Larger flats preferred in MMR
The consumer sentiment for bigger homes continues unabated. As per the CII-ANAROCK report 'The Housing Market Boom’ released at the 5th Edition of the CII Real Estate Confluence 2023 in Mumbai, where ANAROCK was Knowledge Partner, 40% of the surveyed participants prefer 2BHKs, 12% will opt for 1BHK, and 6% seeks homes exceeding the 3BHK configuration.
In the MMR, 2BHKs appear to dominate the preference charts of 43% of respondents in this region, but over 32% buyers there are looking to buy 3BHKs. For over 80% property seekers, prices remain an important factor as apart from home loan rates, the basic cost of property has been on the rise in the last one year. ANAROCK data reveals that average property prices across the top 7 cities increased in the range of 6-9% in Q1 2023 when compared to Q1 2022, mainly due to an increase in the prices of construction raw materials and overall rise in demand. MMR and Bangalore recorded the highest 9% annual jump.
Three towers of Sheth Avalon launched
Ashwin Sheth Group hosted a Channel Partner Meet on April 11, 2023 for the launch of the final three towers of their project Sheth Avalon at Thane near Viviana Mall. The main objective was to provide the retail partners, brokers, international property consultants and property advisors from Thane and Mumbai who attend this event with information about the project, which has 3 and 4-bedroom apartments.
Residential sales rise Pan-India
The Indian residential market saw significant growth in Q1 2023 due to a combination of factors such as government policies, infrastructure growth, and robust launches. Across the top 7 cities of India, sales of residential units went up by 15% compared to the previous quarter and 20% compared to the same quarter last year, with over 62,000 units sold. This marks the highest quarterly sales in the last 15 years, indicating increased consumer confidence. The premium segment, with apartments priced above Rs. 1.5 crore, saw a 22% share in overall sales, reflecting a rising demand for bigger homes with good amenities and support infrastructure. To meet this demand, developers are increasingly focusing on premium and luxury housing, accounting for 27% of new launches.
Zolostays felicitated at Tracxn awards
Zolostays, the co-living and student-housing platform has been recognized as an “Emerging Startup of Residential Real Estate Tech” at the Tracxn awards. Customers can easily search, book, and move into fully furnished, managed homes. The company also offers a range of amenities and services, including housekeeping, maintenance, and community events, to ensure a hassle-free living experience. Dr Nikhil Sikri, Co-founder & CEO of Zolostays, said, "At Zolostays, we prioritise innovation and a customer-centric approach. We are excited to innovate and provide world-class housing solutions that cater to the evolving needs of our customers."
PEI trends analysed by Savills India
Private Equity (PE) Investment inflows into the Indian real estate sector amounted to USD 45 million (Rs. 3.7 billion) in Q1 2023, as per the latest report by Savills India. The data indicates that commercial office assets remained the top performer in Q1 2023, capturing approximately 64% of the total investment. All the quarterly investments originated from foreign institutional investors and were focused on development office assets in Pune. The report further suggests that, all investment activity came from foreign funds and was concentrated in the Western region of India, particularly Mumbai and Pune. Mumbai saw investments in ready industrial and warehousing assets, whereas Pune experienced investments in office assets.
Two new desks from Baro Design
Baro Design furniture offers two new desks - Begum and Nawab. Begum is a perfect blend of form and function. It seamlessly interconnects the desk with the bookshelf. Angular profile, chamfered edges, clean drawers all point to a minimalist construction technique. Different sized books fit comfortably on the shelves while being supported by slight yet firm backrests. The concealed framework grants Begum a size-defying lightness. Nawab is a take on the classic mid-century desk. The sleek and slim writing table has an angular profile and fluted splayed legs. The chamfered edges, the hidden shelf, the handle-less drawers add to its minimalism, while still retaining a dynamic presence.