Tribeca Developers has sold all 228 luxury apartments for over Rs 1,000 crore in its new Mumbai project, ‘The Edge.’ In collaboration with Tejukaya Group, the firm launched the first phase of 228 units priced between Rs 4 crore to Rs 12 crore. The project aims to develop around 400 units in total.

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Real estate experts are of the firm opinion that the fundamentals of the Indian economy as well as the dynamics of its market will insulate the country’s housing sector from the global economic slowdown. They are of the view that the sentiment of Indian homebuyers has been positive because of a suitable market ecosystem. Also, a pause in RBI’s rising repo rate and dazzling domestic economic outlook will help the housing market sentiment buoyant.

Housing demand

According to a recent report prepared jointly by Credai, Colliers, and Liases Foras, home price in India has increased 8 percent during January – March period of 2023 with Delhi-NCR registering a humongous surge of 16 percent, closely followed by Kolkata and Bengaluru with 15 percent and 14 percent year-on-year increase respectively. The tangible reason behind such a steep surge in home prices is said to be robust housing demand and consistent quality launches by high-end developers.

Real estate boom in small cities

If the cascading effect of the West slipping into recession and subsequently IT/ITeS companies tightening their budgets reach India, the commercial segment could have some bearing. However, the residential real estate ecosystem in India has been robust with astounding sales records in 2022. In the backdrop of Covid catastrophe that brought the world economy to its knees, the year 2022 witnessed a major real estate boom in Tier 2 and Tier 3 cities and continued the growth momentum in hurly-burly of the global slowdown.

Rosy real estate in 2023

The Indian economy is on the cusp of becoming a world leader. Soaring urbanization, larger disposable incomes, and a rise in GDP per capita script a rosy picture for the real estate market in 2023. Despite sluggish trends in the global economy, India’s strong growth potential paves the way for the high demand for offices and commercial space in Tier 1 and Tier 2 cities. Catering to the needs of young growing India, the coworking sector — coworking is a situation that allows several workers from different companies to share an office space– as media report suggests, may cross 50 million sq ft by the end of the year 2023 that would be a year-on-year 15 percent surge.

Strong economic conditions

The real estate market, as experts feel, appears bullish on the future of its economy in 2023. The residential and office market will be spurred by several factors like strong economic conditions, financial stability, GDP growth, healthy supply and demand dynamics, and regulatory framework. The RBI monetary policy, which kept repo rate unchanged, could have far-reaching significance for the home finance and real estate market.

Budgetary boost

For the real estate sector, the Union Budget 2023-24 is conducive in several ways. Finance Minister Nirmala Sitharaman has underlined “Green Growth” as a priority. Several organizations are efficiently working on the concept of sustainable and green living which implies a brighter future of sustainable infrastructure in the face of climate challenges.  An increase in the allocation for the Pradhan Mantri Aawas Yojana (PMAY), earmarking around ₹ 79,000 crore for the flagship scheme, will boost the economy related to the housing sector.

In India, real estate has always gravitated investors to grow their wealth. They find alpha opportunities in the investment in the real estate market. Going by careful calibration of market pulse and carrying due diligence, well-informed investors can potentially maximize their returns from the real estate market in the fiscal of 2023-24.

-RAMAKANT CHAUDHARY

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Govandi is located in close proximity to the following connectivity points: Highway – 5 minutes, SCLR – 7 minutes, BKC connector – 10 minutes, Eastern Express Highway – 7 minutes, Sion – Panel Express Way – 7 minutes, making it one of the most popular locations in central Mumbai. The 20-25 minutes’ drive to the sublime places of Mumbai like South Mumbai, Thane, Navi Mumbai, International Airport & BKC has driven the appreciation of GMLR-Govandi’s properties.

Govandi South is known for many important and modern residential complexes such as Mumbai Port Trust Colony, Navadurga Apartments, Orchid Residency and Patwardhan Colony. There are also Teacher’s Colony, New Deonar Municipal Colony, Lumbini Baug, Kamla Raman Nagar and Shivaji Nagar in the north of Govandi.

Govandi in GMLR has experienced a record-breaking appreciation of more than 45% over two consecutive 7-year price spans, compared to other micro-markets in the area. The average price appreciation in GMLR is 20% higher than surrounding micro markets during the same period. Govandi has experienced the highest price increase in all of Central Mumbai. (Source: Magic Bricks). Govandi is an affordable, high-growth market and as a major hub with good connectivity, has great future residential value growth potential.

Govandi has also witnessed a steady increase in property demand and prices over the last two quarters. The average price for a flat is between Rs 20,000 and Rs 25,000 per sq ft. The solid increase in demand for apartments has boosted the confidence of real estate developers and prompted them to launch more projects in this GMCG micro market.

One such project to become the icon of Govandi is the new tallest tower by Eka Life Ltd. and Dotom Realty, a premium residential project, which is now coming up in GMLR, Govandi. Domain, the Tallest Luxury, has 2 towers of 33 floors designed for new age luxury with all modern amenities. This project hosts a good retail space on the first floor that will add to the future amenities.

The real estate market in the GMCG micro market is poised for a major upswing with major infrastructure projects such as the metro, SCLR, BKC Connector, Eastern and Sion-Panvel Express Way, Eastern Freeway. Upcoming infrastructure projects also include Navi Mumbai International Airport, Monorail (II ) from Wadala to Jacob Circle and elevated highway from BKC to Sion. Demand for new residential projects in Govandi is expected to surge, leading to increased demand and a sharp rise in property prices once completed.

With the completion of these infra projects in the next few years commuting will become much easier, which will further boost real estate development in the GMCG micro market.

Ketan Musale, founder and MD of Dotom Realty, said,` “Domain is one of the few projects in central Mumbai that is being built after wind tunnel analysis by CPP Sydney, Australia, to ensure structural stability. The M70-grade concrete mix provides strength and the aluminium formwork ensures fast, consistent and excellent finish. ”

Sales in the GMCG micro market have picked up, which is a positive sign for the market and indicates that the positive sentiment is also being felt in the newer micro markets of the real estate market. Govandi is certainly fast becoming the new affordable luxury residential hub for home buyers across Mumbai.

–SURESH RATHOD

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DLF has launched a new 34 acre project Valley Gardens at Panchkula.

“We are developing 424 independent floors in this project. The construction work will start after the monsoon season and the project will get completed in the next three years,” said, DLF’s Group Executive Director and Chief Business Officer Aakash Ohri.

The floors will be of around 3,500 square feet area each. There will be four floors on 500 square yards plot.

Asked about project cost and sales realisation, Ohri said: “We own this land historically. We expect a sales realisation of about Rs 1,300 crore from this project.”

The company has initially launched 200 independent floors. It will launch the remaining in two tranches.

The project, nestled in the foothills of the Shivaliks, supplements the existing 175-acre site of The Valley, a residential development in Panchkula and home to over 1,400 families.

“In the past two years, we have witnessed a good response to low-rise independent floors by buyers in the Delhi-NCR region,” Ohri said.

He noted that independent floors have always been in demand in North India, but there was not enough supply.

Ohri said the supply has now improved.

DLF has launched independent floors in Gurugram.

Meanwhile, DLF Ltd is targeting a 10 per cent growth in its sales bookings to about Rs 8,000 crore this fiscal.

Its sales bookings jumped to Rs 7,273 crore in 2021-22 fiscal from Rs 3,084 crore in the previous year.

Already, in the first quarter of this fiscal, DLF’s sales bookings doubled to Rs 2,040 crore from Rs 1,014 crore in the year-ago period.

DLF is the largest real estate company in terms of market capitalisation. It has so far developed more than 153 real estate projects comprising over 330 million square feet of area.

The group has 215 million square feet of development potential across residential and commercial segment.

DLF group has a rent-yielding commercial portfolio of over 40 million square feet.

It holds bulks of rental assets in DLF Cyber City Developers Ltd (DCCDL), which is a joint venture between the company and Singapore’s sovereign wealth fund GIC.

DLF reported a 39 per cent increase in its consolidated net profit at Rs 469.57 crore in the quarter ended June on better sales.

Its net profit stood at Rs 337.10 crore last year.

Total income rose to Rs 1,516.28 crore in the first quarter of this fiscal from Rs 1,242.27 crore in the corresponding period of the previous year.

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