Real Estate Boom in NCR and Mumbai: A Tale of Two Cities
July 3, 2024, 3:52 am
Vedanta Resources Limited
Location: United Kingdom, England, London
Employees: 10001+
Founded date: 1976
Total raised: $467.04K
A comparison of the real estate market in the National Capital Region (NCR) and Mumbai reveals contrasting trends in property sales and registrations. While NCR experiences a surge in new home sales and launches, Mumbai sees a significant rise in property registrations, indicating a robust market in both regions.
In the NCR, new home sales have risen by 6% in the second quarter of 2024, with a staggering 134% increase in new launches compared to the previous quarter. Luxury properties priced above Rs 15 million dominate the market, attracting buyers despite rising prices. The average property prices in the top 7 cities have increased by 7% quarterly and 25% annually, with NCR leading the quarterly jump at 10%. Developers are focusing on high-quality projects to meet the demand for modern housing in peripheral areas.
On the other hand, Mumbai witnesses a 12% annual increase in property registrations, reaching around 11,600 units in June 2024. Strong buyer confidence and economic prosperity drive the market, with June marking the highest number of registrations in 12 years. Despite higher prices, home registrations continue to grow, reflecting positive sentiments and confidence in the market's trajectory.
In addition to the real estate boom, infrastructure and energy sectors are also thriving. Vedanta Aluminium wins accolades for its environment and energy excellence, showcasing sustainability efforts in the industry. IREDA experiences a surge in loan disbursements, reaching Rs 91.36 billion in April-June, supporting growth in the renewable energy sector. India and Australia enhance cooperation in critical minerals and processing, paving the way for future collaborations in the energy industry.
Overall, the real estate markets in NCR and Mumbai are on an upward trajectory, driven by strong demand, infrastructure development, and sustainable practices in the energy sector. The contrasting trends in these two cities highlight the diverse opportunities and growth potential in India's property and energy markets.
In the NCR, new home sales have risen by 6% in the second quarter of 2024, with a staggering 134% increase in new launches compared to the previous quarter. Luxury properties priced above Rs 15 million dominate the market, attracting buyers despite rising prices. The average property prices in the top 7 cities have increased by 7% quarterly and 25% annually, with NCR leading the quarterly jump at 10%. Developers are focusing on high-quality projects to meet the demand for modern housing in peripheral areas.
On the other hand, Mumbai witnesses a 12% annual increase in property registrations, reaching around 11,600 units in June 2024. Strong buyer confidence and economic prosperity drive the market, with June marking the highest number of registrations in 12 years. Despite higher prices, home registrations continue to grow, reflecting positive sentiments and confidence in the market's trajectory.
In addition to the real estate boom, infrastructure and energy sectors are also thriving. Vedanta Aluminium wins accolades for its environment and energy excellence, showcasing sustainability efforts in the industry. IREDA experiences a surge in loan disbursements, reaching Rs 91.36 billion in April-June, supporting growth in the renewable energy sector. India and Australia enhance cooperation in critical minerals and processing, paving the way for future collaborations in the energy industry.
Overall, the real estate markets in NCR and Mumbai are on an upward trajectory, driven by strong demand, infrastructure development, and sustainable practices in the energy sector. The contrasting trends in these two cities highlight the diverse opportunities and growth potential in India's property and energy markets.