In what can be seen as a combined effect of RERA, modernisation of construction technology and the increasing market share of large and listed developers, the last decade (2014-H1 2024) has seen homebuyers’ wait for possession in large under-construction projects in the top seven cities reduce to 4.9 years from 6.1 years in the 2010-2019 period. Anuj Puri, Chairman, ANAROCK Group, said, “Latest ANAROCK data reveals that the average time to complete large residential projects of 500+ units in top seven cities clocked in at 4.9 years from 2014-H1 2024, from 6.1 years in the preceding decade. Large and listed players account for nearly 34 percent of the market today. The stringent rules imposed on project delays by the regulatory authorities have also been a key factor in reducing the completion time.” All projects launched and completed between 2010-2019 and 2014-H1 2024 in the top seven cities were analysed in the study.

Mumbai MMR sets a new benchmark with average home sales value reaching Rs.9.4 mn
The Mumbai Metropolitan Region (MMR) recorded an unprecedented surge in average registered home sales value in the second quarter of 2024, according to a Square Yards report. The average registered home sales value basis the IGR data, analysed by Square Yards, reached a record-high of Rs.9.4 million, reflecting a 10 percent YoY growth, despite a decrease in the total number of registered transactions in the region. A total of 50,025 residential real estate transactions were registered, in the June 2024 quarter, across Mumbai MMR, amounting to a registered sales value of Rs.468.33 billion. This dynamic coupled with record-high average registered sales value across Mumbai MMR, suggests a growing appetite for high-valued homes.

Mumbai’s Rs.100 mn and above luxury units clock highest-ever half-yearly sales
Sales of luxury homes costing Rs.100 million and above in Mumbai have risen 8 per cent making another new high of Rs.123 billion in H1 CY 2024, compared to Rs.114 billion in H1 CY 2023, according to a report by India Sotheby’s International Realty and CRE Matrix. The report, “Mumbai Luxury Housing H1 CY24,” highlights unprecedented sales figures, signalling robust growth and heightened confidence in the city’s real estate sector. This significant surge at the high end of the market aligns with an ongoing bullish trend in residential property sales overall, reflecting the exuberance and confidence in the Indian economy.

65 percent of office space in India is Green-certified
Accessing any real estate company’s performance based on ESG becomes crucial as the real estate sector is the second-largest employer in India, accounting for 39 per cent of carbon emissions. The government’s constant push to achieve net zero emissions by 2070 is likely to play a pivotal role in shaping the real estate market in India. As per Vestian Research, over 65 percent of Grade A office space across India’s top seven cities is green-certified. Moreover, among 1,362 Grade A buildings, 805 (or 59 percent) boast of green certifications. As India’s office market attracts global occupiers, developers are increasingly prioritising international certifications.
Contact: Vestian
Website: www.vestian.com

Ashwin Sheth Group unveils new logo and growth vision
Ashwin Sheth Group announced its rebranding initiative to celebrate its remarkable 38 years of legacy, culminating in a 3x growth and planned entry into other key metros. With the unveiling of a logo and vision, the group collaborated with chlorophyll for the new brand identity. The new logo consists of the letters ‘A’ and ’S’ and reflects the commitment to crafting spaces that serve as mirrors to the worlds inhabited by the group’s cherished stakeholders.
Contact: Ashwin Sheth Group
Tel: 22-69315859
Website: www. ashwinshethgroup.com

BCD secures project from Ramsons Trendsquares
BCD Group announced the securing of a 1.5 million sq ft residential project in Bengaluru from Ramsons Trendsquares. Spread across 6.5 acres, the project at a total investment layout of `6.6 billion is the first ever collaboration between BCD and Ramsons Trendsquares. The first phase of the project has already been sold out. Sarjapur is an important micro market in Bengaluru which boasts of major technology companies, attracting hordes of people and increasing the demand for quality residential spaces.
Contact: BCD Group
Email: info@bcdindia.com
Tel: 6366302587
Website: www.bcdindia.com

Puravankara bags seven acre land parcel in Hebbagodi
Puravankara, one of India’s most trusted developers, announced the acquisition of a 7.26-acre land parcel in Hebbagodi, Bengaluru. Hebbagodi is strategically located near Electronics City and is well-connected to other parts of the city, making it an attractive location for residential developments. The area is a desirable location for IT professionals working in Electronics City. The area has a well-developed social infrastructure, with major hospitals, international schools and retail, and the IT hub of Electronics City Phase 1 and Phase 2, located within a 5-km radius. The land parcel is also close to the Hebbagodi Metro Station.
Contact: Puravankara
Website: www.puravankara.com

Innov8 expansion: Adds 60,000 square feet office space in one month
Innov8 announced the launch of three new centres in Delhi NCR. These facilities span a total of 60,000 sq ft and offer over 1,200+ seats along with a range of thoughtfully designed amenities and services. Strategically located within three of Delhi NCR’S most prestigious commercial hubs, Unitech Cyber Park, DLF Cyber City and Okhla provide prime connectivity and easy access for professionals from across Delhi-NCR. All centres are a five-minute walk from major metro stations. Spanning up to ~25,000 sq ft, the Unitech Cyber Park (UCP) facility features 600+ seats, high-speed internet and a fully stocked pantry.
Contact: Innov8
Website: www.innov8.work

Second phase of construction of ‘world’s largest Ramayan temple’ begins in Bihar
Construction of the three-storeyed Viraat Ramayan temple will be completed by the end of 2025 at a cost of `5 billion. The second phase of construction of the “world’s largest Ramayan temple” began in East Champaran district of Bihar. The Viraat Ramayan Mandir, once complete, will be three times bigger than the Ayodhya Ram Mandir. The temple will also have the world’s largest shivling. The temple’s architecture is inspired by the Angkor Wat in Cambodia, Ramanathaswamy temple at Rameswaram in Tamil Nadu and the Meenakshi Sundareswarar temple in Madurai. The first phase of construction was completed in 10 months. The second phase will include construction up to the plinth level. In the third phase, the construction of shikhars and final finishing touches will be done. The Ayodhya temple is 161 feet while the Viraat Ramayan will be 270 feet.

Concorde acquires prime land parcel in Bengaluru through Colliers India
Concorde has acquired a prime 1.6-acre land parcel located on Sarjapur Road, Bengaluru. Set to be a premium high rise residential complex, this joint development will have a gross development value (GDV) of Rs.2 billion. The strategic acquisition was facilitated by well-known real estate consulting firm, Colliers India, and marks a significant milestone for Concorde as it continues to expand its footprint in the city. The Colliers team was instrumental in conducting a market analysis that assisted in identifying a suitable space that aligned with Concorde’s business objectives and vision.
Contact: Concorde
Website: www.concorde.in