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Paranjape Construction to compensate buyers from 1986

Paranjape Construction Company and its partner have been ordered by the Thane District Consumer Disputes Redressal Forum to compensate 45 individuals who purchased apartments in their scheme at Vasai in 1986 with Rs 30,000 each for the failure to execute sale deeds in connection with those purchases over the course of the intervening years. The adversaries did not present a defence or show up for the hearings, stating that the allegations made by the complainants have been proven to be false.


West Bengal set to reform Land Reforms Act 1955 to increase revenue

The Bengal government is taking steps to modernize a 68-year-old law, The West Bengal Land Reforms Act 1955, to allow for commercial and industrial use of government land. In an effort to increase revenue for the state, the government is expected to introduce a bill in the state assembly during the budget session that would offer lifelong possession of land parcels to commercial entities, instead of the previous norm of 99-year leases. The proposed bill is expected to unlock government land for the industry, with the exception of khas land (used for personal cultivation) and land under bargadari.


Bombay High Court directs SEIAA to clear pending green nods in eight weeks

Earlier last week, the Bombay High Court directed the State Environment Impact Assessment Authority (SEIAA) clear out the back log of pending approvals for real estate projects that have been stuck for years due to the deferral of environmental clearance requests by the State authority. The High Court has given the body eight weeks to do the needful, providing much relief to builders and homeowners of these deferred projects. The High Court has directed SEIAA to consider and decide each proposal by applying the provisions of DCPR 2034 or UDCPR and to make a decision on the merits of the proposals.


Macrotech Developers to reduce net debt by 40% by December 2023

Macrotech Developers Limited, that sell their real estate projects under the brand name Lodha has announced it hopes to reduce its net debt by over 40% to roughly Rs 5,000 crore by the end of current calendar year. They hope to do so with the aid of extra cash flow from robust home sales experienced in 2022. For the company, the fiscal year of 2022-23 started off with voluminous sales bookings and cash flows which led to a reduction in debt of Rs 753 crore in the December quarter to Rs 8,042 crore.


Haryana RERA directs ISH Realtors to refund buyer's money

The Haryana Real Estate Regulatory Authority (H-RERA) has recently issued a ruling that directs ISH Developers to refund the money of a buyer along with interest for failing to deliver a commercial unit according to the terms of the builder-buyer agreement. The buyer had made the purchase in September 2013 and was promised delivery of the unit within four years. In October 2020, the buyer finally approached the real estate regulator, expressing a desire to withdraw from the delayed project.


Mumbai Metro Lines 2A & 7 to strengthen neighbouring real estate markets

According to experts, the most recent expansion of the metro network in the western suburbs is likely to improve accessibility, cut travel time in half and improve connectivity in the area. Line 2A runs from Dahisar to DN Nagar and Line 7 runs from Dahisar to Gundavali, Andheri (E). Experts believe that will these new lines now functional, the demand in the nearby micro markets will experience a 2-5% price increase. Some of the biggest builders in Mumbai such as Kanakia Spaces, Lodha Group, Adani Realty and more have ready and under construction projects along close to these metro stations.


K Raheja Corp, Modern India ink pact to develop 1-mil-sq-ft project

K Raheja Corp Homes, the residential development arm of the Realty developer K Raheja Corp, has entered into an agreement to develop a 1-million-square-foot luxury housing project in South Mumbai's Mahalaxmi neighbourhood. The project will be developed on a prime 3-acre land parcel currently owned by Modern India, which has business interests in infrastructure, power generation, and real estate. As part of the agreement, Modern India will receive a consideration for the sale of the land in the form of a percentage of sales revenue. The project will consist of two superstructure towers and will be completed by 2028.


Bank of Baroda takes part-possession of Nirmal Lifestyle's mall in Mumbai

The Bank of Baroda's stressed assets recovery branch has taken partial possession of the Nirmal Mall located in Mumbai's Mulund area on January 24, 2023, due to the mall's failure to repay a loan amount of Rs 161 crore. On December 6, 2019, the bank issued a demand notice to the mall and its Managing Director, Dharmesh Jain, calling for the loan to be repaid within 60 days. The partial possession was carried out under the Sarfaesi (Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest) Act, 2002.


FSI set to increase for properties along Chennai Metro, MRTS Corridors

The Chennai Metropolitan Development Authority (CMDA) in Tamil Nadu is considering a proposal to increase the floor space index (FSI) for properties located along the Chennai Metro Rail and MRTS corridors. For the first time in the state, the FSI is being proposed to be raised to 6.5, which is a significant increase from the previous maximum permissible limit of 4.87. This move is aimed at promoting commercial development along transit lines, improving accessibility and mobility for employment, and creating affordable housing opportunities in transit-oriented development zones.


Maharashtra plans to convert plot marked for zoo to a residential zone

The Mumbai state government has proposed a change that has sparked controversy and opposition from environmental activists. The government wants to delete the reservation of a 1,375 square meter plot adjacent to Byculla Zoo and convert it into a residential zone. The plot was previously reserved for a garden and zoo in the development plan of 2034, but the government claims that it was not being acquired by the BMC for the expansion of the zoo and that no garden or zoo existed there. The proposal was approved by the BMC in December 2022 and public suggestions and objections are now being invited by the development plan department.


Arvind Smartspaces declares a 58% YoY increase in bookings & collections

The financial results of Arvind SmartSpaces Limited (ASL) were announced for the quarter and nine months ended December 31, 2022. Bookings increased by 24% YoY in the first nine months of FY23 from Rs. 451 crores to Rs. 558 crores. Revenue from operations increased by 71% YoY from Rs. 96 crores to Rs. 163 crores. It’s EBITDA increased by 6% YoY to Rs. 29 crores from Rs. 27 crores in the previous year. PAT increased by 47% YoY, from Rs. 11 crore to Rs. 16 crores.


Shivalik Homes booked for selling the same flat to multiple people

Noida based developer, Shivalik Homes has been booked for fraud for allegedly selling the same flat to multiple people. An FIR was lodged against the builder under Section 420 (cheating), 406 (criminal break of trust) and other relevant provisions of the Indian Penal Code (IPC) following an order form the Allahabad High Court. A petition was filed by Ms Poonam who purchased a house in Shivalik Homes in 2019 but shortly after received a notice from PNB Housing stating the house belong to someone else. Ms Poonam claims the local police were incorporative which led her to approach the court.


Homebuyers protest against Tashee Capital Gateway over delayed possession

Recently, over fifty disgruntled homeowners who have purchased homes in Tashee Capital Gateway, gathered at the project site in Sector 111, Gurugram to protest over the delayed possession of their apartments. The project was launched in 2011 and the builder signed contracts with the individuals in 2013 with the promise of delivery in December 2015. In 2019, a few owners complained to H-ERA which imposed a penalty of 10.2% per annum for the delay but the developer disobeyed the ruling. He has now stopped all forms of communication with the owners. A builder’s spokesperson has denied all accusations.


Six lakh Chennai households yet to pay their property taxes

Greater Chennai Corporation has urged locals to pay their property taxes by the end of March to avoid a 2% penalty. More than 7 lakh persons have paid their property taxes since the general revision took effect in 2022 while almost 6 lakhs are yet to pay according to a statement from the civic body which asked the remaining taxpayers to do so. Even though a sizable portion of residents pays their property taxes online, the civic body's tax collectors continue to visit homes to collect roughly 50% of the levy.


Police arrests realty firm director in Mumbai for fraud

Earlier this week, Mrs Sona Bansal, a director of a Delhi based real estate firm was arrested by the Crime Branch of Delhi Police in Mumbai on charges of allegedly duping investors. A reward of Rs 50,000/- had been put out for those who could aid the police in her arrest. Mrs Bansal and her husband are wanted for several high-profile white collar crimes including the ‘Gurgaon-Manesar Industrial Model Township Land Grab Scheme’. The Enforcement Directorate (ED) has initiated a money laundering investigation after an FIR was lodged in Manesar police station against them.


Blackstone in talks with Bain to sell $480 million stake in Embassy REIT

Blackstone Group is reportedly in talks to sell around half of its stake in India's largest real estate investment trust, Embassy Office Parks, to private equity firm Bain Capital. The deal, which is still in the preliminary stage, could be worth up to $480 million, based on Monday's closing price of the Embassy REIT on the stock exchange in Mumbai. The transaction is expected to be executed through block deals on Indian stock exchanges in the coming weeks, though a timeline and pricing have not been finalized.


MahaRERA auctions builder’s properties to compensate homebuyers

The Maharashtra Real Estate Regulatory Authority (MahaRERA) is set to auction off the assets of N K Bhupeshbabu, a Navi Mumbai builder to compensate aggrieved homebuyers. The authority hopes to recover over six crore rupees through this auction, which will be conducted by the Raigad district authorities. The builder owes more than fifteen crore rupees in unpaid dues.


H-RERA stops Bank of Baroda from auctioning a CHD Developer Limited project

Earlier last week, the Haryana Real Estate Regulatory Authority (RERA) stopped Bank of Baroda from auctioning plot of land in Sector 109, Gurugram containing a commercial project by CHD Developers Limited located as several claims of the allottees for the project remain unresolved. The authorities also demanded a forensic analysis of CHD Developers Limited's financial records because the company has been accused of diverting funds intended for the project. The promoters and allottees were informed of the auction through newspaper advertisements.


Naiknavare Developers Sells Over 100 Residential Units in Talegaon Project

“Neelaya” by Naiknavare Developers has received a copious response from prospective home buyers just two months into its launch in October 2022. The company has sold more than 100 units in Neelaya which is a 3.5-acre development with three buildings. Tower A is ready, tower B is nearing possession and C tower is currently under construction. Neelaya's 1 and 2 BHK apartments have sold the fastest out of all the units due to high demand. The housing development provides residents with exclusive parking and a vast array of top-notch amenities.


Navi Mumbai can now be redevelop with only 51% of the membership's approval

The City and Industrial Development Corporation (CIDCO) recently announced revisions to its reconstruction policy last week. A building can now be renovated with only 51% of the housing society members' approval as opposed to the previous 100%. This decision has been made to enable the quicker rehabilitation of existing buildings on CIDCO sites in Mumbai. The rest of the policy's terms and conditions will remain the same.


Mumbai builders seek a series of waivers to redevelop projects

Developers in Mumbai have requested leniency in the payment of development charges for the redevelopment of old buildings on land owned by the Maharashtra Housing and Area Development Authority (MHADA) after the Bombay HC, in its order in October 2022, ruled that developers undertaking redevelopment on state-owned land will not be exempted from paying development charges under the MRTP Act. matter is under consideration in the Supreme Court.


Haryana RERA asks promoter of ILD Grand project to refund Rs 72 lakhs

The Haryana Real Estate Regulatory Authority (HRERA) has ordered the promoter of the ILD Grand project in Gurugram to refund Rs 72 lakh to a buyer due to the builder's failure to deliver the housing unit by the August 2017 deadline. The developer confirmed that the project has not yet received an occupancy certificate because the construction work is not yet finished. The project has now been granted financial assistance by the SWAMIH fund and its new deadline is December 2023.


Puravankara records its highest-ever sales for any year's Q3

Puravankara Limited has recorded sales totalling Rs. 796 crores in the third quarter which is the company's highest-ever sales for any year since its founding. This represents a 20% increase over the Rs. 666 crores reported in Q3FY22. The company reported sales at Rs. 2,100 crores for the nine months that ended in December 2022, a rise of 33% over the same period the previous year. Along with this impressive growth in sales, the company also experienced an increase in customer collections which rose to Rs. 621 crores in Q3FY23 from Rs. 344 crores in Q3FY22. The net debt remained consistent with the prior quarter.


SKA Group to invest 125cr in a commercial project in Ghaziabad

A new high-street commercial project called SKA Arcadia has just been unveiled at Wave City in Ghaziabad by the NCR-based real estate developer SKA Group. The project will span across 7860 square meters, and have over 2.5 lakh square feet of retail space with establishments such as high-street stores, society stores, food courts, restaurants, and a banquet hall. The company is set to invest Rs 125 crores in the project. It is anticipated to be finished by December 2025. It received RERA approval December 2022.


Bengaluru civic body scraps OC for Sobha City

Bruhat Bengaluru Mahanagar Palike (BBMP), the governing body in Bengaluru responsible for issuing construction approvals for real estate projects has scrapped the Occupancy Certificate issued to Sobha City, a residential project, on account of the later submitting falsified and fabricated documents to obtain the approval. The urban planning department alleges that the no-objection certificate and clearance certificate that the builder claims to have procured from the fire department in 2013, 2016 and 2019 appear to have been fabricated.


Mirae Asset Global Investments purchases a logistics centre near Mumbai

Mirae Asset Global Investments has acquired a logistics centre near Mumbai for $15.9m in an effort to expand its portfolio in India. The acquisition came as demand for logistics centres is surging rapidly due to the fast-paced growth in e-commerce and India's rapid economic growth. The company plans to expand its investment in the logistics business in major Indian hubs, including Mumbai, in the future and is also exploring more investment opportunities in logistics and data centres in major cities across India. Mirae Asset Global Investments, a South Korean asset management company, has made a strategic move to expand its portfolio in one of the world's fastest growing economies, by acquiring a logistics centre near Mumbai. The Indian unit of the company, Mirae Asset Global Investments India, recently purchased a 100% stake in the Bhiwandi logistics centre from Indian company K-Square Park for around $15.9 million.


CIDCO issues notice to Bhumiraj Builders over Parsik Hill cutting

CIDCO has issued a show-cause notice to Bhumiraj Builders for violating the terms of an agreement regarding the maintenance and plantation of Parsik Hill slope. The developer has been given two weeks to remove the illegal construction or face legal action. The developer on the other hand has denied the use of heavy machinery to dig or excavate the hill slope and has stated that their actions were for soil stabilization and stormwater systems. A joint site survey was conducted by CIDCO, NMMC, MPCB, Forest and Police and a report was submitted to HRC, citing the breaching of conditions in the leave and license agreement between CIDCO and the developer.


CapitaLand India Trust to spend 1226cr on an IT park in Bengaluru

CapitaLand India Trust (CLINT) has agreed to pay Rs 1,226 crore to purchase a 1 million square foot IT park situated in Bengaluru’s outer ring road. In order to purchase the IT park, CLINT has engaged into a forward purchase agreement. The project consists of two buildings with a combined net leasable area of about 1.5 million square feet. To handle the project's design, development and leasing the landowners have appointed CapitaLand Services (India) Pvt Ltd. CLINT will invest in the project's construction using internal resources and debt during the building phase.


Maharashtra Govt and Berkshire Hathaway Home Services sign MOU

A multi-year Memorandum of Understanding (MoU) was recently signed between Berkshire Hathaway HomeServices Orenda India and the Government of Maharashtra at the ongoing World Economic Forum Annual Meeting in Davos, Switzerland. Berkshire Hathaway HomeServices Orenda India is a division of one of the fastest-growing conglomerates in the world that specialises in urban infrastructure among other things. With this new partnership the company and the State Government will create and manage assets for physical and social infrastructure on a 1,000-acre plot of land in Raigad, adjacent to the planned Navi Mumbai international airport.


India’s Uber wealthy diversify 25% of their wealth in commercial realty

A survey by Knight Frank found that 84% of Indian ultra-high net-worth individuals' investable wealth is allocated between equities, real estate and bonds, with 34% invested in equities and 25% in commercial real estate. The rise in commercial assets as an investment category is a sign of improved confidence in India's growth story. Indian super rich own an average of 5.1 residential properties and 37% of their wealth is allocated to primary and secondary homes, 15% of which is held outside India. Real estate was the top cited opportunity among 46% of survey respondents, whether for its attributes as an inflation hedge or benefits of diversification.


MahaRERA allows builders to extend lapsed projects with consent

In a recent order released by the Maharashtra Real Estate Regulatory Authority (MahaRERA), builders can now apply for an extension of their lapsed projects without the previously mandated 51 percent consent from home buyers in the project. The developer will have to state down reasons for not being able to get the requisite percentage of consent from the buyers and submit the same along with their application for extension. The builder will have to also submit all the achieved consent documents and explanatory notes detailing the specific reasons for why the delay was caused which led to the lapse of the project. The applications will be reviewed on a case-by-case basis.


HIDCO auctions a 7.4acre plot in South Kolkata

The Housing Infrastructure Development Corporation (HIDCO) held an auction last Friday for a 7.4acre plot at BL Saha Road in Kolkata. The bid was to create a residential housing project on the plot via a 99-year lease agreement with authorities. The highest bid came from Mumbai based Godrej Properties Ltd, who offered to pay a sum of Rs 230 crores. If approved by the state cabinet, this will be the company’s fourth residential development in the city. It has previously developed a large project in Sodepur and Alipore. It currently has an on-going multi-phase residential project near Joka.


Mumbai & Bengaluru overtake APAC peers in office rentals

According to a study released by Knight Frank, the Indian cities of Mumbai and Bengaluru have recorded the fastest growth in office property rentals in the entire Asia Pacific region this year. With a 11 percent and 7 percent increase in the fourth quarter of 2022, rentals are expected to be buoyant and grow in a similar trajectory even in the 2023. While rental rates increased in Mumbai and Bengaluru, rentals in the National Capital Region remained steady without any significant rise in yields. NCR recorded the highest occupancy cost as almost $79 per square foot, followed by Mumbai at $71 per square foot and Bengaluru at $37 per square foot.


Proposal on TDS exemption in recovered properties under review

The government is said to be reviewing a proposal put forth by banks in the country which demands that sale of immoveable property mortgaged to lenders for recovery of bad loans via auction be made exempt from tax deducted at source (TDS). The current laws require sellers to pay 1 percent of the value of properties exceeding Rs 50 lacs towards TDS when sold. It also allows for the loan defaulter to claim benefits of up to 1percent of this sales value. Therefore, the banks recommend that an exception be made with such sales to ensure there is no financial loss for lenders and loan defaulters are made to pay.


Centre proposes changes to the Insolvency and Bankruptcy Code (IBC)

The central government has proposed several amendments to the current insolvency law regime in a bid to strengthen and quicken the entire process. The Insolvency and Bankruptcy Code (IBC) came into effect in 2016 and has since then been amended numerous times to accommodate the changing needs. Suggestions with regard to real estate include distinguishing between defaulted real estate projects and solvent projects, allowing transfer of ownership and possession to the allottees with the consent of the CoC and allowing allottees of a completed unit to request for ownership and possession of a completed unit during a CIRP or a project-specific resolution process.


Mt. K Kapital raises 350cr for its residential real estate fund

According to recent reports, Mt. K Kapital has raised over Rs 350 crore through the initial close of its residential development fund from anchor investors such as State Bank of India, Famy Care, Rustomjee Group, family offices, and high-net-worth individuals. The fund is a category II alternative investment fund registered with the Securities & Exchange Board of India. The fund aims to invest in 8-10 projects in the Mumbai region, with a focus on redevelopment projects.


Kolte Patil Developers reports highest quarterly pre-sales for Q3 FY 22-23

Pune based Kolte-Patil Developers Limited recently announced that it achieved its highest-ever quarterly pre-sales figures in Q3 FY23 both in terms of value and volume. They launched 6 new projects in the quarter which made up more than 57 percent of their total sales for the quarter. Life Republic, their flagship project alone sold of 6.62 lac square feet. During the first nine months of FY23, sales of Rs. 1,528 crores, up 23% year over year were generated from both ongoing and recent releases. The 9M FY23 collections increased by 22% to Rs. 1,313 crores.


MahaRERA investigators begin site visits of real estate projects

MahaRERA (Maharashtra Real Estate Regulatory Authority) is set to appoint investigators to visit real estate projects starting February, to ensure that developers have not declared higher costs than they actually incurred on the project. Post the visit, investigators will have to submit a report which will include details such as stages of construction, target date of completion approved by RERA, target date set by the developer, and the opinion of the investigators as to when they feel the project can be completed. This move comes after MahaRERA identified 300 large real estate projects (worth over Rs 500 crore each), where a significant amount had been spent but very little work was completed.


EWS Housing Program to be launched by GMADA

The Greater Mohali Area Development Authority (GMADA) is gearing up to launch an EWS housing program in February. It will launch a call for applications for a 5,000-unit building, the design for which was approved in July last year. The administration will begin soliciting applications for the apartments as well as floating tenders for construction next month. According to the plan, the apartments will be built on a total of 54 acres spread over GMADA's four townships: Aerocity (13.49 acres), IT City (17.48 acres), Eco City-1 (3.6 acres) and Eco City-2 (20.17 acres).


SEBI permits virtual meetings for REIT and InVIT unitholders

The Securities and Exchange Board of India (SEBI) has begun permitting investment managers of investment vehicles such as REITs and InvITs to hold unitholder meetings via video conferencing and other audio-visual methods, provided they follow the regulator-mandated protocol while holding these sessions. Among other criteria, the investment managers of InvITs or managers of REITs should keep the recorded transcripts of the meetings conducted through VC or OAVM in their safekeeping and provide the meeting transcripts as soon as feasible after the meetings are over on their respective websites. The facility of remote e-voting must be made available among other things before the meeting's scheduled date.


Mahindra Lifespaces takes on residential redevelopment projects in Mumbai

Mumbai-based Mahindra Lifespaces, the realty arm of the Mahindra Group, is set to redevelop two residential societies in the western suburb Santacruz, Mumbai. Both projects will be developed on a land parcel of approximately 1.2 acres. The developers believe the project will have a revenue potential of Rs 500 crores. Both parties will execute definitive documents once due diligence is complete. Prime localities in Mumbai city offer little to no scope for green field developments. The housing society redevelopment market is estimated to currently be worth over Rs 30,000 crores.


SEBI issues demand letter to Sahara Housing Investment and others

Last week, the Securities and Exchange Board of India (SEBI), the market watchdog, delivered a notice to Sahara Group company Sahara Housing Investment Corporation, its CEO Subrata Roy, and other parties requesting that they pay Rs 6.48 crore within 15 days in a matter involving a violation of regulatory standards. Additionally, if they didn't make the payment, the regulator threatened to attach their assets and bank accounts. The entities were given the notice after they neglected to pay the fine that SEBI had assessed against them earlier in the year.


Prayagraj to experience real estate development boom in the coming years

Prayagraj's real estate market is projected to experience significant growth as plans have been made for investments of roughly Rs 4,000 crores over the course of the next five years. Numerous real estate firms will begin development on at least 29 different housing projects in and around Sangam City soon. Vinayak Group is set to invest about Rs 590 crores, Paras Group has confirmed a Rs 300 crore project and Sai Dham Group has promised to invest around Rs 700 crores in seven residential projects. Omaxe Limited is looking to set up a Rs 500 crore project and Goyal Housing is said to be making an investment of Rs 400 crores.


Isprava Group raises 160cr in funding

The Isprava Group, known for creating and managing luxury villas across India has recently raised Rs 160 crores through a round of funding led by Symphony International Holdings and others. The company intends to use the money raised for both brands; Isprava and Lohono Stays to increase their footprint across India and other key countries. They intend to develop and broaden their brand presence and explore the use of technology for product development in the near future. Both brands are said to have witnessed an exponential growth in the last couple of years, more than doubling their operations.


Base price fixed for auction of Rajesh LifeSpaces’ hotel business in Powai

Lenders of the now defunct hotel business in Powai, Mumbai owned by Rajesh Lifespaces, have set a base price of Rs 305 crores for the final auction of the business scheduled for 24th January 2023. Interested bidders will now have to increase their base price by Rs 10 crores if they wish to continue participating. Initial investors include Sankalp Recreation, Rare Asset Reconstruction Co., Bright Star Investments, Rajesh Business & Leisure Hotels, Shri Ram Multicom, Unison Hotels and Rockwood Hotels & Resorts. The project was marked as a non-performing asset on the books of the banks in 2019.


Private builders dubious for redevelopment of abandoned structures

The Maharashtra Housing Area Development Authority (MHADA) and the Brihanmumbai Municipal Corporation (BMC) own 454 buildings in the city that are currently old, dilapidated and in a very dangerous condition. For the redevelopment of these buildings, the state urban development agency has created a new clause 33(24) in the Development Control and Promotion Regulations, 2034. However, since these structures are present within sites are controlled by the BMC and MHADA a standard FSI of 1.33 will apply, thereby making it commercially unviable for private contractors to consider.


Unity Group and Parsvnath Developers to build a mall in Delhi

In a statement released to the press, Unity Group co-founder Harsh V Bansal claims the company has entered into a joint development agreement with Parsvnath Developers to create 450,000 square feet of retail space in Delhi. The development will draw an investment of approximately Rs 200 crores. The land for mall will be leased from Delhi Metro and is situated close to the Netaji Subhash Place metro station. The deal is a part of the company’s strategy to double its retail portfolio and establish a retail Real Estate Investment Trust (REIT) in the coming year.


CBI takes over Chintels Paradiso case

Earlier this week, the Central Bureau of Investigation (CBI) logged an FIR against Ashok Saloman, Managing Director of Chintels Group in a case concerning the partial collapse of the Chintels Paradiso apartment complex in Gurugram last year that claimed the lives of two women. The husband of one of the deceased women, who was also severely injured in the accident, filled cases against the developer under IPC sections 304-A and 420. In December 2021, the Gurugram Police arrested Mr Amit Austin, the proprietor of Manish Switchgear and Construction, the company commissioned to conduct the repair work of the building after a magisterial inquiry found that the retrofitting in Flat D603 was the key trigger for the collapse.


Shapoorji Pallonji to revive India’s tallest residential tower in Mumbai

Mumbai based real estate conglomerate Shapoorji Pallonji Real Estate and investment firm PAG are gearing up to revive an ultra-luxury residential complex in Mahalaxmi, Mumbai. The project Minerva was launched by Lokhandwala Kataria Constructions in 2010 but eventually stalled on account of not being able to procure the requisite construction approvals for the planned FSI in a timely manner. Shapoorji Pallonji Real Estate will now take over branding, sales, and marketing for the project.


House of Abhinandan Lodha to invest over 10,000cr to acquire land

House of Abhinandan Lodha is planning to invest upwards of Rs 11,000 crores to acquire and develop land parcels across the country in the coming three to four years. The company has so far successfully launched and sold plotted development projects in Goa, Dapoli, Anjarle and Neral. The company intends to roll out as many as 11 new projects in the coming financial year, near Alibaug, Goa, Ayodhya, Lonavala and other undisclosed locations in the Konkan region. According to insiders, of the total investment budget planned for the next four years, almost Rs 3,000 crores has been set aside for land acquisition in Uttar Pradesh of which over Rs 1,000 crores will be invested in Ayodhya alone.


Bombay High Court allows redevelopment of BDD Chawals

The Bombay HC has decided not to quash the BDD Chawls redevelopment scheme, following a petition filed by two residents, who had cited danger to health, wellbeing and right to life of residents. The HC however noted that the scheme has all necessary permissions and environmental clearance and as a result there was nothing to show any discrepancy. The bench also stated that prior to full-fledged construction, a sample flat has been built and exhibited to the officials involved with the project and no objections had been raised with regarding to the quality of construction or planning.


MahaRERA allows Lodha & Terraform Realty JV to move ahead

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has given Mumbai based Macrotech Developers and Terraform Realty (Everest Group) permission to form a Joint Venture (JV) to market, advertise and sell their joint venture project Lodha Bellevue in Mahalaxmi, Mumbai. The project is being built by Macrotech Developers on land owned by Terraform Realty Group’s entity Money Magnum Nest. The registration of this project was put on hold following two pleas filled by Urban Infrastructure Venture Capital Fund (UIVCF). The fund claimed the developers procured a RERA registration number for the project without having the requisite approvals such as the IOD and CC certificates.


Goa to introduce affordable housing schemes

Earlier this week, the Cabinet approved amendments to the Goa (Regulation of Land Development and Building Construction) Act, 2008 which will make it easier for the state to roll out central housing schemes catering to the Economically Weaker Sections (EWS). The new regulations will allow for relaxation in areas such as minimum plot size, maximum coverage, setbacks, etc. The changes however do not cater to other categories such as low-income group (LIG) and mid-income group (MIG) housing.


Stay order on NA tax for housing societies to be addressed in February 2023

In an interview with TOI last week, the state Revenue Minister Radhakrishna Vikhe Patil announced he would be personally looking into the request submitted to scrap non-agricultural (NA) tax payable by several housing societies in Pune and Mumbai that exist on land that falls under the ‘gaothan’ areas as classified by the Collector in accordance with the Maharashtra Land Revenue Code 1960. More than 85,000 societies are said to currently exist on land classified as such.


Over 4lac homes built in India in 2022

According to a report released by Anarock, over 4 lac homes were built in the top eight cities of India in 2022, a 44 percent increase from 2021, where only a little over 2.7 lac homes were built. The top eight cities include Mumbai Metropolitan Region, Pune, Bengaluru, Chennai, Hyderabad, Kolkata and National Capital Region (NCR). The year 2023 promises to be even better with over 5.5 lac units scheduled for delivery. NCR is expected to introduce as many as 1.7 lac ready units into the market, followed with MMR at about 1.4 lac units and Pune city at 94,000 units.


50 acres of land in Aravalis to be cleared of illegal structures

In line with directions issued by the National Green Tribunal (NGT) on 9th December 2022, all illegal structures constructed on protected Aravali Forest land in Gairatpur Bas, Haryana will be cleared this week. The NGT has directed the Haryana and Rajasthan governments to destroy all illegal structures that have been erected on land protected under Sections 4 and 5 of the Punjab Land Protection Act (PLPA), 1900. All requisite notices have been issued and ample warning has been given to those who have constructed these structures.


EOW registers a cheating case against Nirman Corporation

Earlier this week, the Economic Offences Wing (EOW) of Pune City registered a case of cheating against the directors of Nirman Corporation filled by a real estate agent who claims the former have cheated him of Rs 9 crores over investments made in two of the company's projects. Upon conducting a preliminary inquiry, the EOW lodged an FIR against them under the Indian Penal Code and MOFA. They are currently reviewing, and scrutinizing documents submitted by both parties after which a plan of action will be formulated.


Vertex launches its largest project in Miyapur, Hyderabad

In the newly developed residential and commercial core of Miyapur, Vertex unveiled its project Viraat, an upmarket, smart and sustainable residential neighbourhood. Vertex Viraat will include 1,428 units including 2 and 3 BHK houses in six skyscrapers with 30 stories and internal areas ranging from 1,340 to 2,030 square feet, erected on an 8.75-acre plot. It is touted to be a perfect blend of space, comfort, safety, and convenience offers customers a quiet and sustainable living.


ED visits residence of Faith Builders owner to execute arrest warrant

The Enforcement Directorate (ED) recently attempted to execute an arrest warrant for Ragvendra Singh Tomar, the owner of Faith Builders, at his residential property in Bhopal in connection with an alleged money laundering case. The ED had to execute the warrant without the assistance of local police force due to concerns about potential political chaos. The warrant follows the 2010 raid of IAS couple Arvind Joshi and Tinu Joshi for an alleged case of disproportionate assets. This comes as part of a larger crackdown by officials on alleged money laundering and illegal assets.


Gujarat State government adopts new rules to stop NRG property fraud

The government of Gujarat has implemented new procedures to prevent fraud in the sale of properties belonging to Non-Resident Indians (NRIs). The revenue department has issued two circulars this month outlining the new rules. The new legislation follows a slew of cases in Ahmedabad and other cities in Gujarat where buyers bought land belonging to NRIs through individuals armed with the power of attorney, only to find others claiming a stake in the property. The new rules ensure that no sale may take place without the knowledge of the NRI landowner(s).


MahaRERA introduces mandatory training for realtors

In a circular released earlier last week, the MahaRERA authority has announced its intention to train real estate agents. From 1 May 2023, the authority will only allow agents with a valid certificate of competence to register as licensed real estate agents on its portal. This decision comes in light of increasing number of grievances related to self-employed real estate agents, who without proper oversight and training are not being held accountable for their actions. Through mandatory training, the authority hopes to streamline the activities of real estate agents while increasing knowledge and awareness of the legal and regulatory frameworks and practices.


Malibu Towne receives a notice of closure, but no environmental approval

The Haryana State Pollution Control Board (HSPCB) has ordered that all construction activity be immediately stopped in the Malibu Towne project in Sector 47, Gurugram due to a lack of environmental approvals. The 2,500 families who presently reside in the society will not be impacted by the closure notice. The order states that the developer will not be permitted to execute any sale deeds for a flat, plot, home, shop, or any other project component. The utility that distributes electricity has been asked not to add any additional connections to the project.


Hyderabad records the highest housing sales figures in 10 years

The Hyderabad housing market continues to see strong buying and selling activity in 2022, with residential sales up 28% year-on-year (YoY). A total of 31,046 units were sold in the city for the whole year, the highest number of sales recorded in the city since 2011. The number of new launches in Hyderabad also increased significantly, at a rate 23% over the same period last year. Most of new housing units launched were in West Hyderabad with Tellapur, Kollur, Gandipet and Narsingi among the most popular.


MahaRERA to issue notices to 18,000 developers

The Maharashtra Real Estate Regulatory Authority (MahaRERA) is set to issue show-cause notices to over 18,000 developers in the state over failure to update details of their registered projects on the MahaRERA website within the stipulated 3-month time frame. Upon receiving the notice, the developers have 1-months’ time to respond or risk facing punitive action. The 18,000 projects in question are a mix of old, newly registered and lapsed projects Mumbai, Pune, Thane and Nagpur.


NCLT rejects Wave Group’s appeal for initiating insolvency proceedings

Earlier last week the National Company Law Appellate Tribunal (NCLAT) rejected Wave’s Group’s appeal against insolvency proceedings initiated, thereby allowing Noida Authority to auction over 1 lac square meters of cancelled land in sectors 25A and 32 that was earlier allotted to the builder. The builder may still apply for restoration of the land and take advantage of the reschedulement policy under Noida Authority to clear pending dues and complete the stalled projects. The aggrieved investors are prepared to file a caveat with the Supreme Court should the developer choose to do so.


Keystone Realtors undertakes redevelopment project in Chembur, Mumbai

Mumbai based Keystone Realtors who operates under the Rustomjee brand has won a bid to redevelop a housing project in Chembur, Mumbai. The Basant Park society is situated on a 4.2acre land parcel in the Mumbai suburbs. L&T Realty has been engaged as the civil contractor and renowned architect Hafeez Contractor will design the structures. The company intends to build two projects: Blue View and Green View in place of the current housing society. All formalities should be fulfilled in the coming months.


Ajmera Realty & Infra India Ltd reports sales worth Rs. 694cr

Ajmera Realty & Infra India Ltd released its operational data for the Q3 & 9M FY23. The company clocked in sales of Rs 128 crores in Q3 FY23 an increase of 19% over Rs. 108 crores in Q3 FY22. The carpet area sold by ARIIL in Q3 FY23 was 63,595 square feet, up from 62,285 square feet in the same period of FY22. This includes the recently launched project in Juhu, which witnessed sales of more than 10% of its potential during the quarter. The company's total yearly sales value increased by 1.6 times to Rs. 694 crores in 9M FY23 from Rs. 431 crores in 9M FY22.


ED detains Karan Group Builders’ promoter in fraud case

In an announcement made by the Enforcement Directorate last week, the authorities have arrested Mahesh Bhupatkumar Oza, the promoter of Karan Group Builders and Developers, for an alleged scam of more than Rs 500 crore. According to the report, Mahesh Bhupatkumar Oza was taken into custody on 10t January 2023 from the jail where he was being held after being initially detained by Bengaluru police. Based on a complaint from an investor who invested money in Oza's ventures, the Karnataka Police filed numerous FIRs against Oza and others which served as the foundation for the money laundering investigation.


Edifice Engineering ordered to clear rubble from site within 45 days

The Supreme Court has directed Edifice Engineering, the company responsible for the demolition of the Supertech Twin Towers in Noida in August 2022, to clear the demolition site of all debris within 45 days. The order comes after residents of Emerald Court approached authorities to intervene as the constant drilling and concrete breaking work in the area had disrupted their daily lives. Edifice Engineering has cited GRAP restrictions to be the primary cause of not meeting its previous deadline of 28th November 2022.


Seven plots up for auction by the Ahmedabad City Council

The Ahmedabad City Council released an e-auction notice last week, detailing plans to put up several land parcels in the areas of Bodakdev, Thaltej, Vastral, and Nikol for sale. The total sales value of these plots are approximately Rs 500 crores. In the circular, the authorities have cities that interested bidders must pay GST of 18 percent over and above the sales value of the plot. All plots in question will be given out on a 99-year lease by AMC. The AMC recently acknowledged that its financial situation was precarious and that it needed Rs 600 crore to cover unforeseen costs and complete a few construction projects.


Investments in Indian Real Estate remain buoyant in 2022

According to a report published by Colliers India, institutional investments in alternate asset classes in real estate reached a record high of $0.9 billion, indicating a 92 percent YoY hike for the calendar year 2022. These investments accounted for 18 percent of the total inflow for the year and is said to have jumped 4-fold since 2019. Investors have bet on emerging markets such as data centres, life sciences, holiday homes, hospitals, etc. The largest tractions were witnessed in data centres which accounts for roughly 52 percent of the total investments made in alternate assets.


Premium for development near the International Airport in Mumbai waived

The Maharashtra state urban development department has decided not to charge Mumbai International Airport Ltd (MIAL) a premium for its development activities in Chhatrapati Shivaji Maharaj International Airport Notified Area. It has also allowed a floor space index of (FSI) of 5 on plots within the area. MIAL is being charged a premium on the extra 1 Floor space index, as the FSI 4 is considered as Global FSI, on which no premium is charged. The development of the CSMIANA is to be integrated with the existing Bombay Metro infrastructure. The notified site area is about 1982 acres.


CREDAI-NCR appeals to Environment Minister to curb construction bans

The builder’s association Confederation of Real Estate Developers’ Associations of India-NCR (CREDAI-NCR) has reached on the Union Environment Minister Bhupender Yadav to express their concern over multiple bans enforced on construction activities in the last few months. The builder’s association has cited that these bans have caused numerous delays to their projects and urged the minister to reconsider what activities should be banned to curb pollution. According to them normal construction work should be allowed to continue for the sake of homebuyers and daily wage labourers.


CIDCO cancels sale of contested Nerul CRZ plot

The City and Industrial Development Corporation (CIDCO), the governing body responsible for most of Navi Mumbai’s planned development, has cancelled the tender process of the contested CRZ plot at Seawoods, Nerul. Several citizens along with the Navi Mumbai Environment Preservation Society (NMEPS) had filled petitions with the National Green Tribunal (NGT) to stop the tender process as the plot of land in question fell within the CRZ limits where construction activity is restricted. The petitioners are pleased with the decision of the NGT to block the sale process and hope to stop CIDCO from commercially exploiting the CRZ plot. The civic body however cites that the tender process was cancelled simply because the bidding offer received for plot was well below market value.


Over 200 people evacuated in Joshimath after buildings develop cracks

Authorities in the Himalayan town of Joshimath have evacuated nearly 200 people from their homes, after hundreds of buildings in the area developed cracks. According to several press statements, cracks were reported in more than 600 houses in recent weeks. The damage has been attributed thus far to land subsidence. Experts claims Joshimath lies on an ancient landslide deposit of sand and stone, and not on the main rock making it naturally vulnerable to land subsidence. Undercutting by river currents of Alaknanda and Dhauliganga and increased construction on account of hydraulic projects nearby are also being attributed as contributing factors.


Madurai Corporation to set up a construction waste processing centre

The Madurai Corporation is in talks to set up a processing centre in Chennai to tackle the issue of construction and demolition waste and. At present the corporation has four designated dumping sites for waste in the city. However, debris is often found along city roadways and in empty plots. This has led to residents questioning the efficacy of the civic body and demanding that appropriate action be taken swiftly. A tender to create a construction and demolition waste processing centre in Madurai is likely to be issued in the coming two months.


NCLT approves Adani Good Homes’ bid for Radius Estates

Earlier this week, the National Company Law Tribunal (NCLT), cleared the bid put forth by Adani Good Homes to procure Radius Estates despite several creditors opposing the bid on account of foul play. The opposing creditors claim the company’s resolution professional (RP) colluded with the largest creditor to influence the bankruptcy process resulting in only one bid being received, that of Adani Good Homes. The NCLT has dismissed claims due to a lack of evidence. Adani Good Homes will complete construction of the company’s BKC project in Mumbai city without any additional cost to the homeowners.


RLDA opens bid for lease of land parcel in Dwarka

A statutory authority for the Indian Railways, The Rail Land Development Authority (RLDA) has opened bids for leasing out a 124,000 square meter land parcel for a period of 99 years, located in Sector 21, Dwarka, Delhi. The pre-bid meeting was held on 10th January 2023 and the last date for e-bid submission has been declared as 6th February 2023. The reserve price for the land in question is approximately Rs 1190 crores. The land is available for mixed used development, i.e., for residential and commercial structures. The land parcel available for lease is a combination of multiple railway plots located near Indira Gandhi International Airport in the southwest region of New Delhi.


HDFC Capital raises $376 million for H-Care 3 scheme

HDFC Capital has raised USD 376 million in its third round of funding for its affordable real estate fund H-Care 3. The real estate private equity arm of the HDFC Bank has raised over USD 3 billion through the H-Care schemes since its launch in 2016, making it one of the biggest private finance platforms in the world focused on affordable housing development. The fund intends to use the money raised to meet growing demand for early-stage financing of housing projects in India.


Supreme Universal inks pact to develop 5-acre land parcel in Chembur

Realty developer, Supreme Universal has acquired the development rights for a parcel of land in Chembur suburb of Mumbai City. Supreme Universal is said to have paid stamp duty of Rs 15.57 crores on the current market value of Rs 311 crore. The company plans to develop a premium gated community on the parcel of land which is estimated to have a development potential of nearly 1 million square feet. The project is expected to generate at least Rs 1800 crore in revenue based on the current trend of property rates in the vicinity.


More than 5000 housing plots returned to Andhra Pradesh Government

In line with the larger goal of providing ‘housing for all’ the Andhra Pradesh state government undertook the task of setting up Jagananna colonies across the state. Under the YSR Jagananna housing scheme, the government plans to construct nearly 18000 colonies to provide housing for 30.3 lakh beneficiaries from low-income groups. However, more than 5000 plots allotted have been returned with the request for an alternate. The allottees returning their plots claim that plots allotted to them were either located too close to burial grounds or were too far from their present habitations. The Chief Minister of the state, YS Jagan Mohan Reddy has directed officials to provide alternate sites to the affected beneficiaries.


Trident Realty reports a sale of Rs. 500 Cr in Panchkula project

Trident Realty has witnessed remarkable sales in its freshly launched project Trident Hills in Panchkula. The project which was launched in the middle of November 2022 and has since then already sold residential plots worth 500 crores rupees. The developers were able to reach out to larger audience and simplify the process of booking plots with the help of a tech-enabled platform. Thanks to this superior use of technology, buyers were able to reserve 90% of the whole inventory online from the comfort of their homes in just 20 minutes. The project will be built up over the course of the next 7 to 8 years.


Celeste Township by Godrej Properties sells 1M square feet at Launch

Godrej Properties sold more than 1 million square feet of space during the opening of a new phase Celeste in its Ahmedabad township Godrej Garden City. Since Celeste's inception in October 2022, the company has sold 870 properties with a booking value of roughly Rs 435 crore. Celeste is a 2.3-hectare development that has 8 buildings and provides a variety of housing options and retail establishments. This phase includes a wide range of cutting-edge amenities as part of the integrated offering that caters to the social, health, and leisure needs of all age groups enabling residents to live more fully and comfortably.


Noida Authority launch a low-cost housing

Earlier this month, the Noida Authority launched a housing scheme for individuals eligible for Low Income Group (LIG), Mid Income Group (MIG) and High-Income Group (HIG) housing. The flats will be made available in Sectors 52, 62, 71, 99, 118, and 135. Interested individuals can submit their application latest by 31st January 2023. The cost of these residential apartments ranges from Rs 45 lacs to Rs 1.79 crores. In another decision, the Noida Authority vowed to resolve the property parcel assignment issue that has been pending for 12 years. These individuals have been given time until March 2023 to procure the requisite approvals and begin construction.


Joyville Shapoorji Housing to launch a new project in Hadapsar, Pune

The affordable housing arm of construction mammoth Shaapoorji Pallonji Real Estate is gearing up to launch a new residential project in Hadapsar, Pune. The project will be built on a 9-acre plot of land over the next four years and will require an investment upwards of Rs 700 crores. The first of seven phases will be launched shortly, comprising 168 duplex apartments and penthouses distributed amongst two towers. Phase one will be developed across 2.8 lac square feet of space.


VMRDA to receive 500acres of land from state government as compensation

In exchange for expenses incurred while developing one-cent layouts, the Visakhapatnam Metropolitan Region Development Authority (VMRDA) has requested the state government to give them 500acres of land in the region rather than a 15% stake in the 'Jagananna housing complexes’ as earlier decided. The civic body has already incurred as expense of Rs 150 crores in development and intends to invest a further Rs 50 crore to build infrastructure. Therefore, it believes pooled land parcels would be a more equitable exchange for their services rendered and will help in maintaining their financial health.


Sobha Ltd declares highest ever quarterly sales for December quarter

Bengaluru based real estate company Sobha Ltd has posted a 36 percent increase in sales bookings at Rs 1,424 crores for the quarter ending December 2022, indicating a robust rebound in demand. According to data published by the company in its regulatory filing, its sales bookings for the same period in the previous fiscal year was Rs 1,047 crores. The company sold 4.17 million square feet in total in the first nine months of current fiscal year, up 16.9% over the same period last year. In comparison to the previous financial year the average price realisation during the April to December period of FY23 increased to Rs 8,952 per square foot, whereas this year the average price realisation increased to Rs 9,650 per square foot, indicating a 21.9 percent rise.


YEIDA to develop FinTech hub in sector 7 of Noida

The Yamuna Expressway Industrial Development Authority is set to develop a FinTech hub on 700 acres of land in sector 7 of Noida. FinTech hubs are aimed at providing financial services which have a backbone based on information technology. Whether the project will be a single allottee, multiple allottees or public private partnership model is yet to be decided. The Indian FinTech industry grew nearly 282% between 2013 and 2014 with a net worth of 450 million USD. This market is projected to reach 76219 million USD by 2025. As a result, the country has seen increased investments in the sector, including the development of FinTech hubs.


BDD chawal homes to be ready by December 2024

Earlier this week, the CEO and vice-president of the Maharashtra Housing Area Development Authority (MHADA) announced that six buildings of 40-storeys each will be ready to be occupied by December 2024. These buildings are a part of the massive redevelopment project of BDD Chawal undertaken by the state government along with local governing bodies such as MHADA and SRA as well as private builders. The tenants eligible for homes in these six buildings will be the first to move into their new 500square feet of living space. The entire chawal is said to have over 9,500 tenants eligible for housing.


L&T Realty to sell its stake in Think Tower Developers

According to a statement released to the press L&T Realty Developers Ltd, a faction of the construction and infrastructure giant Larsen and Toubro, will sell their stake in the engineering and construction conglomerate Think Tower Developers Pvt. Ltd. The agreement will be executed in the end of the month, subject to completion of closing conditions set forth by both parties. The stake is being sold to Mr Pratik Harsha Kalsariya, who does not belong to the promoter group.


Chandigarh Housing Board auctions residential & commercial properties

On 6th January 2023, the Chandigarh Housing Board began an e-auction for approximately 49 freehold residential units and 91 leasehold commercial properties. The auction will continue until 24th January 2023. The properties are in multiple locations across the city. About 17 properties are in Kajheri and 59 properties are in Manimajra, 10 in Sector 40A and 3 in Sector 38W. The remaining properties are in and around Sectors 26E, 51A, 49, and 63. The prices of these properties range between Rs 18 lacs to Rs 3 crores.


CIDCO extends deadline for applications for mass housing

The City and Industrial Development Corporation (CIDCO) of Navi Mumbai has once again extended its deadline for online applications until 23rd January 2023 for its mass housing scheme launched in August 2022 due to overwhelming response. The computerised lottery draw for the scheme will now take place on 8th February 2023. The state-run planning authority is offering homes in Ulwe, Navi Mumbai under the Pradhan Mantri Awas Yojana (PMAY) scheme for individuals eligible for EWS housing. The current scheme offers almost 8,000 residential homes.


38 open plots to be auctioned by the HMDA

The Hyderabad Metropolitan Development Authority (HDMA) has announced it would be conducting an of auction of 38 open plots, located at the periphery of the city via sessions scheduled for 18th January 2023. The pre-bid meeting was held earlier this month which was attended by over 100 prospective bidders. The plot sizes range from 252 square meters to 800 square meters and have a total revenue potential over almost Rs 1,000 crores. The plots are in areas such as Nallagandla, Isnapur, Ameenpur, Patelguda, Sultanpur, Bachupally and Moosapet to name a few.


UP-RERA 2.0 to be launched by May 2023 with improved services

With a goal of providing better service to homebuyers, the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) is gearing up to launch new version of their current web portal with enhanced services. The new and improved web portal version 2.0 will use the latest AI / ML technology to reduce time and effort spent in documenting and resolving complaints and speed up the process of acting against defaulters. The hope to enhance ease of service provided to customers and provide swift justice by taking into account the best practises established in other RERAs around the country and other comparable bodies.


Non-essential construction ban lifted in Delhi-NCR

Three days after the Centre announced a ban on all non-essential construction and demolition activities in Delhi-NCR on account of rising air pollution levels, the authorities are now said to have lifted all cubs imposed in the city under stage III of the Graded Response Action Plan (GRAP). As of Tuesday, Delhi’s 24-average air quality index (AQI) was around 385, down by 14 points since the week before.


Nirmal Developers’ land to be auctioned in Mumbai

On account of several unanswered recovery warrants issued by the Maharashtra Real Estate Authority (MahaRERA) towards Nirmal Developers, authorities have taken a decision to seller the developer’s land parcel located in Mulund, Mumbai to pay pending dues. The base price for the plot has been set at approximately Rs 31 crores and the auction is likely to be held on 18th January 2023 at the Tahsilar’s Office in Mumbai. This decision comes in lieu of over 80 complaints registered with authorities from buyers in their projects amounting to unrecovered dues of almost Rs 29 crores.


Chennai Government to reclassify land use

The Chennai Metropolitan Development Authority (CDMA) has set up a seven-member team to prepare guidelines for the reclassification of land use in the city. The new guidelines will be presented in the next authority meeting. The decision to do so has come about due to several protests conducted by civilians and housing societies over reclassifying areas that have been marked as waterbodies in the second master plan. Over fifty files are likely to be placed for reclassification during the authority meeting.


What do higher interest rates mean for homebuyers?

In 2022 the Reserve Bank of India increased the repo rate five times, amounting to a total increase by 2.25 percent. As a result, the average home loan interest rate is said to have gone up from 7 percent to 9.25 percent, thereby impacting home loan borrowers most severely. The easiest way to reduce exposure, in our opinion, is to consider partial repayment of your current loan as most home loans are usually taken on floating interest rates and do not usually invite penalties for partial or early repayments.


Karnataka government amends land mutation rules

The government of Karnataka recently amended the Land Revenue Rules of 1966, effectively reducing the notice period of mutation of registered and unregistered documents. Mutation is the process by which the title of a property is changed in municipal records once the property has transferred to the new owner. However, despite the new reforms the process remains as sluggish as ever, making homeowners anxious as they feel they're under undue risk till the process is completed. The process of mutation is applicable to residential properties, and all types of land including those meant for agricultural or commercial purposes.


LIC Housing Finance increase repo rate by 0.35 percent

India’s largest mortgage provider LIC Housing Finance has increased its 0.35 percent in a bit to keep up with its competitors. This change comes on the heels of other private banks such as HDFC increasing their marginal lending rates. The minimum interest rate for the best-rated borrower will now begin at 8.65 percent. Since May 2022, the Reserve Bank of India has increased the repo rate at which it loans to the system, five times in a row by a total of 2.25 percent resulting in banking and non-banking financial institutions to raise their interest rates.


Housing sales up by 50% as new supply increases twice fold in top 8 cities

According to a study published by PropTiger, real estate sales in the past year grew by a staggering 50 percent with a 101 percent increase in the number of new launches across the top eight cities in India. Mumbai and Pune led with a combined share of 56 per cent in overall sales in 2022. Nearly 26 percent of all sales transactions were concentrated in the Rs 45-75 lakh price bracket. Mumbai led new supply in 2022 with a 39 percent share in overall launches, followed by Hyderabad with 19 percent and Pune with 18 percent. Experts see 2023 as a year of smooth sailing for the real estate sector even with the steady increase in interest rates for home loans and hikes in property prices.


SEBI directs Oyo to refile its draft IPO papers with updates

The Securities and Exchange Board of India (SEBI) has asked Oravel Stays, the parent company of hospitality chain Oyo Hotels to refile its draft red herring prospectus (DRHP) with revisions. According to the SEBI website, the offer document was returned on 30th December 2022 with advice to re-file with applicable updates and revisions. The company has reported a revenue of Rs 4,900 crores for the financial year 2021-22, indicating an 18 percent YoY growth from the previous year. It is also claims to have reduced its losses by almost half in FY 21-22. The company first filed its DRHP in September 2021.


Delhi Court summons Supertech MD over forgery and other allegations

A Delhi Court has summoned the managing director of Suptertech Limited, Mr Ram Kishor Arora over a case filled by Gaurav Vij claiming the former engaged in a criminal break of trust and forgery. Mr Vij alleges that he had given the company a sum of money, through its representatives, for a short-term investment in September 2012. However, in June 2013 he became aware that the company had used the money to book a flat in his name in one of their Gurgaon housing projects. He claims that despite voicing his concerns on paper, the MD and other directors did not do anything to help him and continued to mislead him.


Assets of Holy Faith Builders to be auctioned to compensate homeowners

After the demolition of the Holy Faith H20 building in Kochi in January last year, revenue officials are now gearing up to auction off assets of the builder to compensate customers. The Supreme Court directed officials to go ahead with the auction as the builder has failed to remit money owned to individuals who had purchased property in the now demolished building. This decision comes in lieu of a 13 year long tussle initiated in 2006 by the Maradu Panchayat who issued show cause notices to Holy Faith Builders and three other developers for constructing buildings along the banks of the Vembanad lake, which was in violation of the Coastal Regulation Zone rules of the area.


Mumbai's real estate registrations increased by 9% to 1.22 lakh units

According to a report published by real estate consultant Knight Frank India, 1,21,850 properties in Mumbai's BMC region were registered in 2022, indicating a 9 percent YoY growth from 1,11,913 units registered in the previous year. Of the properties registered, over 86 per cent are said to be residential properties. Post pandemic, the real estate industry has bounced back in increased vigour with the year 2022 clocking in maximum registrations compared to the preceding ten years. These registrations have been supported by solid demand, consistent income, and positive economic growth despite the absence of any government incentives and the presence of headwinds.


Kanpur civic body demolishes illegal site behind Chakeri Airport

Earlier last week, the Kanpur Development Authority was finally given the go-ahead to demolish an illegal plotted developed spanning 12 acres in Pyondi village, behind Chakeri Airport. The offender Mr Umar Lar had been illegally developing the land by constructing boundary walls, building DPC and CC road, installing sewer lines and power poles. In doing so, he violated the requirements of the 1973 UP Urban Planning and Development Act as well as KDA regulations as the site plan does not allow for such modifications.


NCLT accepts IDFC’s appeal against Marvel Realtors

The National Firm Law Tribunal (NCLT) Mumbai's bench granted the lender IDFC First Bank's request to put Pune based real estate company Marvel Realtors & Developers into administration after the real estate company defaulted on more than 44 crore rupees worth of debt. The developer took a 48-crore term loan from IDFC First Bank in July 2017 at an annual interest rate of 17.5%. The loan was to be paid off in 48 monthly instalments with the principle to be paid up in 10 instalments.


Building limitations around naval units in Mumbai to be removed

The defence ministry has released a circular stating it has reduced construction restrictions around naval sites in India, particularly Mumbai City. The authorities have brought the restriction down from 500 meters to 50 meters. This comes as a big relief to many housing societies who’s dilapidated buildings could not be redeveloped due to these restrictions. Several societies were left in a lurch a few years ago when the BMC abruptly halted their redevelopment, after demolition had taken place, because the defence ministry did not issue a no objection certificate. Now only projects within 50 metres of a defence facility will need the local military authority's NOC for construction.


Homebuyers in Noida stage protest non-delivery of apartments

Homebuyers from over 15 residential complexes got together in Noida to protest the delay in registration of their houses. These buyers have purchased flats in popular projects such as Supertech Eco Village Ajnara Homes, Apex Golf Avenue, JM Florence, La Residentia, Casa Greens One and Amaatra Homes. One of the primary reasons for the delay in registration is due to non-payments of dues by builders to the local authorities. The builders and authorities have been unable to settle on a rate of interest to be paid and therefore the authorities have halted issuance of all necessary approvals for the projects to be completed and registrations to take place.


UP RERA disposes of 9,300 complaints in 2022

The Uttar Pradesh Real Estate Regulatory Authority has issued a statement claiming that it has disposed of over 9,000 complaints in the year 2022 alone. The regulatory body received a total of 6,900 complaints in the year, with the highest inflow in March at 695 complaints and the lowest in December with 320 complaints. The three-member bench consisting of a secretary and chairman is said to have addressed and disposed of 25 cases a day on an average. Established in 2017, the UP RERA has received approximately 47,000 consumer complaints, which accounts for approximately 38 percent of the total complaints filled across the country.


Puravankara board approves issue of NCDs worth 230cr

The board of directors of Bengaluru based realty firm Puravankara has approved the issuance of non-convertible debentures worth Rs 230 crores in two tranches via private placement at an interest rate of 11.75 percent per annum. In another decision it approved an investment in Ghar Realty LLP of which it will now become a designated partner, having contributed approximately 68 percent of the capital of the LLP. Ghar Realty LLP undertakes businesses dealing in land and property transactions and property management of residential, commercial, industrial properties and infrastructural development projects.


Maharashtra Revenue Minister reduces freehold charges to 2%

As a result of a meeting held last week, the current revenue minister of Maharashtra Radhakrisha Vikhe-Patil has agreed to reduce the Nazul Lands’ freehold charges from 5percent to 2percent of the ready reckoner value. Other significant decisions taken during the meeting include the reduction of penal charges levied, further clarification on premium lease holder charges and further reduction of the existing charges to be paid after renewal of lease. Officials have been directed to prepare detailed policies regarding the same for review.


Madras HC dismisses petitions challenging property tax hike

Dismissing several petitions and the consequent GO challenging the recent hike in property tax in Chennai and Coimbatore, the Madras High Court has directed that the amendments recommended by the councils be implemented and effective from 1st April 2023. The decision to raise property tax rates was initiated by a need for augmented funds. Additionally, a mandate cast by the 15th central finance commission for availing grants and entry level conditions for receiving funds under various schemes offered by the central government.


CapitaLand India Trust to acquire Ascendas IT Park from CLI & MIDC

CapitaLand India Trust (CLINT) has entered into separate definitive agreements, via its wholly owned subsidiary Ecospace IT Park, with CapitaLand Investment (CLI) and Maharashtra Industrial Development Corporation (MIDC) to acquire their respective 78.5 percent and 21.5 percent shareholdings in Ascendas IT Park, located in Pune. The deal is said to have been closed for a reported 13.5 billion rupees and will be completed by February 2023. Ascendas IT Park owns International Tech Park Pune (ITPP-H) in Hinjewadi, Pune.


Builders continue to default on rental payments with SRA

Earlier this year, the Slum Rehabilitation Authority (SRA) in Mumbai published the names of 150 builders who had defaulted on their rental payments to slum dwellers of slum rehabilitation and redevelopment projects. Along with publishing their names, the authority demanded that all defaulters remit the pending money immediately and submit an affidavit within a month to the authority citing reasons for the delay. However, in the three months that followed this announcement, only a fraction of the payments is cleared. The total outstanding was said to have been approximately Rs 700 crore of which only Rs 20 crore has been cleared so far.


HDFC secures $400 million from IFC for green housing projects

One of India’s largest private lenders HDFC has secured a loan of USD 400 million from International Finance Corporation (IFC) for financing green affordable housing projects. Both companies issued statements a few weeks earlier confirming the same and reiterating their commitment towards the creation of affordable housing projects and green practises. The companies hope this venture will help close the urban housing gap while improving access to climate-smart affordable homes by boosting green housing. They also believe this loan will help in supporting the country’s shift towards a more sustainable growth path while creating jobs and ensuring long-term business development.


Over 14 lakh families in Odisha eagerly await PMAY-Gramin Housing

In Odisha, of the 32.36 lakh families eligible for housing under the Pradhan Mantri Awaas Yojana-Gramin, more than 14 lakh families still await houses and housing assistance. The rural development ministry had set a target of 26.95 lakh houses under the PMAY-G to Odisha from 2016-17 to 2021- 2022. The PMAY-G, formerly known as the Rajiv Gandhi Awas Yojana, along with the Pradhan Mantri Awaas Yojana-Urban, were implemented as flagship missions of the government of India by the Ministry of Housing and Urban Affairs in an effort to address the urban housing shortage amongst EWS, LIG and MIG categories including slum dwellers.


Non-essential construction work banned in Delhi-NCR

On account of worsening air pollution conditions, the Centre’s air quality panel ordered for the implementation of stage III restrictions under the Graded Response Action Plan (GRAP) in Delhi-NCR which meant banning all non-essential construction and demolition work. As of 30th December 2022, the average AQI for Delhi stood at 399, considered borderline hazardous. The experts committee at GRAP believes the air quality is likely to further deteriorate in the coming days due to calm winds and stable atmospheric conditions.


Delhi High Court summons directors of Ansal Properties

The Delhi High court has summoned the directors of Ansal Properties and Infrastructure, in response to a plea by 126 buyers of Ansal API's real estate project, The Fernhill, located at Sector 91, Gurgaon. In their petition, they buyers had alleged defaults on the part of Ansal API in delivering the project within the promised time frame as well as the grace period provided under the clauses of the builders-buyers agreement. The directives stated that a status quo was to be maintained regarding title and possession of the properties including the plots in question. The court has summoned them stating that the real estate developer in coalition with a finance company have misled the court by manner of concealing material facts, and by acting in a manner so as to disregard and frustrate the orders of the court.


Sunteck Realty launches One World Sunteck in Naigaon

Sunteck Realty has launched a new phase with the campaign ‘One World One Price’ at its Sunteck One World mixed development township in Naigaon, Vasai Virar. Sunteck One World is one of the biggest townships in the area, spanning across 150 acres. The project offers opulent one and two-bedroom homes in addition to numerous other world-class amenities. The entire development has over 60 per cent open green space. Phase 1 of Sunteck World is occupied by more than a thousand families. Sunteck Realty Limited is a Mumbai based real estate and construction company founded by Kamal Khetan. The twin cities of Vasai-Virar are a part of the Mumbai Metropolitan Region and considered to be the fifth largest city in Maharashtra.


ASK Property Fund exits Eldeco Centre with an IRR of 21%

The real estate arm of ASK Group, ASK Property Fund has exited the Eldeco Group’s South Delhi commercial project called Eldeco Centre, have generated an IRR of 21% on its investment of Rs 120 crores. In September this year the fund exited another investment in Gulshan Homz for their Gulshan One 29 project in Noida after two years, having achieved an IRR of 21% on their investment. The fund recently collaborated with Sriram Properties Limited to set up a co-investment platform to develop ‘Golden Ira’ a plotted development project in Bengaluru. Both companies intend to infuse capital to the tune of Rs 125 crores and re-launch the project under the name ‘Shriram Pristine Estates’.


TNHB to collaborate with private companies to build homes

The Housing and Urban Development Department is gearing up to redevelop housing societies across the state via joint development agreements with private builders. So far, twelve locations within the state have been identified as potential development sites. The homes are to be constructed using Mivan technology which is an aluminium formwork system over a span of two years. For construction of these units, the private developer will be awarded with a fixed number of free for sale apartments in exchange. The agreement will be entered into for a period of 80 years.


NCDRC directs Raheja Developers to compensate buyer for delayed delivery

The National Consumer Disputes Redressal Commission (NCDRC) has directed Raheja Developers to compensate a homebuyer for delay in delivery and possession of a Villa in their Gurugram project. The homebuyer had booked a villa in phase 1 of “Raheja Aranya City” in 2012 and paid multiple instalments over the years. The builder cited force majeure as reasons for the delay, however the NCDRC has rejected this claim and asked them to compensate the buyer to the tune of Rs 1.2 crores plus Rs 50,000 for litigation costs. The builder has been given six months to execute the order, after which an additional penalty of 15 per cent simple interest per annum will be added for the period of delay.


GNIDA board approves several changes to housing policy

Earlier this week, in a bid to provide respite to homebuyers and developers, the boards of Noida and Greater Noida civic authorities approved several amendments to their policies pertaining to housing. The most notable amendments include changes to the rescheduling of dues wherein a builder or buyer can reschedule payment on an outstanding for up to two years. The authorities amended the time extension policy to allow new projects to request for up to 13 years of extension. Structural audits will have to be carried out the at the cost to the builders for the first five years of issuance of the occupancy certificate. Lastly, All pet owners will have to register their cats and dogs with concerned authorities.


BMC to pay 470cr to acquire AAI owned land in Mumbai

The Brihanmumbai Municipal Corporation (BMC) is set to pay a sum of approximately Rs 470 crores to the Airport Authority of India (AAI) for land owned by them in the Dahisar region of Mumbai Suburban. The land parcel is said to be around 58acres large. In exchange for this plot, the AAI will receive 40acres of government land in Gorai. The BMC intends to create a 10acre public park within the plot, akin to the Azad Maidan and Oval Maidan in South Mumbai. The redevelopment and rehabilitation of structures present within the land parcel allegedly have a development potential worth over Rs 50,000 crores.


Supertech offered over 9,000 flats to owners without obtaining an OC

According to a report filled by an Interim Resolution Professional (IRP) with the National Company Law Appellate Tribunal (NCLAT), Supertech has allegedly offered possession to homeowners across 148 towers, plots and villas without having procured an occupancy certificate for the same. Approximately 9,000 flats in 18 projects are already occupied. According to the management Supertech has applied for the OC for all these projects and all other approvals and NOCs have been procured. However, their application for the final OC has been held up by local authorities on account of outstanding dues payable by the company.


ITC Hotels Group attains Net Zero carbon status

The United States Green Building Council (USGBC) has awarded 10 properties belonging to the ITC Hotels Group with the coveted “LEED Zero Carbon Certification”. This certification is awarded to building that operate with net zero carbon emissions annually. An entity’s carbon balance should be either ‘0’ or -ve. (Carbon Balance = Total Carbon Emitted - Total Carbon Avoided). According to the board, the ITC Hotels is the world’s largest chain with the maximum number of LEED Platinum-certified properties.


Brookfield looks to sell commercial properties in Powai & Gurugram

Canadian Property Management Fund Brookfield is looking to sell three of the company's assets in Mumbai and Gurugram. The properties are said to be collectively worth USD 2 billion. The company intends to sell only a portion of these assets to outside investors and the remaining half to its publicly traded Brookfield REIT. Earlier this year the Brookfield REIT reported a forty eight percent rise in income to 240 crore rupees for the quarter ending September. Its net operating income stood at 162 crore rupees for the same period last fiscal year.


Godrej Properties to develop land in Gurugram, Haryana

According to a BSE filing by Godrej Properties (GPL) a contract has been signed for the development of 14.27 acres of property in Gurugram, Haryana. The projected is expected to have a potential revenue of around Rs 3,000 crore. Earlier this year, the company purchased an 18.6-acre land tract in Kandivali, Mumbai. This project has an estimated 3.72 million square feet of developable space and a potential revenue of around Rs 7,000 crore. It was also the highest bidder for two contiguous land parcels in Noida with a total bid value of Rs 377 crore.


Government to set up 35 Multi-Modal Logistics Parks across the country

The Government of India is gearing up to develop around 35 Multi-Modal Logistics Parks (MMLP) across the country at a total capital cost of Rs 50000 crores. The project is being headed by The National Highways Logistics Management Ltd, a subsidiary of The National Highways Authority of India. Of the 35 projects in the pipeline,15 will be awarded in the next three years. Work has already begun for the development of one such park in Chennai, the tender for which was awarded to Reliance Industries (RIL). This will be followed by parks in Indore, Nagpur, Bangalore, Coimbatore, Hyderabad, Pune and Anantapur. The development of the latter will commence by the end of the next fiscal year. The development of MMLP is part of the Bharatmala Pariyojna program of 2017.


Bengaluru civic body collects Rs 2600 in Property Tax

As per official records released, The Bruhat Bengaluru Mahangara Palike (BBMP) has been able to collect only Rs 2641 crore of its intended goal of Rs 4000 crore in property tax for this fiscal year. This discrepancy is being largely attributed to the shift in focus towards electoral duties in the recent months. The civic body however is confident of achieving its goal by early 2023 if not sooner. In the last 4 years the Palike has collected more than Rs 11,000 crore in property tax, with the highest collections being made from non-residential properties in the city.


Piramal Realty to invest in four ongoing housing projects

According to a press release by the company, Piramal Realty is set to invest a sum of Rs 3,500 crore into four on going residential housing projects in the Mumbai Metropolitan Region (MMR) the coming two years. The identified projects have the development potential of over 12 million square feet would create more than 12,000 residential apartments. The projects are in Mulund, Thane, Mahalaxmi and Byculla. Established in 2012, Piramal Realty currently has 15 million square feet of residential and commercial space under construction in MMR.


Elan's first residential development clocks Rs 2,500 crore in sales

After successfully establishing several retail and commercial developments throughout Gurugram, Elan Group recently launched its first residential property, a super luxury development called “The Presidential” in Sector 106, Dwarka Expressway, Gurugram. Shortly after its launch, the company announced a record-breaking sale of Rs 2,500 crores for the project, making it one of their most successful launches till date. The project will span across 30 acres and contain over 1,800 apartments with configurations of 3, 4, and 5 BHK, and duplex penthouses. The project will be rolled out in three phases.


Purva Real Estate AIF acquires 100acres of land in Chennai

Purva Real Estate Fund, the Real Estate Alternative Investment Fund (AIF) of realty firm Puravankara has acquired 100acres of land in Guduvanchery, Chennai for a reported sum of Rs 200 crores. The company is currently developing a plotted land project and intends to launch three more plotted development projects by March 2023. The plotted development is said to have a revenue potential of over Rs 900 crores. The Fund plans to invest in various plotted land and residential development projects under both brands; “Purva Land” and “Provident” across cities such as Bengaluru, Chennai, Pune, Mumbai Metropolitan Region, and Hyderabad.


Bengaluru's held project Mantri Serenity to be finished with SWAMIH funding

Mantri Serenity, a stalled residential project located on Kanakapura Road in Bengaluru will be the first project in the city to be completed with funding from the government initiated Special Window for Affordable and Mid-Income Housing Fund (SWAMIH Fund). The project was launched in 2012 but shut down midway in 2018 due to insufficient funds. SWAMIH Investment Fund provided undisclosed funding to the project in October 2020. Towers 4 & 5 of the project have already received Occupancy Certificates (OC) from the Bengaluru Development Authority.


Casagrand launches ‘Casagrand Aria Affordable Community Housing’

Renowned builders Casagrand have launched a world-class residential community Casagrand Aria in Tambaram near Chennai with prices starting at just Rs 25 lakhs. The Tambaram complex which spans 4 acres, will contain 817 luxury 1 and 2 BHK high-rise lifestyle apartments. Casagrand Aria will provide homebuyers with over 85 top-notch interior and outdoor amenities with luxurious 17,000 square foot clubhouse and several other exclusive amenities. The entire project has been carefully planned to create an adequate footprint with over 70% open space and 30, 000 sq ft of landscape areas for maximum light, ventilation, and recreational activity.


Daily wage construction workers unable to benefit from registration

The Central Government recently issued a directive to all states to take a call on self-declaration which would allow construction workers to self-register, in a bid to speed up the process and ensure maximum individuals are able to receive their benefits. According to the Building and Other Construction Workers’ (Regulation of Employment and Conditions of Service) Act 1996, a 90-day work period is needed for a construction worker to become eligible for registration. The state of Maharashtra has approximately 14 lac active registered workers. However, the state has a back log of more than 40,000 pending applications to clear.


UP RERA imposes fine on 13 builders over non-compliance

Earlier this week the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) slapped hefty penalties on 13 real estate developers in the state on account of ignoring orders and intentionally not complying with the pertaining laws. The authority has followed section 38/63 of the RERA Act 2016 which empowers the authority to penalise the non-compliant promoter with up to 5 percent of the total cost of the project. The collective penalties amount to approximately Rs 1.78 crores.


Illegal farmhouses razzed by Haryana Forest Department

Last week the Haryana Forest Department in Gwalpahari sized four acres of land by destroying five farmhouses that were illegally constructed. The demolished structures were built on land falling under sections 4 and 5 of the Punjab Land Protection Act (PLPA) where non-forest activities cannot be carried out on land categorised as ‘gair mumkin pahar’, i.e., uncultivable land. The land in questions is situated in the Aravali Forest area. The razzing was conducted in accordance with the directive issued by the National Green Tribunal in September this year.


Gurugram Police make their first arrest in Chintels Paradiso case

The Gurugram Police have arrested Mr Amit Austin, the proprietor of Manish Switchgear and Construction, the company commissioned to conduct the repair work that caused the death of two women residing in Chintels Paradiso in Gurugram. The women were killed when the dining room on the 6th floor of Tower D collapsed bringing down with it the roofs and floors of all the flats below. A magisterial inquiry found that the retrofitting in Flat D603 was the key trigger for the collapse, thus holding Chintels India and Manish Switchgear and Construction responsible for the accident. Mr Austin will be produced in a city court in the coming week.


JMS Group registered new project in Gurugram

JMS Group, a real estate company headquartered in Gurugram, procured a RERA registration number from the Haryana Real Estate Regulatory Authority (HRERA) for its projected development project, The Pride located in Sector 95 A in New Gurugram close to the NH-8 and KMP/Western Peripheral Expressway. The development of New Gurugram is supported by the Gurugram-Manesar Masterplan 2031. In comparison to other Gurugram micro markets, this Sector has superior infrastructure including wide roadways, robust rainwater drainage systems, an underground electric cable network and service roads.


Mindspace REIT raises 100cr via commercial papers

The K Raheja Corp backed Mindspace Business Parks REIT (Mindspace REIT) has become the country's first REIT to issue commercial papers after SEBI gave its approval for the same in September 2022. According to its BSE filing, the company has issued commercial papers worth Rs 100 crores for a tenure of 3 months at an interest rate of 7.2 per cent per annum. The commercial papers issued by Mindspace REIT has received a credit rating of A+ by CRISIL.


SEBI to streamline governance norms for REITs and InvITs

In a bid to streamline procedures, remove ambiguity and ensure compliance the Securities and Exchange Board of India (SEBI) is considering proposals to introduce governance norms, akin to those in place for listed companies, for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs). In another decision made this year SEBI will allow Alternative Investment Funds (AIFs) to participate in Credit Default Swaps not only as protection buyers but also as protection sellers. By making this allowance SEBI hopes to provide AIFs with greater investment flexibility and facilitate deepening of the domestic corporate bond market.


Maharashtra RERA issues directive regarding fixed sale deed terms

The Maharashtra Real Estate Regulatory Authority (MahaRERA) recently published an order outlining the model agreement for sale's non-negotiable terms. According to authorities, several sale agreements uploaded do not follow the model form. While modifications to the agreement for sale are permissible by MahaRERA, all modifications must be noted in the deviation sheet and uploaded accordingly which many are not doing. Key provisions that include the builder's liability for structural flaws for a period of five years, acquiring OC, forming a society, and executing registered conveyance deeds in favour of societies in a timely way are non-negotiable but often left out by errant builders.


Keystone Realtors to enter a joint venture to develop a project in Mahim

According to a BSE filling Keystone Relators who sells real estate under the Rustomjee Brand will team up with Raj Doshi Exports to develop a residential project in Mahim, Mumbai. The development will be created on a land parcel measuring roughly 6,100 square meters. The development is said to have a saleable carpet area of over 2,80,000 square feet. The project will officially be launched in the new year.


Private Equity investments in real estate dip in 2022

According to a report published by Knight Frank India, the total number of private equity investments in real estate in 2022 totalled to USD 5.13 billion, indicating a dip of 17 per cent from the USD 5.20 billion registered in 2021. The office sector remained on top, garnering almost 45 per cent while warehousing came in second with a share of 37 per cent. Residential attributed to 12 per cent and retail to the balance 6 per cent. Mumbai led in cities’ race with accounting for 41 per cent of the total investments followed by Delhi NCR at 15 percent and Bengaluru in third place with 14 per cent.


West Bengal RERA is established and functional

Nearly eighteen months after the Supreme Court deemed The West Bengal Housing Industry Regulatory Act (WIBHIRA) as illegal and unconstitutional, the state of West Bengal finally implemented the RERA Act by creating the West Bengal Real Estate Regulatory Authority (WBRERA). West Bengal was the only state in country that had not implemented the RERA Act since its passing in 2016. They evaded doing so by creating the WBHIRA as a state substitute to the RERA Act, something no other state in the country had attempted to do.


DevX launches 400 flexible work seats in Mumbai

Gujrat based co-working and accelerator platform DevX has recently launched 400 flexible work seats in Andheri East, Mumbai. The new space launched in Mumbai spans across 30,000 square feet and is valued at Rs 3.2 crores. The company hopes to increase its presence in Mumbai to 50,000 square feet in the near future. At present, the company oversees approximately 7 lac square feet of space across the country in over 11 cities with investments to the tune of Rs 60 crores in the pipeline. The company currently has 15,000 seats with places to double this number by the end of the next year.


Mumbai Builder & son held in 27cr fraud case

Mumbai based developer Jagdish Ahuja, along with his son Gautam have been detained on account of fraud cases amounting to Rs 27 crores registered against them with the city’s Economic Offenses Wing (EOW). The builder collected money from individuals for a residential project in Chunnabatti but failed to register the flats in their name or provide a refund of their money as promised. The father-son duo is also being sued in 355 cases of bounced checks.


Projects worth 90,000cr lapse in five years of MahaRERA’s establishment

According to data released by the MahaRERA authorities, since its inception over 35,000 projects have been registered with the authority. However, in the last five years over 2,7500 projects worth approximately Rs 90,000 crores have stalled. The builders in question procured registrations numbers for their respective projects but failed to adhere to the norms set by the authorities ultimately causing their registrations to lapse. Apart from defaulting on possession dates, authorities have found that several builders have also found loopholes in the law to divert funds from one project to another.


15 illegal colonies built on agricultural land demolished in Gurugram

Earlier this month, the department for town and country planning passed an order for the demolition of over 15 colonies that had been illegally constructed on agricultural land. Together these colonies had encroached approximately 70 aces of prime agricultural land in and around the city. The offenders in question are said to have sold the plots of land illegally and constructed colonies without the requisite permissions from the competent authorities. Some of the structured razzed include shops, property dealers’ offices, houses and boundary walls.


BDD chawl residents offered Rs 25,000/- as rental compensation

Residents of the BDD Chawls in Worli, Mumbai have been offered the option of availing a monthly rental compensation of Rs 25,000/- instead of opting for a transit home while the chawls are being redeveloped. The Chief Executive Officer and Vice President of MHADA has confirmed that the state government has approved of the same. As part of the redevelopment Phase 1 almost 4,400 families were asked to vacate their homes whereas there were only 3,100 transit homes to accommodate them interim. Therefore, a need to create an alternative option was necessary.


Government to allow GST refund to unregistered homebuyers on cancellation

During the 48th GST council meeting, the Finance Ministry announced its intention to create a provision that would allow unregistered buyers who cancel their purchase of an under construction flat or long-term insurance policy, to claim for a GST refund directly from the government. The council advising the ministry has recommended that such amendments be made to the CGST 2017 rules along with issuance of a circular detailing the procedure for filling out an application for refund for unregistered buyers.


Walt Disney set to construct affordable housing homes in Florida

The Michaels Organisation has been commissioned by Disney to create an affordable housing project containing 1,300 units on an 80-acre land parcel which is a part of Disney World’s Land. Only those individuals who fall within a certain income bracket will be able to apply. The company hopes this new initiative will help ease the looming housing crisis in the state while creating new jobs in Central Florida via construction and operational activities needed for the project. Disney will collaborate with The Michael’s Organisation on construction and design.


Poonawalla Fincorp sells housing finance division to TPG

Earlier last week, Poonawalla Fincorp, a non-banking division of the Poonawalla Group, announced that it has sold its housing subsidiary Poonawalla Housing Finance to private equity giant TPG for a sum of Rs 3,900 crore. Poonawalla Fincorp was acquired by Magma Fincorp for Rs 3,456 crore in February 2021 and is currently held by Rising Sun Holdings, a business that Adar Poonawalla owns and controls. It offers a variety of loans such as personal loans, loans to professionals, company loans, SME loans, loans against property, and affordable house loans.


ED seizes land parcels & accounts of builders in Hyderabad & Bengaluru

As a result of a search conducted by the Enforcement Directorate (ED) in November of the Sallarpuria Sattva Group’s Bengaluru office and in accordance with the Prevention of Money Laundering Act of 2002 (PMLA) the ED attached land and bank assets belonging to developers in Hyderabad and Bengaluru totalling Rs 78 crores. The assets include real estate worth Rs 37.58 crore owned by SA Builders & Developers, and a bank balance of Rs 41.05 crore held by Neelanchal Technocrats Pvt Ltd, a Bengaluru-based developer and member of the Sallarpuria Group.


Raymond Realty completes three towers ahead of time

Raymond Realty’s TenX Habitat has been successfully completed and delivered its first three towers 24 months ahead of schedule leaving homebuyers overjoyed. The project was launched in 2019 and is set to become the tallest structure in Thane Skyline with 42 stories and 10 towers. The Address by GS and TenX Habitat, two of the group's premier real estate developments have secured the top two spots in the Thane city area with 78 and 124 apartments sold for Rs 201 crores and Rs 147 crores respectively. This accomplishment is consistent with Raymond Realty's robust second-quarter sales growth, which increased by three times, to Rs 245 crores from Rs 81 crores in the prior year.


Shriram Properties acquires ‘Golden Ira’ project in Bengaluru

‘Golden Ira’ a plotted development project belonging to Golden Gates Group and IIFL Group in Bengaluru has been acquired by Shriram Properties. The project's acquisition and development will require capital contributions of up to Rs 125 crores as part of the transaction. The company is gearing up to re-launch the Project under the name ‘Shriram Pristine Estates.’ This will be the first investment under the recently concluded co-investment platform set up jointly between SPL and the ASK Property Fund.


SEBI to consider introducing micro-REITs

The Securities and Exchange Board of India (SEBI) is considering lowering the minimum amount of capital required to list a Real Estate Investment Trust (REIT) on the stock market. Currently REITs in India must have upwards of USD 60 million in assets to be eligible for listing. Although no official statement has been released by SEBI rumour are rife regarding this possibility. REITs were first introduced in India in 2019. We currently have four listed REITs on the NSE and BSE.


Macrotech Developers raises 3,500cr through QIP

In a press statement released, Lodha Group (Macrotech Developers) claims to have raised over Rs 3,500 crores by selling 7.2 per cent of its equity share capital via Qualified Institutional Placement (QIP) by way of offer for sale. Entities selling their equity shares include Sambhavnath Infrabuild, Sambhavnath Trust, Hightown Constructions and Homecraft Developers and Farms. According to their BSE filling, the shareholdings of the promoters will be free of all encumbrances having achieved a 25 per cent free float.


BOI & HDFC Bank raise lending rates

Last week, several lenders including Bank of India and HDFC Bank raised their benchmark lending rates, hours after the RBI decided to boost the repo rate by 35 basis points. This action will cause an increase in EMI. The state-owned Bank of India announced on its website that the effective Repo Based Lending Rate (RBLR) as of December 7 is 9.10% based on the revised repo rate (6.25%). According to the HDFC Bank website, the one-year MCLR which serves as the benchmark for many consumer loans has risen by 50 basis points to 8.60%.


MahaRERA directs district collectors to ensure compensations are paid

In a bid to ensure homebuyers approaching the MahaRERA REAT are receiving justice, the MahaRERA authorities have directed 13 district collectors to follow up on cases where dues are pending from the builders. These districts include Pune, Thane, Palghar, Aurangabad, Nagpur, Nashik, Chandrapur, Sindhudurg, Satara, Ratnagiri, Mumbai City and Mumbai Suburban. In last five years over 730 warrants have been issued which total to approximately Rs 730 crores in compensation payments due from developers to homebuyers. The compensations have been awarded for shortcomings such as delayed possession, abandonment of project, inferior quality of construction, changes in project plans, etc.


960acre land parcel up for sale in MMR

The Iranian Zoroastrian Anjuman charitable trust has engaged international property consult Knight Frank to sell its land holdings in Mumbai that sum up to 960 odd acres of land located in the Palghar area of the Mumbai Metropolitan Region. The original landowner Mr Jamshed Khodaram Irani donated more than 2,300 acres to the Charitable Trust in 1928. Since then, several portions of the land were taken back by the government for several purposes, leaving behind only 963 acres. With the sale of the plot, the Trust hopes to use the money to continue its charitable activities in the area to help locals and individuals belonging to the Pari Zoroastrain Community.


Date set for Aravali Farmhouse demolition

According to a statement released by the State Forest Department last week, the Sohna Municipal Committee will begin demolishing 179 unlawfully constructed farmhouses in the Raisina Aravalis from 12 December 2022, Conferring to Section 4 of the Punjab Land Preservation Act (PLPA), which protects land as "gair mumkin pahar (uncultivable hill)," 424 farmhouses in Sohna were found to have been built unlawfully. So far, 80 structures have already been demolished and 165 have received court-ordered stays. The demolition work was delayed due to GRAP (Graded Response Action Plan against Air Pollution).


Wadhwa Group adopts Japanese Technology for Mumbai Project

Mumbai based Wadhwa Group has collaborated with 75-year-old leading Japanese conglomerate Marubeni Corporation to utilise technology promoted by the later for the development of a residential project in Mulund by the group. The technology to be harnessed will focus on enhancing safety of structure, increased usage of renewable energy such as solar power and use of artificial intelligence (AI) for managing building facilities and customer service. The project in question is called Atmosphere O2 and is scheduled to be completed in December 2025. It is spread across 5.13 acres with up to 85% open spaces.


ED provisionally attaches properties of Sobha worth 200cr

As a result of the FIR logged against Sobha Builders and others by the Haryana Police, the Directorate of Enforcement (ED) has provisionally attached immoveable properties of the company, allegedly worth Rs 200 crores. According to the FIR, the Haryana Police believe Sobha Builders and others have colluded to sell land that was earmarked for the “no profit no loss (NPNL)” scheme in the open market for a substantial profit. In its regulatory filling, the company has issued a statement saying the are fulling cooperating with authorities and believe a favourable outcome will soon arise. The plots in question our present in the company’s township developement Sobha International City, located in Gurugram.


Accacia raised USD 2.5 million in seed funding

Accacia, a proptech start up focused on assisting the real estate and infrastructure sectors in decarbonisation has raised upwards of USD 2.5 million in a seed funding round. The primary investors are B Capital and Accel. Several notable venture capitalist firms such as Good Capital, Blume Ventures, Loyal VC and Rainmatter Fund are said to have participated in the funding round. Acaccia will use the money raised to expand their presence in Southeast Asia while extending their foot to foreign markets in the Middle East, USA and Canada.


Motilal Oswal invests 450cr into two Shapoorji Pallonji projects

The alternative investment arm of the Motilal Oswal Group, Motilal Oswal Alternates has pledged to invest a sum of Rs 450 crores into two projects in Gurugram being developed by Shapoorji Pallonji Real Estate (SPRE). Of the two projects, one is commercial project that has partially completed, leased and operational properties while the other is a residential township project that began construction in 2021.


MahaRERA proposes portal dedicated to construction approvals

The MahaRERA authorities are preparing to approach the Maharashtra state’s Urban Development Department (UDD) to propose a dedicated portal catering to construction approvals such as the commencement certificate and occupation certificates. A commencement certificate is one of the many mandatory documents requested by MahaRERA when issuing registration numbers. The authorities believe that the creation of such a a portal will allow both authorities and potential home buyers to view and verify construction approvals of a project. Currently there is no dedicated portal displaying this information.


SWAMIH Fund-I raises 1,500cr at final close

The Special Window for Affordable and Mid-income Housing (SWAMIH) Investment Fund I has raised a sum of approximately Rs 15,000 crores in its final close on 6 December 2022. The fund has already completed construction of 19,550 homes and is set to deliver another 20,000 for the next three consecutive years. It received a capital infusion, as promised, from the Government of India to the tune of Rs 5,000 crores earlier this year. The additional fund is likely to allow the entity to continue funding ventures until December 2024.


Onsite raises USD 1.5 million in seed funding

Delhi based tech start up Onsite raised USD 1.5 million in seed funding from Madhumala Ventures and Artha Venture Fund amongst others. The company plans to utilise the money raised towards expanding their market footprint while focusing on product development. Onsite helps small and mid-size construction businesses standardise their procedure to create a better synergy between their site and office teams. Their multi-lingual interface boasts of over 1 lac satisfied customers.


PNB HFC Introduces "Roshni," a Low-Cost Home Loan Program

An affordable house financing scheme called Roshni was introduced by PNB Housing Finance (HFC). The programme will allow anyone to apply for loans ranging from Rs 5 lakh to Rs 30 lakh. This initiative fits with PNB Housing Finance's long-term objective of facilitating and supporting a person's desire to buy a home. The Company most recently established Roshni-focused branch offices in Chennai, Coimbatore, Ghaziabad, Hyderabad, Indore/Ujjain, Lucknow, Mumbai, Nagpur, Pune, Rajkot, and Varanasi.


Capitaland to invest Rs 6,200 Crore in Telangana Real Estate Projects

The Telangana Government and CapitaLand India Are said to have signed a Memorandum of Understanding (MoU) to jointly establish a data centre at CLINT's International Tech Park Hyderabad (ITPH) which will be situated in Madhapur. The ITPH data will span across roughly 250,000 square feet and have a 36-megawatt (MW) power capacity. The project is anticipated to require an investment of over INR1,200 Crores (S$210 million) which will be made over the course of the following three to five years.


Maharashtra government paves way for redevelopment of single MHADA building

The state government of Maharashtra has struck down the April 2022 decision of the MVA regime to prohibit redevelopment of single buildings in a MHADA complexes. Residents whose buildings may have deteriorated more than neighbouring structures can now apply for redevelopment and need not wait for cluster redevelopment to take place. Earlier this week, the President of India signed off on amendments to the MHADA Act thereby allowing owners and tenants to apply for redevelopment of building termed ‘hazardous’ or ‘dangerous’ independently if faced with opposition by local authorities.


RBI increases repo rate by 35 basis points

The Reserve Bank of India has raised interest rates for the fifth time since May 2022. The benchmark lending rate has been increased by 35 basis points to 6.25 percent as of 7 December 2022 in an attempt to tame inflation. This decision is likely to push home loan rates back to pre-covid levels. In totality, the benchmark lending rate has gone by 225 basis points in the last seven months. Experts believe the trajectory of rising interest rates may give the rental market a well-timed stimulus if potential homebuyers find that purchasing a house is beyond their budget.


Aparna Constructions launches four residential projects in Hyderabad

Having secured investments of over Rs 800 crores, Hyderabad-based real estate developer Aparna Constructions and Estates is gearing up to introduce four residential projects located near the city’s IT sector and Outer Ring Road. All four projects will offer 2.5 to 3 BHK configurations with carpet areas ranging from 1,314 to 1,981 square feet. The ticket prices will range between Rs 90 lacs to Rs 1 crore. With these new developments, the company has launched a total of seven residential projects in this fiscal year.


Bombay High Court directs authorities to clarify stand on Mahim Nature Park

The Bombay High Court has directed the Slum Rehabilitation Authority (SRA) and state government to file affidavits in response to PIL filled seeking clarification on the inclusion of Mahim Nature Park, a protected area, in the plans of the Dharavi redevelopment project. In October this year, the state government released a tender inviting entities to bid for the redevelopment of the 600acre slum located in the heart of the city. Mumbai based Adani Group bagged the project after offering the highest bid of Rs 5,069 crores. Activists who have filled the PIL fear the Park will be unlawfully redevelopment along with the rest on the area.


Property registration revenue collection in Maharashtra exceed expectations

According to data released by the Maharashtra registration department earlier this week, the state property registration department has already met 78 per cent of its annual revenue target for the year in November. The robust collections are being attributed to several high-value property registrations, higher ready reckoner rates and stamp duty fees. The state is said to have collected approximately Rs 25,000 crores as of 28 November 2002, inching closer to its yearend target of Rs 32,000 crores.


Supreme Court’s decision likely to push builders into bankruptcy

Earlier this month the Supreme Court took a decision to revoke its 10 June 2020 order which had a set a fixed 8 per cent rate of interest in debts for land supplied on lease to various builders. With the new order, builders will now have to pay up pending dues related to their land allotments. Builders believe this decision is likely to result in the many filling for bankruptcy and the postponement of registration of over 1.6 lac properties in Noida and Greater Noida as issuance of occupancy and completion certificates is directly dependent on payment of debts.


Assam REAT orders Arya Erectors India to deposit 32lacs

To file an appeal in response to a ruling by the Assam REAT, the RERA Tribunal has directly M/s Arya Erectors India Pvt Ltd to deposit a sum of Rs 32 lacs in an escrow account with them. The company is challenging the order passed by the REAT which stated that the company must pay Rs 1.5 crores to a disgruntled homeowner who had purchased a villa from them for delayed possession. The REAT also slapped an additional penalty of Rs 1.5 lacs on the company for other charges. Section 43 of the RERA Act 2016 requires a promoter to first deposit with the Appellate Tribunal at least 30 per cent of the penalty or as determined by the Appellate Tribunal before challenging any penalty imposed by them.


Paranjape Schemes launches housing project for Special Needs Children

Paranjape Schemes has launched “Swaniketan”, a housing project specially catered for differently ables children. Located in Western Pune, the project will be developed in two phases and will contain 240 apartments of 2 and 3 BHK configurations. All the amenities required for special children, including medical centres, early intervention centres, round-the-clock respite centres, vocational centres, and hostels for special children will be made available. The company has partnered with Saad and Forum for Autism members to develop an organisation called FFL Kutumb which will oversee the management and operations of Swaniketan.


Centre bans non-essential construction activity in Delhi

After air pollution levels reached a worrying height of 407 AQI this Sunday, the Centre’s air quality panel directed authorities in Delhi NCR to ban all non-essential construction work as envisaged under stage III of the Graded Response Action Plan (GRAP). AQI levels above 400 are deemed hazardous. A meeting was held on Sunday to review the air quality in the region along with forecasting meteorological conditions and the air quality index of Delhi.


Homebuyers stage protest outside Raheja Developer’s Office in Gurugram

Several disgruntled homebuyers collected to protest outside Raheja Developer’s office in Gurugram earlier this week over delayed possession for the Raheja Revanta Project located in Sector 78, Gurugram. The individuals claim to have paid up almost 90 per cent of the total value of their flats. The project began five years ago and is still currently far from complete. Spokespersons from Raheja Developers issued a statement discussing details of the measures being undertaken by the developer to speed up the construction and delivery of the project.


Blox raises 100crores from investors

Blox, a real estate prop tech platform launched in 2020 has recently raised almost Rs 100 crores in a series A funding round. The company intends to utilise the funds for market expansion, improving product offerings and building data infrastructure around the customer, broker, and developer segments. The company will also use the newly acquired capital to increase their focus on technology advancements to improve product development frameworks.


Centrum Housing acquires National Trust Housing’s home loan services

Centrum Housing Finance, the financial arm of Centrum Group has reportedly paid a sum of Rs. 112 crore rupees to acquire the home loan portfolio of National Trust Housing Finance. The companies are said to have entered into a binding agreement but no official spokesperson for either party has released any details to the press. National Trust Housing Finance is a Chennai-based institution that offer affordable housing finance across 17 cities in four southern states of India. It’s loan book exceeds Rs 300 crores and employs over 100 individuals.


Godrej Properties announces a new luxury housing project in Delhi

Godrej properties recently announced an upcoming launch of a premium housing project in Ashok Vihar, Delhi. The project will be developed on a 27acre land parcel that the company purchased in February this year for a reported sum of Rs 1,300 crores. The project is aimed to generate over Rs 8,000 crores in sales income for the company. Godrej Properties has beefed up its presence in Delhi-NCR this year by launching two projects this year: Godrej Connaught One, a compact luxury development near Connaught Place in another residential complex in Central Delhi.


Supreme Court orders two illegal buildings in Navi Mumbai to be razed

The Supreme Court has passed a judgement ordering two illegal buildings constructed in 2011 in Nerul, Navi Mumbai to be brought down. The families residing in these buildings have been given six months to vacate. Individuals who purchased flats in the complex where aware of the legal standing of the buildings. The court has ordered for the civic and police officials involved in allowing the construction to take place to be held liable as well. The plots in question had been allotted for the creation of a public garden according to the area’s development plans.


Supreme Court puts an end to tax evasion in land and property deals

In a monumental decision by the Supreme Court this week, land and property owners can no longer evade taxes levied on land, redevelopment rights and property transactions by creating partnerships firms. Last week, the apex court ruled that revaluation surplus in a partnership will no longer be exempt from taxation such as capital gains tax. Common practice up until now has been for individuals holding real estate assets in a partnership structure to evade capital tax via simple restructuring. With the new ruling, firms facing a tax liability post revaluation will force the original owners of the property to pay the tax if they wish to take the funds infused by new partners out of the firm.


IFC partially exits with an IRR of 20% from Puravankara Project

International Finance Corporation (IFC) and its affiliate IFC Emerging Asia Fund partnered with Bengaluru based Puravankara to invest around Rs 550 crores in the development of several residential projects under their ‘Provident’ band which is focused on affordable housing. IFC is now partially exiting a 1.4 million plotted development scheme in Bengaluru at an alleged IRR of 20%. IFC had invested approximately Rs 150 crores into this project over the span of two years. Having already invested about Rs 320 crores rupees raised from IFC, Puravankara hopes to raise further capital from IFC in the future, owing to the positive experience both parties have had so far.


Crystal Lagoons launches a new project in India

In what is being construed as the largest contract to be secured by Crystal Lagoons, the company has collaborated with Champion’s Group to create over 100 Public Access lagoon Projects, known as PAL developments and real estate projects in India over the next 20 years. The agreement includes creation of these projects in 26 out of 28 states in the country. With this partnership, Champion’s Group aims to establish a new real estate portfolio with developments targeted at the high-income market that need a membership fee, somewhat equivalent to a classic country club.


FE Dinshaw Charities & F E Dinshaw Trust looks to sell 20acres in Mumbai

Noted industrialist and administrator of F E Dinshaw Charities and F E Dinshaw Trust, Nusli Wadia has put up for sale approximately 20 acres of land in Malad, Mumbai valued at roughly Rs 100 crores. There three plots are presently encroached upon by slum dwellers. The entities are planning to sell the land parcels on an ‘as is where is basis’. The tender for sale was announced in early November and the set reserve price is said to be 25% of the ready reckoner rate according to land valuation experts.


Blackstone secures North India’s largest warehousing deal for 700cr

In what is being construed as one of the largest warehousing deals in northern India, Blackstone has reportedly paid a sum of Rs 700 crores to Vertical Housing for their warehousing assets in Jhajjar, Haryana. The asset comprises of both operational assets and strategically located land plots that lay the foundation for potential future growth. Approximately 1.5 million square feet of the assets acquired are currently leased and functional. During the first half of 2022, the I&L industry attracted around $144 million in greenfield and brownfield assets from international and domestic firms.


PropsAMC to launch fractional ownership opportunities

PropsAMC, the asset management services, and data intelligence division of Square Yards has recently announced its foray into real estate investment opportunities via a fractional ownership platform. Backed by proprietary tools and data analytics, the company aims to offer young working professionals an opportunity to invest in high-quality “income-generating” real estate properties and other secured real estate securities at a fraction of the actual cost. The company aims to provide investors with an IRR of 14-15% on the capital invested along with a 7-9% annual yield for a period ranging from 3 to 6 years.


NESCA aims to construct 10,000 wooden buildings by 2030

In a recent press release, India’s first Wood Frame Construction (WFC) company Nesca Homes announced its intention of constructing 10,000 wooden buildings by 2030. The company is a one window solution supplier of wooden buildings. They have assisted Forestry Innovative Investors in British Columbia, Canada in the past and have conducted multiple demo projects across India including the MAK project in Hyderabad. Their core competencies lie in value engineering, estimations and construction management in Canadian pinewood and technology.


President of India signs off on amendments to the MHADA Act

Earlier this week the President of India signed off on the proposed amendments to the MAHDA Act 1976, paving the way for owners and tenants to initiate development of a building once categorised by the civic body as dangerous. Presently over 50 building in Mumbai has been declared dangerous. Society members of these building were unable to start the redevelopment process but were being made to pay CESS for the same. With this new development tenants and owners can now apply for redevelopment easily, reducing the time otherwise spent procuring requisite permissions and cooperation from other entities.


Start ups dominate gross office leasing in 2022

According to a recent report published by JLL India, start-ups have dominated the office leasing arena by taking on over 6.5 million square feet of space in the first half of this calendar year. The start-up’s share in gross leasing grew from 17 per cent in 2021 to 28 per cent in H1 of 2022 in the top eight cities of the country. Bengaluru led the race with an approximately 2.5 million square feet leased by start-ups this year, followed by Delhi NCR at 1.9 million square feet and Mumbai at 0.95 million square feet.


Maharashtrian citizen can now amend 7/12 documents online

The state of Maharashtra has developed an online web portal that will allow citizens to make changes to land records from the comfort of their own home. The website offers ten services including applications for corrections, new name additions and heirship. Once submitted, an application ID is generated which can be used to check the status of the request. The entire process from application to the changes being reflected on the website takes approximately forty days.


More than 50% of the MIDC allocated plots in Vidarbha remain unoccupied

According to recent reports, only 7,000 of the 16,000 plots allotted by the MIDC offices in Nagpur and Amravati for industrial estates are being actively developed. Several reasons have been cited for the delay with the primary reason being touted as disruption caused by the Covid pandemic. The Vidarbha Economic Development Council has urged MIDC to create an amnesty program to help them cope. Their recommendations include deduction of fees and penalties levied from underutilisation and water usage. Several allottees have been unsuccessful in utilising their land parcels and wish to surrender them but are unable to because of the heavy deductions made by MIDC.


Trident Realty launches integrated luxury township in Panchkula

Delhi based Trident Realty is gearing up to launch an integrated luxury township that will span across a 200-acre plot of land in Panchkula in Haryana. With a goal of deleveraging, the realty firm will use a portion of the money raised from banking institutions for its Trident Hills project to complete and hand over this new project. The company is said to have already invested a sum of Rs 400 crores which it intends to utilise to complete construction and deliver 450 plots already purchased by buyers in the new project.


Indian government looks to set up credit guarantee fund for warehouses

The Indian government is in conversation with experts to set up a credit guarantee scheme for construction of warehouses in the country. The proposed fund will be developed under the Warehousing Development and Regulatory Authority (WDRA). Their goal will be to work with banks and non-banking institutions to offer credit facilities only to entities with NWRs or e-NWRs, thereby ensuring more people line up to register. With this fund, they hope to ease capital flow while reducing cost of capital for construction.


Adani Realty beats DLF to win Dharavi redevelopment bid

On 29th November 2022, the government of Maharashtra opened the financial bids for the redevelopment of the Dharavi slums located in Mumbai. The winner of the bid was to be decided based on the highest initial investment pledge. DLF Group quoted Rs 2,020 crores and Gautam Adani led Adani Realty quoted Rs 5,060 crores, ultimately winning the bid. The project is scheduled to be completed over 17 years. The redevelopment will be undertaken via a Joint Development Agreement with the state government and Adani Realty.


SEBI grants permission to Signature Global for proposed 1,000cr IPO

In July this year, Delhi based Signature Global filled a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to launch its maiden public issue. As per latest updates of the SEBI website, the realty firm has received an observation letter from the entity implying a green light for the proposed IPO. According to documents filled, the IPO will comprise of a fresh issue of equity shares amounting to Rs 750 crores and an Offer for Sale (OFS) of up to Rs 250 crores. International Finance Corporation and Sarvpriya Securities will sell equity shares worth Rs 125 crores each.


MICL Group announces new residential project in Mumbai

Following the completion of their project "Aaradhya Highpark" (Towers A, B, C, D, and retail) 16 months early, MAN Infraconstruction Ltd (MICL) will debut its upscale residential property Aaradhya Parkwood through its subsidiary Man Vastucon LLP shortly. The project will span across 2.5 acres of land and offer over 5.3 lac square feet of carpet space for sale. This project alone has the potential to bring in over Rs 800 crores in revenue for the realty firm. The project would comprise 1 and 2 BHK luxury apartments with over 60+ amenities and facilities designed in the state-of-the-art clubhouse.


PMAY-G likely to get 28,000cr in additional aid to meet targets

Conversations are underway to allocate an additional Rs 28,000 crore for the Pradhan Mantri Awas Yojana – Gramin (PMAY-G), this fiscal year to ensure states meet their construction targets within the stipulated timeframe. The amount will be allotted over and able the Rs. 20,000 crores already allocated for PMAY-G scheme in the 2022-23 Budget. The additional funds will be used to complete construction of 8.9 million houses that remain from their target of 29.5 million rural pucca houses.


Marcotech Developers gear up to launch 16 projects in second half of FY 23

Mumbai based Macrotech Developers has had an eventful and fruitful year, barring a few hiccups. The realty firm presently headed by Abhishek Lodha reportedly delivered 4.4 million square feet of space creating an estimated Rs 8,000 crores in revenues in this fiscal year alone. Although the company reported a consolidated net loss of Rs 933 crores for the quarter ending September 2022, their net profit has increased by 28 per cent YoY. The loss booked has been largely due to an exceptional loss suffered on account of economic turbulence in the United Kingdom where they have two projects.


Avanta India announces new co-working centres in the pipeline

Co-working company Avanta India recently announced its intention to expand its portfolio to meet the growing demand for flexible workspaces in the coming months. The company will add 2 lac square feet of office space, including 50,000 square feet of space dedicated solely to premium co-working establishments. The developments will add almost 3,000 workstations across multiple localities in Delhi-NCR. Their project at Nehru Place in Delhi, scheduled to be completed by December, will create 150 seats across the 10,000 square foot set-up.


Sikka Group gets 200cr relief funding from SWAMIH

Sikka Group has received last mile funding from the Special Window for Affordable and Mid-income Housing Fund (SWAMIH) amounting to approximately Rs 200 crores. Sikka Kimaya Greens situated in Greater Nodia was launched in 2014 and scheduled for completion in 2020. Due to the Covid pandemic and other financial constraints the project was stalled midway. Over 1,000 individuals had invested in the project to date. Having received financial assistance, the developers now aim to complete and deliver the project within eighteen months.


CIDCO launches computerised lottery for 4,000 houses in Navi Mumbai

Last week, the City and Industrial Development Corporation (CIDCO) conducted a computerised lottery for its housing schemes in Kalamboli, Taloja, Kharghar and Dronagiri. They offered over 4,000 apartments for the Economically Weaker Section (EWS) category. In August 2022, CIDCO announced a mass housing lottery scheme under the PMAY scheme’s directives. Over 4,000 apartments have been allotted under the scheme to the EWS category and general public. In October the scheme received 16,000 applicants. CIDCO has now included the sale of 245 commercial shops at its various housing complexes, commercial premises, and railway stations in the scheme.


The Indian Government revises the indicative value for Ashok Hotel in Delhi

According to recent reports, the government of India has fixed an indicative value of Rs 7.409 crore rupees for the iconic Ashok Hotel located in New Delhi. This action was taken in line with the National Monetisation Program which aims at raising private sector investment for new infrastructure creation. The Ashok Hotel and along with the adjacent Samrat Hotel two of the eight structures listed under the India Tourism Development Corp assets under this scheme.


Keystone Realtors IPO closes with 3% gain

Keystone Realtors Ltd (KRL), which sells properties under the brand 'Rustomjee’, launched its initial public offering (IPO) on November 14, 2022, allowing investors to subscribe till November 16, 2022. Trading of its shares closed last week with average 3 per cent gain against its issue price of Rs 541. The stock was listed on the BSE and NSE at Rs 555 and finally settled at Rs 556.85 on the NSE indicating a 2.9 percent hike and at Rs 557.80 indicating a 3.11 per cent hike on the BSE. The company traded 4.16 lac shares on the BSE and 58.63 on the NSE.


Runwal Group introduces “by invitation” homes in Kalyan Dombivli

The Runwal Group has opened its first-ever "By Invitation only" residences at Park Avenue in Kalyan-Dombivli at Runwal Gardens in Dombivli. The 3-BHK, 4-BHK, and Duplex residences on Park Avenue range in size from 1017 square feet to 2,595 square feet and start at Rs 1.40 crore. These residences created by AR Hafeez Contractor, offer lifetime views of an 11-acre central park along with a private clubhouse and other luxury amenities catering to the demands of the privileged few who will call this place home.


GCZMA razes hotels and shacks for CRZ violations

The Goa Coastal Zone Management Authority (GCZMA) has ordered the demolition of a restaurant, a shower, a fountain, a vehicle porch, a security cabin and a basement that were discovered to be built between 200 and 500 metres from the high tide line, violating the existing zoning regulations. As it appears, none of the entities had procured the requisite construction approvals. Action was taken after three individuals including former Benaulim MLA Churchill Alemao and the Colva Civic and Consumer Forum complained about the illegal projects.


Maharashtra government to introduce its own housing scheme

While speaking at an event organised by the rural development department at YB Chavan Centre, Deputy CM Devendra Fadnavis announced the state government’s intentions to create its own housing to ensure Maharashtra becomes the first state in the country to provide ‘housing for all’. Through the PMAY Rural scheme, the government has allotted over 10 lac homes till date. The new scheme coined Awaas Plus intends to create an additional 3.5 lac homes for those who are not eligible for PMAY and other housing schemes.


WSB Real Estate Debt Fund II invests 165cr in Sowparnika Homes

As per a recent press release, Walton Street Blacksoil Real Estate Debt Fund II is said to have invested a sum of Rs 165 crores in Sowparnika Homes (Sowparnika Projects). The money will be used to fund affordable housing projects in key localities of Bengaluru such as Sarjapur Road, Whitefield, Old Madras Road, etc. In a bit to align themselves with the Prime Minister’s “Housing for All” initiative, the company will use this investment to create over 2,500 homes with an average ticket size of 50 lacs rupees.


Godrej & Boyce refuse to land over land to the State Government

Last week, a division bench of Justices R D Dhanuka and S G Dige said it would begin hearings for the petition filled by the state government regarding land acquisition from Godrej & Boyce from 5th December 2022. The state government and the company have been embroiled in a bitter court battle since 2019. The company alleges a wrongful approach undertaken by the state government to acquire the land and changes in the compensation amount offered. The state government and NHSRCL on the other hand are accusing the company of causing unnecessary hurdles thereby delaying the project.


MYRE Capital launches ‘Lease-Contract Discounting’ opportunities

Adding another feather to its hat, MYRE Capital recently announced the launch of its Lease-Contract Discounting investment vertical that will be the first in the country to offer alternative real estate investment products that will allow investors to grow their capital via managed leasing backed by solid collateral and lease rental receivables. The investment opportunities will be open to accredited Indians and NRI investors who can make a minimum investment of 15 lac rupees. The company is promising investors an IRR target of 13 per cent per annum.


GOA to introduce e-registrations for primary sales

In an attempt to jump upon the digitisation bandwagon and ease the burden on sub registrar offices, the state of Goa is considering introducing an e-registration process for flats purchased directly from the builder. The new system is currently underway and should be ready for use in the coming months. With the introduction of this facility, state officials hope to shorten the otherwise long and cumbersome process of property registration. To prevent impersonation and fraud, individual property sellers will not be permitted to use this service.


Marubeni Corporation & Kolte Patil join hands for Pune project

Japan based Marubeni Corporation has entered into a joint development agreement with Pune-based Kolte Patil Developers Ltd, according to a recent BSE filling. The project will be located in Pimple Nilakh, Pune and is said to have the development potential of over eight lac square feet. As per the agreement Marubeni Corporation will invest a sum of 200 crore rupees into the project, via a single tranche, providing KPDL will the requisite liquidity needed. Marubeni Corporation will be entitled to 2.85 lac square feet of saleable area within the project.


Madras High Court directs CDMA to demolish building for setback violations

Earlier this week, The Chennai Metropolitan Development Authority (CDMA) demolished portions of a building on Kodambakkam High Road as per the Madras High Court directive. A portion of the building that held a health care centre, a pharmacy and portico were in violation of the assigned setbacks provided by the government. The demolition took place under police supervision.


Finance Ministry directs states to submit property transaction details

A letter has been issued by the Finance Ministry to all state registration departments, including Maharashtra, with a copy marked to the chief secretary asking officials to provide details for all sale and purchase transactions relating to immoveable properties exceeding a value of fifty lac rupees. The Ministry has requested that all the data be submitted in the prescribed format by the 15th day of the succeeding month of every quarter. The report is to be submitted to the Financial Intelligence Unit (FIU-Ind).


SIT arrests 10 individuals in Kalyan Dombivli RERA scam

The Special Investigation Team (SIT), set up by Thane Police Commissioner has arrested 10 people involved in the Kalyan Dombivli RERA scam. The SIT had booked 65 developers in the case but was yet to make any arrests. A key witness recorded his statement in front of the Judge earlier this week, allowing the police to move ahead with arrests. The builders have been accused of forging and falsifying documents to obtain RERA certificates to construct and sell properties. The scam has revealed multiple gaps in communication between government departments and corruption within its institutions.


Redevelopment projects cause rental escalations of up to 15%

Residential complexes in Mumbai City are fast opting for redevelopment. A concept that used to scare many is now being embraced by several housing societies across the region. Several government initiatives introduced in the recent past have helped society members opt for self-redevelopment and encouraged builders to take on such projects by way of additional FSI. As a result of this, several micro markets in Mumbai are experiencing a sudden surge in rental yields. Experts suggest rentals have increased by Rs. 5-10 /- per square foot in Mumbai Suburban and By Rs. 10-15/- per square foot in the Island City.


ASK Property Fund exits Gulshan Homz Project with 21% IRR

In September 2020, amid the Covid pandemic, ASK Property Fund agreed to invest a sum of Rs 125 crores with Gulshan Homz for their Gulshan One 29 project in Noida. This month the real estate fund will exit its investment having gained an IRR of 21 per cent. ASK Property Investment Advisors, the alternate asset investment arm of the ASK Group has raised over 600 crore rupees through the initial closing of its sixth real estate fund. The funds raised will be invested in the residential markets of Mumbai, Pune, Noida, Gurgaon, Bengaluru and Chennai.


Stay on disputed CRZ plot sale in Nerul to remain

Earlier this week, The Western Zonal Bench of the National Green Tribunal (NGT) ruled that the stay order on the sale of a plot in Nerul remain and gave petitioners two weeks to respond to CIDCO’s defense. The Navi Mumbai Environment Preservation Society (NMEPS) and neighboring residents have filled two petitions with the NGT to halt the sale of this plot citing CRZ violations. CIDCO has defended its decision while questioning the NGT’s jurisdiction to have allowed such petitions to be admitted. The final hearing has been fixed for 20th December 2022.


Kolte-Patil Developers and 2 other parties reach a settlement with Sebi

Earlier this week, two parties along with Kolte Patil Developers settled a case with SEBI regarding alleged violations or listing and disclosure regulations. Kolte Patil is said to have paid a sum of Rs 42 lac while G L Vishwanath and Manasa Vishwanath have paid Rs 10 lac each. This comes in light of a decision made by the parties involved to settle the alleged violations of the LODR Regulations without admitting or denying the findings through a settlement order.


Capital value of properties in Mumbai to remain ambiguous

The cabinet recently approved a proposal to halt periodic revisions to the capital value of properties in Mumbai City. The proposal sought an amendment to Section 154 (1d) of the BMC Act that allows the capital value of properties to be revised once every five years. Now, changes to the capital value can be made at any time by giving reasons for doing so in writing. The Brihanmumbai Municipal Corporation (BMC) is likely to lose revenue up to Rs 1,117 crore rupees this financial year owing to changes and amendments in the collection process laid down.


Tata Value Homes launches 2BHK homes in Bengaluru

Tata Housing has launched a new phase of their mixed development township project Tata New Haven near Tumkur Road, Bengaluru. The entire project is situated on a twenty-five-acre land parcel comprising of thirty-five towers in total. The new phase will have a combination of 10, 12 and 14 storey towers and contain more than 400 residential units. Four towers have already received their occupancy certificates (OC).


Maharashtra Revenue Department fixes land-related queries via online portal

A website by the name maharashtracivilservice(dot)org, designed and developed by, a Senior Deputy Collector, has helped the state department resolve over 5,000 land related queries in quick succession. The website is supported by the Maharashtra Civil (Revenue) Services Organisation whose members sign up and respond to queries posted. Most queries pertain to land inheritance, land transfer, changing names on the property cards, etc. The website has over 20 lac visitors and over 3,00 active contributors. The entire website is in Marathi making the information available accessible to a larger audience.


Taurus Investment Holdings and Sage Capital to invest in Indian Real Estate

Taurus Investment Holdings and Sage Capital are looking to raise Rs 500 crore domestic fund to invest in the Indian Real Estate. The fund will look at investing in Tier 1 and Tier 2 high-growth cities in Western and Southern India. The planned real estate fund will look at raising funds from both domestic and international investors aims to build a a portfolio of projects valued over $1 billion over the next 5 years. The goal will be to invest in commercial, mid-scale residential and mixed-use development projects.


Homebuyers stage protest outside Kalpataru Head Office

Disgruntled homebuyers of Kalpataru township project Immensa in Kolshet Thane, staged a protest outside the company’s head office in Santacruz earlier last week. More than fifty individuals gathered during the day with placards and demanded an explanation for the extended delay in handing over possession of the flats. Two senior representatives of the company supposedly met the protesters to address their concerns and put them at ease. As per the MahaRERA website, the project is now scheduled to be delivered in 2025.


Kotak Mahindra Bank cuts its 1-year MCLR rate by 20 bps

In a statement released earlier last week on the official website, Kotak Mahindra Bank has announced that will reduce its marginal cost of funds-based lending rate (MCLR) for its benchmark one-year tenor by 20 basis points from 8.75 percent to 8.55 per cent. Tenors ranging from overnight to three years will also have revised rates ranging from 7.80 to 9.05 per cent. The revised rates will come into effect from 16th November 2022.


Alibaug’s first gated community project under SILA gets its OC

Inner Circle, a project undertaken by SILA in collaboration with JCK group and Top-Notch Realty has received its occupancy certificate. The project achieved record sales within three years of launching in 2019, selling over 95 per cent of its inventory even before completion. Located in the Saral neighbourhood of Alibaug, the project is situated on a 7-acre plot of land, Phase two is scheduled to begin in early 2023. It will span across 3 acres and include more than 40 units.


Nexus Select Trust filles for $500 million IPO

Nexus Select Trust has filled a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) last week in a bid to launch a retail REIT to raise $500 million. It will be India’s first rent-yielding retail REIT, with a portfolio of over 17 operational shopping malls comprising of 10 million square feet spread across 14 major cities. It includes Select Citywalk Mall located in New Delhi which is said to contain over 3,00 stores. The estimated value of the Trust’s assets is said to be around $3 billion.


Luxury Villas & Townhouses unveiled by Supreme Universal in Pune

Mumbai based Supreme Universal has announced a pre-launch of its ambitious Supreme Villagio project in Somatane, Pune. The luxury residential development will be situated in what is considered to be Pune’s greenest neighbourhood, with affluent localities such as Hinjewadi, Baner, PCMC and Talegaon close by. The project will span across 16 acres of land on a parcel located approximately 600 meters above sea level and include a host of amenities to give residents a feeling of living in a resort that they can call home.


Puravankara reports a net loss of 17cr in Q2 FY23

Bengaluru based Puravankara has declared a net consolidated loss after tax of Rs 17.22 crores for the quarter ending September 30, 2022. Its profit after tax (PAT) for the same quarter was Rs 253 crores indicating a dip of almost 7 per cent when compared to the same period of the last fiscal year. The company has paid a final dividend of Rs 5/- per equity share for the fiscal year ending March 31, 2022, in September 2022 as authorized by the shareholders during the general meeting conducted in September 2022.


State Bank of India increases MCLR rates by up to 15 bps

The State Bank of India (SBI) has increased its marginal cost of funds-based lending rate (MCLR) by up to 15 basis points across all tenors. The benchmark one-year MCLR, has increased by 10 basis points (bps) to 8.05 percent, up from 7.95 percent previously. The two-year and three-year MCLRs have increased by 10 basis points each to 8.25 per cent and 8.35 per cent, respectively. The one-month and three-month MCLRs have each been raised by 15 basis points to 7.75 percent. The overnight rate is higher by 10 basis points at 7.60%, while the six-month MCLR has increased by 15 basis points to 8.05%.


Adani Realty, DLF & Shree Naman Group bid for Dharavi Redevelopment project

The Dharavi Redevelopment Authority (DRA) has received three bids for the mammoth Dharavi redevelopment project in Mumbai. Eight builders including entities from South Korea and UAE, along eleven PMC companies attended the pre-bid meeting. The three bids are from Mumbai based Adani Realty and Shree Naman Group and Delhi based housing construction company DLF. Adani Infrastructure has bid for the project in 2018 but lost out to Dubai based SecLink Group.


HDFC Capital backed H@ART platform to fund 10 start-ups in India

At the HDFC Real Estate Tech Innovator’s Challenge 2022 which was hosted in partnership with Invest India and Housing and Urban Affairs Minister Hardeep Puri, HDFC Capital backed H@ART platform announced that it had shortlisted 10 start-ups that it intends to fund and support. The finalists included companies focused on fintech, construction tech, sustainability tech and sales tech.


Bengaluru’s cash strapped civic body struggles to recover pending dues

Bengaluru’s civic body BBMP is in a legal tussle with builders in the city over unpaid dues amassing to over 1,00 crores for land rent, licence fees, building licence fee, scrutiny fee and other such construction approvals. Collection was temporarily halted in August 2021 by a High Court directive. In January 2022, the Karnataka Municipal Corporation and Certain Other Law (Amendment) Act-2021 was revised to restart the collection process, but the amended law it yet to be implemented.


Sobha’s net profits fell by 70% in Q2 FY 23

Bengaluru based Sobha Limited, has declared its earnings after tax (PAT) to be Rs 19.20 crore, indicating a dip of almost 70 per cent from Rs. 63 crores in the equivalent quarter of the previous fiscal year. The company's net consolidated income in the second quarter of FY23 was Rs 690.60 crore, down 11.52 percent from Rs 780.40 crore in the same quarter of FY22. Although profits dipped, the company claims to have had the highest-ever quarterly sales value of Rs 11.64 billion and the greatest operational revenue of Rs. 13.36 billion. The company also achieved an all-time sales price high of Rs 8,709/- per square foot.


Kotak Realty raises USD 500 million from ADIA

Earlier this week Kotak Investment Advisors secured an anchor investment of USH 500 million from Abu Dhabi Investment Authority (ADIA) for its soon to be launched real estate Alternate Investment Fund (AIF). This will be the thirteenth real estate fund by Kotak aimed at raising USD 1 billion to invest across various realty asset classes and capital stack which will include both debt and equity investments. The fund is looking to focus on the residential sector. Kotak Investment Advisors and Abu Dhabi Investment Authority have a long-standing relationship and intend to foster relations in the future with such collaborative ventures.


Indian Warehousing must grow to USD 3.8 billion to meet future demand

As per recent reports published by CREDAI & Anarock, equity investments of USD 3.8 billion would be needed to meet anticipated demand of 223 million square feet of warehousing space in India. This calendar year, Grade A warehousing supply is said to have risen by a CAGR of 10.6 per cent. Experts believe the sector currently has over USD 900 million in the form of ‘dry powder’ funding from existing commitments signifying a latent investment opportunity of almost USD 2.8 billion.


Bhive announces discounts and reductions in minimum investment threshold

The Bengaluru based fintech investment platform Bhive recently announced a reduction in its minimum investment threshold from 10 lac rupees to 5 lac rupees, along with attractive offers and discounts on limited units. Through its new initiative the company launched 500 units of commercial real estate space in ‘Brigade Metropolis’ in Whitefield, Bengaluru. The company claims to offer an average rental return of up to 10.5% per annum. Fractional ownership entities are not regulated by SEBI or any other investment authority in India.


Prestige Estates declares an increase in net income by 54% for Q2 FY 23

In a BSE filling, during the three months that concluded on September 30, 2022, Prestige Estates Projects has declared a net consolidated income from operations of 1,475 crore rupees in Q2 FY23, up by almost ten percent the same period in the last fiscal year. Its profit after tax (PAT) stood at 149 crore rupees as opposed to 96 crore rupees it had recorded in the same quarter of the previous fiscal.


Bid for the Air India Building increased to 1,600cr

The famous Air India Building located in Nariman Point, Mumbai has few takers. The building was first handed over in 1970 on a 99-lease by the state to the then government-controlled airlines. In February 2013, as part of its asset-monetisation strategy, Air India relocated its corporate headquarters to New Delhi and vacated the property. Even though Air India requested bids for the sale of the 23-story structure in 2018, so far there are no takers. To revive talks, the bid has now been raised to 1,600 crore rupees.


Godrej Properties posts a net income of 369cr Q2 of FY23

As per reports published, Godrej Properties Ltd posted a net consolidated income of Rs 369.20 crore in Q2 FY23, up 10.47% from Rs 334.22 crore it earned in the same quarter the previous year. The company said in a BSE filing that its profit after tax increased to Rs 67.03 crore in Q2 FY23 from Rs 35.73 crore in the equivalent period of the previous fiscal year.


Prestige Group announces new projects across Southern India

Bengaluru based Prestige Group is gearing up to complete and deliver their most ambitious project to date, the 32-acre Prestige Jindal City in Bengaluru. In a recent press release the company announced the launch of new projects in Bengaluru and Cochin. Prestige Willow Tree in Vidyaranyapura, Bengaluru will be a 6-acre residential complex and a 28-acre plotted land project called Prestige Park Drive will be developed in two phases near Bengaluru's Kempegowda International Airport. Prestige Hillside Gateway located in Kakkanad, Cochin will comprise of 4-bedroom luxury villas and 1 to 4 bedroom flats.


Work restarts for Bhendi Bazaar redevelopment project

Earlier this month, the C Ward of the Brihanmumbai Municipal Corporation (BMC) lifted the stop-work notice issued against the Bhendi Bazar redevelopment project, allowing work to restart after a hiatus of over two months. The notice was first issued on the behest of deputy CM Devendra Fadnavis who requested an investigation into reports that the Saifee Burhani Upliftment Trust, which is carrying out the project, had altered the original designs, removed certain roads and changed the widths of certain highways and roadways. The same complaints were investigated in December 2021 by then acting deputy speak Narhari Zirwal, who had given the Trust a clean chit.


Keystone Realtors launches its IPO

Keystone Realtors Ltd (KRL), which sells properties under the brand 'Rustomjee’, launched its initial public offering (IPO) on Monday, November 14, 2022. Investors will be allowed to subscribe till Wednesday, November 16, 2022. The Mumbai-based real estate developer has fixed a price band of INR 514-54/- a share. The company is looking to raise ?635 crore through the initial share sale, which consists of a fresh issue of equity shares aggregating up to ?560 crore and an Offer-For-Sale (OFS) worth ?75 crore by promoters. According to data from the NSE, on its first day the issue has been subscribed 8 percent.


CREDAI announces collaboration with HDFC Capital at NATCON 2022

In an announcement made at the annual ‘NATCON 2022’ event in YAS Island, Abu Dhabi, the Confederation of Real Estate Developers’ Association (CREDAI) has committed to collaborating with HDFC Capital to facilitate an investment of INR 5,000-10,000 crore rupees for affordable housing in non-metro cities such as Lucknow, Jaipur, Ahmedabad, Indore, Bhubaneswar etc. Additionally, the body claimed that over 13,000 member developers have taken a pledge to become 100 percent carbon neutral by 2050.


Raymond Realty books 348cr in sales in Thane Region

The Singhania family-owned realty firm Raymond Realty has recently topped the IndexTap Premier League Chart for the Thane region by selling over 200 units at a total approximate value of 348 crore rupees in their projects TenX Habitat and The Address by GS. As per reports published, the company received 120 bookings for their TenX Habitat project in Q2 FY 22-23.


Mindspace Business Parks REIT declared a 16% YoY growth for Q2 FY 23

The K Raheja managed Mindspace Business Parks REIT declared a growth of 16 percent year-on-year (YoY) at 417 crore rupees for Q2 FY 23. The company recorded a profit after tax (PAT) of 87 crore rupees in Q2 FY23 as against 130 crore rupees in the corresponding quarter of the last fiscal year. However, its net consolidated income stood at 686 crore rupees for the quarter which indicates a 60 per cent growth from 428 crore rupees recorded for the same period last fiscal year. As of 30th September 2022, its net debt stands at Rs 4,4650 crore, with a net debt to market value of 16.8% while the portfolio's gross asset value rose to Rs 27,300 crore in September 2022, a 3.3 percent increase YoY.


Consolidation in Real Estate emerges are a growing trend

The real estate industry is witnessing a new wave of consolidation, as several large and listed companies look towards it as a means to improve liquidity and revenue generation. The current market demands reflect the homebuyers sentiment and frustration with regard to delayed deliveries and a lack of trust with new entities. By taking over smaller companies, larger entities are being able to stabilize bond yields and ensure timely delivery on account of improved liquidity.


Maharashtrian locals may no longer need CRZ nod for houses along the coast

In a proposal submitted to the Union Ministry for Environment, Forests and Climate Change (MoEFCC), the state government has request that draft coastal zone management plans for Palghar, Sindhudurg, Raigad, Ratnagiri and Thane be revised to allow individuals to build houses up to 3,000 sqft up to 50 meters fro the tideline for creeks, rivers and streams. The proposal has been accepted by CM Eknath Shinde and are in their final stages of approval. The state hopes that this decision will boost tourism.


Real estate must accelerate plans to meet demand for EV charging

According to Bloomberg, there are currently 20 million EVs in the world today, compared to just one million four years ago. Experts predict this number to increase to 71 million by the end of 2025. In such an environment, it is imperative that real estate developers and owners incorporate EV charging infrastructure into their existing and future ventures. Commercial real estate could become a critical player in providing charging stations or points for passenger vehicles.


Goa witnesses an increase in rental yields of 4–10%

The picturesque state of Goa in India is witnessing a boom in tenancy. Rentals for properties in popular destinations have risen by 25-30% in some cases, with the future looking even brighter. As per reports released by Savills India, rent and occupancy have climbed to as much as 8% p.a. in certain micro markets, an enormous difference from the country's average of 1.5-3%. Developers are cashing in by creating gated communities and properties to suit the growing needs.


HDFC Capital Advisors invest 1550cr into Shapoorji Pallonji Real Estate

The real estate private equity investment arm of HDFC, HDFC Capital Advisors has inked a deal with Mumbai based Shapoorji Pallonji Real Estate to invest over 1500 crore rupees via structured debt instruments into six projects spanning across 7 million square feet in Mumbai and Pune. The projects are a mix of affordable and mid-income housing located in Central Mumbai, Hadaspar and the outskirts of Pune City. The money will be used for repayment of high-cost debt, working capital and to ensure financial closure of the projects.


Leading mortgage lender in India HDFC claims an 18% increase in Q2 earnings

The largest mortgage lender in India, Housing Development Finance Corp, announced a 17.8% increase in second-quarter earnings on Thursday, helped by high house loan demand. Their profit increased from 37.81 billion Indian rupees a year earlier to 44.54 billion rupees ($537.2 million) in Q2 which ended on September 30. The interest revenue for HDFC increased by 24% to 131.43 billion rupees during the quarter.


Rajasthan Housing Board makes 2,328 billion in sales

The covid pandemic has been bittersweet for the Rajasthan Housing Board. A department plagued by financial woes was finally able to regain revenue through selling ready unsold inventory built up over the last couple of years. They made a staggering  2378 crore rupees in 2021–2022, up from a little over 100 crore rupees in 2018–2019, primarily from the sale of more than 16000 residential units and nearly 3000 shops throughout the state.


Shriram Properties' sales bookings increase by 27% for Q2 FY22

Earlier this week Shriram Properties reported a 27% increase in their sales booking to 747 crore rupees for the quarter ending September 30 2022. Comparing the second quarter of FY23 to the first, the aggregate sales value increased by 39% to Rs 435 crores.


SCDRC orders DLF Homes to compensate homebuyers

The court also ordered DLF Homes to complete the sale deed for unit number A-1/33-GF, which covers a space of 282.017 square meters (3,035.60 square feet), in Anita Singh's favor, within 30 days. However, it has been made clear that the 30-day timeframe will start when the complaint pays the stamp duty and registration fees that are necessary for the sale deed to be registered if she has not already done so.


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