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Virat Kohli leases out 12 office spaces in Gurugram for an annual rent of Rs 1.27 crore

Virat_Kohli

Kohli leased 12 office spaces totaling 18,430 square feet at the Reach Comercia corporate tower in Gurugram’s sector 68. The rental was set at around Rs 8.85 lakh per month.

Cricketer Virat Kohli has leased 18,430 square feet of office space in Gurugram to business firm Mynd Integrated Solutions for a yearly rental of Rs 1.27 crore, according to documents accessed by CRE Matrix.

According to the documents, Kohli leased up to 12 office spaces totaling 18,430 square feet in the Reach Comercia business skyscraper in Gurugram’s Sector 68 and the sale was locked in at a monthly rate of around Rs 8.85 lakh.

The stamp duty paid in the transaction was Rs 3.83 lakh, with registration costs of Rs 50,010. Mynd Integrated Solutions Pvt Ltd., situated in Delhi, is the deal’s lessee. The purchase was carried out through RCB star player Virat Kohli’s registered General Power of Attorney (GPA) holder, Vikas Kohli, who is also Virat’s brother.

Although the transaction’s stamp-duty registration was completed on June 22, 2023, the deal’s documentation was made public in March 2024. 

The security deposit for the deal was Rs 57.19 lakh, and the starting monthly rent per square foot is Rs 48. 37 parking spaces are included with this workplace space.

There is a nine-year lease and the lease began on March 28, 2023, and the agreement’s rent began on July 1, 2023.

Documents revealed that the agreement called for a five percent annual rent increase and monthly common area maintenance fees of Rs 14 per square foot.

Former Team India captain Virat Kohli and his spouse, actress-producer Anushka Sharma, rented a residence in Mumbai’s Juhu neighbourhood for Rs 2.76 lakh a month in October 2022. Situated close to the Juhu beach region, the apartment boasts a sea view and is housed in the High Tide building.

According to real estate specialists, the high annual rental return that commercial real estate offers in contrast to residential real estate is the main driver of this trend. The amount a property owner makes each year from renting out a property is known as the rental yield.

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Pune Housing Market 2024: Trends, Prices, and Key Insights

Pune Housing Market 2024

Pune Housing Market 2024 has shown strong growth across residential segments, with rising demand, higher property values, and increased activity in key micro-markets. Pune continues to be one of India’s fastest-growing real estate markets. The city has seen steady demand from homebuyers due to its strong IT sector, improving infrastructure, and better connectivity. According to the  “Pune Housing Report – Feb’24’’  report by CRE Matrix, both housing sales and overall market value have increased significantly, reflecting a healthy market.

Pune Housing Market 2024: Key Highlights

Pune Housing Market 2024 recorded strong residential sales, with total housing units reaching 89,347 in CY’23. This marks a significant increase compared to previous years, showing consistent demand across the city.

At the same time, the total value of homes sold rose to ₹57,412 crore, highlighting strong market activity. The average ticket size also increased to ₹64 lakh, indicating a shift towards mid and premium housing segments.

Pune Price and Demand

Demand in Pune has been strong across multiple price segments. The ₹70 lakh to ₹1 crore segment saw high traction, while the ₹1 crore to ₹2 crore segment recorded strong growth.

This clearly shows that buyers are moving towards better quality homes, larger spaces, and improved lifestyle options. As a result, mid and premium housing segments are gaining more importance in the overall market.

Area-wise Insights Across Pune

Pune – Central: Premium-Driven Core Market

Central Pune has emerged as a high-value micro-market with strong premium demand. The region recorded a 146% growth in unit sales and 140% growth in value between CY’19–CY’23.
The average ticket size stands at ₹1.06 Cr, with the ₹2 Cr+ segment leading value contribution, highlighting its positioning as a luxury-dominated market.

North-East Pune: IT-Driven Stable Growth

Locations like Kharadi, Viman Nagar, and Hadapsar continue to benefit from IT-led demand. The region saw 40% growth in unit sales and 73% rise in value.
The ₹1–2 Cr segment is the top-performing category, with an average ticket size of ₹72 lakhs, indicating a strong mid-to-premium demand shift.

North-West Pune: Market Leader

North-West Pune is the largest contributor to Pune’s housing market, accounting for 31% of total value (~₹17,945 Cr).
It recorded 62% growth in unit sales and 127% growth in value, driven by areas like Hinjewadi, Wakad, and Baner.
The ₹1–2 Cr segment dominates, with an average ticket size of ₹78 lakhs, reflecting strong upgrade demand from IT professionals.

South-East Pune: Affordable Housing Stronghold

This region remains affordability-driven with the <₹45 lakh segment leading demand.
It saw relatively moderate growth with 17% increase in unit sales and 57% rise in value.
The average ticket size is ₹59 lakhs, making it attractive for budget buyers and first-time homeowners

South-West Pune: Value Growth Despite Flat Volumes

South-West Pune recorded just 1% growth in unit sales, but 66% increase in value, indicating sharp price appreciation.
The average ticket size rose to ₹77 lakhs, with the ₹1–2 Cr segment leading, showing a clear shift toward premiumization.

Pimpri-Chinchwad: Volume Powerhouse

Pimpri-Chinchwad remains a high-volume, affordable market, with 59% growth in unit sales and 111% rise in value.
The average ticket size is ₹48 lakhs, and the <₹45 lakh segment dominates, making it the key driver of mass housing demand.

Pune Housing Market 2024: Growth Drivers

Pune Housing Market 2024 is seeing strong growth due to multiple factors. The city’s expanding IT sector continues to attract a large working population, increasing housing demand.

Infrastructure development has also played a major role. Improved roads, metro connectivity, and better access to business hubs have made several areas more attractive for homebuyers.

At the same time, buyer preferences are changing. People are now looking for larger homes, better amenities, and improved lifestyle options. This has increased demand in mid and premium segments.

Stable economic conditions and long-term investment potential have also supported overall market growth.

Market Outlook

Pune Housing Market 2024 highlights strong demand, rising property values, and balanced growth across key residential locations. The market continues to attract both end-users and investors, supported by solid fundamentals and ongoing infrastructure development.

Elevate your decisions in real estate as a developer or broker with CRE Matrix‘s data-driven insights. Book a demo now!

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7 Ways Data Analytics Powers Real Estate

Real_Estate_Data_Analytics

Data analytics enables real estate companies to identify trends and make more informed decisions. Here are seven ways data can benefit agents, developers, and buyers.

Data collection and analysis affect almost every aspect of the real estate industry. Traditional business models are evolving as more companies use predictive analytics and algorithms to identify trends and make more informed decisions.  

Let’s take a closer look at how data can help real estate companies analyze and understand the industry. 

1: Geographic Information Systems

Real estate managers can collect, store, and visually display location intelligence, making property hunting easier for buyers and investors. They can quickly assess a location’s profitability using data analytics and machine learning algorithms, taking into account ratings, traffic, occupancy, rental income, and ROI. 

2: Competitor Analysis

In any industry, you should be aware of what your competitors are doing. Real estate investors can use data analytics to research their major competitors and identify the factors that contribute to their success. Big data analysis can provide insight into competitors’ products, services, sales, and marketing tactics, allowing them to identify a unique value proposition and differentiate their products. 

3: Predicting Property Potential

When making a real estate investment, it is critical to have reliable information. Real-time analysis of financial and market data, combined with local building regulations, can provide developers with a more complete picture of the land they wish to purchase. Automating preliminary property analysis with AI can assist developers in determining the potential ROI of a plot of land.

Data can also reveal trends that indicate a higher return on investment and areas that have appreciated significantly in value.

4: Building Management

The Internet of Things (IoT) can be a valuable tool in real estate management. Data from sensors in home appliances and heating and cooling systems can be used for preventative maintenance, alerting property managers to failures and scheduled maintenance requirements before they become an issue. This type of prescriptive analytics improves tenant experience while lowering costs. 

5: Advanced Search

Customers must have specific and accurate information when purchasing real estate. When purchasing a property, data analytics enables realtors and customers to conduct advanced searches using criteria such as location, neighborhood, and crime rate. Before making an offer, users can obtain detailed information on nearby grocery stores, shopping malls, restaurants, and schools, as well as the general safety of the area.

6: Predicting Consumer Behavior

Data analytics can also predict customer behavior. Agents can predict when someone is ready to sell by analyzing data such as mortgage payments, home equity, property age, and length of ownership. Such predictive analytics can provide actionable insights into trends indicating property potential and higher-quality leads. 

7: Modeling Building Performance

To make sound purchasing decisions, investors require detailed information on rental rates, vacancy rates, energy consumption, and maintenance costs. They also need trend data on employment rates and consumer behavior to make commercial investment decisions. Using this information, developers and investors can create 3D models that help them maximize and use space more efficiently.

Powerful Unstructured real estate data analytics

Investing in the right storage solutions is critical for real estate, a dynamic industry that relies on quick analysis of unstructured data like images, videos, and social media content. Traditional storage solutions cannot efficiently categorize and manage this type of data in real estate data analytics Systems must be more powerful to leverage complex housing market data, particularly on a national scale and at the speeds that consumers expect.

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Zomato CEO Deepinder Goyal Purchases 2 Land Parcels in Delhi

Deepinder_Goyal

Zomato CEO Deepinder Goyal has made headlines with his recent purchase of two land parcels totaling around 5 acres in Mehrauli Tehsil, New Delhi, for a sum of Rs 79 crore. The transactions took place in two separate deals, each involving the acquisition of land from different owners and subsequent stamp duty payments.

Details of the Transactions

  • First Transaction (March 28, 2023):
    • Goyal acquired 2.5 acres of land from Luxalon Building Pvt Ltd for Rs 29 crore and paid a stamp duty of Rs 1.74 crore.
  • Second Transaction (September 01, 2023):
    • Goyal purchased 2.53 acres of land from Ravi Kapur for Rs 50 crore, paying a stamp duty of Rs 3.50 crore.

Location and Registration

  • The two plots are situated in the village Dera Mandi of Chhatarpur area, with both transactions being registered at Hauz Khas.

Other Notable Real Estate Deals in Delhi-NCR

  • MakeMyTrip Group CEO, Rajesh Magow, recently acquired a 6,428 square feet apartment in DLF Magnolias, Gurugram, for Rs 33 crore.
  • Genpact CHRO (Chief Human Resources Officer), Piyush Mehta, also made a separate deal for a 6,462 sq ft flat in the same property for Rs 32.60 crore.
  • Additionally, Countrywide Promoters, a subsidiary of developer BPTP Group, bought a 5.24-acre plot near the Dwarka Expressway in Gurugram for Rs 87.27 crore, paying a stamp duty of Rs 6.11 crore for the transaction.

With high-profile individuals and companies making significant real estate investments in the Delhi-NCR region, the market continues to attract attention for noteworthy transactions.

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Green Office Leasing Trends in India

Green Leasing

The green office leasing sector in India has witnessed significant growth and adoption in recent years, with a notable increase in the share of green office leases and the emergence of key market leaders in sustainable practices.

Increase in Green Office Leasing

  • Share of Green Office Leasing: The share of green office leasing in India has surged to 16% in the 2022-2023 period, marking a significant increase from the pre-COVID years.
  • Growth Predictions: The JLL – CRE Matrix report anticipates that the share of green office leasing is expected to reach 20% within the next year, highlighting the growing momentum towards sustainable leasing practices.

Market Leaders and Location Trends

  • Global Capability Centers (GCC): Global Capability Centers and institutional landlords have been at the forefront of driving sustainable practices, accounting for 76% of overall leases.
  • Leading Markets: Hyderabad and Bengaluru have emerged as the leading markets for green office leasing, constituting 64% of the total green lease market in India.

Analysis of Leases

  • The data revealed a substantial increase in leased area, with a 132% rise from 3.7 million square feet to 8.6 million square feet during the 2022-2023 period compared to the pre-COVID years.

Driving Factors and Challenges

  • Sustainable Practices: The joint efforts of asset owners and occupiers have been instrumental in promoting responsible leasing practices in the industry.
  • Challenges: The lack of industry-wide guidance, transparency, legal complexities, and split incentives have been identified as barriers to the widespread adoption of green leasing practices.

Key Aspects of Green Leasing

  • Focus Areas: Green leasing clauses primarily focus on waste management, energy efficiency, and data sharing, with a strong emphasis on reducing carbon footprint and promoting sustainable practices.
  • Energy Efficiency: Multiple clauses are centered around energy efficiency as an important instrument for reducing a building’s carbon footprint.

Expert Insights

  • Samantak Das: Samantak Das, Chief Economist and Head of Research and REIS, India, JLL, highlighted the incorporation of sustainability into the boardroom agenda and the significant progress towards sustainability in the Indian market.
  • Abhishek Kiran Gupta: Abhishek Kiran Gupta, CEO and Co-founder of CRE Matrix, emphasized the potential for green leasing to reach around 20% penetration within the next 1-2 years, with anticipated benefits for both landlords and occupiers.

Future Outlook and Mission

  • Environmental Sustainability: The realty sector is expected to play a key role in achieving environmental sustainability goals, with a shift towards green leasing being a crucial focus for the next two decades.
  • Emission Reduction Targets: India aims to reduce GDP emissions by 45% by 2030 and achieve net zero emissions by 2070, with the realty sector expected to contribute significantly to this mission.

The surge in green office leasing in India reflects a growing commitment to sustainable practices within the real estate sector. While challenges exist, the collaborative efforts of stakeholders and the potential for significant rental arbitrage demonstrate the promising trajectory of green leasing in the country.

As the industry continues to evolve, the adoption of green leasing practices is expected to play a pivotal role in driving environmental sustainability and operational efficiency within the commercial real estate market.

Download the full Report – Green Leasing Office Report

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India Warehousing Sector Growth 2023: Demand, Rents, and Key City Trends

India Warehousing Sector Growth 2023

India’s warehousing sector has emerged as one of the fastest-growing segments within commercial real estate, with 2023 marking a significant inflection point. According to the Grade-A India Warehousing Report 9M CY 23 by CRE Matrix and CREDAI, the warehousing sector surpassed office space demand by 3.5% during the first nine months of the year. This is particularly noteworthy given that the warehousing sector is nearly 25 years younger than the office segment, yet it continues to rapidly close the gap in scale and maturity.

Key Growth Drivers of India’s Warehousing Sector

Multiple structural factors have driven the growth of the Indian warehousing sector in 2023. This includes rising consumption across income groups, expansion of the Production Linked Incentive (PLI) scheme across 14 sectors, and accelerated infrastructure development. As a result, total warehousing demand is expected to reach between 65 and 70 million square feet (msf) by the end of the year. This indicates the sector’s expanding role in India’s economic growth and supply chain transformation.

Rising Rents and Declining Vacancy Levels

A key trend shaping the Grade A warehousing market is the persistent demand-supply imbalance, which has led to a steady increase in rental values. Market rents have risen by 8.3% year-on-year, supported by strong occupier activity and limited availability of high-quality assets. At the same time, vacancy levels have tightened. These have declined by 1.3% compared to the previous year across the top six cities. Pan-India vacancy currently stands at 8.8%, reflecting a healthy market with sustained absorption. Passing rents have reached ₹25.1 per square foot per month. On the other hand, market rents have climbed to ₹26.7 per square foot per month, indicating continued upward pressure on pricing.

Demand-Supply Dynamics in Grade A Warehousing

From a supply and demand perspective, the numbers further reinforce the strength of the sector. During the first nine months of 2023, warehousing demand stood at 25.1 msf, significantly outpacing supply, which was recorded at 19.6 msf. India’s total Grade A warehousing stock has now reached 187 msf. Meanwhile, the gap between demand and supply continues to create favorable conditions for developers and investors focusing on premium logistics assets.

NCR and Pune Lead Warehousing Activity

Regionally, the warehousing market remains highly concentrated, with Delhi-NCR and Pune emerging as the dominant hubs. Together, these two markets contributed 53% of total warehousing demand and 49% of total supply during the year. Their strategic location advantages, strong industrial base, and robust connectivity infrastructure have made them preferred destinations for occupiers across sectors.

Manufacturing Emerges as the Largest Demand Driver

In terms of occupier demand, the manufacturing sector has taken the lead, accounting for 28% of total leasing activity. This is followed by strong contributions from third-party logistics (3PL), e-commerce, retail, and automotive sectors. The prominence of manufacturing highlights the ongoing shift toward domestic production and supply chain localization. This further strengthens the demand for high-quality warehousing infrastructure.

City-wise Warehousing Market Performance

Delhi-NCR

Delhi-NCR continues to be the largest warehousing market in India, with demand reaching 6.5 msf and total stock at 57.5 msf. The region has also witnessed an 11.9% increase in market rents over the past year. This indicates a strong occupier interest and sustained leasing activity across key industrial corridors.

Mumbai Metropolitan Region (MMR)

The Mumbai Metropolitan Region (MMR) commands the highest rental values in the country. The market rates have touched ₹33.6 per square foot per month. The region recorded 6.3 msf of demand and maintains a stable vacancy level of 9.5%, supported by steady growth in consumption and strong port-led logistics activity.

Pune

Pune has emerged as one of the most dynamic warehousing markets. The demand stands at 6.7 msf, and vacancy levels are at a relatively low 7.5%. The city has witnessed a 1.8 times increase in absorption compared to its three-year quarterly average. This is driven largely by the automotive and manufacturing sectors, making it a key logistics and industrial hub.

Bengaluru

Bengaluru stands out for its tight market conditions, with vacancy levels as low as 5.6%, indicating strong demand and limited supply additions. The city recorded 2.9 msf of demand during the period, supported by growth in e-commerce, third-party logistics, and industrial occupiers.

Chennai

Chennai is gaining traction as an emerging warehousing hub, recording 1.5 msf of demand. The city has seen significant supply growth, nearly 1.8 times quarter-on-quarter. Strong demand from the manufacturing sector and industrial occupiers is the primary driving force behind this.

Hyderabad

Hyderabad, while smaller in scale, is steadily evolving as a warehousing market with improving fundamentals. The city recorded demand of 1.2 msf and witnessed a 7.2% increase in passing rents, reflecting growing occupier interest and gradual market maturation.

Overall, the Indian warehousing sector in 2023 reflects strong structural growth, driven by economic expansion, supportive policy initiatives, and evolving supply chain needs. As demand continues to outpace supply, rental values are rising steadily, while vacancy levels are tightening. Consequently, the sector is well-positioned for sustained growth in the coming years. Moreover, as businesses increasingly prioritize efficiency, scalability, and proximity to consumption centers, Grade A warehousing will remain a critical component of India’s commercial real estate landscape.

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Commercial Real Estate Predictions for 2024

Future of commercial real estate

Explore the future of commercial real estate in India through our blog, where we delve into the surge of green leasing, the dynamic world of flex spaces, and key market insights for 2024.

The Rise of Green Leasing

What is Green Leasing: Green leasing involves renting or leasing commercial spaces in buildings that adhere to environmentally friendly and sustainable practices. These buildings are designed to minimize their impact on the environment through energy efficiency, waste reduction, and the use of eco-friendly materials.

In 2024, we foresee a remarkable surge in green leasing, a well-established preference among market clients. Historically, green leases accounted for approximately 15% of total leasing, but this figure is set to soar beyond 25%.

The allure of green buildings is undeniable, prompting landlords to position them as a key differentiator.

Premium Rentals: Green buildings will command a premium rental, with the gap between green and non-green leases widening to 15% in 2024. This underlines the growing emphasis on sustainable practices in the commercial real estate sector.

Flex Leasing

What is Flex Leasing: Flex leasing is a dynamic approach to office spaces that allows businesses to rent flexible and customizable workspaces. These spaces are designed to provide a versatile and adaptive environment, allowing companies to scale their office space based on their needs.

The contribution of flex leasing to total leasing in India is poised to rise from 11% in 2023 to an impressive 15% in 2024.

Major occupiers are expected to explore flex spaces, driven by the need for enhanced flexibility, a better work experience for employees, and increased convenience.

Supply and Demand Insights

Looking at the supply and demand game, Pune and Hyderabad are set to supply 60% of new offices in the next three years.

Why Does This Matter?: It opens the door for cities like Pune, Noida, and Navi Mumbai to offer more affordable options for businesses who aren’t fixed on being in the South.

Hotspots: The Macro Markets of 2024

The pulse of office leasing in India will resonate in five macro markets:

  1. Gachibowli & High-tech City (Hyderabad)
  2. Noida (NCR)
  3. Navi Mumbai (Mumbai Region)
  4. Nagar Road Kharadi (Pune)
  5. Outer Ring Road (Bangalore)

These markets are destined to play a pivotal role in defining the trajectory of office leasing in the country in 2024. Subscribe to CRE Matrix for more in-depth Real Estate Data Analytics.

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Chintels India gives rights to Sobha Group for two land parcels for Rs 121.82 crore near Dwarka Expressway

Chintels buy land parcel

The transaction is the most recent in a series of important land deals in the NCR. The sale transaction was executed on December 22, 2023, and the company paid stamp duty of Rs 6.07 crore for the 5.78-acre plot and Rs 2.45 crore for the 2.06-acre property piece, according to documents.

Chintels India, a Gurugram-based real estate developer, has transferred ownership of two land parcels valued at Rs 121.82 crore and covering a total area of 7.85 acres to listed real estate developer Sobha Ltd in Gurugram, according to documents accessed by CRE Matrix.

Both developers stated that the land parcels were part of their joint venture project, ‘International City’.

According to the documents, one land piece, totaling 5.788 acres, is in sector 108, and the second plot, measuring 2.06 acres, is in sector 109. Both properties are in Babupur village, close the Dwarka Expressway, which is expected to be operational soon.

According to the records, the 5.7-acre land costs Rs 86.82 crore, while the 2.06-acre plot is worth Rs 35 crore. The total worth of both plots was Rs 121.82 crore.

The conveyance deed was executed on December 22, with Sobha Ltd paying a total stamp duty of Rs 8.53 crore for both plots, according to the documents. The company paid stamp duty of Rs 6.07 crore for the 5.78-acre property and Rs 2.45 crore for the 2.06-acre land parcel.

Chintels India was embroiled in controversy after six floors of Tower D in the Chintels Paradiso housing complex in Sector 109, Gurugram, collapsed in February 2022, killing two ladies. Following the incident, a structural safety audit of the housing complex determined that five of Chintels Paradiso society’s nine buildings were “unsafe to live” in.

According to a representative for Chintels India, the 5.7-acre site is the commercial portion of the leased land known as ‘International City’, and it is entirely allocated to Sobha under our existing JD Agreement. Ownership was transferred to Sobha in December 2023, and we received no consideration because it was always part of Sobha’s allocation. The 2.06 acres are the clubhouse of International City, which was originally assigned to Chintels but has since been transferred to Sobha.”

“These transactions are both old and part of our existing JDA for International City and the conveyance has taken place recently post fulfillment of mutual obligations,” stated a representative for the company.

Similarly, a spokeswoman for Sobha Ltd stated that the transaction is part of an old payment of a continuing partnership account, which culminated in the registration of specific land in ‘International City’.

According to experts, the anticipated opening of the 26.7 km Dwarka Expressway, which connects Dwarka in New Delhi to the Kherki Dhaula toll plaza on NH-48 in Gurugram, has made this area one of the most sought-after micro markets in the National Capital Region, with several new projects emerging in recent years.

The land transaction is the latest in a string of major deals in the NCR. Countrywide Promoters, a subsidiary of developer BPTP Group paid Rs 87.27 crore in November for a 5.24-acre land in Gurugram’s Sector 113, near the Dwarka Expressway.
Last September, Aamor Inox, a stainless steel bar maker, paid Rs 87.5 crore for 12 bighas of farmland and a farmhouse from Mastcraft Properties in Rangpuri, South Delhi.

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Bhuvan Bam bought a bungalow for Rs 11 crore

Bhuvan Bam

The sale deed was signed in Bam’s name on August 7, 2023. Bam paid a stamp duty of Rs 77 lakh on the transaction.

According to documents accessed by CRE Matrix, Bhuvan Bam, a YouTuber, comedian and actor purchased a property in South Delhi’s Greater Kailash Part 3 region for Rs 11 crore.

The sale deed was signed in Bam’s name on August 7, 2023. Bam paid a stamp duty of Rs 77 lakh on the transaction. The documents have only recently become available.

According to the documents, Bam purchased a Bungalow that measures 207.41 square meters (2,233 square feet). The home is situated on a 180 square meter plot in Greater Kailash 3, a premium suburb in South Delhi.

According to the records, the property is worth around Rs 4.78 crore based on the circle rate.

Big-ticket deals.

This is the most recent in a series of high-value real estate deals in the Delhi-NCR region. In October 2023, an 11,000 sq ft flat at The Camellias by DLF on Gurgaon’s Golf Course Road was resold for more than Rs 100 crore.

In the same month, MakeMyTrip group CEO Rajesh Magow paid Rs 33 crore for a 6,428 sq ft apartment at DLF Magnolias in Gurugram, while Genpact chief human resources officer Piyush Mehta paid Rs 32.60 crore for a 6,462 sq ft unit in the same complex.

Similarly, Vasudha Rohatgi, wife of former Attorney General of India Mukul Rohatgi, paid Rs 160 crore in February 2023 for a 2,100 square yard (18,900 square foot) villa in Delhi’s posh Golf Links.

Peyush Bansal, the co-founder of Lenskart, paid Rs 18 crore for a house in Neeti Bagh, an affluent neighbourhood in May 2023.

In February 2023, Bhanu Chopra, the creator of RateGain, paid Rs 127.5 crore for a bungalow in Golf Links.

If you are a developer or broker, you can empower your decision-making with data-driven insights through CRE Matrix. You can get details such as the entire tenure, tenant names, expiry dates, lock-in expiry dates, CAM charges, deposits, and more for any real estate asset in India. Book a demo at CRE Matrix to unlock the full potential of real estate data.

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India Real Estate 2023: Key Trends and City-wise Highlights

India Real Estate 2023: Key Trends and City-wise Highlights

India’s real estate 2023 market remained active in 2023 across residential, office, retail, and warehousing segments in major cities. The year witnessed multiple high-value transactions, record-breaking luxury home deals, large-scale office leasing, and continued expansion in logistics-driven real estate.

According to the “Best of the Best 2023” report by CRE Matrix, luxury housing demand remained strong across key cities, while office markets showed resilience, with significant leasing activity in major corporate hubs. Retail real estate saw traction from premium and large-format brands, and the warehousing segment continued to expand rapidly, driven by e-commerce and supply chain growth.

India Real Estate 2023: City-wise Trends

India Real Estate 2023 highlights how each city performed differently across segments. Some cities led in high-value residential deals, while others stood out in office leasing and development activity. These trends reflect the diverse nature of India’s real estate market.

Mumbai

Mumbai recorded the highest residential transaction in 2023, with a luxury home sold for ₹310 crore in Malabar Hill. It also saw one of the largest homes at 29,885 sq ft in Lower Parel, valued at around ₹231 crore. In the office segment, the city recorded the highest rent at ₹444 per sq ft at Maker Maxity. Additionally, it saw the most expensive office sale at ₹98,921 per sq ft.

Meanwhile, retail activity remained strong. The highest retail lease was recorded at ₹1,700 per sq ft at High Street Phoenix. Overall, Mumbai dominated across segments. As a result, it continues to be India’s most premium real estate market.

New Delhi

New Delhi recorded one of the highest-value residential transactions in 2023, with a deal worth ₹160 crore in Golf Links. It also saw large homes, with sizes going beyond 23,000 sq ft in areas like Karol Bagh. Additionally, the city continues to be driven by ultra-luxury independent houses. As a result, it remains one of the most premium residential markets in India.

Bengaluru

Bengaluru saw strong residential activity, with the highest deal valued at ₹66 crore in High Grounds. It also recorded large homes of over 8,000 sq ft. In the office segment, the city recorded one of the highest co-working rents at ₹441 per sq ft at UB City. Notably, major occupiers like Apple were part of this demand. Overall, Bengaluru continues to attract strong commercial activity due to its corporate ecosystem.

Gurugram

Gurugram recorded high-value residential deals, especially in projects like DLF Camellias, with transactions in the ₹60–66 crore range. It also saw large luxury homes. Meanwhile, the office market remained strong. The city recorded one of the largest lease transactions, with over 6.28 lakh sq ft leased by Air India. As a result, Gurugram continues to be a key corporate and commercial hub.

Noida

Noida recorded residential activity with the most expensive home priced at ₹18 crore in Sector 44. It also saw one of the largest homes in the country, measuring over 29,500 sq ft.

However, compared to other NCR markets, Noida offers larger spaces at relatively lower prices. As a result, it remains attractive for buyers looking for value and size. India Real Estate 2023 continued to see strong demand across key real estate markets.

Pune

Pune’s residential market remained stable in 2023. The most expensive home was priced at ₹19 crore in Aundh. It also recorded homes measuring close to 6,000 sq ft. Additionally, the city continues to see steady demand in the mid to premium segment. As a result, Pune remains a consistent and stable housing market.

Chennai

Chennai stood out in the office segment in 2023. The city recorded one of the largest office developments, with around 23.3 lakh sq ft built at DLF Downtown. Meanwhile, this highlights the city’s growing role as a major office supply hub. As a result, Chennai is gaining importance in India’s commercial real estate market.

How India’s Real Estate Market Performed in 2023

India’s real estate market showed strong momentum in 2023. Luxury housing led in value, while office leasing remained steady across key cities. Meanwhile, retail and warehousing continued to expand, driven by consumption and logistics demand.                                                       Each city showed a distinct trend. Mumbai led across segments, while Gurugram and Bengaluru remained strong office hubs. At the same time, cities like Noida and Pune offered value-driven opportunities.

Overall, the Indian real estate market in 2023 remains well-balanced. As a result, India’s real estate sector is well-positioned for sustained growth in the coming years.

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