Latest news with #Anarock
Time of India
2 days ago
- Business
- Time of India
Unsold luxury homes' stock rises 36% in Mumbai in Q1 2025: Anarock
NEW DELHI: For the first time since 2022, unsold stock of luxury homes (priced above ₹2.5 crore) in Mumbai have witnessed an increase according to Anarock data. Unsold stock of luxury homes reported 36% yearly increase from approximately 6,180 units as of Q1 2024-end to nearly 8,420 units as of Q1 2025 end. Both in first quarters of 2023 and 2024, there has been a significant decline in the unsold luxury stock as against preceding year same quarter. In Q1 2023, there was a 29% yearly decline in luxury unsold stock in Mumbai – from about 18,340 units in Q1 2022-end to nearly 13,040 units as of Q1 2023-end. As of Q1 2024-end, the unsold luxury stock in the city declined by a significant 53% year-on-year to approx. 6,180 units. Anuj Puri , chairman, Anarock Group, said, "The increase in unsold luxury stock is mainly attributable to significant new unit additions in this price category over the last one year. While demand for these homes continues to remain strong, skyrocketing prices and headwinds like global economic slowdown have dented sales growth of these homes in the last one year." According to the Maharashtra State Revenue Department, the overall revenue collected by the authorities from property registrations and the total registrations in Mumbai in January to May 2025 is at a record high. An analysis of the data of Inspector General of Registration (IGR), Maharashtra reveals that the overall revenue collected from property registrations in Mumbai stands at approx. ₹5,695 crore in first five months of 2025. This is 17% more than last year's corresponding period (Jan.- May 2024) when the revenue collected was approx. ₹4,860 crore. In terms of the number of property registrations, 64,461 properties were registered in the city in five months of 2025 against 60,818 properties in the same period last year. This is an 6% jump this year over last year. Considering that housing sales remained tepid in the first quarter of 2025 across MMR including Mumbai, the high number of property registrations in the first five months of 2025 is notable. As per Anarock Research, back in Q1 2025, approx. 21,930 units were sold in Mumbai - nearly 28% less than the sales in Q1 2024. March 2025 marked the highest property registrations in the past three years. Prior to this, the highest figures were recorded in December 2020 (19,581) and March 2021 (17,728), during the COVID-19 period when the Maharashtra government had reduced stamp duty on housing units from 5% to 2-3%. While March typically sees strong registration numbers due to the financial year-end, March 2025 was particularly outstanding. The total revenue collected from property registrations in that month alone exceeded ₹1,589 crore.
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Business Standard
3 days ago
- Business
- Business Standard
Mumbai's unsold luxury stock rises 36% Y-o-Y in Q1 '25, 1st time since 2022
Mumbai's unsold luxury stock saw a rise of 36 per cent year-on-year during the first quarter of 2025 calendar year, a first since 2022, due to ample supply of new additions in the segment of units more than Rs 2.5 crore, shooting prices and global economic slowdown, according to a report by Anarock. As many as 8,420 luxury units priced over Rs 2.5 crore were unsold in the city in Q1 2025, compared to 6,180 units unsold during the corresponding period the previous year. The January to May period this year saw a record 64,461 property registrations in Mumbai, against 60,818 in the corresponding period in 2024, a 6 per cent increase annually. The total revenue collected by the state government in the first five months this year was nearly Rs 5,695 crore, compared to Rs 4,860 crore collected last year during the same period, a record-high yearly jump of 17 per cent. 'The increase in unsold luxury stock is mainly attributable to significant new unit additions in this price category over the last one year. According to Anarock data, 2024 saw as many as 16,480 units added in the over Rs 2.5 crore budget category in the entire MMR, while another 5,294 units were added in Q1 2025. While demand for these homes continues to remain strong, skyrocketing prices and headwinds like global economic slowdown have dented sales growth of these homes in the last one year,' said Anuj Puri, chairman, Anarock Group. This is the first time since 2022 that the unsold inventory in the luxury segment has risen. Both in first quarters of 2023 and 2024, there has been a significant decline in the unsold luxury stock as against preceding year of the same quarter. In Q1 2023, there was a 29 per cent yearly decline in luxury unsold stock in Mumbai – from approximately 18,340 units in Q1 2022 to nearly 13,040 units as of Q1 2023. Similarly, in Q1 2024, the unsold luxury stock in the city declined by a significant 53 per cent Y—O-Y to approximately 6,180 units. 'A deeper analysis reveals that May 2025 recorded the second-highest number of property registrations since 2019 in the month, with over 11,562 properties registered,' Puri said. 'The revenue collected during the month stood at approximately Rs 1,062 crore. In comparison, May 2024 saw the highest registrations of around 11,999 property registrations— about 4 per cent higher than this year. However, revenue collection last year was lower by nearly 3 per cent at Rs 1,062 crore,' he said. Considering that housing sales remained tepid in the first quarter of 2025 across the Mumbai Metropolitan Region (MMR), including Mumbai, the high number of property registrations in the first five months of 2025 is notable. According to Anarock Research, in Q1 2025, approximately 21,930 units were sold in Mumbai - nearly 28 per cent less than the sales in Q1 2024. A key factor behind the surge in property registrations during the first five months of the year is the record-breaking activity seen in March, which registered 15,501 properties. This spike followed the announcement of a 3.9 per cent hike in Maharashtra's ready reckoner rates for the financial year 2025-26. The total revenue collected from property registrations during the month alone exceeded ₹1,589 crore. March 2025 marked the highest property registrations in the past three years. Prior to this, the highest figures were recorded in December 2020 (19,581) and March 2021 (17,728), during the Covid-19 period when the Maharashtra government had reduced stamp duty on housing units from 5 per cent to 2-3 per cent, the report said. The average ticket price of homes during the January to May months stood at Rs 1.59 crore – the highest since 2019, indicating sales of high-ticket price homes. During the corresponding period in 2021, the average ticket price stood at Rs 1.02 crore, the report stated.
Reuters
6 days ago
- Business
- Reuters
India's Sobha posts profit surge on new home launches, rising prices
May 29 (Reuters) - Property developer Sobha ( opens new tab posted a surge in fourth-quarter profit on Thursday, boosted by new apartment launches and strong price growth in its key Bengaluru market. Consolidated net profit soared nearly six-fold to 408.6 million rupees ($4.8 million) in the January-March quarter, while revenues jumped 62.6%. The company also announced a dividend of 3 rupees per share. For further earnings highlights, click KEY CONTEXT India's Karnataka state's real estate regulatory body began greenlighting applications in the reported quarter, after approvals slowed down across the country last year due to national elections and delayed launch timelines. This helped Bengaluru, the capital of Karnataka, defy a broader slowdown in launches and sales as the luxury homebuying spree cooled. Housing prices in the city rose 20% in the quarter, the second-highest among major Indian markets, according to consultancy Anarock. COMPARISON WITH RIVALS * The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell ** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT JANUARY-MARCH STOCK PERFORMANCE -- All data from LSEG -- $1 = 85.4500 Indian rupees
Time of India
26-05-2025
- Business
- Time of India
Office rent rises 28 pc in MMR, 24% in Hyderabad, 20% in Delhi-NCR in past 2.5 years: Anarock
Office rents in Mumbai surged 28% in the last 2.5 years, driven by high demand for premium spaces despite global economic uncertainties. Major metros like Delhi-NCR and Hyderabad also saw significant rental growth, fueled by a post-pandemic rebound and a push for return to office. Notably, US companies are major drivers of office space leasing in India. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Office rent grew 28 per cent in Mumbai Metropolitan Region in the last two and a half years on higher demand for prime workspaces despite global economic uncertainties, according to its report, real estate consultant Anarock said that rental values are showing healthy growth across major metros as businesses push harder for a full-fledged return to office life."Notably, the US, which is seeing considerable business policy uncertainty, accounts for 45 per cent of total office space leasing in India - ahead of all other countries," said Peush Jain, MD - Commercial Leasing & Advisory at Anarock Mumbai, he said, US-based banks contribute as much as 48 per cent of BFSI leasing."American companies' appetite for prime Indian Grade A office spaces remains undiminished," Jain 2022 to 2025, a powerful post-pandemic rebound has fuelled consistent and growing demand for premium workspaces - especially in hotspots like MMR, Delhi-NCR, and Hyderabad, the consultant MMR, the average monthly office rent has risen to Rs 168 per square feet from Rs 131 per square feet in has registered a 20 per cent growth in rent from Rs 92 to Rs 110 per sq saw a growth in office rental values of 24.1 per cent to Rs 72 from Rs 58 per square rent in Bengaluru rose 16 per cent to Rs 95 per sq ft from Rs 82 in and Chennai markets showed only moderate rental growth of 11.1 per cent and 9.1 per cent, respectively. The office rent in Pune is Rs 80 per sq ft and in Chennai Rs 72 per square on the data, Shesh Rao Paplikar, Founder & CEO of BHIVE workspaces, said, "The 16 per cent increase in office rentals in Bengaluru signals a resilient rebound in commercial real estate , driven primarily by strong demand from technology, GCCs (Global Capability Centers), and flexible workspace providers."This rental surge reflects rising confidence in India's talent ecosystems, infrastructure upgrades, and return-to-office mandates, he Chilukuri, Founder & MD of Stonecraft Group, said, "The surge in office rentals across India's major cities signals a renewed business confidence and a decisive shift toward future-ready workspaces. Hyderabad's impressive 24 per cent growth highlights its transformation into a go-to hub for tech and innovation-driven enterprises, backed by strong infrastructure and a dynamic talent pool."
Gulf Today
24-05-2025
- Business
- Gulf Today
India's hospitality sector poised for considerable growth in 2025
V Nagarajan The year 2024 unfolded as a powerful reminder of the world's dynamic nature, a blend of geopolitical shifts, climate extremes, and economic recalibrations. While India's inbound tourism recovery remained slower than expected, the hotel sector performed strongly across all key performance metrics. The sector closed the year with a nationwide occupancy of 63-65 per cent, average room rates (ARR) ranging between Rs7,800-8,000, and revenue per available room (RevPAR) in the range of Rs5,000–5,200, reflecting a 27–29 per cent increase over pre-COVID benchmarks, according to Anarock survey. Encouraged by this growth, hoteliers accelerated development activity, resulting in a historic high in hotel brand signings, surpassing previous records, with a sharp focus on Tier-2, Tier-3, and emerging leisure markets. The outlook for India' s hospitality sector in 2025 is not just optimistic; it's electric. The year kicked off with momentum as C oldplay's sold-out concerts in Mumbai and Ahmedabad drew fans from across the country and abroad, highlighting India's growing prominence on the global live events circuit. Soon after, the Maha Kumbh Mela in Prayagraj, which welcomed 66 crore visitors over just 45 days, showcased the unmatched scale of India's religious tourism segment, emphasising the country's capacity to host some of the largest gatherings in the world. This momentum is expected to continue driven by vibrant calendar of cultural and sporting events, and the continued influx of travellers to spiritual destinations such as Ayodhya, Kedarnath, and Varanasi, and the growing appeal of wellness and medical tourism. At the same time, the branded economy hotel segment, which accounts for just 5–7% of total supply, is emerging as a high-potential growth. Encouraged by the current momentum, it is expected that the nationwide occupancy may reach 70% and average room rates (ARR) to cross the Rs10,000 mark in 2026. However, to fully capitalise on this growth trajectory, long-awaited policy reforms must be prioritised. Granting industry and infrastructure lending status to hospitality projects, irrespective of investment size, is crucial to unlocking new development in underserved and emerging markets. With rising domestic demand, increasing global visibility, and a new era of experiential travel, India's hospitality sector is no longer just growing, it's gearing up to lead the world. India's hotel sector is poised for considerable growth in 2025, building upon the strong momentum of the two previous years. This expansion is driven by a thriving domestic tourism market, the rise of niche travel segments, a steady revival in inbound tourism, and significant infrastructure enhancements. With domestic travel continuing its upward trend, increased spending and demand are set to accelerate the sector's development, further solidifying India's standing in the global hospitality industry. FY26 Union Budget, the government announced an outlay of Rs2,541.06 crore for tourism initiatives for FY26 and is also planning to establish 50 new tourism destinations within the country. In parallel, India's commercial office space market is experiencing a notable upswing, contributing significantly to hospitality growth. In 2024, gross leasing reached 89 million sq. ft., with net absorption at 50 million sq. ft. across major cities. The momentum continues into 2025, with leasing activity up 14-16 per cent year-on-year in the top seven cities. Global Capability Centres (GCCs) are emerging as key demand drivers, alongside the continued strength of the IT/ITeS sector and rapid expansion of startups in fintech, health-tech, and e-commerce. That said, the evolving global trade and tariff landscape could influence cross-border travel sentiment and is a factor to monitor in the near term. Sustained collaboration between the government and private sector will be critical to navigating these dynamics and securing India's place as a leading global travel destination. I have inherited a property from my uncle in Pune. What are the tax implications while selling it and repatriating the sale proceeds? Santosh Rane, Sharjah. As per regulations, there is no tax on inheritance of property in India by NRIs. As regards taxation, if the holding period exceeds 24 months it will be long-term gain and taxed at 12.5 per cent without indexation benefits. While selling the property, the buyer is required to deduct TDS at 12.5 per cent. If the actual tax liability is lower than 12.5 per cent, you can apply to the assessing officer for a lower TDS. You are permitted to repatriate upto $1 million per financial year on submission of required documents. Can I invest in a residential property along with a resident relative in India? Are there any restrictions? Sunil Abraham, Dubai. There are no restrictions for joint investment but there are certain ground realities you should follow. If you are paying your share through forex, you should make direct payments to the builder as clubbing it with your co-owner in India would pose formidable challenges to convince the concerned authorities while repatriating at a later date.
