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The Haryana government has introduced 'The Haryana Disposal of Rented Government Properties Policy 2023' to sell its properties that have been leased or rented by private entities for 20 years or more. The policy applies to properties up to 100 sq yards and charges will vary depending on possession duration. The aim is to generate revenue and utilize the properties for public welfare projects.
The Tamil Nadu Urban Habitat Development Board (TNUHDB) has initiated the demolition of dilapidated tenements on New Avadi Road, Chennai, to make way for modern, multi-storied residential buildings. The new complex will feature improved infrastructure, a park, and eco-friendly amenities. TNUHDB's systematic approach to reconstruction has already completed 11,490 tenements, with 6,862 currently underway. The revitalization of the neighbourhood is expected to spur economic growth and improve living conditions for thousands of residents, while promoting sustainable living and community engagement in the area.
Office space absorption in India's major cities declined by 11% YoY in Q1 2023, with Bengaluru, Delhi-NCR, and Chennai accounting for two-thirds of demand. Hyderabad was the only city with strong YoY leasing activity. The flexible workspace is the leading absorption driver, with IT-BPM and BFSI sectors as major contributors. New supply infusion decreased by 31% YoY. Despite the decline, experts foresee a gradual pickup in demand due to the resumption of operations and growing Indian economy, with gross absorption estimated to reach 48.5 million sq. ft in 2023.
Birla Estates, the real estate development arm of the Aditya Birla Group, has acquired a prime land parcel in the upmarket residential area of Walkeshwar in South Mumbai, marking its entry into the super luxury real estate market. The company plans to redevelop the property into a luxury residential development with sea views, expected to generate revenue of over ?600 crore. This acquisition follows the strong response to Birla Estates' luxury project in Worli and is part of the company's growth plans.
The Maharashtra Pollution Control Board (MPCB) has issued a show cause notice to Safal Developers on Bhau Daji Road, Sion for not obtaining N environmental clearance for their redevelopment project and causing noise pollution which is affecting senior citizens residing at an old age home nearby. Activists had complained about the sound pollution from the construction site and requested action.
The Indore District Administration warned Vatsalya Builders and Developers to settle accounts with plot buyers within a fortnight or face strict action and FIR. The company was accused of selling property without T&CP diversion of the colony and not carrying out registration and stamp duty formalities. The company has been instructed to submit a demand fee at the T&CP department to get its clearance and carry out registration of plots in a set time limit. ADM and colony cell officials have been roped into the matter to ensure the affected people receive complete rights to the plots they have paid for.
The Pune property market had its biggest monthly stamp duty collection in March 2023, indicating a 20% increase from February. The increase in sales of houses costing Rs 50 lakh or more and the shift towards larger residences contributed to the growth. Primary and secondary residential transactions accounted for 76% of all property registrations, with Central Pune having a higher percentage of transactions. Micro markets in Pune's north, south, and east held a smaller percentage of residential sales during the month.
Smartworld Developers Pvt. Ltd, based in Gurgaon, plans to invest Rs 3300 crore in FY24 to build three projects totalling 11.5 million square feet. The company is expanding to Noida and Bengaluru and aims to reach a sales target of Rs 7,000 crores in FY23-24. The company has received funding from Motilal Oswal and previously from Piramal Group and IIFL. Smartworld Developers is known for developing high-end residential and commercial properties and has earned a reputation for delivering projects on time and to the highest quality standards.
HDFC Capital Advisors is increasing its ownership in proptech firm Loyalie IT Solutions from 7.2% to 9.6% by purchasing 1.67 lakh compulsory convertible preference shares. Loyalie works with leading real estate developers to design customer loyalty programs for an ideal home ownership experience. HDFC Capital Advisors is investing in Loyalie as part of its H@ART initiative program, which invests in innovative firms to enhance the real estate industry. Loyalie's revenue has grown from Rs 4.33 crore to Rs 11.45 crore in FY 2022-23, and it raised Rs 5 crore from investors in a pre-Series-A round in January last year.
SEBI has approved Nexus Select Trust's IPO, a retail-focused real estate investment trust sponsored by private equity firm Blackstone, which includes a fresh issue of Rs1,600 crore and an offer of sale from Blackstone and other smaller holders. The REIT's portfolio includes 17 malls, two hotels, and three office buildings, and proceeds from the IPO will be used to pay down debt. The trust offers high net worth individuals, family offices, and institutional investors access to a diversified portfolio of alternative assets such as private equity, real estate, infrastructure, and private debt.
China's real estate sector faced significant challenges over the past year, with the downturn caused by reduced credit availability and the near bankruptcy of industry leader Evergrande. Despite this, the National Bureau of Statistics recently reported a significant increase in property prices in major cities across China, indicating a potential stabilization of the market. However, experts caution that the real estate sector may experience a slowdown in the future, as credit availability remains an issue, and the pandemic has caused anxiety among potential buyers.
A recent analysis by City Hall revealed that private landlords in England are receiving £1.6bn in housing benefits each year for providing non-decent homes. The problem is particularly severe in London, where £500m of welfare money is being spent on privately rented homes that are in poor condition and fail to meet health and safety standards. Tenants are also paying an additional £7.3bn annually to rent these inadequate homes from landlords. The government has yet to deliver on the reforms promised for the private rented sector in its 2019 manifesto, and while plans for a renter’s reform bill were announced last year, the bill has been delayed.
The state government of Kerala has released a notice for the acquisition of land for the construction of nine Metro stations as part of Phase II of the Kochi Metro. A social impact assessment is currently being conducted. The new line will showcase environmentally sustainable architecture with minimal design, and its estimated cost is Rs 1957.05 crore. Despite the delay in commencing work, the Agence Française de Développement is expected to provide funding, and it is projected that the second phase of the Kochi Metro will be completed by 2028, serving an additional 150,000 passengers daily.
The Department of Town and Country Planning (DTCP) has revised its policy to encourage the construction of low-density and eco-friendly farmhouse colonies on agricultural land. The new policy allows developers to apply for a license for any agricultural land within the city's master plan and caps the number of residents at 25 per acre. To promote eco-friendliness, colonies would need to install solar plants, stormwater recycling systems, sewage treatment plants, waste management facilities, and biodegradable waste recycling facilities.
The CBRE India report titled “Indian Real Estate – Betting on a Capital Future” revealed that real estate developers and investors bought nearly 6,800 acres of land in India between 2018 and 2022 for more than USD 12.2 billion to develop greenfield real estate projects. Majority of the land was acquired after January 2021, with residential and mixed-use land parcels making up almost 60% of the total land investments, followed by office developments, industrial, and logistics. Mumbai, Bengaluru, Hyderabad, and Chennai were the cities with the most land acquisition activity.
Foreign investors, led by North America and Singapore, have injected $18 billion into the Indian real estate market between 2018 and 2022, accounting for 58% of total equity investments, according to a CBRE South Asia report. Despite pandemic headwinds, the office sector attracted over $13 billion or 40% of total equity inflows. Emerging segments like warehousing, data centres, and co-living spaces have also witnessed growing interest. Over the next two years, investments are expected to remain steady at $16-17 billion, with the office sector continuing to draw the largest share of institutional inflows.
The construction of single-family homes in the US has increased for the second month in a row. The Northeast, Midwest, and South regions experienced an increase in single-family housing, but the West saw a decline. Further, permits for future construction have also seen a significant rise, signalling a positive outlook for the struggling housing market. The rise is attributed to buyers taking advantage of lower mortgage rates. However, the housing market still faces challenges such as high input and labour costs for builders, as well as expensive financing options for buyers.
The Office of the Superintendent of Financial Institutions (OSFI) in Canada has released its first annual risk outlook report, identifying potential threats to the country's financial system in the fiscal year until March 31, 2024. According to the report, the two main risks are the possibility of a decline in the housing market and the challenge of adapting to sudden rises in interest rates. Other risks include the growth of unregulated non-bank financial institutions, climate-related risks, cyber-attacks, and hazards arising from emerging technologies.
The Madurai City Licensed Builders' and City Developers' Welfare Association has called on the Madurai Corporation to expedite building plan approvals and plot regularisations, citing a 40-day backlog affecting builders and construction workers. The delay has stalled new projects and impacted the local construction sector. In response, the corporation has appointed a new official to oversee the town planning department, aiming to address the backlog. The association has also suggested process improvements, such as allowing zonal offices to handle larger plots and implementing a fully online system for regularisations, to support the industry's growth in Madurai.
Over 70 residents of Chennai's Metro Zone gated community protested the builder's failure to pay INR 44 lakh in electricity dues. The Residents Welfare Association (RWA) had to cover costs using maintenance funds to avoid power disconnection. The community has also raised concerns about construction quality and safety standards. Residents demand the builder to comply with Real Estate Regulatory Authority (RERA) orders, reimburse the RWA, and address their concerns. Metro Zone officials dispute the amount claimed and assure that the remaining dues will be paid before the end of the month.
The Delhi Development Authority (DDA) has submitted a draft of the Master Plan for Delhi 2041 to the Union Housing and Urban Affairs ministry for review. The plan includes sustainable development, green economy, infrastructure development, and transit-oriented development hubs. The authority expects all formal procedures to be completed by next month, after which the plan will serve as a blueprint for the capital city's development for the next two decades.
The Enforcement Directorate (ED) has lifted the stay that it had imposed on Slum Rehabilitation Authority (SRA) builders who were carrying out projects under ED's probe for alleged money laundering. The SRA had issued a stop work on around 20 projects due to the ED investigation, which left over 5,000 slum dwellers without homes and rent. The state government had asked the Centre to direct the ED to let the slum redevelopment projects continue, and the issue was taken up at a meeting called by officials from the Prime Minister's Office (PMO).
The Ranchi Municipal Corporation has ordered the demolition of 90 buildings encroaching upon Ranchi's Kanke Dam and Ranchi Lake catchment areas, following a directive from the Jharkhand High Court. The owners of the buildings have been given two weeks to demolish the structures themselves, or the RMC will do so and levy costs against them. Encroachment on catchment areas can lead to water degradation, pollution, and environmental problems. The RMC's action is a step towards preserving the water bodies and protecting public health, but the high court should ensure fairness in the process.
The Bihar government has issued notices to 2.21 lakh beneficiaries and initiated action against 347 government employees for not completing houses under the Pradhan Mantri Awaas Yojana Gramin (PMAY-G) scheme, despite receiving full funding. Majority of notices were served in Gaya district, while the fewest were in Kishanganj and Buxar districts. These actions emphasize the importance of accountability and timely project completion to achieve the program's affordable housing objectives.
BGH Properties, a subsidiary of the Aditya Birla Group, has purchased the Sunny Ville bungalow on Carmichael Road in South Mumbai for over Rs 220 crore. The bungalow has a total constructed area of nearly 19,000 sq ft and is located close to Jatia House, another property owned by the Aditya Birla Group. The rise of luxury skyscrapers in the area has led to several bungalows making way for high-rise buildings.
JM Financial Home Loans is in talks with IndoStar Capital Finance for a potential merger of their home finance businesses, which focus on the affordable housing market. The discussions are non-binding and subject to due diligence and negotiation of commercial terms. The combined entity could benefit from synergies in operations, distribution, and technology, enabling it to provide more efficient services to customers. The potential merger could have a significant impact on the affordable housing market in India, which has been witnessing strong growth due to the government's push to provide housing for all.
The Income Tax department conducted searches on Tamil Nadu-based real estate firm G Square's premises across various locations in the state. G Square denied the allegations and said it had been subjected to unwarranted persecution. The company was accused of having links to the ruling DMK's 'first family', which it denied. Tamil Nadu Housing and Urban Development Minister S Muthusamy said no special concessions had been extended to G Square. The situation has sparked controversy and raised questions about the legitimacy of the allegations made against the company.
The developer of Malibu Towne and five other companies have been booked for unauthorized construction and encroachment on public land. The Department of Town and Country Planning (DTCP) urged the police commissioner to register an FIR against the companies, which was filed under sections 10(2) and 3 of the Haryana Development and Regulation of Urban Areas Act, 1975. The alleged crime came to light after a resident filed a complaint. Restoration orders were passed in March 2023 for the unauthorized construction, and the developer's reply to the notice was found unsatisfactory.
The Ahmedabad Municipal Corporation (AMC) has adopted a "zero tolerance policy" against property tax defaulters and has started putting liens on properties whose owners have not paid their taxes. The move is expected to compel defaulters to pay their dues along with the 18% interest rate mentioned in the lien, and to reduce the number of tax defaulters. The AMC is currently drawing up a list of tax defaulters and will prepare a standard operating procedure for imposing liens.
The Covid-19 pandemic has led to a dramatic increase in gift deeds and will registrations in Mumbai, according to Maharashtra government data. The surge is attributed to property owners' heightened sense of mortality, prompting them to secure their families' interests. Data from the Department of Registrations and Stamps reveals gift deed registrations grew annually since 2019, reaching 20,843 in 2022 and 3,287 in the first quarter of 2023. Will registrations have also increased significantly, with 11,642 registered in 2022 and 3,091 in the first three months of 2023. The pandemic and reduced stamp duty rates contributed to this trend.
The Delhi Development Authority (DDA) recently conducted a draw of lots for 1,093 households in the Jailorwala Bagh JJ cluster, Ashok Vihar, as part of its in-situ rehabilitation project. The initiative aims to provide better living conditions and amenities to JJ cluster residents, with 1,675 EWS flats expected to be ready for possession by July 31. The DDA will subsidize each flat by approximately Rs 24 lakh, making the housing units more affordable for the target population.
Following the collapse of a 60-year-old building in the Royapuram zone, the Greater Chennai Corporation (GCC) will re-inspect 387 dilapidated buildings identified in 2022 to ensure public safety. The joint inspection, conducted with the Chennai Metropolitan Development Authority, found that many of these buildings posed a potential danger to residents. The GCC plans to work closely with the Public Works Department to assess structural stability and take necessary action based on scientific evidence. Stricter safety guidelines and regulations, as well as efficient demolition processes, are being considered to improve overall safety in the city.
An estimated 150 unauthorized buildings are constructed annually within Jaipur's Walled City, threatening the integrity of the UNESCO Heritage site. Officials from IMC-Heritage reveal that the actual number of illegal constructions could be higher. Despite strict guidelines, unauthorized construction continues to proliferate, exploiting loopholes and evading oversight. Authorities must enhance enforcement efforts, increase transparency in the permit application process, and promote public awareness to preserve this historic area for future generations.
The Noida Authority has earmarked Rs 1,000 crore for land acquisition in 'New Noida' and Rs 500 crore for land acquisition in existing Noida. A budget of Rs 6,920 crore has been approved for the financial year 2023-24, with Rs 1,906 crore designated for infrastructure and development work. A total of Rs 141 crore has been allocated for village development. The Authority has expressed dissatisfaction with the progress of land acquisition in the previous year and directed the Revenue Department to speed up efforts.
The Enforcement Directorate (ED) faces challenges in disposing of three high-end flats in South Mumbai confiscated from fugitive diamantaire Nirav Modi. Legal hurdles and long-term vacancy may result in lower-than-expected auction proceeds. The flats contain valuable household items and artworks, complicating their use as guesthouses. With no clear solution, the ED must carefully navigate the disposal of these assets to maximize auction proceeds and avoid controversies surrounding the valuable items inside. This situation highlights the need for a well-defined strategy to manage confiscated assets efficiently and prevent the loss of value over time.
The Supreme Court of India has issued a notice to the government, financial institutions, and real estate developers in response to appeals by Supertech homebuyers seeking to restrain lenders from charging EMIs until they receive possession of their flats. Meanwhile, the Delhi High Court has sought responses from the government on a PIL seeking to link property documents with Aadhaar to curb corruption, black money, and benami transactions. While proponents argue that linking property documents with Aadhaar would help curb corruption, critics are concerned about privacy issues.
The Chandigarh Housing Board (CHB) is considering allowing the conversion of leasehold apartments in the Sector 63 Housing Scheme to freehold, which will benefit more than 2,100 allottees. The proposal will be put before the CHB board of directors, which is likely to meet soon. Allowing the conversion will also improve the ease of property transfer, giving ownership rights to allottees and is likely to boost the price of the property. The CHB had launched the scheme 15 years back in 2008.
The Bombay High Court has ordered state authorities to take strict action, including punitive measures, against those involved in illegal sand mining in Vaitarna Creek and near Julie Island. The court observed that the state's efforts have not yielded results, and remedial steps, such as the installation of barricades near bridges, need to be taken to prevent erosion of the banks of Julie Island. The court has directed the state to take positive steps by June 8.
Quarry owners in the state of Kerala have launched an indefinite strike to protest the state government's new quarry policy, which includes an increase in royalty and penalties collections, and reinstatement of permission for mining revenue land. The new policy has also increased security fee charges and penalties for violating the act, leading to concerns of severe repercussions such as a temporary shortage of construction materials. Around 636 quarries, 1,100 crushers, and over 1,000 yards have remained closed since the start of the protest, causing several government-funded infrastructure and low-cost housing projects to come to a halt.
The Hubballi-Dharwad civic body has started a drive to recover unpaid property taxes from individuals who have been evading them. Officials have also discovered that many people have constructed houses illegally but have only paid taxes for the disclosed sites. The goal is to recover unpaid taxes and penalties amounting to approximately Rs 22 crores. The civic body has disclosed the methodology it will use to ascertain the amount of tax due, which includes a penalty of 200% added to the tax amount, and an interest of 2% until the owner pays their dues.
The government of Uttar Pradesh has announced a 100% stamp duty exemption for the purchase or lease of land to set up logistic parks, IT parks, and solar plants under the Uttar Pradesh Warehousing and Logistics Policy of 2022. The exemption will be valid for ten years from the date of notification and will be applicable to all land allotted or leased by the industrial development authorities. The district magistrate or deputy commissioner of industries will confirm the instrument of conveyance or lease under the prescribed format of the policy.
Vanguard Emerging Markets Stock Index Fund has increased its stake in Indiabulls Real Estate Limited by 0.1%, according to a BSE document outlining shareholding patterns. The fund's holdings grew from 1.19% to 1.20% between December 2022 and March 2023. Another Vanguard fund, the Vanguard Total International Stock Index Fund, maintained its 1.14% ownership of the corporation. The stock has returned a negative 42.30% over the past year, compared to a 3.01% return for the BSE Sensex.
Spain and Portugal, two of the poorest countries in western Europe, are looking to tackle the issue of soaring property costs by using a “bad bank” created during Spain’s most recent financial crisis to build up to 50,000 units of public housing. Spain’s Cabinet is set to approve a plan that would increase the number of public homes by 17% using properties from its bad bank. The Portuguese Government has approved plans to invest €2.4bn in public housing by the end of 2026 and presented a housing bill to parliament last week that would allow the state to convert vacant private properties into social housing.
The National Bureau of Statistics (NBS) has reported that new home prices rose by 0.5% month-on-month in March, following a 0.3% increase in February. This marks the highest rate of growth since June 2021 and the third consecutive monthly increase. This is a positive indication of the market slowly recovering from it slump with the help of various supportive policies introduced by the government in the last year to tackle the crisis. However, the extent of this upward trend’s momentum remains uncertain.
The state's principal accountant general (AG) has urged the Noida Authority to ensure that allocated land plots are free of disputes, citing the additional Rs 295 crore pay-out for the land where the DLF Mall of India stands. The AG stressed the importance of proper land acquisition and transparency in preventing construction delays and protecting financial interests. In response, Noida Authority officials stated that the land records department would provide a report on the factual situation, emphasizing the need for efficient land management and dispute resolution to foster a stable development environment.
Kiran Patel, a conman who recently made headlines for posing as a top official in the Prime Minister's Office (PMO) and being arrested in Jammu and Kashmir, has now been slapped with a fresh FIR for allegedly duping a builder of Rs 80 lakh in Ahmedabad by posing as an official from the PMO. This is the seventh FIR registered against Patel in the state, and he is currently in police custody. The FIR accuses him of cheating, breach of trust, and personating a public servant.
Private equity investment in Indian real estate plunged 95% to $45 million in Q1 2023, down from $1 billion in the same period last year, reveals a Savills India report. The decline is attributed to global recession fears, capital cost increases, and valuation mismatches between sellers and investors. Despite the downturn, demand remains strong for core office, core retail, warehousing, data centres, and life sciences investments, signalling potential for future growth and strategic investments in the market.
Mumbai residents seek lower premiums for collector land redevelopment as over 8 lakh families face weak building structures. They are urging the Maharashtra government to reduce the current 15-25% premiums to 5%—similar to Nagpur—arguing it would generate up to Rs 10,000 crore in revenue and attract more real estate investments. The high premiums, combined with recent changes in land conversion conditions, have raised concerns among residents. While the government maintains that redevelopment is possible without converting to freehold land, residents continue to demand lower premiums and a reconsideration of the new conditions.
Real estate developer Prestige Estates Projects has signed an agreement to undertake a housing society redevelopment project in Mumbai's Worli locality, with a revenue potential of almost INR 60 billion ($802 million). The Shivshahi society redevelopment project involves 192 tenements spread over 3.3 acres opposite the GlaxoSmithKline Pharmaceuticals property on Dr Annie Besant Road. The project has been stuck for over a decade. Prestige Estates has already repaid a loan worth INR 1.7 billion raised by the earlier developer and will invest another INR 5.78 billion towards construction costs, compensation to society members and premium towards availing fungible floor space index.
The Enforcement Directorate (ED) has frozen 119 bank accounts, two luxury vehicles, and some insurance policies under the anti-money laundering law after conducting raids on the promoters of a Bihar-based real estate company Agrani Homes Pvt. Ltd. The company and its directors have been accused of cheating and illegally diverting investments made by prospective homebuyers. The money laundering case against the company and its promoters stems from at least eight FIRs filed by the Bihar Police. The searches were conducted in various locations, including Patna, Varanasi, Lucknow, and Delhi.
The National Green Tribunal has asked the Haryana pollution board to revisit its closure order against the Malibu Towne residential colony, noting that homebuyers should not suffer due to the inaction of officials. The Haryana State Pollution Control Board had issued the closure notice against the developer of the Sector 47 colony in March for flouting environmental norms. However, the Malibu Towne RWAs' Federation argued that the closure notice was harsh. The NGT ordered HSPCB to clearly specify which parts of the project needed environmental clearance and ascertain third-party rights. HSPCB must submit an action taken report within two months.
The Rajasthan cabinet meeting, chaired by Chief Minister Ashok Gehlot, has approved several proposals that will benefit the state. These include distributing land ownership documents in slum areas, regularizing new slum settlements, and providing water connections to high-rise buildings. The amendment to the Land Allotment Policy of 2015 will facilitate the construction of student hostels, while the approval of the Rajasthan Laws Repeal Bill, 2023, will abolish outdated laws.
The Karnataka HC ruled that lease agreements for tenancy periods of more than 11 months must be registered to be considered for rent enhancement. The decision came about after an appeal filed by Punjab National Bank was allowed, which dismissed the original suit filed against the bank by Srinivasa Enterprises. The unregistered lease agreement was only considered for collateral purposes and not for rent enhancement, as stated in the Registration Act. This ruling has significant implications for landlords and tenants who must comply with the act's provisions to avoid legal disputes in the future.
Maharashtra Real Estate Regulatory Authority (MahaRERA) has fined 12 developers a total of Rs5.8 lakh for publishing advertisements in newspapers without registration numbers. MahaRERA officials will now monitor social media platforms for advertisements without MahaRERA registration numbers, and developers breaching the rule will be penalised. The Real Estate Act requires any project with a land area of more than 500 square meters or eight flats to be registered with MahaRERA, and its registration number must be mentioned in advertisements of the project.
The Indore Development Authority (IDA) has allocated 138 flats in Scheme 155 through a lottery system, with a total of 808 ready-possession flats available in buildings designed for low and middle-income groups. The flats are located in the heart of the city and the complex features three gardens, lifts, and covered parking. The starting prices for the flats range from INR 9.74 lakh to INR 20.09 lakh. The remaining flats will be allocated through the same process in the next six months.
The Department of Registration and Stamps has announced that the total of 1.4 lac properties, including plots, were registered across Gautam Budh Nagar (Delhi) in the financial year 2022-2023, which has generated revenue of Rs. 3,018 crores in stamp duty and registration fees. In the financial year 2021-22, a total of 1.2 lac properties were sold, generating a revenue of Rs 2,377 crores indicating a 27 percent increase in collections. At present there is 5% stamp duty and 1% registration fee in Gautam Budh Nagar and for properties in Yamuna’s control area, the stamp duty is 7% and registration fee is 1%.
Recently, the Executive Director of DBS Bank India announced that the bank plans to introduce home loans for the affordable housing sector. The loans will be targeted towards individuals living in Tier 2 and Tier 3 cities and is likely to be officially available from the last quarter of the current financial year. This decision is in the line with the bank’s larger goal of expanding its retail portfolio. The company also announced a partnership with Indiafilings to provide end-to-end financial services and a proprietary credit card catered to the affluent to be launched in June this year.
Several businesses in Vietnam’s biggest cities such as, Ho Chi Minh City and Hanoi, have packed up and relocated during to soaring rents. Many believe the situation is partly due to a surge in inflation and economic pressure. Despite the current vacancy, real estate investors expect the lease price to rise, driven by the anticipated increase in demand as more foreign businesses migrate to Vietnam.
Sunac China Holdings Ltd, a real estate developer based in China, saw more than a 50% decrease in its market value upon the resumption of trade after being suspended for over a year. The decline occurred following the release of the company’s financial results and its agreement on a debt restructuring plan. The drop in share prices occurred one day after the company had announced to the Hong Kong stock exchange that it would resume trading and implement the debt restructuring plan.
Secunderabad Cantonment property owners are likely to face increased property tax rates due to the ongoing triennial revision. Revised rates are expected to be 27.6% for residential properties and 30.3% for commercial establishments, up from the current 24.6% and 27.6% respectively. Officials anticipate generating revenue of Rs 30 to 32 crore through the revised tax rates, which will contribute to infrastructure development and public services. The Secunderabad Cantonment Board (SCB) plans to issue a public notice inviting property owners to submit their objections to the proposed tax rate increase.
The Nashik Municipal Corporation (NMC) has experienced a boost in property tax collection within the first 12 days of April, thanks to its revised tax rebate initiative. Over 50,000 residents have already paid Rs 10 crore in property taxes, with officials expecting collections to reach Rs 45 crore by April 30. The civic body offers an 8% rebate for payments in April, 6% in May, and 3% in June. Additionally, a 5% rebate is provided to residents who install eco-friendly facilities such as EV charging stations or rainwater harvesting systems on their property.
The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has issued a notice to M3M India for allegedly promoting and marketing units in a Noida project without registering it with the authority, violating the RERA Act. The authorities have warned the promoter of facing imprisonment if advertisements for unregistered project is not discontinued immediately. M3M India has responded by stating that the campaign is an extension of their corporate campaign to bring awareness about their presence in the city and that they are committed to operating on the principles of corporate governance and ethics.
The Delhi High Court has asked the Indian Government to respond to a plea seeking the linking of citizens' immovable and movable property documents with their Aadhaar numbers to reduce corruption, black money generation, and 'benami' transactions. The petitioner argues that linking property with Aadhaar will increase annual growth, clean out the electoral process, and prevent illegal activities like terrorism, naxalism, and gambling. If implemented properly, it could have a positive impact on the Indian economy and social and political issues.
Karnataka’s High Court has ruled that in property ownership disputes, the title of a party must be adjudicated based on title documents rather than revenue records. The ruling came after Thammaiah, who had purchased farmland in Tumakuru district in 1972, lost his case in the trial court and appeal proceedings against Puttaiah who had later purchased the same land. The judge presiding over the appeal pointed out that the lower courts had given too much importance to revenue entries and failed to consider the title documents that confirmed Thammaiah's ownership of the property. The ruling emphasizes the importance of proper documentation in property ownership disputes.
The government plans to establish a committee focused on creating a standardized builder-buyer agreement to streamline the homebuying process and protect consumers from potential malpractices. Comprising judges, consumer commission members, consumer bodies, lawyers, and Ministry of Consumer Affairs representatives, the committee will develop a comprehensive agreement in collaboration with stakeholders, including homebuyers, developers, financial institutions, and regulatory bodies. The initiative aims to enhance transparency, improve legal protection, and simplify processes in the real estate sector, while addressing key challenges such as delayed possessions, unfair agreements, and misleading advertisements.
The Gautam Buddh Nagar district administration has sealed the Noida office of real estate giant Supertech Group due to unpaid dues linked to the Supertech Township entity. The company claims the action is illegal, as the sealed office belongs to Supertech Limited. Supertech Group contends that, under the Corporate Insolvency Process initiated by the National Company Law Tribunal (NCLT), a moratorium clause prevents coercive recovery of dues. The company's Interim Resolution Personnel has requested the office's de-sealing and is considering taking the matter to the NCLT or Supreme Court.
The Madhya Pradesh Industrial Development Corporation (MPIDC) in Indore has announced the construction of a new IT Park on the Crystal IT Park campus. The new IT Park will span approximately 1.10 lakh square meters and will be available for tech firms to lease or rent. It will have a saleable area of approximately 65,000 square meters and the anticipated construction cost is around Rs 393 crore. It will also include additional amenities such as gyms, meditation rooms, and other facilities for the benefit of the employees.
The revenue department of Ahmedabad Municipal Corporation (AMC) has introduced a scheme to encourage people to pay their property tax in advance. This scheme offers a 12% tax interest rebate for those who pay their property tax between April 18 and May 17, and an additional 1% rebate if the payment is made online. Those who have paid their taxes in advance in the last three years will benefit from an additional 2% rebate. Additionally, those who have paid their advance taxes through online methods for three years will receive a 1% additional rebate.
The Ludhiana municipal corporation is set to install unique identity number (UID) plates with QR codes on properties across the city, following a two-year delay. The UID tags will allow officials to quickly verify property details, ownership, and tax payment status by scanning the QR codes. The project, funded under the Smart City Mission, aims to improve administrative efficiency, transparency, and accountability in property transactions, ultimately benefiting property owners, potential buyers, tenants, and municipal authorities.
The Delhi Development Authority (DDA) is set to issue conditional notices to landowners in four additional sectors, which have now met the eligibility criteria for forming consortiums under the land pooling policy (LPP). These sectors include 7A, 7B, and 7C in Zone P-II and Sector 11 in Zone N. The move aims to promote planned urban growth and infrastructure development, as consortiums of landowners will take the lead in planning and engaging developers for residential and commercial properties. The DDA will primarily sanction layout plans and provide support throughout the process.
State-run banks in India plan to launch an e-auction app to dispose of around 500,000 properties over the next five years. The app will serve as a repository for information, data, and documents, streamlining the auction process for bidders and financial institutions. The initiative aims to increase transparency and improve efficiency in property auctions across the country. This comprehensive platform will help state-run banks manage their property auctions more effectively, promoting collaboration and supporting the growth of the Indian banking sector.
Last week, the Ministry of Finance reported a decline in revenue from government land sales in China slowed for the month of March, thanks to various stimulus policies that boosted the confidence of developers. However, data from the same ministry showed that in the first quarter of this year, income from land sales, which is the primary means for local governments to raise funds, decreased by 27% compared to the same period in the previous year.
The financial stability of a major real estate company in Vietnam, No Va Land, has been questioned by PricewaterhouseCoopers (PwC) due to difficulties in the real estate market in Vietnam. No Va Land is facing significant bond payments this year, and the market has been struggling due to a surplus of high-end property, high debt, stricter rules on bond issuance and refinancing, and the arrest of high-profile business executives.
Earlier this month, Democratic Mayor Karen Bass of LA, made an announcement regarding the city’s severe homelessness crisis. She pledged to allocate a historic sum of $1.3 billion in the next budget to provide shelter and treatment programs for the unhoused individuals. This budget could potentially be utilized to purchase hotels or motels to convert into housing, and to identify other city-owned properties that could be used for sheltering the homeless.
Certus Capital, an institutional real estate investment and consultancy firm, has invested Rs 80 crore in a luxury residential project called Aakasa, located in Mumbai's Worli locality. The project is being constructed by Techno Group, Fortune Realty, and Gala and is situated near the upcoming Ritz Carlton Hotel. The project has a revenue potential of about Rs 350 crore based on the current property pricing in the area and has obtained all necessary approvals. The investment from Certus Capital will be used to finance the project's construction. This deal marks the company's second investment in the micro market of Mumbai during the last six months.
IDBI Bank, PNB Housing Finance, and Sicom are planning to sell almost their entire distressed loan books, replicating the sale processes undertaken by Yes Bank and Bandhan Bank last year to clean up their books. IDBI Bank is reportedly in talks with special situation funds to acquire as much as ?25,000 crore of non-performing loan book. PNB Housing Finance has invited offers to sell about ?3,000 crore loan book, while Sicom has invited offers to sell 48 accounts with dues of ?9,724.5 crore.
New York City's real estate market has seen a surge in demand for rental properties, leading to a record-high median monthly rate of $4,175 in March 2023. Despite an increase in available units, the market is still struggling to keep up with demand. The average lease was signed with a 0.7% discount from the listing price, down from a 5% discount in February. The borough's vacancy rate rose to 2.54% last month from 1.89% a year earlier. Real estate agents expect rents to remain high.
The Indore Development Authority (IDA) board of directors has formed a committee to review the pending lease renewals of approximately 10,000 plots in Scheme-78 Aranya. The IDA also discussed the proposed master plan of Indore, approving several construction projects, including the development of a sports complex and a swimming pool. They have also resolved to develop four new development schemes in the current financial year.
Thousands of property owners in Bengaluru, India are still waiting for the city's civic body to withdraw notices issued to them regarding alleged tax arrears. The property owners claim they had been assessing and paying their taxes online according to the old zonal classification rates since 2016-17 when zones were reclassified. The delay in resolving the issue has left property owners feeling helpless and frustrated.
The Public Health Engineering Department (PHED) minister in Rajasthan, India has released a policy for providing water connections to multi-storey buildings in urban areas. The policy will be applicable across all urban areas and provide relief to over 25 lakh families. Domestic drinking water demand will be calculated based on the carpet area of the building, and the cost of infrastructure to be set up by PHED will be a one-time fee. The remaining 75% of the one-time fee will be payable along with the water consumption bill in 60 equal instalments with 9% simple interest per year.
The Department of Town and Country Planning (DTCP) in Haryana has issued show cause notices to 13 architects for granting occupation certificates (OCs) to 20 buildings, violating the Haryana Building Code of 2017. The architects have three days to provide satisfactory explanations, or they may face blacklisting and legal action. The self-certification scheme, introduced last year to expedite the OC process, has raised concerns about oversight and potential exploitation by unscrupulous builders. The DTCP is considering stricter oversight measures and ongoing education to ensure safe and compliant construction practices across the region.
The National Financial Reporting Authority (NFRA) has imposed a one-year ban and fines on four auditors for alleged misconduct during the 2017-18 audit of Dewan Housing Finance Corp Ltd (DHFL) branches. The auditors, partners of K Varghese & Co, have been fined Rs 1 lakh each and prohibited from undertaking any audit for financial statements or internal audit of companies during the ban period. NFRA's investigation found violations of the Companies Act, 2013, and the Chartered Accountants Act, 1949, as well as non-compliance with applicable Standards on Auditing (SAs).
Gurugram's Department of Town and Country Planning (DTCP) and the police demolished a warehouse, a concrete plant, and a transport office in an unauthorized colony earlier this week. The structures, spread over five acres, were built without necessary permissions and violated building norms. Authorities urged residents not to invest in such illegal colonies and to consult the District Town Planner's office before buying land or plots. The demolition serves as a reminder of the importance of adhering to building regulations and investing in legal properties to ensure residents' safety and well-planned urban development.
The Enforcement Directorate (ED) filed a chargesheet against builder Shailesh Sawla and his companies, Kunal Construction and Sawla Construction, for selling flats meant for slum dwellers to influential individuals. The case, one of the oldest pending money laundering cases since the Prevention of Money Laundering Act (PMLA) came into force in 2005, involved collusion with BMC and SRA officials to construct larger flats for wealthy buyers. Authorities have pledged to strengthen oversight and improve transparency in the slum rehabilitation process in response to the chargesheet.
Realty developer M3M India announced its highest-ever sales of ?213,000 crore in FY23, doubling its revenue from the previous year. The company expects to reach ?720,000 crore in sales in FY24, driven by rising demand for residential properties. M3M plans to launch 8-10 mid-luxury residential and commercial projects in Gurugram, Noida, and Panipat, offering 14-15 million square feet of saleable space. The developer's expansion plans include strategic partnerships, a focus on sustainability, and entry into new markets such as Noida and Panipat.
A court in Cuttack, Odisha has granted permission to the state government to confiscate properties worth Rs 6.5 crore owned by the Rose Valley chit fund company under the Odisha Protection of Interests of Depositors (in Financial Establishments) Act (OPID), 2011. With this latest attachment, the government has confiscated assets worth Rs 101 crore of the chit fund company in the state. The Rose Valley Group is accused of cheating investors of about Rs 17,000 crore in the country, with nearly Rs 450 crore in Odisha alone.
An arrest warrant for the promoters of Samiah Builders was issued earlier this week, after being accused of registering and selling the same plot of land to multiple individuals. The director Sagir Khan has been taken into custody, while the owner Zameel Ahmed Khan is said to be absconding. The company is said to have used intimidation tactics to silence victims who demanded possession of the plot. The police have issued a stern warning against such fraudulent builders and announced a reward for the team that can nab them.
Earlier this week, residents of Adani Oyster Grande in Sector 102, Gurugram took to the streets to protest the builder’s apathy towards maintenance of their residential complex. They allege that despite collecting a hefty fee from them, the builder is no maintaining common areas such as roads and parks properly. Even the sewage treatment plant is not working correctly. They are demanding that the builder hand over the maintenance corpus to the RWA. An official spokesperson of the builder has denied all allegations, claiming that the residents and RWA have not even lodged an official complaint about the same.
Kolte-Patil Developers Ltd, has claimed that a higher demand led to a 28% increase in sales bookings to Rs 2,232 crore during the previous fiscal year. According to it regulatory filing, they had sales bookings of Rs 1,739 Cr during the last 12-month period. The company's sales volumes increased by 21% while its average price realisation per square foot increased by 6% during the fiscal year 2022–2023.
The former MD and CEO of Godrej Properties Mohit Malhotra has founded a real estate development and investment firm named NeoLiv. The Securities and Exchange Board of India has approved Neoliv under AIF Category (II). The company is optimistic that it will raise 1000 Cr before the end of the year based on strong initial investor interest. According to a press release, the company is said to be in advanced phases of commercial closures with several landowners in MMR and Delhi NCR to jointly develop residential projects.
The Tamil Nadu Urban Habitat Development Board has opened a new residential complex in Irungalur near Manachanallur in Trichy. The complex has 240 housing units built at 21.1 crores, designed for the low-income group (LIG) and economically weaker section (EWS). The district collector M Pradeep Kumar planted native tree saplings in the housing complex. Phase II of the residential complex was proposed as an expansion project, after the phase I residential complex with 540 dwelling units in the same area was entirely occupied.
The Oberoi Group announced the opening of Trident Residences in New Delhi on Wednesday. The 19 custom apartments will be completed by 2024 and are available for purchase this summer. The flats which will be built by BI Design will consist of four penthouses, eight units with three bedrooms and seven with four bedrooms. Sizes will range from 3,600 square feet to 9,300 square feet, and they would cost between 18 and 44 crores.
According to data recently published by the company, Godrej Properties has reported Rs 14.051 crores in bookings for the March quarter which brings its FY23 total to 12.232 crores, up by 56% and more than a fifth ahead of the annual guidance. Sales volumes increased by 19% sequentially to 5.25 million sq. ft. for the quarter from 4.12 million sq. ft. Sales volumes increased 40% over the course of the year from 10.84 million sq. ft. to 15.21 million sq. ft.
Last week, the Haryana Urban Local Bodies (ULB) department launched a property verification portal to help individuals verify and authenticate their property deals. The department took this step after receiving several complaints from residents about difficulties in correcting their property IDs and experiencing unreasonable behaviour from the authorities. The ULB minister Kamal Gupta inaugurated the portal from his office. The portal will provide residents with easy access to their property information and allow them to apply for any necessary corrections.
Earlier this month, a group of real estate representatives from NAREDCO-UP met with the district magistrate of Gautam Buddh Nagar to request relief from the authorities regarding their outstanding payments. The NAREDCO-Up cited various issues such as compensation owed to farmers, obstacles and legal disputes related to land ownership that contributed to the outstanding payments. However, sources say the District Magistrate declined their request for mediation, instructing the builders to take their concerns to the appropriate authorities instead.
Last week, the Municipal Corporation of Delhi began a process to locate buildings in the city that are considered unsafe. The purpose is to either demolish or repair these structures before the monsoon season to avoid any accidents. The civic authority has instructed its field staff to begin their annual survey of buildings and houses in their respective areas. The survey is expected to be completed by June 30.
The Thiruvananthapuram civic body has registered nearly a 100 percent rise in fee collection in 2022–2023, thereby successfully stopping the decline in permit fee returns for two consecutive fiscal years. According to the most recent numbers in the budget sheet for 2023–24, the permit fee collection in 2022–23 totalled Rs 14 crore, an increase of 101 percent from 2021–22. The low profits in 2020-2021 and 2021-22 were mostly due to the pandemic, which brought the city's building sector to a halt.
The Madras High Court has ordered the Trichy district collector to appoint verification officers to check the legitimacy of houses provided under the Pradhan Mantri Awas Yojana (Gramin) scheme in Trichy district. The court also directed the Trichy superintendent of police to take legal action against officials of Lalgudi panchayat union who misappropriated funds for the allotment of houses under the scheme. The decision was taken after a public interest litigation alleged malpractices in the allotment of houses to PMAY-G beneficiaries.
Sunac China, a property developer facing challenges, submitted application to the Hong Kong stock exchange to resume trading of its shares starting April 13. The company also announced that it is currently working on implementing a restructuring plan. Trading of Sunac’s shares had been suspended last year due to the delay in releasing its financial results. Last month, the company finally published its overdue interim results for 2022, which revealed a core loss of 11.06 billion yuan.
Rajasthan's real estate market is witnessing a resurgence, with stamp duty and registration collections increasing by 26% and generating a record revenue of Rs 8,189 crore. The growth, driven by both residential and commercial segments, has created a positive impact on various sectors and boosted job opportunities. Experts predict the upward trend will continue for several years, benefiting the state's overall development. To sustain this growth, it is suggested that the government reduce stamp duty rates and implement policies to attract the IT industry.
The Municipal Corporation of Gurugram (MCG) has formed 16 teams to investigate tax evasion by properties that have changed their use from commercial to residential, industrial, or institutional. The teams will verify if property categories were changed correctly and submit a report by April 30. The MCG will also inspect public parking sites charging fees from residents, and officials will randomly check 5% of properties to verify the cases. The investigation is vital to prevent revenue loss for the MCG, and the MCG aims to maintain a steady source of revenue.
Ghaziabad residents of Saviour Park Society are protesting against the builder for allegedly selling convenience shops to outsiders and creating multiple entry and exit gates, raising security concerns. Despite lodging complaints with the Ghaziabad Development Authority (GDA), no action has been taken. Residents claim the builder has ignored their concerns and even threatened them with false cases. They are seeking assistance from local authorities and considering reaching out to higher authorities to ensure a safe and secure living environment.
The Burhanpur district administration is scrutinizing thousands of patta applications (government land on lease) and previously allotted pattas to locals as part of an ongoing encroachment crackdown. Approximately 7,500 to 8,000 pattas have been granted so far, and 4,000 applications are pending approval. The administration is conducting on-site verifications to ensure only eligible applicants receive pattas and to reclaim any additional encroached land. This initiative aims to protect the rights and interests of eligible applicants, as well as preserve the ecological balance in the region.
The Chandigarh Housing Board (CHB) has yet to register the delayed Sector 53 housing scheme and itself as the promoter with the Real Estate Regulatory Authority (RERA), causing further postponement in the project's launch. The CHB board of directors had approved the scheme in February, but RERA registration remains pending. The Sector 53 housing scheme has faced numerous delays over the years, including a lack of demand due to high costs. Under the revised plan, the CHB aims to offer 340 flats in three categories. Registering with RERA is crucial to ensure compliance and protect home buyers' interests.
The Indian Ministry of Housing and Urban Affairs has blacklisted Supreme Infrastructure India Ltd and Ramacivil Construction Pvt Ltd for their sub-standard work on the NBCC Green View project in Gurgaon, which was declared unsafe by the Indian Institute of Technology, Delhi. The firms are banned from receiving any work from the ministry for two years and from working with any associated entity or Central Public Sector Enterprise.
The state housing department in India has relaxed planning permission norms for residential, commercial, and institutional buildings outside Chennai Metropolitan Area. Builders and realtors who wish to build in the area can now apply for permission online through Licenced Building Surveyors, who are authorised engineers. Once the application has been submitted, officials from the Directorate of Town and Country Planning (DTCP) will inspect the site and examine the documents that have been submitted.
Real estate tycoon Gopal Ansal has been ordered to stand trial for allegedly cheating and defrauding a private company and its promoters in the name of investment in a building at Connaught Place in Delhi in 1991. He faces charges of cheating, forgery and criminal conspiracy, while Sushil Ansal, a director of Ansal Properties, has been discharged. The complainant, Sachdeva & Sons Industries, had invested in Statesman House through an employee who was known to Gopal Ansal, but later discovered that receipts were issued only in the name of the employee and that the money was diverted to book a flat for him.
The Maharashtra state government has approved the payment of rent arrears to 672 residents of Patra Chawl from January 2018 to February 2022. The decision was made after a meeting between the residents' association and MHADA officials, where residents agreed to accept rent from the time the developer had been removed by MHADA and submitted a copy of the resolution to MHADA. The rent will be paid by MHADA, incurring a cost of around Rs 85 crore for the arrears from January 2018 to February 2022, and will be a major relief to residents who have been out of their homes for more than a decade.
The Yamuna Expressway Industrial Development Authority (YEIDA) plans to file a police complaint against all parties involved in a 73-acre plot transaction in Noida for not informing YEIDA and failing to pay transfer of memorandum (TM) charges. YEIDA officials estimate a loss of Rs. 200 crore over two transactions. The case highlights the importance of transparency in property transactions and adherence to legal procedures, prompting calls for more efficient land management systems and increased collaboration between government and regulatory authorities.
Police evicted 17 families from Rameshwar Apartment in Sola, Ahmedabad, amid a disagreement over the redevelopment of the High-Income Group (HIG) society. The large-scale project includes residential and commercial properties, but some residents claim they were initially told it would be exclusively residential. The eviction highlights the challenges of urban development projects, the importance of transparent communication, and the potential impact of evictions on the affected families.
Greater Chennai corporation (GCC) has strategized to collect tax from 2.79 lakh under assessed properties (owners of individual houses, educational institutions and commercial properties, hospitals) by re-assessing them. These properties have been identified with the help of GIS technology based on changes in their area, measurements and remodelling structure. The re-assessment is expected to boost the property tax revenue by 300 crores annually.
Following the recent doubling of jantri prices beginning from April 15, the Gujarat government is reportedly planning another rise in jantri charges in outlying regions of cities later this year. In order to align jantri rates with land rates, the government is harmonizing jantri prices with the market price of land in various places. A survey of chosen value zones, particularly recently growing outlying areas of cities, will be done.
The use of digital platforms for property tax payments has resulted in a 24% increase in returns filed in Ludhiana. In the financial year 2021-2022, the city's municipal corporation received 77,555 online returns out of a total of 2.7 lakh property tax returns. This number increased to 1.02 lakh online returns and 3.55 lakh total returns in 2022-2023, resulting in a collection of Rs 31.41 crore. While officials are pleased with the progress, they acknowledge that there is still more scope for digital payments and are continuing their efforts to encourage taxpayers to pay digitally.
Punjab Local Bodies Minister Dr. Inderbir Singh Nijjar handed over allotment letters to 487 successful applicants of the Atal Apartment Scheme in Ludhiana, which includes the construction of 336 HIG and 240 MIG flats. The flats will be built on an 8.80-acre land with facilities such as a swimming pool, gymnasium, green parks, clubhouse, CCTVs, 24-hour water supply, and more. The construction will be completed in three years, with possession given to allottees within three months. The state government is committed to providing affordable housing and boosting infrastructure across the city.
Bengaluru based real estate firm Puravankara reported a 29% increase in sales bookings to a record Rs 3,107 crore in the last fiscal year, attributed to higher volumes and better price realisation amid strong housing demand. The housing segment contributed 100% to the total sales booking, with sales realisation rising 14% to Rs 7,768 per square feet. In the last fiscal year, the housing segment contributed 100% to the total sales booking, compared to the previous year, where residential properties made up around 98-99% of sales with the remainder from commercial asset sales.
The Delhi Development Authority (DDA) is considering dynamic pricing to enhance sales of unsold and upcoming flats, primarily targeting Economically Weaker Section (EWS) and Low Income Group (LIG) housing. The strategy involves reducing EWS flat prices in distant sub-cities while slightly raising prices for premium flats in prominent locations. With over 16,000 unsold flats and an additional 23,000 EWS and LIG flats set to launch under the 2023 housing scheme, the DDA aims to balance overall revenues and make housing more accessible for lower-income buyers.
The restructuring proposal of Adler Group SA, aimed at averting the imminent collapse of the German real estate company, was sanctioned by the High Court in London last week, despite resistance from certain bondholders. Judge Thomas Leech granted authorization for the plan after a hearing last week, during which legal representatives for Adler’s English subsidiary stated that the group would likely face insolvency proceedings by the end of April unless the proposal was approved.
If sourced are to be believed, Country Garden Holdings, a major real estate developer in China, has secured a loan of HK$900 million ($114.65 million) from a private lender to refinance a bank loan. The loan, extended by Flow Capital (HK) Ltd, an investment firm based in Hong Kong, will primarily be used to repay a Hong Kong loan owed by Country Garden’s subsidiary, amounting to around HK$700 million.
Himachal Pradesh's Chief Minister announced the launch of 'Mukhyamantri Vidhwa Evam Ekal Nari Awas Yojana,' a housing scheme for eligible widows and single women. The initiative will provide Rs 1.5 lakh in financial assistance to around 7,000 women with an annual income below Rs 2 lakh. The scheme aims to empower these women by offering support for constructing homes with essential amenities. As part of the government's focus on the welfare of underprivileged communities, this initiative aligns with their commitment to promote inclusive growth and enhance living standards for marginalized populations in the state.
Indiabulls Housing Finance has teamed up with Oaktree Capital to acquire a $5 billion chunk of loans given by the non-banking finance company to bankroll several developers. The acquisition will take place through a jointly formed special purpose vehicle, with Oaktree Capital investing 73,000 crore and Indiabulls Housing Finance investing 2,000 crore. The joint entity will acquire these loans extended to developers by Indiabulls Housing Finance, thereby providing an immediate exit and liquidity to the NBFC.
House prices in the European Union have declined for the first time since 2015 due to rising borrowing costs, causing a slowdown in the residential property market. According to Eurostat, house prices dropped by 1.5% in the final quarter of 2022, with the largest declines occurring in Denmark and Germany. The decline is expected to continue as interest rates rise, leading to a drop in demand for mortgages and downward pressure on property prices. Analysts are predicting a further deterioration in the coming quarters.
The Noida Authority has been asked by the Allahabad High Court to explain why it took legal action against the developer for failing to finish Sports City on schedule while it was still waiting for all of the land required to complete the project. The court also requested information from the Authority CEO regarding the efforts the Authority was taking to make the remaining land accessible for the project. The court was deliberating a plea submitted by ATS Homes, the principal developer chosen to build the Sports City and an international-calibre cricket facility in Sector 52. The project is meant to be built on 125 acres, but the developer has only received roughly 25 acres so far.
A builder and landowner in Thane, Maharashtra, are facing charges for allegedly fabricating permits to construct a residential building. The accused reportedly began forging permits from the Thane Municipal Corporation in 2017, which were used to register flats within the building. Authorities are now implementing stricter measures to prevent similar fraud cases, including enhanced scrutiny of permit applications and increased collaboration between departments. The Maharashtra government is also considering new legislation to curb fraudulent activities in the real estate sector.
MHADA has issued Occupation Certificates for the free-sale component buildings in Mumbai's controversial Patra Chawl redevelopment project, following the Bombay High Court's directive. The decision provides relief to homebuyers who have faced delays and uncertainties since the project's initiation in 2008. With Kalpataru and Ekta Group's projects receiving OCs, homebuyers can now expect handovers soon. The long-delayed project highlights the need for stronger regulations and oversight in urban redevelopment to ensure timely completion and protect home buyers' interests.
The Shipra group has filed a complaint against Indiabulls and M3M, accusing them of attempting to usurp its properties, including Shipra Mall. The Ghaziabad police have registered an FIR against 18 executives from both companies and initiated an investigation. Shipra alleges that Indiabulls fraudulently inflated a loan amount and demanded repayment using forged documents. Both Indiabulls and M3M deny the allegations, dismissing them as false and malicious. The case highlights the importance of transparency and integrity in corporate dealings, especially in the real estate sector.
Larsen & Toubro (L&T) is close to finishing India's first 3D-printed public building, a 1,100-square-foot post office in Bengaluru, at a cost of INR 23 lakh. The ground-breaking project reduces construction time by 30-40%, while maintaining costs similar to traditional methods. This innovative technology brings numerous benefits, including design freedom, customization, stronger structures, and energy efficiency. L&T's pioneering efforts in 3D-printed construction could revolutionize the industry and pave the way for sustainable, efficient large-scale projects, such as affordable housing, to accommodate India's growing urban population.
The Supreme Court has set aside an order granting bail to jailed ex-Unitech promoters Sanjay Chandra and Ajay Chandra related to alleged swindling of funds of home buyers. The court directed the brothers to approach it for bail or other reliefs. They are currently lodged in two separate jails in Mumbai. The court had earlier directed them to surrender to Tihar Jail authorities on or before March 22, 2021. Both promoters are said to have served more than five years in custody for the alleged offences.
The Tamil Nadu Urban Habitat Development Board (TNUHDB) plans to construct affordable high-rise housing towers for economically weaker sections and low-income groups near the upcoming Integrated Bus Terminus in Panjapur, Trichy. The board has requested 15 acres of land for the project and has completed a comprehensive design plan for basic amenities. The housing project will be the third high-rise project for TNUHDB in Trichy. Two other high-rise projects in Srirangam and Jailpettai are almost complete. The project is under consideration by the district administration.
The Department of Town and Country Planning (DTCP) in Gurgaon has started a drone survey in sectors 1 to 80 to identify infrastructure deficiencies and unauthorised constructions in licensed colonies. The survey will also keep a check on any violation of norms and record stilt plus four floor buildings in these sectors. The data collected through this survey will be used to prepare an action plan and to identify issues related to infrastructure upgrade and encroachment on public spaces and government land.
The Enforcement Directorate (ED) has attached assets worth over Rs 40 crore belonging to real estate group Supertech and its directors under the Prevention of Money Laundering Act (PMLA). The ED alleges that the company and its directors engaged in criminal conspiracy to cheat people by collecting funds from prospective buyers as an advance against booked flats in their real estate projects but failed to deliver possession of the flats on time, thus defrauding the public.
The Department of Town and Country Planning (DTCP) has issued show-cause notices to the structural engineer, architects, and others involved in the Chintels Paradiso residential society's construction in Gurugram after a fatal building collapse last year. The five individuals had certified the building's safety, but the incident has raised questions about their certifications. The DTCP has requested responses within 15 days to avoid potential blacklisting and license revocation. The incident has prompted authorities to consider stricter regulations and increased awareness of safety standards among residents.
The Reserve Bank of India (RBI) has introduced a new set of rules to prevent "greenwashing," where companies market products as environmentally friendly, even if they do not meet the criteria for such activities. According to the new rules, lenders must have a board-approved policy for evaluating, selecting, and monitoring sustainable projects, and the proceeds from these green deposits must be used to encourage energy efficiency, reduce carbon emissions, promote climate resilience, and improve natural ecosystems and biodiversity. Additionally, these funds will be subject to independent third-party verification on an annual basis.
The first Real Estate Investment Trusts and Infrastructure Investment Trusts index in the nation, the Nifty REITs and InvITs Index were introduced last week by NSE Indices Ltd, a division of the National Stock Exchange (NSE). The index intends to monitor the performance of publicly listed and traded REITs and InvITs on the NSE according to a statement from the exchange.
The LIFE Mission’s housing project on the Greater Cochin Development Authority’s (GCDA) terrain, launched four years earlier in 2018, to rehabilitate P&T Colony residents has reached its final stage. Although the court mandated date of April 26 to shift residents is likely to be missed, officials are positive residents will receive possession before the May 31. According to sources, the inauguration of the building was to have been part of the chief minister’s 100-day programme.
The Ludhiana Municipal Corporation (MC) now requires property photos on tax receipts to improve assessment accuracy. While the MC believes this will help prevent wrong assessments, such as paying residential tax for commercial properties, residents have raised concerns about the increased hassle and potential errors. The new system aims to improve efficiency and resolve disputes between taxpayers and the MC, but its long-term success remains to be seen.
The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has identified forty-one developers who failed to attend a review meeting and will now face penalties, including the freezing of their bank accounts and a ban on new project registration. These penalties are designed to encourage compliance with the RERA Act and ensure the interests of all stakeholders, including promoters and buyers, are protected. UP RERA is committed to making the real estate sector in Uttar Pradesh transparent, accountable, and fair
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The Bombay High Court has dismissed a petition by a federation of housing societies in Kharghar Node challenging an "illegal retrospective property tax'' demand from 2016 to 2021-22 by the Panvel Municipal Corporation (PMC). The court stated that the federation could appeal the tax demand under the Maharashtra Municipal Corporation Act. The court noted that entertaining the plea would open floodgates of litigation before the court and that the PMC cannot be placed in a cloud of uncertainty when it comes to levy and recovery of civic taxes.
Jaypee Infratech's creditors, including Jaiprakash Associates, the Income Tax department, and YEIDA, have filed an appeal against the award of the company to Suraksha Group by the NCLT. The appeal could delay the start of construction. The Income Tax department has claimed that only Rs 10 lakh have been provided towards its dues despite its claims, while Jaiprakash Associates has argued that the resolution plan proposed by Suraksha Group is not in conformity with certain provisions of the Insolvency & Bankruptcy Code.
The state government has introduced stricter regulations to streamline property registration and increase revenue through property taxes. Property owners must now provide payment receipts for vacant land tax or property tax to register their assets, and the submission of VLT payment receipts for all open plot registrations is mandatory. The new regulations aim to prevent losses due to delinquent or non-payment of taxes and provide better services and infrastructure for the public.
The Kolkata Municipal Corporation (KMC) has announced that it will revoke the trade licence of real estate promoters who dupe flat owners. Previously, the KMC only penalized architects or licensed building surveyors if they failed to provide facilities to flat owners. The KMC will keep a watchful eye on real estate promoters who have fled after constructing an apartment building without applying for a completion certificate. The decision is a step in the right direction to ensure that flat owners receive the necessary amenities and services promised to them and to hold real estate promoters accountable for their actions.
A recent ruling by the Appellate Authority for Advance Rulings (AAAR) has held that charges for several services collected by the developer, Puranik Builders, are "inextricably linked" to the primary service of construction and will be subject to GST at the lower rate of 12%. The ruling could result in reduced costs for buyers of under-construction properties. While the ruling does not set a judicial precedent, it will have a persuasive effect in similar cases.
The state urban development and housing department in Jharkhand is discussing a scheme for the one-time regularisation of “illegal” buildings located in municipal corporation areas. The department had announced a draft of the scheme in November of the previous year, called the ‘Scheme for regularisation of unauthorised residential construction-2022’. The aim of this scheme is to regularise both residential and non-residential buildings that have been built without proper approvals or in deviation of approved building plans, against a one-time payment.
The civic officials of Ludhiana are currently celebrating their record-breaking property tax collection for the year, but they have overlooked the issue of recovering pending rent from tenants of their properties. To tackle this issue, officials are planning to seal the properties of people who fail to clear their dues and have asked concerned officials to submit records so that notices can be distributed. The pending dues to be recovered from tenants’ totals to Rs 12 crore.
VTP Realty has purchased a 6.7-acre land parcel in Pune's Thergaon neighbourhood for more than Rs 260 crore through its subsidiary Rising Wellworth Enterprises LLP. The deal is an expansion of a previous development agreement that the two parties signed. The business and the landowner had agreed to a development agreement for the aforementioned piece of property in August, 2017. The landowner agreed to keep a specific piece of commercial property in exchange for the company developing a real estate project on this piece of land as specified in the agreement.
The Delhi High Court has ordered the formation of a joint task force between Delhi and Uttar Pradesh police to address illegal sand mining along the Yamuna River. The court emphasized the environmental impact and urgency of the issue and directed the task force to regularly monitor river banks and ensure proper pickets are posted. The formation of the task force aims to protect fragile ecosystems and enforce stronger regulations to safeguard India's rivers from the consequences of illegal sand mining.
The Forum for People’s Collective Efforts (FPCE), a nationwide organization representing homebuyers, has requested compensation from the Maharashtra Real Estate Regulatory Authority (MahaRERA) for homebuyers, while expressing concerns about real estate developers’ failure to comply with the statutory requirement of providing project updates every quarter. The FPCE has also urged MahaRERA to impose penalties on promoters of these projects for their non-compliance, citing Section 61 of the Real Estate (Regulation & Development) Act, 2016.
Last week, Blackstone Inc announced that it has successfully raised $30.4 billion for its latest global real estate fund, named Blackstone Real Estate Partners X. This fund is 48% larger than the previous real estate fund closed by the asset management giant in 2019, signalling Blackstone’s increased commitment to the industry. Blackstone has been strategically focusing its portfolio on areas such as logistics, rental housing, hospitality, lab office, and data centres, while shifting away from traditional office and malls. This shift is in response to changing market dynamics, including the post-pandemic rise of flexible work arrangements and the increasing popularity of e-commerce.
The Nagpur Municipal Corporation's town planning department approved a building plan for a structure on a site that allegedly cut down a large number of trees without permission from the Tree Officer, as required by section 19 of the Maharashtra (Urban Areas) Protection and Preservation of Trees Act, 1975. The landowner has submitted a revised building plan and was directed to obtain permission from the Tree Officer before it could be sanctioned. However, despite a complaint and notice from a former member of NMC's Tree Authority, the NMC garden department is yet to visit the site and initiate action.
The National Company Law Appellate Tribunal (NCLAT) has overturned an earlier decision by the National Company Law Tribunal (NCLT) to reject a plea for insolvency proceedings against Ansal Housing, calling it a "fit case" for admission. The NCLAT directed Ansal Housing to pay Rs 12.72 lakh to Clicbrics Technologies within 30 days of the order's release, and in case the creditor refuses the sum, the Section 9 petition will be deemed to be dismissed.
As the new jantri rates take effect, the Gujarat government has promised benefits for the real estate sector, including a decrease in the chargeable FSI and premium for converting agricultural property to non-agricultural land. The concessions prevent price increases for affordable housing units, but they result in significant price increases for homes in other categories, including R1, R2 TOZ, and tall buildings. The state government made it clear that construction plans filed prior to the implementation of the new jantri regime will be subject to both the previous jantri and chargeable FSI regulations.
The Bombay High Court has ruled that tenants cannot dictate the nature of redevelopment to the owner and have limited rights in this regard. The decision was made in a case involving a Khar building where an "obstinate tenant" had been holding up redevelopment. The court directed the BMC to issue a commencement certificate for redevelopment and stated that tenants only have the right to be provided with an alternative accommodation of an equivalent area occupied by them before the building was demolished. The ruling is expected to pave the way for future redevelopment projects.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued notices to around 16,000 real estate developers in the state for failing to provide satisfactory updates on their projects as required by law. These developers had already been given 30 days to update their information and fix any deficiencies, but around 16,000 of them failed to respond or submitted unsatisfactory responses. MahaRERA has stated that it will take action against those who do not respond to the notices within 15 days, as required by law.
The Gurugram Metropolitan Development Authority (GMDA) plans to impose a 1% transfer duty on immovable properties along the 14km Southern Peripheral Road for the next three years to fund the SPR redevelopment project. Property owners and buyers would have to pay 1% of the purchase amount of a property to GMDA at the time of registration. The duty is expected to earn GMDA INR 375 crore over the next three years. GMDA may also use earnings from developing wayside amenities and ask for funds from the state finance department if needed.
CIDCO has introduced an amnesty scheme until April 30 for defaulters in its mass housing scheme, offering discounts on delayed payment charges. Applicants who have not paid all instalments have been given a last chance to clear their dues, with the amnesty scheme only applying to those who pay outstanding instalments in the allotted time.
The Ahmedabad Municipal Corporation has continued with the existing slum redevelopment policy, despite heavy criticism and several appeals for change. In 2016, the Comptroller Auditor General (CAG) published a report stating the policy was flawed and skewed towards private bidders. The CAG found that land premiums were fixed without consideration of the formula agreed upon by the government, and builders paid rates much higher than existing jantri rates. However, the policy continues to remain unchanged, thereby causing crores of financial loss.
According to a report first published by Reuters, the Softbank-backed Indian hotel aggregator Oyo has submitted a private "pre-filing" document for what is anticipated to be a scaled-down Initial Public Offering (IPO). The company had submitted paperwork to go public in 2021 with an initial public offering (IPO) size target of 84.3 billion Indian rupees ($1.02 billion) but postponed the share sale at that time.
According to sources, business conglomerate Shapoorji Pallonji Group is looking to dispose of key real estate and infrastructure assets as part of a larger debt-restructuring plan. The company will sell portions of its stake in properties where the development area exceeds 100 million square feet. Their goal with the sale of its real estate and infrastructure assets is to raise another $2.5 billion. The revenues from the asset sale would be used for other reasons in addition to paying off the company's debt of Rs 21,000 crore.
The bankruptcy court of India has authorised Mumbai based developer KGK Realty to purchase Anudan Properties (India). The resolution plan for KGK Properties received 76.35% of the vote from the Committee of Creditors (COC). Several developers had also submitted resurrection ideas for the company including Aanya Real Estate, a group of Ashdan Properties, and NNP Buildcon. The development is a sign of an increasing trend of various established developers looking for real estate deals through the bankruptcy process and having strong financials.
The Greater Hyderabad Municipal Corporation (GHMC) missed its property tax target for the third consecutive fiscal year, this time by 16%. The civic body earned 1,681.72 crores until March 31, falling short of the 2,000-crore target. It did, however, earn 67.72 crores on the last day of the fiscal year 2022-23. Overall property tax collection was 10% higher than the previous year. The municipal government has assessed 13.53 lakh properties in the city, 7% more than in 2021-22.
The Real Estate Regulatory Authority (RERA) in Bihar has taken possession of 27 katha of land belonging to Agrani Homes in Patna. Agrani Homes failed to honour its obligations to property buyers and breached RERA regulations, leading to the confiscation. The RERA authorities placed a sign on the property last week to intimate the public of the same. The action has allegedly been taken based on three execution cases filed by property buyers who were affected, as per Section 40 (2) of RERA Act and Rule 26 of Bihar RERA Rules.
The real estate and construction firm Renaissance Indus Infra has been accepted into the corporate insolvency resolution process (CIRP) as a result of a request made by Catalyst Trusteeship, one of its financial creditors. Following the company's failure to repay a debt of approximately Rs 444 crore, the lender filed a petition with the bankruptcy court.
The dilution of Coastal Regulation Zone (CRZ) in 2019 has allowed for more construction near Mumbai's coast, benefiting prominent personalities like Sachin Tendulkar, Jaya Bachchan, and Cyril Shroff. The Maharashtra Coastal Zone Management Authority has approved proposals to add extra floors to existing bungalows and expand luxury residential buildings. However, environmental activists have raised concerns about increasing the load on the coastline and not submitting to the spirit and purpose of the CRZ notification.
The Haryana cabinet has approved a one-time settlement scheme, 'Vivadon Ka Samadhan,' to assist colonizers who have defaulted on arrears of license and renewal fees. The scheme will be valid for six months and requires colonizers to deposit 100% of the outstanding principal amount against renewal fees and interest charges. Additionally, the cabinet has approved policies for phasing in licensed colonies and seeking 2/3rd consent from allottees for revisions of layout and building plans, as well as an amendment to the Policy for Planned Development of Low Density Eco-Friendly Colonies.
The Delhi Development Authority (DDA) has announced a new deadline of December this year for the completion of flats developed under its first in situ slum redevelopment project at Kathputli Colony. Officials have stated that the construction work in some towers is either completed or on the verge of completion. Once construction approvals are in place, a computerised draw of lots will be conducted after which the DDA will send a demand letter to the allottees asking them to submit Rs 1.25 lakh as a symbolic amount.
Earlier this month, Oscar-winning actor Brad Pitt sold his Hollywood Hills estate for $39 million days before a mansion tax was implemented. The actor completed the transaction ahead of the April 1 introduction of a 5.5 percent tax on all Los Angeles real estate sales over $10 million, saving him nearly $2.1 million in taxes. The house was built in 1915 and is located near the border of Hollywood Hills and Los Feliz. Pitt sold the property in an off-market transaction.
The Bombay High Court has ruled that the Indian state of Maharashtra cannot charge a premium on the entire freehold land of a property owner in order to lift development restrictions but can only do so on surplus vacant land under the repealed Urban Land (Ceiling and Regulation) Act. The court's decision came after a landowner filed a petition after the state sought a premium on almost one acre, he was permitted to hold under ULCA.
The Orissa High Court has issued notices to the Odisha Real Estate Regulatory Authority (ORERA) over a petition challenging a ten-fold hike in real estate project registration fees, calling it "exorbitant, unreasonable, and arbitrary." The Confederation of Real Estate Developers Associations of India - Odisha and a builder filed the petition seeking the quashing of the notification, which increased the fee from INR 10 per square metre to INR 100/sqm. The bench has posted the matter to July 20 for further consideration along with replies from ORERA.
Himachal Pradesh has amended the Himachal Pradesh Ceiling on Land Holdings Act of 1972 to promote gender equality in landholding, allowing adult daughters to have a separate independent unit of up to 150 bighas of land. The amendment aims to ensure that families with daughters have equal rights in land ownership, removing the unconstitutional clause that promotes gender inequality. This decision will have a long-lasting impact on the socio-economic development of women in the state and will pave the way for a more equitable and just society.
The Kolhapur Municipal Corporation (KMC) has given a six-month extension to the deadline for submitting proposals to regularize unapproved constructions on gunthewari plots. This extension is the last chance for the owners to legalize their properties, or risk losing them. The KMC charges three times the property tax rates for these constructions, and once they are regularized, the property tax will be charged as per the normal rates. This policy aims to bring unapproved constructions under regulation and improve urban planning and management in Maharashtra.
The Municipal Corporation of Gurugram (MCG) has directed the developer of DLF 1 to 5, a licensed colony, to use only recycled water for construction activities to reduce the disruption of drinking water supply to residents. The directive comes after complaints from residents that potable water is being used for construction activities at more than 250 sites in DLF colonies and other areas in the MCG limits, with underground water being extracted illegally. The MCG has set up 41 sewage treatment plants in the city, and recycled water can be taken from these locations or from plants set up by GMDA for construction uses.
The Brihanmumbai Municipal Corporation (BMC) has been ordered by the Supreme Court to rework the capital value of all properties in Mumbai and refund citizens who paid property tax from 2010 to 2012 according to the Capital Valuation System (CVS). This decision comes after the Supreme Court rejected the BMC's review petition challenging the Bombay High Court's 2019 ruling that certain rules framed by the BMC for retrospective tax assessment be set aside.
The Pune Municipal Corporation (PMC) has employed artificial intelligence (AI) tools to incorporate over 11,000 previously non-tax paying properties into its tax system, resulting in an estimated Rs 31 crore increase in revenue. By analysing property tax data, Geographical Information System mapping data, and satellite imaging, the AI-driven approach enabled accurate identification and classification of commercial and residential properties. This innovative use of technology highlights the potential of AI in streamlining administrative processes and may prompt other civic administrations to adopt similar methods for optimizing revenue generation and resource allocation.
Last week, Margao residents staged a protes, demanding a fairer taxation system in response to the proposed increase in house tax and garbage collection fees. A delegation of 10 individuals met with local municipality chairperson Damodar Shirodkar, urging him to postpone the tax hike until all unassessed properties are included in the tax net. The group argued that the current system unfairly targets legally assessed properties, while thousands of unassessed properties remain untaxed. They emphasized that addressing this issue would generate substantial revenue for the municipality and eliminate the need for tax increases.
The Haryana government has raised circle rates by up to 30% in Gurugram's prime real estate areas, including those near the Southern Peripheral Road, Golf Course Road, and Dwarka Expressway. While the increase is not expected to impact premium property prices, it may lead to higher registry costs for homebuyers. Property dealers have voiced concerns about the revision, especially given the real estate market's struggles during the pandemic. The revised rates may also affect loans extended by banks for property purchases, potentially creating further challenges for homebuyers seeking financial assistance.
The Saharsa district administration has taken steps to modernize its operations by digitizing its collectorate and subdivisions through e-offices. As part of this effort, they have recently introduced a new mobile application that allows for land measurement, which can be used for various purposes such as buying, selling, or identifying encroached land. This initiative aims to address the issue of land disputes, which often result in conflicts and violence.
Last week, Britain’s Home REIT stated that it is actively considering the possibility of selling some of its properties in the near future, as the housing provider deals with various challenges, including tenants defaulting on rent payments. Home REIT has recently been in the spotlight due to an unsolicited takeover approach from Bluestar Group Ltd in February, as well as concerns raised by Viceroy Research in a short-selling report about the ability of the company’s tenants to fulfil their rent obligations.
The Dharampal Satyapal Group, which owns popular brands like Rajnigandha, Pulse, and Catch, and has hotels in Jaipur, Guwahati, Nainital, and Jim Corbett, along with the Salarpuria Group, a real estate company based in Kolkata, have submitted proposals for resolving the financial situation of Viceroy Bangalore Hotels Private Limited, which is the owner of the luxury five-star Renaissance Bengaluru Racecourse Hotel managed by Marriott.
Nexus Select Trust REIT, India's first real estate investment trust (REIT) with retail properties and sponsored by global private equity leader Blackstone Group is scheduled to launch its initial public offering to raise over 4,000 crores in the first week of May. After the two earlier trusts that contained office buildings, this will be Blackstone's third REIT in the nation. India's first REIT, Embassy REIT which was backed by an institutional investor debuted on the public market in 2019 while Mindspace REIT went public in 2021.
The officials of Ludhiana municipal corporation have issued a warning to the public about fraudulent activities related to the Basic Services for Urban Poor (BSUP) scheme, following numerous complaints of fake allotment of flats. The officials clarified that no staff members of the municipal corporation visit homes to offer flats to residents, as these flats were constructed specifically for the rehabilitation of slum dwellers. They urged residents to be cautious and not to engage with any illegal deals, and to report any such activities to the authorities.
The Indore Development Authority (IDA) has initiated a campaign to aid in the transition of approximately 10,000 properties from leasehold to freehold. This effort is expected to generate revenue of at least Rs 250 crore. During a five-day event held from March 20-24 this year, 169 properties were successfully converted, resulting in a revenue of Rs 3.68 crore for the IDA while also assisting property owners.
According to several realtors and property data companies, demand for properties from Chinese nationals has seen a recent upsurge in countries such as Singapore, Australia, and Thailand. Many of the current property buyers are investors who need moving their money overseas. Experts are attributing the outflow of capital to the current vulnerability of the real estate market, the Chinese government’s taxation regulations, as well as its negative attitude towards wealth accumulation.
The Noida Authority has hired an agency to keep a check on the Sports City project, which is located in various sectors, and to ensure that the facilities are in place. The agency will assist in identifying gaps and remedies for completing the sports facilities. As per the original plan, 70% of the land was to be used for sports facilities, and the remaining area was to be used for residential and commercial purposes. However, the developers sold residential properties without completing the sports facilities.
Nine people, including the Chairman, Managing Director, and four directors of Omaxe Ltd, have been booked for cheating on the complaint of Deepak Bhati, who had booked a shop at the Omaxe Connaught Place Mall in Greater Noida in 2017 but has not received its possession even after six years. Bhati had paid over Rs 26 lakh to the developer and was assured of possession within two years. However, upon filling an RTI query, he found out that the Greater Noida Authority had not approved nearly 170 of the proposed 1,000 shops, including the one he had booked. Bhati then approached the district court, which ordered the FIR against the accused.
Macrotech Developers, one of India's leading real estate firms, has reported a record sales booking of Rs 12,064 crore in the last fiscal year, which represents a 34% rise from the previous year. Despite a surge in interest rates on home loans, the company has delivered a strong pre-sales momentum. The collections of money from customers for the year stood at Rs 10,606 crore, up 23% YoY. The company has surpassed its full-year guidance and added twelve projects in FY23, with a sales potential of around 14 million square feet of about Rs 19,800 crore.
The Maharashtra State Human Rights Commission (MSHRC) has criticized the City and Industrial Development Corporation (CIDCO) for its "total non-action" against a private builder who has been cutting into Parsik Hill in Navi Mumbai. Environmentalists claim that this slope cutting is endangering the lives and properties on top of the hill. CIDCO had earlier entered into a Leave & License Agreement with the builder only for plantation and maintenance of part of the hill. However, the builder made a pathway and erected advertisement hoardings, for which CIDCO served notice on the builder.
The Nagpur District Consumer Disputes Redressal Commission directed Sunil Fating, the builder of Infra Estate Builders and Land Developers, to refund Rs 15.6 lakh to two senior citizens, Ashok Ingole and Seem Thakre, who had purchased plots from him in November 2014. The plots were supposed to be registered in their names by January 2016, but the builder cancelled the deal due to a dispute with the original landowner. The commission also slapped a fine of Rs 50,000 on Fating for physical and mental harassment and directed him to pay 720,000 towards litigation charges to the complainants.
Delhi-RERA and NAREDCO have partnered to create the National Institute of Real Estate Development (NIRED) to promote capacity building in the real estate, construction, and infrastructure sectors. NIRED will provide training courses for various stakeholders in the industry and promote awareness of the Real Estate Regulation and Development Act 2016. By focusing on skill development, emerging trends, and technologies, NIRED aims to bridge the skill gap, enhance transparency, and contribute to the overall growth and modernization of India's real estate market.
Sinhasa IT Park, under the Madhya Pradesh State Electronics Development Corporation, aims to attract tech companies by offering 30-year leases on office spaces. The 112-acre technology and business hub feature industrial plots and a four-story building. With plots already allocated to 30 small and medium-sized IT firms, the park plans to initiate online bidding for seven remaining plots in May. In addition to offering long-term leases, the park is developing a plug-and-play facility for ready-to-move-in spaces and exploring improvements in connectivity, infrastructure, educational partnerships, and financial incentives to entice more tech companies to the region.
UP RERA has hired a consultant to resolve the deadlock between real estate firms and Noida and Greater Noida development authorities over nearly Rs 39,000 crore in legacy land dues. The impasse has halted registries in residential societies throughout Noida, leaving residents with incomplete amenities. The consultant is expected to submit a report within a month, proposing a potential roadmap to address the issue. Meanwhile, a meeting between UP RERA, the development authorities, and developers is scheduled to discuss the matter further, with the aim of benefiting residents, developers, and local authorities.
Investors in Gujarat raced to register their homes before the deadline as the 100% hike in jantri rates will take effect on April 15. The government's revenue from stamp duty and registration fees in the January to March quarter significantly increased because of the rush. Revenue increased by 57% to Rs 4,876 crore in 2022 compared to the same period in 2022. The number of properties registered increased by 18% from 4,36,665 in January-March 2022 to 5,15,116 this year.
The Navi Mumbai Municipal Corporation (NMMC) has set a record by collecting the most revenue ever in a single fiscal year 2022-23 through property tax which is a major source of revenue for the civic body. The civic body has surpassed all the previous year property tax collections and is Rs107.17 crore ahead of the previous fiscal. The total collection of property tax in 2022-23 was Rs 633.17 crore, up from 526 crore in 2021-2022. The revised year-end target was Rs 575 crore. However, NMMC earned Rs 58.17 crore more than the target.
Jumping in on technology bandwagon, the Hubballi-Dharwad Municipal corporation has announced the launch of a mobile application that will allow citizens to pay their property taxes directly via their cell phones. The new web and mobile-based technology will be operational beginning with the ensuing fiscal year. Previously HDMC generated tax challans using 20-year-old XP-based technology which has now been replaced by a new technology. Previously HDMC generated tax challans using 20-year-old XP-based technology which has now been replaced by a new technology.
The Thane Additional District Consumer Dispute Redressal Commission has ruled in favour of a Navi Mumbai resident who filed a complaint against Prathamesh Construction for the delay in the possession of a flat. The commission has directed the builder to refund Rs 48 lakh to the home buyer along with an interest rate of 12% on the sum, including stamp duty and registration charges. The commission has also ordered the builder to pay compensation of Rs 2 lakh for deficiency in service and unfair trade practices.
The Greater Visakhapatnam Municipal Corporation (GVMC) has achieved a record high in tax collections for the financial year 2022-23, surpassing its own target of 375 crore. The GVMC, which is responsible for collecting property taxes in the city, collected a total of 421.5 crore, including vacant land tax receipts. This is a significant improvement compared to the previous fiscal years when the tax collection was impacted by the Covid-19 pandemic.
The Pune Municipal Corporation (PMC) has extended the deadline for property owners to pay their taxes at discounted rates. The previously deadline was May 31, which has now been extended to June 30. Further, tax defaulters have been given an extension until April 30 to clear their dues. The state government has announced a 40% tax discount for self-occupied properties, but the civic administration has yet to receive a detailed notification about it, which could delay the distribution of tax bills. Therefore, additional time has been given to pay the tax at discounted rates.
The registrar’s office in Indore has reported a high number of daily property registrations, with close to 1000 properties being registered every day. The month of March has seen a significant increase in demand for residential apartments, plots, and commercial property, resulting in an estimated income of around Rs 350 crore from the sale deeds of properties. This increase in demand has been further compounded by a rise in the collector’s guideline rates.
Representatives of several Resident Welfare Associations (RWAs) in Gurugram strongly opposed the construction of stilt plus four floors, stating that it will only put additional burden on the already crippled infrastructure of the city. The RWAs demanded a complete ban on stilt plus four floors and highlighted the problem of increased floor area ratio (FAR). They claimed that the policy of stilt plus four floors is a breach of residents' trust, and the low-height houses are deprived of free flow of air and sunlight. The government had kept the fresh building plan of stilt plus four floors in residential plots in abeyance in February.
Amancio Ortega, the founder of Zara and a billionaire from Spain, has purchased a high-end apartment building in Dublin, Ireland, containing 120 units for rental purposes. The transaction, which amounts to roughly 100 million euros ($108 million), was announced last week by Ortega’s private company, Pontegadea. This acquisition marks the first time that Ortega’s firm has purchased a residential property outside of the United States, and it is part of the company’s plan to invest in various real estate assets.
The Uttar Pradesh Real Estate Regulatory Authority (UPRERA) has reported that it received over 48,500 complaints in the last five years, with nearly 60 percent of them coming from Gautam Buddh Nagar and 17 percent from Lucknow. The regulator was able to resolve 88.61 percent of the complaints received, totalling 42,980. Gautam Buddh Nagar, which includes Noida and Greater Noida, had the most complaints at 28,859, followed by Lucknow with 8,654, and Ghaziabad with 6,500 complaints.
According to sources from the district administration, the cost of purchasing land set to increase by 5% to 45% in the state capital of Madhya Pradesh. According to the revised collector guidelines rates applicable from this fiscal year, the registry of land will go up by 5% to 20% in 732 locations in Bhopal. However, the registry rate at one location on Kerwa dam road, where a posh colony is coming up, has been raised by 45%.
Individuals purchasing properties from the Lucknow Development Authority can now apply for registration via a single window system. As of Thursday, the LDA opened two counters (seven and nine) on the ground floor of their headquarters where applicants can submit their documents between 10:00am and 2:00pm.
Authum Investments and Infrastructure has completed the Rs 3,351 crore acquisition of debt-ridden Reliance Home Finance Ltd (RHFL), marking the largest non-banking finance company (NBFC) resolution outside bankruptcy courts. Despite delays due to regulatory objections, lenders' recoveries increased, with secured creditors recovering about 29% of their dues. The successful resolution exemplifies the potential for out-of-court settlements to address distressed NBFCs, offering a more efficient and effective approach for the Indian financial sector.
The Chandigarh Municipal Corporation collected more than Rs 69.50 crore in property taxes in the recent fiscal year which concluded on March 31. As payments were being taken through E-Sampark centres at night the amount is certain to rise. Both business and residential properties in the city contributed to the collection of the property tax. A portion of the money was also given by individuals in the form of property title changes and book entries.
A Panchkula court has fined the Haryana Shehri Vikas Pradhikaran (HSVP) for withholding allotment of a plot and has directed the body to pay the allottee a fine of Rs 25,000 as compensation for causing mental harassment. The allottee has alleged that she had been allotted a residential plot in Sector-57, Gurugram, but had later discovered that it was under litigation and not available for possession. In spite for making the full payment, she has been waiting for fourteen years for her allotment. The HSVP tried to refund her money and offer her an inferior plot, but she refused to take either alternative.
The Andhra Pradesh Capital Region Development Authority (CRDA) has announced that it will be distributing housing plots to over 48,000 economically weaker individuals from the Krishna and Guntur districts. These plots, which span over six villages and 1,135 acres, will be allocated to those who do not currently own a home in the areas of Mandadam, Inavolu, Krishnayapalem, Navuluru, Kuragallu and Nidamanuru. This initiative is part of the government's broader mission to address poverty and provide adequate housing for those in need.
Gurugram's DLF colonies are experiencing a surge in unauthorized commercial operations, negatively impacting infrastructure, and residents' quality of life. The developer has submitted a list of 742 illegal establishments in DLF 1 to 4 to the Department of Town and Country Planning, urging action against property owners. The department has formed a team to conduct surveys and issue notices to violators. Collaboration between local government, enforcement agencies, and stakeholders is necessary to develop comprehensive solutions, such as stricter monitoring, improved infrastructure, and rezoning plans, to address the issue.
Many shopping and commercial complexes in Prayagraj have neglected electrical safety audits and No Objection Certificates (NOCs). The recent fire at the Nehru complex highlighted this oversight, prompting fire department officials to call for urgent safety audits, upgraded fire safety systems, and wiring replacements. A recent survey found that over 60% of shops lack adequate fire-fighting arrangements or knowledge of precautions. Authorities must enforce safety regulations and raise awareness to prevent future incidents and ensure public safety.
In a significant ruling, the Rajasthan Real Estate Regulatory Authority (RERA) has issued an order stating that a builder cannot make any alterations to the draft agreement for selling flats as prescribed under RERA Rules. Additionally, the allottee, or buyer, is not required to wait for the resale of a cancelled flat booking to receive a refund from the promoter. The decision was made after a complaint was filed by a buyer against a builder for withholding a booking deposit because the cancelled unit had not yet been sold to another buyer.
The Municipal Commissioner of Nashik has instructed all six divisional offices of the Nashik Municipal Corporation (NMC) to check if the properties owned by the civic body are included in the 7/12 extract papers. If any civic property is not included in the land records, it is to be included immediately. This move was made in response to a question raised by BJP MLA from Nashik East Rahul Dikhle during the recent budget session of the assembly. The MLA claimed that many of the civic body’s properties in newly developed areas like Makmalabad, Adgaon, Mhasul etc., have not been included in the land records.
The gunthewari regularization scheme in Pune, aimed at legalizing illegal homes on small plots, has struggled to attract property owners due to high charges and complex processes. In the last financial year, the Pune Municipal Corporation received only 600 applications and approved a mere 10. With approximately 50,000 potential beneficiaries, efforts to streamline the process and address the concerns of property owners are essential for the success of the scheme.
Last week, Blackstone Inc announced that it had once again prevented investors from withdrawing money from its real estate income trust, which is worth $70 billion. This action was taken in March due to a high number of redemption requests, which the private equity firm had been experiencing. Blackstone has been using its authority to block investor withdrawals from BREIT since November, as the number of requests surpassed 5% of the fund’s net asset value.
Earlier last week, the Enforcement Directorate (ED) reported that it had seized two properties in Goa belonging to Rakesh Wadhawan and Sarang Wadhawan, who are HDIL promoters. The properties are valued at over Rs 31 crore and have been linked to an investigation into money laundering that is connected to alleged irregularities in the redevelopment of Patra ‘chawl’ in Mumbai.
The Noida Authority has recently published data on its website that reveals the extent of the city’s problem with the flat registry stalemate. This problem arises because homebuyers are unable to obtain deeds for their properties due to a disagreement between builders and the government regarding outstanding dues. The data shows that out of the 1.3 lakh flats that were approved in 115 projects in the city until 2016-17, only 56,790 (around 40%) have been registered. Moreover, of these 115 projects, 77% have defaulters who owe money to the government.
According to block deal data available on the National Stock Exchange (NSE), private equity firm WSI WSOI V Mauritius Investors, which is an affiliate company of Walton Street Capital, divested its entire 14.27% stake in Shriram Properties for Rs 134 crore. through an open market transaction. WSI WSQI V Mauritius Investors held over 2.42 crore shares, equivalent to a 14.2% stake in Shriram Properties at an average price of INR 55.05 apiece.
The Maharashtra government is set to purchase the iconic Air India building at Nariman Point for INR 1,600 crore. The state government has expressed interest in acquiring the property in the past, and it has been reported that the AI Assets Holding Ltd., which owns the building, has given an in-principle agreement to the sale. However, the government has clarified that they will only proceed with the deal if they receive vacant possession of the building, as several state offices are housed in private spaces across south Mumbai, costing the government a significant sum of money every month.
The Lucknow Development Authority (LDA) will require private developers to specify project lifespans for structures with four or more floors in their building plans. This move aims to improve structural safety and protect property buyers following a building collapse incident earlier this year. The LDA will also form a panel of experts to regularly certify the structural safety of buildings nearing the end of their declared lifespans. The new policy will promote transparency and help ensure safer living and working conditions in Lucknow's real estate sector.
The Urban Development Department has requested details from the Delhi Urban Shelter Improvement Board (DUSIB) on 82 new slum clusters identified for rehabilitation, but DUSIB has yet to locate the related file. The list was briefly published on DUSIB's website before being removed, raising concerns about transparency and accountability. The inquiry highlights the need for better communication and coordination between government agencies to ensure proper rehabilitation and support for vulnerable communities living in slum clusters.
The decision by the state government to grant interest waiver on property tax dues in urban areas has resulted in significant revenue for civic bodies during the last few days of the fiscal year. Urban local bodies collected nearly 40% additional revenue during the current fiscal year compared to last year's tax collections. The tax revenues saw a sudden jump in the last fortnight of March after the state government waived penal interest on accumulated tax dues since 2020-21.
The Noida Authority has issued a show-cause notice to Three-C Green Developers for violating lease terms and not completing the project 12 years after land allotment. According to the lease terms, the developer had to complete the project within seven years. The notice stated that 15% of sports facilities were to be developed within three years of the date of allotment, while all the sports facilities were to be provided within five years. However, the developer failed on each timeline.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has initiated the use of QR codes on developers' registration certificates, enabling homebuyers to quickly access vital project information. By scanning the QR code, potential buyers can review construction progress, financial status, and any lodged complaints. The move aims to improve transparency, streamline taxation processes, and bolster consumer trust in Maharashtra's real estate industry. Industry leaders have praised the initiative, urging promoters to adopt QR codes in promotional materials and encouraging MahaRERA to address stalled projects proactively.
The Enforcement Directorate (ED) has attached 403 immovable properties worth Rs 83 crore belonging to Kalptaru Buildtech Corporation Limited, its group entities, and directors. These properties are located in cities such as Lucknow, Agra, Mathura, and Aligarh. The move comes after a case was registered against the firm in March 2022 under the Prevention of Money Laundering Act, 2002 (PMLA).
The Greater Chennai Corporation (GCC) has proposed a 20% discount on property taxes for big-ticket defaulters who owe the civic body more than 346 crore. This move, however, comes with certain conditions. Defaulters are only eligible for the discount if they pay their dues in one go and within three months of the council adopting the resolution. The scheme targets those who have accumulated dues for more than five years and has been sent to the state government for approval.
TVS Emerald, a real estate development company based in India, has signed a term sheet with HDFC Capital Affordable Real Estate Fund – 3 to create a platform for plotted development projects across Chennai and Bengaluru. The platform, which is worth Rs 1,000 crore, will focus on meeting the growing demand for high-quality plotted developments at affordable prices.
The Brihanmumbai Municipal Corporation (BMC) has surpassed its revised target for property tax collection for the financial year 2022-23. As of Friday evening, the civic body had collected Rs 5,350 crore, which is higher than the revised target of Rs 4,800 crore. However, it falls short of the original target of Rs 6,000 crore. Last year, the BMC had collected a total of Rs 5,792 crore in property taxes.
The Greater Noida Authority is cracking down on real estate developers who have defaulted on their land cost payments, with a plan to issue recovery certificates, stop-work notices, and cancel plot allotments to recover dues. Officials say the crackdown is likely to begin within a week. A total of 107 realtors owe Rs 5,650 crore in unpaid land costs. So far, 10 developers have applied to clear dues under the GNIDA’s rescheduling policy, and five others have cleared their dues.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has recently taken action by issuing show-cause notices to 261 real estate projects across the state. The projects in question have less than 40% of their work completed but have promised possession of their flats by December 2023. The notices were issued solely on the basis of information submitted to MahaRERA by the developers themselves. The projects are spread across different regions in Maharashtra, including 26 in Mumbai city, 94 in Mumbai suburbs, 43 in Thane, 15 in Raigad, six in Palghar, and 67 in Pune.
According to sources, Shimao Group, a property developer in China, is looking to sell its hotel located near the Hong Kong international airport. This decision could aid the company in repaying its debts. Based on market valuations, the transaction is anticipated to bring in a minimum of HK$6.5 billion ($828 million). Last year, like many other Chinese property developers, Shanghai-based Shimao defaulted, and is presently undergoing the process of restructuring its offshore debt worth $11.8 billion.
The Adani Group is reportedly negotiating with lenders to extend repayment terms on $4 billion loans taken to acquire ACC and Ambuja Cements assets from Switzerland's Holcim group. The group seeks to extend its $3 billion bridge loan from 18 months to five years or more and convert a $1 billion mezzanine loan into senior secured debt with a five-year repayment schedule. Lenders have agreed in principle to extend the loan tenure, but discussions on loan pricing are ongoing. The final outcome of these negotiations remains uncertain.
Rajasthan's real estate market is experiencing a surge in housing plot sales, driven by factors such as homeownership desires and a more favourable stamp duty structure compared to flats. In Jaipur, land prices have risen by an estimated 70% in some areas over the past two years. The stamp duty, fees, and taxes on flats amount to about 23% of the cost, while for a plot, it is only about 3%. Experts caution that unchecked plotting could lead to chaotic urban growth and call for balanced market policies to ensure sustainable development.
The Enforcement Directorate (ED) has attached assets worth Rs 150 crore belonging to the Rose Valley Group as part of an ongoing money laundering investigation. A provisional order led to the freezing of 139 immovable properties, including land, flats, and commercial spaces across Tripura, West Bengal, and Andaman and Nicobar Islands. The probe has revealed that the group collected funds by selling fraudulent schemes through a network of agents. The ED's investigation began in 2014, and the latest asset seizure marks a significant step towards recovering defrauded funds and ensuring justice for affected investors.
Last week, the Enforcement Directorate (ED) announced that it has taken control of 15 pieces of land in Gurugram, Haryana, valued at Rs 245 crore, as part of an investigation into money laundering allegations against real estate firm Unitech and its promoters. According to a statement from the agency, the land parcels are owned by Trikar Group, which is a benami group of Unitech. The ED had previously frozen these assets under sections of the Prevention of Money Laundering Act (PMLA), and now the agency has taken physical possession of the properties.
The Flatiron Building, an iconic triangular-shaped skyscraper in New York, was sold at an auction for $190 million after a court order. The 22-story building was constructed in 1902 and is famous for its resemblance to a clothes iron. The winning bid was almost four times the initial price of $50 million, thanks to intense competition among bidders. However, the bidder Jacob Garlick has missed the deadline to pay the 10 percent down payments which has resulted in the building going to the second highest bidder Gural for $189.5 million.
In a recent Mohalla Committee meeting, residents of Aundh, Baner, Balewadi, and Pashan in Pune demanded that their civic body address various issues such as water scarcity in the area, the need to remove unnecessary overhead cables, clean up nullahs and stormwater drains before the monsoons, and other matters. They have requested the Pune Municipal Corporation (PMC) not permit the construction of new buildings until these issues are addressed.
The JP Taparia family, founders of the pharmaceutical company Famy Care, has reportedly purchased India's most expensive triplex apartment in Malabar Hill, south Mumbai, for over Rs 369 crore. The apartment is situated on the 26th, 27th, and 28th floors of the Lodha Malabar, a super-luxury residential tower on Walkeshwar Road. The transaction sets a new record for the most expensive apartment deal in India, surpassing the recent sale of a penthouse in the same tower to Bajaj Auto chairman Niraj Bajaj for over Rs 252.50 crore.
The Noida Authority has announced that it will issue recovery certificates to builders who are not participating in its schemes to clear outstanding dues. The Authority has launched several schemes to help builders clear their dues, including a one-time settlement scheme and a scheme that allows them to surrender their land in lieu of the dues. However, some builders have not shown interest in these schemes, prompting the Authority to take more stringent measures.
Residents in Dehradun are protesting the slow progress of the investigation into the four-year-old Orchid Park case. protesters gathered outside the Real Estate Regulatory Authority (RERA) office in Dehradun to demand action. The residents are demanding that they receive the apartments promised to them in the builder-buyer agreement. The protesters also criticized RERA for not taking more action in the matter and urged the body to take more aggressive actions to resolve the issue.
The revenue officials are set to auction 13 properties belonging to Holy Faith Builders and Developers Pvt Ltd, owned by MD Sani Francis, at the Ernakulam collectorate conference hall on May 12. This is the third time that the properties are being put up for auction after the government had attached them following a Supreme Court Order. Francis failed to remit Rs 42 crore he owed to the apartment owners in Holy Faith H2O, one of the four apartment complexes that were demolished in Maradu for violating CRZ rules.
Global investment firm Avenue Capital-backed Asset Reconstruction Company of India (Arcil) has reportedly emerged as the highest bidder for L&T Finance's real estate portfolio of Xrbia group, a Pune-based real estate developer. According to two sources familiar with the matter, Arcil has offered INR 700 crore in a combination of cash and security receipts for a portfolio worth INR 880 crore, which translates into a recovery rate of 80% for the finance company. The company was also in talks with Aditya Birla ARC and Phoenix ARC to sell the same portfolio.
American investment manager, Nuveen, has invested $30 million in Aviom India Housing Finance, acquiring a 30% stake in the mortgage lender through a combination of primary and secondary market deals. The primary investment size is $20 million, with the remaining amount being through secondary deals, according to sources familiar with the matter. The equity infusion will help Aviom extend financial assistance to over 60,000 families additionally in FY24 by disbursing around Rs 1200 crore.
The Kochi Metro's second phase, which runs from JLN Stadium to Kakkanad, has been delayed due to land acquisition issues and delays in the commencement of work. As a result, the project cost has escalated, and the revised estimate has been set at Rs 1,957.05 crore. The state cabinet has granted approval for the revised estimate, which is expected to speed up the work on the Metro line's second phase.
The Bombay High Court recently heard a petition regarding the redevelopment of Ratilal Mansion at Parekh Street in Girgaum, Mumbai, which had been stalled for a decade. The project was originally being carried out by Orbit Corporation, which went into liquidation, leading to the incomplete structure on the site today. The 44 residents of Ratilal Mansion have not been able to live in their homes since 2009 and have not received transit rent since 2013.
Mayor Anup Gupta has expressed his support for registering properties by shares. During a meeting with UT Adviser Dharam Pal, Gupta discussed concerns related to the buying and selling of shares in properties and obtaining permission for temporary roofs in the central courtyards. The CHCC is scheduled to convene next week to deliberate on the Supreme Court’s ruling against apartmentalisation and determine the next steps for implementing the order in its entirety.
Last week, the Enforcement Directorate took temporary possession of 24 properties belonging to Nowhera Shaik and Heera Group of companies, which were valued at Rs 33 crore. This was done under the Prevention of Money Laundering Act, in relation to the Heera gold scam. The investigation found that Nowhera Shaik and her companies had used some of the money obtained through illegal means to buy several properties in her name and that of her companies.
BHIVE Workspace, in partnership with the Garuda Group, has launched a 5,000-seat co-working centre in Bengaluru to cater to the growing demand for flexible office spaces. Spanning 2 lakh square feet, the Garuda BHIVE Workspace has already leased spaces to various startups. The new centre expands BHIVE's total co-working portfolio to 14 lakh square feet and 40,000 seats across Bengaluru.
According to senior officials, Delhi Development Authority (DDA) is set to launch its 2023 housing scheme in May, which will feature approximately 23,000 new economically weaker section (EWS) and lower income group (LIG) flats. These flats will primarily be in the Narela Subcity. The officials expect the scheme to be launched after the agenda is approved in the April meeting. The price of these flats will be determined before applications are invited, and the allotment process will be carried out through a computerized draw of lots.
The Bombay High Court recently dismissed a plea by a hotelier seeking orders to restrain the civic body from demolishing his illegal structures and enable him to make an application for regularization. The High Court bench of Justices Girish Kulkarni and R N Laddha rejected the plea, stating that the provision for regularization cannot be a utilized as a weapon in every case of unauthorized construction. The court also directed the municipal body not to take any coercive action against the petitioner until he removes the unauthorized commercial structure himself in four weeks.
The Bhopal Municipal Corporation (BMC) is on a mission to collect property and water taxes from the residents of the state capital. Having targeted large defaulters for weeks, the civic body officials are now going door-to-door to collect every penny due. The BMC has issued a 21-day notice, after which it has threatened to recover pay property tax or water tax by selling the property under section 173 of the MP Municipal Corporation Act, 1956.
In an effort to improve the living conditions of poor families in Jammu and Kashmir, the Lieutenant Governor of the Union Territory, Manoj Sinha, announced that the administration will soon provide land and homes to landless families. Currently, there is no law in J-K that provides land to the poor, leaving many families struggling to find adequate housing. However, under the new provision, houses will be built for these families under the PM Awas Yojana.
In a recent judgment, the Karnataka High Court has ruled that a bank acting as a mortgagee has the right to claim compensation as a "person interested" under Section 64 of the Land Acquisition Act, 2013, if the mortgaged property is acquired. Justice Krishna S Dixit allowed the petition filed by DBS Bank and directed the special land acquisition officer to refer the bank's claim to the district court with all necessary papers.
The Haryana Real Estate Regulatory Authority (H-RERA) has been facing criticism from homebuyers over the slow pace of resolving their complaints. According to data shared by H-RERA, only 53% of the complaints submitted by homebuyers in the last five years have been resolved, while the rest are at various stages of review. This has led to a backlog of complaints and many homebuyers are now seeking justice through other authorities.
Axis Bank and Shriram Housing Finance Limited (SHFL) have entered into a partnership under the co-lending model through the Yubi Co. lend platform. The private sector lender and the housing finance company will offer secured MSME (Micro, Small and Medium Enterprises) loans and home loans to the middle and low-income segment borrowers residing in rural and semi-urban regions. According to a joint statement, the partnership will utilise Axis Bank's financial expertise and SHFL's loan processing technology to evaluate the credit profile of borrowers and provide loans at competitive interest rates.
The Runwal Group, a real estate company, has announced its entry into the commercial real estate sector with a plan to develop over 10.5 million square feet of office spaces in Mumbai and Pune. The company has already started work on its Kanjurmarg project Runwal Commerz and Runwal Edge in Dombivli, with nearly 1 million sq ft in development. The projects will be developed in phases and will include premium residential projects, large open green spaces, and retail components.
Sunac China, a property developer facing difficulties, announced last week that it has come to an agreement with a group of creditors outside of China to restructure its debt worth $9 billion. Sunac is among the major property developers in China that struggled last year due to a debt crisis in the sector. Last week, China Evergrande Group, a property developer with the highest debt in the world, declared its intention to restructure its offshore debt worth $22.7 billion. This move has the potential to set an example for other struggling companies in the same industry and influence investors’ perception of China’s troubled real estate market.
Embassy Office Parks REIT has agreed to purchase the Embassy Business Hub in Bengaluru for a total enterprise value of Rs 3,348 million ($41 million). The acquisition will give Embassy REIT exclusive ownership rights to approximately 1.4 million sq. ft of leasable area on full completion. The company plans to primarily fund the acquisition through debt at 8.1% interest per annum. The acquisition is expected to be completed on or before April 30, 2023, subject to completion of customary conditions precedent.
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