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  • Re : Indian Real Estate News

    Indian realty attracts $943 million investments in Q1; office space leads

    The real estate sector has attracted investments worth $943 million during the quarter led by the office segment and a comeback of retail real estate, showed a JLL India report.
    The waning of uncertainty due to pandemic resurgence led to a pick-up in investment momentum during the first quarter of 2022 as complete relaxation of restrictions over the quarter resulted in investors getting active and also led to the conclusion of deals.

    The real estate sector has attracted investments worth $943 million during the quarter led by the office segment and a comeback of retail real estate, showed a JLL India report.

    These investments have risen 41% on a sequential basis. However, on a year-on-year basis, investments during the first quarter declined by 25% as the headwinds created by the global geopolitical situation led to a pause in investment decisions.

    The March quarter witnessed 10 deals as compared to 16 deals during the year ago period. However, the year has started with renewed vigour as large deals that were on hold are being actively negotiated and are likely to be concluded in the next few quarters.

    “The lifting of restrictions led to a pick-up in investment momentum during Q1 2022. This quarter saw a 41% jump in institutional investments over Q4 2021. While domestic capital chased deals in the residential sector, foreign investors were largely seen focusing on commercial assets. Healthy leasing momentum has brought back-office demand with investors entering JVs/ development partnerships. Retail also continued to see good traction with some opportunistic deals in the market” said Lata Pillai, MD & Head, Capital Markets, India, JLL.

    According to her, deal flow currently looks very healthy, with $943 million already transacted in the first quarter and with several large deals in the pipeline 2022 investment volumes likely to be at par with 2018 and 2019 (pre covid) levels.

    The series of reforms that started in 2014 led to increased capital flows over the years. Out of the total Institutional investment of $62.8 billion from 2006 to March 2022, 58% was received from 2015 onwards.

    The key reforms like the introduction of REITs in 2014, the Real Estate (Regulation and Development) Act (RERA) in 2016, the Benami Transactions (Prohibition) Act, GST, and the progressive relaxation of foreign direct investment (FDI) norms over the years has led to improved transparency, accountability, professional management, and development of markets for smoother entry and exit of capital.

    The Indian economy and real estate, in particular, have been partially insulated from the global headwind which is reflected in the investment momentum of the March quarter.

    Office assets dominated deals with $492 million, translating into a 52% share of the total value transacted during the quarter. Healthy leasing momentum has brought back-office demand with investors entering joint ventures and development partnerships.

    One of the key highlights of the quarter is higher investment registered in the retail segment with a share of 27% of total investment during the March quarter. Additionally, investors are actively scouting opportunities and have remained aggressive in deploying capital for warehousing assets. Investments in the residential segment declined sharply as the available options became limited.

    Mumbai accounted for 42% share of the total investments during the quarter, followed by Bengaluru at 39%, while Chennai stood third at 14%. The closing of large core asset deals in these cities has skewed the share during the quarter. Mumbai has been leading the investment scenario with core transactions by prominent global funds. The city has seen two major deals in retail and office sector this quarter.

    Going forward, JLL India sees the industrial and warehousing segment continue attracting investments at the development stage to maximize yields. The Indian colocation data centre industry is expected to witness higher capital flows to fund the expansion plans of data center operators. Investments in residential real estate are expected to revive due to robust recovery driven by affordable synergy.









    Indian realty attracts $943 million investments in Q1; office space leads, Real Estate News, ET RealEstate (indiatimes.com)

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    • Re : Indian Real Estate News

      Housing prices may rise 8% this fiscal: Report

      ​"The current housing sales uptick and increased demand is end user driven and not speculative. Hence, the hike in prices will be sustainable and is likely to be incremental. Prices were up 6 per cent pan-India in FY22," the rating agency said in a statement.


      https://www.indianrealestateforum.co...16#post2704916
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      • Re : Indian Real Estate News

        Indian realty attracts $943 million investments in Q1; office space leads

        The real estate sector has attracted investments worth $943 million during the quarter led by the office segment and a comeback of retail real estate, showed a JLL India report. The waning of uncertainty due to pandemic resurgence led to a pick-up in investment momentum during the first quarter of 2022 as complete relaxation of restrictions over the quarter resulted in investors getting active and also led to the conclusion of deals.

        The real estate sector has attracted investments worth $943 million during the quarter led by the office segment and a comeback of retail real estate, showed a JLL India report.

        These investments have risen 41% on a sequential basis. However, on a year-on-year basis, investments during the first quarter declined by 25% as the headwinds created by the global geopolitical situation led to a pause in investment decisions.

        The March quarter witnessed 10 deals as compared to 16 deals during the year ago period. However, the year has started with renewed vigour as large deals that were on hold are being actively negotiated and are likely to be concluded in the next few quarters.

        “The lifting of restrictions led to a pick-up in investment momentum during Q1 2022. This quarter saw a 41% jump in institutional investments over Q4 2021. While domestic capital chased deals in the residential sector, foreign investors were largely seen focusing on commercial assets. Healthy leasing momentum has brought back-office demand with investors entering JVs/ development partnerships. Retail also continued to see good traction with some opportunistic deals in the market” said Lata Pillai, MD & Head, Capital Markets, India, JLL.

        According to her, deal flow currently looks very healthy, with $943 million already transacted in the first quarter and with several large deals in the pipeline 2022 investment volumes likely to be at par with 2018 and 2019 (pre covid) levels.

        The series of reforms that started in 2014 led to increased capital flows over the years. Out of the total Institutional investment of $62.8 billion from 2006 to March 2022, 58% was received from 2015 onwards.

        The key reforms like the introduction of REITs in 2014, the Real Estate (Regulation and Development) Act (RERA) in 2016, the Benami Transactions (Prohibition) Act, GST, and the progressive relaxation of foreign direct investment (FDI) norms over the years has led to improved transparency, accountability, professional management, and development of markets for smoother entry and exit of capital.

        The Indian economy and real estate, in particular, have been partially insulated from the global headwind which is reflected in the investment momentum of the March quarter.

        Office assets dominated deals with $492 million, translating into a 52% share of the total value transacted during the quarter. Healthy leasing momentum has brought back-office demand with investors entering joint ventures and development partnerships.

        One of the key highlights of the quarter is higher investment registered in the retail segment with a share of 27% of total investment during the March quarter. Additionally, investors are actively scouting opportunities and have remained aggressive in deploying capital for warehousing assets. Investments in the residential segment declined sharply as the available options became limited.

        Mumbai accounted for 42% share of the total investments during the quarter, followed by Bengaluru at 39%, while Chennai stood third at 14%. The closing of large core asset deals in these cities has skewed the share during the quarter. Mumbai has been leading the investment scenario with core transactions by prominent global funds. The city has seen two major deals in retail and office sector this quarter.

        Going forward, JLL India sees the industrial and warehousing segment continue attracting investments at the development stage to maximize yields. The Indian colocation data centre industry is expected to witness higher capital flows to fund the expansion plans of data center operators. Investments in residential real estate are expected to revive due to robust recovery driven by affordable synergy.









        Indian realty attracts $943 million investments in Q1; office space leads, Real Estate News, ET RealEstate (indiatimes.com)
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        • Re : Indian Real Estate News

          India's Grade A office market is likely to touch 1.2 billion sq ft by 2030: JLL

          As such, the flex market is expected to double its footprint across the top seven cities by 2025 to about 75 million sq ft and cross the 100 million sq ft mark by 2030. NEW DELHI: The office segment in India has been one of the fastest to recover from the impact of the pandemic. The Grade A office market across the top seven cities is poised to grow to over 1 billion sq ft in size by 2026, according to JLL.

          In the post-Covid world, the flex space segment is expected to grow and be a mainstream occupier segment with operator-landlord partnerships creating superior office assets. As a result of the evolution to a more distributed work model, occupiers will look at strategies to not only make their portfolio more agile but also tap into the talent pool from emerging urban centers.

          The flexible space segment will play a key role in supporting occupiers’ growth strategies given the changing dynamics of portfolio optimization and employee needs.

          As such, the flex market is expected to double its footprint across the top seven cities by 2025 to about 75 million sq ft and cross the 100 million sq ft mark by 2030.

          Karan Singh Sodi, regional managing director, Mumbai & Ahmedabad, JLL said, "With the country’s renewed focus on making itself a manufacturing hub, engineering and manufacturing firms will set up large R&D centers here, making its office market the most dynamic in the region. It has already proved itself as the global vaccine hub making it a healthcare and life sciences R&D leader. India may potentially account for over2/3rds of all occupier activity in the Asia Pacific region."

          India's commercial Grade A office stock across the top seven cities has a 42% green-certification penetration. The penetration of green-certified buildings is likely to cross the 50% mark overall over the next decade. In fact, new supply is likely to be greenrated to an extent of 70-75% even as older projects look to upgrade and reduce their carbon footprint.

          The market capitalisation of listed REITs which stood at USD 8 billion currently is expected to grow manifold with the specialized REITs market developing in the next few years. This will also lead to increased retail participation. Consolidation of rent yielding assets across segments Institutional investments in rent yielding assets across segments will increase leading to higher consolidation of assets. Portfolio deals will become prominent.










          jll: India's Grade A office market is likely to touch 1.2 billion sq ft by 2030: JLL, Real Estate News, ET RealEstate (indiatimes.com)
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          • Re : Indian Real Estate News

            WeWork turns profitable, reports around 40% year-on-year growth

            Clipped from: https://realty.economictimes.indiati...rowth/91405563


            The Bengaluru-based company, which started operations five years ago, reported an operating profit margin of Rs 25 crore for January-March, with around 40% year-on-year growth. The co-working operator reported revenue of Rs 800 crore for 2021.

            WeWork India turned profitable at the holding company level in the first quarter of 2022, aided by robust demand over the past year.

            The Bengaluru-based company, which started operations five years ago, reported an operating profit margin of Rs 25 crore for January-March, with around 40% year-on-year growth.

            “We are past the Covid period and working on our cost structure and continue to grow the business. The demand has bounced back strongly, and we expect to close the year with Rs 1,000 crore revenue and grow our EBITDA profit margin by 10-20%,” CEO Karan Virwani told ET.

            The co-working operator reported revenue of Rs 800 crore for 2021.

            The company plans to expand its portfolio of co-working space by 2 million sq ft in 2022 as corporations embrace flexibility in their work models and demand for flexible space soars among firms and established startups.

            “Around 70% of the planned expansion for this year is already pre-committed by some large companies, who are booking flexibility and hybrid office structures. The firm has closed 12,000 desk transactions in terms of leasing and pre-lease in the first quarter of 2022. The demand is beating our expansion pace,” said Virwani.

            The company has seen a strong revival in demand. It leased about 1 million sq ft of office space to large enterprises and smaller firms in the January-March quarter, compared to 1.7 million sq ft for the entire 2021. This is the highest quarterly leasing by the firm.

            The demand for flexible space is expected to be largely driven by consulting, IT-BPM, and e-commerce companies that are establishing multiple satellite offices in suburban locations in metro cities.

            Metro cities remain the stronghold of flexible work spaces, accounting for about 88% of the total flex stock as of the third quarter of 2021.

            US-based office space provider WeWork Global has a 27% stake in WeWork India, a subsidiary of Bengaluru-based estate developer Embassy Group. The two groups had entered into the partnership in 2017.

            WeWork is present in 36 locations and has a total of 65, 000 desks across markets, including Bengaluru, Gurgaon and Mumbai, with 5 million sq ft of office space. It plans to add around 25,000 desks in 2022.

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            • Re : Indian Real Estate News

              Macrotech to invest Rs 3,800 crore in FY23 on construction of realty projects: MD



              Clipped from: https://realty.economictimes.indiati...ts-md/91415919

              Macrotech Developers MD and CEO Abhishek Lodha said: "We spent about Rs 2,600 crore on construction last fiscal year. Our construction spend is estimated at Rs 3,800 crore during the current fiscal."

              NEW DELHI: Realty firm Macrotech Developers will invest Rs 3,800 crore this fiscal year on construction of its various ongoing and new projects as it has set a target to deliver 10,000 homes by next March, a top company official said. The company, which got listed last year by raising Rs 2,500 crore through its Initial Public Offer (IPO), markets its product under the Lodha brand.

              In an interview with PTI, Macrotech Developers MD and CEO Abhishek Lodha said: "We spent about Rs 2,600 crore on construction last fiscal year. Our construction spend is estimated at Rs 3,800 crore during the current fiscal."

              He attributed the increase in expenditure on construction to a significant rise in number of projects being executed and a strong pipeline of new launches.

              Moreover, Lodha said the construction work got affected during June quarter last fiscal year because of the second wave of the COVID pandemic.

              Asked about deliveries of projects, he said the company delivered 6,000 housing units last fiscal year and the target is 10,000 units for 2022-23.

              Bullish on housing demand, Macrotech Developers has set an aggressive target to grow its sales bookings by 27 per cent during the current fiscal year at Rs 11,500 crore as against Rs 9,024 crore in the previous year.

              Out of the total target of Rs 11,500 crore, the company expects sales bookings of Rs 10,500 crore from residential segment and the rest from sales of commercial assets.

              Lodha said the company would continue to focus on Mumbai Metropolitan Region (MMR) and Pune.

              Macrotech is exploring opportunities in Bengaluru market and a final decision will be taken in the next few months.

              Macrotech Developers will continue its focus to expand portfolio on capital-light manner by partnering with land owners and making investments on construction only.

              The company signed 11 JDAs (joint development agreements) for nearly Rs 15,000 crore GDV (gross development value) during FY22.

              On the property market, Lodha said the real estate market is getting consolidated and the share of bigger developers will keep increasing.

              He expected a robust growth in housing and other segments in the real estate sector.

              Lodha said the demand is expected to remain strong, driven by low interest rates on home loans, rising concept of home ownership and improved affordability.

              The growth journey of the Indian housing market on the back of rising incomes and favourable demography has just begun, he noted.

              Lodha mentioned that the industry after several years has entered into a positive price-demand cycle, enabling conversion of latent demand into actual sales in a shorter time frame.

              Macrotech Developers has reported a multi-fold jump in consolidated net profit at Rs 1,202.37 crore for the last fiscal year on higher revenue and pre-sales.

              Its net profit stood at Rs 40.16 crore in 2020-21.

              Total income rose to Rs 9,579.17 crore in 2021-22 from Rs 5,771.65 crore in the previous fiscal year. Mumbai-based Macrotech Developers is one of the leading real estate developers in the country.
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              • Re : Indian Real Estate News

                Government may extend PMAY scheme in urban areas for two more years

                Clipped from: https://realty.economictimes.indiati...years/91430014


                The scheme to provide pucca roof to every family in urban areas, the PMAY scheme was launched in June 2015 and the government had initially set March 2022 as the deadline.

                NEW DELHI: With the timeline of PM Awas Yojna (PMAY) in urban areas overshooting the original time period, the government is all set to extend the scheme till March 2024 to complete the construction of approved houses.

                The scheme to provide pucca roof to every family in urban areas, the PMAY scheme was launched in June 2015 and the government had initially set March 2022 as the deadline. But with more houses getting sanctioned due to more demand from states, the completion of construction works will now take more time, sources said.

                The Centre has so far sanctioned close to 1.23 crore houses under this flagship scheme and out of this nearly 98.4 lakh houses have been grounded, meaning construction has started. According to government data, close to 58.7 lakh houses have been handed over to the beneficiaries or completed.

                Among all states, Uttar Pradesh has registered the best progress so far with completion of 10 houses compared to the overall sanction of 17.6 lakh houses. In Gujarat, 7.3 lakh houses have been completed or delivered, followed by Maharashtra (6.7 lakh) and little over 5 lakh each in Madhya Pradesh. In Tamil Nadu, 4.7 lakh such houses have been completed.

                In December last year, the cabinet had approved the extension of the rural component of the housing scheme, known as PMAY-Gramin beyond March 2021 till March 2024.
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                • Re : Indian Real Estate News


                  Credberg to invest over Rs 1,000 crore in Indian income-producing assets


                  Clipped from: https://realty.economictimes.indiati...ssets/91507346

                  Creberg is foraying into investment management and looking to raise its maiden fund Credberg Real estate office opportunities fund 1 (CREOOF-1). The company has already formed a new platform Credberg Investment Management to undertake its foray into the fund business.


                  Real estate focussed investment bank Credberg Advisory, backed by former partners at Indian arm of Brookfield Financial (BFIN), is planning to invest over Rs 1,000 crore in income-producing office assets across top six property markets of India.

                  Creberg is foraying into investment management and looking to raise its maiden fund Credberg Real estate office opportunities fund 1 (CREOOF-1). The company has already formed a new platform Credberg Investment Management to undertake its foray into the fund business.

                  The proposed over Rs 1,000 crore investment will be supported by this new fund worth $75 million or over Rs 570 crore and the project level leverage through Lease Rental Discounting (LRD).

                  Credberg Investment Management (CIM) is co- founded by Pawan Swamy and Adil Engineer both of whom serve as Managing Partners at the firm. Swamy and Engineer have earlier handled assignments as Managing Partner and Partner, respectively, at Brookfield Financial before founding Credberg.

                  “Our aim is to leverage the group’s strong local knowledge, deep understanding of the capital markets and age-old relationships to drive superior returns for global and local investors and to build out an independent principal side business to better position the group for expansion,” Pawan Swamy, Managing Partner, CIM, told ET.

                  The company has already received its approval from the capital market regulator the Securities & Exchange Board of India (SEBI) for the proposed category II Alternate Investment Fund (AIF).

                  The firm is currently in fund raising mode and is focussed primarily on global investors looking at taking exposure to the ever-growing office real estate market in India that has already attracted global institutional investors like Blackstone, Brookfield, GIC, CPPIB and Ivanhoe Cambridge.

                  “Indian commercial real estate has retained a strong position and continues to be a preferred destination for global investors driven by robust office space take up, falling vacancies and stable rentals. It is this opportunity that we want to focus on to provide global investors superior risk adjusted returns,” said Adil Engineer, Managing Partner, CIM.

                  The proposed fund CREOOF-1 will mainly focus on office income producing assets in Mumbai, Bangalore, Pune, Delhi-NCR, Hyderabad and Chennai and focus on deal sizes where there is a vacuum for capital in the market. Going forward, the platform will also look to raise funds focussing on different asset classes and across the entire development cycle.

                  The new venture has appointed Ridham Kakrania as Principal - Investments who has earlier worked with portfolio companies of the Xander Group and the Blackstone Group. Kakrania has over 7 years of experience in real estate and asset management with understanding of finance and investments in the property business.

                  Credberg is a real estate focussed investment bank and its founders, in their personal capacity, have advised on deals worth over $5 billion across the entire capital stack and multiple asset classes.

                  Against the backdrop of an ongoing policy overhaul in the last few years, rising investor confidence, enhanced transparency, and sustained growth in demand for grade-A commercial office space, experts believe the investment momentum in the Indian real estate sector will continue to rise.

                  The appetite for Indian real estate assets among global institutional investors continues to be strong. Major foreign funds like Blackstone Group, Brookfield Asset Management, GIC, Xander, Ascendas, CPPIB, Warburg Pincus, and Goldman Sachs have been deploying funds and are strengthening their exposure in this segment.









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                  • Re : Indian Real Estate News

                    Residential property prices go up in South India



                    Clipped from: https://realty.economictimes.indiati...india/91587220


                    The prices of critical raw materials, including steel, cement, aluminium, and PVC, have risen sharply between 30% to 100% during the last year.

                    Prices for residential properties in South India, including Bangalore, have gone up by 8–10%, and they are likely to keep going up because of rising input costs and disruptions in global supply.

                    The prices of critical raw materials, including steel, cement, aluminium, and PVC, have risen sharply between 30% to 100% during the last year.

                    Realty developers have been having a tough time protecting their margins as rising fuel prices have added to their woes.

                    "Cost increases are inevitable this fiscal year due to inflation and consolidation in the industry. We expect a 10-15% price rise on the future projects and existing ones," said M Murali, Chairman and Managing Director, Shriram Properties Ltd.

                    Due to a revival in demand and rising costs, developers are also launching new projects at a premium.

                    "The increase in cost is definitely affecting the project margin, but that will differ from project to project depending on the stage of construction of the project. The price increases are only temporary, and the price should stabilise once the geopolitical issues are resolved.The demand has been robust for residential, and we expect it to remain the same," said Atul Goyal, CFO-Brigade Group

                    According to CRISIL, housing demand is likely to grow by 5–10%, supported by favourable demographics and urbanisation despite the headwinds.

                    It estimates housing demand rose a solid 33–38% last fiscal, surpassing pre-Covid-19 levels. But this was on a low base compared to fiscal 2021, when demand had fallen 20-25%.

                    "We expect residential real estate prices to rise 6–10% across the top six cities this fiscal due to a steep rise in material costs and relatively favourable demand-supply dynamics, especially for established developers. Some of them have started hiking prices by 2% per quarter and may continue to do so over the next couple of fiscals to account for rising land prices, "said Aniket Dani, Director, CRISIL Research.

                    Real estate developers across the country have been seeking the government’s intervention to arrest the increase in the cost of building materials, especially steel and cement. "Investment in the real estate sector in India has grown in recent times, especially in the wake of the pandemic, as real estate was viewed as a safe and tangible investment option amidst the economic volatility. In the last two years, stocks have performed well & also there has been a rise in salaries in the IT sector- both these factors have led to a good flow of investment in real estate since it’s considered the most stable and safest investment option,"said says Bhavesh Kothari, founder of Property First, a luxury property consulting firm.
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                    • Re : Indian Real Estate News

                      Apollo makes $1 billion bet on Indian property with lending plan




                      Clipped from: https://realty.economictimes.indiati...-plan/91586478



                      That’s up from the $750 million that Apollo lent to Indian developers last year, with two-thirds of that sum directed to residential projects, according to Nipun Sahni, a partner at the private equity firm. About 70% of this year’s lending will go to home builders and the rest to commercial developers.

                      Apollo Global Management Inc. is planning to lend about $1 billion to developers in India this year, betting on a recovery in the residential property market as the pandemic eases.

                      That’s up from the $750 million that Apollo lent to Indian developers last year, with two-thirds of that sum directed to residential projects, according to Nipun Sahni, a partner at the private equity firm. About 70% of this year’s lending will go to home builders and the rest to commercial developers.

                      “The market volumes are back to pre-Covid level and in some markets it’s higher than 2019,” Sahni said in an interview. “It is consolidating rapidly, with the number of unsold homes in India at 10-year low, which is a sign that prices can have an uptick.”

                      India’s housing market saw a strong rebound from the depths of the coronavirus pandemic as low interest rates and discounts by developers fueled demand. Low inventory levels will likely sustain the boom in residential property market where prices could rise as much as 10% across the nation’s top six cities, according to a Crisil Ratings Ltd. report on May 10.

                      The country’s office property market is benefiting from more hiring in startups, thanks to the increasing number of initial public offerings and the expansion in the technology industry overall, Sahni said.

                      Apollo, which opened its Mumbai office in 2008, currently manages about $513 billion of assets globally, according to its website. The firm began lending to Indian property developers in 2017.

                      A year later, shadow banks like IL&FS Investment Managers Ltd. and Dewan Housing Finance Corp. ran into troubles, leading to dislocation in the local credit market. Apollo stepped in, increasing its lending activity. When financing demand grew during the pandemic, the business took off, Sahni said.

                      The private equity firm plans to hire two more bankers this year to beef up its 12-person team at the real estate arm in India, he said.

                      “We have the appetite to continue investing and capitalize on the dislocation in the financing markets in India,” the partner said. Apollo’s average loan size will be between $40 million and $60 million, he said.

                      The war in Ukraine and supply chain issues could potentially weigh on India’s property market. The country’s central bank earlier this month surprised investors with an interest rate hike, draining liquidity from the banking system, with Reserve Bank of India Governor Shaktikanta Das citing persistent inflation pressures.

                      Rising prices of commodities including those used in construction, together with pent-up demand for homes, will likely drive up real estate prices in India, according to Sahni.

                      “Covid has made people realize home is not just a roof over your head to sleep but it is the most important part of you and your family’s life,” Shani said. “All three categories including affordable, premium and luxury are currently doing well. So that’s why I say that residential real estate in the near-term, next one to two years, is seeing one of the best periods in India.”

                      --With assistance from Dhwani Pandya and Suvashree Ghosh.
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