#niranjan hiranandani net worth

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Building a Better World: India's Journey to Service & Harmony

In the year 2047, India celebrates a monumental 100th year of independence! This video dives into an exciting vision of India’s future: a global hub for innovation and a beacon of service excellence. We’ll explore how India, guided by its timeless values, will lead by example. See how the nation will share its spirit of joy, harmony, and goodness with the world, inspiring a brighter future for all. Hit that subscribe button to join us on this incredible journey!

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Niranjan Hiranandani: Meet the MD of Hiranandani Group

Niranjan Hiranandani began his career as an accounting teacher. He opened his first business – a textile weaving unit in Kandivali, Mumbai in 1981. With the help of his brother Surendra, Niranjan Hiranandani managed to buy 250 acres of land in Powai in 1985. He began his real estate business under the name Hiranandani Gardens. The company also has Hiranandani Constructions, Hiranandani Estate, and Hiranandani Hospital which opened in 2006.

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Beyond Figures: Understanding Darshan Hiranandani's Net Worth 

Darshan Hiranandani is a well-known Indian businessman who heads the Hiranandani Group, a major real estate firm. Besides, he holds top positions in companies like Yotta Data Services, H-Energy, Tarq Semiconductors, and Tez Platforms. He's the son of Niranjan Hiranandani, who co-founded the Hiranandani Group in Mumbai, Maharashtra, India. 

Taking charge as chairman and CEO of the entire Hiranandani Group in 2010, Darshan has led the company into various new sectors including data centers, cloud computing, energy, industrial warehousing and logistics, semiconductors, and consumer services. 

Born on October 13, 1981, in Mumbai, Maharashtra, Darshan attended a prestigious private school for his early education. Later, he pursued an MBA in Entrepreneurship and Finance and a B.S. in Management Information Systems from the Rochester Institute of Technology in New York. 

As of 2023, Darshan Hiranandani's net worth is estimated to be around 1.5 billion USD, which roughly translates to 32,100 crore Indian rupees. His father is listed among the 100 richest Indians by Forbes in 2021. Darshan has amassed his wealth mainly through the real estate business, along with ventures like Greenbase Industrial & Logistics Park, Yotta Data Services, H-Energy, Tarq Semiconductors, and Tez Platforms. 

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Darshan Hiranandani’s Success Story Behind Green Base

Darshan Hiranandani is a well-known businessman, CEO of Hiranandani Group. Additionally, he serves as a chairman to Green base, Yotta data services, H-energy, Tarq semiconductor, Tez platform, describes the premium industrial space to business glory. By leveraging the intrinsic strength of real estate, the plant has expanded in the field of real estate, which was further expanded into the oil, gas, data center and different industrial units.This blog uncovers the fantastic story behind the success of Darshan’s GreenBase.

Darshan Hiranandani, a billionaire, son of Niranjan Hiranandani, has attained MBA (specializes in entrepreneurship & finance) and BS (specializes in Management Information Systems) from Rochester Institute of Technology, New York. This millionaire played an essential role in contributing towards the economic growth of India. This wizard envisioned economic growth to infrastructure which promotes prominent growth. Succession planning in India is something growth strategists should look for. Niranjan Hiranandani, striking out the global challenges, has made him an emerging face of the Hiranandani Group. 1.5 billion US dollars is Darshan Hiranandani’s net worth.

Green Base, a Darshan Hiranandani Company, is spreaded across a total land bank holding of approximately 3,152 acres, 41.1 sq feet of land, 9.53 total ongoing construction, with an approximate projection of 951 crores. By far, the project has worked among 12 small business units counting from residential, hospitality and retail, commercial, education, healthcare and data center. In real estate, oil & gas LNG liquefaction, marketing and distribution, LNG regasification. In industrial commercial and residential real estate, renewable energy, utilities for smart cities are covered so far.

Green Base further collaborated with different clients ranging from Vestas which covers a warehousing facility of 20 acres with overall economic progress. Greenbase, continuing the success tapestry, has established a manufacturing unit for Gruit in Switzerland based developer and innovator in the composite industry. This faculty is responsible for manufacturing tooling and systems in the industrial space of the Indian Economy. With that, greenbase has worked for Hydraspecma another hydraulic solution service, which specializes in the field of production of hydraulic hoses, which has crossed the industrial and warehousing structure of greenbase industrial and logistic parks. Greenbase has set up highly beneficial industrial and logistics units for SKAPS, Cooper Turner, Jost World, GE Oil and Gas Ltd, Indus Manufacturing Pvt Ltd, Instakart Service Pvt Ltd.

GreenBase is responsible for building ready to move in opportunities for different industrial players which happily fulfill the diversified requirements with the help of:

3PL operations, E-Commerce, JIS & JIT Technology, Cold Storage, FMCG, Electronics appliances, ICD & container terminals, Clean room environment for healthcare, labs, testing faculty and food industry, customized solutions for research and development and much more.

At this opulent project, the value proposition revolves around a significant belief that when your goods are safe, secure, digitally empowered, better connectivity and at peace so is for your business. The project, in time, got expanded to different locations in PAN India with close proximity to commercial and logistical and freight corridors. At Greenbase, the reliable team is committed to design engineered solutions, customer centricity which puts it in the position of strength, and it undertakes projects which include development of infrastructure. Greenbase walks with a motive to undertake revolutionizing projects that promote progressive growth of economic development, embracing the usage of natural resources.

Read more : Darshan Hiranandani: Leading the Hiranandani Group

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Know Insights about MD of Hiranandani Group - Niranjan Hiranandani

Born on March 8, 1950, Niranjan Hiranandani is a millionaire Indian businessman who specializes in real estate. He is also a co-founder and managing director of the Hiranandani Group. His net worth, as of June 2021, was US$1.6 billion, placing him among the 100 richest Indians according to Forbes.(Source: )

According to the Grohe Hurun survey, he was one of the top 10 Indian real estate tycoons in 2020.According to the IIFL Wealth Hurun India Rich List (2020), he ranked as the second richest individual in the real estate sector in 2020. Hiranandani is the owner of the privately held Hiranandani Group, along with other family members.

Early life and education

Mumbai is where Hiranandani was born. The Hiranandani clan hails from Sindh. Lakhumal Hiranand Hiranandani, his father, was an ENT surgeon who was also the winner of the Padma Bhushan award from the Indian government. Niranajan Hiranandani has two brothers: Surendra is his younger brother, and Navin is his elder brother. Hiranandani received his education from Campion School in Mumbai and graduated from Sydenham College in Mumbai with a bachelor's degree in business. He is an Institute of Chartered Accountants of India chartered accountant.

Career

Hiranandani began his working life as a teacher of accounting.[13] He established his first company, a textile weaving factory, in Kandivali, Mumbai, in 1981.

In 1985, he and his brother Surendra began a real estate company called Hiranandani Gardens after purchasing 250 acres of property in Powai, Mumbai.Currently, Hiranandani Constructions is renovating and launching two townships that it purchased for around ₹1,000 crore at a judicial auction. A township called Hiranandani Estate was constructed in Thane, Maharashtra, which is a part of the Mumbai Metropolitan Area.

 In 2006, Hiranandani Hospital was established in Thane, and in Powai, in 2011. He founded Yotta Infrastructure and is its founder and chairman. In its Integrated Yotta Data Center Park at Navi, he opened the second-largest data center in the world, called NM1.

Niranajan Hiranandani's name appeared in the Pandora Papers in October of 2021. It is said that he stashed $60 million in multiple offshore trusts.According to Hiranandani, his son Darshan Hiranandani, who resides in Dubai, is the rightful owner of the funds kept in the offshore account located in the British Virgin Islands.

Associations

17 schools have Hiranandani as a board member, including the Thane and Powai locations of the Hiranandani Foundation School.

In addition to serving as chairman of the Mumbai City, Development and Environment Committee of the Indian Merchants Chambers (I.M.C.) Hiranandani was the previous president of the Maharashtra Chambers of Housing Industry .

In addition, he serves as President of the National Real Estate Development Council (NAREDCO), an organization established by the Indian government's Ministry of Housing and Urban Affairs with the goals of advancing ethics and transparency in the real estate industry and developing the country's unorganized real estate market into a globally competitive industry.

The 100-year-old "Associated Chambers of Commerce and Industry of India" (ASSOCHAM) is the trade body of which he served as president. founded with the intention of influencing the nation's trade, commerce, and industrial environment.The International Chamber of Commerce has ASSOCHAM as a member.

Member of the Maharashtra government's study group on the Slum Rehabilitation Scheme and of the Government of India's task force on housing and urban development reforms.

Hiranandani served as the Federation of Indian Chambers of Commerce and Industry's (FICCI) president for real estate and as an advisor to the Indian government on housing and habitat policy.

Additionally, he was a key player in the establishment of HSNC institution, Mumbai, a recently established cluster institution. Despite being State-owned, the H(S)NC Board, one of the oldest educational trusts in India, which he has previously served as president of, will run and oversee this university. He will continue to be associated with the same when serving as the institute's "Provost" in the future. Notable Universities like K.C. College and H.R. College will be part of this cluster university.

Personal life

Niranjan Hiranandani is the spouse of Kamal Hiranandani, with whom he has a son, Darshan, and a daughter, Priya. Priya is wed to businessman Cyrus Vandrevala, who resides in London. Neha Jhalani, the daughter of businessman Pradeep Jhalani and his wife Shabnam Jhalani, of Delhi, is Darshan's wife.

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Niranjan Hiranandani is an Indian billionaire businessman, co-founder and managing director of Hiranandani Group, engaged in real estate business. He is ranked by Forbes among the 100 richest Indians, with a net worth of US$1.6 billion as of June 2021

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Real estate industry lauds RBI’s policy to boost demand

The Reserve Bank of India (RBI) has decided to keep the key policy rates unchanged with accommodative stance. No change in the repo rate has been announced. The pause has come after two consecutive rate cuts in March and May this year.

With no cut in the repo rate, borrowers who have loans linked to an external benchmark are likely to continue to pay the same EMI for now. The factors that can now impact your EMIs are the margin charged by the bank over and above the external benchmark rate and the risk premium. The real estate industry welcomed the move and initiatives the apex bank has taken to infuse more liquidity in the system to boost the demand and improve consumers' sentiments. Here is what the real estate industry said: Dr. Niranjan Hiranandani President – Assocham and NAREDCO A positive step by the Reserve Bank of India to pay heed to India Inc's long pending demand of one time restructuring of loans without classifying them as NPAs, by setting up an expert committee steered by KV Kamath. Opening up the window for restructuring of loans to companies, individuals and MSME under mandated safeguards grants breather to the liquidity strapped industry. A flexible repayment scheme under the new resolution framework shall bring in the much-needed relief to resume operations smoothly. He additionally acknowledged the fact accorded by the RBI governor of maximum transmission of rate cut benefits percolating down the banking stream, which shall be reflected in easing the credit supply to meet working capital needs of the Industry across the board. Additionally, liquidity of Rs 5,000 crores announced to be infused in NHB will definitely aid the reeling sector to tide over the liquidity crisis. Anuj Puri, Chairman – ANAROCK Property Consultants Much along the expected lines, the RBI kept repo rate untouched at 4% and reverse repo rate at 3.35% amid a recent rise in retail consumer prices. The RBI was expected to do all it can to keep the inflation rates reined in for the duration. However, the RBI announced several additional measures that will go on to accelerate the economy, enhance liquidity, improve flow of credit and deepen digital payment facilities, among others. Commendably, its allotment of INR 5,000 crore each to National Housing Bank and NABARD is a much-needed step for sectors including real estate reeling under the liquidity crisis. It will help infuse capital into the HFCs and eventually provide relief to developers battling liquidity issues in COVID-19 times.

Satish Magar, National President, CREDAI CREDAI welcomes RBIs announcement of infusing additional liquidity of Rs 10,000 crore through NABARD and NHB as this will increase the access and availability of funds for the cash starved real estate sector. Extending timeline for restructuring the stressed MSME loans till 31st March 2021 is an encouraging step as MSME sector is a backbone of our economy and forms a large part of real estate development industry. However these measures are not enough for revival of the economy and there is an  urgent need for restructuring of stressed loans in all sectors, specifically  the real estate  industry as  it is in dire straits from a  very long time even before the pandemic has hit the world economies. The expert committee formation under Mr KV Kamath's expertise and leadership is being constituted to look into the loan recasting matters and we at CREDAI are hopeful that it will also address our pertinent request of one-time restructuring of the loans for the real estate sector as this is crucial for the sectors survival and for the large number of people whose livelihoods are dependent on it. Rajan Bandelkar, President, NAREDCO West The RBI has approved a long pending demand of the real estate sector to allow one-time restructuring of loans. This will boost the much-needed liquidity and streamline stressed assets in the real estate sector. But this restructuring comes with a stipulation and It will be implemented by March 31, 2021. It would have been an icing on the cake, had the RBI considered the net worth positive projects and allowed one-time restructuring for all the projects, which were held up. On the other side, the move will upscale the efforts of the realtors to revive the housing demand by selling-off unsold housing inventories too. Another Rs 10,000 crore window facilitated through the National Housing Bank & NABARD will shield the housing sector from liquidity disruptions and will augment the flow of finance to the sector through housing finance companies. This provision will reduce the stress being faced by smaller non-bank finance companies and micro-finance institutions in obtaining access to liquidity. Rohit Gera, Managing Director, Gera Developments Pvt Ltd The RBI has retained the benchmark rates unchanged in light of the outlook on inflation. In order to transmit earlier reductions,  banks and HFIs must be pushed to lower mortgage rates for home buyers.  This will provide an impetus to the housing industry. Shishir Baijal, Chairman & Managing Director, Knight Frank India Today's announcement by the RBI Governor is welcome as it addresses one of the long-standing requests by the real estate sector. The loan resolution plan, which allows for payment moratorium up to 2 years, for corporate and personal borrowers should provide a breather to stressed real estate developers and individual borrowers in the housing segment alike. We look forward to the recommendations of the Kamath Committee on the details for the real estate segment. We also welcome the announcement of further liquidity infusion to the tune of INR 5000 Crores to National Housing Board (NHB) which should be able to provide some relief during these times of crisis. While the sector was looking at a further revision in policy rate, to boost demand, we appreciate the accommodative stance by the RBI, in the wake of high rate of inflation which may have necessitated keeping policy rates unchanged. The Governor revealed that real GDP of India will trend in the negative territory for majority of FY 20 – 21, which causes concern for the real estate sector as economic growth and stability is a key ingredient for its long-term growth.

We hope that these measures will provide relief to the real estate sector and help them maintain their status till the economy starts to regain its growth momentum. Anshuman Magazine, Chairman & CEO - India, South East Asia, Middle East & Africa, CBRE The RBI's decision to provide additional liquidity to National Housing, even though it kept the repo rate unchanged at 4 percent, is a positive step towards infusing liquidity and help NBFCs and housing sector tide over the liquidity crisis. The additional funding will ease the cashflow burden, improving the overall sentiments and market performance. In addition to this, RBI also allowed a one-time restructuring of loans without classifying them as NPAs, enabling lenders to implement a resolution plan, without a change in ownership. We welcome these announcements as they are directed towards preserving financial stability and strengthening consumption, thereby giving a push to economic recovery. Ravindra Sudhalkar, CEO at Reliance Home Finance The RBI's Rs 5,000 crore support to National Housing Bank (NHB) will give the housing sector a boost and benefit both developers and buyers. With greater finance flow, the developers in need of small capital can now complete their stalled projects. Along with this, the window to enable MSME lenders to restructure loans will ease burden on genuine borrowers. Incentives to banks to lend to priority sector should also be transferred to NBFCs and HFCs, as affordable housing is also one of the priority sectors and a key industry for the economy. Not cutting the rates any further will protect the returns of savers and will not push borrowers, including banks and NBFCs, to lend any further and help in maintaining asset quality in stressed sectors. Maintaining an accommodative stance indicates the RBI will intervene to provide the right push and direction to growth when the economic activities start picking up in future. Surendra Hiranandani, Chairman and Managing Director, House of Hiranandani We expected more stringent measures from the RBI booster to revive the economy. A cut in the policy rate could have helped stimulate growth and demand particularly in the wake of Covid 19 crisis. The urgency to take direct measures for consumers to revive growth in the residential real estate was the need of the hour in the present scenario as it would have persuaded potential customers to firm up their decision to buy their dream home. With RBI maintaining status quo on policy rate front, it is also important to focus on improving the transmission of the past rate cuts as the repo rate is still at a historical low. An amount of Rs 10,000 crore of additional liquidity provided to NABARD and National Housing Bank is a welcome move as it will help the NBFCs and housing sector to tide over the liquidity crisis. Residential sales across cities are gradually reviving with the lockdown being lifted. The fence-sitters will have no better time to buy than the current period. People have already assessed the importance of owning a home, considering the Covid 19 crisis now. They can take advantage of the numerous offers coupled with the attractive home loan rates.

Going forward, the real estate sector requires additional support at this stage as it can act as a catalyst in resurrecting the economy, backed by stringent fiscal and non-fiscal measures. Furthermore serious and effective steps are required to be taken to boost the demand side of the economy and spur consumption which we hope will happen soon. We need to drastically and aggressively lower interest rates to kick start the economy. We hope the RBI will continue to take positive steps for the economy at large, and make it enticing for home buyers. Manoj Gaur, MD, Gaurs Group and Chairman, Affordable Housing Committee, CREDAI (National) Real estate sector needs hand holding at this point in time. Though unchanged repo rate is understandable the need to have special measures in place cannot be denied. The buyers are coming back to the sector after realizing the importance of real estate asset backed by historically low EMIs, the developers too need some interventions that can help them expedite the process of development. Amit Modi, President (Elect) CREDAI Western UP and Director ABA CORP Market experts predicted a repo rate cut by 25bps in today's announcement by RBI, but fortunately the longing demand from real estate sector of loan restructuring was declared. With the consumer confidence low due to the ongoing pandemic situation, and real estate sector going through a period of strife, we appreciate the government’ efforts and keen eye to look into initiatives that will help us in generating more demand in the real estate market as well as helping millions of first time homebuyers to realize their dream. Loan restructuring will strengthen the real estate outlook for developers in the coming years and pave way for a consistent growth. Pradeep Aggarwal, Founder & Chairman – Signature Global Group & Chairman - ASSOCHAM National Council on Real Estate, Housing and Urban Development It was an expected move by the RBI to keep the repo rate unchanged and it is commendable that it is doing its part to ensure that the economy stays on the right path. However, the banks have not yet passed on the benefits to the consumers, which are not benefitting the real estate sector that in turn is affecting the allied industries too. RBI should take action so that banks should extend loans to the real estate sector. Liquidity crisis has to be tackled soon as situation after Corona is dismal; this cannot happen until and unless banks take a firm decision to back the sector that has many allied industries attached to it. Mohit Goel, CEO, Omaxe Ltd. With sharp reduction in policy rates announced since March, a pause was always on the cards. But we expected the apex bank to announce some measures like restructuring of loans, which could have reduced the stress on the sector and given  boost to demand. However, the decision to constitute an Expert Committee under imminent banker KV Kamath to recommend financial parameters, along with the sector-specific benchmark for resolution plans is a welcome step. The infusion of Rs 5000 crore in NHB is also a step in the right direction to boost liquidity. Ashish Bhutani, MD, Bhutani Infra RBI Monetary Policy Committee has kept the repo rates unchanged, even when market experts cited the conditions being favorable for it. This decision was taken due to the signs of revival, that the MPC has observed with unlock. However, the continuous surge in cases is constantly hampering the stability that commercial real estate needs for planning the expansion, mapping the already allocated funds, driving international investments, and dispersing some amount of capital to construction and permissions required.  We are hoping apex financial institutions assess the realty market closely to deliver, if not repo rate cuts then some other kind of relaxation to improve sentiments of associated stakeholders. Uddhav Poddar, MD, Bhumika Group The main issue is that banks have not taken adequate steps to reduce the rates or to ease the liquidity. All the good steps taken by RBI earlier will not bear fruit if the banks don’t take necessary action at their level. Real Estate is badly affected due to the pandemic  and we need support from the banks by providing adequate liquidity to the sector and providing cheap home loans to the customers, to make sure the segment can flourish again. We have to understand that real estate is an integral part of economic growth as it is the largest employment generator. Rajat Goel, JMD, MRG World Repo rate cuts have been announced time and again by RBI during the last few months to combat crisis. The recent announcements made are an indication that the industries and economy have a void to fill created by 3 months of lockdown. Real estate being a sector with high-end products is vast and delivers a major impact on the overall growth of the nation. The benefits provided to this sector will have far reaching impact to the economy as a whole. We are elated government has shown support towards us with schemes like CLSS & PMAY ,realty will now be able to fully utilize its potential with the impetus provided. Raman Gupta, Director- Branding & Construction- GBP Group In today's announcement the apex bank has kept the repo rate unchanged to 4% which was an expected move to keep the economy of the country afloat amidst the pandemic. Being one of the major contributor to the economy of the country, the benefits provided to the sector will have a positive impact on the overall growth of the nation. With the schemes like CLSS & PMAY along with the low repo rates the customers are moving back towards the real estate sector. Along with providing one time loan restructuring to MSMEs we expect the apex bank to announce the same for real estate sector as well. Rohit Poddar, MD, Poddar Housing and Development Ltd and Joint Secretary, NAREDCO Maharashtra Additional Specialty Liquidity Facility is a welcome move for the real estate sector just before the onset of the festival season. RBI focusing on augmenting liquidity with an accommodative stance with no rate cut is a smart move in terms of channelizing the demand-based macros in the economy. As liquidity in the system is important to allow the financial institutions to transmit RBI's rate cut benefits with reduced loan interest rates to the borrower, Additional Specialty Liquidity Facility (ASLF) is thereby, seen as a welcome move. ASLF of Rs 5000 crore to the National Housing Bank will provide much required cushioning for the housing finance companies to lower the home interest rates. This will translate into an upsurge in demand with a lower cost of credit to the home buyer and materialize in a likely upsurge in residential inventory offtake especially in the near onset of festivity in the country. Ankush Kaul - President (Sales & Marketing) - Ambience Group.   The RBI's decision to keep the accommodative stance on key policy rates comes on expected lines. The Central Bank has already reduced the repo rate by more than 160 bps in the past 12 month's period. With concerns over high food inflation and rise in Consumer Price Index (CPI), economic uncertainty, markets continue to remain in turmoil. In such a scenario, several additional sops are required to strengthen the hands of consumers. All of these have a direct bearing on the real estate market too. Due to the current caution, homebuyers, in general, are either postponing their purchase decision or are reducing their investments budgets. This said, we expect the market to certainly revive once there is a cure to pandemic and the spread of the virus is arrested. Lincoln Bennet Rodrigues, Founder and Chairman, Bennet & Bernard Group   The pause in policy rates and accommodative stance reflects the central bank's concern about inflation and surplus liquidity in the banking sector. One-time restructuring for Covid-19 stressed accounts is a step in the right direction. Also, an amount of Rs 10,000 crore of additional liquidity provided to NABARD and NHB will help the NBFCs and housing sector to tide over the liquidity crisis. While the RBI has pumped huge amount into the financial system to encourage banks to lend more, yet loan growth has been languishing because of the economy's slump. The interest rate should be reduced with firm liquidity measures as this is the need of the hour backed by specific fiscal measures to give much-required stimulus to the sector. However, further cut in policy rates would have definitely resulted in the much needed demand booster ahead of the festive season.

The current scenario offers excellent investment opportunities in residential real estate as affordability is at all time high. The new- age millennials will want to shift to dream holiday home that offers safety, privacy and luxury, all in one space. The post-pandemic world will be good for the real estate sector as it offers you the best bet - stability, security and safety. Real estate sector is one of the few sectors which have the potential to kick start a sluggish economy. Going forward, we hope that the government takes more developer and investor-friendly initiatives for the betterment of the real estate market in the near future. Rahul Grover, CEO, SECCPL With so much rate cuts already done, it was expected that RBI would take a pause and it's not surprising. We at SAI believe that the Industry collectively will benefit more from complete removal of lockdown as well as restrictions on public transport than from Monetary Policy or other interventions. With credit growth already at a low and rate cuts not resulting in credit transmission, the real estate sector hopes that smooth functioning of the economy would be a priority for the Government. Real estate contributes a good chunk to employment of labourers and it's important to keep the economy moving. State Governments should give up on risk aversion and ease lockdown completely by the end of August. Dr. Nitesh Kumar, MD & CEO, Emami Realty Real Estate is struggling with COVID-19 crisis and poor demand we were hoping a further cut but due to food inflation and rise in fuel prices RBI has taken a pause. But we are welcoming the regulatory and developmental proactiveness taken by RBI. It will go a long way in ensuring the financial stability of the country. As per industry demand, RBI is setting up an expert committee to decide into sector-specific financial parameters for loan restructuring. Putting additional liquidity to NABARD and National Housing Bank can give some relief in fighting with the liquidity crisis, and also improve the sentiments for the Real Estate industry. Kaushal Agarwal - Chairman, The Guardians Real Estate Advisory The RBI was expected to announce a status quo on rates after multiple and significant repo rate reductions over the past few months. The move to offer a further Rs.10,000 crores to NABARD & NHB will help bring liquidity to the sector. The 90% lending against gold will make it easier for the middle class to avail liquidity. It is important now for the RBI to further reduce the reverse repo to help banks lend further and let go of the cautious approach that has been adopted currently. Importantly, the move to form an expert committee to examine the one-time restructuring of loans will significantly help borrowers mitigate the impact of COVID-19 and the subsequent lockdowns. Bhushan Nemlekar, Director, Sumit Woods Limited   The decision to allow one-time restructuring of loans by RBI is a great news for the real estate industry. This will certainly help a lot of developers to complete their projects on time and a lot of buyers to get their homes soon. Dr. Joseph Thomas, Head of Research - Emkay Wealth Management As expected, it is status quo on rate, and the emphasis is more on continuing with the accommodative stance, and liquidity enhancement measures, and the restructuring of the stressed loan portfolios. The outlook for growth and inflation continues to be uncertain, and contraction in GDP growth is expected and inflationary pressures are expected to remain elevated in Q2 and it may moderate in Q3. RBI has clearly stated that there is further room for a rate cut, but the RBI will wait and watch for a "durable reduction", in inflation for further rate action. This amounts to saying that only if there is sustained fall in inflation especially food prices RBI may consider further rate cuts. This does not rule out further rate cuts but makes it linked to inflation performance. The RBI policy has been effective in the desired direction in the last one year and especially so after the pandemic started. The transmission of the benefits of a rate cut has been possible only due to the efficient and easy liquidity management. The OMOs reduced the cost of funds across the board. Borrowing costs through CPs and CDs were at low single-digit levels after more than two decades. The NBFC space is better now due to the liquidity action. What was needed from the RBI this time around was a reaffirmation of the accommodative policy, which the RBI has done very explicitly. The liquidity management is also being done pro-actively which would help the short- term rates to remain stable to lower. The policy takes cognizance of the economic realities around growth and inflation and has adopted a pragmatic approach to the resolution of important issues. Nish Bhatt Founder & CEO, Millwood Kane International The central leaving the key rates unchanged was very much on expected lines, key rates were slashed by 115 bps in 2020 and yet to see a full transmission. Inflation hovering near the 6% mark is worrisome as the RBI mandate is to keep rates in the range of 2-6%. The policy stance kept 'Accommodative' signals the central bank's intent to cut rates in the near future if the need arises. Measures like additional liquidity support, loan restructuring will help the industry with easy access to credit. Ample system liquidity, availability of credit at affordable rates is imperative for recovery. Allowing restructuring of loans for stressed MSMEs will help lending banks as well as small businesses. A robust loan restructuring policy is required to keep bad loans and the health of banks in check. Nikhil Gupta, Economist - Institutional Equities, Motilal Oswal Financial Services Ltd: RBI policy has been very balanced. While interest rates have been kept unchanged, the intention to support the borrowers and the lenders through this pandemic crisis is clear. The final impact would be determined by the recommendations of K V Kamath Committee, which will be very closely watched.

This article was originally published in English content.magicbricks.com

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[bigyack-com]

Meet India’s 10 richest real estate developers - real estate

Hurun Report and GROHE India on Monday released the third edition of ‘GROHE Hurun India Real Estate Rich List 2019’ featuring the 100 richest real estate entrepreneurs in India. The list was based on a snapshot of wealth as on September 30, 2019. For listed companies, the report has taken market capitalisation to determine the wealth, while for the unlisted companies, latest financial statement has been taken into account. Here’s a look at the 10 richest real estate developers in the country: Mangal Prabhat Lodha of Macrotech Developers With a wealth of Rs 31,960 crore, Mangal Prabhat Lodha and family of Macrotech Developers (earlier named Lodha Developers) retained the top spot in GROHE Hurun India Real Estate Rich List 2019 for the second consecutive year. Notably, M P Lodha is currently chief of BJP’s Mumbai unit. Rajiv Singh of DLF At number two is New Delhi-based Rajiv Singh of DLF (up one rank from last year) with a wealth of Rs 25,080 crore, up 42% compared with 2018, mainly on account of Rs 11,250 crore capital infusion process initiated in 2017. Jitendra Virwani of Embassy Property Jitendra Virwani of Bengaluru-based Embassy Property Developments has bagged the third spot with a wealth of Rs 24,750 crore. Virwani has been called South India’s largest office space landlord. Recently, in April 2019, Embassy Office Parks REIT became India’s first publicly listed REIT. Niranjan Hiranandani of Hiranandani Communities Mumbai-based Niranjan Hiranandani, who controls the privately owned Nidar Group, was ranked 4th in the list with a wealth of Rs 17,030 crore. Hiranandani has invested in residential townships and commercial real estate mainly in Maharashtra. Chandru Raheja and family of K Raheja Corp Chandru Raheja,chairman of K Raheja group, has been ranked 5th with a net worth of Rs 15,480 crore. The family-run C L Raheja group has diversified into hotels, commercial properties, shopping malls, IT parks and residential properties. Vikas Oberoi of Oberoi RealtyMumbai-based Vikas Oberoi runs Oberoi Realty and is placed 6th on the list with a net worth of Rs 13,910 crore. Oberoi Realty has completed 42 projects across Mumbai with 27.43 million square feet under construction as on March 2019. Raja Bagmane of Bagmane DevelopersBengaluru-based Raja Bagmane, CMD of Bagmane Group, is 7th on the list with a net worth of Rs 9,960 crore. Bagmane Developers currently has an exclusive office space portfolio, with a leasable area of 12.3 million square feet. Surendra Hiranandani of House of HiranandaniWith a fortune of Rs 9,720 crore, House of Hiranandani’sSurendra Hiranandani is ranked 8th on the list, a little behind his elder brother Niranjan Hiranandani. His group is mainly involved in residential projects in the cities of Chennai, Bengaluru and Hyderabad. Subhash Runwal and family of Runwal DevelopersSubhash Runwal, founder and chairman of the Runwal Group, has been ranked 9th with a net worth of Rs 7,100 crore. Runwal Developersoperates four malls in the country with over 2 million square feet of gross leasable area. Ajay Piramal and family of Piramal RealtyPiramal realty’s Ajay Piramal ranks 10th on the GROHE Hurun India Real Estate List 2019 with a net worth of Rs 6,560 crore. Piramal Realty has 15 million square feet of land under development across commercial and residential segments. Read the full article

[cakandivali]

Homebuyers, developers cheer stress fund cabinet nod; reiterate timeline, execution crucial

Latest Updates - CA Mitesh Mumbai: Real estate developers and homebuuers welcomed the Cabinet’s decision to expand the proposed stress fund for the sector to Rs 25,000-crore, but said a lot would depend on how the government executes the scheme and the timelines for the disbursal of the money.The special funding window is expected to now accommodate more stalled projects as the eligibility criteria has also been relaxed to cover even projects that are classified as non-performing assets by lenders and those that are facing bankruptcy proceedings at the National Company Law Tribunal (NCLT), provided they are not referred for liquidation. This will provide relief to more than 4.5 lakh homebuyers as against the government’s earlier estimate of 3.5 lakh homebuyers, they said.While Wednesday’s decision takes it closer to the execution of the funding window, which was initially announced in September with a proposed Rs 20,000 crore fund, realty developers and industry experts believe the timeline and actual infusion of funds into the projects held the key to the revival of the sector.“The fund will help nearly 1,600 stalled housing projects in the country, and it is positive that the aspect of NCLT/NPA will not be a stumbling block to prevent stalled and delayed projects from approaching the fund,” said Niranjan Hiranandani, the national president of Naredco, a developers’ body. “But the devil in the detail in this case will be quick implementation.”In September, the government announced the plan to provide last-mile financing to affordable and middle-income housing projects. But to get funding, as per the proposal then, these projects should not be an NPA or facing bankruptcy proceedings. They were also required to have a positive net worth.“The delay in the on-ground deployment of the stress fund gave rise to severe apprehensions about the main issues — that of stuck and delayed projects — that had remained unaddressed so far. The timeline for setting up this fund and its actual implementation is quite critical,” said Anuj Puri, the chairman of ANAROCK Property Consultants.According to ANAROCK data, 5.76 lakh units launched in 2013 or before across budget segments are stuck in various stages of non-completion in the top seven Indian cities.Although homebuyers also cheered the decision, they are concerned about the quick implementation and end usage of the funds.“We are keen to see the construction activity starting immediately. Names of the identified 1,600 projects that will receive funds need to be disclosed so that the homebuyers of those projects get a sigh of relief,” said Abhay Upadhyay, the president of the Forum for Peoples Collective Efforts (FPCE), a homebuyers’ body that has been pushing for a stress fund since the beginning of this year. “The government needs to ensure that the funds are not directly disbursed to builders as they cannot be trusted with this,” he said. “It would have been good to have involved homebuyers in this process.”He demanded that a committee of homebuyers from the respective stuck projects be formed to monitor the progress of the work to be undertaken through these funds.As the sponsor of the fund, the government will infuse up to Rs 10,000 crore into a category-II Alternate Investment Fund (AIF) registered with the capital market regulator. For the first AIF under the special window, it is proposed that SBICAP Ventures Ltd be engaged as the investment manager. The fund will get investments from institutions like LIC, SBI and others, taking the corpus to nearly Rs 25,000 crore.“There is probably recognition that there are several projects available that can be viable provided there is completion funding. The AIF-II structure is a passthrough for tax purposes; the fund does not pay tax on its investment income and hence will facilitate the financing activities in a tax-efficient manner,” Deloitte India partner Rohinton Sidhwa said. Chartered Accountant For consultng. Contact Us: http://bit.ly/bombay-ca

[neodevelopers]

The note ban may have brought real estate developers to their knees, but house hunters are looking on keenly from the sidelines. In October 2016, a Mumbai builder who runs a business worth roughly `500 crores was compelled to sell 1 lakh square feet of an upcoming residential project in the western suburb of Kandivali at `6,500 per sq ft when the going rate was around double that. To add to his woes, the broker in the middle charged a hefty 7% commission, or `5 crores, for arranging the `65 crore deal. “The builder’s profit was even lower than the brokerage he paid,“ recounts another developer, a friend of the `shortchanged’ builder. “It’s better to be a broker than a small developer,“ he adds as an afterthought. Broking firms, and not developers, grease the squeaking wheels of the construction business in Indian metros. In a market in which buyers are scarce and supply of under construction spaces is abundant, middlemen rule the roost, often arm-twisting cash-strapped developers to sell out cheap.

Till about a few months ago, developers did not solicit the help of brokers to sell projects as buyers showed renewed interest to own property across Indian cities. But the tables turned when the government announced its decision to ban `500 and `1,000 notes in the first week of November. It has been a grind ever since.

Developers are being forced to offer 5-7% as commission to offload inventory -which has swelled to over 6.71 lakh unsold units (across eight cities) in the second half of 2016. Consultants like Knight Frank not only count ready-to-move-in units as unsold units but also commissioned projects that are pre-sold to buyers before completion. The likes of Mumbai, Delhi (NCR), Pune and Chennai may show a dip in unsold units, but that’s more a numerical mirage (See graphic).

“The dip in (unsold units) numbers is not because of actual sales but because of the fewer number of new launches. Builders have stopped announcing new projects lately,“ explains Samantak Das, chief economist and national director (research), Knight Frank. “It may take two to three years for developers to offload their full stock. In markets like Delhi NCR, where there’s mass supply of residential units, it may cross four years.“

This is where brokers come into play.The canny ones are wheedling high net worth individuals (HNIs) and non-resident Indians (NRIs) to buy projects of small, capital-starved builders at prices almost 50% of the market rate.

The Faultlines

The year 2016 began well for the top residential markets (Mumbai, Delhi-NCR, Bengaluru, Pune, Chennai, Hyderabad, Kolkata, and Ahmedabad); sales volumes grew by 7% in the first half, as per data sourced from Knight Frank.

Factors such as probable interest rate cuts, political stability, economic growth, setting up of real estate regulators across states and imminent goods and service tax augured well for the sector -at least from a buyers’ point of view.

Analysts and builders viewed this phase as the turning point of the real estate sector, which had not fully recovered from the global financial meltdown of 2008 and 2009; and, more importantly, since the lending restrictions (on real estate developers) imposed by the RBI on banks in early-2015.

Optimism sustained in the second half of 2016 too, with sales numbers between July and October averaging better than the previous ten quarters. Things looked good and rosy till the time government announced its demonetization plans.

“Real estate sales dropped 40-44% across Indian cities post demonetisation. The fall was such that it brought down the yearly (2016) averages to below 2015 ­ which, again, was not a great year for real estate. The year ended with sales lower than in the past six years,“ analyses Das of Knight Frank.

It’s not only sales of ongoing projects that have been affected. Builders have applied the brakes on new launches as they wrestle with uncertainties around latent demand, economic effects of demonetization, implementation of Rea l Estate ( Regulation and Development) Act or RERA and probabilities of further rate cuts.

New residential project launches across eight key markets have fallen close to 28% in 2016, over a year ago, to 1.75 lakh units.There was 4.58 lakh new launches in 2012 ­ considered the best by far.

“Real estate sector has weakened even further post-demonetisation… Demand for new projects is also not very encouraging,“ admits Adi Godrej, chairman of Godrej Group, which owns Godrej Properties. “But we expect this to be more of a temporary blip… demand will pick up in a few months,“ he believes.

Established builders like Godrej and Niranjan Hiranandani, chairman of Hiranandani Group, are not worried about the build-up in unsold inventory or lower number of new launches. Lower rates and setting up of RERA will embolden prospective customers to get off the fence and buy properties, they feel.

“There’s demand for affordable ready-to-move-in units,“ feels Hiranandani. “But there are not many buyers for under construction projects as of now… Project level booking has come down drastically post demonetisation, but that’s more psychological… People are simply deferring their decision to buy an apartment to a later date,“ he says.

But such assurances are pretty unconvincing if one glances through actual residential property sales data.

In 2012, over 3.59 lakh units were sold across eight Indian cities; this has fallen consistently over the next four years, hitting almost rock bottom in 2016 at 2.44 lakh units ­ a long term sales erosion of over 32%.

Builders are putting up a stoic front.“We’re already seeing some revival in January. Demand is coming back gradually. Indians are value-seekers…and this definitely is their market,“ says Cyrus Engineer, chief sales & marketing officer, SP Real Estate, a Shapoorji Pallonji Group company. “We’re cautiously optimistic about the sector.There’s a lot coming en route… RERA, GST… There could be some chaos when RERA is getting implemented,“ adds Engineer. “Uncertainty will last for another six months. But I am positive about long-term prospects of the sector.“

What Buyers Want

Home-buyers, on their part, are waiting for rate cuts before firming up their purchase plans. If bankers are to be believed, there could be at least 50 bps (one basis point or bps is equivalent to 0.01%) cut in rates over the next year. This may bring down home loan rates to as low as 8.25% (2007-08 levels); competitive, cash-flushed banks may start offering loans at even lower rates. It’s anybody’s guess if loan rates would touch 7.25%, the level of 2003­04. Potential customers are also hoping property prices to correct in the interim. But that’s unlikely, says builders and sector analysts.

The sector has already undergone a “time correction“, wherein prices have remained stagnant for years together.Since 2013, real estate price inflation has matched the pace of general retail inflation ­ which is mostly in single digits.

“Property prices don’t come off overnight, the only number of transactions falls,“ opines Sharad Mittal, director & head of Motilal Oswal Real Estate Fund, which manages over Rs 1,500 crore across three real estate funds.

“It’s mostly a time correction ­ and not really a price cut. But there could be some level of price correction in high-end property and plots. But that again would be very negligible,“ says Mittal.

Contrarily, a few developers such as Hiranandani expect prices to inch up a wee bit once RERA comes to the fore. The Higher cost of compliance, title insurance, `escrowing’ incoming funds (from home buyers) and defect liability clauses are likely to jack up prices post the installation of real estate regulators.

Also, in metros, developers buy land parcels from institutions (and not individuals). Such land acquisitions are “all white dealings“, with no room for “underbilling“ or covering up the purchase price to skirt transaction taxes.

“Builders may not give discounts as they’ll be worried about taxmen. By lowering costs, developers may send wrong signals to the tax department that they’re collecting the reduced amount of cash,“ says Hiranandani.

The sector is moving gradually towards only-cheque payments, thanks to the stringent inspection of builder-to-buyer deals by the tax department. Lesser use of cash could well ring the death knell for developers with dubious track records.

“Absence of cash may hit local builders in smaller cities hard. Cities like Surat and Rajkot use 50 ­ 60% cash in their property transactions… Builders in these cities are in for hard times,“ says Shashi Kumar, executive director, Ornate Spaces, a Mumbai builder.

“In cities and metros, only builders with good institutional backing would survive in the long term. We’ll see a lot of industry level consolidation soon,“ envisages Shashi Kumar.

Source: https://goo.gl/AMuuwL

Far From Realty The note ban may have brought real estate developers to their knees, but house hunters are looking on keenly from the sidelines.

[niranjanhiranandanioff]

Bharat Talks with Anupam Kher on the Search for Skilled Talent | Dr Niranjan Hiranandani

Join Bharat in an insightful dialogue with Ventrain actor and social commentator Anupam Kher as they delve into one of India's most pressing issues: the scarcity of skilled professionals. Gain valuable insights and perspectives on this topic from industry titan Dr. Niranjan Hiranandani, as they discuss strategies to tackle this challenge head-on. Don't miss this engaging discussion featuring key insights, solutions, and perspectives from some of India's most influential voices.

[rajeshchawla44]

Josh Talks with Dr. Niranjan Hiranandani & Akash Chaudhry Niranjan Hiranandani is an Indian billionaire businessman, co-founder and managing director of Hiranandani Group, engaged in real estate business. He is ranked by Forbes among the 100 richest Indians, with a net worth of US$1.6 billion as of June 2021. Hiranandani Group has been one of the most premium real estate developer in India with more than 40 years of experience in this business

[darshanhiranandanisblog]

Meet India's Top 4 Real Estate Titans: The Wealthiest Property Tycoons Unveiled 

In this article, we will introduce you to the top 4 real estate billionaires in India, highlighting their achievements and contributions to the industry. 

Billionaire #1: Subhash Runwal & family 

Net worth: INR 11,400 crore 

Subhash Runwal, along with his family, has earned a prestigious spot on the coveted Grohe-Hurun India Real Estate List of 2021, solidifying their status as some of India's wealthiest real estate magnates. Back in 1978, Subhash Runwal laid the foundation of his eponymous company, Runwal Developers. His claim to fame is his expertise in constructing middle-class apartments in the suburban landscape of Mumbai. Beyond apartments, Runwal Developers can also be credited with the creation of R Mall in Mulund. Their ambitious journey continues as they now set their sights on larger-scale commercial real estate ventures. 

Billionaire  #2: Niranjan Hiranandani  

Net worth: INR 22,250 crore  

Back in the late 1970s, Niranjan Hiranandani and his brother Surendra started the Hiranandani Group. They had big dreams and expanded into different areas like commercial, hospitality, homes, and education. Their hard work paid off, and now Hiranandani is one of India's richest real estate tycoons, with a wealth of INR 22,250 crore. Some of their standout projects include the famous Hiranandani Gardens in Powai and the large Hiranandani Meadows and Estate in Thane. Recently, Niranjan Hiranandani announced that his son, Darshan Hiranandani, will be taking over the business. Darshan Hiranandani, who is 36 years old, is currently the CEO of the Hiranandani Group.  

Recently Darshan Hiranandani is aligned with the vision of Yotta, which is to offer the most cost-effective data storage infrastructure per GB globally.  

Billionaire #3: Raja Bagmane 

Net worth: INR 16,730 crore 

Raja Bagmane, the Managing Director of Bagmane Developers group based in Bangalore, Karnataka, stands as one of India's most prosperous real estate magnates, boasting a substantial fortune of INR 16,730 crore,stated by Grohe-Hurun India Real Estate List 2021. Established in 1998, his company has emerged as a trailblazer in crafting sophisticated and chic office spaces. Over the years, they have successfully brought to life approximately 15 million square feet of commercial real estate and are currently on an unwavering trajectory of growth. 

Billionaire #4: G Amarender Reddy & family 

Net worth: INR 15,000 crore 

Boasting a staggering wealth exceeding INR 15,000 crore, G Amarender Reddy is indisputably one of India's most affluent real estate developers, holding the prestigious title of Telangana's wealthiest. His brainchild, the GAR Group, commands dominion over a colossal expanse, with ownership of more than 10 million square feet of office parks adorning the cityscape of Hyderabad. This project is more than just a business venture; it honours a family legacy. The roots of this enterprise were planted back in 1982, and now, the reins are gracefully transitioning into the hands of the next generation of the illustrious Reddy family, led by none other than the erudite Abhinav Ram Reddy, a distinguished alumnus of Harvard University. 

[shashankmehtaa]

Success Story Of Darshan Hiranandani

You must have heard about Darshan Hiranandani, one of the most successful and innovative people in our country. He leads the Hiranandani Group as the CEO, overseeing various areas. Born in 1981, Darshan got education from international institutes. He calls himself lucky to get married to Neha Jhalani Hiranandani, who is an author. Darshan is seen as a symbol of success, both in his career and personal life. Read this latest for Darshan Hiranandani news as we explore his journey.

Darshan Hiranandani’s Early Life and Education:

Darshan Hiranandani’s journey started in Mumbai, with roots in the city and a solid academic background. He was born on October 13, 1981, in Mumbai, Maharashtra, inheriting the characteristics of a Libra, marking the beginning of an extraordinary life. His educational path led him to the esteemed Rochester Institute of Technology in New York, where he pursued an MBA in Entrepreneurship and Finance and a B.S. in Management Information Systems with determination.

In the world of academics, Darshan developed his skills, laying the groundwork for a future in business leadership. Whatever Darshan Hiranandani company is today is only because of his formative years in New York, which influenced his perspective, cultivating a mix of strategic thinking and innovation. The shift from being a student to a visionary leader commenced, setting the scene for Darshan Hiranandani’s impactful journey in the business world. This phase reveals the origins of his success, intricately connected to Mumbai’s essence and nurtured through the educational corridors of the United States.

Keep reading for more details about Darshan Hiranandani’s successful journey, where brilliant leadership meets the always-changing business world. See how this lively entrepreneur has made a lasting impact, changing industries and sparking new ideas.

Darshan Hiranandani’s Professional Journey

Darshan Hiranandani’s professional journey is all about smart leadership and trying different business areas. Leading the Darshan Hiranandani Group, he not only directs things but also guides how real estate grows in India. His influence goes beyond normal limits, covering things like data centres, energy, semiconductors, and services for consumers. In this active role, Darshan’s quick decision-making and forward-thinking have made the Hiranandani Group reach new levels.

As CEO, he’s very hands-on, acting as the head in various areas. A lot of youngsters get inspired by him and get curious to know about Darshan Hiranandani net worth. As per some resorts, Darshan has an estimated net worth of Rs. 32,100 crore in 2024. Darshan Hiranandani’s sharp business skills have made him a pioneer, bringing in new ideas and success in everything he does. His dedication to doing things well shows in the many different things the Hiranandani Group is proud of.

Personal Life: A Glimpse into Darshan Hiranandani’s World

In Darshan Hiranandani’s personal life, we see more than just work and business. He got married to Neha Jhalani Hiranandani on March 18, 2009; she’s a successful author. Darshan manages both his busy career and family life with care.

He’s not only a successful business leader but also deeply committed to his family. Darshan, with two kids, experiences a warm and shared life. His dedication to both his work and family shows how he sees life as a whole.

Beyond being a business expert, Darshan is a caring family person. His household, with two children, is filled with warmth and shared dreams. His dedication to both his job and family reflects how he looks at life as a complete experience.

Hiranandani Family — Success In Genetics?

Darshan comes from a family of successful business people, with his dad, Niranjan Hiranandani and mom, Kamal Hiranandani, both achieving in business. His sister, Priya Vandrevala, is also into business, continuing the family’s success.

When we look into Darshan Hiranandani’s more prominent family, we see a line of prosperous people — his grand dad, Lakhumal Hiranand Hiranandani, and uncles, Surendra Hiranandani and Navin Hiranandani. This family history adds to the overall story that shapes Darshan’s beliefs and goals.

Darshan Hiranandani’s private life is filled with love, family history, and a strive for doing well. You’ve now learned nearly everything about the person behind the Hiranandani business, where accomplishments aren’t just about work success but also about a balance of family bonds and personal victories.

Darshan Hiranandani’s achievements show he’s a great leader and hard worker. Starting from his early days to his successful career and family, everything about him reflects a real winner. His influence in real estate and more is inspiring for those who dream of being entrepreneurs.

[niranjan-hiranandani]

Realistic growth prospects - Niranjan Hiranandani

In 2022, the Indian real estate industry successfully navigated through various crises and inflationary challenges. At present, the real estate sector finds itself at the intersection of rising demand for housing, increased borrowing costs, and elevated development expenses due to supply chain disruptions. The resurgence of economic slowdown necessitates significant efforts in 2023 to overcome these issues. Even as the pandemic’s influence wanes and global uncertainties persist, there is an opportunity for an economic reset. This favorable environment could propel real estate to become a $1 trillion market by 2030 at an accelerated pace.

The outlook for India’s real estate sector remains optimistic. While short-term risks may be present, it is essential to adopt a long-term perspective due to the nature of real estate assets. The industry is poised for growth, with factors such as increased private investments, the entry of established brands into emerging micro-markets, developers exploring new financial models to diversify into different asset classes, renewed interest from investors in housing as a secure investment, the growing influence of millennials as first-time homebuyers, and a resurgence in luxury housing.

The robust performance of the Indian property market can be attributed to several encouraging factors, including favorable interest rates, rising consumer purchasing power, improved affordability for homeownership, heightened sentiment towards owning homes, and a greater share of bank credit in the retail home-loan segment. The upward trajectory in property prices and rentals supports the anticipated growth in the housing sector. The expectation is that the reduction of monetary tightening in FY 23, coupled with a judicious fiscal intervention, will contribute to a more balanced economic outlook.

Read More — Real prospects for growth

Currently, companies boast healthier balance sheets, having effectively reduced debt and improved equity-debt ratios amid market consolidation. Developers are exploring innovative approaches for swift project turnarounds to facilitate secure exits. Sustaining growth requires vigilance in avoiding an excessive inventory of unsold properties.

Metropolitan areas and even tier II cities have witnessed an upsurge in housing demand due to increased job opportunities, the emergence of business districts, and well-planned infrastructure development. The revival of rural consumption is further fueling the demand for housing. Government initiatives, such as the Pradhan Mantri Awas Yojana and affordable rental housing, are instrumental in achieving the goal of housing for all. The accelerated progress of slum rehabilitation and redevelopment projects will invigorate urban real estate growth in major cities.

The pandemic has significantly transformed consumer behavior and preferences. Discerning homebuyers now prioritize a transformative lifestyle that integrates space and service management effectively. New projects are carefully curated to align with evolving customer demands, offering holistic living experiences at affordable price points. The demand for luxury homes is expected to thrive as high-net-worth individuals seek to enhance their lifestyles with superior amenities, privacy, and comfort. NRI home buyers continue to grow, driven by currency depreciation and favorable market dynamics amidst geopolitical uncertainties.

The urgent climate crisis has ushered in a era of conscious consumerism. Changes in building codes and regulations concerning eco-friendly materials, waste recycling, and energy efficiency align with the real estate sector’s Environmental, Social, and Governance (ESG) focus, influencing ratings. Investors and consumers are increasingly interested in sustainable assets for higher returns.

The sector pins its hopes on tax harmonization for homebuyers and the granting of infrastructure status to secure inexpensive, long-term funding and promote rental housing in the upcoming Union Budget. Corrective measures, including enhanced governance, streamlined regulatory compliance, and periodic policy adjustments, will ensure cost-effective and timely real estate development. Embracing innovative technology, digitalization, and automation are the new drivers of exceptional customer experiences. Continuous upskilling of the workforce will equip the real estate industry with top-tier professionals.

India stands at the threshold of a transformative growth phase, offering advanced employment opportunities and attractive investment prospects. Globally, the real estate sector’s performance is seen as an indicator of economic growth. Therefore, sustained growth in the real estate sector is poised to elevate India into a self-reliant economic powerhouse.

[niranjanhiranandanioff]

Slum-Free Mumbai: Prioritizing Human Dignity, Health, &vEconomic Growth | Dr. Niranjan Hiranandani

Discover how addressing this issue not only uplifts human dignity but also enhances public health, fosters social cohesion, and stimulates economic growth. With insights on promoting environmental sustainability, Dr. Hiranandani highlights the crucial steps towards creating a more equitable and prosperous city for all. Tune in for a compelling discussion on transforming Mumbai into a beacon of opportunity and inclusivity.