Real Estate – Weekly Update(24 – 31 March)

Buyer Demand Soars for Right-Priced Projects in Gurgaon

Two new project launches in Gurgaon – Godrej 89’s Zenith and Asiana Amara’s Sector 93 – have been dubbed “super hits” by industry insiders. Asiana Amara saw a staggering 70% of units being sold on the very first day of launch. Experts attribute this success to the developers pricing their offerings correctly as per the current market demand. “If the price is right, buyers are still ready to invest,” is the clear message from these blockbuster launches.

Smaller Homes Driving Sales Across New Launches

An emerging trend has smaller unit configurations like 2BHK to 3.5BHK units consistently outselling larger 4BHK, 4.5BHK and penthouse units across new project launches. While the reasons are still being analyzed, the higher ticket sizes of bigger homes could be deterring some buyers. Developers and market watchers are urged to study this pattern closely to understand the evolving buyer preferences.

Indian Institute of Art and Design Unlocks Commercial Investment Potential

The upcoming Indian Institute of Art and Design on SPR Road is garnering attention from commercial real estate investors. With a sprawling 5-acre campus planned, the institute is expected to attract students and faculty from across the nation, creating opportunities for commercial developments like hospitality, retail and housing in the surrounding areas.

Gurgaon’s Sector 29 to Become Mega Central Business District

Gurgaon’s prestigious Sector 29, long hailed as a commercial success hub, is set for further expansion and development. Of the total 480 acres, 100 acres have already been developed into hotels, restaurants and retail outlets. Authorities are now upgrading infrastructure over another 100 acres to establish Sector 29 as a state-of-the-art central business district for the region.

Investors Eyeing New Launches, Ready Properties in Key Cities

Real estate investors are shifting their strategies, increasingly favoring new project launches and ready-to-move-in properties over under-construction developments. There is also a focus on specific cities and regions that show high growth potential. A dedicated video analysing these changing investment trends and buyer preferences is expected to be released soon.

DLF Raises Rs 600 Crore, Plans Rs 80,000 Crore Project Blitzkrieg

Realty major DLF has raised Rs 600 crore through non-convertible debentures to refinance existing debt and fund future growth plans. The company has chalked out an ambitious blueprint to launch projects worth a staggering Rs 80,000 crore across Gurgaon, Panchkula, Goa and Chennai over the next 3-4 years.

Luxury Housing Continues Reign, 34% of Q1 Launches in Top Cities

The latest data highlights the persistent demand for luxury and ultra-luxury housing units in India’s top real estate markets. In the first quarter of 2024 alone, a whopping 34% of the nearly 69,000 new units launched across the top 8 cities fell into the high-end and ultra-luxury segments, continuing the trend of premium properties driving sales.

Developer Faces Backlash Over Unfair Property Allotments

An unidentified developer is in the line of fire from buyers and channel partners for allegedly resorting to unfair practices during a recent project launch. Despite extensively marketing the project as having “limited editions” available, the developer arbitrarily allocated very few units during the allotment process, leaving many investors disgruntled. Such lack of transparency poses risks to the credibility of the entire real estate ecosystem.

M3M Promoters Get Interim Bail in Money Laundering Case

The promoters of major real estate firm M3M Group have secured interim bail from a trial court in an ongoing money laundering case against them. However, legal troubles for the group are far from over.

ED Attaches Rs 124.5 Crore Assets of M3M, Other Builders

In a massive crackdown, the Enforcement Directorate has attached properties worth Rs 124.5 crore belonging to M3M Group and certain other developers as part of a money laundering probe. The attached assets include 400 acres of land held by the group in Gurgaon and Faridabad.

20 Developers Penalized Rs 7 Crore by Gurgaon RERA for Non-Compliance

Taking strict action, the Gurgaon branch of the Real Estate Regulatory Authority (RERA) has imposed penalties totaling Rs 7 crore on 20 developers for failing to meet regulatory compliance requirements for their newly launched projects in the region. The move reinforces the regulatory authorities’ commitment to maintaining discipline in the sector.

170 Developers Charged Rs 160 Crore by Maharashtra RERA for Delays

In one of the biggest crackdowns by a state RERA body, Maharashtra’s real estate regulator has ordered 170 developers across various projects to cough up Rs 160 crore in penalties for delaying delivery of units to homebuyers beyond committed timelines. The recovery process, although a record, is still far from complete for many aggrieved investors.