Lodhi Malabar has been the hottest luxury project in demand with high net worth buyers since its launch.
In yet another big property transaction, two directors of Kandoi Fabrics Pvt Ltd, a manufacturer of packaging fabrics and bags, have purchased two sea-facing 4,643 in Microteach Developers’ luxury project Lodhi Malabar project in Malabar Hill for a sum of ₹112.52 crore. Flat no 1101 in A wing of the project has been registered in the name of Kandoi Fabrics Pvt Ltd, and the agreement signed by Rajesh Vijaykumar Aggarwal, while flat 1201 in the same wing has been booked in the name of Rahul kumar Niranjan Kumar Aggarwal. Both are directors in Kandoi Fabrics Pvt ltd. The transactions were registered on June 1, 2023, and the purchasers paid a stamp duty of ₹3.57 crore each. Each apartment comes with four car parkings, according to registration documents accessed and shared by IndexTap.com In March, days before the norms for capital gains tax were scheduled to change from April 1, Rajesh Aggarwal and Pradeep Laxminarayan Aggarwal had purchased four apartments of 4,643 sq ft each on the sixth, seventh, eighth and ninth floors of A wing, which were purchased for a total sum of ₹217 crore. They had paid collective stamp duty of 13.02 crore for a net carpet area of 18,572 square feet and the flats came with 16 car parking’s. The per square foot rate for the March deal works out to ₹1,16,842 per square foot, while the latest transaction worked out at ₹1,16,865 per square foot. Apart from the Three Sixty West luxury project by Oberoi Realty in Worli, Lodha Malabar has been the hottest luxury project in demand with high net worth buyers since its launch. The project is a redevelopment project under construction scheduled for completion in 2026. The project came into news spotlight on March 10 when Bajaj Auto chairperson Niraj Bajaj purchased a triplex penthouse booking the 29th, 30th, and 31st floor sprawled across 18,008 square feet on March 10 for a sum of ₹252.50 crore. Industrialist JP Taparia, promoter of contraceptive manufacturer Famy Care ltd, broke Bajaj’s purchase record by buying six apartments in Tower A and B spanning 27,160.6 square feet at the cost of ₹369.55 crore. The flats were located on the 26th, 27th and 28th floor of the project.

Earlier, on March 27 And March 25, Madhav Goel And His.

brother and Saurabh Goel, director and executive advisor of Tufropes, a leading manufacturer of synthetic fibre rope and netting solutions, had purchased 9,546 square feet apartments on the 19th and 20th floor in Lodha Malabar for a sum of ₹121 crore each. On March 31, 41-year-old Neha Bagaria, the Bengaluru-based daughter of Anand Jain, chairman of Jai Corp Ltd, had purchased a 9,546 square feet apartment on the 22nd floor of Lodha Malabar for a sum of ₹121 crore. Lodha Malabar has topped the IndexTap Premier Leaque, a compilation of 10 top selling projects in each micro-market in Mumbai, with turnover of ₹1,200 crore from sale of just 10 units between January to March 2023. The Raheja Modern Vivarea, the latest towers of K Raheja group shaping up in Mahalaxmi, was second with an estimated sales revenue of ₹530 crore from the sale of estimated 34 units during the first quarter. Oberoi Three Sixty West had emerged as the highest revenue generator with ₹1,885 crore from the sale of 36 units during the same period in Central Mumbai micro-market. A big chunk of this or ₹1,238 crore was generated from the bulk purchase of 28 apartments by D’Mart Founder Radhakishan Damani registered on February 3, two days after the union budget which capped the capital gain tax benefit at ₹10 crore from April 1.

The report also said their near debt-free balance sheets will support credit risk profiles despite all major paint companies being on an aggressive capex spree. Continuing healthy demand from construction, real estate and automobile sectors will help the paint sector register a 10-12 per cent revenue growth this fiscal against an 18 per cent estimated rise in the just-concluded fiscal, according to a report. Volume expansion and the resultant cash generation will help paint companies maintain healthy balance sheets, which will also buffer credit profiles despite the rising capex, Crislip said in a report on Wednesday. The top five companies have announced ₹12,000 crore capex in fiscal 2023 and 2024 on the back of ₹7,000 crore they incurred in the previous four fiscals. New players are expected to add nearly one-third of the total existing capacity of 4.2 billion liters by fiscal 2025-end, the report added. Paint companies are likely to close FY23 with a robust 18 per cent revenue growth, primarily led by higher realizations on the back of a 6 per cent price hike during the year, along with the full impact of a 20 per cent price hike effected in the third quarter of FY22. Along with healthy volume growth, moderating crude-linked input prices will ensure operating margins to remain stable at 15-16 per cent in fiscal 2024, almost similar to the last fiscal, the agency said in the report based on the five top companies that account for 90 per cent of the ₹65,000-crore industry or 4.2 billion liters annual capacity now.

The Report Also Said Their Near Debt-Free Balance Sheets.

will support credit risk profiles despite all major paint companies being on an aggressive capex spree. The domestic paints sector also comprises the decorative segment, which commands 80 per cent of the market. According to Anuj Seth, a senior director at the agency, paints demand normally grows at 1.6x-2x of GDP. Decorative paints are likely to see a revenue increase of 11-12 per cent this fiscal, driven by increasing renovation/construction activity and a greater preference for branded products. On the other hand, industrial paints will see 8-9 per cent revenue growth on the back of higher government spending on infrastructure and steady demand from the automotive segment, Seth added. Since the key raw materials are crude-linked derivatives, the 30 per cent fall in crude oil prices from a high of USD 115 per barrel in June-July 2022 to USD 85 per barrel now will help boost the operating margins. But this will be largely offset by higher selling expenses due to aggressive sales push and increase in ad spend by industry leaders to counter competition from new entrants. Another margin risk is the falling rupee, which the agency sees trending at 82-83 a dollar, up from 80.2 in FY2023, impacting the cost of imported materials, which account for a third of overall their raw material requirements.

Real estate consultant Ana rock’s data suggests that 5,57,900 homes are scheduled for completion. In 2022, 4,02,000 units were scheduled to be completed. Real estate developers are expected to complete nearly 5.58 lakh homes this year across seven major cities as builders focus on accelerating the pace of construction activities, according to Antilock. Real estate consultant Ana rock’s data suggests that 5,57,900 homes are scheduled for completion during 2023. In the 2022 calendar year, 4,02,000 units were scheduled to be completed. The consultant did not mention whether builders were able to meet their 2022 target or not. Antilock said that the number of homes to be completed is higher because of several factors including realty law RERA, better cash flow amid rise in housing sales, use of latest technologies in construction activities and also increased funding from financial institutions. The developers are trying to avoid delay in completion of projects as it leads to cost overrun, the consultant added. Antilock Vice Chairman Santhosh Kumar said, “As per scheduled completion records, approx. 5.6 lakh homes are likely to be delivered across the top 7 cities in 2023. This is an increase of 39 per cent over the previous year.” As per the data, the maximum completion of housing projects is expected in Delhi-NCR followed by Mumbai Metropolitan Region (MMR).

In Delhi-NCR, Builders are Likely to Complete.

1,70,100 homes this year as against 86,300 units scheduled in the previous year. The completion of homes in MMR is likely to be 1,31,400 units, as against 1,26,700 units. Pune may see completion of 98,400 units, as against scheduled delivery of 84,200 units during 2022. The completion in Bengaluru is seen at 80,100 units this year, as against scheduled 48,700 units in 2022. Kolkata is likely to witness completion of 36,700 units this year, as against scheduled 23,200 units in the previous year. Realtors may complete 23,800 homes in Hyderabad during 2023. They promised to complete 11,700 units in the previous year. In Chennai, the scheduled completion of homes is 17,400 units this year, a decline from the scheduled completion of 21,200 homes in the previous year. “The introduction of realty law RERA has weeded out non-serious developers from the market, leaving only those who are committed to delivering projects on time and ensuring customer satisfaction,” Signature Global Chairman Pradeep Aggarwal said. Atul Bansal, Director Finance, Ohmae Ltd, said the company focuses on completion of projects and is delivering an average of 3-4 million square feet area every year.

Housing sales in January-March 2023 breached the one lakh mark at 1.14 lakh units across the top 7 cities, said Real estate consultant Antilock Chairman. Real estate industry expects housing demand to remain strong with the RBI keeping key interest rate unchanged and is hopeful for a repo rate cut in next round of monetary policy to boost growth. The Reserve Bank of India (RBI) on Thursday decided to keep the repo rate unchanged at 6.5 per cent. Commenting on the development, CREDAI National President Bowman Iran said, “… We expect both housing supply and demand to sustain its ongoing momentum.” However, given that the inflation is at an 18-month low, there is scope for the RBI to reduce repo rates in the upcoming MPC meetings, to stimulate growth across all industries,” Iran added. Norelco President Ranjan Bandler hailed the RBI move, saying it will help the housing sector that has been performing well from the past two years. Nonetheless, the sector needed announcements that could further fuel the growth,” he added. With the festive season in tailwinds, Norelco Vice Chairman Niranjan Hiranandani said a hiatus in interest rate hike would boost sales velocity. Real estate consultant Antilock Chairman Anuj Puri said, “The unchanged repo rate can help maintain the momentum in housing sales, which has so far been firing on all cylinders in 2023.” Housing sales in January-March 2023 breached the one lakh mark at 1.14 lakh units across the top 7 cities, he added.

Realty Firm Signature Global Chairman Pradeep.

Aggarwal said this demonstrates a positive intent towards supporting the housing market and benefiting homebuyers. “…The pause in rate hikes will instill a sense of optimism among borrowers and we expect the housing sales momentum to continue,” India Sotheby’s International Realty MD Amit Goyal said. Atul Bansal, Director-Finance, Ohmae Ltd, hoped that the RBI would opt for a policy rate reduction in the next review meeting. Knight Frank India CMD Shisha Baikal said, “We believe that this status quo will facilitate positive decision-making for homebuyers.” Colliers India Head of Research Vimal Nadar said, “as home loan rates are already at elevated levels of 9 per cent and above, this is a significant breather for lenders, developers & homebuyers.” Savills India CEO Anurag Mathur said home loan EMIs will remain unchanged in the near-term, leading to sustained demand across various housing categories.

Real estate consultant Ana rock’s data suggests that 5,57,900 homes are scheduled for completion. In 2022, 4,02,000 units were scheduled to be completed. Real estate developers are expected to complete nearly 5.58 lakh homes this year across seven major cities as builders focus on accelerating the pace of construction activities, according to Antilock. Real estate consultant Ana rock’s data suggests that 5,57,900 homes are scheduled for completion during 2023. In the 2022 calendar year, 4,02,000 units were scheduled to be completed. The consultant did not mention whether builders were able to meet their 2022 target or not. Antilock said that the number of homes to be completed is higher because of several factors including realty law RERA, better cash flow amid rise in housing sales, use of latest technologies in construction activities and also increased funding from financial institutions. The developers are trying to avoid delay in completion of projects as it leads to cost overrun, the consultant added. Antilock Vice Chairman Santhosh Kumar said, “As per scheduled completion records, approx. 5.6 lakh homes are likely to be delivered across the top 7 cities in 2023. This is an increase of 39 per cent over the previous year.”

As Per The Data, The Maximum Completion of Housing.

projects is expected in Delhi-NCR followed by Mumbai Metropolitan Region (MMR). In Delhi-NCR, builders are likely to complete 1,70,100 homes this year as against 86,300 units scheduled in the previous year. The completion of homes in MMR is likely to be 1,31,400 units, as against 1,26,700 units. Pune may see completion of 98,400 units, as against scheduled delivery of 84,200 units during 2022. The completion in Bengaluru is seen at 80,100 units this year, as against scheduled 48,700 units in 2022. Kolkata is likely to witness completion of 36,700 units this year, as against scheduled 23,200 units in the previous year. Realtors may complete 23,800 homes in Hyderabad during 2023. They promised to complete 11,700 units in the previous year. In Chennai, the scheduled completion of homes is 17,400 units this year, a decline from the scheduled completion of 21,200 homes in the previous year. “The introduction of realty law RERA has weeded out non-serious developers from the market, leaving only those who are committed to delivering projects on time and ensuring customer satisfaction,” Signature Global Chairman Pradeep Aggarwal said. Atul Bansal, Director Finance, Ohmae Ltd, said the company focuses on completion of projects and is delivering an average of 3-4 million square feet area every year.

Housing sales in January-March 2023 breached the one lakh mark at 1.14 lakh units across the top 7 cities, said Real estate consultant Anarock Chairman. Real estate industry expects housing demand to remain strong with the RBI keeping key interest rate unchanged and is hopeful for a repo rate cut in next round of monetary policy to boost growth. The Reserve Bank of India (RBI) on Thursday decided to keep the repo rate unchanged at 6.5 per cent. Commenting on the development, CREDAI National President Bosman Iran said, “… We expect both housing supply and demand to sustain its ongoing momentum.” “However, given that the inflation is at an 18-month low, there is scope for the RBI to reduce repo rates in the upcoming MPC meetings, to stimulate growth across all industries,” Iran added. Narcho President Ranjan Bandler hailed the RBI move, saying it will help the housing sector that has been performing well from the past two years. “Nonetheless, the sector needed announcements that could further fuel the growth,” he added. With the festive season in tailwinds, Norelco Vice Chairman Niranjan Hiranandani said a hiatus in interest rate hike would boost sales velocity.

Real Estate Consultant Anarock Chairman Anuj Puri Said,

“The unchanged repo rate can help maintain the momentum in housing sales, which has so far been firing on all cylinders in 2023.” Housing sales in January-March 2023 breached the one lakh mark at 1.14 lakh units across the top 7 cities, he added. Realty firm Signature Global Chairman Pradeep Aggarwal said this demonstrates a positive intent towards supporting the housing market and benefiting homebuyers. The pause in rate hikes will instill a sense of optimism among borrowers and we expect the housing sales momentum to continue,” India Sotheby’s International Realty MD Amit Goyal said. Atul Bansal, Director-Finance, Ohmae Ltd, hoped that the RBI would opt for a policy rate reduction in the next review meeting. Knight Frank India CMD Shashi Baja said, “We believe that this status quo will facilitate positive decision-making for homebuyers.” Colliers India Head of Research Vimal Nadar said, “as home loan rates are already at elevated levels of 9 per cent and above, this is a significant breather for lenders, developers & homebuyers.” Savills India CEO Anurag Mathur said home loan EMIs will remain unchanged in the near-term, leading to sustained demand across various housing categories.

The Reserve Bank of India’s decision to keep repo rate unchanged is likely to lead to stable home loan interest rates and continue the uptick in housing demand, say real estate sector leaders. This is the second consecutive time that the central bank has kept the lending rate unchanged. Mumbai: The real estate industry has welcomed RBI’s decision to keep the repo rate unchanged for the second consecutive time in the monetary policy meeting on Thursday. Dr Niranjan Hiranandani, National Vice Chairman, National Real Estate Development Council (NAREDCO) said, “India Inc hails accommodative stance of RBI with recurrent pause in repo rate hike at 6.50% as record high inflation eases off gradually. As a snowball effect, respite in home loan interest rate will augur well to fuel uptick in housing sales across the segments. Now, the discerning homebuyers should avail the benefits of cooling inflation, stable home loan rates, conducive real estate market dynamics in the backdrop of buoyancy in GDP growth, domestic demand and availability of sufficient liquidity. With the festive season in tailwinds, a hiatus in interest rate hike will act as a growth catalyst and boost sales velocity.” Shashi Baikal, Chairman & Managing Director, Knight Frank India said the pause in repo rate will support the housing demand. “We appreciate the decision of the RBI to maintain the repo rate unchanged for the second consecutive time. Although inflation still remains higher than the tolerance level, it has decreased over the last few months, allowing the RBI to maintain its stance. We believe that this status quo will facilitate positive decision-making for home buyers.” Baikal said indicators such as GST collection, manufacturing and services PMI, and E-way bills suggest strength in economic growth, but certain crucial growth indicators, particularly consumer durable goods in the IIP (Index of Industrial Production), which reflects household consumption, are yet to show sustained recovery. “Therefore, maintaining the policy rates unchanged for a while will support consumer demand amid diminishing inflation, thereby fostering economic growth. Despite a significant increase in interest rates, the real estate sector has been performing well. Real estate loan demand from both housing and commercial segments has remained strong, despite a 150 basis points rise in the base lending rate (MCLR) over the past year. However, we remain cautious about the industry, as the complete transmission of the repo rate hikes to lending rates is yet to be observed,” he added.

Anuj Puri, Chairman, Antilock Group Said The Unchanged.

Repo rate will give some respite to prospective homebuyers looking to avail home loans in the near future. “The unchanged repo rate can help maintain the momentum in housing sales, which has so far been firing on all cylinders in 2023. As per Antilock Research, we saw housing sales in first quarter of 2023 scale new heights, breaching the one lakh mark at 1.14 lakh units across the top seven cities. Given the current unchanged rates, the outlook for those looking to buy their first home via a home loan soon remains favorable. Puri pointed out that interest rates from most banks will continue to remain in single digits. “With top banks, they currently hover between 8.7 to 9.65%. A future rate hike, if any, may push the rates into double digits. The persisting financial instabilities in advanced economies of the world may have repercussions in India, causing the RBI to take such a step to face these headwinds,” he added. Anurag Mathur, CEO, Savills India said the unchanged repo rate will keep the home loan EMIs unchanged in the near term, leading to sustained demand across categories in the residential real estate. “Developers with debts on their balance sheets stand to benefit as long as the monetary policy finely balances inflation and growth prospects. However, market experts should remain vigilant, as policy normalization across the world including India is expected to take at least few quarters,” he said. Venkatesh Gopalakrishnan, Director Group Promoter’s Office & CEO, Shapoorji Pallonji Real said, “The unchanged repo rate provides a sense of certainty to developers and homebuyers alike, instilling faith in the real estate market. It is a positive development that will have far-reaching implications for the industry. While residential demand has showcased resilience, particularly in the luxury and premium segments, this decision by the RBI is poised to further propel the real estate sector. The unchanged repo rate not only encourages investment but also facilitates affordable home loans, making homeownership more accessible to aspiring buyers. We anticipate this to contribute positively to the overall market sentiment.” Manju Yagnik, Vice Chairperson of Nahar Group and Senior VP, NAREDCO, Maharashtra, said, “It was mentioned that the real estate sector was given a much-needed break by the RBI’s decision to maintain the repo rate constant. This choice would claim the same EMIs while bringing stability to the home loan category. It will keep the real estate market in a buying mood and could increase the mid-segment housing market. We also anticipate no change in the demand for upscale and exclusive dwellings. Despite the good effects of this choice, the governor of the RBI has indicated that this action may only offer short-term solace and may be required to stop the nation’s inflationary trend. This decision of keeping the rates unchanged will enable the real estate sector to consistently grow.”

Vimal Nadar, Head of Research at Colliers India.

said the headline inflation continues to be lower but still poses upside risks due to volatile global conditions. “RBI’s move to keep the repo rate unchanged at 6.5% reinforces the Central Banks’s effort to support domestic growth and create a conducive lending ecosystem… As home loan rates are already at elevated levels of 9% and above, this is a significant breather for lenders, developers and homebuyers. First time homebuyers will be better placed to make their home buying decision in a stable lending rate regime. Fence sitters in the affordable & mid segment will have greater visibility of their EMIs & thus effect buying,” he said. Amit Goyal, Managing Director, India Sotheby’s International Realty said the RBI decision to keep repo rate unchanged for second consecutive time after a series of six consecutive rate hikes was on expected lines. “The RBI’s decision reflects their cautious approach in light of the persistent inflationary pressures and their potential impact on domestic consumption growth. However, the positive aspect is that the pause in rate hikes will instill a sense of optimism among borrowers and we expect the housing sales momentum to continue,” he said. Another hike would also lead to even higher borrowing costs for developers too. Hence, we expect a continuation of existing policy rates through 2023. Undoubtedly, a further reduction in interest rates in the near future would be preferred to bolster overall market confidence and make it more enticing for home buyers and support the growth momentum in the real estate sector. Ram Raheja, Managing Director at S Raheja Realty said the central bank’s decision was in line with accelerating transition towards growth. “A typical monsoon season is anticipated to help reduce inflation, boost demand, and subsequently drop interest rates. The MMR region is expected to have high consumer demand for real estate. Additionally, the completion of infrastructural projects will in fact result in even higher demand for luxury residences since it will increase high-ticket buyers’ and investors’ confidence and incentive to buy.” Piyush Bothria, Co-founder and CFO, Square Yards, said the RBI decision indicates that interest rates will only have one direction which is downwards. “This is a big positive for the home buyer as they know that their EMIs down the line will only decrease further. A lot of fence sitters are expected to jump in, and the developers are likely to cash in on this pent-up demand. We firmly believe that we are at the beginning of a multi-year real estate bull market buoyed by high disposable incomes, high affordability and moderate-to-low interest rates.”

The introduction of the proposed fee caps for mutual fund schemes may potentially drive the profits of asset management companies (AMCs) down 30 percent. Larger AMCs may face an even greater impact, with profits taking up to a 50 percent dent. Lower fees imposed on larger funds could discourage consolidation and merger and acquisition (M&A) activities within the sector. “Ceteris paribus, the impact on profit from change in equity-linked TER could be 30 percent of profit. This should rise as select debt funds that get higher TER than new caps (like credit funds, duration funds) are included and arbitrage funds slip into losses. The impact on profits is also divergent (1) Top-5 funds should see 50 percent fall in profit, (2) Next-5 a 17 percent fall, (3) Next-10 a 37 percent rise, (4) Next-10 a 28 percent fall and (5) others (below #30) a 25 percent rise,” a Jefferies report said. According to recent calculations by Jefferies, proposed fee caps on equity-linked assets under management (AUMs) of mutual funds could result in a 30 basis point (bps) decrease in equity fees for large asset management companies (AMCs). Conversely, smaller AMCs with AUMs below $10 billion may experience an increase of approximately 10 bps. This divergence in fees, ranging from 60 to 100 bps, could potentially lead to a loss of market share for small AMCs, with larger ones benefiting.

Sebi Has Recently Proposed A Uniform Total Expense Ratio.

(TER) across mutual fund schemes, in an effort to bring greater transparency in the costs charged to unitholders. “The norms will have much higher impact on Top-5 MFs and enable 20 MFs to draw additional blended yields on equity-oriented AUMs. This reflects a large equity-oriented AUM-base of Top-5 players that have more than 50 percent share in the sector. We also believe that less than Rs1 trillion worth of arbitrage fund segment may need to be wound down as MF’s will incur loss on them due to inability to recover transaction costs,” the Jefferies report said. “We estimate a big divergence in impact as (1) Top-5 funds should see 30bps fall in TER, (2) Next-5 a 10bps fall, (3) Next-10 a 12bps rise, (4) Next-10 a 4bps fall and (5) others (below #30) a 11bps rise. While smaller MFs should gain higher TER, we believe that risk of disruption exists if larger MFs aggressively advertise their 60-100bps lower TERs to gain market share in AUMs to offset revenue impact,” the Jefferies report added. Assets under management are already under pressure since the start of the year amid various factors such as the government’s alterations in the tax structure for debt funds, increasing competition, and removal of long term indexation benefit. Year-to-date, Aditya Birla Asset fell 18 percent, HDFC AMC 11 percent, UTI AMC 17 percent, and Nippon Life fell 1.7 percent. The new proposed changes are part of Semi’s plan to improve transparency and pass the benefit of larger scale to investors. The market regulator has also sought to improve linkage of charges/ TER with fund-performance. Jefferies expects that the AMCs have the potential to mitigate the impact of fee caps by sharing the burden with various stakeholders in their value chain, including distributors, stock brokers, and RTA partners, among others. By distributing the impact across the value chain, AMCs can reduce the overall financial strain on themselves. In addition, adjusting fee caps for arbitrage funds, creating headroom for securities transaction tax (STT), and balancing total expense ratios (TERs) can also help lower the impact of the proposed fee caps. These measures aim to provide some flexibility and alleviate the financial pressures faced by.

Housing sales in January-March 2023 breached the one lakh mark at 1.14 lakh units across the top 7 cities, said Real estate consultant Antilock Chairman. Real estate industry expects housing demand to remain strong with the RBI keeping key interest rate unchanged and is hopeful for a repo rate cut in next round of monetary policy to boost growth. The Reserve Bank of India (RBI) on Thursday decided to keep the repo rate unchanged at 6.5 per cent. Commenting on the development, CREDAI National President Bowman Iraqi said, “… We expect both housing supply and demand to sustain its ongoing momentum.” “However, given that the inflation is at an 18-month low, there is scope for the RBI to reduce repo rates in the upcoming MPC meetings, to stimulate growth across all industries,” Iran added. Norelco President Raja Bandler hailed the RBI move, saying it will help the housing sector that has been performing well from the past two years. “Nonetheless, the sector needed announcements that could further fuel the growth,” he added. With the festive season in tailwinds, Norelco Vice Chairman Niranjan Hiranandani said a hiatus in interest rate hike would boost sales velocity.

Real Estate Consultant Antilock Chairman Anuj Puri said,

“The unchanged repo rate can help maintain the momentum in housing sales, which has so far been firing on all cylinders in 2023.” Housing sales in January-March 2023 breached the one lakh mark at 1.14 lakh units across the top 7 cities, he added. Realty firm Signature Global Chairman Pradeep Aggarwal said this demonstrates a positive intent towards supporting the housing market and benefiting homebuyers. “…The pause in rate hikes will instill a sense of optimism among borrowers and we expect the housing sales momentum to continue,” India Sotheby’s International Realty MD Amit Goyal said Atul Bansal, Director-Finance, Ohmae Ltd, hoped that the RBI would opt for a policy rate reduction in the next review meeting. Knight Frank India CMD Shashi Baikal said, “We believe that this status quo will facilitate positive decision-making for homebuyers.” Colliers India Head of Research Vimal Nadar said, “as home loan rates are already at elevated levels of 9 per cent and above, this is a significant breather for lenders, developers & homebuyers.” Savills India CEO Anurag Mathur said home loan EMIs will remain unchanged in the near-term, leading to sustained demand across various housing categories.

A poll of 350 real estate leaders at international firms found that half of the largest companies surveyed expect to shrink their global portfolios. Many of the biggest corporate employers plan to reduce the amount of office space they occupy over the next three years, underlining the changes set to reshape the commercial real estate market. A Knight Frank poll of 350 real estate leaders at international firms found that half of the largest companies surveyed — those with more than 50,000 staff — expect to shrink their global portfolios, with most expecting to shrink by between 10% and 20%. By contrast, more smaller businesses — those with fewer than 10,000 employees — said they expect to grow, with 55% saying their office footprint would expand, the survey data show. Now that we are in a truly post-pandemic world, corporate decision-makers are ‘removing the blinkers’ and making clear decisions around their future corporate real estate strategy based on a broader array of business issues than just the pandemic,” Knight Frank global head of occupier research Lee Elliott said. The rise of hybrid working since the pandemic has heightened concerns about the amount of office space in cities around the world that may be obsolete. Cities including Los Angeles, San Francisco and Boston have already seen landlords hand back the keys as vacancy rates soar amid anemic demand for all but the best new space. Still, a relative paucity of construction in many markets means there’s a shortage of the best new space with top environmental credentials that can help large businesses meet their green targets and lure employees back to the office. That’s supporting rents for the best space even as demand craters for older, outdated buildings. “A rise in both the functional and physical obsolescence of buildings will drive occupiers to higher quality, more sustainable and amenity-rich space, but the supply of this space is coming under increasing pressure in global markets,” Knight Frank global head of occupier strategy and solutions Tim Armstrong said.