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We highlight this week’s top real estate news:

* Property registration in Mumbai rises 4% YoY to record 126,907 units in CY23: Property registration in Mumbai increased 4% YoY to an all-time high of 126,907 units in CY23 on the back of better demand, according to Knight Frank. The registration number hit a record in CY23, beating previous high of 122,035 units in CY22. The state government collected revenue of INR 108.7bn as stamp duty in CY23 (+22% YoY). In Dec’23, 12,255 units were registered in Mumbai, up 31% from 9,367 units in Dec’22. (Source)

* Godrej Properties purchases c. 4 acre land parcel in North-West Bengaluru: Godrej Properties has purchased a c. 4 acre land parcel on an outright basis. The land is located in Yeshwanthpur abutting the National Highway – 75. The land parcel is estimated to have a developable potential of c. 0.7msf of saleable area comprising primarily of premium residential apartments with an estimated revenue potential of INR 10bn. The estimated revenue potential can increase to INR 12.5bn if another additional 1 acre of land is acquired, making it overall a c. 5 acre parcel. (Source)

* Macrotech Developers 3QFY24 operational update: Macrotech Developers reported its best ever third quarter performance with pre-sales at INR 34 .1bn (+12% YoY; down 4% QoQ) in 3QFY24. It achieved 71% of its FY24 pre-sales guidance (INR 145bn) in 9MFY24. The company received strong response to the launch of its first project in Bengaluru with the first phase sold out in 3 days. Collections came in at INR 25.9bn (down 3% YoY; down 6% QoQ). In 3QFY24, Macrotech Developers added 3 new projects totalling c. 2msf of saleable area and INR 60bn GDV. The company has already achieved c. INR 203bn of new business addition in 9MFY24 (surpassed FY24 guidance of INR 175bn). (Source)

* Sobha 3QFY24 operational update: Sobha reported its highest ever quarterly booking values of INR 19.52bn (+37% YoY; +13% QoQ) of which Sobha's share accounted for INR 17.36bn (+56% YoY; +36% QoQ). Area sold was steady at 1.66msf (+13% YoY). Bangalore achieved its highest ever quarterly sales of 1.25msf with a value of INR 14.99bn. Average price realization came in strong at INR 11,732psf (+15% YoY). Two new projects with a saleable area of 3.84msf were launched during the quarter i) Sobha Neopolis - Spread over 25.89 acres with a saleable area of 3.44msf in Bangalore (comprises 1,875 units with sizes ranging from 660sqft to 2,481sqft) and ii) Sobha Metropolis - Launched phase 3 with a saleable area 0.4msf in Thrissur, Kerala (comprises 160 units with sizes ranging from 1,885sqft to 2,843sqft). Sobha Neopolis, contributed to 54% of overall sales value. (Source)

* Housing inventory in Delhi-NCR falls 23% to 94,803 units at CY23 end: The unsold housing stock saw a 23% yearly decline from approximately 123,692 units by CY22 end to about 94,803 units by the end of CY23 in Delhi NCR. This is the highest annual inventory decline among the top 7 cities, according to a report by Anarock. For the first time in a decade NCR’s inventory is lower than cities like Hyderabad and Pune. High velocity of sales and restricted new supply of residential properties were among the key factors behind the drop in housing inventory. (Source)

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