Kochi, February 08th, 2025: CBRE South Asia Pvt. Ltd, India’s leading real estate consulting firm, and CREDAI Kerala, today released a joint report titled, ‘Kerala’s Ascent: The Pulse of India’s Progress’, at the CREDAI Kerala Statecon 2025. The report comprehensively analyses Kerala’s dynamic real estate landscape, highlighting Kochi’s growing prominence as a promising destination. According to the report’s findings, Kochi boasts a vibrant commercial real estate market, with the office and retail sectors demonstrating a notable upward trend over the past few years. The city’s total office space stock grew by ~28% in the last three years and stood at 17 mn. sq. ft as of December 2024; the total retail space stock in Kochi grew at a CAGR of ~9% since 2020 and stood at 3.4 mn. sq. ft as of December 2024.

Kochi’s office sector

In CY 2024, technology firms led the city’s office leasing activity with a 44% share in the overall space take-up. In addition to technology firms, research, consulting, and analytics (RCA) firms accounted for ~25% of the leasing share in Kochi’s office market, followed by flex space operators at 12%, the aviation sector at 11%, banking, finance, and insurance (BFSI) companies at 4%, engineering,g and manufacturing (E&M) at 3%, and other sectors contributing 1%.

The report further indicates that domestic companies were the leading contributors to office space leasing in 2024, accounting for 57% of the overall leasing activity, followed by American-origin companies at 29%, EMEA firms at 11%, and APAC companies at 3%. Additionally, small-sized transactions (less than 50,000 sq. ft) dominated the office absorption, accounting for 78% of total space take-up in CY 2024.

The report highlighted key factors to Kochi’s office real estate growth story and highlighted the state government-led initiatives positioning the city as a cost-effective destination for Indian & global technology companies. Notwithstanding competition from other established centres in South India, Kochi is progressively solidifying its position as a future IT hub. Kochi Infopark Special Economic Zone (SEZ), Supportive government policies, transforming infrastructure, and a growing pool of skilled professionals underpin the city’s attractiveness to IT firms.

Kochi’s evolving retail landscape

Kochi’s retail landscape is supported by a growing consumer base with high disposable incomes, fuelling demand for premium products and lifestyle services. The city’s organised retail sector features several large-format malls offering a diverse selection of domestic and international brands.

As of December 2024, Kochi’s retail stock stood at 3.4 mn. sq. ft., reflecting a notable growth of ~42% since 2020. The retail leasing in the city in CY 2024 was primarily driven by the fashion and apparel segment, which accounted for a 55% share in total retail leasing. This was followed by homeware and department stores, contributing 27%, while hypermarkets constituted an 8% share. The luxury segment and health and personal care held a 3% and 2% share, respectively. This diverse retail composition highlights the evolving consumer preferences and the city’s expanding retail landscape.

Kochi’s Residential Growth Story

Total residential unit stock in Kochi stood at over 17,000 units by the end of 2024, driven by its status as a key port city and commercial hub. As a major port city and the commercial nucleus of Kerala, Kochi attracts a significant influx of professionals employed in the IT, shipping, and trade industries, thereby generating substantial demand for residential properties. Moreover, the city’s robust social infrastructure and comprehensive transportation network, comprising highways, a metro system, and an international airport, play a crucial role in maintaining the vitality of its residential real estate sector.

Pinarayi Vijayan, Chief Minister of Kerala, said “The Kerala government is ready to implement the changes in building regulations. We are committed in ensuring that development remains sustainable. It is essential to consider the carbon footprint, its impact on future generations, and ways to mitigate such effects. We expect the construction sector to contribute to the Nava Kerala Nirmanam (New Kerala Development). Instead of traditional expansion, we should explore vertical habitats, like vertical gardens, to accommodate the growing population.”

Anshuman Magazine, Chairman & CEO, India, Southeast Asia, Middle East & Africa, CBRE, said, “Kochi’s commercial real estate and residential sector is witnessing sustained momentum, driven by the presence of technology firms. As we move forward, continued investments in office spaces and the expansion of Global Capability Centres (GCCs) will further strengthen Kochi’s position as a key commercial hub in South India.”

Ram Chandnani, Managing Director, Advisory & Transaction Services, CBRE India, said, “Kochi’s retail landscape is undergoing a significant transformation, fuelled by rising consumer demand and increasing urbanization. Looking ahead, strategic developments in connectivity, sustainability, and smart urban planning will be crucial in shaping Kochi’s next growth phase.”

Other emerging cities in Kerala

Thiruvananthapuram: A Prominent Urban Centre

Thiruvananthapuram, the capital of Kerala, is rapidly evolving into a significant urban centre, driven by a confluence of key factors. The city’s IT sector is expanding, spearheaded by Technopark, one of India’s largest IT parks, attracting a large pool of skilled professionals and fostering a vibrant tech ecosystem..

Thrissur: A Thriving Real Estate Market

Thrissur’s central location within Kerala presents various advantages — the city benefits from robust connectivity via road, rail, and air networks, providing convenient access to major urban centres such as Kochi, Thiruvananthapuram, and Kozhikode.

Kozhikode: A Vital Hub for Investment and Growth

Kozhikode’s strategic advantages, including its coastal location on the Malabar Coast, proximity to key cities such as Kochi and Bengaluru, and robust transportation network, position it as a growing investment destination.

New Delhi, February 6, 2025: Magicbricks, India’s leading real estate platform, has revealed significant growth in residential demand and supply across key areas in the National Capital Region (NCR), particularly in locations near IT parks, industrial zones, and commercial hubs. These strategically located regions, benefiting from superior connectivity and infrastructure development, are attracting homebuyers and investors alike.

According to the latest insights, Techzone 4, Greater Noida has recorded a remarkable 449% Year-on-year (YoY) increase in supply, while Sector 89, New Gurugram has reported a 300% YoY growth in residential supply during Q4 2024 (October–December 2024). Other promising investment destinations include Yamuna Expressway (Noida), Sector 68 (Gurugram), and Sector 1 (Greater Noida West), all of which are gaining traction due to their proximity to employment hubs.

Modern homebuyers are increasingly prioritizing projects that reduce commute times and enhance work-life balance. This preference has driven demand in areas such as Sector 93 (Gurugram), Sector 79 (New Gurugram), and Sector 150 (Noida-Greater Noida Expressway), which have witnessed a 10% rise in residential demand over the past year. Similarly, Techzone 4 (Greater Noida) and Yamuna Expressway (Noida) have experienced a 9% increase in demand during the same period.

These areas are also a promising destination for investments as they are experiencing capital appreciation. In the past one year, residential prices in Yamuna Expressway (Noida) have increased by 50%, while Sector 79 (New Gurugram) has observed capital appreciation of 43%. Sector 37C and Sector 68 (Gurugram) have also experienced 39% and 36% capital appreciation respectively in the past one year.

In terms of specific projects, Ashiana Amarah has emerged as the most searched project in Sector 93, Gurugram on Magicbricks platform due to its proximity to Cyber City, Udyog Vihar, and Golf Course Extension Road. Around Yamuna Expressway, Oasis Grandstand is most searched, largely due to its strategic location near upcoming IT and industrial zones. Similarly, CRC Joyous (Techzone 4, Greater Noida) and ACE Parkway (Sector 150, Noida) are most searched in their respective areas due to their connectivity with Noida’s IT hubs.

These trends underscore NCR’s evolving real estate landscape, with developers focusing on strategic locations that combine lifestyle convenience with robust infrastructure, ensuring strong returns for both end-users and investors.

New Delhi, January 22, 2025: The residential real estate market in India’s top 9 cities saw a marginal 9% decline in sales at 4,70,899 units while new supply fell by 15% to 4,11,022 units in 2024 on the back of two quarters of under-activity due to General Elections and Monsoon, according to a report by NSE-listed real estate data analytics firm PropEquity.

The number of units sold in 2023 stood at 5,14,820 units while the number of units launched in 2023 stood at 4,81,724 units.

Housing sales rose in only two out of the nine cities in 2024 with Navi Mumbai recording the highest growth while Hyderabad recording the highest decline.

New supply rose in four out of nine cities with Delhi-NCR recording the highest growth and Hyderabad recording the highest decline.

Samir Jasuja, CEO & Founder, PropEquity said, “The drop in housing supply and sales in 2024 is due to the high base effect, as 2023 was a peak year. A detailed analysis of the numbers reveals that despite the drop, the supply to absorption ratio in 2024 remains the same as 2023 which indicates that the fundamentals of the real estate sector are strong and healthy.”

“Hyderabad remained the under-performer, both in terms of supply and sales, during the year dragging down the overall numbers. The cities in NCR saw a fairly good growth in new supply and sales during the year.”

“Weak demand may have prompted developers to go slow on new launches. Bengaluru, Chennai and Delhi-NCR saw new supply exceed absorption during this year.

Housing sales in Navi Mumbai went up by 16% to 33,870 units in 2024.

In Delhi-NCR, housing sales rose by 5% to 43,923 units in 2024.

Housing sales in Bengaluru fell by 9% to 60,506 units in 2024. In Chennai, housing sales dropped by 11% to 19,212 units while in Hyderabad, it fell by 25% to 61,722 units in 2024.

In the western region, housing sales fell in Mumbai by 6% to 50,140 units, while in Pune, it fell by 13% to 92,643 units and in Thane it fell by 5% to 90,288 units in 2024.

Housing sales in Kolkata fell by 1% to 18,595 units in 2024.

New supply in Delhi-NCR grew by 54% to 45503 units in 2024 followed by Bengaluru where supply grew by 27% at 72,111 units, Chennai by 6% at 20,522 units and Mumbai by 4% at 40,963 units.

New supply fell in Hyderabad (49%), Kolkata (28%), Navi Mumbai (10%), Pune (27%) and Thane (25%).

About PropEquity: P.E. Analytics ltd., a NSE-listed company, owns and operates PropEquity which is India’s largest online real estate data and analytics platform covering over 1,70,000+ projects of 57,000+ developers across over 44 cities in India with more than 17 years of cataloged data. We add approximately 700 projects every month. It is a premium Business Intelligence product- a first of its kind in India in the Realty space.a

New Delhi, 15th January 2025: Magicbricks, India’s premier property portal, revealed that in Q4 2024 (October–December), 50.9% of listed properties comprised new inventory, including builder floors, under-construction homes, and newly launched independent houses. The remaining 49.1% represented resale properties owned by individuals. This marked a slight shift from Q3 2024, where 48.1% of available properties were new and 51.9% were resale.

The trend varied across metropolitan areas. In Gurugram, new properties constituted 63.1% of listings in Q4 compared to 55.1% in Q3, indicating a notable rise in new supply. Bengaluru, Mumbai, and Chennai similarly saw new homes dominating inventory at approximately 60%.

Conversely, in Noida, where residential searches surged, 65.3% of active listings were resale homes, highlighting attractive returns for homeowners who invested years earlier. Similarly, New Delhi (70%), Thane (65%), and Navi Mumbai (60%) showed higher resale home listings.

These figures highlight the shifting dynamics of India’s housing market, with new supply expanding across key metropolitan areas, while established regions maintain robust resale activity. Satellite cities such as Thane and Navi Mumbai are also gaining traction, bridging the gap and contributing to the evolving landscape.

Mumbai, 9th January 2025: Spiralling residential prices notwithstanding, ultra-luxury homes (priced >INR 40 Cr each) continued to sell briskly in 2024. The number of sales as well as the sales value of such assets hit new peaks. ANAROCK data indicates that 2024 saw a 17% yearly surge in the total sales value of ultra-luxury homes against 2023.

Anuj Puri, Chairman – ANAROCK Group, says, “Overall, 59 ultra-luxury homes were sold across the top 7 cities in 2024, for a collective sales value of approx. INR 4,754 Cr. In contrast, 2023 saw 58 ultra-luxury homes sold in these cities for a total sales value of approx. INR 4,063 Cr. The yearly increase in both the number of deals and their overall sales value underscores the enduring demand for ultra-luxury properties across the top cities.”

Since the pandemic, there has been a significant increase in the demand for luxury and ultra-luxury properties.

“HNIs and ultra-HNIs are purchasing these trophy residences for personal use, investment, or both,” says Puri. “This is a noteworthy market dynamic, given that home prices are surging nationwide due to increased input costs and robust buyer demand. Although there was only a one-unit increase in the number of transactions closed in 2024 compared to 2023, there was a 17% annual increase in value during the same period. Some of the most prominent Grade A developers have been upping ultra-luxury inventory in response to the growing demand.”

Of at least 59 ultra-luxury properties sold across the top 7 cities in 2024, Mumbai saw 52 units sold at price tags of over INR 40 crore each – an 88% share of the total deals across the top cities. At least 3 separate ultra-luxury home deals worth >INR 40 crore each were closed in Delhi-NCR – two in Gurugram and one in New Delhi. Both Bengaluru and Hyderabad saw two deals each with price tags of over INR 40 Cr.

A deep dive shows that out of the 59 ultra-luxury homes sold in 2024, at least 17 were priced >INR 100 Cr each. The total value of these 17 homes sold alone was INR 2,344 Cr.

• Of the 52 deals in Mumbai City, at least 16 were at price tags above INR 100 crore each. Of these, 14 were apartments (Worli, Malabar Hill, and Pali Hill) and two bungalows at Cuffe Parade and JVPD.
• One ultra-luxury home priced >INR 100 Cr was sold in Gurugram in Delhi-NCR.

Apartments clearly remained the preferred property type for ultra-HNIs – of the 59 deals, 53 were for apartments and the remaining six bungalows.

Ultra-Luxury Homes – A 2022 & 2023 Retrospective

The COVID-19 pandemic generated a substantial demand surge for luxury and ultra-luxury housing, which shows no signs of slowing down. If we consider the collective data of 2022, 2023, and 2024, the top seven cities saw at least 130 ultra-luxury residential deals worth approx. INR 9,987 Cr. concluded.

• In 2022, 13 deals worth approx. INR 1,170 Cr were closed, of which at least 10 were for apartments and the remaining 3 for bungalows. Mumbai accounted for 11 deals and the remaining two were in Delhi-NCR. Interestingly, none of the remaining 5 top cities saw such large ticket-size deals in 2022. Of the 13 ultra-luxury homes sold in 2022, at least 9 units were priced between INR 100 – 150 Cr – all in Mumbai City.
• In 2023, 58 ultra-luxury homes (priced >INR 40 Cr) were sold across the top 7 cities with a cumulative sales value of approx. INR 4,063 Cr. Of these, Mumbai alone sold 53 units priced >INR 40 crore each – a 91% share of all such deals across the top 7 cities. At least four separate ultra-luxury homes worth >INR 40Cr each were sold in Delhi-NCR – two apartments in Gurgaon and two bungalows in New Delhi. Hyderabad saw one ultra-luxury deal worth >INR 40 Cr. In Jubilee Hills.