Ultra-Luxury Homes Hit INR 2,443 Cr Sales in 8 Months Across Top Cities
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Ultra-Luxury Homes Hit INR 2,443 Cr Sales in 8 Months Across Top Cities

Mumbai, 5 September 2024: The sale of ultra-luxury homes – units priced over INR 40 Cr each – remained unabated in 2024 despite spiralling prices. Latest ANAROCK data finds that a total of 25 ultra-luxury homes were sold in Mumbai, Hyderabad, Gurugram and Bengaluru in the first 8 months of 2024 for a collective sales value of approx. INR 2,443 Cr. Pune, Chennai and Kolkata did not witness any sales in this rarified price bracket.

anuj

 Anuj Puri, Chairman – ANAROCK Group, says, “The whole of 2023 saw about 61 deals with a cumulative sales value of approx. INR 4,456 Cr in Mumbai, Hyderabad, and Gurugram. With four months remaining in 2024 and the festive quarter from October to December ongoing, we are likely to see more such large ticket-size residential deals happening before the year is through.”

Of the total of 25 ultra-luxury homes sold in 2024 so far, at least 20 were high-rise apartments worth approx. INR 1,694 Cr. The remaining five sales were of bungalows cumulatively worth about INR 748.5 Cr.

No. of Homes Priced >INR 40 Cr. Sold in Top Cities
Year Apartment Bungalow Grand Total
2022 10 3 13
2023 57 4 61
2024 (till Aug) 20 5 25

Amid the unprecedented rise in demand for ultra-luxury trophy homes in the last two years, Mumbai tops the list of cities with maximum sales of such properties, despite it being by far the most expensive residential market in India. The financial capital unfailingly attracts HNIs and ultra-HNIs who buy ultra-luxury homes for investment, personal use, or both.

“Notably, the average ticket price of homes priced >INR 40 Crore have witnessed a 2% rise in the last 8 months – from INR 1,00,208 per sq. ft. in 2023 to INR 1,02,458 per sq. ft. in August 2024,” says Puri. “A deeper dive into the data reveals that homes priced >INR 100 crore have seen a 14% price jump in the last eight months alone – from INR 1,24,697 per sq. ft. in 2023-end to INR 1,41,904 per sq. ft. in 2024 till date. This double-digit price appreciation in this segment even before the year concludes stands testimony to the unrelenting appetite for trophy homes. Not surprisingly, leading Grade A developers have scaled up ultra-luxury homes supply in the last few years.”

Total Value (in INR Cr.) of Ultra-luxury Homes Sold
Year Apartment Bungalow Grand Total
2022 730 440 1,170
2023 4,115 341 4,456
2024 (till Aug) 1,694 748.5 2442.50

Of the 25 ultra-luxury properties sold across the top cities in 2024 so far, Mumbai alone sold 21 units collectively worth INR 2,200 crore – an 84% share of the total deals in this segment across the top cities. At least 2 separate ultra-luxury home deals collectively worth INR 80 crore were closed in Hyderabad’s Jubilee Hills. Gurugram in NCR witnessed one ultra-luxury home sold for INR 95 Cr, while Bengaluru also closed one deal worth INR 67.5 Cr.

  • Of the 25 deals closed across cities this year, 9 were of large ticket sizes worth over INR 100 Cr. each, and a collective sales value of INR 1,534 Cr. Contrastingly, the whole of 2023 saw 10 such large deals for a collective sales value of INR 1,720 Cr. We may see a new peak created in this segment over the 4 months remaining in 2024.
  • Apartments remained the preferred property type for HNIs – out of the total 25 deals, 20 were for apartments and the remaining five for bungalows. At least 80% of the total deals were concluded by businessmen, and 12% by senior professionals from across various sectors. Bollywood celebrities and leading legal and medical professionals accounted for the remaining 8%.

 Ultra-Luxury Homes Demand – A 3-Year Perspective

Demand for luxury and ultra-luxury homes has been scaling ever-rising heights since the pandemic. With demand soaring, developers have gone on a veritable launch spree for such high-priced homes. If we consider the collective data of 2022, 2023 and 2024 till August, over 99 ultra-luxury residential deals worth approx. INR 8,069 Cr. were closed in the top cities.

  • At least 13 deals worth approx. INR 1,170 Cr were closed in 2022, of which at least 10 were for apartments and the remaining 3 for bungalows. Mumbai accounted for 11 of these deals, and the remaining two were closed in Delhi-NCR. Notably, none of the remaining 5 top cities saw such large ticket value deals in 2022. Of the 13 ultra-luxury homes sold in 2022, at least 9 were for units priced between INR 100 – 150 Cr – all in Mumbai City.
No. of Homes Sold City-Wise
Year Delhi NCR Mumbai Hyderabad Bengaluru Grand Total
2022 2 11 0 0 13
2023 4 56 1 0 61
2024 (till Aug) 1 21 2 1 25
Himalayan celebrates ‘Himalayan Day’ with an initiative to train Kashmiri saffron farmers.
Neel Achary business
Himalayan celebrates ‘Himalayan Day’ with an initiative to train Kashmiri saffron farmers.

September 05, 2024: Himalayan Elevation Kashmiri Saffron, a brand from Tata Consumer Products is celebrating Himalayan Day. Himalayan Day is celebrated on 9th September every year and is an annual initiative dedicated to preserving and uplifting the unique Himalayan ecosystem and its communities. This year, the focus is on supporting the saffron farmers of Pampore, […]

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Tata AIA introduces life insurance solutions in USDollar for Non-Resident Indians
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Tata AIA introduces life insurance solutions in USDollar for Non-Resident Indians

Bengaluru, September 05, 2024: Tata AIA Life Insurance Co. Ltd. (Tata AIA), one of India’s leading life insurers, has announced the launch of its offshore branch at Gujarat International Finance Tech-City (GIFT City), India’s first International Financial Services Centre (IFSC). Venky Iyer, Managing Director & Chief Executive Officer, Tata AIA, said, “The setting up of […]

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WIKA India Recognised As “Sustainability Champion Of The Year” at 7th Edition of EPS Conference 2024
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WIKA India Recognised As “Sustainability Champion Of The Year” at 7th Edition of EPS Conference 2024

Hyderabad, 5 September 2024 – WIKA India has been awarded as “Sustainability Champion Of The Year” at 7th Edition of EPS Conference 2024 organised recently, the EPS Conference 2024 is a business meet that aims to provide an extensive platform for industry leaders to meet and nurture the exchange of business, insights, ideas, and innovations. […]

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PNB Housing Finance and Rotary Club of Pune NIBM Expand ‘Sanjeevani’ with Advanced Ambulances for Indian Army
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PNB Housing Finance and Rotary Club of Pune NIBM Expand ‘Sanjeevani’ with Advanced Ambulances for Indian Army

Wednesday, 5 September, 2024: PNB Housing Finance, through its CSR arm Pehel Foundation, has taken a significant step in supporting the nation’s bravehearts by providing 7 ALS (Advanced Life Support) ambulances to the Northern Command of the Indian Army. In a heartfelt tribute to the relentless services and sacrifices of the nation’s soldiers, the Company collaborated with the Rotary Club of Pune NIBM Charitable Trust for a new initiative ‘Sanjeevani’. As India celebrates its 78th Independence Day, this gesture stands as a reminder of the unyielding spirit of our Armed Forces and the importance of supporting their unwavering commitment to the country.

PNBHF Pehel Ambulance handing over

The Northern Command, operating in the sensitive regions of Jammu & Kashmir, Leh, Ladakh and Siachen, faces immense challenges in managing medical emergencies under extreme and diverse weather conditions. This fleet of state-of-the-art ALS ambulances will enable timely and effective evacuation of wounded soldiers and civilians, ensuring they receive advanced medical care swiftly. PNB Housing Finance remains dedicated to its mission of giving back to the community and supporting those who safeguard the nation.

Mr. Girish Kousgi, MD & CEO of PNB Housing Finance, said, “The nation’s soldiers in the Northern Command operate in some of the most challenging terrain, where access to timely medical care is extremely crucial. Our initiative ‘Sanjeevani’ embodies our deep respect for the Indian Army and the bravehearts who sacrifice their lives for the country. We are proud that together with the Rotary Club of Pune NIBM Charitable Trust, we will be able to help enhance the region’s emergency medical facilities and ensure that our brave soldiers and civilians receive the highest level of care.”

Rtn. Ajit Walimbe, Chairman of the Rotary Club of Pune NIBM Charitable Trust added, “It’s an honour to collaborate with PNB Housing Finance on this vital initiative. These ALS ambulances will be a crucial resource for the Northern Command, ensuring our soldiers and civilians receive the best possible medical care in the quickest time.”

The ambulances were handed over to the Army base in a special ceremony where key dignitaries from the Northern Command, PNB Housing Finance and Rotary Club of Pune NIBM Charitable Trust were present.

Rapido Raises Dollar200 Million in Series E Funding Led by WestBridge Capital
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Rapido Raises Dollar200 Million in Series E Funding Led by WestBridge Capital

Mumbai, 5th September 2024: Rapido, India’s largest ride-sharing platform, has received commitments to the tune of ~$200 million in its Series E funding, marking a significant milestone in its mission to transform shared mobility across the country. The Series E funding round was led by WestBridge Capital, a prominent investment firm focused on investments in […]

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South Indian Bank Enters into Strategic Alliance with SLCM for Unified Collateral Management Solutions
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South Indian Bank Enters into Strategic Alliance with SLCM for Unified Collateral Management Solutions

Delhi, 5/Sept/24: South Indian Bank announced a strategic partnership with Sohan Lal Commodity Management (SLCM) to deliver ‘Unified Collateral Management Solutions’ to support farmers and other stakeholders in the agricultural ecosystem. This collaboration will facilitate access to post-harvest credit at competitive interest rates, alongside offering scientific storage services and ensuring fair commodity pricing at marketplaces (Mandis).

sandee

The partnership is poised to address some of the key challenges faced by the agricultural sector, particularly in the areas of post-harvest storage and financing. By combining the financial expertise of South Indian Bank with the innovative collateral management and warehousing solutions provided by SLCM, the collaboration promises to deliver a seamless experience to farmers and agri-businesses alike.

Speaking on the collaboration, Mr. Senthil Kumar, SGM & Head – Credit, South Indian Bank said, “At South Indian Bank, we are committed to fostering sustainable growth and financial stability for the farmers who form the backbone of our economy. We are glad to partner with SLCM to add to our ability to serve our customers better. We are looking to build out our agriculture portfolio so as to improve yields, incomes etc. in rural India by creating a robust framework that enables farmers and agri-businesses to access post-harvest credit at competitive rates, while ensuring the safe and scientific storage of their commodities, thus, enhancing value creation across the agricultural ecosystem.”

Discussing the new partnership with South Indian Bank, Mr. Sandeep Sabharwal, CEO – of SLCM Group stated, “Our alliance with South Indian Bank underscores the strength of our collateral management and warehousing business model, built on a robust ‘phygital’ infrastructure and unmatched warehouse management expertise. South Indian Bank can now leverage our extensive network of warehouses and expertise to provide loans to entities across the agricultural ecosystem, with the minimal risk of default. At SLCM, we offer a reliable scientific management system for crop protection along with comprehensive warehouse support. Our AI-powered and NABL Accredited application ‘Agri Reach,’ which has earned two prestigious patents from the Government of India, has proven its ability to reduce post-harvest
losses from the current 10 percent to just 0.5 percent, regardless of infrastructure, crop, or geographical location.”

With this collaboration, a lasting impact on the agricultural sector is expected, with enhanced support for farmers and agri-businesses, contributing to broader economic growth.

Empowering Nutritional Science: Nutrition Update 2024 Successfully Hosted at Manipal
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Empowering Nutritional Science: Nutrition Update 2024 Successfully Hosted at Manipal

Manipal, 5th September 2024 – The Manipal College of Health Professions (MCHP), in a strategic collaboration with the Department of Clinical Nutrition and Dietetics at Kasturba Hospital, successfully hosted the highly anticipated “Nutrition Update 2024” at Sharada Hall, MCHP, Manipal Academy of Higher Education (MAHE), Manipal. This significant event, held in alignment with Rashtriya Poshan Maah, brought together some of the most esteemed professionals and scholars in the field of clinical nutrition to discuss the latest advancements, trends, and innovations in nutritional science.

Empowering Nutritional Science Nutrition Update 2024 Successfully Hosted at Manipal

The event commenced with an inspiring keynote address delivered by the Chief Guest, Dr. Avinash Shetty, Medical Superintendent of Kasturba Hospital. Dr. Shetty’s address provided a comprehensive overview of the evolving landscape of clinical nutrition, emphasizing the critical role of nutrition in modern healthcare. He highlighted the increasing importance of evidence-based practices and the need for continuous innovation in the field to meet the growing demands of patient care. His insights set a thoughtful and engaging tone for the rest of the day’s proceedings.

Adding to the gravitas of the event was the presence of several distinguished dignitaries. These included Dr. G. Arun Maiya, the Dean of MCHP, who has been instrumental in fostering a culture of academic excellence and research at the institution. The event was further enriched by the participation of Associate Deans, Dr. Venkataraja Aithal U and Dr. B. Reshmi, who are recognized for their significant contributions to the fields of clinical nutrition and dietetics. Mr. Jibu Thomas, Associate Director of Operations, also played a key role in supporting the event, alongside Mrs. Suvarna Hebbar, the In-charge Dietician and Coordinator of Clinical Nutrition and Dietetics, whose leadership and expertise have been pivotal in organizing this conference.

Throughout the day, attendees were treated to a series of in-depth expert sessions that explored critical aspects of nutrition and dietetics. Dr. G. Arun Maiya, Professor and Dean of MCHP, shared his extensive knowledge on the “Assessment of Body and Its Interpretation.” His presentation delved into the complexities of body metrics, offering the audience a deeper understanding of how these measurements can be accurately interpreted and utilized in clinical settings. His session underscored the significance of precise body assessments in diagnosing and treating various health conditions, making it an invaluable resource for healthcare professionals.

Following Dr. Maiya’s session, Mrs. Sreemathy Venkatraman, a distinguished Clinical Dietitian and Wellness Nutritionist from Trustwell Hospitals, Bangalore, delivered a compelling presentation on “Emerging Concepts in Critical Care Nutrition.” She explored the latest advancements in the field, emphasizing innovative approaches to optimize nutritional support for critically ill patients and their positive impact on patient outcomes. Her session offered practical insights for application in clinical settings.

Later in the afternoon, Mrs. Bhakti Samant, Chief Dietician at Kokilaben Dhirubhai Ambani Hospital, Mumbai, and Honorary Joint Secretary of IAPEN’s Mumbai Chapter, led an engaging session on “Decoding Diagnostics.” She provided a clear overview of diagnostic techniques in clinical nutrition, helping the audience understand how to apply these methods effectively in practice.

“Nutrition Update 2024” drew a diverse and enthusiastic audience, including industry professionals, healthcare providers, scholars, and students. The event fostered a dynamic environment of knowledge-sharing and collaboration, highlighting the importance of evidence-based nutrition and reaffirming the commitment of both MCHP and Kasturba Hospital to advancing nutritional science and practice.

Prashant Verma Joins CoinDCX as Chief Growth and Marketing Officer
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Prashant Verma Joins CoinDCX as Chief Growth and Marketing Officer

Bengaluru, September 05, 2024: CoinDCX, India’s largest crypto exchange, is pleased to announce the appointment of Prashant Verma as the Chief Growth and Marketing Officer (CGMO) of the DCX Group. Prashant will play a pivotal role in driving user growth, revenue, and marketing initiatives, as well as strengthening the CoinDCX brand across India. His leadership will extend to overseeing teams across brand, digital, growth, categories, insights, and customer lifecycle management.

mr. prashant

Additionally, Prashant will be responsible for marketing strategies for BitOasis, a DCX Group company in the Middle East. He will also focus on geographical expansion and new market launches.

Minal Thukral, who has been managing CoinDCX’s Growth mandate for over five years, will now take the responsibility of driving Growth of DeFi initiatives and be part of the core leadership team at Okto.

Mridul Gupta, Founding Partner of CoinDCX, commented on the appointment, “At this critical juncture, as CoinDCX accelerates its mission to onboard 50 million people into the crypto space by 2025, Prashant’s extensive experience as a full-funnel marketer and business leader in the consumer tech sector will be invaluable. He has a proven track record of building marquee consumer tech unicorns in India, and we are excited to have him lead our growth and marketing efforts.”

Prashant Verma brings a wealth of experience from his previous roles as the Head of Growth & Marketing at Blinkit and Chief Revenue & Marketing Officer at Licious. His strategic acumen and leadership in driving growth in fast-paced, competitive markets will be instrumental in taking CoinDCX to new heights.

Prashant Verma, Chief Growth and Marketing Officer, CoinDCX, “I am thrilled to join CoinDCX at such a pivotal moment in the crypto industry. With immense growth potential in both the Indian market and beyond, I look forward to leveraging my experience to drive user engagement, expand our geographical presence, and strengthen the CoinDCX brand. There is a tremendous opportunity to contribute to our mission of making Web3 and crypto mainstream, and I’m eager to lead the charge in realizing that vision.”

CoinDCX remains steadfast in its commitment to innovation and growth, ensuring the company stays at the forefront of the rapidly evolving crypto and Web3 landscapes.

KLK Ventures Private Limited Signs First Power Purchase Agreement Under UP RESCO Project
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KLK Ventures Private Limited Signs First Power Purchase Agreement Under UP RESCO Project

Delhi, September 2024 – KLK Ventures Private Limited is proud to announce the signing of its first Power Purchase Agreement (PPA) under the Uttar Pradesh Renewable Energy Service Company (RESCO) project. This significant milestone is part of a broader initiative led by the Uttar Pradesh New & Renewable Energy Development Agency (UPNEDA) aimed at increasing the state’s renewable energy capacity.

klk

The PPA has been signed for a 600 kW plant at Deoria Medical College. The total work order allotted to KLK Ventures under this project is 5 MW, which will be distributed across various government and semi-government buildings throughout Uttar Pradesh. This marks a vital step in promoting sustainable energy solutions within the state.

As part of UPNEDA’s ambitious plan, a Request for Selection (RfS) was issued on December 15, 2023, inviting bids for the development of 500 MW of Grid Connected Rooftop Solar PV Systems. KLK Ventures, a leading energy partner specialising in energy storage, efficient lighting, and innovative solar solutions, has been allocated this 5 MW project. With over 30 years of experience and manufacturing units in Noida and Bihar, KLK is committed to reducing energy consumption through cutting-edge technologies and advancing green initiatives.

Akshat Jain, CEO of KLK Ventures, stated, “We are thrilled to sign our first Power Purchase Agreement under the UP RESCO project. This initiative not only showcases our commitment to renewable energy but also demonstrates our dedication to supporting the state of Uttar Pradesh in achieving its ambitious sustainability goals. By leveraging our expertise in solar solutions, we aim to provide efficient and cost-effective energy options that will benefit government buildings and the community as a whole. Together, we can pave the way for a greener and more sustainable future.”

The rooftop solar PV project will be implemented under the RESCO model, wherein KLK Ventures will be responsible for the entire lifecycle of the solar PV systems. This includes financing, design, installation, operation, and maintenance, ensuring long-term cost savings for the government through lower electricity rates compared to grid electricity. The RESCO model promotes solar energy adoption by eliminating upfront costs, providing predictable energy costs, and allowing for scalable solutions tailored to the diverse needs of government buildings.

The installation of the 5 MW rooftop solar PV system will facilitate decentralised energy generation, reduce transmission losses, and enhance energy security within the state. This project not only aligns with India’s commitment to renewable energy but also reinforces Uttar Pradesh’s ambitious targets for solar power adoption. KLK Ventures remains dedicated to advancing sustainable energy practices, contributing to the state’s renewable energy goals, and fostering a greener future for all.