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Housing prices in NCR increase by 16% YoY, while property prices in MMR dipped by 2% in first quarter of 2023: Report

News Mantra — Thu, 15 Jun 2023 10:05:12 +0000

Average Housing prices in NCR Region increased by 16% YoY, highest amongst the top eight cities as per the Housing Price Tracker Report released by CREDAI, and real estate analytics firms Colliers and Liases Foras. While average property prices in Mumbai Metropolitan Region (MMR) dropped by 2% in Q1 2023.
However, Mumbai was the only exception since residential prices went up by 16% in Delhi-NCR, 15% in Kolkata, 14% in Bengaluru, 13% in Hyderabad, and 11% in Ahmedabad and Pune, the data showed. The residential prices of Mumbai rose to 16% followed by MMR’s Panvel recording a rice rise at 9%, followed by the western suburbs at 6.4% YoY.
On unsold inventory front Mumbai had the largest share of unsold inventory at 37%. While the unsold inventory rose to 29% in MMR region and only Noida region of NCR saw maximum number of unsold units of which 42% of the unsold units fell in the price range of INR2,500 – 5,000 per sq ft. Pune unsold inventory was at 13%, and Delhi-NCR recorded 12% unsold inventory as per the report.
MMR region with the average property prices having dropped by 2% settled at INR 19,219 per square feet in the first quarter of 2023. It was INR 19,557 in the corresponding period last year, as pert the Housing Price Tracker Report. Unsold inventory continues to see a rise in MMR; up 29% YoY with majority of the unsold units falling in the price range of INR7,500-10,000 per sq ft out of which about 50% are in Central Suburb extension said the report.
Despite the rise in housing prices, demand remains strong, especially in tier 1 cities. Developers are focusing on delivering relevant supplies at the right price and location.
Pankaj Kapoor, managing director, Liases Foras, said, “The 2022-23 financial year witnessed the highest-ever new launches and sales across major Indian cities. The trends will likely continue, the sales and supply will likely grow, and the price rise will be moderate.”
The report mentioned Pune housing prices firming up by 11% YoY in Q1 2023, with prices in Kothrud and Chinchwad recording the highest per sq ft price increase at 13% YoY. Prices of 2 BHK and 3 BHK units have shown maximum rise of 9% YoY, with increasing demand in these configurations. Chinchwad accounted for about 42% of the unsold inventory in the city out of which maximum units fell in the price range of INR5,000-7,500 per sq ft.
For Ahmedabad, Q1 2023, saw an 11% increase in housing prices, on a YoY basis. With the recent rise in Jantri rates, housing prices are likely to increase further. Unsold inventory in the city increased 37% YoY, led by the rise in new launches mentioned the report.
The report also reported about Kolkata’s unsold inventory going up 13% YoY, which was recorded the highest in the last 6 quarters. The housing prices in the city of joy increased 15% YoY during Q1 2023. North Kolkata saw the highest rise in prices at 25% YoY followed by Southeast Kolkata. Prices in 3BHK units saw the highest rise at 19% YoY followed by 2BHK units owing to their rise in demand quoting the report, while East Kolkata accounted for the highest unsold inventory, of which most of the units (33%) falls in INR 5,000–7,500 per sq ft price range.
Housing prices in the city witness a sharp rise of 46% compared to pre pandemic levels in Hyderabad, while Bengaluru housing prices rose 14% on YoY basis due to strong demand and Chennai recorded an increase by 4% on YoY basis. Prices for 1BHK and 4BHK configurations rose in the range of 6-8% on a YoY basis in Chennai, while the overall housing prices in Bengaluru increased 14% YoY during Q1 2023, Inner North region saw a drop in prices at 13% YoY due to limited demand. For Hyderabad housing prices saw a constant rise since the last 9 quarters. Overall, housing prices surged 13% YoY with highest rise seen in Central Hyderabad at 55% YoY. Prices of 4BHK units saw the highest increase at 23% YoY, followed by 1BHK units quoted the report.

-SURESH RATHOD

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Sandeep Runwal takes charge as the new NAREDCO Maharashtra President

Newsmantra — Fri, 26 Nov 2021 11:13:17 +0000

Sandeep Runwal takes charge as the new NAREDCO Maharashtra President

Mumbai, November xx, 2021: Shri Sandeep Runwal, Managing Director of Runwal Group, took over as a President of the National Real Estate Development Council (NAREDCO) Maharashtra, an apex body of India’s real estate industry. Naredco was established as an autonomous self-regulatory body under the aegis of the Ministry of Housing and Urban Poverty Alleviation, Government of India. It functions as a development & promotion council for the housing & real estate sector in India and plays a vital role in the formulation of national policies and agendas for real estate development and fiscal reforms. With support from the Government and prominent industry bodies, NAREDCO has an objective to create and sustain an environment conducive to the growth of the real estate sector in India. Mr. Niranjan Hiranandani, National Vice Chairman, NAREDCO and Chairman & Managing Director of Hiranandani Communities handed over the delegation letter to Shri Sandeep Runwal, President, NAREDCO Maharashtra to envoy the responsibilities going forward.

With a clear vision of bringing holistic development of the real estate sector across Maharashtra, Mr. Runwal aims to work closely with the Government bodies, to ensure success of ‘Housing For All’ initiative that aims to promote affordable housing in our country. Mr. Runwal shall be playing a massive role in streamlining the governmental processes to ensure timely delivery of homes by the developers to the buyers. His constant effort would be towards making the home loan available to all income groups so that no person is deprived of buying their dream home. He will also focus on the formation of new chapters, to expand the presence of NAREDCO across Maharashtra. His aim is to build trust between the customers and the developers by enhancing transparency, efficiency, and effectiveness in the sector.

Shri Sandeep Runwal, President, NAREDCO Maharashtra said that “With the support from the Government, NAREDCO Maharashtra would create a demand recovery that will push housing sales; particularly in the affordable segment that will drive the “Housing For All momentum”. Taking over this baton, I will try and undertake various aggressive development measures and, make my maximum contribution in strengthening the industry’s role in the economic development of the country. With the same zeal, my priority would be to revive the country’s major real estate market of Maharashtra and implement novel ideas to bring positive changes among the customers’ behaviour towards the sector.’’

Mr Sandeep Runwal is the Managing Director of Runwal Group and spearheads the group across a portfolio of residential, commercial and organized retail. An alumnus of Harvard Business School and IIM Bangalore, he has led the organisation with a consistent emphasis on quality, execution, and timely delivery for over 30 years. He’s been awarded Young Turks’ by CNBC TV 18 and ‘Lords of the Land’ in his career profile.

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Swachhata Ke 6 Saal, Bemisaal

Newsmantra — Thu, 01 Oct 2020 06:49:26 +0000

Swachhata Ke 6 Saal, Bemisaal

The Ministry of Housing & Urban Affairs (MoHUA) is celebrating the sixth anniversary of Swachh Bharat Mission-Urban (SBM-U) by organizing a webinar titled ‘Swachhata Ke 6 Saal, Bemisaal’ on 2^nd October 2020. The day, which also marks the 151^st birth anniversary of Mahatma Gandhi, will focus on celebrating the achievements of the past six years under the Mission along with experience sharing by States and cities and partner organizations. Shri Hardeep Singh Puri, Minister of State (I/C), MoHUA will chair the Webinar on the occasion along with Shri Durga Shanker Mishra, Secretary, MoHUA and Shri Kamran Rizvi, Additional Secretary, MoHUA.

The Minister will release a compendium and a dynamic GIS portal showcasing innovative practices for effective solid waste management (SWM) practices from across India. Alongside, a document on Response of Indian Cities Towards Covid-19: A Sanitation Perspective prepared by NIUA, ‘Frontline Stories of Resilience: India’s Sanitation Champions’ – a collection of inspirational stories of sanitation workers compiled by the National Faecal Sludge and Septage Management (NFSSM) Alliance and a Toolkit for Safety of Sanitation Workers prepared by Urban Management Centre (UMC) will also be released by the Ministry.

The second half of the session will focus on experience sharing of the past six years by select States and cities and chalking out the next steps towards a Swachhatam Bharat. The event will be an opportunity for all stakeholders to learn from each other and envision the next phase of the Mission.

Since its launch in 2014, SBM-U has made significant progress in the area of both sanitation and solid waste management. 4,327 Urban Local Bodies (ULBs) have been declared ODF so far. This has been made possible through construction of more than 66 lakhs individual household toilets and over 6 lakhs community/ public toilets, far exceeding the Mission’s targets. The Mission is now focusing on holistic sanitation through its ODF+ and ODF++ protocols with a total of 1,319 cities certified ODF+ and 489 cities certified ODF++ as on date. Additionally, over 59,900 toilets across 2900+ cities have been made live on Google Maps. In the area of solid waste management, 97% of wards have complete door-to door collection, 77% of wards have source segregation of waste while 67% of the total waste generated is being processed – a jump of nearly 4 times over 2014 levels of 18% processing. A total of 6 cities (Indore, Ambikapur, Navi Mumbai, Surat, Rajkot and Mysuru) have been rated as 5-star cities, 86 cities as 3-Star and 64 cities as 1-Star, as per MoHUA’s Star Rating Protocol for Garbage Free Cities. Moreover, from being a government program, the Mission has transformed into a people’s movement, a true ‘Jan Andolan’ with participation of over 12 crore citizens being recorded in Swachh Survekshan 2020, the last edition of the annual cleanliness survey conducted by MoHUA. The Mission has also laid great emphasis on providing dignified livelihoods to all sanitation workers and informal waste pickers which is directly in line with Mahatma’s vision of ensuring equality and inclusion for all sections of society. To this end, the Mission has successfully integrated over 84,000 informal waste pickers into the mainstream while over 5.5 lakh sanitation workers have been linked to various welfare schemes under the Government.

Capacity building of officials and staff of ULBs has been an integral part of the Mission. As part of this endeavor, the Ministry, with the help of National Institute of Urban Affairs (NIUA) has conducted over 150 workshops across India witnessing the participation of over 6,000 officials representing over 3,200 ULBs.

Swachh Bharat Mission, the flagship program of the Government of India, was launched by Hon’ble Prime Minister on 2^nd October 2014 from Rajghat, New Delhi and aimed to achieve the vision of a ‘Clean India’ by 2^nd October 2019, the 150^th birth anniversary of the Father of the Nation. The urban component of the Mission which is being steered by MoHUA had the broad objectives of making urban India open defecation free (ODF) along with modern and scientific waste management through large scale behavior change among citizens.

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