The real estate market in India has witnessed a remarkable upswing in the initial quarter of the financial year 2023, surpassing 100,000 units in housing sales across the country’s top 7 cities. Furthermore, there has been a significant 23 percent year-on-year increase in new property launches, rising from 89,140 units in Q1 2022 to approximately 110,000 units in the first quarter of 2023.

A recent report by Anarock has highlighted Delhi-NCR as the frontrunner among the top seven cities in terms of property deliveries in 2023, witnessing an astounding 97 percent growth from the previous year. The region is poised to take the lead with an estimated completion of around 170,000 units this year, constituting nearly 30 percent of the entire year’s delivery pipeline.

This tremendous growth can be attributed to the surge in demand for high-ticket luxury housing priced above Rs 1.5 crore, with approximately 24 percent of the total units sold falling into this category, according to the report.

The pandemic has notably fueled the demand for larger homes in Delhi and its neighboring cities, leading to a significant boost in the premium and luxury housing sectors, which have gained rapid momentum.

A recent report by CBRE South Asia revealed that luxury housing sales in Delhi-NCR have witnessed a massive growth of 216 percent, outpacing major cities like Mumbai, Hyderabad, Kolkata, and Pune. Families are now seeking to lead lavish lifestyles, and investing in luxury residences ensures access to top-notch facilities within the housing complexes.

Yukti Nagpal, Director of Gulshan Group, remarked, “Buyers have also shown a massive interest in luxury residences, owing to the premium facilities and amenities that these spaces offer.”

In terms of new launches, the Mumbai Metropolitan Region (MMR) and Pune accounted for 52 percent of the total launches among the top cities, while Hyderabad experienced a 32 percent decline in new supply compared to the previous year.

On the other hand, NCR observed a 34 percent increase in new launches in Q1 2023 compared to the same period in 2022, with approximately 12,450 units launched.

Overall, residential property prices in the top 7 cities experienced growth ranging from 6 to 9 percent in Q1 2023 compared to the same period the previous year.

Salil Kumar, Director-Marketing and Business Management at CRC Group stated, “The surge in housing demand in the Delhi-NCR post-pandemic reflects the resilience and enduring appeal of the real estate sector. The two consecutive moderations in the repo rate by RBI have also fueled the positive sentiment prevailing in the market, indicating sustained growth and a bright future for the housing market in NCR, fueling optimism among industry experts and stakeholders.”

According to the latest ANAROCK Research, quarterly sales have reached an all-time high, with the top cities reporting a year-on-year increase of over 14 percent against the 99,550 units sold in Q1 2022.

Sanjay Sharma, Director of SKA Group, expressed his optimism, saying, “These numbers are highly encouraging, indicating that the real estate sector is experiencing strong tailwinds and is on a path of robust growth. With the government’s focus on affordable housing and infrastructure development, the residential segment is in high spirits, offering opportunities for self-use and investment purposes.”

This year, the real estate market has embarked on a solid growth trajectory, with housing sales and new launches surpassing the one lakh mark, recording a 14 percent and 23 percent year-on-year increase, respectively.

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The Sahara Refund Portal CRCS (Claim Refund and Claim Status) has been established to facilitate the refund process for depositors of the Sahara Group who have been awaiting repayment of their investments. This online platform streamlines the registration and application process, making it easier for depositors to claim their refunds efficiently and securely.

Accessing the Sahara Refund Portal CRCS:

To begin the refund process, depositors must visit the official Sahara Refund Portal CRCS website. The direct link to the portal is provided below:

https://mocrefund.crcs.gov.in/

Step-by-Step Guide to Claim Your Depositor Registration:

Visit the Sahara Refund Portal CRCS website using the direct link provided above.

On the portal’s homepage, locate and click on the “Depositor Registration” button.

You will be redirected to a new page that contains the registration form.

Fill in the required information, including your name, contact details, and relevant deposit details.

Double-check the accuracy of the provided information to avoid any discrepancies.

After completing the form, click on the “Submit” button to register as a depositor.

Step-by-Step Guide to Apply Online for Refund:

Once you have successfully registered as a depositor, return to the Sahara Refund Portal CRCS homepage.

Click on the “Online Refund Application” button to initiate your refund claim.

On the next page, carefully read the instructions and guidelines for submitting your refund application.

Prepare all necessary documents, such as deposit receipts, identification proofs, and any other supporting documents required.

Click on the “Start Application” button to begin the online refund application process.

Fill in the application form with accurate details, ensuring it matches the information provided during the depositor registration.

Upload the scanned copies of the necessary documents as per the guidelines provided.

Review the application form and attached documents to confirm they are correct and complete.

Click on the “Submit” button to finalize your refund application.

Benefits of Using the Sahara Refund Portal CRCS:

Convenience: The online portal enables depositors to register and apply for refunds from the comfort of their homes, eliminating the need to visit physical offices.

Time-Saving: The streamlined process reduces paperwork and administrative delays, expediting the refund process.

Secure: The portal is equipped with robust security measures to safeguard sensitive depositor information.

Transparency: Deposit status updates and refund progress can be tracked through the portal, ensuring transparency throughout the process.

Conclusion:

The Sahara Refund Portal CRCS offers a user-friendly platform for depositors to claim their refunds efficiently and securely. By following the step-by-step guide for registration and online application, depositors can navigate the process with ease and have confidence in the transparency of the refund process. If you are a depositor of the Sahara Group, don’t delay – visit the Sahara Refund Portal CRCS today and initiate your refund claim!

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According to the latest data from PropTiger.com, a prominent online real estate brokerage company, housing prices in major Indian cities have experienced a year-on-year average appreciation of 6% during the period from April to June this year. This surge in prices can be attributed to robust demand in the market.

PropTiger’s recent report, titled “Real Insight Residential – April-June 2023,” reveals that the weighted average price of residential properties in eight major Indian cities reached Rs 7,000 to 7,200 per square foot during the April-June period, representing a 6% increase compared to the same period last year.

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

During the April-June period, housing sales in these eight major cities recorded an 8% annual increase, amounting to 80,250 units sold. The rise in sales can be attributed to a surge in demand, particularly in Mumbai and Pune. In the same period of the previous year (April-June 2022), sales stood at 74,320 units in the primary residential markets of these top eight cities.

Analyzing the data, it is revealed that Ahmedabad witnessed a 7% year-on-year increase in prices during the second quarter of 2023, reaching Rs 3,700-3,900 per square foot. Bengaluru experienced a 9% increase, with prices averaging at Rs 6,300-6,500 per square foot. Delhi-NCR observed a 6% growth, reaching Rs 4,800-5,000 per square foot. In the National Capital Region, Gurugram witnessed a significant appreciation of 12%, with prices reaching Rs 7,000-7,200 per square foot. Additionally, Noida in the NCR experienced an 8% rise, with prices reaching Rs 5,600-5,800 per square foot.

Both Mumbai and Pune, which are key property markets in Maharashtra, saw a 3% increase in housing prices. 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.

“Housing prices have been on the rise 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,” stated Vikas Wadhawan, Group CFO of REA India and Business Head at PropTiger.com.

Ankita Sood, Head of Research at REA India, shared insights on Gurugram, stating, “We are witnessing a surge in demand from businesses 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 businesses. As a ripple effect, the Gurugram property market has seen good traction for both luxury and mid-segment housing, with a YoY weighted average property price increase of 12% in Q2 2023, surpassing Bengaluru (9%) and Noida (8%). The limited supply has also contributed to the momentum in prices.”

Despite price appreciation and a rise in mortgage rates, housing demand has remained strong. Looking ahead, with home loan interest rates likely to remain stable or even decrease in the coming months, it is expected that housing demand will continue to rise. It is strongly believed that the housing market is currently experiencing a cyclical upturn, according to Wadhawan.

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The real estate market in Kuwait has been experiencing a consistent decline in transactions, with prices following suit, especially in Asima and Hawally governorates, according to data from the Ministry of Justice. 

In the first half of 2023, the residential sector witnessed a significant 41 percent drop in the number of transactions, with only 1,526 deals (totaling KD 736 million) compared to 2,592 deals (totaling KD 1.75 billion) during the same period last year.

Despite the decline in transaction volume, the average value of each deal increased to KD 483,000 from KD 414,000 in 2022, reflecting a 16.6 percent rise. This indicates rising prices for private residences, particularly in Asima and Hawally, while prices in other governorates remained relatively stable. The investments sector also experienced a decrease, with 589 deals registered in the first half of 2023 compared to 687 deals in the previous year, marking a 14.2 percent decline.

Unlike the residential sector, the average value of transactions in the investments sector decreased by 9.8 percent, from KD 854,000 per deal last year to KD 770,000 this year. The commercial sector took the hardest hit, plummeting by 74 percent, with only 39 deals recorded in the first half of this year, compared to 111 deals in the same period in 2022. However, the average value of a single commercial deal surged from KD 3.513 million to over KD 5 million.

Looking ahead, investors and analysts are closely monitoring the actions of the American Federal Reserve, particularly whether they will continue to raise interest rates. The Kuwaiti market could potentially see a revitalization if the American interest rate stabilizes in the second quarter of 2024, resulting in a decrease in local interest rates. This could make real estate and the stock exchange more appealing to investors, drawing them back to these more robust markets.

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The real estate sector in Hyderabad is gearing up for a groundbreaking transformation with the introduction of the Metaverse, a technology set to revolutionize the way properties are bought and sold.

Several real estate firms in the city are embracing Metaverse technology, which encompasses virtual reality (VR), augmented reality (AR), social commerce, and artificial intelligence (AI), to create a seamless integration of the physical and digital realms. This innovative approach is set to redefine how real estate professionals work and how potential buyers experience properties.

Leading the way is the Ramky Group, which is preparing to launch RamkyVerse, a Metaverse platform that will allow potential buyers to virtually teleport into different landscapes and explore Ramky Estates’ properties through customizable avatars. RamkyVerse will feature three virtual auditoriums, providing customers with an immersive living experience of Ramky Estates’ ongoing projects, along with information on properties currently under construction.

The Ramky Group recognizes the challenges faced by property buyers, such as the inability to physically view properties under construction and geographical limitations for individuals residing far from the property location, including non-resident Indians (NRIs). Furthermore, time constraints and accessibility issues for property viewings, consultations, and negotiations further complicate the process. By leveraging technology, Ramky Estates aims to overcome these obstacles and provide innovative solutions, making it the first residential developer in Hyderabad to adopt virtual reality technology.

Through the integration of salespersons and speakers into the platform, RamkyVerse enables real-time interaction, enhancing the virtual experience for potential buyers. The virtual landscape of Ramky Estates remains accessible for 30 days, providing a comprehensive view of all launched projects, including recent additions like Ramky One Astra, Ramky One Orion, and Ramky One Genext. This enables individuals worldwide to explore properties and make informed decisions without being confined by physical boundaries.

Sarath Babu, the Vice President of Marketing & Sales at Ramky Estates, expressed his excitement about their pioneering role in the virtual reality realm with RamkyVerse. He stated, “Through the seamless blend of technology and innovation, our team is set to revolutionize property showcasing, offering a hyper-realistic experience beyond imagination.”

The introduction of Metaverse technology in Hyderabad’s real estate industry is set to transform the property buying experience, allowing potential buyers to digitally explore properties, interact with sellers, and make informed decisions from anywhere in the world. This groundbreaking approach demonstrates the city’s commitment to embracing technological advancements and pushing the boundaries of traditional real estate practices. With Ramky Estates leading the way, the future of property experiences in Hyderabad is set to be immersive, efficient, and boundaryless.

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The Supreme Court was presented with arguments on Tuesday, highlighting the need to curb the “drastic powers” vested in the Enforcement Directorate (ED) during money laundering investigations. The bench, comprising Justices AS Bopanna and MM Sundresh, was presiding over a series of pleas pertaining to Gurugram-based realty group M3M under the Prevention of Money Laundering Act (PMLA).

Senior advocate Harish Salve, representing M3M directors, raised concerns about the formidable powers granted to the ED. Salve emphasized the urgency of reining in these powers, asserting that failure to do so would jeopardize the safety of individuals in the country. He cited an instance of an allegedly wrongful arrest, which he claimed violated his clients’ rights. Salve stressed the necessity of reining in these expansive powers.

Senior advocates Harish Salve and Mukul Rohatgi were presenting the case on behalf of M3M directors, Basant Bansal and Pankaj Bansal, who were arrested in connection with a money-laundering probe related to a bribery case involving a former judge.

In its order, the bench noted that the Bansal brothers would be seeking anticipatory bail from the Punjab and Haryana High Court, thus disposing of their pleas.

The Supreme Court was hearing a batch of pleas challenging a recent Delhi High Court order that had declined to intervene in the arrest of M3M directors in the money-laundering probe linked to a bribery case involving a former judge.

The Bansal brothers were apprehended by the ED on June 14 under the Prevention of Money Laundering Act (PMLA). Subsequently, they were presented before a special PMLA court in Panchkula, Haryana, which remanded them to five-day ED custody.

Earlier, on June 9, the High Court had granted interim protection from arrest until July 5 to Basant and Pankaj Bansal in the money laundering case related to the real estate firm IREO.

The Bansals argued that their custody amounted to illegal detention and was an attempt to circumvent the High Court’s order that protected them from coercive action in another money laundering case.

The money laundering case, for which the Bansal brothers were arrested, originated from an FIR filed by the Haryana Police Anti-Corruption Bureau (ACB) on April 17. The FIR implicated a former special judge of CBI, Sudhir Parmar, who was stationed in Panchkula, another M3M director, Roop Kumar Bansal, and an additional individual.

According to the ED, it received information suggesting that Parmar displayed favoritism towards the accused in a money laundering case involving the real estate firm IREO.

Subsequently, the ACB registered a case, and the Punjab and Haryana High Court suspended Parmar.

On June 1, the ED conducted raids on the M3M Group, its directors, and IREO in Delhi and Gurugram. In a press statement, the ED alleged that the owners, controllers, and promoters of the M3M Group, including Basant Bansal, Roop Kumar Bansal, and Pankaj Bansal, deliberately evaded the investigation during the raids. The ED claimed that a substantial amount of money, totaling hundreds of crores, was illicitly funneled through the M3M Group in this case.

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June 29 (Reuters) – In a bid to address the challenges faced by credit-worthy borrowers in the commercial real estate market, U.S. banking regulators are calling on lenders to collaborate and provide assistance.

The statement released by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corp, the National Credit Union Administration, and the Office of the Comptroller of the Currency emphasizes the need for financial institutions to work “prudently and constructively” with borrowers experiencing financial stress.

With declining property values and increasing loan defaults, office loans have become a source of concern for some U.S. lenders.

While Federal Reserve Chair Jerome Powell has acknowledged the pressure on commercial real estate lending, he believes that it is unlikely to pose a threat to the broader financial system.

The updated guidance introduces short-term loan accommodations, such as deferring payments, making partial payments, or providing other forms of assistance and relief to borrowers.

According to Citigroup analysts, banks account for 54% of the $5.7 trillion commercial real estate market, with small lenders holding 70% of the loans in this sector.

Real estate data provider Trepp indicates that over $1.4 trillion in U.S. commercial real estate loans will mature by 2027, with approximately $270 billion coming due this year.

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RK Arora, the chairman of real estate company Supertech, has been arrested by the Enforcement Directorate (ED) in connection with a money laundering case.

Arora was taken into custody under the criminal sections of the Prevention of Money Laundering Act (PMLA) after being questioned for the third time on Tuesday.

The money laundering case against Supertech, its directors, and promoters originated from multiple First Information Reports (FIRs) registered by the police departments in Delhi, Haryana, and Uttar Pradesh.

According to the FIRs, Supertech and its directors were accused of defrauding home buyers by collecting funds as advances for booked flats but failing to deliver the promised properties to them.

In April, the ED had already seized assets worth over Rs 40 crore belonging to the real estate group and its directors.

It is worth noting that last year, Supertech’s twin towers in Noida, which were built illegally, were demolished following a court order. The demolition involved the use of over 3,000 kg of explosives.

The arrest of RK Arora marks a significant development in the ongoing investigation into the alleged money laundering activities of Supertech and its key personnel. The authorities are committed to pursuing justice and ensuring that those involved in financial irregularities are held accountable.

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