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Time of India
4 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
5 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.
Time of India
6 days ago
- Business
- Time of India
Experts peg free sale portion in Dharavi at 140 m sq ft
Mumbai: Property experts estimate a free sale component of roughly 140 million sq ft to be unlocked by the Dharavi redevelopment plan, yielding revenues of Rs 1.2-1.7 lakh crore for the joint venture between the state govt and the Adani group . Said Anuj Puri, chairman, Anarock Group, "At a rough estimate, the Dharavi redevelopment project presents the builder with about 140 million of overall saleable area for sale on the open market, with a separate allotment for rehabilitation of the current inhabitants. We are roughly looking at over Rs 1 lakh crore of gross revenue. The anticipated profit margins are anywhere between 18–25%. It is also important to note that the Dharavi redevelopment project permits the developer to monetize TDR, or Transferable Development Rights, as well as commercial spaces. '' Nav Bharat Mega Developers is a special purpose vehicle between the Adani Group and the state for Dharavi's revamp. Total rehab cost including housing units for eligible beneficiaries and other for affordable rental housing is projected at Rs 95,790 crore, of which construction cost will be Rs 23,800 crore. This factors in the cost of building and handing over 72,000 units free of cost (residential rehab units, residential renewal units, commercial and industrial rehab units and commercial renewal units). Since 270 acres have been demarcated as net developable area, all the land left over after providing 72,000 units will be available to develop in the free sale component. Pankaj Kapoor, MD of Liases Foras, a realty research firm, said he expects profit margins to be 25-30%. "This is on a projected revenue of Rs 1.2 lakh crore to Rs 1.7 lakh crore from the sale component at average market price of Rs 25,000 a sq ft,'' he added. "Projected saleable area is expected to range between 40.7 million sq ft and 60 million sq ft, depending on extent of FSI utilized for the rehabilitation portion," said Kapoor. However, he cautioned that the project's seven-year completion timeline was "highly ambitious''. "To stay on track, achieving annual sales of approximately 6.5 to 9 million sq ft will be a challenge and necessitate highly competitive pricing,'' he said. Architect Alan Abraham said at Rs 95,000-plus crore, the Dharavi project is cheaper than the bullet train, only 3x the cost of Mumbai Metro 3 and 6x the cost of the coastal road. "It seems really inexpensive to transform our city centre, to better the lives of millions of our citizens. If the development of Dharavi is so important to our city, then I wonder why the govt couldn't just do this themselves - while keeping these and the additional lands public, and earning all the revenue from the TDR,'' he said. "In my opinion, the sale price of the Dharavi project will exceed those in Bandra-Kurla Complex, and perhaps even Linking Road,'' he added. Aditya Thackeray, Shiv Sena (UBT) leader, said the Adani Group was given incentives for this project in the form of 1,300 acres across the city free. "BMC is being denied a premium of Rs 7,500 crore for its land and the TDR incentive." He said the MVA govt showed a better model of redevelopment for BDD chawls through a govt agency.
Time of India
6 days ago
- Business
- Time of India
'Dharavi likely to unlock 140m sqft free sale portion'
MUMBAI: Property experts estimate a free sale component of roughly 140 million sq ft to be unlocked by the Dharavi redevelopment plan, yielding revenues of Rs 1.2-1.7 lakh crore for the joint venture between the state government and the . Tired of too many ads? go ad free now Said Anuj Puri, chairman, Anarock Group, "At a rough estimate, the Dharavi redevelopment project presents the builder with about 140 million of overall saleable area for sale on the open market, with a separate allotment for rehabilitation of the current inhabitants. We are roughly looking at over Rs 1 lakh crore of gross revenue. The anticipated profit margins are anywhere between 18-25%. It is also important to note that the Dharavi redevelopment project permits the developer to monetize TDR, or Transferable Development Rights, as well as commercial spaces. '' Nav Bharat Mega Developers is a special purpose vehicle between the Adani Group and the state for Dharavi's revamp. Total rehab cost including housing units for eligible beneficiaries and other for affordable rental housing is projected at Rs 95,790 crore, of which construction cost will be Rs 23,800 crore. This factors in the cost of building and handing over 72,000 units free of cost (residential rehab units, residential renewal units, commercial and industrial rehab units and commercial renewal units). Since 270 acres have been demarcated as net developable area, all the land left over after providing 72,000 units will be available to develop in the free sale component. Pankaj Kapoor, MD of Liases Foras, a realty research firm, said he expects profit margins to be 25-30%. "This is on a projected revenue of Rs 1.2 lakh crore to Rs 1.7 lakh crore from the sale component at average market price of Rs 25,000 a sq ft,'' he added. Tired of too many ads? go ad free now "Projected saleable area is expected to range between 40.7 million sq ft and 60 million sq ft, depending on extent of FSI utilized for the rehabilitation portion," said Kapoor. However, he cautioned that the project's seven-year completion timeline was "highly ambitious''. "To stay on track, achieving annual sales of approximately 6.5 to 9 million sq ft will be a challenge and necessitate highly competitive pricing,'' he said. Architect Alan Abraham said at Rs 95,000-plus crore, the Dharavi project is cheaper than the bullet train, only 3x the cost of Mumbai Metro 3 and 6x the cost of the coastal road. "It seems really inexpensive to transform our city centre, to better the lives of millions of our citizens. If the development of Dharavi is so important to our city, then I wonder why the government couldn't just do this themselves - while keeping these and the additional lands public, and earning all the revenue from the TDR,'' he said. "In my opinion, the sale price of the Dharavi project will exceed those in Bandra-Kurla Complex, and perhaps even Linking Road,'' he added. Aditya Thackeray, Shiv Sena (UBT) leader, said the Adani Group was given incentives for this project in the form of 1,300 acres across the city free. "BMC is being denied a premium of Rs 7,500 crore for its land and the TDR incentive." He said the MVA government showed a better model of redevelopment for BDD chawls through a government agency.
Time of India
24-05-2025
- Business
- Time of India
Top six cities sees average growth of 18% in office space rents in three years
NEW DELHI: India's top six cities have recorded an average rental growth of 18.35% between 2022 and 2025 for office spaces, according to Anarock data. Mumbai Metropolitan Region (MMR) office rental values have surged by 28% from ₹131 per sq ft in 2022 to ₹168 in 2025, outpacing other top metro markets. Hyderabad emerged as the second-fastest growing rental market boosted by a strong IT corridor, cost competitiveness, and investor-friendly policies. The post-pandemic revival, supported by a sustained return-to-office movement and strong demand from Global Capability Centres (GCCs), tech firms, and BFSI players, has fueled robust growth in rental values across key business hubs. 'Notably the US, which is seeing considerable business policy uncertainty, accounts for 45% of total office space leasing in India – ahead of all other countries,' says Peush Jain, MD - Commercial Leasing & Advisory, Anarock Group. 'GCCs have become the single-biggest transformation driver on India's office leasing landscape. Our data shows that in Q1 2025 alone, GCCs leased a staggering 8.35 million sq ft, with Delhi-NCR capturing close to 23% of that demand. Over the past two years, they have accounted for over 37% of all office leasing across the top seven cities," said Jain Rental growth across six cities (2022–2025) MMR: Office rental values in the Mumbai Metropolitan Region rose 28%, from ₹131 to ₹168 per sq ft, making it the most expensive commercial market in India. Hyderabad: Rentals surged by 24.1%, climbing from ₹59 to ₹72 per sq ft, driven by a booming IT corridor and pro-investor policies. Delhi NCR: The region saw a 20% increase in rentals, from ₹92 to ₹110 per sq ft, supported by infrastructure growth in Noida and Gurugram. Bengaluru: Office rents grew 15.8%, with values rising from ₹101 to ₹117 per sq ft, fuelled by consistent tech sector demand. Pune: Rentals rose 11.1%, from ₹81 to ₹90 per sq ft, reflecting steady demand in IT and industrial zones. Chennai: The city registered a more measured 9.1% growth, with rentals moving from ₹77 to ₹84 per sq ft, indicating stable absorption in key business districts. The future of work in India is not remote but reimagined. The hybrid work model has matured - not as a shift away from offices, but as a strategic blend of physical and flexible spaces. This evolution has ensured a strong leasing pipeline, particularly in tech parks, co-working hubs, and Jain, Anarock Group The consistent rise in rentals, particularly in cities with controlled capital value growth like Hyderabad and Delhi NCR, has led to improved rental yields. With REITs gaining investor traction and absorption levels surpassing pre-COVID benchmarks, investor sentiment remains bullish.
