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Demand for homes priced Rs 1 crore and above boosts market in India: Report

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Mumbai, April 24: The demand for homes prices Rs 1 crore and above bolstered the Indian property market in the first quarter this year, preventing overall sales of 65,250 units from hard landing, a report said on Thursday.

Residential sales in Q1 2025 (January-March) experienced only a modest decline and added up to 65,246 units. This limited drop was primarily due to robust demand in the Rs 3-5 crore and Rs 1.5-3.0 crore segments, which helped counterbalance the slowdown in relatively affordable housing, according to a JLL report.

The steady growth in higher ticket size homes indicates increasing affluence among homebuyers, changing lifestyle preferences and buyers prioritising larger and premium properties.

According to the report, housing sales in India’s top seven cities continued to be dominated by Bengaluru, Mumbai, and Pune, which collectively accounted for 66 per cent of Q1 sales.

High concentration of MNCs and startups creating significant employment opportunities and ongoing infrastructure improvements make these cities increasingly attractive places to live and work.

It is interesting to note that over the last few quarters a significant share of quarterly sales volume has been contributed by projects launched during the same quarter.

Q1 2025 was no exception, with around one-fourth of its sales being contributed by quarterly new launches. Launches by reputed developers with assurance of timely delivery and steady price appreciation, are driving the trend, the report informed.

“The residential real estate market is showing signs of a shift in buyer preferences with lowering of demand for less than Rs 1 crore housing and a growing affinity for mid to high-end properties. This as well suggests a potential upward movement in the overall market dynamics,” said Dr Samantak Das, Chief Economist and Head of Research and REIS, India, JLL.

“This upswing in the higher-priced segment demand has shielded the overall housing sales from a sharper decline,” Das added.

Developers are focusing more on mid to high-end projects to align with current demand patterns. High-end housing sector experienced a steady upswing with 107 per cent year-on-year growth in launches of properties priced at Rs 1 crore and above, driven by strong sales in this segment.

Growth in launches despite economic uncertainties signals robust developer confidence in high-end housing demand, said the report, adding that 2025 is poised for robust growth in the residential sector demand.

Business

India’s CPI inflation declines to 8-year low of 1.54 pc in September

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New Delhi, Oct 13: India’s inflation rate based on the Consumer Price Index (CPI) declined to an over 8-year low of 1.54 per cent in September this year, compared to the same month of the previous year, as prices of food items and fuels turned cheaper during the month, according to figures released by the Ministry of Statistics on Monday.

This is the lowest year-on-year inflation after June 2017, and is also lower than the inflation rate of 2.05 per cent for August.

Food inflation continued in the negative zone for the fourth consecutive month and was recorded at -2.28 per cent during September, the figures showed.

“The decline in headline inflation and food inflation during September is mainly attributed to a favourable base effect and the decline in inflation of vegetables, edible oils, fruits, pulses, cereals and egg. Besides, fuels also turned cheaper during the month,” the official statement said.

The inflation outlook for 2025-26 has become more benign due to large favourable base effects combined with the good southwest monsoon, healthy kharif sowing, adequate reservoir levels and comfortable buffer stocks of foodgrains. The GST rate cuts, which kicked in on September 22, are bringing down prices across goods which will result in reducing inflation further in the coming months.

The decline in the inflation rate gives the RBI more headroom to continue with a soft money policy by cutting interest rates and injecting more money into the economy to spur growth.

The RBI’s monetary policy committee (MPC) on October 1 slashed its forecast for India’s inflation rate for the financial year 2025-26 to 2.6 per cent from 3.1 per cent in August primarily on account of the GST rate cuts and benign food prices.

RBI Governor Sanjay Malhotra said, “The recently implemented GST rate rationalisation would lead to a reduction in prices of several items in the CPI basket. Overall, the inflation outcome is likely to be softer than what was projected in the August monetary policy committee resolution, primarily on account of the GST rate cuts and benign food prices.”

Addressing journalists after the MPC meeting, Malhotra said that the “overall inflation outlook has turned even more benign in the last few months.”

The RBI Governor pointed out that headline CPI inflation declined to its eight-year low of 1.6 per cent year-on-year in July 2025 before rising to 2.1 per cent in August – its first increase after nine months. Benign inflation conditions during 2025-26 so far have been primarily driven by a sharp decline in food inflation from its peak of October 2024.

Inflation within the fuel group moved in a narrow range of 2.4-2.7 per cent during June-August. Core inflation remained largely contained at 4.2 per cent in August. Excluding precious metals, core inflation was at 3.0 per cent in August.

The RBI Governor further stated that the current macroeconomic conditions and the outlook has opened up policy space for further supporting growth.

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Mumbai’s Chembur & Malabar Hill To Undergo ₹4,800 Crore Redevelopment By Bengaluru-Based Builders

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Mumbai: A Bengaluru-based real estate developer, Puravankara Ltd, has announced two major redevelopment projects in Mumbai, adding significant weight to its western portfolio in the first half of the current financial year. The company, which has also added two projects in Bengaluru, has recorded a total gross development value (GDV) of ₹9,100 crore across all four projects.

In Mumbai, Puravankara has bagged a marquee redevelopment project in the upscale Malabar Hill area of South Mumbai. Spread across 1.43 acres, the project will offer 0.7 million square feet of development potential, valued at around ₹2,700 crore.

The second project is located in Chembur and involves 1.2 million square feet of development on 4 acres of land, carrying an estimated value of ₹2,100 crore. Both projects are part of Puravankara’s strategy to strengthen its redevelopment footprint in Mumbai’s prime and emerging residential zones, according to a report by HT.

“Our growth momentum remains strong, supported by sustained demand and timely project execution,” said Ashish Puravankara, Managing Director of Puravankara Ltd. “In the first half of FY26, we expanded our portfolio with over 6.36 million square feet of developable area worth around ₹9,100 crore.”

The company reported pre-sales of ₹1,322 crore in the July–September quarter of FY26, up 4% from ₹1,270 crore last year. For the first half of FY26, total pre-sales stood at ₹2,445 crore, also reflecting a 4% increase. The average realisation improved to ₹8,814 per sq ft in Q2 FY26, up 7% year-on-year.

Industry experts note that Mumbai’s redevelopment market continues to attract strong interest from national developers, thanks to rising property prices and limited land availability. With its Malabar Hill and Chembur projects, Puravankara is positioning itself as a key player in the city’s high-value redevelopment segment.

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BLS International shares crash 17 pc after MEA bars company from new tenders for 2 years

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Mumbai, Oct 13: Shares of BLS International Services plunged sharply on Monday after the Government barred the company from participating in future tenders of the Ministry of External Affairs (MEA) and Indian Missions abroad for the next two years.

The stock crashed as much as 17.85 per cent to hit a 52-week low of Rs 277 apiece on the Bombay Stock Exchange (BSE).

The MEA had issued the directive on October 9, restricting BLS International from bidding for new tenders.

However, the company clarified that the order will not affect its ongoing contracts or financial performance.

“This development does not impact the company’s current financials or ongoing operations. All existing contracts with Indian Missions across the globe remain valid and continue to operate as scheduled,” BLS International said in a regulatory filing.

“Additionally, the order will not have any significant bearing on the company’s financial outlook,” the firm added.

The company added that it is working to resolve the issue and considers it a procedural development within the visa outsourcing industry.

“We remain confident of a constructive resolution in due course,” the company stated.

In the first quarter of FY26, Indian Missions contributed around 12 per cent to BLS International’s consolidated revenue and about 8 per cent of its EBITDA.

Despite its recent fall, BLS International has been a strong long-term performer. The stock has declined 21 per cent in the past month, over 24 per cent in three months, and nearly 40 per cent so far in 2025.

However, it has still gained 17 per cent in two years and delivered a massive 1,455 per cent return over the past five years.

During the early trade, BLS International shares were trading 14.40 per cent lower at Rs 288.65 on the BSE.

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