New Delhi, 23rd September 2024: Gurugram based real estate developer, Signature Global, who has a focus on realty projects in Northern India has appointed ACC India Pvt Ltd for Civil, Structure and Part MEP work for all the Towers, Basements and Other Ancillary Buildings for its residential group housing project in Sector 84, Gurugram, Haryana which is located along the rapidly developing Dwarka Expressway.

The LOI dated September 12, 2024 determines the total contract value to be Rs 320 crs. It additional determines that the completion period of the project as 27 months from the date of commencement of work and 3 months from complete handing over of work.

On the announcement of the appointment Mr Lalit Aggarwal, Vice Chairman, Signature Global said “This is going to be one of the finest projects that we will be executing and will be a crowning jewel in our portfolio. While I cannot share too many details of the project until it is officially launched, I can definitely share that it will span four and a half acres and exhibit architectural brilliance. Also, it’ll be one of the tallest in the area and Arabian Construction Company, along with their Indian subsidiary ACC India, is known for constructing many prominent towers in the Middle East and India, showcasing their proven expertise in delivering this project. We have proudly delivered approximately 11 million sq. ft. across projects and more than 30,000 happy customers since our inception in 2014 and have a robust pipeline too.”

On ACCs appointment, Mr Ani Ray, Managing Director, ACC India Pvt Ltd said “It’s a privilege to be associated with Signature Global for its Twin Towers DXP project and we look forward to completing the project in the time limit prescribed. It gives us utmost joy to build homes for the aspiring and growing population in the country. ACC has been associated with landmark projects such as World ONE (84 floors, 285 Meter) of Lodha Developers in Mumbai; 88 East Kolkata of Tata Housing & Keventers, and The 42 (62 floor, 255 Meter) besides ongoing projects in Delhi + NCR for DLF, TARC and Unity Group Projects and others across major metros”

New Delhi, September 20, 2024: New housing launch and sales in the third quarter of Calendar Year 2024 in top 9 cities showed a decline of 11% and 18% respectively, according to a data by real estate data analytics firm PropEquity.

The NSE-listed firm said that new launches in the July-September quarter of CY 2024 fell to 93,693 units from 1,05,655 units in the same period last year while sales fell to 1,04,393 units in Q3 CY2024 from 1,26,848 units in the same period last year.

PropEquity tracks housing supply and absorption data in NCR, Mumbai, Navi Mumbai, Thane, Pune, Bengaluru, Hyderabad, Chennai and Kolkata.

Commenting on the data, Mr. Samir Jasuja, CEO & Founder, PropEquity said: The demand for real estate continues to be robust as even in this quarter the absorption/sales is higher than the new launches and such marginal drops in this quarter is a historic trend and not symptomatic of any adverse situation. In Hyderabad and Navi Mumbai, the majority of new real estate launches are in plots rather than apartments, indicating a decline in supply and absorption of apartments in these cities. It is also important to note that Hyderabad witnessed a historical high of 94,629 units of supply in 2023 therefore reduction in new launches in 2024 is quite logical.”

According to the data, on Y-o-Y basis, only NCR, Mumbai and Thane saw rise in new supply at 221%, 18% and 11% respectively in this quarter compared to Q3 2023. Hyderabad (54%), Kolkata (48%), Chennai (23%), Bengaluru (19%), Navi Mumbai (19%) and Pune (12%) witnessed a significant drop compared to Q3 2023. However the drop is not steep when compared to the previous quarter i.e. Q2 2024.

The data further pointed out that, on Y-o-Y basis, the total absorption rose only in Delhi NCR (22%) and Navi Mumbai (4%) while falling in other seven cities with Hyderabad recording the highest fall at 42%, followed by Bengaluru (26%), Kolkata (23%), Pune (19%), Chennai (18%), Mumbai (17%) and Thane (10%).

Mumbai, September 20, 2024: ‘Belicia’ a luxurious residential project in Thane being developed by Prescon Group in collaboration with the esteemed House of Hiranandani has generated over 200 crores in revenue in Q1 of FY 2024-25, driven by the sale of more than 80 units.

Speaking on the occasion Mr. Vedanshu Kedia, Director of Prescon Group said, “We are thrilled at achieving this remarkable milestone which underscores the strong market demand and the unparalleled appeal of our luxury offerings. As we continue to redefine upscale living in Thane, this achievement not only reflects our commitment to excellence but also positions Belicia as a beacon of luxury and a promising investment opportunity. We look forward to maintaining this momentum and delivering even greater value to our esteemed customers and investors, going forward.”

Belicia, a landmark 48-storey tower sprawling across 1.5 acres, is redefining luxury living in the Thane region with a RERA possession date set for June 2028. Located on the prestigious Nitin Company Compound near Nitin Company junction, it offers a prime address with easy access to top tier local transport, esteemed schools, renowned hospitals, business centers, malls, and dining options.

Belicia offers luxurious 2, 3, and 4 BHK apartments ranging from 779 to 1546 sq ft, starting at Rs. 1.85 crore. Each unit features marble flooring, expansive decks, ample natural light, and ventilation, with select apartments including foyer areas for added privacy. Residents will enjoy panoramic city views and serene Yeoor Hills vistas, with the first habitable floor starting on the 7th level.

According to a recent report by PropEquity, a leading real estate data and analytics firm, Thane has emerged as a standout performer in the real estate market for the first quarter of the calendar year 2024. The city achieved significant sales momentum, recording 26,702 units sold during this period. This impressive figure places Thane among the top cities in terms of quarterly sales, highlighting its robust real estate activity and growing market demand. The strong performance reflects a continued upward trend in property transactions and underscores Thane’s prominence in the real estate sector.

The recent approval by the Union Cabinet for the Thane Integral Ring Metro Rail Project marks a significant milestone set to transform urban mobility and real estate in Thane. Set to become operational by 2029, this project will create vital connections between key residential and commercial hubs, driving substantial growth in the region. As a result, this will further epitomize Thane as an attractive market for investment and appreciation; significantly enhancing the area’s overall economic prosperity.

Panch Pakhadi in Thane (W) saw an 11% price appreciation and 3.02% rental yields in 2022, outperforming other Thane micro-markets. Limited housing supply, superior infrastructure, and upcoming projects are driving this growth. The area’s vibrant commercial hub around Nitin Company further boosts demand. With continued urban development, Panch Pakhadi offers strong investment potential and expected future returns.

Belicia in Panch Pakhadi, Thane is a prestigious address due to its strategic location near the Eastern Express Highway, Thane Railway Station, and upcoming Metro Line 4. Its rapid infrastructure development and connectivity make it highly desirable for both residential and commercial real estate, positioning it as one of the region’s top addresses.

Visakhapatnam, September 20, 2024: Brandix India Apparel City (BIAC) is pleased to announce its rebranding as Adhistan Integrated Industrial Park, marking the beginning of a new chapter in its journey. Since its inception in 2006, BIAC has evolved into a vertically integrated hub, employing over 100,000 employees. The rebranding to Adhistan represents a strategic shift towards creating a more inclusive environment for its diverse local and international customer base.

A Vision for Growth and Partnership

With its world-class infrastructure, Adhistan is uniquely positioned to foster opportunities for businesses seeking to thrive in a well-connected, integrated industrial environment. Spanning 1,000 acres, the Park will serve as a hub for industries beyond apparel, offering seamless connectivity, cutting-edge facilities, and access to a highly skilled workforce. This transformation aims to create a vibrant and diverse ecosystem, driving sustainable and inclusive growth.

Commitment to Sustainability

While diversifying its industrial focus, Adhistan will uphold BIAC’s legacy of sustainability, by continuing to prioritize environmentally responsible practices. Adhistan remains committed to supporting its partners and the wider community through sustainable industrial development.

Adhistan’s strategic location, world-class infrastructure, and unwavering focus on sustainability offer businesses a solid foundation for growth, collaboration, and long-term success.

Faridabad: Faridabad is gradually emerging as a prime destination for real estate investment, particularly attracting interest from developers who are traditionally focused on the saturated markets of Noida and Gurugram. As Noida and Gurugram reach their limits regarding available land and infrastructure capacity, Faridabad is stepping up as a viable alternative, offering promising opportunities and high returns on investment.

Faridabad: Faridabad, strategically located in the National Capital Region (NCR), has long been known for its robust manufacturing base, with notable players like JCB, Escorts, Cisco, Honeywell, etc., being present in the city. However, the landscape is evolving. Faridabad is increasingly being recognized not just for its industrial prowess but also as a growing hub for the service sector. This shift is drawing the attention of major real estate developers, who are increasingly investing in land parcels to capitalize on the city’s growth potential.

The city’s real estate market is currently witnessing a flurry of activity, with big developers from Noida acquiring extensive land parcels. Reports indicate that several developers are now buying 100-200 acres of land in Faridabad. These land acquisitions are primarily for developing a mix of commercial spaces, mixed-use complexes, and large-scale township projects. This influx of investment is set to transform Faridabad into a vibrant and dynamic urban centre, offering diverse opportunities for businesses and residents alike.

One significant example is Bhutani Infra, a well-known name in the real estate sector. Bhutani Infra recently made a notable move by taking a stake in the World Trade Center (WTC), Faridabad project. This investment highlights the growing confidence in Faridabad’s real estate market and its potential as a major commercial hub. Bhutani Infra’s involvement underscores a broader trend of developers recognizing Faridabad as a fertile ground for large-scale projects.

One of the key factors driving this real estate boom in Faridabad is its favourable economic environment and infrastructure developments. Connectivity through some of the major expressways such as Delhi Mumbai Industrial Corridor (DMIC), and Faridabad Jewar Expressway cuts down the travel time drastically. Especially the proximity to the upcoming Jewar Airport will give Faridabad the same edge that Gurugram once enjoyed with IGI Airport. The city is not only becoming a preferred location for global multinational corporations (MNCs) but is also witnessing the establishment of their head offices. This trend is indicative of Faridabad’s growing importance as a business hub, providing both a conducive environment for corporate operations and a high quality of life for employees.

Shailesh Kumar Gupta, NCR Property expert, remarked, “In addition to its appeal to MNCs, Faridabad’s real estate market is benefiting from its existing industrial base and the increasing demand for service sector facilities. The city’s infrastructure improvements and ongoing urban development projects are enhancing its attractiveness as a location for both commercial and residential investment.”

The contrast between Faridabad’s emerging potential and the saturation of neighbouring cities like Noida and Gurugram is stark. While Noida and Gurugram have experienced rapid growth, leading to higher land prices and increased competition, Faridabad offers a more balanced and promising investment environment. The availability of large land parcels at relatively lower costs compared to its counterparts makes Faridabad a compelling choice for developers looking to maximize returns. The influx of major developers, investment in large-scale projects, and the establishment of global MNCs’ head offices are clear indicators of the city’s evolving status. For real estate investors and developers, Faridabad represents a golden opportunity to invest in a market that promises substantial returns and long-term growth.

by Akash Pharande, Managing Director – Pharande Spaces

Before urbanization took off earnestly in India, humans and nature coexisted admirably. Unfortunately, rampant real estate development has steadily reduced Indians’ access to nature. From the increasing demand for integrated townships with abundant greenery, we can see that urban dwellers today are looking to reconnect with nature.

 

The Cost of Urbanization

Our cities’ development agendas have taken a huge toll. Parks and forested regions have been replaced with high-rise skyscrapers. It’s tempting to blame municipal authorities and real estate developers for this loss, but there is no denying that our cities, which have limited space, must adapt to the constantly rising demand for housing, office buildings and the other real estate manifestations of modern-day life.

Supply follows demand, and developers cater to an ever-increasing demand. But there is a price to pay for this demand-supply interplay – nature has been relegated to the sidelines and, in some cities, wiped out altogether. There is a common belief today that greenery has become a luxury that only the rich can afford.

Pune’s Development Trajectory

Let’s take Pune as an example. This city’s geographic limits were previously much narrower, and there was little motivation to expand them. Pune was the quintessential retirement city and was even called Pensioner’s Paradise. Another claim to fame was its educational institutions, earning it the additional tag of ‘Oxford of the East’. The city and its economic activity coexisted amicably with farming activities, even in the core areas.

Going back a little further, the British viewed Pune (then Poona) as a region of political turmoil and resistance to their rule. Pune did not begin to expand geographically or demographically till India gained independence in 1947.

Then the technological revolution in Pune started. It grew from a tiny city to a full-fledged metropolis because of its rapidly expanding employment opportunities, first in manufacturing, then in software technology and information technology-enabled services (ITeS), attracting a massive influx of people.

The city’s population began to rise significantly in the 1990s because of the country’s economic liberalization, which allowed for foreign investment and boosted industrial expansion. Pune’s salubrious climate, along with its robust education infrastructure, began to draw more and more skilled workforce. Infosys and Wipro established bases here, resulting in the creation of the Hinjewadi IT Park.

This resulted in a cascade effect, attracting other tech enterprises and MNCs. Its proximity to Mumbai, India’s financial capital, added to its appeal to firms looking to cut costs. Rapid urbanization resulted in massive infrastructure development, including upgraded road networks, residential complexes, and commercial malls.

As Pune evolved into an IT powerhouse, more and more real estate development was required to accommodate people and the businesses they work in. As of 2024, the estimated population of Pune is 4.44 million within the city limits and 7.35 million in the metropolitan area.

There was minimal impact on Pune’s once-famous natural wealth when it was still relatively small and unspoiled by the rampant urbanization we see today. It is painfully obvious how much of its originally bountiful supply of green open spaces has been depleted by low and high-rise housing constructions, landfills, commercial structures, and shopping malls.

A Steady Disconnect From Nature

This development approach creates a disconnect between city dwellers and the natural environment. The desire to restore a healthy environment and healthier cities is once again staging a resurgence, but most real estate development today revolves around amenities and facilities. The little vegetation available is mostly ornamental.

Our cities are increasingly turning gray rather than green. Any attempts to reconnect people with the environment must be cross-disciplinary and integrated.

A city needs structures, deforestation is inescapable, and buildings will last as long as humanity. But can we restore nature to our cities?

An attempt in Singapore to reintroduce a natural ecosystem into the urban fabric is yielding incredible benefits. What such a vision of urbanization in the future may accomplish is fascinating. Concrete CAN coexist with a large amount of greenery, and one should not rule out the other.

However, it requires an extremely progressive town-planning vision, strong political resolve, and unwavering backing from the city’s population.

To conclude

Let’s face it – most of the housing demand in India in recent years is mostly for concrete structures with modern amenities, with a little bit of token vegetation. However, we are seeing a resurgence in demand for nature-rich housing in our cities.

Today’s young homebuyers come from a place of increased environmental conscience, and also concerns about their own and their children’s health and wellness. The rise in demand for homes in integrated townships, which guarantee abundant green, open spaces which will not be violated by further development, is testimony to this fact.

It takes time for a city to lose its ‘green’ reputation; for Bangalore and Pune, it took decades. It will take a few more decades to restore it, but it is achievable if all parties, from town planners and municipal officials to real estate developers and buyers, agree it is worthwhile and must be done.

Akash Pharande is Managing Director – Pharande Spaces, a leading real estate construction and development firm famous for its township projects in Greater Pune and beyond. Pharande Promoters & Builders, the flagship company of Pharande Spaces and an ISO 9001-2000 certified company, is a pioneer of townships in the region. With the recent inclusion of Puneville Commercial into one of its most iconic townships, Pharande Spaces taken a major step towards addressing Pune’s current and future requirements for fully integrated residential-commercial convenience

NCR’s two urban expressways, namely Noida-Greater Noida Expressway and Dwarka Expressway, have been leading the realty boom in the region. The weighted average price of newly launched projects has risen by upto 165% along the two expressways between July 2021 and July 2024.

According to the NSE-listed real estate data analytics firm PropEquity, the weighted average price of newly launched projects along Dwarka Expressway rose to Rs 17,357 psf in July 2024 from Rs 8630 psf in July 2021, a rise of 101%. Similarly, the weighted average price of newly launched projects along Noida-Greater Noida expressway rose to Rs 17,428 psf in July 2024 from Rs 6568 psf in July 2021, a rise of 165%.

Among the many micro markets in Gurugram, Dwarka Expressway has seen a rise of 30% in the weighted average price of new launches between July 2023 and July 2024 alone. The supply has increased from 4329 to 5012 units during this period. This rise can be attributed to the inauguration of the expressway in March 2024.

Mr. Sanjoo, MD, 4S Developers said, “Dwarka Expressway has emerged as a prominent micro market in NCR. With its operationalisation, a major shift in population is being witnessed especially from the South-west part of Delhi owing to its new-age amenities and world-class infrastructure which includes connectivity to the International Airport, Delhi-Mumbai expressway and to the industrial and employment hubs in Gurugram. We look forward to this micro market for our future expansion in view of its excellent connectivity and liveability.”

Real estate brokers in south-west Delhi say that apartments in this part of the city have outlived their usefulness as today’s youth working in multi-national companies in Gurugram desire of a lifestyle that is free of chaos and daily hassles.

Vijay Harsh Jha, Founder and CEO of property brokerage firm VS Realtors, says, “The availability of open and green spaces, low-density living, safety, club with indoor games and swimming pool are among the amenities that today’s youth want, and these are important factors for rise in demand, price and habitation in Dwarka Expressway.”

The Noida and Dwarka Expressway was inaugurated and conceptualised respectively in the early 2000s. Both these expressways have made commuting from Delhi breezy. The world-class condominiums with new-age amenities, malls and offices, social infrastructure like schools and hospitals, connectivity etc. have added to the liveability quotient along these expressways.

Shiwang Suraj, Founder & Director of Gurugram-based property consulting firm InfraMantra said, “The Dwarka and Noida Expressways have become the lifeline for commuters. The sharp jump in realty prices point to the rising demand along these expressways. Owing to their strategic importance in terms of their access to the international airports, Delhi-Mumbai expressway and a comprehensive development of social infrastructure, residential projects here are undergoing premiumization. The elevated price points of new launches and their quick sale paint a very positive outlook for the real estate sector in NCR.”

Noida expressway provides easy connectivity to Agra, Lucknow and Eastern UP via Yamuna Expressway, Agra-Lucknow expressway and Purvanchal expressway. It also connects with Delhi-Mumbai expressway and to the upcoming Noida International Airport in Jewar.

Between 2020 and 2023, 10 million sqft office space has been leased out in Noida. Currently, the office rentals range between Rs 40-80 psft which in the near future will rise further. Share of leasing along the Noida expressway has increased.

Mumbai, 18 September 2024: The buy vs. rent debate rages on as more and more Indians migrate to urban centres and evaluate their options. While there are sound arguments for and against both options, the question itself is also geography centric. ANAROCK Research data shows that rental values in key micro-markets of the top 7 cities have gone up to a significant 72% between 2021-end and H1 2024, while capital values saw lower growth.

Dr. Prashant Thakur, Regional Director & Head, Research – ANAROCK Group, says, “Data analysis of key micro-markets in the top 7 cities shows that in cities like Bengaluru, Pune, Kolkata and Chennai, average residential rental values rose more than the capital values between 2021-end to H1 2024. However, areas in NCR, MMR and Hyderabad saw the reverse trend – capital values appreciated more than the rental values.

Such data can be a key parameter – though by no means the only one – used to determine whether it is more advantageous to buy a property or opt for renting.”

 Top markets where rental value growth outpaced capital value appreciation – 2021-end to H1 2024-end

• Bengaluru’s Sarjapur Road saw average monthly rental values increase by 67%, while capital values increased by 54%. At Thannisandra Main Road, avg. rental values rose 56% while capital values appreciated 52%.
• Pune’s Hinjewadi saw rental values appreciate by 52%, while capital values rose just 31%. In Wagholi, rental values growth was 60% while capital values rose by just 30%.
• In Kolkata’s EM Bypass, rental value appreciation was 46%, while capital values growth was just 15%. In Rajarhat, rental value growth was 30% while capital appreciation was 23%.
• Chennai’s Pallavaram recorded rental value growth of 40%, while capital values rose by 18%. At Perambur, rental value growth was 33% while capital appreciation was 18%.

Avg. Monthly Rentals Growth
Cities	Micro Markets	2021-end	Q2 2024	% Change
Bengaluru	Sarjapur Rd	21,000	35,000	67%
	Thannisandra Main Rd	20,500	32,000	56%
Hyderabad	HITECH City	23,000	33,500	46%
	Gachibowli	22,000	33,000	50%
Pune	Hinjewadi	17,800	27,000	52%
	Wagholi	14,200	22,700	60%
NCR	Sohna Road	25,000	35,000	40%
	Sector-150 (Noida)	16,000	25,000	56%
MMR	Chembur	46,000	63,500	38%
	Mulund	39,500	49,700	26%
Kolkata	EM Bypass	19,000	27,800	46%
	Rajarhat	15,000	19,500	30%
Chennai	Perambur	16,200	21,600	33%
	Pallavaram	14,900	20,800	40%

Top markets where capital value appreciation outpaced rental value appreciation – 2021-end to H1 2024-end

Key micro-markets in NCR, MMR and Hyderabad witnessed this trend. For instance:

• NCR’s Sohna Road saw rental values rise 40% in the period, while capital values jumped by 54%. Likewise, Sector-150 in Noida saw rental value growth of 56%, while capital values appreciated by a whopping 126%.
• In MMR’s Chembur, rental growth was 38% while capital appreciation stood at 39%. In Mulund, rental values appreciated by 26% while capital prices rose 36%.
• Hyderabad’s HITECH City and Gachibowli also saw capital appreciation outpace rental values. In HITECH City, rental value growth was 46% and capital appreciation was 59%, while Gachibowli saw rental values rise 50% and capital values by 70%.

Avg. Capital Values
Cities	Micro Markets	2021-end	Q2 2024	% Change
Bengaluru	Sarjapur Rd	6,050	9,300	54%
	Thannisandra Main Rd	5,345	8,100	52%
Hyderabad	HITECH City	5,800	9,200	59%
	Gachibowli	5,010	8,500	70%
Pune	Hinjewadi	5,710	7,500	31%
	Wagholi	4,951	6,450	30%
NCR	Sohna Road	6,800	10,500	54%
	Sector-150 (Noida)	5,500	12,500	127%
MMR	Chembur	18,735	26,000	39%
	Mulund	16,917	23,000	36%
Kolkata	EM Bypass	7,055	8,100	15%
	Rajarhat	4,472	5,500	23%
Chennai	Perambur	6,381	7,550	18%
	Pallavaram	5,700	6,700	18%

Back to the Debate

This data is pertinent but is just one of many factors that guide a rent versus buy decision. Not every individual who migrates to a certain city for job opportunities intends to put down permanent roots there. Others may be drawn to the city’s urban ethos and decide to make it their home, while yet others may perceive value in investing in a property there regardless of whether they will settle down there or not.

Other factors that drive such a decision are financial wherewithal, job growth prospects, stage of life, size of family, and personal preferences.

An individual in Bengaluru with a stable job who is paying a monthly rent of INR 50,000 for a standard 2 BHK worth INR 1.2 Cr may grapple with the rent or buy dilemma.

If the individual decides to stay on rent, then:

• One-year payable rent for the individual is INR 50,000 x 12 = INR 6,00000/-
• For next 10 years the total rental outgo + 7% annual rental escalation = approx. INR 83 lakh
• This rental outgo is almost 69% of the total cost of this property – and this is just an expense with no investment value accrued.

“If the individual opts to buy the property via a home loan, has the financial wherewithal to make a 20% down payment and borrows the remaining amount over a 10-year tenure at 9.5% interest rate, such a purchase if definitely profitable,” says Dr. Thakur. “Instead of spending a huge amount on rent, the individual can pay monthly EMIs and ultimately own the physical asset after a ten-year period.”

This is just one of innumerable situations individuals find themselves in, and investment merit alone does not always play such a big role while weighing the pros and cons of renting versus buying a home.

However, current trends indicate that the security of owning a physical asset cannot be discounted. This trend came strongly to the fore during the coronavirus pandemic, when more Indians – including rent-favouring millennials – took a hard look at what they could fall back on when things go south.

Interestingly, it has not abated since then. Amid a rising aversion to high-risk investments, an increasing number of tenants see rent as an expense, and EMIs as SIPs towards a non-volatile asset.

The sentiment favouring homeownership is also supported by relatively cheaper home loan interest rates currently averaging between 8.75% and 9.5%.

Also, homebuyers can avail of:

• Deduction on principal repayment and stamp duty & registration charges
• Deduction on repayment of interest charges
• A further deduction of INR 50,000 for first-home buyers
• Various additional tax benefits for women

“There is a lot to unpack when deciding whether to buy or rent a home, and investment rationale alone will not guide all such decisions,” says Dr. Thakur. “If and when the quandary arises, it makes sense to be sure of one’s personal preferences and prerogatives – and the performance of the market one is considering.”