30, Nov 2023
Datamatics Earns Prestigious “Forbes Asia Best Under A Billion Award 2023”
Mumbai, 30th November 2023 – Datamatics is thrilled to announce its recent recognition with the esteemed “Forbes Asia Best Under A Billion Award 2023”. The prestigious award ceremony concluded on November 21, 2023, at the Conrad Manila in Manila, Philippines.
Datamatics Global Services, along with its group company Lumina Datamatics, has consistently delivered outstanding results, reflecting a commitment to excellence and innovation in the competitive landscape around the world.
Forbes Asia’s Best Under A Billion list showcases the top 1% of 20,000 listed companies in Asia with annual sales under $1 billion that have demonstrated exceptional corporate performance through a combination of quantitative and qualitative metrics, marking them as a truly select group.
Mr. Sameer L. Kanodia, Managing Director & C.E.O., Lumina Datamatics and Director at Datamatics, while accepting the award at the ceremony held in Manila, Philippines, expressed “We take pride and are honored to receive the Forbes Asia Best Under A Billion Award 2023. This award is a reflection of our relentless pursuit of corporate excellence. I take this opportunity to thank all our stakeholders, including our fellow employees, customers, and shareholders for being an integral part of our growth journey.”
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- By Rabindra
30, Nov 2023
Italian Delights to Asian Flavours: All Saints Launches a Tempting Multicuisine Menu
Mumbai, November 30th: Brace yourselves, Mumbai! All Saints, the culinary maestro in the heart of Khar, is about to redefine your dining experience with a new menu that’s nothing short of a gastronomic carnival!
All Saints’ latest menu is an explosion of flavours, where every bite is a passport to a culinary adventure. This new culinary journey is a testament to the best of multi-cuisine, a harmonious fusion that transcends borders and celebrates the rich tapestry of global flavours.
Ketul Parikh, co-owner of All Saints, states that “we believe in constantly evolving, and the new menu is a testament to our commitment to innovation and the pursuit of culinary excellence. It’s not just about offering a variety of dishes; it’s about creating a culinary narrative that reflects our dedication to keeping our patrons excited, engaged, and continuously delighted with fresh, vibrant flavours.”
Say hello to salads that dance on your taste buds, from the refreshing Classic Saints Watermelon Salad to the bold Tuna Nicoise Salad with its lemony zing. Hold on to your taste buds as the Open Toast section takes you on a rollercoaster of flavours! Mutabal Focaccia and Ceviche Avocado Toast are not just dishes; they’re bursts of ecstasy on sourdough. Pizza lovers, rejoice! The new menu boasts creations like the Burrata de Buffala and the Truffle Cream & Wild Mushroom masterpiece. It’s not just a pizza; it’s a slice of heaven.
But wait, there’s more! The Wild Mushroom Truffle Bao and Salmon Ponzu are your tickets to an Asian flavour fiesta. Sushi enthusiasts, buckle up! Crunchy Vegetable Maki and Rainbow Maki are not just rolls; they’re bites of bliss that’ll make your taste buds dance. The Small Plates section is a carnival of delights, with Butter Poached Crispy Potato and Wings Factory adding a dash of thrill to your culinary journey. Pasta & Risotto? It’s not just a dish; it’s an art form at All Saints. Tortellini Al Fungi Italy and the Make Your Own Pasta experience are like personalised love letters to your taste buds. Large Plates take you on a joyride with the Medley of Mushroom Stroganoff and the Seafood Platter with Lemon Chilli Butter – a feast fit for royalty. XO Fried Rice and Udon Noodles are your tickets to a flavour-packed adventure. And now, the sweet finale! Sin Bowl of Joy and Baked Cheesecake with Seasonal Fruits – desserts so divine they’ll make your heart skip a beat.
Gaurav Parikh, co-owner of All Saints, goes on to add that“our latest menu at All Saints is a celebration of shared enthusiasm and a commitment to elevate your dining experience. With each new dish, we invite you to join us in the excitement of culinary exploration, where every bite is an adventure waiting to be savoured.”
So stop by All Saints and indulge in the magic of their new multi-cuisine menu, where every bite tells a story, and every meal is an exploration of extraordinary flavours that leave an indelible mark on your palate
30, Nov 2023
Elevate Your Child’s World with Thoughtfully Designed Furniture and Accessories!
Creating the right ambiance for your kids’ room is not Child’s play. Sourcing the right decor elements for the room that mesmerizes your child can be a daunting task. Smartsters the Mumbai-based kids home decor brand offers perfect solutions for all the decor needs. With a deep understanding of the needs of growing children, from age 3 onward, through the teenage years, and until they are fully grown adults. Smartsters aims to facilitate problem-solving skills, enhance language abilities, and strengthen the imagination.
Smartsters has a large range of innovatively designed, child-safe products such as beds and bunks, study tables, storage units, tables, chairs, mattresses, bedsheets, comforters, cushions, lamps, and more.
“At Smartsters, we create furniture and decor products designed for kids. Smartsters is a labour of love—the result of a deeply empathetic approach to childhood. Home is where our children spend the most time. The design of children’s indoor spaces plays an important role in their overall development. When designed well, children’s furniture and decor can spark curiosity and imagination, enable concentration, help children channel their energies, and self-regulate their emotions. At Smartsters, our mission is to support the holistic development of children and equip homes for happy, free-thinking, wondrous childhoods!” says Bikram Mittra, Design Head at Smartsters.
“I realized there was a gap in the market for functional yet thoughtfully designed furniture in the kids segment that was well-priced. Our goal at Smartsters therefore is to serve parents and provide them with well-designed decor, furniture, furnishings, and bedding items under one roof through Smartsters so as to make their lives easier and
provide their children with a healthy and playful environment to grow up in,” says Ashni Biyani, founder and director of Think9 Consumers, a co-creation platform that launched Smartsters.
There are three design pillars that form the very foundation of Smartsters.
1. Involves telling stories through their products
2. Strong design fundamentals such as perfect proportions and geometric flow
3. High ergonomics that are designed around a growing child, factoring in reach,
height, as well as comfort.
Besides this, Smartsters incorporates the required safety standards into each product; for example, all of their products have rounded edges to prevent injury.
30, Nov 2023
PhonePe’s Indus Appstore powers up, onboards major game developers
- MPL, Dream11, Nazara Technologies, A23, RummyCulture, RummyTime, Junglee
Rummy, Rummy Passion CardBaazi, Taj Rummy, and more have partnered with the Indus Appstore - Zero In-app Commissions and Localized Reach: Game-Changing Features Excite Developers
National, November 30, 2023: PhonePe’s Indus Appstore, India’s very own Android-based mobile app store, announces the onboarding of leading game developers, revolutionizing the gaming experience for users across the nation.
In a groundbreaking move Dream11, Nazara Technologies, A23, MPL, Junglee Rummy, Taj Rummy, Rummy Passion, RummyCulture, RummyTime, and CardBaazi have partnered with the Indus Appstore.
This partnership promises to enhance the gaming experience for millions of users, providing a diverse range of quality games that align with Indus Appstore’s commitment to diversity and innovation.
PhonePe’s Indus Appstore’s commitment to supporting developers is highlighted by the zero commissions on in-app payments, a stark contrast to other app stores charging hefty fees ranging from 15-30%. This revolutionary move empowers developers to focus on crafting immersive gaming experiences without financial constraints. Additionally, the platform’s localization feature ensures that these games can now reach every corner of India, offering content in the language of the user’s choice.
Speaking on the partnership Akash Dongre, Co-founder of Indus Appstore, said “We are thrilled to welcome these gaming giants to the Indus Appstore family. Their expertise and commitment to delivering top-notch gaming experiences align seamlessly with our vision. Together, we look forward to crafting the next growth story in the Indian gaming industry.”
Partner Quotes
● Sunit Warraich (CEO), CardBaazi: “With Indus Appstore, we’re set to redefine the card gaming sphere, providing not just entertainment but a commitment to fair and rewarding interactions for players. With Cardbaazi’s immersive gameplay and Indus Appstore’s supportive environment, we’re excited to offer an unmatched card gaming escapade, enriched by zero commission on in-app purchases, fostering a community passionate about fair play and
enjoyment.”● Manish Shrivastava (VP Marketing), MPL: “Being a platform that has an enviable roster of games, MPL’s aim is to make gaming accessible to people all across the country, giving users the opportunity to play games of skill that they’d want. Partnering with Indus Appstore will help us reach out to the India we are building for.”
● Amandeep Singh (CMO), Rummy Passion: “We are looking forward to scale our product, Rummy Passion, on the Indus Appstore and are eager to explore the significant growth opportunity that awaits us. Indus Appstore’s India-based Support Team stands out, offering real-time and dedicated support—an invaluable resource ensuring seamless user experience. We believe this partnership will help us drive widespread user product adoption and engagement.”
● Pratik Sahu(AVP Marketing), Gameskraft: “Partnering with Indus Appstore will open avenues to reach the newer audience for Gameskraft. Their ingenious video-led app discovery experience will help spark a significant wave of awareness for our apps. We are looking forward to being part of India’s first appstore and reaching a wider audience.”
● Sudhir Kamath(COO), Nazara Technologies: “Our dedication to bringing diverse gaming experiences to players across different platforms aligns perfectly with Indus Appstore’s vision of empowering users with a variety of quality apps. We’re thrilled to join this innovative platform, further expanding our reach and offering our engaging games to a broader audience.”
● Bhanuchander B (Head of Marketing), Taj Rummy: “Indus Appstore’s distinctive advantage of Localized App Listing resonates deeply with us—it’s a bridge to connect with Bharat by embracing their language and culture. This tailored approach amplifies our reach, offering a more personalized gaming experience. Together with Indus Appstore, we’re poised to elevate the joy of rummy gaming, ensuring our platform resonates authentically with diverse audiences.”
● Sudarshan (Senior Director, Acquisition), A23: “We’re thrilled to join forces with Indus Appstore and are excited about unleashing our gaming experiences to a broader audience. With targeted advertising solutions, we’re poised to reach the right users, engage effectively, and drive conversions. Join us in this exciting journey as we captivate audiences and elevate the gaming experience with Indus Appstore’s tailored advertising solutions”
30, Nov 2023
FinEdge crosses 1000 crore of Asset under Management
India, November 30th, 2023: FinEdge, India’s leading tech-enabled investment management company has achieved a major milestone of managing over 1000 crores of goal-based investments for its 18,000 clients spread across 1800 cities in the country. This significant milestone marks a testament to FinEdge’s innovative bionic business model and proprietary tech-led Dreams into Action Investing platform. Since its inception, FinEdge has pioneered the use of technology and human expertise and has established itself as the world’s first wealth tech company to introduce Bionic investing.
Speaking on the achievement, Mr. Harsh Gahlaut, CEO, FinEdge said, “We have used the last few years to develop our tech platform and software to provide exceptional value to our clients. Along with this 1000 crore milestone, we have completed the design and development of all our tech tools and are now looking at scaling up with an aim to onboard 1,00,000 clients over the next few years. The combination of cutting-edge technology and investment experts to not only manage investments but also investment behavior is unique and ensures that we create a generation of better investors.”
Mayank Bhatnagar, Co-Founder & COO of FinEdge, highlighted the company’s unique value proposition, stating, “Our bionic business model has been exceptionally well received by our clients, reflected in the recommendations and referrals we get. Over the next 5 years, we aim to get to 1,00,000 clients from the current 18,000.”
Industry Recognition and Support
Several industry stalwarts came together to congratulate FinEdge on the momentous milestone of achieving 1,000 crores of AUM.
- Nilesh Shah, Managing Director, Kotak AMC: “The company’s ‘Dreams into Action’ platform is another feather in their cap. It revolutionizes the investment process, making it accessible and interactive. Coupled with their top-notch team that provides hyper-customized financial solutions, they set an example for others in the industry,”
- Kalpen Parekh, MD at DSP Investment Managers: “FinEdge has achieved this by bringing a human touch in their interactions with investors around things that matter to consumers – their objectives & life purpose, their dreams, their anxieties and how money and right investing can help them achieve their goals.”
- Radhika Gupta, Managing Director & CEO of Edelweiss Mutual Fund: “By consistently prioritizing their clients and providing investment platforms that cater to individual financial goals, FinEdge empowers people to achieve their aspirations. As we celebrate this remarkable milestone together, it serves as a reminder that the road to success is paved with vision, hard work, and an unwavering commitment to delivering exceptional value. Your ambitious goal of surpassing 1 Lac Cr AuM in the next decade is truly exciting, and we are eager to continue providing our support at every step of your journey”.
The Future of FinEdge: Creating a Generation of Better Investors
FinEdge’s future plans revolve around achieving client-centricity with technology and people being key enablers. The company aims to scale up to 100,000 clients by 2028 with Assets under Management (AUM) at 10,000 crores. Additionally, the founders remain committed to a scalable, conflict-free business model aligned with their core purpose.
“Over this long journey, the organization needs to ensure that our beliefs are aligned with our clients, and we leverage our proprietary technology platforms and our investment managers to ensure that our clients create wealth by staying invested. Investing resilience is not easy, it requires exceptional processes, products, purpose, and investing experts to customize investment solutions so that investors can meet their financial goals. FinEdge is perhaps the only tech-led investing platform that encompasses all of these enablers that empower investors to reach their goals”, added Gahlaut.
Mayank Bhatnagar concluded, “We at FinEdge are extremely proud of our client-centric values. Our motto, people before products, reflects our core values. As an organization, we don’t have any product, revenue, or sales targets to protect what we believe in. We look forward to the next 10 years with excitement and anticipation.”
Democratizing Investing and Addressing Key Industry Challenges
FinEdge aims to democratize investing and address significant challenges faced by the masses, such as the ‘recommendation trap,’ the scale vs. relationship paradox, and conflicts of interest in robo-advisory platforms. The company’s goal-based investment strategies focus on aligning clients with their objectives, ensuring a holistic and personalized wealth management experience. Despite being a completely digital platform, FinEdge places great importance on nurturing relationships and providing guidance to investors throughout their journey. The company emphasizes investing resilience to combat issues like the ‘recommendation trap’ and investor return disparities.
30, Nov 2023
Radware Report Finds the Downtime Cost of an Application DDoS Attack Averages $6,130 Per Minute
- 31% of organizations experience DDoS attacks on a weekly basis
- 46% of organizations see web application attacks on a daily or weekly basis
- 66% of organizations would not be very surprised if their APIs were breached tomorrow
NEW DELHI, India / MAHWAH, N.J., – November 30, 2023
Radware® (NASDAQ: RDWR), a leading provider of cyber security and application delivery solutions, today released its new report, Application Security in a Multi-Cloud World 2023. The survey, which was conducted with Osterman Research, reveals the escalation of threats against web applications and increased security concerns about hybrid cloud infrastructures and API usage. At the same time, organizations struggle with low levels of security preparedness.
KEY FINDINGS
Frequency of Application Attacks Rise
The report reveals a surge in the frequency of bot, application, API, and DDoS attacks against applications over the past 12 months. During the past year, application attacks have become the most frequently occurring attack on a daily basis, jumping from 4% in 2022 to 23% in 2023.
- Almost half of organizations (46%) experience web application attacks daily or weekly.
- Nearly one-third (31%) of organizations face DDoS attacks weekly.
- Downtime due to a successful application DDoS attack costs organizations an average of $6,130 per minute.
Lack of Confidence Plagues Increased API Usage
While the use of internally developed and third-party APIs may be inextricably tied to core business processes, outcomes, and thus measures of business success, they are also a cause for anxiety for most organizations.
- More than 87% of organizations report they are developing and using more APIs as an essential element of their modern application strategy. Yet, nearly three out of four respondents (74%) lack confidence that their internally developed APIs are protected against security threats that lead to unauthorized data access, exposure of application logic, and data breaches.
- Nearly all organizations (99%) make extensive use of third-party APIs or code, with 68% using more than 11 third-party APIs for each web application. Despite widespread usage, 64% of respondents would not be very surprised if they experienced a supply-chain breach via third-party APIs or code tomorrow.
“Companies continue to admit to looming security challenges and struggle with a lack of readiness when it comes to protecting their applications and infrastructure,” said Haim Zelikovsky, vice president of cloud security services at Radware. “Threats against applications are increasing in frequency and severity. Compounding these threats is marked concern over multi-cloud security, the weak protection of internally developed and third-party APIs, and subpar defenses against application DDoS attacks.”
Public Cloud Security Takes a Hit
Between 2022 and 2023, the survey shows a marked increase in concern over public cloud security. The inability to achieve consistent security policies surfaced as the problem that grew the most during the last year. In 2023, more than half of respondents (56%) rated inconsistent security policies a problem or extreme problem, up from 26% in 2022. Other areas respondents ranked as problems or extreme problems include:
- Protection coverage between platforms: 61% in 2023 compared to 38% in 2022
- Unified visibility: 58% in 2023, up from 41% in 2022
- Centralized management: 46% in 2023, compared to 34% in 2022
Companies Rethink Hybrid Environments
While every organization relies on at least one public cloud platform, approximately 70% also report using private cloud services and on-premises data centers for hosting applications.
- Almost half (46%) of organizations use all three environments in parallel, creating a complex situation where strong cross-environment administration, management, and security are essential.
- Despite the ongoing discussion about “the great cloud migration” and the abandonment of on-premises environments, approximately three-quarters (73%) of organizations not only still use these environments but expect usage to increase in the next 12 months.
- During the next 12 months, the use of public clouds for hosting applications is expected to consolidate around one or two public clouds.
Methodology
The survey includes responses from senior DevOps and DevSecOps administrators, application and cloud security architects, senior network security administrators, and vice presidents of research and development, among other security roles. It was conducted in 10 countries across the Americas, APAC, EMEA, and LATAM.
30, Nov 2023
Comment on Anarock Luxury Housing Report
Mr Ashwin Chadha, CEO, of India Sotheby’s International Realty
The surge in new opportunities in various sectors like global manufacturing in India, rising exports, and a robust startup ecosystem has strengthened economic momentum and contributed to wealth creation in the country.
This, in turn, has led to an increase in the number of wealthy individuals in India, with the noteworthy trend of a declining average age among billionaires. The emerging generation of young and affluent individuals are investing their wealth in ultra-luxury properties. Even celebrities like Alia Bhatt and Suhana Khan have invested in flats and farmland respectively.
Subsequently, old and traditional business families are showing a willingness to invest in expansive ultra-luxury properties, resulting in a notable uptick in both demand and transactions within this segment.
As the number of billionaires in India is projected to grow significantly, over 100% growth by 2027, the demand for ultra-luxury properties is anticipated to sustain its upward trajectory.
30, Nov 2023
Godrej Capital Nirmaan enhances its offering; partners with DBS Bank India, Visa, and Amazon to aid MSME growth
Mumbai: Over the last decade, significant strides have been made in reducing the credit gap for small businesses in India. However, securing credit is only one of the many challenges faced. It’s a long list, but growing sales amidst intense competition, efficient cash flow management, scarcity of skilled manpower, the uphill task of an ever-changing technology landscape, and grappling with legal and compliance norms due to limited resources and know-how are right up there along with timely credit at good terms.
Amidst this backdrop, the Godrej Group, with a rich history of over 125 years in Indian business, stands poised to tackle these challenges. Rooted in the ethos of ‘nation-building’ and fortified by the trust of Indian consumers in the brand Godrej, Godrej Capital is betting bigger on its Nirmaan platform by significantly expanding its collaborative network. Partnerships with industry stalwarts such as DBS Bank India, Visa, Amazon, and others underscore Godrej Capital’s commitment to providing growth opportunities for MSME owners. These collaborations are designed to empower MSMEs, offering a diverse array of value-added services and comprehensive support throughout their business journey. In a testament to its commitment, Nirmaan has expanded its collaborative model to include 13+ partners, aligning with a vision to actively contribute to the growth of MSMEs in the dynamic landscape of the Indian financial services sector.
The platform aims to foster growth revolving around three critical areas for MSMEs:
· Expansion of customer base
· Streamlining of operations
· Enhancement of employee productivity
Speaking about the partnership, Manish Shah, MD & CEO at Godrej Capital, said, “We are delighted to expand our partner ecosystem, reinforcing our commitment to help MSMEs grow, through Nirmaan. We aim to be catalysts and help MSMEs beyond lending by being a part of their business growth journey. Aligned with the Godrej Group’s nation-building ethos, we see ourselves as enablers and we firmly believe that, with the collective commitment and services provided by our partners, we can make a difference and contribute towards making India a 5 trillion-dollar economy.”
This partnership will enable DBS Bank India to offer MSMEs access to a comprehensive suite of value-added services, featuring a customized current account. Businesses registered with Nirmaan can enjoy exclusive benefits that go beyond the regular suite of offerings such as – a 1-year waiver on Minimum Average Quarterly Balance non-maintenance fees, seamless integration with Tally ERP for connected banking, highly competitive trade and FX pricing, the convenience of a Business Debit Card powered by Visa, and exclusive partner offers, providing holistic financial support for MSMEs.
Commenting on the partnership, Rajat Verma, MD and Head of Institutional Banking Group, DBS Bank India, said, “Leveraging our local market insights and deep understanding of business realities, DBS Bank India has created an innovative offering with Godrej Capital Nirmaan. We have designed an exclusive set of benefits for MSMEs on Nirmaan that will help free up cash flows through special fee waivers on the current account variant, along with a host of partner offers to enhance business agility. The partnership underlines our commitment to empowering MSMEs across India to unlock their growth aspirations.”
Visa, a global leader in digital payments, will provide comprehensive payment solutions for MSMEs through the Nirmaan platform. Its extensive network and global acceptance will also support DBS Bank India’s specially curated offerings for Nirmaan users.
Sujai Raina, Vice President and Head – Business Development, India, Visa said, “We are delighted to collaborate with Godrej Capital Nirmaan and DBS Bank India to offer comprehensive payment services to small businesses in India. MSMEs are vital to the socio-economic and inclusive growth of the country, and Visa helps them unlock opportunities and value with its solutions. We are facilitating the DBS Current Account with a Business Debit Card offering specially curated for Nirmaan users, that allows MSMEs to make payments seamlessly, thus enabling them to drive business priorities and growth imperatives”.
Amazon’s partnership with Nirmaan will help MSMEs showcase and sell their products to customers across India by listing them on Amazon.in. It will additionally help open the door to global markets, with a three-month subscription to Amazon’s e-commerce exports program called Amazon Global Selling. Nirmaan users will also be able to get free-of-cost access to website creation and omni-channel inventory management solutions from Smart Commerce by Amazon until March 2024.
Speaking on the partnership, Gaurav Bhatnagar, Head of seller Acquisition at Amazon India said, “Amazon is deeply committed to forging partnerships with MSMEs to address the ever-evolving customer landscape, with a focus on our three fundamental pillars: selection, value, and convenience. Through our collaboration with Godrej Capital Nirmaan, we aim to bring the benefits of digitization and e-commerce closer to MSMEs. They will be able to leverage Amazon to showcase and sell their products to customers across India and capitalize on export opportunities. They will also be able to digitize their day-to-day operations through omni-channel inventory management solutions. We believe that such collaborations will help MSMEs serve their customers with unparalleled dedication and grow their business excellence.”
In addition to the existing partners Onsurity, Zolvit, and MSMEx, the new partners – GeM Tech Paras, Escrowpay, GreytHR, and Serapis Knowledge Solutions – will provide MSMEs with access to a wider range of solutions to help them grow their businesses.
Focusing on overall value creation through ecosystem development and partnerships, Godrej Capital Nirmaan aims to contribute towards the entrepreneurial and socio-economic development of the MSME sector in India, ultimately contributing to the growth of the economy and nation-building. The platform goes beyond lending offerings and provides value-added services encompassing business growth opportunities, ease of business, and knowledge and network avenues.
30, Nov 2023
Canara Bank raises Rs 5000 crore in Long Term Infrastructure Bond, Series II Bonds 2023-24
Bengaluru,30 Nov 2023: Canara Bank in its issuance of Long Term Infrastructure Bonds has raised Rs. 5,000 crores, at a coupon rate of 7.68% per annum. The issue received an overwhelming response from investors, with bids for more than Rs. 12,450 crore against a base issue size of Rs 1,000 crore and a green shoe option of Rs. 4,000 crore.
The Bank’s Long Term Infrastructure Bonds are rated as “AAA/Stable” by CARE Ratings Limited and India Ratings & Research Ltd.
30, Nov 2023
India’s Top 8 Housing Markets Continue to Exhibit Strong Growth: Sales Rise by 22%, New Supply by 17% in July-Sep 2023: PropTiger.com Report
National, 30th November 2023: India’s leading eight residential markets have demonstrated robust growth, with a 22% increase in sales and a 17% rise in new supply during the third quarter of the calendar year (July-September 2023), as per the latest data by PropTiger.com.
PropTiger.com, a leading digital real estate brokerage firm, which is owned by REA India—also the parent of Housing.com and Makaan. com—released its ‘Real Insight Residential – July-September 2023‘ report, highlighting that sales of residential units have climbed to 1,01,220 units in the third quarter from 83,220 units in the same period last year.
All cities, except Chennai, registered a growth in sales, with Mumbai Metropolitan Region (MMR) and Pune accounting for nearly half of the total volume.
The quarterly report by PropTiger.com tracks eight major housing markets, including Delhi-NCR, MMR, Chennai, Kolkata, Bengaluru, Hyderabad, Pune, and Ahmedabad.
Mr. Vikas Wadhawan, CFO of REA India and Business Head of PropTiger.com remarked, “The housing markets in the top eight cities continue to gain momentum. The strong demand is bolstered by positive consumer sentiment.”
Mr. Wadhawan noted factors like pent-up demand, increased disposable income, stable interest rates, and renewed investor demand as key drivers of the sales growth.
Sales (Q3’23 vs Q3′22):
|
Sales Quarterly |
|||||
|
City |
2023 |
2022 |
QoQ |
YoY |
|
|
Q3 2023 |
Q2 2023 |
Q3 2022 |
|||
|
Ahmedabad |
10,300 |
8,460 |
7,880 |
22% |
31% |
|
Bangalore |
12,590 |
6,780 |
7,890 |
86% |
60% |
|
Chennai |
3,870 |
3,050 |
4,420 |
27% |
-12% |
|
Delhi NCR |
7,800 |
3,230 |
5,430 |
141% |
44% |
|
Hyderabad |
14,190 |
7,690 |
10,570 |
85% |
34% |
|
Kolkata |
3,610 |
1,940 |
2,530 |
86% |
43% |
|
Mumbai |
30,300 |
30,260 |
28,800 |
0% |
5% |
|
Pune |
18,560 |
18,840 |
15,700 |
-2% |
18% |
|
India |
1,01,220 |
80,250 |
83,220 |
26% |
22% |
Source: Real Insight Residential – July-September 2023, Housing Research
*Note: Numbers rounded off to the nearest thousand.
PropTiger.com data show that Y-o-Y housing sales in Ahmedabad have risen 31 percent to 10,300 units from 7,880 units. Sales in Bengaluru have registered the maximum growth of 60 percent to 12,590 units from 7,890 units. Delhi-NCR recorded sales growth of 44 percent to 7,800 units from 5,430 units. Hyderabad has witnessed a 34 percent growth in sales to 14,190 units from 10,570 units. A 43 percent growth in sales has been seen in Kolkata to 36,10 units from 2,530 units. Sales in Mumbai have witnessed only a modest 5 percent increase to 30,300 units from 28,800 units because of a higher base. Sales in Pune have grown 18 percent to 18,560 units from 15,700 units. Chennai is the only market that registered a decline in sales with unit sales dropping by 12 percent to 3,870 units from 4,420 units.
Mr. Wadhawan added “the market is consolidating with demand centering around reputed developers, which instils new-found confidence in homebuyers, particularly for under-construction projects. This was not the case a few years ago.”
In the Q3 period, 14% of units sold were ready to move in, and 31% of sales occurred in the above Rs 1 crore price segment.
Ms. Ankita Sood, Head of Research at PropTiger.com, Housing.com, and Makaan.com, said “ Despite global challenges, property markets in India are looking up across cities. We are in the midst of a residential real estate upcycle, with the July-September quarter, seeing a surge in property sales by 22 percent and new launches registering a 17 percent Y-o-Y growth. We anticipate the festive season to further boost sales, potentially pushing annual figures to new heights.”
Ahmedabad leading the new supply:
|
New Supply Quarterly |
|||||
|
City |
2023 |
2022 |
QoQ |
YoY |
|
|
Q3 2023 |
Q2 2023 |
Q3 2022 |
|||
|
Ahmedabad |
16,670 |
21,500 |
8,190 |
–22% |
104% |
|
Bangalore |
14,360 |
8,000 |
14,610 |
80% |
-2% |
|
Chennai |
3,700 |
4,630 |
3,930 |
-20% |
-6% |
|
Delhi NCR |
6,810 |
4,240 |
6,340 |
61% |
7% |
|
Hyderabad |
20,480 |
11,960 |
27,430 |
71% |
-25% |
|
Kolkata |
3,850 |
3,500 |
2,410 |
10% |
60% |
|
Mumbai |
35,920 |
33,330 |
28,880 |
8% |
24% |
|
Pune |
21,190 |
26,610 |
13,030 |
-20% |
63% |
|
India |
1,23,080 |
1,13,770 |
1,04,820 |
8% |
17% |
Source: Real Insight Residential – July-September 2023, Housing Research
*Note: Numbers rounded off to the nearest thousand.
Regarding new supply, Ahmedabad led the way with significant growth to 16,670 units, while other cities showed mixed trends. However, the overall landscape remained positive, with a 17% increase in launches across the eight markets, amounting to 123,080 new units.
.
