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The Delhi Development Authority has issued a warning, alerting the public about fraudulent individuals who are using a fake URL related to their housing scheme to deceive people. The DDA has stated that it is taking this matter seriously and has filed complaints with the Economic Offences Wing and Cyber Crime cell of the Delhi Police. The DDA become aware that certain fraudulent individuals are using a fake URL (https://DDAflat.org.in/index.php) under the name of DDA’s Housing Scheme to deceive people into booking flats.
The combination of an 18% GST and an increase in the Jantri rates has deterred potential buyers from participating in the recent plot auctions organized by the Ahmedabad Municipal Corporation (AMC). The auctions featured seven plots in prime locations within the city, with a base price of Rs 499.72 crore and a 99-year lease. The plots were situated in Bodakdev, Thaltej, Vastral, and Nikol. However, none of the developers showed any interest in purchasing these plots.
The Greater Noida Authority plans to upload details of 197 group housing projects on its official website to enhance transparency and protect investor interests. This move follows the Noida Authority's recent update of 115 projects. The information provided will help homebuyers make informed decisions while holding developers accountable for project completion and financial obligations. Currently, builders owe over Rs 14,500 crore to the Greater Noida Authority, and around 1 lakh homebuyers are facing difficulties registering their flats.
According to sources, the state government of Maharashtra is a considering implementing a system of registering properties using maps instead of relying solely on geographical descriptions. Last Friday, a GR was issued related to this matter and the committee is expected to provide its recommendations within a month. Currently, a comprehensive geographical description is necessary for the title document. Officials have stated that if registration with maps is implemented, the property title would become more precise. Several states have already begun utilizing maps for property registration.
The Supreme Court of India dismissed an appeal filed by the Enforcement Directorate (ED), affirming that the duration for granting default bail in a criminal case would include the remand period. The Supreme Court had earlier stayed the Bombay High Court order granting bail to the Wadhawan brothers in September 2020, and had issued a notice to the accused on the ED's plea against the High Court order. On February 23, 2021, the top court referred the legal question to a larger bench, which has now been answered in favour of including the remand period while calculating the duration for granting default bail in a criminal case.
In response to a fake call centre racket in New Town, Kolkata, Bidhannagar Police have requested updated tenant lists from local Residential Welfare Associations (RWAs). Authorities plan to conduct surprise visits to verify tenant information, ensuring occupant safety and addressing system vulnerabilities. The recent bust, which exposed fraudulent operators running schemes from residential properties and recovered nearly Rs 4 crore in illegal funds, has prompted the need for an updated tenant database. Local residents have welcomed the initiative for improved community security.
The Odisha state government is preparing to introduce a new bill in the assembly to establish an association of homebuyers in real estate projects. Under the proposed Odisha Apartment Ownership Bill 2023, the association can be formed if seven persons or 50% of allottees, whichever is lower, are allotted flats in apartments. The bill seeks to replace the Orissa Apartment Ownership Act of 1982.
The Thiruvananthapuram city corporation has recently made a record-breaking collection of property tax due to an updated database and the promotion of online payment options. The corporation grossed Rs 115 crore in property tax in 2022-23, which exceeded the target they set for themselves, and showed an increase in collection by 167% in the last five years. This increase was primarily due to the aggressive promotion of online payment of tax and an updated database of tax dues.
Navi Mumbai's property market heats up as a CIDCO plot in Nerul sells for a record Rs 6.72 lakh per square meter, sparking concerns over housing affordability. Activists and builders criticize the sale, claiming it will drive property prices to unattainable levels for average homebuyers. The escalating prices also threaten to strain existing infrastructure, such as roads, water, and power supply, leading to congestion. Experts urge CIDCO to transfer open plots to the Navi Mumbai Municipal Corporation for the creation of open spaces and social infrastructure to alleviate potential long-term sustainability issues.
The Haryana Real Estate Regulatory Authority (H-RERA) has refused to grant an extension of registration to the Shree Vardhman Victoria group housing project being developed by Shree Vardhman Infra Heights Pvt Ltd. This decision was made due to the non-compliance of RERA Act by the promoter. The authority had given 24 opportunities to the developer to comply with the mandatory requirements to renew or extend the registration of the project, but the promoter failed to comply with them.
The Greater Chennai Corporation has reported a significant increase in its tax collection for the financial year 2022-23. The corporation has collected INR 1,408.9 crore, almost double its previous year's collection of INR 471.6 crore, which was impacted by the Covid-19 pandemic. The civic body aims to collect INR 1,500 crore before the financial year ends in a week. Out of the 13.33 lakh assesses, 8.85 lakh have paid property tax so far, with around 8,000 people paying daily in the last week.
The interest rates on home loans have increased by 250 basis points over the last 10 months, resulting in the extension of repayment tenures beyond retirement for many borrowers. While floating rates mean that borrowers must pay the rates prevailing in the market, refinancing loans provides borrowers with an opportunity to save up to 100bps on their loans. Currently, the repo rate is at 6.5% and some banks are offering home loans at 8.5% to new customers.
The Indian government is looking to accelerate its 'housing for all' initiative for rural India, aiming to meet the target three months ahead of schedule by December 2023. A senior official from the rural development ministry stated that the government is in discussions with states to speed up construction processes and complete housing projects quickly. If successful, this will be a significant achievement for the Modi government in advance of the 2024 general election.
The Bombay High Court has directed the Vasai Virar Municipal Corporation to grant occupancy certificates to 27 buildings constructed more than two years ago. The move is expected to provide relief to over 1,000 flat buyers in the massive HDIL layout project. The court directed the corporation to issue the certificate within four weeks after verifying compliances.
Deputy Chief Minister of Maharashtra, Devendra Fadnavis, recently announced that the state government plans to introduce a new policy to expedite Slum Rehabilitation Authority (SRA) projects. According to Fadnavis, builders will be invited through a tender process for the construction of buildings while the government will handle preliminary work, such as clearing plots and determining eligibility of slum dwellers.
The Allahabad high court will oversee the progress of civic work at a township developed by the Noida Authority after residents alleged that the area lacked basic facilities for more than two decades. The RWA of Express View Apartments (Super MIG) in Sector 93 filed a petition last year, alleging "inaction" on the part of the Authority despite several letters and reminders. The Authority had developed the township in 2002, and it is currently home to around 5,000 people living in 1,008 flats.
The average 30-year US mortgage rate dropped to 6.42%, marking the second consecutive week of decline, according to Freddie Mac. As the spring homebuying season begins, this decrease, coupled with stabilizing home prices, offers potential for a housing market rebound. The national median home price also experienced its first annual decline in 13 years, down 0.2% to $363,000. Despite market uncertainty and the Fed's rate hikes, economists remain optimistic that the recovering housing market will bring more favourable conditions for prospective homebuyers in the coming weeks.
Creditors and analysts are not convinced by China Evergrande Group’s proposal to restructure its offshore debts, which is seen as a test of investor confidence in the financially-strained real estate industry. The restructuring plan, which involves a lengthy repayment period and insufficient incentives, has failed to impress. Evergrande is currently the most heavily indebted developer globally, with approximately $300 billion in liabilities.
The Yamuna Expressway Industrial Development Authority (YEIDA) is exploring the option of a one-time settlement scheme to recover over Rs 4,450 crore in dues from 14 builders, which could pave the way for at least 10,000 registries. The dues include Rs 2,753 crore in land premium, Rs 1,408 crore in additional compensation for farmers, and Rs 296 crore in lease rent. If the scheme is implemented, it could facilitate the completion of projects, issuance of occupancy and completion certificates, and execution of registries, which has been a cause for concern for thousands of homebuyers across the National Capital Region.
On the occasion of Bihar Diwas, several programmes were organized in Saran, Bihar. The District Magistrate Rajesh Meena distributed land papers to 194 landless persons of Sadar, Marhoura, and Sonepur subdivisions and greeted people with good wishes on this historic day. The distribution of land papers to landless individuals is an important step towards addressing the issue of landlessness in the state. The initiative will also help in reducing poverty and providing employment opportunities to the beneficiaries.
According to the 2023 Demographia International Housing Affordability report, Sydney’s housing market has once again been ranked as the second least affordable in the world, marking the second consecutive year in which this has occurred. The report notes that house prices in Sydney have risen at a rate six times faster than inflation, indicating that the pandemic’s demand shock has continued to affect house affordability in 2022.
The town of Kilifi in Kenya is set to have the largest affordable housing complex in the world, thanks to 14Trees, the developer that recently completed the printing of the first ten houses in the Mvule Gardens 3D-printed housing project. This new technology has enabled the construction of sustainable and affordable homes, with the added benefit of no wasted materials in building the walls.
The Enforcement Directorate (ED) in India has attached a commercial complex worth over Rs 252 crore (around $33 million) located in Delhi’s Shalimar Bagh area in connection with a money laundering investigation linked to an alleged bank fraud case against the Ambience Group. The immovable property, called Ambience Tower, belongs to a company called Ambience Towers Pvt Ltd, which is a firm of the Ambience Group promoted by Raj Singh Gehlot. The ED has issued a provisional order under the Prevention of Money Laundering Act (PMLA) to attach the commercial building.
An expert committee has requested reports from the chief town planners of various areas in Haryana regarding the approval of building plans for stilt-plus-four-floor buildings in residential areas. The committee was established on March 16 to examine the complaints and concerns raised by various residents and RWAs on the matter, and to assess the pros and cons of such approvals granted in the past and its implications.
The Indian government has amended the Finance Bill 2023 to reduce the tax burden on Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InVITs), treating distributions as a return of capital rather than taxable income. The move, welcomed by industry experts, aims to create a more attractive, stable, and tax-efficient framework for these investment vehicles. The amendments are expected to encourage further investments in REITs and InVITs and fuel growth in the real estate and infrastructure sectors.
The Andhra Pradesh Assembly has passed a bill amending the Revenue Act, settling decades-long dotted land disputes in the state. The move benefits thousands of farmers, as it grants titles to those who have possessed the lands for over 12 years. The new guidelines also promote urban development and generate additional government revenue by allowing municipal bodies to levy property taxes and the registration department to collect stamp duty. The resolution of these disputes will streamline land transactions, as the estimated 100,000 pending applications related to dotted land issues are addressed.
Members of the State Housing Federation, with assistance from the Cooperation Department, have introduced a mobile phone application to assist housing societies in understanding the process of performing conveyance deed or deemed conveyance. According to state officials, out of the 1.15 lakh registered cooperative housing societies in Maharashtra, more than 60,000 still need to perform conveyance deed or deemed conveyance. The ‘Housing Co-op Master’ app is available for free download from the Google Play Store.
The National Green Tribunal (NGT) has expressed its concerns about the inaction and evasive responses of officials in Gurgaon regarding the alleged use of diesel generators (DG sets) and the dumping of waste in the city. The order was made after hearing a petition filed by a Gurgaon resident, Raman Sharma, who alleged that 10 DG sets were being run from a green belt in Malibu Town, Sector 47, and that construction and demolition waste was regularly dumped in the residential colony.
The Greater Visakhapatnam Municipal Corporation (GVMC) has been identifying unsafe buildings every year and serving notices to owners to renovate if the building is structurally sound. However, many owners turn a deaf ear to the notices due to lack of financial means or emotional attachment to the buildings. The recent building collapse in Ramajogipeta that killed three people has prompted the GVMC to take action by serving notices to owners of old buildings.
Residents of Uruli-Phursungi, a group of villages merged with the Pune Municipal Corporation (PMC) five years ago, are demanding a reduction in property tax as they are not receiving enough water. According to the residents, the PMC charges nearly five times more than the gram panchayat, and they believe that their tax should be reduced to be on par with the gram panchayat rates. They argue that the civic administration is not providing enough water to the villages and citizens are still dependent on tankers.
The Noida Authority, which is responsible for the development and management of Noida, a city in India, has recently formed a five-member environmental panel to monitor sewage treatment plants (STPs) installed in group housing societies. The panel will ensure that the STPs are functioning properly and not causing any harm to the environment. The Authority has hired a Delhi-based company to inspect the STPs and provide expert guidance to the panel.
A recent study conducted by the Finnish Homeowners Association has revealed that the cost of housing in Finland is increasing at an unprecedented rate. The of Northern Ostrobothnia’s Kalajoki experienced the greatest increase, with costs soaring by nearly €3,700 ($4,400) in just one year. The increase in housing costs and the significant differences between municipalities are primarily due to the price of electricity, which has risen by an average of 46% from a year ago, as well as waste disposal charges, which have increased by an average of 6.7%, property taxes by 6.3%, and water charges by 4.1%
A team of marine biologists and architects have designed custom terracotta tiles through 3D clay printing to help restore coral reefs in Abu Dhabi. These tiles were produced by climate technology company Archireef in Abu Dhabi’s KEZAD economic zone and were commissioned by ADQ and the Environment Agency – Abu Dhabi. Unlike other artificial reefs, these clay-based structures are eco-friendly and closely resemble the natural pattern of corals. Additionally, they prevent the accumulation of sediment, which poses a significant danger to coral.
HDFC Ltd, India’s largest mortgage lender, may seek intervention from the Supreme Court to challenge the decision made by the National Company Appellate Tribunal (NCLAT) allowing the sale of the IL&FS headquarters in Mumbai to Canadian investor Brookfield. The sale was approved despite HDFC's objection, and the matter is pending before the court. The sale includes 12,651.95 square meters of land at Plot No. C-22, in the G Block of Bandra Kurla Complex together with the IL&FS Financial Centre.
Last week, the Ludhiana Municipal Corporation (MC) conducted a demolition drive which resulted in the razing of five illegal buildings in the city. The action was taken against two residential and one commercial building in Kunj Vihar, one industrial construction in Noor Villa, and one commercial construction on Malhi road. The MC has been conducting drives against illegal constructions, and in this case, the owners were given warnings to get their building plans approved, but they failed to comply.
The Kolkata Municipal Corporation (KMC) has set a target to bring all unassessed properties in the city under its revenue assessment system within a year. Officials believe that if all unassessed properties are assessed within a year, the revenue will increase by 100%. Assessing unassessed properties will not only help the KMC generate more revenue but also enable owners of houses or flats to get their properties mutated, ensuring delivery of essential civic services.
All stakeholders of the Rajesh Lifespaces Group have approved of the take over their hotels in Mumbai by the Rare Asset Reconstruction Co. and Naman Group consortium. Earlier this month, lenders submitted the plan for approval to the National Company Law Tribunal (NCLT). The Rare-Naman Group partnership was the favoured bidder for lenders after making an upfront cash offer of Rs.461 crore and a further Rs.31 crore in equity.
Last week, the shares of Sobha Ltd dropped by more than four percent after the firm confirmed they had been subjected to income tax raids at their head office and in other site locations. In a statement released to the press, the company confirmed that their registered office and other locations of Sobha Ltd were currently the subject of a search by the Income Tax Department. Additionally, the company stated in its disclosure to the exchanges that as a responsible business, all affected employees and personnel are fully cooperating with officials.
The Maharashtra state government is considering a proposal to exempt housing societies in metros from non-agriculture tax (NA). The tax is applicable to societies that do not come under gaothan areas in the municipal corporation or council areas. Currently there is a stay on the collection of NA tax from housing societies by the State Government. Revenue minister Radhakrishna Vikhe Patil has said that the request made is being examined, and a final decision will be made towards the end of the budget session.
The housing problem in the 27-nation EU has worsened due to a recent increase in inflation, particularly in food and energy prices, as well as the ongoing economic and labour effects of the COVID-19 pandemic. According to the bloc, more than 82 million households in the EU are struggling to pay their rent, with 17% of people living in overcrowded accommodations and just over 10% spending more than 40% of their income on rent. In Portugal, this issue is further compounded by the growth of tourism and the influx of foreign investors who have been driving up real estate prices.
The Greater Noida Industrial Development Authority (GNIDA) has announced a plan to allocate ten builder plots across eight sectors of the city. These plots vary in size, ranging from 12,500 square metres to over 404,172 square metres, and are located in Sector 1, 10, 12, Mu, Eta 1, Pi, Pi 1, and Pi 2. The reserve price for these ten builder plots ranges between Rs 35,000 per square metre and Rs 46,200 per square metre. The e-auction's date and time are yet to be announced. However, interested applicants must register on the portal by April 3 and deposit a non-refundable and non-adjustable processing fee to participate in the e-auction.
The government of Maharashtra has recently revised its guidelines for the permitted carpet area of apartments to be built and sold under the High-Income Group (HIG) and Middle-Income Group (MIG) categories through a lottery mechanism of the Maharashtra Housing & Area Development Authority (MHADA). This decision was taken by the government in order to make the housing schemes more affordable for the middle-class and to provide more opportunities for housing.
The Public Works Department (PWD) has recently issued eviction notices to the residents of the Barapullah slum near Jawaharlal Nehru Stadium in Delhi, India, as part of an encroachment clearance drive. The 500 slum dwellers, who are mainly daily wage earners and migrants from West Bengal, Rajasthan, and Bihar, have been asked to vacate the area before March 20. Many residents are distressed and worried about their future as they have nowhere to go. Children in the slum are also anxious about their education and uncertain if they will be able to get admission to other schools.
The district administration in Gurugram has announced that it will begin the second phase of structural audits on residential societies from April 1. The decision was made after a meeting held between Residents' Welfare Associations (RWAs), developers and auditing agencies, chaired by the deputy commissioner, to address the issues raised in the first phase. The administration also directed the audit firms to identify structures that don’t pose any safety threats but have scope for improvement or repair.
ALT Realtech, a Bengaluru-based fintech start-up, has made history by launching the world's first digital real estate exchange called ALT DRX. The platform is designed to allow investors to buy one square foot of real estate at a time, thus increasing accessibility to the market. The start-up's strategy is India-centric, and it has already raised $1.6 million in equity and $2 million in callable mezzanine debt for co-investing in real estate assets during its seed round.
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In a recent development, the Bombay High Court has directed MHADA to issue an occupancy certificate (OC) to a builder for the free-for-sale Ekta Tripolis towers within two weeks. This decision has come as a relief to flat buyers in the free-for-sale component of Goregaon's Patra Chawl redevelopment project. The project involves the redevelopment of 672 tenements on MHADA land by Guru Ashish Construction, a subsidiary of HDIL which was first made in 2008. However, the project has been marred by several delays, litigations and alleged money laundering case connected to the redevelopment.
Secunderabad Cantonment Board (SCB) officials are working to collect property taxes from at least 30,000 residential and commercial properties in the area, with the deadline for payment just 10 days away. The SCB tax wing has been working hard to recover tax and has issued demand notices to defaulters to replenish the board's coffers and overcome a funding shortage. To ensure that property owners pay their taxes, special teams were dispatched in January to serve demand notices. Property owners have until March 31 to pay their taxes.
The Forum for People's Collective Efforts (FPCE), a pan-India homebuyers' body, has raised concerns about the formation and structure of the West Bengal housing department's committee for implementing the Real Estate (Regulation & Development) Act, 2016, and the West Bengal Real Estate (Regulation & Development) Rules, 2021. FPCE has raised concerns about the committee's structure, pointing out that there is no representation for homebuyers and that real estate developers are disproportionately represented.
The Government of the Andhra Pradesh has taken a significant decision that would allow government employees to purchase house sites in urban development authorities anywhere across the state. This decision has been made following several rounds of discussions with employees in the last two months. The state government has removed the "local" clause that earlier limited employees to purchase house sites only in their district.
The Supreme Court of India has given Amrapali homebuyers hope that they will not have to sacrifice the facilities and common areas that were promised to them at the time of booking their flats. Earlier this week, the court indicated that common areas approved earlier should not be disturbed and asked the National Buildings Construction Corporation (NBCC) to give a proposal on unused floor area ratio (FAR).
Earlier this week, the enforcement directorate conducted searches on three premises in Chhatrapati Sambhajinagar, two in Pune and one in Akola, as part of a money laundering case registered against a group of builders who were awarded a tender worth Rs4,600 crore for constructing houses under the Prime Minister Awas Yojana (PMAY). The case is based on an FIR filed at Chhatrapati Sambhajinagar city police station on February 23.
Strategic buyers and investors are aggressively looking for real estate companies with sizable land parcels currently under bankruptcy administration for loan defaults, particularly in cities, as the demand for residential and commercial properties increases. Despite the difficulty of insolvency, investors are still showing a lot of interest in these businesses and their projects since they have tangible assets like incomplete buildings and land parcels, along with a certain percentage of sales. Some of the notable take over recently have been Adani Good Homes taking over Radius Estate, Max Estates taking over the Delhi One project and Labdhi Lifestyle taking over a defunct Rajesh Lifespaces’ project in Mumbai.
According to an interview captured by Reuters with top company executives at DLF, the company intends to concentrate on developing luxury and premium projects only to cater to the growing demand in the market segment. They comment about the challenges the company would face in turning a profit if they were to pursue affordable housing projects. DLF’s Gurugram project allegedly sold out in less than 72 hours of its launch, generated more than eighty billion rupees in sales.
At a review meeting on incomplete projects in the state, UP-RERA officials revealed that many projects have not received occupancy or completion certificates and that the developers have not sought extensions of their deadlines. As a result, UP-RERA issued summons to 18 developers who failed to attend hearings. The regulatory authority warned that it would freeze their bank accounts and blacklist them if they continued to be non-compliant.
Avarsekar Realty Pvt Ltd was recently prohibited by the Bombay High Court from selling any of its unsold apartments as of date in a luxurious 42-story high-rise project at Mahim and its other projects until further orders. An attorney and his wife who had reserved a unit in Mahim's Shrishti Sea View in January 2012 petitioned the court for a civil contempt order, which the court granted and postponed to March 27.
The Delhi Development Authority (DDA) has finally found two parcels of land in north Delhi that are eligible for development by a consortium under the land pooling policy. According to a DDA official, landowners in Zone P-II, Sector 8B have expressed interest in pooling their land and have met the policy's eligibility conditions. The land developer can now prepare a layout plan for a group housing society or plotted real estate, depending on feasibility.
MahaRERA has issued show-cause notices to 14 projects after taking note of advertisements published by these developers without a registration number. The regulator has asked all these projects to present their case within 7 days from the date of notice, and the errors are expected to be rectified within the prescribed period. The advertisers without registration numbers include 5 developers from areas near Mumbai, 3 each from Pune, Nagpur area, 2 from Nashik, and 1 from Aurangabad.
According to an application submitted with the bankruptcy court by the resolution professional, Singapore based real estate fund Experion Developers has offered a deal to take over the Blackstone-backed Dignity Builcon in a deal that would entail a fifty percent recovery for lenders initially led by Standard Chartered Bank. Experion Developers made an offer of Rs. 450 crores for the Gurgaon-based Dignity Buildcon, which specializes in real estate development.
Brookfield, a global asset management company, has extended its share purchase agreement to buy the IL&FS headquarters in Mumbai until June 2023, after the initial deadline of December 2022 lapsed. The extension was granted due to delays in closing the deal caused by litigation. The deal is worth ?1,080 crore and involves the acquisition of the 12,651.95 square meter land at plot No C-22 in the Bandra Kurla Complex, Mumbai, together with the IL&FS Financial Centre.
The Delhi High Court has rejected a request by several homebuyers to direct banks and financial institutions to stop charging equated monthly instalments (EMIs) until property developers have delivered the possession of their flats. The petitioners who took home loans based on subvention schemes claimed the banks had not followed RBI guidelines and demanded repayment from them. The court has said that the cases are contractual in nature and that some of the agreements provide for arbitration between the parties. The court further noted that the violation of RBI Circulars is a complex and disputed question of facts that can be resolved through alternative forums.
The Bombay High Court has directed the Brihanmumbai Municipal Corporation (BMC) to frame guidelines for the use of cranes in high-rise constructions. The decision comes in light of a petition filled by the Lokhandwala Residency Tower Co-operative Housing Society. The petition was triggered by the death of two individuals resulting from construction work carried out by a developer of Four Seasons Private Residences Phase I and II on the plot adjacent to the Lokhandwala Residency Tower Co-operative Housing Society in Worli.
This year the Pune Municipal Corporation (PMC) will be delayed in sending out property tax notices as the civic body has to reprint over 4.5 lac property tax bills. The bills are usually sent out around the first week of April. This has been brought about due to the state’s decision to offer a forty percent tax reduction for self-occupied properties. The local postal services will be used to distribute over 10 lac bills and is set to cost the civic body over Rs 50 lacs. Previously, the civic body had used private agencies which led to several problems.
The cost of the Versova Bandra Sealink, a major project of the Maharashtra government, has increased by 60% from Rs 6,993 crore in 2019 to Rs 11,333 crore. However, there has been very little progress on the project due to legal disputes. Certain parties have challenged the environmental clearance granted to the project, and the matter has reached the Supreme Court. The 17.7 km long project was expected to be completed by 2023, but the Maharashtra State Road Development Corporation (MSRDC) has now revised the deadline to December 2026.
India’s first unicorn proptech company, NoBroker has set up an office in the Business Bay district of Dubai, UAE. The company hopes to cater to international markets such as UAE, Australia, Singapore and USA and tap into the illustrious NRI market in India. Earlier this year, the company raised $5 million from Google to expand its services business under the name of NoBrokerhood. NoBroker is a prop-tech platform that uses machine learning algorithms and artificial intelligence to match property owners with potential buyers or renters without any brokerage fees or commissions
Bonito Designs, backed by Lodha Ventures has brought on renowned interior designer Gauri Khan and famous Bollywood designer Manish Malhotra to offer home styling to customers. According to reports by the Economic Times, the company aims to garner a revenue of Rs 280 crores for this fiscal year and surpass over Rs 1,000crores in revenue in the coming two years.
The shipyard owned by CK Hutchison has requested the Hong Kong Town Planning Board to change the zoning of the land where HUD is situated in Tsing Yi. The proposal includes 19.9 hectares of land, which comprises both the HUD and the adjoining vacant Government land. The redevelopment plan aims to construct 10,370 private residential units and 4,700 public housing units to address Hong Kong’s housing needs.
The citizens of Lucerne in Switzerland have voted in favor of limiting short-term rentals, such as those offered on Airbnb, to a maximum of 90 days per year. The measure was supported by just over 64% of voters in the central Swiss city. The initiative was aimed at curbing large-scale temporary rentals by commercial providers and making more housing available for Lucerne’s residents who are currently facing a severe housing shortage. The local government had proposed a weaker alternative that would have restricted the percentage of short-term rentals in non-tourist neighborhoods, but it did not receive enough support.
The Housing and Development Board of Singapore has released sample rooms of their new pilot public rental housing model for singles. Each room is slightly less than 100 sq ft in size and will come with basic furnishings such as a bed frame, wardrobe, table, chair, and a mini fridge. The bathroom and kitchen facilities will be shared by residents of the flat. The apartment buildings will have common laundry and activity rooms available. Residents will be required to pay a fixed monthly fee, which will be calculated based on their income and other factors.
Piramal Capital & Housing Finance will sell its inherited portfolio of bad loans totalling 5,546 crores from Dewan Housing Finance (DHFL) to JM Financial Asset Reconstruction Company following the failure of a Swiss challenge auction to elicit any counter offers. JM Financial ARC has made an offer to buy the portfolio for 2,550 crore which works out to a 46% recovery rate.
Gurugram based real estate company Ganga Realty is gearing up to spend Rs. 750 crores to build its first affordable housing 'Tathastu' in Gurgaon Sector 5, Sohna-Gurugram. The project spans across 22acres and will comprise of 14 buildings with about 2,972 affordable apartments in total. The project is offering 3 BHK apartments with a carpet range of 646 square feet to 1,000 square feet, starting at Rs 25 lacs. The builder aims to finish construction by the first quarter of 2027.
The Maharashtra State Human Rights Commission (HRC) has taken action against CIDCO Managing Director for his “total non-action” against a private builder in the Parsik Hill slope cutting case. The HRC has directed the CIDCO MD to file his own affidavit explaining his stand before the next hearing in the case. The HRC will take up the case next on March 27. The environment department and Navi Mumbai Municipal Corporation (NMMC) have also been directed to submit their fresh affidavits.
The Bombay High Court has stayed the development of Bhagwati Greens Phase 2 in Kharghar, Navi Mumbai, until March 29. The court's decision was made in response to an order by the Maharashtra Real Estate Regulatory Authority (MahaRERA) that rendered the grievances of more than 100 flat buyers in the housing project as superfluous. The association of flat buyers had filed a complaint with MahaRERA, alleging that the builder, Bhagwati Developers, had proposed a fourth tower in a "multi-play area." The association challenged the MahaRERA order in the HC, prompting the court to stay further development of the project.
The West Bengal state government's urban development and municipal affairs department has released a draft notification proposing changes to sections of the West Bengal Municipal (Building) Rules, 2007. The amendments include provisions such as reserving 10% of parking spaces for charging infrastructure in buildings with more than 30 flats or apartments, regularizing minor deviations from sanctioned building plans, allowing additional ground coverage for car parking and building services, and introducing building rules for MSME units in industrial parks.
Cash-stressed Kaisa Group, a property developer based in China, has finally released its overdue financial results for the fiscal year 2021 and H1 of 2022, revealing considerable losses and a notable decline in revenue. Along with other Chinese developers, Kaisa has failed to meet its offshore debt obligations due to financial difficulties and sluggish sales, prompting some to urgently seek restructuring deals with their lenders. International investors have been frustrated by the lack of progress in several long-term restructurings, and they have threatened legal action due to the resulting delays. The company is said to be holding meetings with investors in Hong Kong this week to provide updates on its progress.
Dubai Chamber of Commerce has announced the creation of six business groups that are specifically focused on the real estate sector. These groups are aimed at companies that operate in areas such as real estate development, real estate appraisal, real estate leasing, facility management, interior decoration, and engineering consultancy services. The goal is to help companies in the real estate industry to take advantage of new opportunities, overcome industry-wide challenges, and address policy issues that impact this thriving market.
Last week, the Supreme Court of India granted Ambience Group promoter Raj Singh Gehlot an extension of four weeks of protection from arrest in connection with a money laundering case related to an alleged bank loan fraud of Rs 800 crore. The Enforcement Directorate opposed the grant of relief, arguing that the person who siphoned off hundreds of crores of rupees should not be granted bail allegedly on false medical grounds. The court ordered the trial court to decide on the bail application, if filed, during this period.
The Department of Town and Country Planning (DTCP) in Gurgaon has formed three teams to inspect properties for which architects issued occupation certificates under the state's self-certification scheme. The teams will be composed of assistant town planners and seven junior engineers who will verify if the OCs are sound and submit a report for at least 10% of all OCs granted within three days. The move aims to ensure that the scheme is not being misused and that buildings have been constructed according to regulations.
In January 20202, the Karnataka Cabinet made the decision to defend more than 78,000 residents from false property tax demands brought on by inaccurate zonal classification by the BBMP. However, the government's decree is yet to be implemented, making residents restless and impatient. The BBMP's flaws have led to ongoing administrative delays, and citizens continue to receive penalty notifications. Citizens have now requested that the BBMP's Special Revenue Commissioner expedite the issuance of the GO and also send a copy of the recommendation that the BBMP had made to the government regarding the issue.
In a recent budget speech, Deputy Chief Minister Devendra Fadnavis announced that the state would use rover machines to speed up the measurement and clear land survey applications within the next ninety days. The use of rover machines began last year to cope with the application pile up during the Covid pandemic. Currently, the state has around 1,500 rovers, and the budget has allocated funds for procuring an additional 1,500 rovers for all 3,000 land surveyors in the state.
The Police of Sikhar, Rajasthan have been investigating thirteen individuals in an alleged fraud of nearly Rs 1200 crores. The fraud came to light in February this year when Dilip Singh and twenty-one others lodged a case of cheating at Udyog Nagar police station in Sikar. Since then, over seventy give FIRs have been lodged against the thirteen accused. According to the reports filed, individuals claim they were tricked into investing in the ‘Nexa Evergreen’ real estate firm. The Sikhar Police has arrested four main accused.
Earlier this week, the inhabitants of BPTP Spacio in Sector 37D, Gurugram, Haryana lodged a complaint with the police against the developer claiming the latter has not taken adequate measures to ensure the proper functioning of lifts in the high-rise building. The residents have expressed concern about the unsafe elevators and requested a definite solution to the issue. They reported that the automatic rescue devices in the lifts fail frequently, and that the lifts experience severe jolts during power surges or outages.
Max Estates, a subsidiary of Max Ventures and Industries Ltd (MaxVIL), has received approval from the National Company Law Tribunal (NCLT) to acquire a stalled mixed-use project called Delhi One in Noida through the insolvency process. The project was launched by Boulevard Projects Pvt Ltd, a Special Purpose Vehicle (SPV) owned by the promoters of realty firm 3C group, around a decade ago. It consists of one commercial tower, one hotel tower, retail spaces and three residential towers, with a total development potential of 30 lakh square feet. Nearly 300 stuck customers are expected to benefit from the acquisition.
The Chandigarh Housing Board (CHB) recently had their proposal to build luxurious flats at IT Park in Chandigarh, rejected by the Haryana government. This decision comes after the National Board for Wildlife (NBW) also denied CHB's proposal on various grounds last October. In addition, CHB had reached out to the Punjab government and PGI about the residential towers but had yet to receive any communication from them.
The Odisha state cabinet has given its approval to the Odisha Apartment (Ownership & Management) Bill, 2023, to make the laws governing housing projects comply with the Real Estate (Regulation and Development) Act, 2016. The bill is expected to be tabled in the current session, after the Orissa high court expressed hope that the state government would be ready with a RERA-compliant bill during the ongoing session scheduled till April 6.
PNB Housing Finance, a subsidiary of Punjab National Bank, has been given the green light by the Securities and Exchange Board of India (SEBI) to raise up to Rs 2,500 crore through a rights issue of shares. This announcement follows the filing of draft papers with SEBI in December 2022, and the subsequent issuance of "observations" on March 6, which is required for any company to launch an issue.
The Delhi High Court has ordered slum dwellers on the Yamuna floodplains to vacate their homes within three days. If they fail to do so, they will have to pay Rs 50,000 each to the Delhi Urban Shelter Improvement Board (DUSIB) and the Delhi Development Authority (DDA) will proceed with the demolition. The court has taken this decision after being informed that a committee headed by the lieutenant governor has issued directions to clean the Yamuna River due to its pollution levels, which were brought to the attention of the National Green Tribunal (NGT) on January 9.
The deputy ruler of Sharjah, Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, who is also the humanitarian envoy of The Big Heart Foundation (TBHF), opened the ‘Home for a Home’ project in Kenya’s Kalobeyei Settlement during an official field visit organized by TBHF to the African country. The project, which is a collaboration between Arada Developments, TBHF, and the United Nations High Commissioner for Refugees (UNHCR), aims to offer secure housing, sanitation, and clean water supply to more than 55,000 people in the settlement and neighbouring host community, adjacent to one of Kenya’s Kakuma camps.
Godrej Properties Ltd and Orris India Private Limited (OIPL) are embroiled in a dispute over their Gurgaon-based Air residential project. OIPL has accused Godrej Properties of diverting funds from the project to other companies, a claim the latter denies. Orris Infrastructure and Godrej Properties entered into an agreement in 2017 for project development where the profit ratio was decided at 62.5% and 37.5%, respectively. The court has appointed an investigation officer to probe the allegations and submit the report for further action.
The first REIT-level Green Bond issuance in India has been announced by Mindspace Business Parks REIT, which is the owner and developer of a high-quality Grade A office properties. With a tenor of three years and thirty days and a fixed quarterly yield of 8.02% per annum payable quarterly, Mindspace REIT raised INR 5.5 billion through this issue. The money raised from this fund-raise will be used to refinance loans that one of the Asset SPVs took out to finance the permitted green projects.
HDFC Capital acquired Rs 1,450 crore in the portfolio of projects and land parcels owned by real estate developer Kalpataru in one of the biggest investment deals in the residential sector. The money would be used by Kalpataru to build apartments for residents in new mid-income developments as well as to help them finish current ones in Pune and the Mumbai Metropolitan Area.
The Ahmedabad Urban Development Authority (AUDA) has decided to increase the development charges by 20 times more than the existing rates. This decision has been taken to increase the revenue and promote the development of the city. The new rates will likely be less than Rs 100 per square meter. Experts believe that this increase in development charges, coupled with the increased jantri rates, will result in a hefty rise in property prices in AUDA areas around Ahmedabad city in the coming months.
The DTCP’s enforcement team has destroyed five unauthorized colonies on 12 acres of valuable agricultural land in Gurugram. The team dismantled illegal constructions, roads, and boundary walls during the demolition operation. In addition, the officials cautioned residents not to invest in such settlements without first verifying their status with the department. The complaint lodged with the DTCP stated that the land is located within the urban area boundary of Gurgaon.
More than 11,200 tillers in Punjab who have been occupying over 4,000 acres of land for generations but had no title rights will now have ownership of the land after paying due compensation as President Droupadi Murmu gave her assent to a legislation in this effect. The legislation is known as the Punjab Bhondedar, Butemar, Dohlidar, Insar Miadi, Mukarraridar, Mundhimar, Panahi Qadeem, Saunjidar, or Taraddadkar (Vesting of Proprietary Rights) Bill, 2020. This bill was passed by the Punjab Assembly in 2020 when the Congress government led by Amarinder Singh was in power.
Panvel civic body's property tax department has initiated a crackdown against defaulters in its jurisdiction who have failed to pay their property tax levied by the civic body. The civic body's officials claim that the sealing drive has been successful, with 115 out of 118 defaulters clearing their outstanding property tax bill, amounting to a total of Rs. 2.12 crore. Three commercial property owners have paid in instalments by giving post-dated cheques.
The Securities and Exchange Board of India (SEBI) has announced that it will auction 66 properties belonging to the Saradha Group on April 11, 2023. The reserve price for these properties is set at Rs 32 crore, and the auction will be conducted between 11 am and 1 pm. The properties up for auction include land parcels located in West Bengal. SEBI has appointed Quikr Realty to assist in the sale of these properties, while C1 India will be the e-auction provider.
Haryana Shahari Vikas Pradhikaran (HSVP) has initiated proceedings to cancel the allotment, building plan approval, and registry of a prime residential plot in Sector 23A worth Rs 4.4 crore, which was bought by an individual by paying just Rs 600 last year. The plot of 500 square yards was sold through e-auction in 2021-22. The allottee made six transactions of Rs 100 each, while the HSVP’s plot and property management (PPM) system recorded that it received payment of Rs 4.4 crore. The irregularity came to light during an ongoing audit of HSVP’s bank accounts and the PPM system.
Last week, the Bombay High Court threatened to file a contempt case against Captain Tamil Selvan, a BJP MLA from Sion Koliwada for interfering with an SRA official's attempt at an eviction drive. The HC instructed the police to detain him if he disrupts law and order. A petition for contempt of court filed by SD Corp which is working on a redevelopment project in Antop Hill was being heard in court. 820 of the 850 slums that SRA classified as eligible huts were handed possession of alternative housing.
Residents of two hundred and forty flats in Dombivali, a town in Maharashtra's Thane district, have been evacuated from five buildings due to cracks that have developed in the structures. According to local MP Shrikant Shinde, the developer will provide the residents with rent during their stay in alternate accommodation. Shinde met with Kalyan Dombivali Municipal Corporation chief Bhausaheb Dangde and others to discuss the issue.
L&T Finance is looking for buyers for a distressed real estate portfolio that includes loans granted to the Pune-based Xrbia Group according to reports published in ET Realty. The corporation has requested proposals for a loan book totalling Rs 880 crores that were issued to five Xrbia Group companies according to the sources. L&T has not established a reserve price for the portfolio but is still accepting expressions of interest (EoI) from asset reconstruction companies.
Earlier this week, Irish Life, an insurance company, announced that due to a rise in customer withdrawals, they have implemented a six-month advance notice requirement for withdrawal requests from their 500-million-euro property fund called the Irish Property Fund. However, this new rule does not apply to their larger Exempt Property fund. The Irish office market, which has seen significant growth in recent years due to substantial investment from multinational tech companies, is currently facing challenges as a result of the increased adoption of remote work.
The Maharashtra Virtual Incubation Centre (MVIC) is being established by the Maharashtra government in collaboration with 91Springboard Business Hub Pvt. Ltd., a leading co-working space provider that offers amenities like office infrastructure, administrative support, mentoring, access to networks, and community. Startups in Maharashtra would be given preferred access to MVIC's incubation-related goods and services, such as legal, finance, intellectual property, cloud, and mentoring.
According to the New York Times, WeWork Inc is in conversation with investors to change the terms of its debt of over $3 billion and obtain additional funds. As a result of this news, the company’s stock increased by approximately 5% in after-hours trading.
The Marjan Group, a prominent business conglomerate in the UAE and a major player in the real estate industry, has shown great interest in the eco-friendly and sustainable construction methods utilizing Canadian Wood. The CEO of Marjan Group, Abdulla Al Abdouli visited the MAK BTR sustainable Canadian Wood Project in Hyderabad to learn about this innovative initiative by MAK Projects. He was accompanied by Harshendra Goyal, Regional Sales Director, and Georgios Karaiskos, the Business Development Manager.
According to news reports, Mumbai based Hiranandani Group, has requested the Yamuna Express Industrial Development Authority (YEIDA) to identify and assign 100 acres of land near the Jewar Airport to the company for the purpose of constructing a semiconductor park. This request is currently under review by authorities. The company is keen to create an ATMP (assembly, testing, marking, and packaging) facility in the YEIDA region. However, they will pursue the final assignment of land only after receiving all the requisite clearances from Indian Semiconductor Mission (ISM).
Asian Hotels (West), which operates Hotel Hyatt Regency near Mumbai Airport and JW Marriott Hotel at Aerocity in New Delhi, has been admitted for corporate insolvency. Seven entities, including K Raheja Group, Devrrat Developers, Panchsil Corporate Park, GVPR Engineers, Jindal Power, and two consortiums, have expressed interest in acquiring the hotels. UV Asset Reconstruction Company (ARC) extended the deadline for submitting the resolution from March 10 to April 7. It holds 98.8% of the debt.
Last week, the Securities and Exchange Board of India (SEBI) lifted the securities market ban that had been imposed on eight former promoter entities of Dewan Housing Finance Ltd (DHFL). The ban had been imposed in relation to a case concerning alleged fraudulent financial transactions. The regulator also announced that its investigation into the matter had been completed and quasi-judicial proceedings had been initiated against four other former promoters of DHFL: Kapil Wadhawan, Dheeraj Wadhawan, Rakesh Kumar Wadhawan and Sarang Wadhawan (now known as Piramal Finance).
Earlier this week, The Mumbai Police announced that it would begin collecting details of properties rented out by people in the city. The aim of this activity it to create and maintain a record of all tenants who occupy rented properties. The move comes in the wake of rising concerns over the safety of women and children in rented properties. The injunction went into force last week for a period of 60 days, and anyone who violates it will be liable to be charged under the appropriate Indian Penal Code (IPC) provision.
The Delhi Development Authority (DDA) has filed a complaint with the Central Bureau of Investigation (CBI) regarding alleged lapses in the construction of Signature View Apartments in South Delhi. According to the complaint, the builder,M/s Antriksh India Group, had promised to construct 2,352 flats but only 1,712 have been built. Moreover, the builder had promised to construct three towers, but only two have been built and the third one is yet to be constructed.
Around 750 houses and shops located around the Velachery Lake in Chennai are facing eviction due to an ongoing clean-up drive in the area. The drive, initiated by the Chennai Corporation and the Water Resources Department, aims to remove illegal encroachments around the lake and restore its original capacity. The eviction drive is being carried out in phases, with the first phase covering areas around the lake's southern side. The eviction drive has faced criticism from some quarters, who argue that it is being carried out without providing adequate compensation or rehabilitation to the affected people.
The Mohali Greater Development Authority (GMADA) has raised Rs 1,935.88 crore through the e-auction of commercial and residential properties in the city. The auction included properties such as booths, SCOs (Shop-cum-Office), hotel sites, nursing homes, schools, and residential plots. The e-auction was conducted through a centralized online platform, which ensured transparency and fairness in the bidding process. The successful bidders will have to make the full payment within 30 days from the date of auction.
Jaiprakash Associates has approached the insolvency appellate tribunal NCLAT against the NCLT order concerning the distribution of Rs 740 crores in the Jaypee Infratech matter. The amount in question was deposited by Jaiprakash Associates Ltd (JAL), the erstwhile promoter of Jaypee Infratech Ltd (JIL), which is undergoing insolvency proceedings since August 2017. According to sources, JAL has challenged the NCLT order over the distribution of the money. The matter is scheduled to be herd before a two-member bench of the NCLAT today.
Deputy Chief Minister of Maharashtra, Devendra Fadnavis, has decided to scrap the two-fold rent hike for close to 24,000 families living in rental homes owned by the Maharashtra Housing and Area Development Authority (MHADA) in south and central Mumbai. This decision has come as a significant relief to many economically backward families who were finding it difficult to pay the increased rent. Fadnavis has also announced an amnesty scheme for those families who have not paid rent and have been sent notices to pay rent along with a penalty and interest over the due amount.
In the latest development of the MahaRERA scam involving sixty five developers in Kalyan-Dombivli, the Enforcement Directorate (ED) has found that the two architects responsible for certifying the plan layouts for most of the illegally constructed buildings have provided false details about their firms. The ED team was unable to locate the offices of both architects during their visit to Dombivli last month and the mobile numbers provided belonged to other individuals. The ED is now seeking the assistance of bodies such as the Indian Institute of Architects (IIA) and the Council of Architects (COA).
Chennai Metro Rail Limited (CMRL) has decided to scrap six metro stations from its phase-2 project, which is expected to save nearly 1,200 crore. The plan was to construct six stations underground at Doveton Junction, Foreshore Estate, Natesan Park, Meenakshi College and Thapal Petti, and one elevated station at St Joseph's College. The decision to scrap these stations was taken on account of the fact that they were located less than 750m from the next stop.
The Andhra Pradesh government has decided to auction open land in the Capital Region Development Authority (CRDA) limits in order to expedite works in the Amaravati region. The state government plans to sell about fourteen acres of land in the first phase and may auction more land in the next phase depending on the response to the auction of land in the first phase. The land will be auctioned through an e-auction portal.
The Indian Finance Ministry has revised the definition of "beneficial owner" under its anti-money laundering law, requiring reporting entities like banks and crypto platforms to collect more detailed information about their clients. According to the amendments to the Prevention of Money Laundering Rules, any individual or group holding at least 10% ownership in a client of a reporting entity will be considered a beneficial owner, down from the previous threshold of 25%.
The appointment of two consultants by the City and Industrial Development Corporation of Maharashtra (CIDCO) at a cost of Rs 699 crore has been called into question by Ambadas Danve, a Shiv Sena leader in the legislative council. CIDCO had awarded the contract to Heliosmedium Bazaar Pvt Ltd and Thoughtrains Designs Pvt Ltd to provide marketing, branding, sales, and post-sales services for 67,000 residential and commercial units developed under the Pradhan Mantri Awas Yojna (PMAY) project. However, activists have criticized the move as wasteful, arguing that CIDCO flats are always in high demand among the masses.
Two year after the successful launch of its Category II AIF, Welspun One has continued to innovate by introducing its investor portal, setting a new standard for investor reporting and transparency in the Indian private equity industry. The investor portal will allow investors to view, manage and track their investments online. The portal contains a document repository and investments and portfolio dashboard. Through the portal, an investor can also view detailed information such as leasing and construction status, images and drone videos of the site to track actual site progress.
Embassy Office Parks REIT has committed more than Rs 300 crores to its ESG program for its pan-India portfolio spanning 43.6 million square feet. At the 'ESG Occupier Connect' forum, Embassy REIT commissioned the first phase of its 20 MW solar rooftop project, which is one of the largest solar rooftop projects in Asia. This project aims to produce 30 million units of solar power, which will offset about 25,000 tonnes of CO2 emissions.
Singapore's newest town, Tengah, is taking shape four years after the first flats were offered in 2018. More than half of the 30,000 public housing units in the 700-hectare 'forest town' have been launched, with 18,555 Build-To-Order (BTO) flats across 18 projects available as of the February sales exercise. When completed, Tengah will offer 42,000 new homes, including 30,000 HDB flats and 12,000 private housing units. It is the 24th Housing Board town and the first to be developed since Punggol two decades ago.
Various citizens' groups in Pune have appealed to the state government and the Pune Municipal Corporation (PMC) to reintroduce a property tax discount scheme for self-occupied homes in civic areas. The special discount, which was initially introduced in 1970, offered a 40 percent reduction in property tax for self-occupied properties. However, since the discount was never notified as an act by any state government, it was declared illegal by auditors of the Union government and was scrapped in 2019.
The Chandigarh Housing Board (CHB) is introducing an 'Assured Allotment Scheme' (AAS) as part of its Sector 53 housing scheme. Under the AAS, 30 of the total 340 flats on offer will be reserved and allotted through a bidding process. The AAS has been designed for people who want assured allotment and are willing to pay a higher price than the prescribed amount in the scheme. The top 10 bidders in the 3BHK category and the top 20 bidders in the 2BHK category will be assured of allotment.
In a quadripartite deal between the developers and the project's financiers, Mirae Asset and JM Financial, a stressed Rajesh LifeSpaces project close to Mumbai's business centre Bandra-Kurla Complex (BKC) has been acquired by real estate developer Labdhi Lifestyle. The execution of the mixed-use project which is being headed by a luxury residential development will now fall under the purview of the new developer. In addition to repaying the debt obtained from both lenders, Labdhi Lifestyle will invest more than Rs.200 crore in the project's development.
Residents of Lower Parel's 46-story Indiabulls Sky are criticising the increasing encroachments in their neighbourhood. They claim that squatters have almost completely surrounded the high-rise. Residents claim that despite multiple complaints to the BMC they have not received a meaningful response. According to the locals, the encroachers engage in a variety of activities including cooking food, washing clothing, and drying them on the street railings.
According to sources, the CBI has detained Harchand Singh Gill, director of a Pearls Group subsidiary who was deported from Fiji in relation to a Rs 60,000 crore ponzi scheme that was allegedly carried out by the parent company. Gill had an open-dated Non-Bailable Warrant of Arrest against him issued by a special court and was evading justice in the case. The CBI is said to have used Interpol to get a "Red Notice" declared on him.
Rightmove, a UK real estate website, reported that there has been a decrease in the number of people searching for properties on their platform, providing further indication of a slowdown in the housing market. Despite this, the company’s annual profit met expectations. As a result of this news, shares in Rightmove fell by up to 3.7% to a seven-week low of 540 pence during morning trading, making it the top percentage loser on the blue-chip FTSE 100 index.
Blackstone Inc has failed to make payments on a bond worth 531 million euros ($562.5 million) that was secured by a collection of offices and stores owned by Sponda Oy, a Finnish company. This was due to the increasing interest rates that have negatively impacted the value of European properties. Although the private equity firm requested an extension to repay the debt, the bondholders rejected this proposal, according to an insider familiar with the situation.
The takeover of Jaypee Infratech Ltd. (JIL) by Suraksha Realty and Lakshdeep Investments and Finance was approved by the National Company Law Tribunal (NCLT) providing relief for 20,000 homebuyers who purchased the houses by Jaypee in Noida and Greater Noida. The development has occurred six years after Jaypee Infratech began the insolvency process. The Interim Resolution Professional has been ordered by the two-member NCLT bench to establish an implementation monitoring committee within seven days.
As part of the approved resolution plan ordered by NCLT, Suraksha Realty and Lakshdeep Investments and Finance Limited have been given a time frame of two years to complete all stalled Jaypee Infratech projects in the country. The groups will invest approximately Rs 4,300 crore of the entire sum to finish the projects deliver the apartments to homeowners and provide refunds. Of the projects in question, fifteen are in Noida, eight are adjacent to Yamuna Expressway and one is in Agra.
PropsAMC, the asset management services and data intelligence division of Square Yards claims to have raised over Rs 100 crores for its first Grade A commercial project in Hyderabad. The project is Square Yards' first foray into the fractional product sector, and it received an average financial contribution of INR 40 lakhs from a group of more than 250 investors amounting to more than 100,000 square feet. Investors in the Hyderabad commercial property have been told they will receive 8% gross returns on their capital with an expected XIRR of 14-15%, post fees and before taxes.
BPEA EQT formerly known as Baring PE Asia is in advanced discussion to take stake in Shriram Housing Finance Ltd. (SHFL) a mortgage subsidiary of Shriram Finance. The group is yet to decide the stake amount and sources close to the parties believe the deal should be completed in the first quarter of the upcoming fiscal year. Shriram Housing Finance has 7,200 crores of rupees in assets under management (AUM) as of December 2022. About 85% of the housing finance subsidiary is owned by Shriram Finance, and the remaining is owned by Valiant Mauritius (P) Ltd.
Last week, Home REIT Plc, a UK-based housing provider, announced that two of its tenants, Gen Liv UK CIC and Lotus Sanctuary CIC, have decided to go into creditors’ voluntary liquidation. This news adds to the company’s concerns as it is already dealing with a short-seller attack and is also reviewing a potential sale. Home REIT stated that it is in discussions with new tenants to lease the two portfolios previously occupied by Gen Liv UK CIC and Lotus Sanctuary CIC, both of which provided housing for the homeless.
Representatives of the shopping centre Docks Bruxsel recently announced that it has been awarded the “CO2 neutral – gold company” certificate from CO2logic/South Pole, making it the first major shopping centre in Europe to receive this certification. Docks Bruxsel is a shopping centre located in the Schaerbeek neighbourhood of Brussels, Belgium. The shopping centre opened in 2016 and is known for its modern and innovative design. Other notable accolades include a BREEAM 'Excellent' rating in the construction sector.
The Indore Development Authority (IDA) has identified a total of 1,820 flats in its different apartments complexes that it intends at the market rate prevalent in 2020. These apartments were ready in 2020 before the Covid-19 outbreak, but no tend was invited to sell them because they have been lying vacant. The authority has thus issued a tender inviting bid for these flats along with newly constructed apartments in Amaltas Highrise Building located in its Scheme 136.
The Indian government is aiming to develop comprehensive infrastructure for close to 100 industrial clusters in collaboration with state governments, in line with the Gati Shakti Masterplan (NMP) principles. The NMP features a GIS platform that integrates geospatial data related to infrastructure in India and the planning portals of various ministries and departments. The digital component of the NMP will enable the government to identify infrastructure deficiencies within a 150 km to 200 km radius of a cluster and address them in conjunction with the respective state governments.
The Telangana High Court has recently taken up an appeal filed by the Hyderabad Metropolitan Development Authority (HMDA) against Ramky Integrated Township Limited. The dispute between the two organizations arose when a single judge ordered the Maheshwaram sub-registrar in Rangareddy district to allow registration of villas and apartments at Ramky's Discovery City. The high court bench of Chief Justice Ujjal Bhuyan and Justice N Tukaramji heard the appeal and stayed the single judge's order.
Piramal Capital and Housing Finance's application for insolvency proceedings against Mumbai-based real estate firm Prithvi Residency has been admitted by a bankruptcy court. The realtor had failed to pay over INR 850 crore in dues to the mortgage lender DHFL, which was later acquired by Piramal through an insolvency auction. The dues amount includes the principal amount and accrued interest.
Former Railway Minister Lalu Prasad was questioned by the Central Bureau of Investigation (CBI) last week for nearly two hours in connection with the land-for-jobs scam case. The CBI is investigating allegations that people were given employment in the railways in exchange for land parcels gifted or sold at cheap rates to the Yadav family and its associates. Prasad’s examination comes a day after his wife and former Bihar chief minister, Rabri Devi, was quizzed by the agency for nearly five hours at her Patna residence.
Over the weekend, Prime Minister of India, Narendra Modi inaugurated over ten projects by Hubballi-Dharwad Smart City Limited (HDSCL) at the Indian Institute of Technology (IIT) campus in Dharwad. The HDSCL has completed fifty-three projects out of the sixty-two it has carried out in Hubballi. Nine projects are still under construction. The inauguration of sixteen new projects by Prime Minister Modi marked the completion of works worth Rs 520 crore under the Smart City project.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) is facing criticism from citizen groups due to its slow handling of complaints. With over 6,000 complaints pending, citizens are demanding faster disposal of cases and the appointment of more adjudicating members to hear the pending cases at the earliest. As per the RERA Act, a solution must be found within 60 days of filing a complaint. However, presently it takes 18-24 months to receive an order. After the order, execution takes nearly one-and-a-half years, thus defeating the purpose of RERA.
The new set of CRZ rules introduced in January 2019 has caused much confusion and concerns in the state of Kerela. To address the problems arising from it, the government set up Kerela Coastal Zone Management Authority to create a coastal zone management plan (CZMP) with detailed maps outlining which areas fell under which CRZ category and the associated restrictions. However, its been three years and counting and the public is yet to have access to these maps. Further, the Kerela Coastal Zone Management Authority disbanded in October 2022 and has not yet reconstituted.
As part of a recent independent investigation, the Maharashtra Real Estate Regulatory Authority (MahaRERA) discovered over 1,700 cases where the same designated bank account details can be linked to multiple projects, a clear violation of the RERA Act 2016. The regulator has issued notices to forty-five projects and plans to send more in the coming days. The notices seek details of the total units in each project, units sold, receipts, and withdrawals from the bank account. The notice also seeks a formal explanation for why the same bank account details have been used for multiple projects.
The state of Uttarakhand in India has taken steps to promote the use of electric vehicles (EVs) by approving a proposal to amend the Building Construction and Development By-Laws/Regulations, 2011. Under the new regulations, all non-residential buildings with an area greater than 1,500 square meters, including group housing, hotels, multiplexes, and lodges, except for single residential buildings, must install EV charging infrastructure. The ratio of charging facilities for two-wheelers and four-wheelers will be 60:40.
The Kolhapur Municipal Corporation (KMC) in India recently launched a new initiative to clear pending building proposals. On the first day of the initiative, the KMC earned a whopping Rs 1.5 crore from the registration fees alone. The KMC had set up 27 counters to facilitate the submission of proposals and the payment of fees as well as online setups to help those who could not attend the camp physcially. The initiative is part of the civic body's effort to improve the ease of doing business and attract investment to the city.
The Siddha Group has begun delivering flats at "Siddha Seabrook," its first high-end building in Mumbai. This 57-floor premium tower, touted as being the tallest residential tower in the area, is situated in Kandivali(W), Mumbai. The project comprises of 2 and 3 BHK apartments ranging between 496 to 1258 square feet. The complex offers homeowners with a wide range of lifestyle amenities as well as breath-taking views of Mumbai's cityscape set against Sanjay Gandhi National Park.
The Indian Supreme Court's decision to allow Authum Investments and Infrastructure to implement its INR 2,887-crore ($385m) resolution plan for the takeover of Anil Ambani's Reliance Home Finance has brought relief to those associated with the company. The court's ruling is expected to benefit small investors, who have up to INR 5 lakh ($6,700) exposure, as they will receive 100% of their principal amount. In contrast, debenture holders with exposure exceeding INR 5 lakh will receive 23.24% of their principal amount.
The Department of Town and Country Planning (DTCP) has reversed a decision it made to revoke the project licence for an affordable housing development in Sector 106 by MRG Skyline. The license was revoked due to a lack of clarity about ownership and inconsistencies in the conversion of KN Infracon's group housing licence into an affordable housing scheme. The developer was also accused of selling its licenced property to another developer as agricultural land. KN Infracon Pvt Ltd has now cleared all dues, upon which the license was reinstated.
According to mortgage lender Nationwide, there has been a significant decline in British house prices last month, which is the largest in over a decade. This drop in prices indicates a slowing down of the housing market, possibly due to high inflation and increasing borrowing costs. The year-on-year decrease of 1.1% is the biggest drop since November 2012 and the first annual decrease since June 2020, which was during the early stages of the coronavirus pandemic when prices had only slightly decreased by 0.1%.
The Rajasthan Housing Board is planning to launch residential projects in smaller towns such as Bhindar, Salumbar, and Nimbahera in the coming year. The upcoming projects will be implemented in 17 cities across 14 districts of the state. Additionally, a shopping complex with 132 showrooms will be built at Pratap Nagar in Jaipur. While the 4,500 residential units have been evenly distributed across different categories, from Economically Weaker Section (EWS) to High-Income Group (HIG), the board is also set to build upmarket dwellings such as independent villas and complexes with 3BHK and 4BHK flats in Jaipur.
The Goa government has recently introduced the Goa Town and Country Planning (Amendment) Act, 2023, which grants the chief town planner (planning) authority to modify or change zones and attributes in a regional plan. The new legislation allows the chief town planner to correct any unintentional errors in a notified regional plan. The government can direct the chief town planner to carry out such alterations or modifications if they believe it is necessary to rectify any inadvertent errors or inconsistencies in the zoning proposals.
After a hiatus of 13 years, the Kolkata Metropolitan Development Authority (KMDA) has announced that it will allot 11 individual residential plots in the Kasba and Rajdanga areas of the city. These plots will range from two to four cottahs in size and will be given on a freehold basis through e-auction, as per the government's latest policy. The decision to allot these plots comes as KMDA hopes to capitalize on the burgeoning realty growth in areas off the Eastern Metropolitan (EM) Bypass.
The Indore district administration has taken action against three private colonies - Kalindi Gold, Phoenix Township, and Satellite Hills - where developers have been accused of cheating plot owners through various means. The district administration has served a final notice to the developers, including Ritesh alias Champu Ajmera, Chirag Shah, Mohan Chug, Kailash Garg, and Happy Dhawan, demanding that they settle their accounts with the plot owners. According to sources, only a handful of buyers have obtained possession and other rights related to the property they had paid for after the developers were granted bail by the Supreme Court in November 2021.
The Maharashtra Airport Development Company (MADC) recently made headlines by leasing out two plots of land in the Mihan project for the construction of high-end flats. The plots, each measuring 4 acres, were leased out to two city-based builders through an e-tender process, which brought in a total of Rs 43 crore for MADC. Mihan, which stands for Multi-modal International Hub Airport at Nagpur, is a special economic zone (SEZ) developed by the Maharashtra government. Located near the Nagpur airport, it has been developed to promote trade, commerce, and industrial activities.
According to a BSE statement by Sobha Realty, Ravi PNC Menon, the company’s full-time director, has resigned from his role, effective from March 31, 2023, due to some commitments and personal reasons. He will continue to serve as a non-executive non-independent director of the firm starting on April 1, 2023. He will continue to serve as the company's chairman (non-executive) subject to the board's permission. Under his leadership, Sobha Limited won several awards and recognition for its projects and contributions to the real estate industry.
The Delhi Development Authority (DDA) recently approved the draft Master Plan 2041 for the development of India's national capital. The plan aims to facilitate the development of Delhi by assessing the present condition and guiding how to achieve the desired development. The Master Plan 2041 has been divided into two volumes and ten chapters, encapsulating the vision to foster a sustainable, liveable, and vibrant Delhi.
The Bombay High Court recently made a ruling regarding stamp duty payments for members of housing societies undergoing redevelopment. The court determined that members do not need to pay stamp duty on their allotted permanent accommodation as part of the project. This ruling brings an end to a long-standing legal dispute that began in 2006 and is a significant relief to the real estate sector.
The Central Bureau of Investigation (CBI) has closed its case against Pune Buildtech Private Limited (PBPL) and its directors regarding an alleged bank fraud of Rs 30 crore in Punjab National Bank. After nearly seven months of investigation, the final report was submitted to a special CBI court. According to the central investigation agency, there was "no malafide purpose of the borrower to cheat/defraud the bank or to cause unlawful loss to the bank and so no criminal case was established against the accused.”
An Indore-based builder has been arrested under the National Security Act (NSA) for allegedly cheating homebuyers and failing to deliver the flats as promised. The builder, identified as Rajesh Mehar, was arrested on the orders of the district collector after several complaints were filed against him by homebuyers. The NSA (National Security Act) is a law under the Indian Penal Code that allows the government to detain an individual without trial for up to 12 months if it believes that the individual's actions pose a threat to the national security of the country or to public order.
The Chief Minister of Uttar Pradesh, Yogi Adityanath, recently met with a group of Noida homebuyers who had been facing various issues related to their properties such as delayed possession, lack of basic amenities, and discrepancies in the construction of their properties. During the meeting, the Chief Minister took note of the issues raised by the homebuyers and promised to take swift action to resolve them. He directed the concerned authorities to conduct a thorough investigation into the matter and take strict action against those responsible for the delays and discrepancies.
The residents of Mayfield Garden, a residential colony in Gurugram Haryana, have threatened to boycott the upcoming civic body elections unless the colony is handed over to the MCG. The residents have stated that they are fed up with the poor condition of the colony's roads, parks, and other facilities, which they blame on the current private maintenance agency that oversees these areas. The private agency enlisted by the builder has refused to hand over the contract to MCG, citing lack of clarity regarding the ownership of the colony's assets.
The Department of Town and Country Planning (DTCP) of Haryana has announced that no occupancy certificates (OCs) will be issued to four-floor residential buildings without prior approval of the building plan. Several developers have been constructing four-floor buildings without obtaining the necessary approvals from the authorities. This has resulted in a proliferation of unauthorised structures that are not safe or compliant with building regulations. The new rule is intended to discourage such practices and ensure that all buildings in the state are constructed according to the approved plans.
Blackstone Inc has prevented investors from withdrawing their investments from its real estate income trust (BREIT) worth $71 billion, due to the high number of redemption requests that the private equity firm has received. In February, BREIT fulfilled only $1.4 billion in redemption requests, which accounts for just 35% of the total withdrawal requests of approximately $3.9 billion for that month. BREIT informed investors of this in a letter.
According to the Department of Municipalities and Transport (DMT), Abu Dhabi’s real estate market had a total of 19,033 transactions in 2022, which amounted to AED77.6 billion. The DMT reported that AED23.5 billion came from 9,010 sales transactions, while AED54.1 billion came from 10,023 mortgage transactions. Overall, the real estate market in Abu Dhabi performed strongly and experienced significant growth in 2022 compared to 2021.
Embassy Property Developments, also known as Embassy Group, has recently announced that it has sold a portion of its shareholding in Embassy Office Parks REIT to Bain Capital. This strategic sale is aimed at strengthening Embassy Group's balance sheet by reducing overall debt by approximately 30% before June 30, 2023. According to a media release by the company, this sale will help Embassy Group achieve its goal of reducing debt and provide it with a stronger financial foundation.
At a recent real estate conference organised by NAREDCO, Irfan A Kazi, Chief Investment Officer of SWAMIH Investment Fund, SBICAP Ventures Ltd, stated that approximately Rs 10,000 crore has been sanctioned for the fund so far, while Rs 5,000 crore remains unallocated. The SWAMIH fund has facilitated the completion of 20,577 housing units across 26 projects, with total funding amounting to Rs 2,200 crore. Their objective now is to complete 80,000 homes over the next three years.
The state of Maharashtra in India has come up with a new plan to use buildable salt pan lands for rehabilitation and redevelopment purposes. The plan aims to provide affordable housing to the poor and middle-class sections of society, who are currently struggling with a lack of housing options. The Maharashtra government has identified 101 salt pan lands across Mumbai, Thane, and Raigad districts, covering a total area of 5,189 hectares, which can be developed for housing purposes.
The Ghaziabad Development Authority (GDA) in India has taken a stern step to curb illegal construction activities by threatening to slap the stringent Gangsters Act against those who indulge in such activities. The GDA has asked the police department to identify the illegal construction activities and act against them in necessary fashion. The move comes after the GDA observed a rise in illegal construction activities in the city, leading to an increase in encroachment and unauthorized occupation of land.
The Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) is under investigation after allegedly transferring Rs 100 crore from a secret account to a group of builders based in Punjab. The account was initially created to hold unclaimed money from allottees, but it was then reportedly used to fund a private trust. The builders in question were allegedly involved in a land scam in Manesar, Haryana, and the funds were believed to have been transferred to them as part of a deal.
More than twenty tenants of a building in Bengaluru were forced to vacate their homes after Canara Bank acted against the owner of the building, they reside in. The bank has taken possession of the property due to the owner's failure to repay the loan taken against it. According to representative of Canara Bank, the owner Mr SM Shivanna, businessman from Tumakuru, availed a loan of Rs 6 crores from the bank in 2016 by giving the building as collateral for the same.
The beneficiaries of the Pradhan Mantri Awas Yojana (PMAY) scheme in Chandigarh will now have to pay monthly maintenance charges for their homes. The scheme, launched by the government to provide affordable housing to low-income families, has been a success in Chandigarh, but many of these families are now struggling to pay the maintenance charges, which range from Rs 1000 to Rs 2000 per month. The decision to charge maintenance fees was taken by the Chandigarh Housing Board (CHB), which is responsible for the implementation of the PMAY scheme in the city. The board has stated that the fees are necessary to cover the costs of maintaining the housing complexes, which include cleaning, security, and repair work.
Columbia Pacific Communities (CPC) and Embassy Group have launched Serene Amara, a senior living community in India. The project, located in the integrated township Embassy Springs, will consist of 239 residences on 17 floors with features and amenities designed for comfortable and healthy living. Units are available in 1, 2, and 3-BHK configurations and are priced between Rs 60 lakhs and Rs 1.48 crore, exclusive of statutory charges. The project will be built by Embassy Group and designed by Venkataramanan Associates. Columbia Pacific will manage the project.
Singapore, which has long been a popular destination for expatriates, is experiencing a surge in rental prices due to a shortage of housing supply and an influx of foreign talent. This has caused concerns about the city-state's competitiveness as a financial hub and its ability to attract and retain top talent. Experts warn that the high cost of living could lead to a brain drain as some expats may choose to move to other, more affordable locations. Rent per square foot in some central areas has overtaken Hong Kong for the first time, data shows. Analysts warn prices could rise up to 20 per cent again this year as real estate agents report bidding frenzies for desirable properties.
The Yamuna Expressway Industrial Development Authority (YEIDA) has invalidated the allotment of two plots in Supertech’s Up Country township in Sector 17A of Greater Noida due to non-payment of Rs 86 crore in lease rent and additional compensation to farmers. This decision came after homebuyers lodged complaints that, despite collecting lease rent and additional compensation from them, the realty firm had failed to complete the registration of their homes. Supertech challenged the decision, claiming it was illegal due to the insolvency proceedings initiated against them in March 2022 after defaulting on Rs 431 crore in payments to a consortium of banks.
After a period of seven years, the government of Haryana has finally decided to launch an investigation into the alleged fraudulent activities related to the distribution of plots under the oustees quota. This concerns a possible scam involving the allocation and non-allocation of residential plots of various sizes in Sectors 2 and 6 of Mansa Devi Complex (MDC) in Panchkula. The allotment scheme was launched in 2004. The issue of irregularities was first brought to light by Haryana assembly speaker Gian Chand Gupta during his first term as Panchkula MLA.
The Bombay High Court has ordered two developers to pay transit arrears of Rs 11 crore to an SRA project in a suburb. The order came after a petition was filed by Shree Sai Pawan SRA CHS Ltd alleging that the appointed developers had not paid transit rent to them since 2019. Over 300 people are eligible to receive flats from the project, however more than 230 individuals have been left to take care of themselves without any transit rent. The court noted that the two co-developers are engaged in an ongoing arbitration and no work has been carried out at the site.
The Delhi High Court has overturned a provisional attachment of Piramal Realty's properties worth INR 410 crore by the Enforcement Directorate (ED). The court stated that the provisional attachment could not continue because Piramal Realty was not an accused and was only a lender to M/s Omkar Realtors and Developers (ORDPL), a company under investigation for money laundering. The agency is investigating an alleged INR 22,000 crore SRA scandal by Omkar Realtors & Developers' promoters, Kamal Gupta and Babulal Verma.
The Urban Development Department (UDD) of Maharashtra issued a government resolution (GR) last week stating that local planning authorities, including corporations, councils, nagar panchayats, and metropolitan planning authorities, must display the commencement certificate (CC) and occupancy certificate (OC) granted for new and upcoming real estate projects on their websites. The authorities must also inform the Maharashtra Real Estate Regulatory Authority (MahaRERA) regarding the sanctions and eventually integrate their websites with the MahaRERA website, all before March 31.
Sunteck Realty, a Mumbai-based real estate developer, has signed a 29-year lease agreement with edtech startup upGrad for the entire commercial tower by the name Sunteck BKC51, located in Mumbai's Bandra-Kurla Complex (BKC). The deal, which has a cumulative rental pay out of Rs 2,000 crore, will set up a student accommodation facility and an offline experience centre for upGrad. This marks the largest student housing deal ever concluded in India.
Pragati Group has raised $200 million in a funding round led by Singapore-based sovereign wealth fund GIC. The funds will be used to expand Pragati's warehousing portfolio across key markets in India, including Delhi-NCR, Mumbai, Pune, Chennai, and Bangalore. Pragati One & Pragati Farukhnagar Logistics Parks were purchased as part of the deal enabling the successful exit of the former financial partner Morgan Stanley. This fund also received an equity investment in Pragati as part of the agreement.
The Migsun Group has purchased a 36,583 square meter block of land from Yogi Raj Promoters Pvt Ltd to build a high-street commercial project in Rohini, New Delhi. With a total build-up area of 6.3 acres the Group will create a 9-acre high-street commercial project at the location. The acquisition and development of the commercial project would add to the overall investment cost which will be Rs 706 crore. To fulfil future demands the corporation disclosed that it might buy an additional Floor Area Ratio (FAR). Migsun Group hopes to complete the high-street commercial project within three years.
Istanbul has launched a comprehensive program to conduct safety checks on buildings throughout the city. The program involves a team of structural engineers and building inspectors who will assess the structural integrity of buildings and determine whether they are safe for occupancy. The checks will focus on buildings in high-risk areas, including those with poor construction quality, inadequate seismic protection, or those built on unstable ground.
Construction work on a large urban development project consisting of 7,490 properties in Eastern Spain could commence as early as April. The project will be located on the biggest available piece of urban land in Alicante Province, specifically at La Hoya in Torrevieja, which covers an area of almost two million square meters. Once the public consultation process is completed, the developers, namely Elche Corpe, Eurovillas, and TM Group from Torrevieja, will be granted a license to begin work. Despite receiving approval from the Valencian government in 2009, the project did not move forward due to the recession, various legal challenges, and an environmental impact study involving the adjacent natural park.
According to recent reports, Noida Authority officials have confirmed that work to clear debris from the Supertech Twin Towers demolition site is likely to resume soon. Edifice Engineering, the company commissioned to undertake the work, has been given a revised deadline of 15th March 2023 to complete the pending work. The removal of debris on the site of the Supertech Twin Towers has been fraught with delays. Due to the construction prohibition implemented in the latter half of the year, the High Court's deadline of three months to remove the rubble was not met. Subsequently, work was once again stopped in January this year because of concerns about noise pollution.
Investors caught up in the fraudulent schemes of PACL Group have been requested by the Securities and Exchange Board of India (SEBI) to present original investment documents to seek repayment. The investors have been given until 20th March 2023 to submit the documents with authorities. The committee has requested for authentic PACL registration certificates from qualified investors with claims between Rs 15,001 and Rs 17,000 whose applications have been satisfactorily vetted.
A First Information Report (FIR) has been registered against Gauri Khan, and two real estate developers – Mahesh and Anil Tulsiani of Tulsiani Group in Mumbai city. The complainant, a resident of Mumbai, claims to have purchased a flat in Lucknow in 2015 from the group for a sum of Rs 86 lacs but is yet to receive possession. Gauri Khan is the brand ambassador for Tulsiani Group. All three have been charged under section 409 (the criminal breach of trust) of the Indian Penal Code.
According to officials, the Central Bureau of Investigation (CBI) conducted searches against directors and guarantors of Gardenia India Limited, a real estate firm, for allegedly committing bank fraud worth Rs 109 crore. The agency has recovered cash, jewellery, and documents of assets and property worth more than Rs 50 crore from six locations, including Delhi, Noida, Ghaziabad, and Gurugram. Among the accused is builder Sanjeev Kumar, who allegedly jumped from his apartment in Sector 72 Gurugram and suffered an injury in his leg when the CBI team went to arrest him.
Kolte-Patil Developers Ltd. has recently unveiled two redevelopment projects in Mumbai, expanding its selection of residential properties there. K52 in Khar and Alora in Kalina, are the two new launches and are said to have an income potential of INR 110 crore and INR 300 crore respectively. K52 in Khar will comprises of 12 stories and offer 2 BHK apartments with a carpet area of approximately 844 square feet. Alora will comprise of five 11 story towers offering 2 and 3 BHK apartments.
Earlier this month, the State Government of Gujarat approved eleven town planning (TP) proposals out of which nine are located in Ahmedabad. The cabinet also approved one TP programme each for the cities of Surat and Bhavnagar. 23,700 EWS housing units will be built as part of the proposals approved for Ahmedabad. 20.73 hectares have been set aside for additional public amenities, while 25.05 hectares have been set aside for gardens and parks. 3,300 EWS housing units would be built in Bhavnagar and 567 EWS housing units will be built in the Pandesara neighbourhood of Surat.
The Slum Rehabilitation Authority (SRA) and State Environment Impact Assessment Authority (SEIAA) were instructed by the National Green Tribunal (NGT) to explain if a joint committee had investigated alleged environmental infractions in a Worli SRA project. Skylark Buildcon and Oberoi Realty had been prohibited from selling apartments under the project's free sale component by an order issued by the NGT last year until it had supplied 500 parking spaces for the slum rehabilitation structures.
The joint office development platform between Ivanhoe Cambridge, the real estate division of Bengaluru-based Embassy Group, and CDPQ, Canada's second-largest pension fund, has been shelved. Ivanhoe and Embassy introduced the office platform in March 2021 with a $500 million investment potential. The platform was to invest in business parks in Bengaluru, Chennai and Hyderabad. The platform's foundational asset was the first phase of Bengaluru's 60-acre Embassy East Business Park, located on Whitfield Main Road.
NoBroker, the Indian real estate platform, has received a $5 million investment from Google as an extension of its Series E funding round, bringing the total raised in the round to $215 million at a valuation of $1.01 billion. The Google investment was made as part of the $10bn India Digitization Fund announced by the company in 2020, and follows earlier backing by General Atlantic, Tiger Global, and Moore Strategic Ventures.
According to statistics published by Bank of Mauritius, foreign direct investment in high-end properties in Mauritius, totalled $1.368bn between 2014 and mid-2022, or approximately 40% of all inflow. The number has been steadily increasing since then. Government initiatives such as scrapping of the inheritance tax and the successful launch of Integrated Resort Scheme (IRS) has attracted investors from across the world. The scheme allows foreign buyers to purchase luxury villas or apartments in designated areas, typically located near the coast, and receive Mauritian residency status.
The Karnataka Real Estate Regulatory Authority (KRERA) has dismissed a complaint filed by Godrej Properties against a homebuyer who refused to pay the balance amount until the developer furnished land litigation documents for the Godrej Aqua project that is still pending in the Devanahalli civil court. The KRERA found that the civil litigations of the project area were pending since January 24, 2019, and the sale agreement was signed in July of the same year. The authority concluded that homebuyers cannot be held liable for not completing the payments, and that developers must disclose the discrepancies on the official website so that prospective investors can be alerted.
The Bombay High Court has expressed its disapproval of the Mumbai Metropolitan Region Development Authority (MMRDA) for giving only a two-day notice to a petitioner's family to vacate their tenement, which they had been allotted in 2017. The petitioner was told to vacate the alternative residence provided to him as part of a redevelopment project by MMRDA without any warning. The court's directed MMRDA to remove the lock they had placed on the room and to prohibit them from taking any coercive action until the next hearing on 16th March 2023.
The Uttar Pradesh government has instructed the Gautam Budh Nagar administration to digitise all land records dating back to 2002. There are currently over 13,10,000 land records for this area alone. According to officials, the measure is intended to ensure efficiency and openness because it takes a long time to go through old documents. The district administration was given until Tuesday this week to meet with the sub-registrars and develop a strategy for the same. Additionally, the government has authorised the use of 51 computers, 17 scanners, and other tools for this job. CCTV cameras will be used to monitor the digitization process.
A non-bailable warrant (NBW) has been issued against Surpreet Singh Suri, the promoter of Three C Shelters Private Limited, by a Delhi court, after he failed to appear in court for a hearing related to the delayed Greenopolis housing project in Gurugram. The project was launched in 2011 and was supposed to be delivered to buyers in 2015, but not a single unit has been delivered to date. The case is being heard in the Economic Offences Wing (EOW) of Delhi Police, and the next hearing is scheduled for August 29, 2023.
BuzzWorks, a managed office brand owned by real estate conglomerate Brigade Group has announced its plans for expansion. The company currently offers over 2,400 seats across the country which is at 99 percent occupancy. Riding the wave of increased demand for flexible office spaces post pandemic, the company intends to double its inventory along with increasing in presence in cities such as Bengaluru, Chennai, Kochi and GIFT City in FY 2024.
Earlier this week Karnataka Chief Minister Basavaraj Bommai used excerpts from the Justice Kempanna Report that talks about the Arkavathi scam to hit out at the Congress party. The report was set up in 2014 to investigate the denotifications of land in the Arkavathi layout. The report concluded that the Arkavathy layout scheme turned into a scam because large amounts of land had been excluded from acquisition in violation of orders from the High Court and the Supreme Court.
The Department of Town and Country Planning (DTCP) has suspended the licenses of three affordable housing projects in Gurugram, after the developer, Ocean Seven Buildtech, failed to comply with their terms and conditions. The licenses were granted to Ocean Seven Buildtech in 2016, 2018, and 2019 to develop Expressway Towers in Sector 109, Golf Heights in Sector 69, and The Venetian in Sector 70, respectively. However, the developer has failed to deliver the projects to date, triggering protests from the allottees.
A report published by Cushman and Wakefield states that Qatar's residential real estate market experienced unprecedented market dynamics in 2022 due to the requirement for housing units to accommodate visitors during the FIFA world cup held in November and December that year. Apartments across the country experienced a significant increase of 15 to 30 percent in annual rental contracts, which have not declined post-World Cup. According to the report, nearly 35,000 residential units were built-in for the football tournament, and many of these units are held on government 'Eskan' leases of up to five years with rolling break options.
Navi Mumbai based builder Nalin Shah, was recently acquitted by the Vashi Magistrate Court in cheating case registered against him at Vashi Police Station. The Economic Offences Wing (EOW) had arrested Mr Shah in July 2018 based on complaint filed by a local resident for not handing over possession of two shops. However, as per MahaRERA records, the possession of the properties are due only on 30th December 2023, and so the case was dismissed by the Court for lack of proof.
According to a report published by Knight Frank India, property registrations in Mumbai fell to 9,286 units from 10,379 units for the same period last year indicating a drop of eleven percent YoY. These registrations are said to have generated over Rs 1,000 crore in revenues for the state. Of the properties registered, more than eight percent were residential properties. Experts are citing raising home loan rates are the chief reason for the drop in registrations.
Prestige Group is planning to collaborate with Kotak Realty Fund to create a joint platform for investing in residential projects. The platform will have a total fund of $500 million (equivalent to Rs 4,100 crore). Kotak Realty Fund will provide the investment, while Prestige Estate Projects will oversee developing the projects. This joint platform is expected to be the largest in the residential sector in recent years.
The National Building Construction Corporation (NBCC) has finished constructing 7,100 houses out of 38,159 houses in the Amrapali projects located in Noida and Greater Noida, which were delayed for several years. To complete the remaining houses, it is estimated that over Rs 5,000 crore will be required, and the NBCC will have to explore options such as selling the unused Floor Area Ratio (FAR) in the current projects to obtain the necessary funds.
Earlier this week, the board of the Indore Development Authority (IDA) approved two ambitious projects, namely the Town Planning Scheme 9 and the Town Planning Scheme 10. In addition, they changed the land use of a large plot to make way for the construction of a convention centre with a seating capacity of 10,000 on the Super Corridor. The meeting was chaired by Jaypal Singh Chawda and attended by important officials like Indore collector Ilayaraja T, Indore Municipal Corporation commissioner Pratibha Pal, and the authority’s CEO RP Ahirwar.
Haryana Chief Minister Manohar Lal Khattar has put forth several important proposals in the budget estimates, including the allocation of 100,000 homes to families identified as below the poverty line through the Parivar Pehchaan Patra (PPP) program, the continuation of the amnesty scheme for builders, and the introduction of a land pooling system through the Haryana Shehri Vikas Pradhikaran (HSVP) and Haryana State Industrial and Infrastructure Development Corporation (HSIIDC). To this end, the budget has allocated Rs. 5,893 crores for the housing projects.
Luce, a recently launched residential project on Dubai's Palm Jumeirah, is an initiative by the real estate division of UAE based investment firm Yas Holding. It is expected to be a landmark structure which will include a variety of luxurious apartments, including unique 2-, 3-, and 4-bedroom flats with sea views, a duplex and a penthouse. A swimming pool, a kids' play area, a fitness centre with the newest sports equipment and a gathering area with access to the beach are just a few of the luxurious modern amenities available.
Earlier this week, a special PMLA court in Mumbai granted bail to Mehul Thakur, the director of Viva Group in a money laundering case, on medical grounds. Mr Thakur has been suffering from ill health for over a year. He was first granted temporary bail in March 2022 by Bombay High Court for six months which was then extended until January this year. Post this, Mr Thakur withdrew his plea from the Bombay High Court and sought bail on medical grounds from the special court. Mr Thakur has been accused of laundering money from Housing Development Infrastructure (HDIL) to Viva Group through a several shell companies.
Rakesh Wadhawan and Sarang Wadhawan, the promoters of the real estate company HDIL have been named in a First Information Report (FIR) filled by the Mumbai Police's Economic Offences Wing (EOW) for an alleged Rs 88.47 crore scam. According to police officials, the Wadhawans have been accused of defrauding a corporation Maxstar Pvt Ltd by selling office apartments without their consent.
In a settlement deal consented to, all parties involved have agreed to withdraw a bankruptcy case filed against Peninsula Land. Although the settlement terms have not yet been made public, it is said that Peninsula Land must first reach a number of financial benchmarks for the insolvency petition to be fully withdrawn.
The Madras High court has ordered for the demolition of a compound wall constructed by Olympia Infra Tech Pvt Limited for its residential project Opaline. The order was passed after the court found that the structure had encroached upon a public road in Navalur, Chennai.
The National Real Estate Development Council (NAREDCO) recently announced that "Fund City" would be unveiled in conjunction with the next NAREDCO Finance Conference. NAREDCO Fund City will comprise of banks, specialist funds, fund houses, and other financial organisations who will work together with promoters to fulfil the financial needs of the Indian real estate market. Several banks and fund houses have pledged their support to NAREDCO Fund City, and more are anticipated to follow.
Making its foray into the Dubai real estate market, Sobha Realty has struck a deal with DMCC, Dubai’s flagship free zone and commodities trade and enterprise body to develop a residential tower at Jumeirah Lake Towers (JLT), Dubai. Verde by Sobha Realty will be 59-story luxury tower with seven podiums situated in Cluster H, JLT. It will offer a variety of one- to three-bedroom apartments with prices starting at AED2 million ($544,416). The project is scheduled to be completed in Q4 2026.
Portugal has announced a significant package of measures aimed at addressing the country's housing crisis. The housing crisis has resulted in skyrocketing rents and house prices, particularly in Lisbon, where rents increased by 37% in 2022. Many housing groups have attributed the problem to low salaries, a red-hot property market, policies encouraging wealthy foreigners to invest, and a tourism-dependent economy. Thew new measures undertaken by the government include the termination of the controversial "Golden Visa" scheme and a ban on issuing new licenses for short-term holiday rentals such as Airbnb.
Earlier this week, the China Securities Regulatory Commission (CSRC) announced that China has initiated a test program to increase private investment in the real estate industry. The initial fundraising round of the scheme is expected to involve at least 30 million yuan ($4.37 million). The investors involved in the program, primarily institutional investors, are required to contribute a minimum of 10 million yuan each to participate. This program is intended to offer greater opportunities for funds to take part in the development of new homes and real estate asset mergers and acquisitions.
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