Major Cities See 7.4% Rent Growth QoQ, With Rental Yields Rising to 3.62%, Says Magicbricks

New Delhi, November 18, 2024: Magicbricks, India’s leading real estate platform, published its latest Rental Update, highlighting that between July and September 2024, average rents increased 7.4% quarter-on-quarter (QoQ) across 13 major Indian cities[1] to INR 35.8 per square foot per month- the highest increase in the last 2 years.

Chennai recorded the sharpest increase at 22.2% QoQ, moving from INR 17.94 psf in Q2 2024 to INR 26.91 psf in Q3 2024. Delhi and Thane also saw significant jumps, with Delhi’s average rent rising 11.4% QoQ to INR 37.55 psf and Thane’s rent increasing 10.9% QoQ to INR 33.10 psf.

According to the report, Mumbai remains the priciest rental market at INR 86.50 psf per month, followed by Delhi at INR 37.55 psf and Navi Mumbai at INR 33.83 psf. Meanwhile, developing markets of Greater Noida (INR 15.48 psf), Noida (INR 21.32 psf), and Kolkata (INR 22.14 psf) are more affordable.

Elaborating on the same, Prasun Kumar, Chief Marketing Officer, Magicbricks “This year, rental demand has shown a strong quarter-on-quarter surge, driving rents to the sharpest increase we’ve seen over the past eight quarters. It’s evident that ready-to-move apartments are increasingly being purchased for self-use, contributing to a decline in rental supply. Meanwhile, the rise in under-construction supply suggests potential for market balance in the coming quarters, as more inventory becomes available.”

The report detailed that after a notable increase of 14.8% quarter-on-quarter (QoQ) in rental demand during the previous quarter (April to June 2024), the demand continued to increase, albeit at a slower pace of close to 2%. However, the supply of rental properties has not kept pace, declining by 6.7% QoQ in the third quarter (July to September). This imbalance between demand and supply has contributed to the upward pressure on rental prices.

The report concluded that gross rental yields across 13 cities reached 3.62%. Ahmedabad led with the highest yield at 3.9%, followed by Hyderabad, Kolkata, and Pune at 3.7% each. Chennai saw the largest QoQ yield growth at 21.3%, with Delhi, Hyderabad, and Navi Mumbai also reporting strong increases at 8.8%, 5.4%, and 5.3% respectively. However, Greater Noida, Gurugram, Kolkata, Mumbai, Noida, and Pune recorded declines as property price growth outpaced rental rate growth.

Study Says: Top U.S. States Where Young Drivers Face the Highest Fatality Rates

Davidoff Law Personal Injury Lawyers conducted research to identify and rank the most dangerous U.S. states for young drivers, focusing on states with the highest percentage of fatal incidents with drivers aged 15-20. Key metrics that comprised the research include population, number of registered cars, number of fatal incidents, number of crashes involving unlicensed drivers and speeding violations. The final ranking of each state is determined solely by the percentage of fatal incidents involving young drivers out of total fatal incidents. Additional metrics, like maximum speed limit and speeding violations, offer supporting information, identifying road safety factors that impact young driver risks across different states.
 Key findings summed up:
State Registered Cars (All) Fatal Incidents Fatal Incidents (Young Drivers 15-20) % Young Driver Fatal Incidents Crashes (Unlicensed Drivers) Drivers With Speeding Violations Max Speed Limit
Delaware 914.7K 143 28 19.6% 202 9.65% 65 mph
Nebraska 1.97M 214 41 19.2% 277 10.68% 75 mph
North Dakota 797.4K 96 16 16.7% 101 14.41% 75 mph
Utah 3.08M 296 49 16.6% 408 11.97% 80 mph
South Dakota 918K 121 19 15.7% 152 11.14% 80 mph
Connecticut 2.95M 325 49 15.1% 447 4.74% 65 mph
Alaska 559.8K 75 11 14.7% 104 12.40% 65 mph
Oklahoma 4.29M 643 93 14.5% 816 8.61% 80 mph
Colorado 5.44M 699 101 14.4% 937 12.03% 75 mph
Illinois 10.04M 1,147 163 14.2% 1,462 8.99% 70 mph
Delaware is the most dangerous state for young drivers aged 15-20. With just a low number of registered vehicles, Delaware records a disproportionate number of fatal accidents involving young drivers, resulting in a 19.6% fatality rate for this age group. Delaware’s maximum speed limit is set at 65 mph, and while speeding in Delaware caused 9.65% of fatal auto accidents, the high rate of fatalities suggests other factors at play, such as inexperience and risk-taking behaviors.
Nebraska ranks as the second most dangerous state, having 19.2% total fatal incidents. The state sees a significant number of crashes involving unlicensed drivers (277 incidents), and a 10.68% speeding violation rate. Nebraska’s expansive rural roads and a maximum speed limit of 75 mph create challenging conditions for young drivers who may be less equipped to handle high-speed driving in open spaces.
In North Dakota, which ranks third, the percentage of total incidents comprises 16.7%. The state records the lowest car registration rates and a high number of young driver fatalities. Careless driving and high speed contributed to 14.41% of North Dakota’s speed violations.
Utah ranks fourth, with young drivers involved in 16.6% of fatal incidents. The state’s maximum speed limit is 80 mph, one of the highest in the nation, which may contribute to a high number of crashes (408). Despite a relatively low speeding violation rate of 11.97%, the risks of high-speed driving are evident. While Utah has a strong focus on road safety, the state’s high-speed limits continue to be a challenge for young drivers, requiring ongoing safety efforts.
South Dakota ranks fifth, reporting 121 fatal incidents.  With a maximum speed limit of 80 mph, the state’s expansive roadways may cause risky driving behavior. 11.14% of drivers in South Dakota have speeding violations, and unlicensed driving remains a concern, with 152 crashes. South Dakota’s high-speed rural roads require a level of skills for young drivers, making it a dangerous state for this age group.
Connecticut is the sixth one on the list. The state has a high number of registered vehicles (2.9 million), and its relatively dense traffic environment presents hazards for young drivers, with 447 total number of crashes.  
Alaska comes seventh, having 14.7% of fatal incidents and having registered only 559,800 vehicles in the state.  Alaska’s low population density and challenging road conditions add to the risks for young drivers. Careless driving is a major concern here, causing 12.4% of the state’s traffic incidents.
Oklahoma is in eighth place. The state’s high-speed limits (up to 80 mph) and 8.61% speeding violation rate reflect an environment where young drivers may struggle with the demands of high-speed. Oklahoma’s relatively high rate of road accidents (14.5%) presents more further challenges.
Colorado ranks ninth. With 5.4 million registered vehicles, Colorado’s mountainous terrain, changing weather conditions, and high-speed limits (75 mph) make it a dangerous state for young drivers to navigate. Impaired driving is another factor, with 12.03% of drivers having speeding violations.
Illinois rounds out the top 10 of most dangerous states, with young drivers involved in 14.2% of fatal incidents. Having the highest number of registered vehicles among the top-ranked states (10 million), Illinois sees a relatively high fatality rate among young drivers. The state’s maximum speed limit is 70 mph, and with 8.99% of drivers having speeding violations, the high traffic volume and fast-moving traffic contribute to a challenging environment for young drivers.
Ruben Davidoff, Managing Partner at  Davidoff Law Personal Injury Lawyers commented on the study: “Young drivers face unique challenges on the road, often due to inexperience and the difficulty of navigating high-speed or rural areas. This data underscores the importance of implementing targeted road safety programs, especially in states with high young driver fatality rates. By focusing on safety education, stricter licensing requirements, and increased awareness, we can create safer driving environments and reduce these tragic statistics. We urge both young drivers and policymakers to take proactive steps in making roads safer for everyone.” 

EPACK Prefab Aims to Build India’s Fastest Factory in an Unprecedented 150 Hours

Mumbai, 18th November 2024: EPACK Prefab, India’s pre-engineered building (PEB) manufacturers, has announced its ambitious plan to construct India’s fastest factory building structure using advanced prefab and PEB technology in a record-breaking 150 hours. The project is scheduled to commence on November 20th in Mambattu, Andhra Pradesh.

With an expansive area of 151,000 square feet, the project will rely on EPACK Prefab’s innovative PEB technology and meticulous planning to achieve each construction phase on the set timeline. By pushing the limits of PEB technology, EPACK Prefab aims to highlight the potential of prefabricated structures to address India’s urgent infrastructure needs without compromising on quality, durability, or environmental standards.

Commenting on this endeavour, Mr. Sanjay Singhania, Managing Director of EPACK Prefab, said, “At EPACK Prefab, we believe in setting industry benchmarks through innovative construction methods. This 150-hour challenge exemplifies our vision of agile, sustainable, and high-quality building solutions. Our team has meticulously planned each step to ensure precision at every stage, and we are excited to showcase the speed, efficiency, and resilience that PEB technology can bring to the Indian construction industry.”

The 150-hour project is divided into three phases. In the first phase, the primary structure will be erected using prefabricated components, providing a solid foundation for vertical expansion. The second phase will involve the completion of roofing, and creating a resilient enclosure for the building. The final phase will focus on cladding, interior finishes, and other detailing, resulting in a fully functional structure within the 150-hour timeline.