated via e-auction, with possession granted within 30 days after completing formalities. The available plots include options in Sector 2, Sigma 2, Beta 2, and Delta 2, offering a mix of sizes and price ranges. Applicants must deposit 10% of the total premium to participate, and successful bidders have the option to pay the remaining amount in full or in quarterly installments. The plots come on a leasehold basis for 90 years.Read more

09 Jan 2025

The Maharashtra Housing and Area Development Authority (MHADA) has announced plans to reserve 555 flats in nine residential projects for the economically weaker section (EWS) in Nashik. These flats will be allocated through a lucky draw in the coming months. This move follows the state's 2013 mandate for builders to reserve 20% of flats in large residential projects for low-income groups. Additionally, MHADA is seeking clarification from the Nashik Municipal Corporation (NMC) regarding the EWS reservation rules for projects developed on "final plots," after developers raised concerns about compliance.Read more

09 Jan 2025

The Rural Development Ministry aims to sanction 10 lakh homes under the Pradhan Mantri Awas Yojana-Gramin (PMAY-G) in January 2025, aligning with its ambitious 2024-25 fiscal targets. With a record allocation of INR 54,500 crore, the scheme targets constructing two crore additional homes by 2029, ensuring "housing for all." Progress is steady, with 31.65 lakh homes already sanctioned this fiscal year. The ministry is also implementing monthly reviews to accelerate rural development, improve infrastructure, and enhance living conditions for underserved communities.Read more