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Business Standard
30-04-2025
- Business
- Business Standard
Houses delivered in 9 major Indian cities up 33% in FY25: Report
India's nine major cities clocked a 33 per cent annual rise in the number of homes delivered to customers in FY25, said a report on Wednesday, crediting government programmes for affordable housing and making realtors to meet deadlines as among reasons for the trend. As many as 406,889 homes were delivered in FY25 and 306,600 the year before, according to data analytics firm PropEquity. Kolkata clocked an 88 per cent year-on-year (Y-o-Y) increase in unit deliveries: 9,441 in FY24 and 17,718 in FY25. Hyderabad and Chennai followed with increases of 61 per cent and 49 per cent, respectively, Delhi-National Capital Region (NCR) reported an 8 per cent decline: 44,423 units in FY25 compared to 48,388 units the year before. Samir Jasuja, founder and chief executive officer of PropEquity, said government schemes such as Special Window for Affordable and Mid-Income Housing (Swamih) Fund and Real Estate Regulation Act (Rera) as primary drivers for the growth in deliveries. 'The deliveries have also been expedited due to Swamih Fund and strict compliance and implementation under Rera, which played a major role in developers adhering to project delivery timelines,' Jasuja said. The report studied home deliveries in Bengaluru, Chennai, Hyderabad, Kolkata, Delhi-NCR, Mumbai, Thane, Navi Mumbai and Pune. Deliveries improved in the housing markets of West and South India. The western market, which includes Mumbai, Navi Mumbai, Thane and Pune, saw 221,691 units being delivered in FY25 compared to 163,414 in FY24. The region accounted for 55 per cent of the total homes delivered in key markets. The southern market, which includes Bengaluru, Hyderabad and Chennai, accounted for 30 per cent of total house deliveries. As many as 123,057 units were delivered in the region in FY25 and 85,357 the year before. Jasuja said that positive market sentiment in the past couple of years has ensured strong cash flows and faster project execution. 'As reputed and branded developers increase their market share, this trend in delivery of homes is expected to continue. Swamih 2.0 will also play a significant role in expediting delivery of stalled projects,' he said.
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Business Standard
24-04-2025
- Business
- Business Standard
Delhi NCR residential property prices up 81% in five years: Report
Prices of residential properties have in five years increased by an average 81 per cent in Delhi NCR where Greater Noida reported the biggest surge, said a report by real consultancy firm Anarock on Thursday. Average residential prices in the Delhi NCR (National Capital Region) market increased to Rs 8,300 per sq ft in the first quarter (Q1) of 2025 compared to Rs 4,580 per sq ft in Q1 2020, as reforms like the Real Estate Regulation Act (Rera), 2016, and the Special Window for Affordable and Mid-Income Housing Fund helped standardise the real estate market. The property market in NCR has evolved in the past decade and many peripheral areas have emerged as attractive housing destinations, said Santhosh Kumar, vice-chairman at Anarock group. Greater Noida recorded the highest residential price surge at 98 per cent, with prices reaching Rs 6,600 per sq ft in Q1 2025 compared to Rs 3.340 per sq ft in Q1 2020. It was followed by Noida which saw a 92 per cent rise in prices: from Rs 4,795 per sq ft in 2020 to Rs 9,200 per sq ft in the current year. Residential property prices in Gurugram reached Rs 11,300 per sq ft in Q1 2025 from Rs 6,150 per sq ft in Q1 2020, recording a price appreciation of 84 per cent. The report said that as prices increased, unsold inventory in Delhi NCR dropped by 51 per cent: from 173,117 units by the end of Q1 2020 to 84,500 units by Q1 2025. Noida recorded the highest 72 per cent decline in its overall unsold stock: from 18,148 units in Q1 2020 to 5,012 in Q1 2025. Ghaziabad and Greater Noida clocked a 58 per cent and 56 per cent decline in unsold inventory in the five-year period. Kumar said that strong sales and new launches reduced the 'inventory overhang' in the NCR market to just 17 months at the end of Q1 2025, compared to the peak of 88 months about five years ago. The NCR residential market saw new supplies of 53,000 units in 2024, almost 44 per cent more than the year before. Luxury, ultra-luxury housing gained most traction in Delhi NCR over last 3 years Luxury homes The report said that the Delhi NCR market for residential properties has changed budget wise in the last three to four years. While affordable units costing less than Rs 40 lakh dominated the supply pipeline before the pandemic, luxury and ultra-luxury homes dominate now. Affordable housing units comprised only 11 per cent of total NCR launches in 2024 compared to 62 per cent in 2020. The ultra-luxury segment, comprising units priced more than Rs 2.5 crore, contributed nearly 59 per cent of the total Delhi NCR housing inventory in 2024 compared to 4 per cent in 2020. The report attributed the sustained demand for ultra-luxury properties to the robust performance of capital markets, resulting in increased disposable wealth. 'Consequently, there is a heightened aspiration to elevate one's living standards by acquiring superior residential accommodations along with an aspiration for unparalleled amenities,' it said. Anarock said that with core areas in NCR saturating and connectivity improving, 'peripheral locations' are expected to experience significant growth in demand and supply in the near future. 'Key growth corridors such as Sohna, New Gurgaon, Dwarka Expressway and Greater Noida West are attractive destinations offering multiple housing options along with office and retail developments.'
