Calling the move “timely and impactful,” Gera said the lower interest rate environment would directly ease the financial burden on prospective homebuyers.

“Lower repo rates translate into lower borrowing costs, and that directly benefits homebuyers. This cut will improve EMI affordability and pull some fence-sitters back into the market,” Rohit Gera noted.

The rate cut comes at a time when housing demand across key metros has remained robust, even as overall affordability has been under pressure due to rising property prices. With EMIs set to fall as banks pass on the benefit of cheaper credit, the industry expects a fresh wave of enquiries and conversions in the upcoming quarters.

Gera added that the move would not only support buyers but also bring relief to developers, many of whom have been navigating tight liquidity conditions amid elevated construction costs.

“For developers, it supports both sales velocity and liquidity,” Rohit Gera said, highlighting that improved access to funding could help accelerate project execution timelines and overall industry stability.

“The timing is helpful because demand is strong, but affordability remains stretched in several metros,” Gera further emphasized.

The real estate sector, which has witnessed record sales over the past two years, is likely to view the rate cut as a catalyst for sustaining growth, especially in the mid-income and premium housing segments.

Economists expect banks and housing finance companies to announce revised lending rates in the coming weeks, paving the way for reduced EMIs and improved affordability for millions of potential homebuyers.

The post RBI Repo Rate Cut: A Catalyst for Housing Demand and Affordability, Insights from Rohit Gera appeared first on NRI News.

NEW DELHI: As the world grapples with the ongoing climate crisis, Justdial, India’s no.1 Hyper-local business search engine, unveils alarming consumer trends, shedding light on the exacerbating water scarcity issue in urban areas across the country. The nation’s struggle with this issue stems from a severe mismatch between its limited water resources and a rapidly growing population. The findings from the latest Justdial Consumer Trends Report underscore the pressing need for immediate action to address the looming water crisis.

A report by Niti Aayog predicts a bleak future, stating that 20 major Indian cities are on the brink of severe water scarcity, with an estimated 40% decline in freshwater availability by 2030. The recent El Nino phenomenon has further compounded the issue, leaving a significant portion of the country reeling under severe drought conditions. The India Meteorological Department (IMD) has also issued warnings of a hotter and drier summer this year, attributing it to the El Niño effect.

The Justdial Consumer Trends Report reveals startling statistics, indicating a substantial surge in water-related searches in key urban areas. Bengaluru and Hyderabad experienced a 101% and 56% increase, respectively, in consumer queries related to water resources, suggesting that these two major metropolises are severely impacted by water scarcity. In other major cities like Pune (31%), Mumbai (11%), Ahmedabad (7%), Chennai (6%), Delhi (3%), and Kolkata (3%), there is a significant rise in searches for water-related services as well.

Among the most searched categories on the Justdial platform were water tank dealers, drinking water tanker suppliers, water tank repairs & services, and water tank cleaning services, reflecting the growing concern among consumers regarding water availability and quality.

As Justdial data suggests, water tanker businesses with a digital presence saw a surge in demand during the past quarter. This highlights the growing importance of online visibility for such vendors. By embracing the digital landscape, traditional water tanker suppliers can tap into a wider customer base and streamline their operations. This not only benefits their business but also ensures residents have easier access to this essential service, particularly during periods of water scarcity.

The ramifications of inadequate water supply extend far beyond mere inconvenience. It poses a direct threat to societal stability and economic prosperity. Rapid urbanization, climate change, and inadequate infrastructure have exacerbated water shortages in cities nationwide. The repercussions include heightened public health risks due to waterborne diseases and strain on healthcare systems.

To address these challenges, the government has initiated policy-led interventions for effective water management at the village or district level, as per the Niti Aayog report. The success story of the ‘Drink from Tap Mission’ in Puri city (Odisha) presents a viable model that can be exemplified as a replicable model. This mission’s core features include the Right to Water policy, relaxed house connection norms, and reduced non-revenue water through 100% metering and volumetric metering. Additionally, leveraging information technology with smart metering facilitates data capture for informed decision-making by water management authorities.

By understanding these consumer trends, policymakers, businesses, and individuals can work collaboratively to devise solutions for water conservation and ensure a sustainable future. Justdial remains committed to raising awareness about critical issues and continues to support initiatives aimed at fostering positive societal change and sustainable development.

The post Justdial Reports A Surge In Demand For Water Services: Bengaluru And Hyderabad Top The Charts appeared first on NRI News.

In the recently released report titled ‘Real Insight Residential – April-June 2023’ by PropTiger.com, a leading digital real estate brokerage company and a part of REA India, which also owns Housing.com & Makaan.com, it was shown that the weighted average price of residential properties across eight major Indian cities reached Rs 7,000-7,200 per square foot during the April-June period. This is a 6% increase compared to the corresponding period in the previous year. The report provides valuable insights into the current state of the real estate market in India’s key cities.

The markets covered in the report include Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region, Delhi-National Capital Region, and Pune.

“Housing prices have been climbing in major Indian cities in the post-COVID years. While this upward trend in capital values is attracting investors to India’s key real estate markets, the increase in new supply is helping to moderate price increases” said Vikas Wadhawan, Group CFO, REA India & Business Head at PropTiger.com. 

Price Trends:

While talking about specific market trends, Ankita Sood, Head of Research, REA India (PropTiger.com, Housing.com & Makaan.com) said, “We are witnessing a surge in demand from business and large companies in Gurugram. The city continues to dominate in terms of Grade A commercial development, solidifying its position as a top choice for business. As a ripple effect, the Gurugram property market has seen good traction for both luxury and mid-segment housing. Gurugram saw a YoY weighted average property price increase of 12% in Q2 2023, surpassing Bengaluru (9%) and Noida (8%).”

Ms. Sood further elaborated, “Surge in demand is driven by consumers seeking improved amenities and an enhanced lifestyle, migrating from conventional property formats in Delhi and neighboring areas. Additionally, the limited supply has also contributed to the momentum in prices.”

According to the data, Ahmedabad experienced a 7% year-on-year increase in prices during the second quarter of 2023, reaching Rs 3,700-3,900 per square foot. Bengaluru witnessed a 9% increase, with prices averaging at Rs 6,300-6,500 per square foot.

In Chennai, prices rose by 3% to Rs 5,800-6,000 per square foot. Delhi-NCR observed a 6% growth to Rs 4,800-5,000 per square foot. Meanwhile, Gurugram in the national capital region saw a 12% appreciation, with prices reaching Rs 7,000-7,200 per square foot, and Noida experienced an 8% rise to Rs 5,600-5,800 per square foot.

Hyderabad registered a 5% increase, with prices averaging at Rs 6,400-6,600 per square foot. Kolkata reported a 6% rise, with prices reaching Rs 4,600-4,800 per square foot.

In Mumbai and Pune, both key property markets in Maharashtra, housing prices increased by 3% each. Mumbai’s weighted average price stood at Rs 10,100-10,300 per square foot, while Pune’s rates were at Rs 5,600-5,800 per square foot.

“Despite both an appreciation in prices and a rise in mortgage rates, housing demand has remained strong. Going forward, with interest rates on home loans likely to remain stable or even soften in the coming months, we expect housing demand to rise. We strongly believe that the housing market is in the midst of a cyclical upturn, added Mr. Wadhawan.

During the April-June period, housing sales across the eight major cities experienced an 8% annual increase, to 80,250 units. The growth in sales can be attributed to increased demand, especially in Mumbai and Pune. In the same period last year (Apr-June 2022), sales stood at 74,320 units in the primary residential markets of the top eight cities.

The post Strong Housing Demand Drives 6% Price Appreciation in Major Indian Cities: PropTiger.com Report appeared first on NRI News.