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<keyword id="20503776" type="General" weightage="100" keywordseo="rental-income" source="keywords">Rental income</keyword> in major <keyword id="20026638" type="General" weightage="20" keywordseo="Indian-cities" source="keywords">Indian cities</keyword> has risen by 14.6% every year, and a meager 2.6% on a quarterly basis, said a recent report by Magicbricks, a <keyword id="19895040" type="General" weightage="20" keywordseo="real-estate" source="keywords">real estate</keyword> platform. Explaining the rental income dynamics, Abhishek Bhadra, Head of Research, Magicbricks, noted that with economic activity peaking, they anticipate continued growth in both <keyword id="21466032" type="General" weightage="20" keywordseo="rental-demand" source="keywords">rental demand</keyword> and rents in the short to medium term. "Additionally, the supply of rental units is expected to improve as the stock of under-construction properties nears completion. Overall, the current landscape presents a promising opportunity for landlords and investors, encouraging greater participation in the <keyword id="20052080" type="General" weightage="20" keywordseo="rental-market" source="keywords">rental market</keyword>," said the Head of Research. Rental income is a major source of earning for millions of Indians. <keyword id="19932272" type="General" weightage="20" keywordseo="navi-mumbai" source="keywords">Navi Mumbai</keyword> saw 6.2 % jump quarterly, while Hyderabad (4.2%), and Ahmedabad (4%) exhibited the most significant increase in average rents. In Navi Mumbai, the average rent increased from Rs 28.99 per square feet (psf) per month in Jan-Mar 2024 to Rs 30.78 psf per month in Apr-Jun 2024. Similarly, average rents in Hyderabad increased from Rs 22.01 psf to Rs 22.93 psf per month, while in Ahmedabad, rents rose from Rs 17.25 psf to Rs 17.94 psf per month. The report observed a significant 14.8% quarterly increase in rental demand during this period, following a 16% quarterly increase in the previous quarter. However, the report asserted that the supply has decreased by 2.2% quarterly across the cities due to high absorption rates, leading to a rise in rents. The highest rents are in cities of Mumbai (Rs 82.28 psf) per month, Delhi (Rs 33.72 psf) per month and <keyword id="19919131" type="General" weightage="20" keywordseo="thane" source="keywords">Thane</keyword> (Rs 29.84 psf) per month. The <keyword id="22641758" type="General" weightage="20" keywordseo="Magicbricks-report" source="keywords">Magicbricks report</keyword> further observed that average rents in Greater Noida is Rs 14.52 psf per month, Rs 20.10 psf per month in Noida and Rs 28 psf per month in Bengaluru. With high rental demand and rents, <keyword id="19951618" type="General" weightage="20" keywordseo="residential-real-estate" source="keywords">residential real estate</keyword> continues to be a lucrative investment market. While across the top 13 cities, the average rental yield is 3.6%, investments in Ahmedabad, Pune and Kolkata demonstrated the highest rental yields (3.8%), observed the report.

Rental income in key Indian cities spiked over 14%, says Magicbricks report

<keyword id="6358993" type="UNKNOWN" weightage="20" keywordseo="demand">Demand</keyword> for <keyword id="35519" type="PERSON" weightage="20" keywordseo="home-loans">home loans</keyword> in the mid and high-range segments is on the rise, showed a survey by <keyword id="691108" type="COMPANY" weightage="20" keywordseo="MagicBricks">Magicbricks</keyword>. It showed that that nearly 38 per cent consumers want to take a home loan ranging between ₹30 lakh and ₹1 crore. A total of around 46 per cent of the consumer preference is now in the range of ₹30 lakh-₹1 crore and above category, with most of the demand being generated from the key residential markets of Bengaluru, Hyderabad and Delhi. The Magicbricks report said that the demand revival can be attributed to several reasons like need for an extra room due to 'work from home' (WFH), reduction in circle rates, stamp duty and low interest rates. As per the poll, about 20 per cent prospective home buyers are planning to borrow a home loan between ₹50 lakh and ₹1crore and above category. Commenting on the consumer trend, Sudhir Pai, CEO, Magicbricks, said: "Thanks to the recent initiatives by the Central and the State governments, we are witnessing a rise in demand for home loans for mid-segment and high range properties." "The market sentiment seems to be well aligned to the demand and reflects the same as consumer search data on Magicbricks Home Loans suggests that the average loan amount searched on the platform is ₹34 lakh. This augurs well for the industry and indicates that transactions are picking up gradually across all segments of residential real estate," Pai said. The survey further showed that most of the demand is being generated from the key residential markets of Bengaluru, Hyderabad, Delhi, Mumbai and Pune. Besides home loans, loan against property (LAP) and balance transfer seems to be gaining currency in terms of consumer preference, it said. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/sachin-tendulkar-picks-up-a-strategic-stake-in-edtech-unicorn-unacademy-will-also-develop-a-sports-learning-category-on-the-platform/articleshow/81166377.cms">Sachin Tendulkar picks up a strategic stake in edtech unicorn Unacademy – will also develop a sports learning category on the platform</a> <a href="https://www.businessinsider.in/stock-market/news/heranba-industries-ipo-is-off-to-a-decent-start-heres-why-investment-experts-and-retail-investors-are-excited/articleshow/81169631.cms">Heranba Industries IPO is off to a decent start — Here’s why investment experts and retail investors are excited</a> <a href="https://www.businessinsider.in/defense/news/dassault-aviation-has-an-india-it-services-unit-offering-defence-msmes-a-digital-trial-room-where-they-can-test-their-products-to-bag-more-contracts/articleshow/81183313.cms">INTERVIEW: Dassault Aviation has an India IT services unit offering defence MSMEs a digital ‘trial room’ where they can test their products to bag more contracts</a>

Indians are taking out bigger loans to buy homes in Bengaluru, Hyderabad and Delhi

300 seems to be the magic number these days. And guess, who has achieved this milestone recently—the<a href="http://www.businessinsider.in/searchresult.cms?query=real+estate"> real-estate market</a> major <a href="http://www.businessinsider.in/searchresult.cms?query=Magicbricks">Magicbricks</a>, <keyword id="6355629" type="CITY" weightage="20" keywordseo="Google">Google</keyword> and Group M that is. They had recently organized an online sale by the name The Great Online Homes Festival (GOHF), and it had been a huge success. The organizers could manage to fetch over 500 bookings for properties via this sale and their total worth stands at Rs 300 crore. 
 The property fair which lasted for 10 days received more than 50 lakh visitors from across India. What surprised the organizers was the fact that new markets, apart from Delhi-NCR participated actively in the event. As per a report released by the organizing company, <keyword id="6354925" type="COMPANY" weightage="20" keywordseo="Kolkata">Kolkata</keyword> and Hyderabad are growing as new possibility for the real-estate sector. The response from these markets was at par with cities like Mumbai, Bangalore and Pune. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=Sudhir+Pai">Magicbrics CEO Sudhir Pai</a> in a statement said, "The successful conclusion of GOHF marks an important milestone for the <keyword id="597723" type="UNKNOWN" weightage="20" keywordseo="Indian-real-estate-sector">Indian real estate sector</keyword>. We are overwhelmed by the record-breaking response from customers, which signals a paradigm shift in the customer psyche so far as the decision of online property purchase is concerned. Hopefully, the momentum generated by GOHF will impart the much-needed impetus for improved sales in the <keyword id="6354553" type="COMPANY" weightage="20" keywordseo="real-estate">real estate</keyword> sector in the days ahead." 
 In addition to this, the fair received queries from across India, especially from the cities like Bhopal and Coimbatore in addition to Delhi NCR. <keyword id="806482" type="PERSON" weightage="20" keywordseo="Nitin-Bawankule">Nitin Bawankule</keyword>, Industry Director, <keyword id="45395" type="CITY" weightage="20" keywordseo="Google-India">Google India</keyword> in a statement said, “Real estate purchase journey today begin on the Internet and over the last two years we have seen great traction amongst buyers willing to make purchases online for their dream homes. Success of Great Online House Festival by Magicbricks reiterates, that Internet can unlock the value by overcoming the inefficiencies in the offline model and offering rich, meaningful and immersive experience to real estate buyers on the Internet in both domestic tier 1, tier 2 cities and NRI audiences." 
 
The online fair showcased properties available in different prices starting from Rs 15 lakh to Rs 2 crore with exclusive deals. While queries were generate across all price ranges, online bookings were primarily seen for those ranging between Rs 40 - 80 lakh. 
 <keyword id="368491" type="PERSON" weightage="20" keywordseo="Sachin-Agarwal">Sachin Agarwal</keyword>, Chairman &amp; Managing Director<a href="http://www.businessinsider.in/searchresult.cms?query=+Maple+Group"> Maple Group</a> said that he was extremely delighted with the response that he received from the GOHF. He said, "In a short span of 10 days we sold 40 flats and some more are in discussion for closure for the most upcoming areas of Wagholi Annexe &amp; Chakan Taelgaon projects. We are very surprised that many buyers are from Delhi and Mumbai too, and glad that GOHF took our properties to a national level". 
 
To maintain its leadership position in the market, Magicbricks has announced a slew of strategic measures in the last few months. Various initiatives such as a high-decibel Media campaign, including associate sponsorship in IPL, launch of new sections on the website such as Advice and Map Search, have all helped Magicbricks take a clear lead in its category. 
 
Image: thinkstock

Guess who has raked in Rs 300 crore from bookings? No, we are not talking about Salman Khan-starrer Bajrangi Bhaijaan

India’s overall <keyword id="148704" type="UNKNOWN" weightage="80" keywordseo="property-market">property market</keyword> continues to be depressed with builders sitting on piles of losses and buyers waiting in the hope that home loan rates would drop. There are a handful of green patches in the sea of red. Hyderabad is among the emerging markets, thanks to the investments it has been promised, followed by Chennai, Bangalore and the perpetual rush in Mumbai. 
 However, that hasn’t stunted the rapid growth of <keyword id="2941153" type="UNKNOWN" weightage="80" keywordseo="online-property">online property</keyword> services. More than the numbers, it’s the optimism about changing consumer trends that’s fuelling dreams for these sites. 
 
“Online is currently a small component of the real estate business. We have a long way to go in understanding consumer needs, building confidence and engaging with a larger mass of builders to provide users greater choice, convenience and transparency”, Muralikrishnan B, COO, IndiaProperty.com agrees. 
 
India’s online property market however has boomed with several players like Magicbricks, 99acres, Housing and so on. While investors and entrepreneurs are expecting big returns, won’t the Indian buyer rather play it safe than buy property worth lakhs online, considering that may serve as serious investment or his home? The risk factor is obviously bigger than a smartphone or laptop. 
 
“Property buying has evolved into a hybrid online-offline process. It’s incorrect to assume consumer behaviors would change overnight. However, there would always be room for advisory services that would liberate the power of the internet and mobile to act as valuable research tools and would be free from potential vested interests of brokers”, Muralikrishnan observes. 
 
In its latest report ‘India goes Mobile’, India property claims it saw a 10-40% increase in mobile users searching for property between January 2014 and May this year with a hefty 69% of mobile users and 61% of desktop users between 18-34 of age. 
 
“A majority of these people belong to the upwardly mobile urban professionals who are in their first/second jobs. They have good disposable income and understand the importance of investment and tax saving. While every segment is under-tapped and has a long way to go towards maturity, the bulk still lies in affordable housing”, Muralikrishnan agreees.

Where is
India buying its property?

Well, if you have kept your eyes open while on road you couldn’t have missed ‘Look up’ promotional campaign by Housing.com. The engrossing campaign by the startup founded by 3 alumni from IIT, Mumbai have a record of being in news for all wrong reasons. Believe it or not, the company has spent around Rs 120 crore , much above it’s estimate just to promote its logo, which is apparently inspired from an <keyword id="75489" type="ORGANIZATION" weightage="20" keywordseo="IOS">iOs</keyword> app. Adding to it this time is it’s <keyword id="5645" type="POSITION" weightage="20" keywordseo="CEO">CEO</keyword> <keyword id="536283" type="PERSON" weightage="20" keywordseo="Rahul-Yadav">Rahul Yadav</keyword>’s resignation from the board. A nasty email he wrote to his colleagues was accessed by the media and all the hell broke loose. 
 
In his resignation, Rahul has written: 
 
Dear board members and investors, I don't think you guys are intellectually capable enough to have any sensible discussion anymore. This is something which I not just believe but can prove on your faces also! 
 
I had calculated long back (by taking avg life expectancy minus avg sleeping hrs) that I only have ~3L (hours) in my life. ~3L hrs are certainly not much to waste with you guys! 
 
Hence resigning from the position of Directorship, Chairmanship and the CEO position of the company(sic). I'm available for the next 7 days to help in the transition. Won't give more time after that. So please be efficient in this duration. 
 
Cheers, 
Rahul 
 
And as the letter became viral, social media exploded with sarcasm, criticism and of course choicest abuses against Yadav. 
 
A twitteratti, @GabbarSingh known for mean tweets reacted steadily saying, “IIT brat Housing dot com CEO's resignation letter. And you ask why don't we have an Elon musk.” 
 This was followed by a series of reactions with someone replying, “The only 'innovation' I saw was to plaster the city with his ads. No patents. No <keyword id="6414070" type="ENTERTAINMENT" weightage="20" keywordseo="iron-man">Iron man</keyword> suit. Pshaw!” Someone took this occasion to criticize the app saying, “To be fair, the app was disruptive in its micro-innovations. That it's run by juveniles is another story.” Keeping the fun alive, <keyword id="202428" type="PERSON" weightage="20" keywordseo="Gabbar">Gabbar</keyword> himself replied, “his ego is writing cheques which his product cant encash. Build a fuckin suit.” 
 Yet, this isn’t the first time Yadav has proved how foul mouthed badass he is. Earlier when <keyword id="270604" type="ENTERTAINMENT" weightage="20" keywordseo="Sequoia">Sequoia</keyword>, a <keyword id="6357097" type="COMPANY" weightage="20" keywordseo="venture-capital">venture capital</keyword> fund declined to <keyword id="47916" type="UNKNOWN" weightage="20" keywordseo="invest">invest</keyword> on Housing and instead pumped money in Grabhouse, a rival of Housing, Yadav had sent a nasty email to Shailendra, the MD of the venture capital firm, saying: 
 
“You clearly know what shit you’ve done with multiple entrepreneuers and startups in India with your cheap and dirty tactics.” 
 
The letter ends with Rahul signing off “Go die motherf*****” 
 
And when the hurly-burly is done, the news report in the ET reads, the Housing board consisted of three directors " Yadav, Sharma and Arora. On Tuesday, sources told the ET that the first item on the board's agenda will be the appointment of two new directors "Ritesh Banglani of Helion and Sujan of Nexus " and formalising the appointment of Bullock in place of Arora. 
 Documents accessed by ET show that Yadav owns 4.57% stake in the company. <keyword id="440175" type="COMPANY" weightage="20" keywordseo="Nexus-Ventures">Nexus Ventures</keyword> owns 19%, <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">SoftBank</keyword> 32%, and <keyword id="344650" type="COMPANY" weightage="20" keywordseo="Helion-Ventures">Helion Ventures</keyword> and <keyword id="60126" type="ORGANIZATION" weightage="20" keywordseo="Falcon">Falcon</keyword> Edge about 10% each.. 
 
According to the sources, the board will discuss reporting structure, recent marketing expenditure and acquisitions, the resignation of Arora as well the events involving the Times Group and Sequoia. 
 
Housing competes with CommonFloor, 99Acres and MagicBricks, owned by the owner of this portal in India.

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Rental income in key Indian cities spiked over 14%, says Magicbricks report

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Indians are taking out bigger loans to buy homes in Bengaluru, Hyderabad and Delhi

IANS

Guess who has raked in Rs 300 crore from bookings? No, we are not talking about Salman Khan-starrer Bajrangi Bhaijaan

BI India Bureau

Where is India buying its property?

BI India Bureau

Housing.com ex CEO shows what badass means

BI India Bureau

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