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Maharashtra's property registration department is on the brink of adopting blockchain technology to secure online property registration. This initiative aims to prevent document duplication and allow safe data sharing with property buyers, government authorities, and financial institutions. The blockchain-based system will assign a unique identification number to each registered document, enhancing security and reliability. With blockchain's integration, Maharashtra paves the way for other regions to adopt this digital transformation in public services.
The Greater Chennai Corporation (GCC) has identified more than 1,300 sites with illicitly dumped construction debris. Small construction sites remain the biggest culprits, continuing to dispose of waste near water bodies, streets, and garbage bins. Despite levying hefty fines, collecting 12.4 lakh in April and 1 lakh in May, the problem persists. To combat the issue, GCC Commissioner, Dr. J Radhakrishnan, has ordered midnight inspections and confiscation of offenders' equipment and vehicles.
The Delhi High Court has urged authorities to decide on the regularization of unauthorized colonies in the city, stating that people should not be left in limbo. The court emphasized that it is the government's responsibility, not the courts', to determine the regularization process. The court also clarified that no permissions for repairs or construction should be granted in these colonies. The Centre was asked to submit a status report by August 25. The committee expressed concerns that granting repair permissions could lead to misuse and further unauthorized construction.
The Maharashtra Housing and Area Development Authority (MHADA) has commenced its housing lottery for 4,083 flats in Mumbai. With prices ranging from Rs 34 lakh to Rs 7 crore, the properties cater to various income groups. Applications will be accepted until June 26, with the lottery draw scheduled for July 18. This initiative provides a significant opportunity for Mumbai residents to secure a home in diverse and desirable city neighbourhoods.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has successfully retrieved over Rs 8 crore from developers who previously defaulted on their obligations to homebuyers. These recoveries come from 20 recovery warrants issued across Mumbai, its suburbs, Raigad, and Thane districts. Instead of pushing for property auctions, MahaRERA has incentivized developers to settle their debts, leading to some disputes being amicably resolved. Eleven developers have deposited the owed sums, helping to avoid the distress and uncertainty of property auctions. This development signifies a significant win for consumer protection in the real estate sector.
Telangana's thriving real estate market has encountered a slowdown, marked by a drop in property registrations over the past year. Industry insiders attribute this to escalating land prices, increased property expenses, and upcoming assembly elections. However, despite the dip in transactions, the state government's revenue from registrations saw an uptick due to a surge in land values. Although this presents a contrasting picture, officials are optimistic about a revival in the sector, buoyed by the completion of several large-scale projects. The sector's trajectory in the coming months will be pivotal.
Kolte-Patil Developers has reported a substantial increase in its net consolidated profit for the fourth quarter of FY23. With a net income of Rs 120.80 crore, representing a growth of 352.77 percent compared to the previous year, the company has achieved remarkable financial performance. The net consolidated total income also witnessed significant growth, reaching Rs 804.42 crore, a rise of 111.14 percent. The company has undertaken debenture allotments and private placements to secure funds, while also proposing a dividend for the fiscal year.
The Maharashtra government has appointed CIDCO (City and Industrial Development Corporation) as the New Town Development Authority (NTDA) for the Jalna-Kharpudi New Town Project. This decision marks CIDCO's involvement in the development of the state's eleventh new town project. With this appointment, CIDCO aims to create a well-designed and well-connected urban space that caters to the needs of the growing population while preserving natural resources. Through its efforts, CIDCO continues to drive progress and prosperity in Maharashtra, setting a benchmark for urban planning and development in the region.
The Rajasthan government has approved the creation of 3D models for Jodhpur, Udaipur, Kota, and Ajmer using GIS technology. With a significant budget allocation, these models will enhance urban planning and administration by suggesting land use, aiding infrastructure development, and facilitating large-scale planning. Virtual tours through Virtual Reality technology will be possible, and a satellite imagery repository called Rajdhara will be established to analyse various aspects of land usage. Additionally, the government plans to develop Lavkush Gardens in each district to promote ecotourism and environmental awareness.
The Haryana Town and Country Planning Department has introduced policy changes to promote industrial clusters in the state. The revisions include reducing the minimum required area for industrial colonies/parks and introducing additional slabs based on the area. The policy allocates specific percentages of the sellable land for industrial, residential, and commercial use. The department is responsible for urban and rural planning, infrastructure development, and ensuring sustainable growth in Haryana. The changes reflect the government's commitment to industrial growth and the establishment of thriving industrial clusters.
Real estate developer Oberoi Realty has signed an MoU with NRB Bearings to acquire a 6.4-acre plot of land in Thane, adjacent to its existing land. The company reported significant growth in net consolidated profit for the quarter ending March 2023. The acquisition aims to strengthen Oberoi Realty's position in the real estate market and provide opportunities for further growth. Extensive market research will be conducted to tailor the development to meet local market demands, while customer service remains a priority.
Shriram Properties has acquired 100% development rights for an ongoing residential project, named "Divine City", in Chennai for Rs 185 crore. The deal includes the development rights in phase 2 and 3 of the project, with a saleable area of 1.9 million sq. ft and revenue potential of approximately Rs 1,200 crore in the next five years. Shriram Properties is planning to re-launch the project under a new identity in H1-FY24. Shriram Properties is targeting to launch two new projects in the Chennai market over the next 12-18 months, with a combined saleable area of 3.3 million sq. ft.
Adobe Systems India has acquired a 400,000 sq. ft office space in Bengaluru's Prestige Tech Park IV for Rs 505 crore. The purchase includes 640 car parking slots and an undivided share of over 124,000 sq. ft of land. The deal indicates the company's intention to expand its operations in the region, which is known to house major IT and corporate entities such as Google, Amazon, and Microsoft. The Indian office space market has been witnessing significant activity in recent years, with a growing demand for office spaces from both domestic and international companies.
Researchers at the University of Kitakyushu in Japan have developed a cost-effective house prototype that utilizes shredded disposable diapers as a building material. This innovative design addresses waste management concerns by replacing up to 8% of sand in construction materials with recycled diapers. The prototype adheres to Indonesian building standards and can accommodate up to four people in a 36 square meter area. However, implementing this technique on a larger scale would require modifications to existing building regulations and the involvement of various stakeholders in waste treatment and government.
Renowned singer Celine Dion has sold her luxurious Las Vegas residence, spanning over 31,000 square feet, for an impressive $30 million. The sale represents a substantial financial gain for Dion, who originally purchased the mansion for $9.2 million in 2017. The property, featuring four bedrooms and twelve bathrooms, underwent significant renovations during her ownership. Situated in The Summit Club, a prestigious private residential lifestyle club in Las Vegas, the residence offers top-notch amenities, a golf course, and unique local cuisine.
Group 108, a real estate developer, has announced a significant investment of Rs 2000 crore in multiple projects located in Greater Noida West. The company, formerly known as a division of the Bhutani Group, has rebranded itself and is focused on completing their flagship project, Grandthum. This project, spread over 23 acres and featuring two towers with a combined built-up area of 40 lakh square feet, offers a mix of retail outlets, office spaces, and recreational amenities. The investment will be funded through promoters' funds and internal earnings, and negotiations are underway to acquire land for future commercial and residential developments in Noida and Greater Noida.
Global Net Lease Inc. (GNL) has announced its plan to acquire Necessity Retail REIT Inc. (Necessity) in a stock-for-stock transaction valued at approximately $950 million. Shareholders of Necessity will receive 0.670 shares of GNL for each share of Necessity held, resulting in a total value of $7.08 per share. The newly formed company, GNL, will be led by co-CEOs James Nelson and Michael Weil, with Nelson retiring in April 2024. Necessity Retail REIT, established in 2013, operates 1,039 establishments primarily occupied by single tenants.
Ramesh Juneja, the chairman of Mankind Pharma, and his wife Poonam Juneja have sold a bungalow in Vasant Vihar, Delhi for Rs 91 crore to Dhruv, Dakhsh, and Ranjana Malhotra from Everest Pressure & Vacuum Systems. The sale was facilitated by Christie's International Real Estate. The buyers paid stamp duty of Rs 4.85 crore to finalize the purchase of this 1200 square yard property. Meanwhile, Mankind Pharma, which recently launched its IPO, is facing allegations of tax evasion, leading to searches by the Income Tax Bureau.
A panel in Gurugram has lifted the ban on property registrations owned by Chintels India, which is expected to expedite the compensation process for owners of towers D, E, and F of Chintels Paradiso. Chintels India had claimed that the ban had severely affected its cash flow, making it difficult to pay rent to families that had relocated. The panel has directed residents of towers E and F to vacate immediately, deeming the structures unfit for living. Some residents have requested that property registrations be allowed only after the developer has collected the necessary funds for compensation and rent payment.
Hong Kong's housing market, which experienced a brief surge in the first quarter, is now facing a significant downturn. Property transactions have plummeted, and sellers are reducing prices to close deals in a market expected to continue its downward trend throughout the year. The decline in transaction volume since March indicates a reversal in home prices, and some property owners are selling at a loss. The proportion of non-local and local buyers has also decreased, further contributing to the market correction. Analysts anticipate the correction period to last until the end of 2023, with a potential rebound in the first half of 2024.
Chinese buyers are showing an increased interest in purchasing property in Australia. Local agents have reported a significant surge in inquiries, with two to three times the usual volume from Chinese buyers. Buyers are seeking properties for investment purposes and personal occupancy. Proximity to China, minimal time difference, and convenience for remote business make Australian properties attractive. Chinese buyers prefer apartments in prime areas, prestigious houses near Sydney Harbour, and properties near private schools. The majority of buyers attending high-end property inspections are from mainland China, with preferred price ranges falling around A$20 million to A$60 million.
Indiabulls Housing Finance reported a decline of 15.04 percent in its consolidated net profit for the fourth quarter of fiscal year 2022-23. The company recorded a profit after tax of Rs 260.60 crore, compared to Rs 306.75 crore in the same period of the previous year. Additionally, the company experienced a decrease of 5.20 percent in its net consolidated total income, earning Rs 2,077.13 crore in Q4 FY23. The company's total assets amounted to Rs 16,028.93 crore, with outstanding debt of Rs 31,114.47 crore and a debt-equity ratio of 2.96 as of March 31, 2023.
PNB Housing Finance, a prominent financial institution, achieved a remarkable increase of 64.73 percent in its net consolidated profit for the quarter ending March 31, 2023. With a profit after tax of Rs. 279.28 crore, compared to Rs. 169.54 crore in the previous fiscal year, the company showcased its strong financial performance. The quarter also witnessed successful asset sales and a rights issue, contributing to the company's growth and strategic plans.
In a move to bolster transparency and consumer protection, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has announced a stringent policy to commence from June 19. The new protocol stipulates approval of new real estate projects only after an in-depth verification of their commencement certificates (CCs), to be sent directly by the local authorities. This initiative aims to curb instances of fraudulent documentation, reminiscent of the Kalyan Dombivali case, ensuring rigorous scrutiny before granting project registrations.
The Maharashtra government plans to expedite the issuance of deemed conveyance certificates to cooperative housing societies. Currently, only 40% of registered societies have obtained complete land ownership. The government aims to process applications within one month, clearing pending proposals and providing relief to waiting societies. The conveyance deed is crucial for property ownership, transfer, and future development. Streamlining the process will benefit cooperative housing societies and their members.
The Telangana Government has inaugurated a housing project in Kamalanagar, providing 210 double-bedroom homes to address the housing needs of the urban poor. The cost-effective construction of these homes, along with the distribution of 89 houses, showcases the government's commitment to affordable housing. The remaining houses will be allocated based on eligibility criteria, ensuring a fair and transparent process. The project incorporates innovative measures such as commercial spaces, generating rental income for long-term maintenance.
In a bid to professionalise the real estate sector, the Maharashtra Real Estate Regulatory Authority (MahaRERA) conducted its inaugural certification examination, attended by 423 brokers. This mandatory certification aims to ensure all agents are well-versed with MahaRERA rules, promoting accountability and transparency. With a 92% turnout in the first round, the MahaRERA anticipates a similar response in the upcoming exams. This landmark examination marks the onset of a significant structural transformation, paving the way for an improved real estate market in Maharashtra.
Hyderabad's real estate sector is grappling with a mounting crisis of illegal constructions, revealed by a GHMC survey stating 7,000 to 8,000 unauthorized structures sprout annually. The city, still reeling from last month's demolition of 200 illegal homes in Bandlaguda's Crystal Township, faces the looming spectre of similar incidents. Homebuyers express shock and frustration, while experts advise due diligence. Amid an influx of 300 to 400 monthly complaints, GHMC's town planning department struggles with severe understaffing. This surge in illicit townships calls for a more rigorous regulatory framework and vigilant purchasing decisions by prospective homeowners.
The Noida Authority has identified 1,097 registries in 21 residential projects awaiting execution, stalled due to builders' inaction. The properties, scattered across nine sectors in Noida, are approved for registry, yet developers lag in delivering to homebuyers. The Authority warned of potential penalties if developers continue to delay. It encouraged buyers to directly contact builders, ensuring the execution of their home registries. Developers who fail to comply risk punitive action in line with land allotment rules and the Real Estate Regulatory Authority (RERA).
Despite a five-fold surge in rainwater harvesting installations over the past year, only 1,123 buildings in Nagpur have complied with the 14-year-old mandate. This equates to just 0.18% of all structures, according to the Nagpur Municipal Corporation (NMC). Critics attribute this sluggish progress to poor enforcement by the town planning department. Former Water Works Committee Chairman Vijay Zalke urges for a more earnest approach towards such critical ecological practices, emphasizing the significant potential of rainwater harvesting for groundwater replenishment.
The BJP government in Madhya Pradesh has announced the regularization of all unauthorized colonies constructed up to December 31, 2022. This landmark decision, made before the upcoming Assembly elections, will alleviate development costs for residents and open access to necessary utilities, bank loans, and MP/MLA Local Area Development funds. Urban administration officials are warned to prevent the development of illegal colonies beyond the stated deadline. The process is expected to conclude by June 30, 2023.
Coimbatore is streamlining building approval procedures near its airport with the integration of the Colour Coded Zoning Map (CCZM) into the land survey map. This innovation will allow local officials to approve construction projects using color-coded grids to confirm permissible building heights. The procedure aims to ensure aircraft and passenger safety by avoiding potential obstructions within a 20 km radius of the airport. This measure should simplify and expedite construction project approval while maintaining stringent safety standards.
In a significant move towards public safety, the Navi Mumbai Municipal Corporation (NMMC) has ordered the immediate evacuation of 524 hazardous buildings within the city. These buildings, identified after a comprehensive survey, fall under various categories of disrepair. Sixty-one are deemed highly dangerous and need instant demolition, while others require varying levels of structural repair. The NMMC has urged residents to vacate these premises promptly to prevent potential accidents and loss of life.
The real estate market in Dubai experienced a decline in sales in April 2023, marking the first decrease since December 2022. This drop was attributed to external factors such as reduced working hours and the occurrence of holidays like Ramadan, Eid, and Easter, resulting in fewer new properties entering the market. Consequently, there was a decrease in property sales viewings and new sales transactions. However, the report suggests a rapid rebound in sales levels in early May, indicating a positive trend for the second quarter. Cash buyers, particularly in the luxury real estate market, remain active, with robust demand for upscale homes.
The joint venture between Sumitomo Corporation and Krishna Group, known as Krisumi Corporation, is embarking on the second phase of its residential development project called "Krisumi City" in Gurugram. With plans to allocate a substantial budget and achieve high revenues, the company aims to deliver phase 1 occupancy by January 2024 and continue with additional stages. The initial sales of the luxury suite project were swift, and positive feedback from clients has been received. Krisumi Corporation is also establishing a hospitality arm to manage the residential apartments, while Sumitomo looks to make a significant investment in India.
The Pune Municipal Corporation (PMC) in India has successfully generated a significant revenue of Rs 40 crore from property tax bills within a week of their issuance. The PMC has implemented a 40 percent discount on property tax for individuals who occupy their own properties, with the option to pay digitally or in person. While physical bills are yet to be distributed, the PMC has accumulated Rs 92 crore in property taxes through electronic payments. The government has announced that properties registered post-2019 will undergo an assessment and become eligible for the discount from April 1, 2023.
Celebrity power couple Beyoncé and Jay-Z have made headlines with their jaw-dropping $200 million acquisition of a stunning mansion in Malibu. The property, designed by renowned architect Tadao Ando, is the most expensive residence ever sold in California and ranks as the second highest-priced in the United States. Situated in the coveted Paradise Cove area, also known as "Billionaires' Row," the mansion spans 30,000 square feet on an 8-acre hillside with breath-taking ocean views. The minimalist design features glass and concrete, and the luxurious amenities include eight bedrooms, eleven bathrooms, multiple pools, a basketball court, recording studio, spa, and more.
The Managing Director and Director of Holy Faith Builders and Developers Pvt Ltd, Sani Francis and Vinod George, have had their personal assets seized by tax authorities in response to the ongoing struggles faced by apartment owners in the demolished Holy Faith H2O building in Maradu. Following a Supreme Court order, 15 personal possessions, including properties owned by Francis and George, have been attached. While apartment owners in three other demolished buildings have received compensation, those affected by the Holy Faith H2O development are still awaiting reimbursement.
Documents from the New Delhi Municipal Corporation (NDMC) reveal that the collection of construction and demolition waste in New Delhi experienced a decrease of more than 27% in the previous financial year. The NDMC collected 19,819.87 metric tons of waste in 2022-23, compared to 27,272.76 metric tons in the previous year. The decline is attributed to a reduced number of construction activities in the area. The NDMC relies on a private firm for waste disposal and has designated 15 specific sites for dumping the waste to ensure proper disposal and maintain a clean environment.
Luxury home rents in Hong Kong are set to increase by up to 6 percent in the second half of the year, marking a turning point in the rental market. The return of expatriates and the government's Top Talent Pass Scheme are contributing to this rise. Prestigious areas like The Peak and the Southern district are expected to see rent increases between 3 and 5 percent due to high demand and limited housing supply. Data shows that the rental index for large homes has already increased by 2.7 percent in the first quarter, indicating a strengthening market for spacious residences. Despite economic contraction last year, the Hong Kong government forecasts moderate growth for this year.
St. Andrews, a picturesque coastal town in Scotland, is famous as the birthplace of golf and attracts golf enthusiasts from around the world. The housing market in St. Andrews experienced a surge last year. Properties were sold at prices significantly higher than their initial asking prices, some even selling within 24 hours. International buyers, particularly avid golfers seeking second homes. The central area of St. Andrews, especially near South, Market, and North streets, is particularly sought after due to the potential to obtain the coveted St. Andrew Links annual golf season ticket.
The state government of Tamil Nadu provided an update to the Madras High Court regarding illegal quarrying activities on patta land parcels in the Kadaladi taluk of Ramanathapuram district. A local agriculturalist filed a public interest litigation, highlighting the detrimental effects of these activities on the Gundaru River, a crucial source of irrigation and groundwater replenishment. The government formed a committee to investigate the matter, confirming the illegal quarrying. The court instructed the authorities to present a status report on the progress made in curbing the issue. This case emphasizes the importance of addressing illegal sand mining and protecting natural resources.
The Department of Town and Country Planning (DTCP) has warned developers in a city in Haryana for setting up temporary site offices without obtaining permission. Around 50 developers have been issued guidelines by the DTCP, emphasizing the need for proper authorization. The unauthorized site offices violate norms and result in revenue loss. The DTCP has specified a process for developers to apply for permission, with a validity of five years and a provision for extension. Violators will face action. The DTCP aims to ensure compliance, protect revenue, and uphold urban development regulations.
Canadian entrepreneur Michael Henderson envisions constructing a replica of the moon on a building in Dubai, known for its impressive architectural wonders. The ambitious project, called MOON, aims to create a destination resort with a 4,000-room hotel, a 10,000-capacity arena, and a simulated lunar colony experience. The project may also include a casino, despite gambling being illegal in the UAE. Dubai's real estate market has shown resilience and growth, and there are ongoing efforts to revive and develop significant projects such as Palm Jebel Ali and Dubai Island.
Multiple relatives of Ross Browning, the leader of the Kinahan cartel in Ireland, have agreed to vacate two high-end properties that were determined by the High Court to have been acquired through criminal activities. The properties, located in Garristown and Finglas, Dublin, will be taken over by a designated receiver authorized by the court to arrange their sale. Ross Browning, along with his family members, faced legal action by the Criminal Assets Bureau (CAB) to permanently confiscate approximately €1.7 million worth of assets acquired through illicit means. The court has ordered the properties to be vacated by mid-July, as the CAB seeks to dismantle the criminal network's ill-gotten gains.
Prominent government entities and private properties in a city have recently paid a total of Rs 2.94 crore in arrears for property tax to the Municipal Corporation (MC). The Punjab government's public works department tops the chart with a payment of Rs 88.7 lakh. Following shortly after is the engineering branch of the UT management, which has deposited a sum of Rs 77.19 lakh. Delhi Public School (DPS) has disbursed a sum of Rs 54.54 lakh, while ICS (Jagat) Hotel and Punjab Packages Private Limited have respectively paid off Rs 40 lakh and Rs 23.7 lakh. The MC aims to collect Rs 92 crore through property taxes during the fiscal year.
The Urban Development Department of Maharashtra has requested the Nashik Municipal Corporation (NMC) to submit a new proposal for imposing property taxes on industries. This proposal suggests reintroducing industrial slabs instead of using the existing commercial slabs. The industrial rate classification for property tax was eliminated in 2018 by the ex-commissioner of NMC. The NMC has submitted a proposal to the government for consideration. However, concerns have been raised about the potential impact of higher property taxes on industrial establishments and future investments in the Nashik region.
Keystone Realtors has reported an impressive 85.05 percent increase in its net consolidated profit for the fourth quarter of fiscal year 2023. The company recorded a net profit of Rs 74.04 crore, compared to Rs 40.01 crore in the same quarter of the previous fiscal year. The company also witnessed substantial growth in its net consolidated total income, which amounted to Rs 357.63 crore, marking a growth of 44.25 percent compared to the previous year.
Awfis, a flexible workspace provider, has announced its expansion plans in the National Capital Region (NCR) by launching two new centres in Gurgaon and Noida. The Suncity Success Towers in Gurgaon will cover 40,000 square feet and accommodate 650 individuals, while the Knowledge Boulevard centre in Noida will span approximately 44,000 square feet and accommodate 700 individuals. These centres will offer adaptable workspaces designed with elements of natural light, biophilia, and collaborative environments to enhance employee well-being.
During Q4 FY23, Arihant Superstructures, a prominent real estate company, witnessed a significant decline of 97.67 percent in its net profit. The company reported a profit after tax of Rs 23.47 lakh, a substantial decrease from the Rs 9.87 crore achieved in the same quarter of the previous fiscal year. The consolidated revenue for the quarter stood at Rs 66.05 crore, reflecting a decline of 7.32 percent compared to the corresponding quarter in the previous year.
Titan Company, a subsidiary of the Tata Group, has invested Rs. 100 crores to acquire commercial space in Mumbai's Borivali area. The company purchased three floors in the Vini Elegance building, currently housing a Tanishq jewellery store. With a total area of 16,280 square feet and exclusive access to 18 parking spaces, this acquisition strengthens Titan Company's presence in the region. Additionally, the company reported impressive financial performance, including a substantial increase in net profit and revenue for the quarter ending in March. Furthermore, Titan Company expanded its retail network, adding numerous stores in both domestic and international markets.
Embassy Property Development is planning to sell multiple assets, including its office park in Chennai and other office spaces, to reduce its debt of $8,800 crores. The company also aims to lower its debt by selling completed goods from its residential projects. Embassy generated significant revenue of around 1,300 crores through the sale of luxury and premium residential developments, contributing to debt reduction. The company plans to cut its debt by $2,700 crores before September 30, 2023.
In a strategic move to generate funds for new real estate ventures, the Adani Group is set to liquidate non-core real estate assets, according to insiders. This initiative includes a potential sale of Inspire BKC, a commercial project in Mumbai's Bandra-Kurla Complex, and a 16-acre plot in Thane, near Mumbai, both expected to collectively fetch approximately INR 15,150 crore. The initiative is part of Adani's wider strategy to invest in significant projects, such as the redevelopment of Dharavi, one of the world's largest slum clusters.
Over 50 homebuyers have braved scorching temperatures to stage their 25th week of protests in Greater Noida West, demanding resolution for long-pending home registries. NEFOWA's president, Abhishek Kumar, expresses disappointment at the government's inaction despite repeated assurances. The protests continue to gain momentum as more residents join from various societies, and with over 60,000 homebuyers still awaiting their registries, the situation is growing more urgent. The homebuyers remain resolute, vowing to persist until their demands are met.
The Ahmedabad Municipal Corporation (AMC) sealed 38 properties, including 14 in Ranip and 10 in Vastral, over non-compliance with building-use permits. In addition to sealing buildings, AMC embarked on a demolition spree, razing illegal constructions in the historic Walled City. An illegal structure spanning 490 square meters in Shahpur and unauthorized constructions over 13,080 square meters in Danilimda were dismantled. This enforcement highlights AMC's determination to uphold building regulations, underscoring the necessity of legal compliance in urban development.
Six individuals, including five employees of the Tamil Nadu Urban Habitat Development Board (TNUHDB) and a private contractor, have been indicted by the Directorate of Vigilance and Anti-Corruption (DVAC) for alleged corruption and quality negligence in a housing project. The housing, intended for the victims of the 2015 Chennai floods, was deemed substandard, leading to a significant loss of 732 crore to the exchequer. The indictment underscores the need for stronger oversight and accountability in government-led construction projects, particularly those aimed at housing disaster victims.
The Atal Apartments project in Ludhiana has been postponed for about 15 years, but the authorities are currently awaiting the MC chief engineer's clearance for the revision of the total cost. The increased estimate is anticipated to be around Rs 225 crore and is owing to an increase in building costs. However, many who have received letters of allotment for the units are worried about the project being finished in the three years that were promised. Modern conveniences like a swimming pool, gym, parks, and a clubhouse have now been included in the project.
The Thane Revenue Department in Maharashtra is taking action against around 300 residents who allegedly defaulted on repaying bank loans taken to purchase immovable properties. The department will attach properties collectively valued over Rs. 300 crores against which the loans were secured. The action follows requests from lending institutions under the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act.
The luxury residential skyscraper, Asparro, located in Manhattan's Upper West Side, is implementing an innovative carbon capture system to reduce emissions and combat climate change. The building's basement houses unique equipment that captures carbon dioxide emitted by its gas-powered boilers, preventing its release into the atmosphere. This initiative aligns with the urgent need to reduce emissions from tall buildings in New York City, which account for a significant portion of the city's greenhouse gas emissions. While some commend these efforts, critics argue for more extensive upgrades and a transition to renewable energy sources.
GIC Housing Finance, a housing finance company, has announced a 6.80% rise in its net consolidated earnings for the quarter ended March 31, 2023. The company reported a profit of Rs 52.33 crore in Q4 FY23, compared to Rs 49 crore in the same period of the previous year. However, its net consolidated income experienced a slight decline of 0.88% to Rs 287.40 crore in the same quarter. The company's board has approved the raising of funds through the issuance of additional shares and the appointment of Darshit Sheth as the chief compliance officer.
The Greater Hyderabad Municipal Corporation (GHMC) has revealed that the state and central governments are the top defaulters of property tax in Hyderabad, with a combined outstanding balance of approximately Rs 6,000 crore. The state government owes over Rs 5,500 crore, while the Centre owes around Rs 300 crore. Despite regular demand notices, the government departments have only disbursed a small fraction of their outstanding payments. The GHMC is responsible for imposing property taxes in Hyderabad, which contribute to local amenities and services.
Arvind Smartspaces (ASL) has recorded a 26.35% decrease in its consolidated net profit for the quarter ending March 31, 2023. The company's profit stood at Rs 10.48 crore, down from Rs 14.23 crore in the same quarter of the previous fiscal year. ASL also experienced a 42.32% decline in its consolidated net total income during Q4 FY23. However, the company announced its highest-ever annual bookings of Rs 802 crore and exceeded sales milestones, selling over 1,100 units in a year for the first time.
Chief Minister Eknath Shinde has waived 100% of additional development charges in the Pune Metropolitan Regional Development Authority (PMRDA) areas from July 2018 to April 2023, providing relief to builders and homeowners. The decision follows a proposal presented during the PMRDA annual budget meeting. Shinde also approved the PMRDA budget for 2023-24 and proposed the transfer of land for a memorial construction. The move aims to facilitate development and ease the financial burden on stakeholders in the region.
The Jharkhand Real Estate Regulatory Authority (RERA) has taken strong action against M/s Rebloon Impex and its partners for failing to register their projects and violating regulations. This is the first instance of blacklisting in Jharkhand. The firm and its partners were found to be non-compliant with a court order and various norms set by the authority. As a result, they have been barred from undertaking any new projects. The authority aims to protect home buyers, resolve pending complaints, and promote transparency in the real estate sector.
In a significant development, the bail pleas of Dheeraj and Kapil Wadhawan, promoters of Dewan Housing Finance Limited (DHFL), were rejected by a special Prevention of Money Laundering Act (PMLA) court. The court stated that both individuals played integral roles in a conspiracy and scam that involved the illicit use of public funds, resulting in substantial damage to Yes Bank. The case revolves around an alleged money laundering scheme amounting to Rs 5,050 crore, allegedly involving banker Rana Kapoor and his family members. Since 2020, the Wadhawan brothers have been incarcerated.
Ghaziabad's Master Plan 2031 is set to come into effect within the next two months, with approval anticipated by July. The new plan, which spans a 10-year period and incorporates areas like Loni, Dasna, Modinagar, and Muradnagar, aims to leverage Ghaziabad's strategic location and robust transportation networks for a forthcoming logistic hub in the National Capital Region (NCR). Utilizing Geographical Information System (GIS) technology for the first time, the plan ensures accuracy and precision. Noteworthy changes include increased residential land allocation and the establishment of special development areas (SDAs) near Guldhar and Duhai for new townships.
Haryana grapples with a rampant issue of illegal encroachment as thousands of acres of municipal land remain unlawfully occupied. Recent reports indicate significant encroachment in various areas, including Sohna, Kalka, Beri, Pehowa, Shahabad, Thanesar, Bawani Khera, Ambala City, and Ambala Sadar. Despite the alarming extent of encroachment, the process of eviction and removal has been hindered by vacant positions of joint commissioners and pending cases. The Punjab and Haryana High Court has taken notice of the matter, ordering action against responsible officials. However, the situation persists, leaving the resolution of the land crisis in Haryana uncertain.
The Vaishnavi Group has successfully leased a significant 4.12 lakh sq ft of office space to Navi Technologies, a prominent insurance company. This move by the Vaishnavi Group is driven by the increasing need for high-quality commercial properties in the city. The leased area is located in the Vaishnavi Tech Square, Outer Ring Road, Bengaluru and covers a sprawling 4-acre land. With cutting-edge facilities and recreational amenities, the tech park can accommodate more than 4,000 employees, catering to the evolving needs of modern-day professionals in the country.
A collaborative team comprising the district town planner (enforcement) and hydrologists will conduct a comprehensive survey of residential societies in the new sectors and Sohna to assess the functionality of sewage treatment plants (STPs). This initiative comes in response to complaints regarding the illegal discharge of sewage in open areas. The team will inspect the residential areas, identify non-compliant societies, and submit a detailed report on their findings. The survey aims to address concerns raised by residents about health and environmental hazards caused by improper sewage disposal in these areas.
The rental crisis in Sydney continues unabated as new data shows a significant decrease in available rental properties. The latest Market Insight Report by PropTrack has revealed that the number of new rental listings on realestate.com.au experienced a sharp decline of 17 percent in April, reaching its lowest point since April 2012. Additionally, the total number of rental listings across Sydney on realestate.com.au decreased by 7.8 percent in April, marking another record low since December 2012. These figures provide further evidence of the dire situation faced by individuals searching for rental accommodations in Sydney.
Spain's Senate has given its final approval to a bill aimed at curbing rapidly increasing rents and addressing the issue of insufficient social housing. The bill introduces measures to restrict excessive rent increases, enhance tenant safeguards, and penalize landlords who abandon properties. The proposed changes include limiting rental increases, establishing rent caps in high-priced areas, and imposing sanctions on landlords with vacant properties. This bill is a response to the housing crisis and the aftermath of the 2008 financial crisis, which led to numerous evictions.
The Kerala Real Estate Regulatory Authority (K-RERA) has launched an upgraded website, providing buyers with enhanced transparency and useful tools. The redesigned website incorporates GIS mapping and property exploration tools, enabling users to access interactive maps that showcase not only the projects but also key aspects of the surrounding neighbourhood. Buyers can monitor development progress, access plans, permits, brochures, and photos with a single click. The website has been designed by the startup Xocortx.
Supertech, a prominent real estate company, has recently informed the administration that it has successfully resolved 32 recovery certificates (RCs) issued by the Uttar Pradesh Real Estate Regulatory Authority (UP-Rera), amounting to a total of Rs 7.6 crore. Additionally, the company stated that it has made a payment of Rs 3 crore to the administration. These developments come as Supertech strives to address the concerns of its customers and settle any outstanding complaints amicably. The company has been offering alternative units or other suitable arrangements to allottees in an effort to find mutually agreeable solutions.
Synopsis: The government of Karnataka is considering increasing the property guidance value, which represents the minimum value required for property registration, by 10-30 percent. This would be the first increase since 2018-19, and while the impact on homebuyers is currently minimal, it could affect affordability in the next 1-2 years. The specific formula used to determine guidance value takes into account factors such as location, land area, and market worth. The decision to adjust the guidance value is expected to bring significant changes to the real estate market in Bengaluru.
Urban local bodies in India are increasingly adopting Geographic Information Systems (GIS) for property tax systems, resulting in improved revenue generation and reduced tax evasion. The All-India Institute of Local Self-Government (AIILSG) is providing consultation services and training programs to assist in implementing effective local governance practices and incorporating GIS technology. The adoption of GIS-based systems has led to increased revenue and operational efficiency for urban areas. GIS technology is being recognized as advantageous in multiple areas such as infrastructure development, water resources, and Swachh Bharat initiatives.
The Department of Town and Country Planning (DTCP) has sealed five high-end residential buildings in Gurugram, citing flagrant violations of building regulations. The illegal activities were uncovered in notable colonies like Sushant Lok I, Greenwood City, and South City 1 following complaints lodged through the Chief Minister's window. The offenders had constructed plots earmarked for the Economically Weaker Sections (EWS) without mandatory permissions. Authorities have called for regular inspections to prevent such infractions, highlighting the strain unauthorized constructions place on local infrastructure and amenities.
The family of Bollywood superstar Salman Khan has plans to construct a 19-floor hotel on a prime sea-facing plot in Mumbai's Bandra. Originally intending to develop the property into a residential building, the family changed course to erect a hotel. The plan features several amenities including a café, restaurant, gymnasium, swimming pool, and convention centre, providing a new luxury accommodation option in Mumbai's thriving real estate market.
Persistent software glitches in Maharashtra's nine-year-old tenant registration system have stalled processing of over 13,000 applications. The state registration department has appealed to the National Informatics Centre (NIC) for an urgent software upgrade. HH Sonawane, Inspector General of Registration and Stamps, acknowledged the issue, which has disrupted registrations and left lease applications pending for nearly two weeks. Amid growing frustration, the Association of Service Providers calls for a robust backup system to protect citizens from future technical disruptions.
Union Housing Minister Kaushal Kishore applauded Andhra Pradesh's government for allotting residential plots to three million impoverished families. The praise came during his review of housing schemes, including the Prime Minister Awas Yojana (PMAY). Emphasizing the Centre's goal of universal housing by 2024, Kishore urged officials to expedite construction and infrastructure development. State Housing Minister Jogi Ramesh sought additional funding for infrastructure, revealing the state's Rs 30,000 crore investment in the YSR Jagananna colonies.
Land Securities, a British real estate company, has announced plans to sell more assets than it will acquire due to a shift in its financial situation. The company reported a loss for the year, primarily influenced by increased interest rates and overall economic challenges, which have negatively affected the value of its properties. The British commercial property sector, heavily reliant on borrowing, has faced setbacks in its recovery from the pandemic, hindered by rising interest rates and concerns about the macroeconomic environment. Land Securities' office space portfolio has also encountered difficulties due to changing work patterns.
The property investment and sales in China experienced a significant acceleration in decline during April, raising concerns about the country's economic recovery. Property investment saw a sharp year-on-year decrease of 16.2%, the largest drop since November 2022, while property sales also plummeted by 11.8% compared to the same period last year. These declines highlight the ongoing challenges faced by the Chinese property sector, which has been impacted by strict regulations and financial crises.
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) aims to harness the potential of cutting-edge technologies like artificial intelligence (AI), machine learning, and natural language processing (NLP) to establish a Smart Court. By incorporating these emerging technologies, UP-RERA intends to enhance the design, development, and implementation of a technologically advanced judicial system. The Smart Court initiative seeks to leverage AI's capabilities to streamline and optimize various court processes, enabling more efficient and effective resolution of legal matters. With the integration of AI, machine learning, and NLP, UP-RERA aims to create a modernized and technology-driven judicial framework in Uttar Pradesh.
Reliance Industries, led by billionaire Mukesh Ambani, has made a significant entry into the real estate and hospitality market in New York City by acquiring the Mandarin Oriental hotel for $98.15 million. The luxury hotel, located near Central Park, is renowned for its high-end accommodations and attracts Hollywood celebrities and billionaires. This acquisition expands Reliance Industries' presence in the hospitality industry and adds to their portfolio of investments in the sector.
A significant portion of the Aravalli terrain near Gurugram has been stripped of trees, levelled, and transformed into walled compounds, violating the Forest Conservation Act. The area, part of the Aravalli Plantation project, has been encroached upon to build farmhouses. Satellite images and eyewitness reports confirm the irreversible destruction. Activists highlight the urgent need for an Aravalli task force to protect the ecosystem, recharge groundwater, and preserve wildlife habitats. Violations underscore the importance of challenging attempts to privatize the land and emphasize its ecological significance.
The Chhattisgarh State Consumer Disputes Redressal Commission (SCDRC) has repeatedly issued notices to the Superintendents of Police (SPs) in Bilaspur and Durg on various dates, including November 17, 2020, March 25, 2021, February 24, 2023, and March 24, 2023. The purpose of these notices was to ensure the arrest of realtors Sardul Singh and Raspal Singh, and their subsequent appearance before the consumer court during the upcoming hearing scheduled for June 19, 2023. The SCDRC aims to enforce legal action against the mentioned individuals and resolve the consumer dispute case.
In a recently held review meeting, Ritu Maheshwari, the chief executive officer of Greater Noida Industrial Development Authority (GNIDA), issued a directive to initiate a survey through the consultant firm, Currie & Brown. The survey aims to assess the status of various group housing plots that have been lying idle. Maheshwari's decision highlights the authority's proactive approach in addressing the issue of unutilized plots. By commissioning the survey, GNIDA intends to gather crucial data regarding the status and potential utilization of these plots.
Hindustan Construction Company (HCC) has stated that its consolidated net profit increased significantly during the March 2023 quarter reaching Rs 190.66 crore. The business made a profit of Rs 30.88 crore in the previous fiscal year. Its overall revenue for the quarter under review was Rs 3,107.58 crore, up from Rs 2,946.16 crore a year before. The overall expenditures rose from 2,884.35 crore to Rs 3,077.51 crore. It reported a net profit of Rs. 571.74 crore in FY22.
The Income Tax Department officials have conducted raids on the premises of Haigreeva Infratech Projects Limited and the homes of its high-ranking executives in Visakhapatnam. The investigation is linked to alleged monetary dealings of Rs 100 crore between the company and the TDP during and after the 2019 elections. The raids resulted in the confiscation of crucial documents. Initial reports suggest a connection to IT security breaches at Navayuga Infra in Hyderabad. Haigreeva Infratech is a rapidly expanding infrastructure conglomerate with a strong presence in various sectors across India.
Integrow Asset Management, a specialized investment firm in real estate, plans to raise over Rs 1,500 crore through a commercial real estate fund. The fund aims to invest in pre-leased and revenue-generating properties in India's leading six property markets, including Mumbai, Pune, Hyderabad, Bengaluru, Chennai, and Delhi-NCR. The company aims to build a portfolio worth Rs 4,000 crore and sees commercial real estate as a hedge against inflation. The newly formed fund, led by Ashish Mundada, aims to become the sole multi-fund institution focused on real estate.
Brookfield Asset Management, in partnership with Singapore's sovereign wealth fund GIC, plans to sell two commercial properties in India with a combined enterprise value of $1.4 billion. The properties, located in Mumbai and Gurgaon, were owned by Brookfield's property investment fund. The sale will significantly expand the portfolio of Brookfield India REIT, increasing the overall leasing space by 35% and operational area by 44%. Brookfield India REIT comprises five office parks across major cities in India, with a total market value estimated at Rs 9,100 crore.
The Appellate Authority of Advance Rulings (AAAR) in West Bengal has upheld a decision stating that the sale or usage rights of a car park should not be considered a composite supply with construction services. This ruling means that car parks will be subject to a higher GST rate of 18%. The decision may lead to higher costs for homebuyers who include parking facilities. The AAAR's ruling contradicts a previous verdict by the Authority for Advance Ruling (AAR) in West Bengal, which classified facilities like car parking as composite construction services subject to a lower GST rate.
Over 26,000 landless families in Nashik have been granted plots for housing construction under the Pradhan Mantri Awas Yojana (PMAY). With a total of 32,798 applications received, the district administrations have cleared approximately 80% of the proposals. The highest demand for land came from Jalgaon district, where 19,936 out of 23,207 applications were approved. Additionally, the state government has launched the Maha Awas Yojana to provide affordable housing solutions. Out of 1.10 lakh applications received, 85,750 have been completed so far. The authorities are determined to meet the housing needs of the people in a timely manner.
Real estate company BCD Group has unveiled Vanaprastha, a senior living community experience inspired by the Vedic age, to meet the rising demand for retirement options in India. The project, located in Hoskote, offers state-of-the-art amenities such as recreational centres, fitness facilities, and 24/7 medical services. The company plans to collaborate with specialized UK-based healthcare companies to provide personalized services. Vanaprastha at BCD Emprassa will be the country's first rental senior community living experience of its scale, offering affordable pricing. BCD Group aims to replicate this model in Chennai and NCR, investing over Rs 200 crores in each project.
Gurugram residents anxiously await the release of the final audit report for four towers of Chintels Paradiso in Sector 109. The Shri Ram Institute has submitted a sealed test report to the district administration, which is now being analysed by IIT-Delhi for recommendations on the habitability of the structures. Towers D, E, and F have already been declared unsafe, leading to an ongoing compensation settlement process. Chintels India, the developer, has offered residents the choice between compensation or having their flats repaired or rebuilt. The findings of the audit report will play a crucial role in determining the future of these towers.
The Supreme Court has ruled that the allocation of house sites in the R5 zone of Amaravati to the poor is contingent upon the final judgment of the AP high court. The court refused to grant a stay on the allocation, stating that third-party rights are also subject to the high court's decision. The farmers of Amaravati argued that the government had changed the master plan and allocated housing sites in non-residential zones. The court has been urged to impose a stay on the R5 zone until the Amaravati petitions are heard in July 2023.
Ahmedabad City civic body chief M Thennarasan expressed dissatisfaction with the public's lack luster response to the recently implemented impact fee scheme, prompting him to take decisive action. In an effort to address the issue of illegal constructions, Thennarasan issued a directive to all municipal zone heads, instructing them to compile a list of the five largest unauthorized structures within their respective zones. Furthermore, he mandated that demolition proceedings should commence within a week.
The Ahmedabad Municipal Corporation (AMC) is taking strict actions against property tax defaulters. It recently published a list of 313 defaulters intimated owners that it will disclose the details of any individuals who fail to meet their obligations to the Credit Information Bureau (India) Limited (CIBIL). These actions led to 55 property owners clearing their outstanding dues. In addition, the AMC is compiling a record of major debtors and intends to impose liens on their properties. Currently, the process of placing liens on 24 properties has already been initiated and the civic body gearing up to auction 258 defaulting properties within the city to collect arrears.
The Pune Municipal Corporation (PMC) in Pune City has commenced the distribution of property tax invoices after a delay of one and a half months. The bills can be accessed online through the PMC website, and taxpayers have multiple payment options available. The distribution process involves printing and mailing the bills, and the deadline for payment has been extended. The PMC has also implemented a 40 percent tax reduction for properties occupied by their owners, and eligible property owners can submit documentation to benefit from the discount.
The Chhattisgarh High Court has dismissed a petition challenging the Smart City projects in Bilaspur and Raipur, clearing the path for these urban development initiatives to proceed unhindered. The petition claimed these projects were infringing on the roles of the municipal corporations. However, the court ruled that no overstepping had occurred. The verdict ensures the continuation of key developmental activities aimed at enhancing residents' quality of life and bolstering urban infrastructure, setting a robust precedent for future Smart City projects across India.
Following a series of court-ordered home demolitions in Tughlagabad, a multitude of displaced slum residents rallied at Jantar Mantar, under the banner of Mazdoor Awas Sangathan Samiti. The protestors, from across Delhi, united to demand immediate government intervention and rehabilitation. The demonstrations were intensified by the hunger strike of Reena, a 45-year-old Tughlagabad resident, alongside widespread fears that the city's beautification efforts for the upcoming G20 Summit have escalated the evictions. The protest spotlighted the increasing tensions between urban development and housing rights in the city, posing serious ethical questions under the global gaze.
The National Company Law Tribunal (NCLT) has commenced insolvency proceedings against Tulip Hotels following the hotel chain's alleged default on loan guarantees worth INR 900 crores. The claim, first initiated by Yes Bank and later assigned to JC Flowers, involves Tulip Hotels' guarantees for loans disbursed to Cox and Kings and Ezeego One Travel & Tours. Contrarily, Tulip Hotels denies any financial ties to these companies, accusing the lender of document fabrication. The case marks a significant development in the Indian hospitality industry and sets the stage for intriguing legal battles ahead.
National Thermal Power Corporation (NTPC) facilities in East Uttar Pradesh have embarked on an eco-friendly initiative to manufacture durable building materials using fly ash, a by-product of thermal power generation. Aimed at curbing pollution and preserving natural resources, the initiative includes the production of aggregates, bricks, sand, and tiles, all under the brand 'Vikalp'. The company emphasizes stringent quality control and effective branding to promote these sustainable building alternatives.
Mumbai Metropolitan Regional Development Authority (MMRDA) is set to lease two prime plots in Bandra-Kurla Complex (BKC) aiming to generate around Rs 2,900 crore. The plots, C-13 and C-19, have areas of 7,071.90 sqm and 6,096.67 sqm respectively with considerable development potential. This follows MMRDA's successful lease to Goisu Realty in 2022 which earned Rs 2,067 crore. As MMRDA cannot generate revenue through tax, they plan to raise funds through land leases and asset monetisation to finance numerous infrastructural projects. The approved Rs 60,000 crore loan serves as a financial safety net for possible project delays.
DTCP has clarified that until a decision is reached by the expert committee, affordable housing plots under the Deen Dayal Jan Awas Yojna (DDJAY) will only be approved for three-floor constructions. This follows the halt on approvals for fourth-floor buildings earlier this year due to resident protests over insufficient infrastructure. The expert committee is set to decide on this issue soon, potentially altering the course for future housing constructions.
The Canadian housing market experienced a surge in home prices and transactions in April due to increased buyer activity and limited inventory. The Bank of Canada's decision to pause rate hikes contributed to the recovery, stabilizing mortgage costs and slightly decreasing longer-term rates. The impact of higher borrowing costs on homebuyers has been less severe than expected, resulting in a lower level of financial strain. However, concerns remain about potential delinquencies and the spill over effect from the US regional banking sector.
South Korea has experienced an 11-month consecutive decline in house prices, marking the longest period of decreases in 11 years. However, there are indications that the rate of decline is slowing down, with the April data showing a less severe drop compared to the previous month. This suggests that aggressive economic measures, including interest rate adjustments, may be starting to have an impact. The significant decline in house prices over the 11-month period can be partly attributed to a correction following a prolonged period of continuous upward surge.
The Greater Mohali Area Development Authority (GMADA) has been found responsible for not fulfilling its obligation to provide a plot with promised amenities within the specified timeframe. As a result, the Punjab State Consumer Disputes Redressal Commission has ordered GMADA to either hand over possession of the plot or refund the money. In addition, the authority has been fined Rs 40,000 as compensation for causing mental distress and harassment, as well as covering the costs of litigation.
The Ahmedabad Municipal Corporation (AMC) experienced a surge in project approvals and revenue collection during a period between March 1 and April 15. A total of 560 projects were approved, resulting in a substantial amount of Rs 784 crore collected from developers through chargeable Floor Space Index (FSI) and other fees. This influx of revenue can be attributed to the announcement of the jantri revision, which led developers to seek approvals based on the old rates to minimize costs. The relaxation of chargeable FSI for affordable housing projects further accelerated the rush among developers.
India's markets regulator, SEBI, has proposed granting special rights to unitholders of REITs and InvITs, including the right to nominate representatives on boards, to strengthen governance norms. The regulator also suggested the concept of self-sponsored REITs and InvITs and proposed applying the principles of stewardship code to board members nominated by unitholders. These proposals aim to empower unitholders, enhance monitoring of investments, and facilitate decision-making. SEBI has sought public comments on the proposals until May 29.
The state government of Maharashtra, India, has announced several measures to streamline the process of slum redevelopment and promote self-redevelopment. These include reducing the premium for transferring slum redevelopment flats, making it mandatory for builders to pay one year's rent in advance, organizing camps for Deemed Conveyance, waiving the increase in service charges for housing societies, and considering the abolition of non-agricultural tax on housing societies. These initiatives aim to expedite redevelopment procedures, provide financial relief to residents, and improve housing community management in the state.
The West Bengal Real Estate Regulatory Authority (WBRERA) will now continue with all pending complaints filed by home buyers against developers that were previously under the jurisdiction of the now-defunct West Bengal Housing Industry Regulatory Authority (WBHIRA). The Supreme Court clarified this while hearing a special leave petition (SLP) on May 12, stating that all orders issued by WBHIRA will remain valid. However, individuals who are dissatisfied with WBHIRA's orders can seek recourse before WBRERA.
LIC Housing Finance (LIC HF) is planning to expand its branch network and consolidate its position as the largest housing finance company following the merger of its competitor. The company will concentrate on providing high-yielding loans against property (LAP) and intensify efforts to recover outstanding debts. LIC HF aims to boost loan disbursements and improve net interest margins by establishing new branches in smaller towns with low home loan penetration, primarily in Maharashtra and Madhya Pradesh.
The Department of Town and Country Planning (DTCP) has issued a notice to the developer of Emerald Hills, a housing society in Gurugram, for building a commercial club on the designated site meant for a community centre. This action violates the terms of the agreement with the housing society, and the DTCP has instructed the developer to remove the unauthorized club and provide a response within a specified timeframe. Failure to comply may result in legal action under the Haryana Development and Regulation of Urban Areas Act 1975. The residents are seeking the restoration of the community centre for their continued enjoyment.
Coimbatore-based real estate firm, Meritt Ventures, has been accused of scamming residents out of several lakh rupees by offering them low-cost housing and villas. The company, led by its director N Vijayakumar, allegedly sold fake plots to unsuspecting buyers. The firm used social media and online marketing to create the appearance of a legitimate real estate business. Despite collecting money, the company did not provide the plots or offer refunds, and those seeking reimbursement faced threats and intimidation. A group of over twelve cheated investors has filed a complaint with the assistant police commissioner, seeking assistance in recovering their collective investment of over Rs 30 lakhs.
In a strategic move, Micron Technology, a leading memory chip maker and storage solutions provider, has secured a lease for a vast expanse of space in Hyderabad, India. The leased area spans an impressive 1.04 million square feet and is located within the Phoenix Quila Block A construction at Phoenix IT Hub in Gachibowli. The lease agreement spans a decade, with Micron Technology paying a monthly rent of 68 million rupees. This expansion signifies Micron's commitment to its operations in India and its aim to bolster its global engineering and operational bases.
The housing market in the Netherlands is expected to reach a state of balance as mortgage rates increase and house prices fall. This creates affordability for prospective buyers in 2023, similar to the favourable conditions seen in 2021. However, if interest rates remain unchanged, buying houses in 2024 could become more expensive. The market experienced a prolonged period of growth from 1985 to 2008, but it came to an end in 2008, followed by a decline in housing prices. The future trajectory of prices depends on evaluating their relation to relevant economic factors.
The Municipal Corporation of Gurugram (MCG) demolished a building with 30 apartments illegally constructed in Sukhrali Enclave, falling within the restricted zone near an Indian Air Force ammunition depot. The MCG commissioner suspended a junior engineer for negligence and ordered a chargesheet against him. The building was initially partially razed, but upon noticing this, the commissioner instructed its complete demolition. Authorities plan to file an FIR against the building owner, warning the public against buying illegal properties lacking basic amenities and property registries. MCG officials will continue demolishing such buildings in the area.
Haryana Assembly Speaker Gian Chand Gupta has revealed a plan to provide 1 marla plots or flats to residents of slums and shanties. The proposal, discussed with senior officials, awaits approval from the Chief Minister. The plan aims to address the increasing number of slums in the city and fulfil promises previously unmet. Gupta also reviewed existing rehabilitation schemes and urged action against illegal encroachments. The initiative demonstrates the government's commitment to improving living conditions for slum dwellers in Haryana.
Welspun One Logistics Parks (WOLP) has raised INR 500 crores for its second Alternative Investment Fund (AIF), WOLP Fund 2, within just eight weeks. WOLP Fund 2, launched in March 2023, aims to gather a total corpus of INR 2,000 crores, including a green shoe option of INR 1,000 crores, to invest in projects worth over INR 6,000 crores. Welspun One's first fund, introduced in early 2021, has been fully committed across a portfolio of 6 projects, delivering impressive results.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has permitted the deregistration of two real estate projects out of a total of 60 applications received. In February, developers were given the option to deregister their projects under specific conditions due to difficulties in commencing and completing construction. The deregistration is only allowed for projects with no homebuyers or if the rights and claims of existing homebuyers are settled. While two projects have been approved for deregistration, the remaining 58 applications are currently under review.
The National Company Law Appellate Tribunal (NCLAT) has concluded the Corporate Insolvency Resolution Process (CIRP) against Marvel Realtors & Developers Ltd, following the acceptance of a settlement agreement with its financial creditor. Furthermore, the plea filed by Catalyst Trusteeship, opposing the withdrawal of the CIRP against Marvel Realtors & Developers, was rejected by the appellate tribunal. The NCLT bench in Mumbai had ordered the initiation of insolvency proceedings against Marvel Realtors & Developers in December 2022, based on a plea from IDFC First Bank.
Residents of housing societies situated on collector's or leasehold land are requesting a reduction in the premium fees imposed for converting the land to freehold status. They seek a decrease from the current rate of 15 percent of the ready reckoner (RR) rate to a more reasonable 5 percent. The request was put forward at the recent gathering of the State Sahakar Parishad held last week. The chief minister, deputy CM, and revenue minister were all present at the meeting.
The Madurai Corporation has successfully collected a significant portion of its property tax dues thanks to a government incentive. The corporation managed to retrieve approximately 35 percent of the outstanding amount in the first half of the annual tax cycle, with a large influx of payments occurring just before the April 30 deadline. The incentive, previously exclusive to Greater Chennai Corporation, was extended to other municipal corporations as well. The collected funds will be deposited in a bank to generate interest and compensate for the cost of the incentive.
The Gujarat government experienced a substantial surge of over 30 percent in its revenue from construction cess, marking it as the most significant yearly growth to date, during the financial year 2022-23. The earnings generated from the cess increased significantly from Rs 572 crore in 2021-22 to Rs 748 crore in the following year. The rise in numbers was attributed to improved supervision and expanded scope. This fiscal year, the state government aims to allocate 900 crore rupees towards supporting welfare initiatives for construction labourers.
Synopsis: DLF, India's top real estate company, has impressively slashed its net debt by 73 percent, bringing it down to Rs 721 crore in the fiscal year 2022-23. The net debt of Rs 18,772 crore for DLF Cyber City Developers, a joint venture firm, declined by 1 percent. DLF's debt load has been reduced following a boost in sales, driven by significant demand for housing. DLF aims to reach net debt-zero status for its development business by fiscal year 2024. DLF is set to unveil developments valued at Rs 19,710 crore during this fiscal year. It expects to register sales of approximately Rs 12,000 crore this fiscal year due to robust housing demand.
The SWAMIH I, managed by SBICAP Ventures and supported by the government, has contributed a sum of Rs 158.50 crore into a mixed-use real estate project located on Ghodbunder Road in the Thane. With a hefty 1,076 units under its belt, the project stands to offer much-needed solace to more than 500 homeowners who have been patiently waiting to receive their residences. The SWAMIH-I fund was first introduced in 2019 as a category II alternative investment fund that would provide last-mile funding for stressed real estate projects. The State Bank of India, and the Life Insurance Corporation of India (LIC), are some of its anchor investors.
Shriram Housing Finance, a subsidiary of Shriram Finance, is considering postponing its planned $100 million share offering to ensure higher valuations. The company is exploring various options to raise funds, including approaching investors directly or selling a portion of their holdings besides launching an IPO. Valuation discrepancies have hindered potential deals with new investors. Shriram Housing Finance has witnessed significant growth in its assets under management (AUM) and plans to expand its branch network and increase its sales and service staff to support its growth strategy.
The Phoenix Group recently sold its information technology special economic zone (IT-SEZ) spread over 1.1 million square feet in Gachibowli locality of Hyderabad to Singapore's sovereign wealth fund GIC for Rs 1050 crore. GIC had signed a forward purchase agreement in 2021 to purchase the second block which was under construction at that time. The entire IT park has been pre-leased to American IT major Micron Technologies in 2020, making it one of the most significant leasing transactions in the nation.
Mumbai, Bengaluru, and New Delhi have experienced a significant upswing in high-end residential property prices, according to a report by Knight Frank India. Mumbai secured the sixth position globally, with a notable 5.5 percent appreciation in annual price growth. Dubai topped the global index with a substantial increase in prime residential property values. The steady performance of the Indian economy, increased income and stability, and a trend of purchasing larger homes were identified as key factors contributing to the sustained demand for prime residential properties.
The Indian hospitality sector is set to attract investments exceeding $2.3 billion in the next two to five years, driven by factors such as a successful vaccination program, border reopening, lifted travel restrictions, and consistent economic growth. A report by CBRE South Asia predicts the addition of 12,000 hotel rooms in 2023 and a compound annual growth rate (CAGR) of 3.3% by 2025. Demand is expected to outpace supply, leading to positive performance indicators like occupancy rates and revenue per available room (RevPAR). International hotel chains and private equity funds have shown significant interest in investing in India's growing hospitality industry.
Chalet Airport Hotel, a subsidiary of Chalet Hotels, has partnered with Indian Hotels Company (IHCL) to open a luxurious Taj-branded hotel at New Delhi's Indira Gandhi International Airport. The upcoming hotel, located near terminals 3 and 2, will feature 400 rooms, dining facilities, and conference spaces. The franchise agreement aligns with IHCL's expansion strategy, while Chalet Hotels reported strong financial results, including a significant increase in revenue and profits. The Taj brand will now have a presence in Delhi, Mumbai, and Bengaluru airports.
In April, sales of newly built private homes in Singapore surged by 80%, reaching the highest level in seven months. The increase was driven by prominent projects and strong demand from local buyers. Despite new cooling measures, analysts expect sustained demand and further price increases. Foreign buyers may be impacted, but their overall influence on transaction volume is minimal. The market for homebuying is projected to shrink in 2023, potentially leading developers to postpone property launches in prime areas.
Gurugram district authorities have issued a 15-day evacuation notice for Towers E and F of Chintels Paradiso, declared unsafe by an IIT Delhi audit. District Magistrate Nishant Kumar Yadav initiated the evacuation under the Disaster Management Act and Section 144 of CrPC. The towers were linked to fatalities last year when Tower D partially collapsed. Non-compliance with the evacuation order could lead to legal consequences, reinforcing the critical need for residents' safety amid structural uncertainties.
In a landmark move, MahaRERA is poised to conduct the inaugural certification examination for real estate. This follows a mandate that requires all existing and new agents to obtain certification for professional operation. The examination is a significant step towards elevating transparency and industry professionalism, aimed at protecting the interests of all stakeholders in the real-estate sector.
Smriti Irani, the Minister of Women and Child Development, has urged the Confederation of Real Estate Developers' Associations of India (CREDAI) to champion the rise of first-generation female developers in the property sector. In her address at the CREDAI Women and Youth Leadership Summit, she highlighted the importance of empowering young women and maintaining high construction standards while offering affordable housing. She challenged newly elected CREDAI President, Boman Irani, to produce 100 new female developers during his tenure, marking this as a milestone for success.
Bollywood actress Neetu Kapoor has recently purchased a Rs 17.4 crore luxury apartment in the prestigious Bandra Kurla Complex, Mumbai. This acquisition in the upscale Signia Isle project by Sunteck Group expands her real estate portfolio. The trend of Bollywood celebrities investing in premium properties continues, with recent high-value purchases by Alia Bhatt and Sajid Nadiadwala, reinforcing the allure of prime Mumbai real estate.
In the recently concluded financial year, London witnessed the sale of over 160 properties valued at £10 million or more, marking the highest number since 2016. During that year, the global super-rich were deterred from investing in the UK’s “super-prime” market due to Brexit concerns. The analysis of Land Registry data conducted by estate agent Knight Frank and data provider LonRes reveals that a total of 161 such sales, averaging three per week, took place in the capital city between April and March.
The Indore Development Authority (IDA) has significantly revised its budget reference to increase revenue generation by 12 times compared to the previous fiscal year. The predicted income for IDA in the 2023-24 budget is Rs 6,005 crore, which will be generated through the sale of plots of land/buildings, lease rent, freehold fees, interest on bank deposits, grants, and other sources.
MahaRERA, the homebuyers regulatory body, is grappling with a backlog of almost 7,000 cases out of 21,274 filed to date, causing significant distress for homebuyers. Lack of adequate staff is cited as the primary reason for this delay, with only two members, including the chairman, currently hearing complaints. Despite appeals, the state government has yet to fill these vacancies. Homebuyers are now calling for immediate action to ensure swift resolution of their pending cases.
China Evergrande Group, a property developer, recently announced that it has been served an enforcement notice by the court regarding arbitration proceedings involving one of its subsidiaries and an executive director. The notice mandates the group to fulfil various financial obligations, including a payment of approximately 770 million yuan ($111.40 million) as compensation to the claimant.
In the city of Mohali, the rapid growth of real estate construction has resulted in a mounting problem of construction and demolition waste. Piles of rubble can be found scattered across roads, vacant plots, and public spaces, indicating the lack of effective waste management. Despite the presence of two waste processing plants capable of recycling the waste, the community continues to ignore designated dumping grounds. The Municipal Corporation plans to act by imposing penalties and collecting waste from construction sites to be processed at authorized dumping sites.
Kolkata's Mayor, Firhad Hakim, has issued a stern warning to officials and engineers of the buildings department over ongoing illegal constructions. Building department officials face immediate suspension if they fail to report or act against unauthorized constructions within their jurisdictions. The mayor has also ordered the creation of a central demolition team to tackle this issue. The warning underscores the city's determination to curb illegal construction activities, promoting safety and integrity in the cityscape.
City Crime Branch (CCB) of Coimbatore has arrested T. Chandran, the head of a bogus real estate company, for defrauding 19 prospective homeowners of Rs. 62.47 lakh. Chandran operated Smart Home Developers, utilizing social media to target unsuspecting buyers. His arrest follows a complaint by a victim, Elson K. Joe, after a fraudulent sale agreement. The case against Chandran and his associates is ongoing. Police urge the public to remain vigilant when dealing with real estate transactions.
A civil court has ruled in favour of the residents of a Malabar Hill building, affirming their right to access the common terrace. The decision comes after a couple claimed exclusive ownership of the terrace, prompting the residents to seek legal action. The court recognized the plaintiffs prima facie claim based on conveyance deeds and their contributions to the terrace's maintenance. While the matter of the defendants exclusive rights will be determined in trial, the court granted the residents access to the terrace, citing the balance of convenience and lack of harm to the defendants. This ruling brings relief to the residents and emphasizes the importance of communal rights.
The Navi Mumbai Municipal Corporation (NMMC) has ordered three housing societies, Sai Ashirvad, Gulmohar, and Utkarsh, to develop gardens in their open spaces, collectively measuring approximately 3,000 square meters. This move comes after public complaints about lost green spaces due to ongoing redevelopment. Activists have raised concerns over environmental regulations being disregarded during the redevelopment process. If the societies or their developers fail to comply, NMMC will develop the gardens at their cost, ensuring adherence to the green norms and enhancing the residents' quality of life.
The state government of Maharashtra has directed the Slum Rehabilitation Authority (SRA) to allocate Rs 300 crore to the Dharavi Redevelopment Project Authority (DRPA) for the revitalization of slums in Dharavi. However, a pending payment of Rs 200 crore to the Indian Railways for the railway land integrated into the project poses a financial hurdle. Adani Realty, the proposed developer, awaits the official contract after a delay caused by concerns raised in the Hindenburg report on Adani's financial status.
The Thane Municipal Corporation (TMC) in Maharashtra has achieved an impressive feat by collecting Rs 100 crore in property tax within the first 40 days of the fiscal year, far exceeding the previous year's collection. The corporation's success in generating revenue has been attributed to the early issuance of bills and the introduction of online tax payment options. While celebrating the financial achievement, citizens urge the government to address pressing issues such as water scarcity and poor road conditions, emphasizing the importance of optimizing taxpayer funds for community improvement.
The Panchkula Municipal Corporation (MC) has announced its plans to take action against residents who have illegally constructed entry/exit gates on the backside of their houses, leading towards roads. Officials will conduct house inspections across all sectors. Defaulters will be issued a notice and be given a one-week grace period to comply, failing which the MC will resort to cutting off the water supply to these houses. This measure aims to ensure compliance with the regulations and discourage the construction of illegal entry/exit points.
The Greater Hyderabad Municipal Corporation (GHMC) has introduced fire mitigation certificates for commercial establishments following a series of fire accidents. However, many owners are unaware of this requirement, resulting in a poor response. The EVDM has created a website for certificate applications, and eligible buildings must meet specific fire safety installations. The initiative aims to enhance safety and prevent future incidents. Awareness and compliance are essential to protect lives and properties in Hyderabad.
The Supreme Court made a significant statement emphasizing the purpose of the Consumer Protection Act of 2019, stating that it aims to promote consumerism in the country. The remarks were made in response to appeals challenging a previous order by the National Consumer Disputes Redressal Commission (NCDRC) regarding a housing project. The court highlighted the flexibility the Act provides to consumers in seeking redress and expressed concerns over the rigid interpretation of the law. The bench set aside the impugned orders and directed the national commission to expedite the hearing of the matters on their merits, reinforcing the significance of the Act.
The Department of Town and Country Planning (DTCP) has issued a show-cause notice to the developer of Godrej Summit, a residential complex in Gurugram, and sealed two flats on the third and fourth floors due to the dismantling of the separating slab between them. The fourth-floor flat now lacks a floor, exposing the concrete mesh, while the third-floor apartment has no roof. Complaints from residents about cracks in balconies and walls of other apartments have raised concerns about the tower's structural integrity. The DTCP has ordered the developer to stop ongoing repair work, restore the flats to their original plan, and provide an explanation for the unauthorized alterations.
The district administration in Noida is set to auction 38 shops in Wave Mega City Centre's commercial project in Sector 18 due to the developer's failure to settle dues amounting to Rs 136 crore. The shops, located in Wave Silver Tower, will be auctioned with reserved prices ranging from Rs 48 lakh to Rs 2.7 crore. This action is part of the administration's efforts to collect outstanding dues from developers and hold them accountable.
The Residents Welfare Association (RWA) of Raheja Atlantis in Gurugram Sector 31 has received a show-cause notice from the Department of Town and Country Planning (DTCP) for the illegal building of businesses in common spaces. The letter makes clear that the society's pharmacy, grocery store, coffee shop, and salon were all constructed without the necessary permits, in violation of Section 3B of the Haryana Development and Regulation of Urban Areas Act. The RWA asserts that the buildings were designed for the convenience of older persons, but they will abide with the rules if the department has concerns.
Officials of the Maharashtra State Farming Corporation (MSFC) have been directed by Revenue Minister Vikhe Patil to create plans for multiple parks in the Samruddhi Corridor project. The project, which is being developed in two phases, aims to facilitate multimodal logistics and business parks alongside the Samruddhi Mahamarg (Mumbai- Nagpur Expressway). The plan is expected to generate employment opportunities and provide services to industries, including food parks, cold storage, warehousing, and packaging. The connectivity between the Samruddhi Corridor and the Shirdi Airport will enhance the value of these parks, allowing for easier export of produce and growth of service industries.
Oberoi Realty recorded a significant increase in net consolidated profit for the quarter ended March 31, 2023, with a growth of 106.71%. The company's profit after tax rose to Rs. 480.29 crore compared to Rs. 232.35 crore in the same period of the previous fiscal year. Net consolidated total income also witnessed a notable increase of 18.05% to Rs. 995.11 crore. The company's board of directors has proposed a dividend of Rs. 4 per share for the fiscal year 2022- 2023. Additionally, the board approved the issuance of non-convertible debentures for a maximum total of Rs. 1,500 crores.
Eldeco Housing & Industries reported a marginal 2.62% growth in net consolidated profit for Q4 FY23. The company's profit after tax increased to Rs 14.90 crore, and its total income rose by 23.72% to Rs 41.99 crore. Sales were impacted due to a lack of new launches, but the company expects to resolve these issues in the coming quarters. A final dividend of 400% was recommended, and the acquisition of Surya Season Foods was approved.
Home First Finance, an affordable housing finance company, saw shares worth Rs 330 crore sold by True North Fund V LLP, Aether Mauritius Ltd., and Orange Clove Investments BV. The transaction resulted in a decrease in the promoters stake and Orange Clove's equity in the company. Norges Bank and Society Generate acquired shares from Home First Finance. The company focuses on providing mortgages to low- and middle-income individuals in various regions of India.
The fully operational Construction and Demolition (C&D) waste plant supported by the Chandigarh Municipal Corporation has successfully recycled waste materials from construction and demolition sites, generating a variety of construction materials. These materials are being sold back to the government and private entities. Despite challenges with illegal dumping, the sale of recycled construction materials has been well-received. Various initiatives have been introduced to encourage citizens to use one of the twenty-three designated dumping grounds including an on-call vehicle facility to have waste collected from sites.
Tycoon Chen Hongtian finds himself in further financial trouble as agents appointed by creditors announce the tender sale of a HK$7 billion (US$892 million) commercial property in Hong Kong. The property, One HarbourGate East Tower, is part of the three assets that Chen seeks to regain control of. Savills, the sole agent overseeing the sale, has revealed that the tender will be available globally. This development prompts Chen to consider legal action, adding to the ongoing discussions with lenders and the challenges associated with his missed mortgage payments.
Greater Noida is grappling with a backlog of registrations for approximately 4,000 flats across 20 projects, despite developers clearing dues and acquiring necessary approvals. The Greater Noida Industrial Development Authority (GNIDA) has cautioned developers under the UP-Rera Act and issued a public notice outlining registration requirements. Reasons for the delay include developers' negligence, payment disputes with homeowners, and unsold flats. Officials and developers assure that they are working diligently to expedite the process and anticipate resolution within a month.
The Supreme Court of India has directed the Himachal Pradesh government to address objections to the Shimla draft development plan and publish a final plan within six weeks. The court emphasized that construction based on the draft plan is not allowed. The National Green Tribunal had previously declared the draft plan illegal and in conflict with its ruling. Construction of any kind without sanctioned plans were deemed unauthorized by the court, with applicants encouraged to seek remedy through the High Court. The state's view was deemed non-binding due to the overriding provisions of the NGT Act.
The Supreme Court has put a hold on a Bombay High Court order allowing builders to have recreation grounds on the podiums of their towers. The High Court's ruling had provided relief to builders whose projects were affected by the National Green Tribunal's order that required recreational grounds to be open to the sky. The Supreme Court's decision came in response to a petition challenging the High Court's order. The final decision on the matter will be determined during a hearing scheduled for July 31.
The Maharashtra Housing Board (MHADA) conducted its Konkan board lottery, offering 4,640 apartments and 14 plots. The event, held at Thane's Kashinath Ghanekar Auditorium, received an overwhelming response of 48,805 applications. MHADA implemented a computerized lottery system to ensure fairness and transparency. Chief Minister Eknath Shinde commended MHADA for fulfilling citizens' dreams of affordable housing. The live broadcast of the draw allowed approximately 47,194 people to witness the event. This successful lottery exemplifies MHADA's commitment to providing accessible housing solutions in Maharashtra.
The Orissa High Court has demanded a response from the Odisha Real Estate Regulatory Authority (ORERA) regarding allegations of failure to recover money from builders in disputes over possession and handover of flats. A Public Interest Litigation (PIL) was filed by a flat owner, highlighting ORERA's alleged neglect in executing court orders for money recovery. The court acknowledged an affidavit based on RTI information, revealing that no progress has been made in 53 cases related to money recovery. ORERA had sent these cases to the collector of Khurda, but civil courts have started returning them. ORERA cited a lack of necessary mechanisms to enforce orders, emphasizing the need for infrastructure.
Mumbai Police has announced that landlords do not need a No Objection Certificate (NOC) to rent out their properties. They have provided multiple ways for citizens to furnish tenant details, including an online application process. Landlords and tenants must ensure the accuracy of the information provided. The service is free, and any instances of bribery or malpractice should be reported to the police. The police also issued a preventive order to property owners, urging them to disclose tenant information through the Mumbai Police's citizen portal. These measures aim to maintain public safety and peace in the city.
Property registration earnings in Indore experienced a significant increase in April, driven by higher acquisition of residential and business properties. The surge in visitors to IT firms, offices, co-working spaces, and showrooms has fuelled the demand for both residential and commercial properties. Experts predict continued growth in the real estate market due to the demand generated by IT companies and commercial establishments. The recent reduction in stamp duty charges by the state government has made owning residential property in Indore more affordable.
Ganesh Housing Corporation (GHCL), a renowned real estate development company, has acquired a minority stake in its subsidiary, Gatil Properties. This acquisition, valued at approximately Rs 321 crores, has made Gatil Properties a wholly owned subsidiary of GHCL. The project entails the development of a future township in Godhavi, Ahmedabad, spread over 450 acres, with a potential development area of 15.3 million square feet and a saleable potential of over Rs 5,000 crore. The township will be introduced in five phases, with the first phase scheduled to start in the second half of FY24 and the subsequent phases targeted for completion by the second half of FY29.
Bollywood producer Sajid Nadiadwala, through his production business Nadiadwala Grandson Entertainment, has acquired a plot in the affluent Juhu area of Mumbai. The plot, roughly one-fifth of an acre in size, was purchased for Rs 31.30 crore along with additional stamp duty charges. In a separate transaction, Nalin Gupta, the managing director of J Kumar Infraprojects, has paid Rs 50 crores for two adjacent bungalows in Juhu, with a combined built-up size of 5,650 square feet. Juhu continues to be a popular residential destination for Bollywood actors, business leaders, and industrialists.
DLF, a prominent residential company, witnessed a remarkable increase in net consolidated profit, with a 40.45% growth in the quarter ending on March 31, 2023. The profit after tax rose to Rs. 569.60 crore compared to Rs. 405.54 crore in the corresponding period of the previous year. Despite a 4.63% decrease in net consolidated total income, amounting to Rs 1,575.70 crore in Q4 FY23, DLF recorded significant new sales bookings of Rs 8,458 crore, marking a substantial 210% YoY increase. For the fiscal year, the company achieved a total of Rs 15,058 crore in new sales.
The Directorate of Enforcement (ED) has begun investigating real estate developer Ansal API, following complaints of financial irregularities in their Lucknow township project. The probe is primarily focused on the company's Gurgaon project and potential violations of the Prevention of Money Laundering Act. Ansal API, whose promoter denies any economic offense, was admitted for insolvency proceedings in November 2022. This investigation marks a significant step in the government's efforts to address economic crimes in the real estate sector.
The National Housing Bank (NHB) has instructed all housing finance companies (HFCs) with an asset size over Rs 1,000 crore to integrate an Early Warning Signals (EWS) framework to curtail financial fraud and prevent accounts from becoming non-performing assets. This directive comes after an analysis of reported frauds revealed seller impersonation, submission of fraudulent documents, and builder-borrower collusion. The EWS framework aims to alert HFCs to potential risks, encouraging proactive risk management. The new mechanism is expected to be operational by April 1, 2024.
SEBI has proposed new rules for online platforms offering fractional ownership of real estate assets, aiming to protect small investors. The move calls for standardization, independent valuation, and increased transparency to prevent potential mis-selling. Under the proposed regulations, these platforms would need to register under the Regulatory Framework for Micro, Small, and Medium REITs, establishing separate trustees, sponsors, and investment managers. The proposal is the first step towards formulating new rules to govern this burgeoning sector.
The Pune Municipal Corporation (PMC) has extended the 40 percent tax benefit for self-occupied properties to the recently merged areas, easing concerns over high property tax rates. However, residents are confused about their bill status. Merged villages lack basic infrastructure and face higher taxes while receiving fewer amenities compared to central areas. The PMC has become the largest municipal corporation in Maharashtra after adding 23 villages. The Uruli-Phursungi areas will undergo demerger and have a separate governing body.
Bluestar Group, a potential buyer, has abandoned its pursuit of British housing provider Home REIT. The decision was made when Home REIT's board declined to grant an extension beyond the May 11 deadline for Bluestar to submit a firm offer. This comes after Home REIT had faced challenges, including concerns raised by short-seller Viceroy regarding the company's asset valuation. Home REIT, focusing on stabilizing its property portfolio, expressed its immediate priority of appointing a new investment advisor. Bluestar's withdrawal raises questions about the prospects and strategic direction of Home REIT.
Real estate consulting services company Property Pistol has received Rs 45 crore from investors including ICICI Bank and Baring Private Equity Partners to grow its operations. The company will use the money to diversify its leadership team across company functions and increase its presence in more recent markets, both domestically and internationally. It will concentrate on developing new products in addition to strengthening core verticals like the syndicate broker platform and project mandates. Property Pistol was founded by Ashish Narain Agarwal, an IIT alumni in 2012. It provides developers, real estate agents, and home buyers with a range of technological solutions as well as consultancy services.
Reliance Retail Ventures Ltd (RRVL) has acquired all Indian assets of German food wholesaler Metro AG, including 31 wholesale stores and six properties, for ?0.3 billion (?2,700 crore). The sale, which resulted in an EBITDA gain of ?150 million (?1,345 crore) for Metro AG, aligns with the latter's long-term growth strategy. All stores will retain the Metro brand during the agreed transition period. This significant acquisition bolsters Reliance Retail's footprint in the Indian market.
Mongolia's construction boom driven by the mining industry's profits presents a range of challenges for Ulaanbaatar. The rapid urbanization has led to the disappearance of the nomadic lifestyle, scarcity of public amenities, and traffic congestion. Outdated city planning strategies and a lack of effective implementation of infrastructure plans have contributed to these issues. Furthermore, allegations of corruption among public officials and questionable real estate deals raise concerns about the equitable distribution of wealth and the integrity of the construction sector. The situation calls for a comprehensive approach to balancing economic growth, urban development, and the well-being of Mongolian society.
Former President Barack Obama's Washington, D.C. townhouse, where he resided during his years as a senator, is now available for sale at a price of $1.279 million. The property's location, less than a mile from Capitol Hill and across from Stanton Park. The townhouse includes two residences, one of which was the first-floor apartment where Mr. Obama lived. The upper-level residence features an open layout with a kitchen, pantry, iron deck, backyard, two bedrooms, and off-street parking. Despite not being extravagant, the townhouse's convenience factor and bragging rights make it a desirable purchase.
The Cooperatives Commissioner of Maharashtra, Anil Kawade, has issued an advisory to housing societies in the state to promote transparency, efficiency, and effective grievance resolution. The advisory includes instructions such as limiting auditors' tenure, computerizing society information, and mandating timely meeting minutes. Kawade suggests setting up an advisory committee, promoting local complaint resolution, and establishing a clear hierarchy for escalating complaints. He also proposes the registration of a Federation of Housing Institutions to assist societies.
The Department of Town and Country Planning (DTCP) has sealed five residential buildings in Gurugram for violating building norms, including three in DLF 1 and 2 and two in South City 2. An office in the parking lot of an affordable housing project was also sealed. The violators had carried out unauthorized construction in the buildings after procuring occupation certificates from the department. The action was taken on the basis of complaints filed on the CM's online complaint window. The DTCP's enforcement team carried out the sealing drive after issuing show cause notices and restoration orders in all cases.
The urban development minister of Uttarakhand, Prem Chand Agarwal, expressed his dissatisfaction with the progress of Dehradun's Smart City project during a review meeting held earlier this month. The project, which was expected to be completed by June 2023, has caused inconvenience to the public due to delays and uncoordinated efforts. The minister urged authorities to speed up the work and increase night shifts to complete the projects before the monsoon season, while ensuring good quality. However, several projects, such as the smart roads and green building development, are falling behind schedule.
The Odisha Real Estate Regulatory Authority (ORERA) may waive the registration and late registration fees for affordable housing projects in the city. The state's Housing and Urban Development Department has requested ORERA to exempt authorities from paying the fees until amendments are made in the Odisha Real Estate (Regulation and Development) Rules, 2017. The government has proposed an amendment to exempt affordable housing projects from paying the fees, which is currently under process. As an interim measure, the department has proposed an affidavit from the Bhubaneswar Development Authority to exempt affordable housing projects from paying the fees.
The Noida Authority is set to scrutinize financial models from Gujarat, Haryana, Delhi, and Rajasthan, aiming to inform its land acquisition strategy for the upcoming Dadri-Noida-Ghaziabad Investment Region (DNGIR). This study, led by the planning department's general manager, will culminate in a report for state government approval. The initiative is part of the Authority's commitment to explore innovative land acquisition strategies, supporting its vision of phased industrial development in the region and creating over 50,000 job opportunities.
The Noida Authority has allocated Rs 500 crore for acquiring new land, even as over 550 hectares are yet to be reclaimed from encroachers. The Authority is surveying unused "dumped" land parcels across sectors for their potential use, while also pursuing legal avenues to recover disputed land. Efforts are underway to reclaim land from non-functional industrial and IT units. The Authority has also regularized land for eligible farmers to prevent future encroachments. Despite the challenges, the Authority has managed to secure Rs 40,000 crore in investments so far.
In a significant surge, foreign institutional investments in Indian real estate rose three-fold to $26.6 billion in the 2017-22 period, primarily driven by the USA and Canada, reveals a report by Colliers India. The report credits structural and policy reforms fostering transparency and easy business operations for this uptick. Despite a dip in domestic investments, India's favourable demographics, deep digital talent pool, progressive policies, and infrastructure advancements have all contributed to making it an attractive choice for global investors.
The Chandigarh Housing Board (CHB) has received final approval to launch its Sector 53 Housing Scheme. The scheme will now offer a total of 372 flats, including 32 additional units in the Economically Weaker Section (EWS) category. The online application process will be simplified, and applicants will not be required to submit documents initially. The cost of the flats will be recovered in five instalments with an interest rate of 12% per annum. Additionally, the CHB plans to introduce a standardized design for lifts in multi-storied units to streamline the construction process.
Former members of the management committee of Anjali Cooperative Housing Society in Andheri West have been banned from participating in society elections for five years due to their failure to submit audit rectification reports and alleged mishandling of financial affairs. The Deputy Registrar of Housing Societies issued the ban after complaints were made regarding the committee's actions. The committee members were found to have violated rules, resulting in financial losses to the society. The ban aims to protect the interests of the organization and its members while promoting transparency and accountability.
The Capital Region Development Authority (CRDA) has allocated an additional 268 acres of land to meet the demand for house sites in the districts of Guntur and NTR. This comes on top of the previously allocated 1,134 acres. The decision was made in response to requests from the district collectors who identified insufficient land to accommodate all applicants. The allocation includes 168 acres for NTR district and 100 acres for Guntur district. The state government aims to distribute the house sites to the needy this week, improving their living conditions.
The public in Thiruvananthapuram has expressed outrage over the significant increase in building permit fees. The Local Fund Audit report for FY 2021-22 highlighted cases where the civic authority failed to collect the necessary service cess, particularly for high-rise structures and commercial developments. Thiruvananthapuram Corporation has issued notices to applicants demanding payment of outstanding amounts. The audit revealed undercharging and non-collection of fees, leading to a loss of funds. The Local Fund Audit is responsible for auditing local self-government institutions and aims to increase accountability and financial compliance.
Housing Development Finance Corp (HDFC) is seeking to sell stressed loans amounting to over 2,000 crore that it extended to developers prior to its merger with HDFC Bank. These loans, spread across multiple accounts, including advances to owners of Radisson Blu properties, are now being discussed with asset reconstruction companies for liquidation. Alvarez & Marsal, a consultancy firm, is actively searching for potential buyers. The sale of distressed debts is aimed at preparing for HDFC's upcoming merger with HDFC Bank.
Indore, known for its business activities, is planning to construct two additional IT Parks to attract more IT/ITES companies to the area. One of these parks is proposed to be built in the Electronic Complex, while the other is set to be located near the Crystal IT Park. The new IT Parks are expected to offer amenities such as co-working spaces, conference rooms, gymnasiums, restaurants, and accommodation for visiting clients. The MPIDC is striving to create an environmentally friendly infrastructure, with solar panels and direct sunlight provisions included in the design. The new parks are expected to accommodate more than 50 technology firms and help stimulate economic growth in the region.
The local government in Chandigarh has separated charges for commercial property owners regarding doorstep waste collection from property tax statements. Commercial property owners will now receive waste disposal fees alongside their bi-monthly water bills. The resolution was made in response to grievances from property owners who received bills that were considerably higher than previous years. The MC has also planned to construct a new integrated waste processing plant for complete waste processing. The new plant will handle 550 MT of daily waste and have facilities for dry, wet, and horticulture waste.
Supertech has announced that it has successfully secured the necessary funding to complete its stalled projects. Having raised approximately Rs 1,200 - 1,600 crores from Oak Tree Financial, the company aims to fulfil its commitments to homebuyers, lenders, financial institutions, and land authorities by completing ongoing projects within the next two years. The recent Supreme Court decision abstaining from interference in the NCLAT's decision has allowed Supertech's promoters to obtain funds through a priority funding approach, ensuring project completion without external interference.
The Prayagraj Municipal Corporation has recently expanded its jurisdiction to include 20 new localities, resulting in the incorporation of these areas into the official records of the PMC. With the addition of these localities, the municipal corporation now has a total of 100 wards. Efforts are being made to ensure that properties in the newly created wards comply with PMC's house tax regulations. A GIS-powered study is also underway to provide precise data for the newly incorporated wards.
The retail megawatt Lifestyle has set its sights on expanding its retail presence to small towns in India within the next few years. Encouraged by the positive response received in cities like Raipur and Guntur, the company will open over 50 stores over next couple of years, with more 20 slated for this financial year itself. Along with a new avatar, the new stores will be smaller in size compared to their metro counterparts and will offer clothing, footwear, and beauty products at affordable prices.
A four-year-old girl sustains severe injuries after falling off the balcony of a high-rise building in Andheri East, Mumbai. The housing society had removed the protective glass panels from the balcony for renovation, failing to follow proper safety procedures. The girl's father has filed a complaint against the contractor responsible. The police have arrested multiple individuals, including the builder and contractor, for negligence. While undergoing treatment at Holy Spirit Hospital, the young girl's recovery journey begins.
In a corruption complaint filed at the anti-corruption bureau police station in Panchkula, Sudhir Parmar, his nephew Ajay Parmar, and managing director of the real estate firm M3M Roop Bansal have all been detained. On charges of criminal misconduct and bribery in accordance with Sections 7, 8, and 11 of the Prevention of Corruption Act and IPC Sec. 120 B. According to the report Parmar used his nephew to collect bribes from the proprietors of the M3M to mislead the ongoing cases filled with the ED against the builder. He also allegedly got them to hire his nephew as a legal advisor for M3M.
Indiabulls Real Estate's shares fell 20% on last week after the National Company Law Tribunal's Chandigarh bench refused to approve the merger of realty firm Embassy Group's specific residential and commercial projects with the company. It dropped significantly by 20% to close at Rs. 55.40 per piece on the NSE which was below the circuit limit. The company's shares were traded in a total volume of 20.29 lakh on the BSE and over 3.93 crore on the NSE during the day. The market value of the company decreased by Rs 748.59 billion to Rs 2,997.63 billion.
The sale of a plot on the London /Orange City Street Project fetched the Nagpur Municipal Corporation (NMC) its highest-ever sale price for a plot. The 80,000 square foot property was sold for Rs111.75 crore which equals about Rs 14,000 per square foot. Previously, the 26,997 square foot Air India land purchased by Kukreja Infrastructures in Civil Lines sold for the highest price of Rs33.01 crore or Rs12,227.28 per square foot. The NMC site is located in South-West Nagpur between Khamla and Sahakar Nagar.
Jupiter Hospital, a leading Mumbai-based healthcare chain, has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for a substantial Rs 900-1,100 crore Initial Public Offering (IPO). The IPO, which includes a fresh issue of Rs 615 crore and an offer for sale of 44,50,000 shares, is intended to fund the hospital's network expansion and debt reduction efforts. Promoters, including Dr. Ajay Thakker, Dr. Ankit Thakker, and Western Medical Solutions LLP, will retain their current stakes.
Noida and Greater Noida authorities are contemplating a co-developer policy to resolve the longstanding issue of incomplete housing projects. The proposed policy would allow new firms to invest in and complete these projects, provided they clear nearly INR 40,000 crore in land dues. This move could bring relief to many homebuyers who have been waiting for a decade for their homes. The policy, initially suggested by the Confederation of Real Estate Developers Association of India, also includes potential incentives for developers prioritizing clearing the dues.
The Supreme Court dismisses the plea to initiate insolvency proceedings against Supertech, a prominent real estate company, with the intention of protecting home buyers from potential hardships. However, the court decided that the Ecovillage 2 project in Greater Noida West will undergo insolvency proceedings under the Insolvency and Bankruptcy Code (IBC). The rest of Supertech's projects will continue with existing funds under the supervision of the Interim Resolution Professional (IRP), in collaboration with the current workers, employees, and management.
Chinese buyers are capitalizing on the relaxation of travel restrictions by flocking to Thailand's real estate market. Seeking to diversify their investments and secure properties abroad, they are drawn to Thailand's favorable market conditions, top-tier medical facilities, and international schools. Despite the continued impact of the pandemic, the influx of Chinese tourists and investors has provided a boost to Thailand's real estate agents, with major cities such as Bangkok, Chiang Mai, Pattaya, and Isan emerging as top choices.
Despite a decline in the number of houses changing hands in the first quarter of 2023, new analysis from property tech start-up Geowox has revealed that the median price for a home in Ireland rose to €305,000. This represents an 8.9% increase from the same period in 2022. Dublin remains the most expensive county, with the median price of a home sold up 8.1% year-on-year. However, the number of transactions declined by 2.5% compared to Q1 2022, likely due to higher European Central Bank interest rates. Nonetheless, industry experts anticipate that prices will remain elevated due to long-standing supply issues.
The asking price for Tidewood, a Massachusetts coastal mansion where convicted sex trafficker Ghislaine Maxwell previously resided, has been lowered by almost $1 million. The property, located in Manchester-by-the-Sea and owned by a company linked to Maxwell's former partner, Scott Borgerson, is now available for $5.85 million. Tidewood was originally listed for sale at $7.8 million in April 2020, with the most recent asking price being $6.75 million. The property is considered one of the oldest in the state and features a blend of period details and modern upgrades.
Panchkula residents are facing a grave issue as construction and demolition waste continues to accumulate in vacant areas throughout the region. The Municipal Corporation's indifference to the violations has allowed violators to go unpunished, resulting in the city's transformation into a wasteland. Despite the corporation's resolution to impose fines and provide designated disposal areas, the response from individuals and entities has been lacklustre. The lack of accountability and action from the civic body has caused dissent among the locals, who feel let down by their elected representatives.
The urban development authorities of Gujarat’s two major cities, Ahmedabad, and Gandhinagar are collaborating on a joint development plan (DP) to be completed by March 2024. The plan will integrate the roads and civic infrastructure connecting both cities and consider the non-agricultural land of the 69 villages within Ahmedabad Urban Development Authority's green zone. The joint DP is also expected to improve the overall development of the two cities, as there is no clear boundary between them. However, experts caution that the plan must prioritize policy and prospects rather than project-driven development to prevent conflicts of interest.
The landmark Victoria Zenana Hospital in Hyderabad, the city's first all-women hospital, is slated for demolition this month to accommodate a new multi-level parking lot for the Telangana High Court. Despite government approval for the demolition, heritage conservationists insist the 120-year-old building could be repurposed. The decision to raze the site, which once housed pioneering women doctors and is a notable example of Indo-Saracenic architecture, has sparked intense debate about the need for urban development versus the preservation of historical heritage.
Greater Chennai Corporation (GCC) is imposing hefty fines, over Rs.20 lakh monthly, to enforce proper debris disposal as part of their management strategy. Amidst rampant construction and demolition, property owners are held responsible for their waste. The city generates around 500 tonnes of debris daily, which is now managed by a hired private contractor. The contractor collects waste from designated dump sites and transports it to processing centres, where it's turned into reusable resources like sand. This initiative balances Chennai's rapid urban development with environmental sustainability.
In response to concerns over open space policies, local residents of Mumbai have written an open letter to Chief Minister Eknath Shinde, Deputy Chief Minister Devendra Fadnavis, and BMC Chief IS Chahal. The letter, made public on last week, calls for rigorous enforcement of the city's open space policy to prevent misuse, and for the maintenance and caretaking of public spaces to become a mandatory duty of the BMC.
The Maharashtra State Electricity Distribution Company Limited (MSEDCL) has disconnected power to 16,413 defaulting consumers in Pune, who failed to clear three months' worth of electricity bills. The MSEDCL is also processing disconnections for another 71,098 customers with unpaid dues. The crackdown, which includes commercial, industrial, and domestic consumers, is part of a special drive to recover long-overdue payments. Defaulters have been warned of strict action under the Indian Electricity Act 2003 if they resort to unauthorized power sourcing.
In an effort to address the problem of stalled real estate projects, Forum for People's Collective Efforts (FPCE) President Abhay Upadhyay has suggested lifetime bans for the responsible developers. Proposing nationwide audits to identify such projects, Upadhyay recommends removing the original promoters from their roles and conducting forensic audits to trace fund diversions. The suggestions, aimed at safeguarding homebuyers' interests, were presented to Amitabh Kant, Chairman of the Committee on Stalled Projects. The issue remains particularly severe in Delhi-NCR, one of India's largest property markets.
The Uttarakhand government plans to build eight new theme-based townships in the state, with two more sites currently being studied. The government has proposed a city in Parag Farm and another in Doiwala, and 10 out of 20 locations have been shortlisted for development. The projects include a Film City, a Cyber City, a Wellness Township, a Haldwani Twin City, and a Tourism Township. The aim is to draw investment and generate jobs while keeping up with population growth in urban areas.
The Kerala state government has completed 1,379 houses under the Life Sampoorna Parpidam Scheme, with a goal of constructing houses for 8,703 beneficiaries by 2024. In addition, the government has implemented the 'Manasoduithiri Mannu' scheme to provide land to the landless. The construction of housing complexes for beneficiaries is also ongoing in various areas.
The Pune Municipal Corporation (PMC) is streamlining the procedure for obtaining a 40 percent reduction in property tax. However, political leaders across the spectrum have raised concerns about the lengthy process involved in obtaining the rebate. The PMC has requested numerous documents from citizens, causing confusion and uncertainty among the public. Despite the state government's directive to reimburse supplementary taxes for individuals residing in newly built estates, the PMC has opted to distribute the tax evenly across property tax invoices over the next four years.
Ajmera Realty & Infra India (ARIIL) has reported a 7.85 percent increase in its net consolidated profit for the fourth quarter of the financial year 2022-2023. The company has also decreased its debt by 7 percent and procured property worth approximately Rs 550 crore for development purposes. The board of directors has proposed a final dividend of Rs 3 for each equity share with a face value of Rs 10, pertaining to the fiscal year concluding on March 31, 2023. Despite a decline of 35.85 percent in its net consolidated total income from operations, ARIIL's sales volume and valuation have surged in FY2023.
The Nexus Select Trust's IPO was subscribed 5.45 times on the final day of subscription. The offer to sell shares worth Rs 3,200 crore received bids for 101.03 crore units compared to the 18.52 crore units available for sale. The REIT is financially backed by Blackstone and owns 17 functional shopping centres, including Delhi's Select City Walk, in 14 cities covering 9.8 million square feet. Blackstone's ownership stake in Nexus Select Trust will decrease from 60 percent to 43 percent following the IPO.
The Quelossim village panchayat has updated its house tax rates, which had not been changed for over 25 years. The revision was approved smoothly during the gram sabha gathering, and houses made of mud that have been in existence since 1996 will be charged Rs 100 annually. Houses constructed with cement, bricks, stones, or Mangalore tiles will be charged Rs 200 annually. Houses constructed with slabs made of reinforced cement concrete are obligated to bear a fee of Rs 5 for every square metre, and individuals requesting occupancy certificates will be required to remit a fee of Rs 8 for every square metre.
The joint venture between the Allianz Group and the Shapoorji Pallonji Group has announced plans to sell Waverock, a large IT SEZ in Hyderabad, which is home to several major tech companies. The property was originally purchased in 2019 from Singapore's sovereign wealth fund GIC and New York-based developer Tishman Speyer. The property has attracted interest from institutional investors and has a capacity of up to 20,000 professionals.
The UK's housing market has seen homes being sold at a faster pace in several parts of England and Wales, according to a report from GetAgent.co.uk. The average time taken to sell a home in England and Wales has reduced to 44 days, despite the uncertainty caused by last September’s mini budget. However, this trend is not consistent across all regions. The report also showed that Westminster district, with the SW1Y postcode, had the quickest average time for selling a home, followed by Northumberland’s TD15 postcode. The recent report from Nationwide showed a slight improvement in the annual decline of house prices, with a 0.5% increase in April compared to March.
A waterfront property known as Palm Harbor, located in the Florida Keys and previously used as a location for fashion brand photoshoots, has been sold for a record-breaking price of $23 million for a single-parcel sale. This isn’t the first time the property has set a record, as it previously did so in 2015 when it sold for $13.125 million. Both sales were handled by Kelly K. Shaw, a broker associate with American Caribbean Real Estate, and her son Trent M. P. Shaw.
Despite being approved by the NCLT-Bengaluru bench, the merger of NAM Estates and Embassy One Commercial Property Developments with Indiabulls Real Estate (IBREL) has been delayed by the NCLT-Chandigarh court. Due to concerns made by the NCLT-Chandigarh in relation to Income Tax department objections to the merger, IBREL addressed the complaints and sought to appeal the verdict. IBREL's board will meet to examine the next steps even though the merger has already gained backing from shareholders and clearance from other regulators.
The Noida Authority has given Supertech's chairman, R.K. Arora, ten days to pay the INR 26 crore ($3.5 million) worth of recovery certificates (RCs) issued by UP-RERA that the company has not yet fulfilled. Last week, the Supertech chairman committed to paying INR 2 crore ($270,000) and making settlements of INR 5 crore ($670,000), pledging that the company will soon pay the remaining dues. This move is part of the district administration's drive to collect Rs 503 crore against 1705 RCs issued by UP-RERA to 101 developers.
With a top-line potential of INR 1,300 crore (about $175 million) and an estimated saleable area of 1.9 million square feet, Kolte-Patil Developers has announced the signing of two new residential development projects in Pune, India. The business has purchased 5 acres of land in Wagholi to build the MIG residential project there. It has also formed a joint venture to build the NIBM Road premium residential project. With these initiatives, Kolte-Patil hopes to solidify its dominance in Pune's high-potential micro markets.
Nearly 1,000 cooperative housing societies in Pune, India, are waiting for the implementation of a single-window system announced in 2019 for the clearance of self-redevelopment projects. The delay in the issuance of the order by the state government has caused inconvenience and delays, and many societies have adopted a wait-and-watch policy. Representatives of the state housing federation have made representations to the government to expedite the implementation of the single-window system and ensure that the Maharashtra State Bank's budget for self-redevelopment is implemented as soon as possible.
The failure of civic bodies in Hyderabad to ensure that traffic carrying capacity of a road is assessed before giving permission for a new building has left many residential areas choked under vehicle pressure. Builders are not conducting mandatory Traffic Impact Assessment (TIA) when seeking building permissions, and the Greater Hyderabad Municipal Corporation and other ULBs within Hyderabad Metropolitan Development Authority are not strict about conducting traffic studies. With permissions being given freely, small by lanes are turning into major bottlenecks, causing gridlock and making it difficult for residents to access their homes.
The Pune Municipal Corporation estimates that around 30,000 properties over PMC limits, including 34 merged areas, are liable for fire safety preparedness audits. However, only 800 to 1,000 certificates are submitted annually to the department. More than 90% of housing societies and commercial properties in Pune do not have certified firefighting systems, making them more susceptible to fire accidents. The PMC is taking necessary measures to make citizens aware of the importance of fire safety preparedness.
Former Chairman Anil Kumar Sharma of Amrapali Group was denied bail by the Supreme Court after being accused of cheating thousands of homebuyers and siphoning off their hard-earned money for personal benefit. The court stated that he did not deserve sympathy as he had left behind a mess, making it difficult for the court to tackle the problem. The company had 16 incomplete projects, consisting of 46,575 units in Noida, which required Rs. 8,000 crores to complete.
Delhi's iconic Jama Masjid is set to receive a much-needed facelift as part of a redevelopment plan conceptualized in 2004. The Shahjahanabad Redevelopment Corporation (SRDC) has approved a fresh tender issued by the Public Works Department (PWD) for preparing a detailed project report (DPR) for the mosque's redevelopment, which includes the refurbishment of surrounding areas such as Meena Bazaar, construction of walkways, pedestrian passages, and common utility ducts. The first part of the project will focus on the area around Jama Masjid, while the second part will require a new DPR for revamping the mosque's premises.
The town planning committee of Ahmedabad has raised alarm among developers by announcing that buildings in the 200m buffer area of prime zones, which were initially outside the zone when the town planning scheme was formulated, will not be permitted to have an FSI of 4. This ruling will impact plots that were once part of the buffer zone but were later moved outside. The objective behind this decision is to prevent individuals from deceiving the corporation to obtain a higher FSI. As a result, this ruling will have substantial consequences for developers and landowners situated close to premium thoroughfares such as the Metro, BRTS, TOZ, and CBD.
MahaRERA, the Maharashtra Real Estate Regulatory Authority, has issued show-cause notices to over 584 promoters of housing projects for not updating information related to their projects. As per the RERA Act, certain information needs to be updated every three months and financial details once a year. The regulator had expected these new developers to update the information by April 20, but they failed to do so. The regulator has given them 15 days to update the information, failing which action will be initiated.
The government is reportedly planning to introduce a special carve-out within the Insolvency and Bankruptcy Code (IBC) to exempt homebuyers who occupy a house without completing the necessary paperwork from being considered part of a builder's inventory. This would prevent a situation where a homeowner who has taken possession of the property and has been living there for years, faces questions about their eligibility for the full value of the house, while other creditors take a significant cut as part of debt resolution of the builder. The proposed change would benefit consumers, but the process may get complex.
An expert committee is set to convene on May 16 to review Haryana's contentious fourth-floor policy in residential areas. The panel will deliberate on issues such as structural damages, parking shortages, and environmental implications. While developers push for upgraded infrastructure and policy restoration, residents argue that existing services are already overstretched. The outcome could significantly reshape housing construction and infrastructure development in the state.
Kottayam district in Kerala is witnessing a surge in vacant NRI-owned mansions due to an increasing trend of overseas migration. The once-thriving region, flush with NRI investments, now hosts nearly 100 such deserted properties up for sale. The trend, initially led by the Knanaya Catholic community, has spread across other local communities, causing a significant increase in unoccupied homes. Local businesses, schools, and societal structures are affected, leading to calls for government intervention to understand and address this mass migration phenomenon.
The Tamil Nadu Pollution Control Board (TNPCB) is set to launch criminal proceedings against apartment complexes in Padur, near the Muttukadu backwaters, for severe environmental transgressions. The directive follows a complaint lodged with the National Green Tribunal (NGT) by a local resident, highlighting improper waste disposal in this ecologically sensitive region. In response, the apartment owners have been instructed to pay a penalty of 81.9 lakh for environmental damage. The case highlights the critical need for effective waste management and strict adherence to environmental regulations in rapidly urbanizing areas.
The Jamshedpur Notified Area Committee (JNAC) has begun a series of unexpected audits of commercial buildings, penalizing owners unlawfully using basements for business operations. The inspections, set to continue over the coming weeks, were initiated after three stores were found violating regulations. These actions follow a directive from the Jharkhand High Court, emphasizing the enforcement of municipal rules and building codes. Owners have been instructed to clear out the parking spaces within a week, with the JNAC set to enforce penalties for non-compliance.
Prime Minister Narendra Modi is set to inaugurate over 42,000 houses in Gujarat under the Pradhan Mantri Awas Yojana (PMAY), costing 1,946 crore. The event, dubbed 'Amrut Awas Utsav', will take place at Gandhinagar's Mahatma Mandir. The PM will also facilitate the housewarming ceremony for nearly 19,000 homes and lay the foundation stone for more than 4,000 houses. Additionally, a short film highlighting PMAY's impact will be screened during the event.
In an urgent move against illegal alterations, the Brihanmumbai Municipal Corporation (BMC) has issued stop work notices to 65 flats in two Malad-Marve high-rises. The owners, in violation of regulations, had undertaken unauthorized modifications, merged apartments and even installing lifts. The offenders, warned of demolition and penalties, now face significant consequences for compromising the structural integrity of their buildings. The BMC's swift action serves as a stark reminder about the importance of adhering to safety regulations and building codes.
The ASK Property Fund, a real estate private equity division of the ASK Group, has successfully closed its sixth fund with over Rs 1,500 crore. The primary goal of the fund will be to invest in mid-income and affordable residential development projects in India's top five cities, including Mumbai, Pune, the National Capital Region, Bengaluru, and Chennai. The average ticket size of the investments is roughly Rs 10 crores and more than 60% of the most recent fund's investors are returning participants from the prior fund including domestic investors, foreign corporations and family offices.
Mindspace Business Parks REIT announced a net loss after tax of Rs. 339 million in Q4 FY23, compared to a profit of Rs. 1336 million in the same period the previous year. However, the net consolidated income increased by 19.9% to Rs. 5,723 million. The REIT approved a pay out of Rs. 4.81 per unit, totalling Rs. 2,852 million. The NOI increased by 9.2% YoY to Rs. 4,364 million in Q4 FY23 and in FY23 by 13.2% YoY to Rs. 17,101 million. The REIT obtained Rs. 5.5 billion through green bond issuance and raised a total of Rs. 15.4 billion through NCDs.
According to a report published last week by Realtor Magazine, the unstable market conditions in the US are causing homeowners to be reluctant to sell their properties, resulting in a serious shortage of supply. The number of homes listed for sale in April was significantly lower than pre-pandemic levels, and new listings dropped by 21.3% compared to the same period last year. Among the 50 largest metropolitan areas analysed in the report, only Austin, Texas had more inventory in April than the average levels seen between 2017 and 2019.
Last week, Sunac China Holdings Ltd, a property developer in China facing difficulties, announced that approximately 85% of its current bondholders have accepted a debt restructuring plan. Although the company had already met the minimum requirement for the plan in April, when creditors owning around 75% of its current debt had agreed to the proposal, some of them requested more time to complete certain internal processes.
The Panvel Municipal Corporation collected a significant amount of Rs 165 crore from property taxes during the financial year 2022-23. As a result, PMC has decided to offer property owners a 5 percent reduction in the current property tax bill until May 31, 2023. The local administration also promoted the use of digital payment methods for property tax and provided incentives to proprietors of solar energy and rainwater harvesting societies.
The Municipal Corporation of Delhi (MCD) has received consent from the Delhi government to increase the transfer fee on property sales by 1 percent for properties valued over Rs 25 lakh. This proposal has been endorsed by the special officer and municipal commissioner and forwarded to the Delhi government for approval. The increase in transfer fee is expected to generate revenue and enhance the financial status of MCD after the unification process. The registration fee in Delhi is also discussed as an important payment required for property registration.
Manthan Downtown is undergoing a revitalization project aimed at transforming the urban core. The project includes the conversion of vacant offices to residential spaces, mixed-use development, and the introduction of amenities to attract diverse residents, promote economic growth, and create a strong sense of community. The initiative offers incentives for developers, tax breaks for conversion projects, and affordable housing options. Additionally, there are efforts to improve green spaces, transportation options, and establish a vibrant atmosphere with various dining, shopping, and entertainment venues.
According to a report by the Maharashtra Real Estate Regulatory Authority (MahaRERA), only 39 out of 277 recovery warrant orders have been executed by the district administration of Pune, resulting in only Rs32.92 crore being recovered out of the total amount of Rs170.37 crore owed by errant realtors. The slow process of execution of orders in Pune district has been attributed to the lack of a dedicated team and difficulty in finding properties of errant builders for auction. Homebuyers have expressed frustration at the inordinate delay in executing recovery warrant orders.
The Chandigarh Housing Board had cancelled the flat allotment for the rent defaulters. The CHB cancelled 100 allottees and also sent notices to all the small flats that were rented and dues not paid. About Rs.50 crores were outstanding from the small flats rented out. Once the allotment is cancelled, the tenants must vacate the flat and if the dues are paid with interest and revival charges, the flat can be restored. About 18000 flats are under restoration in Chandigarh. Besides cancelling allotments, show cause notices have also been sent to some tenants to pay off their pending dues.
The Ahmedabad Urban Development Authority (AUDA) revealed a 0.55% to 28.4% price increase for five Bopal plots in just two years. Bopal's strategic location and improved infrastructure have contributed to its real estate boom. AUDA's recent evaluation of 17 plots, including the Bopal properties, resulted in a combined value of INR 1,238.35 crore. The new jantri rates, which have doubled, may further accelerate property value growth. Bopal's rapid development is attracting real estate investors and developers, making it a key player in Ahmedabad's thriving real estate market.
Residents of Migsun Green Mansion in Greater Noida have filed a complaint with local authorities over an unauthorized temple being built in the complex's common area. The temple is being constructed on a park that serves as the only play area for children, leading to concerns about encroachment and reduced space. Tensions continue to rise between the residents and the builder, with each party disputing responsibility for the construction. The outcome of this conflict remains uncertain, as authorities have yet to intervene to resolve the issue and ensure the common area remains a safe and enjoyable space for all residents.
Gurugram's infrastructure is under immense pressure as over 20,000 new builder-floors have been constructed since 2017, following the Haryana government's allowance of stilt plus four floors. The city's infrastructure, initially designed for two and a half floors per plot, now faces issues such as water supply problems, broken roads, and power outages. Despite government assurances, residents demand a halt to the registration of fourth floors and call for infrastructure upgrades to manage the strain on civic amenities.
The Maharashtra state environment department has directed CIDCO to take action against Bhumiraj Builders for violating environmental norms on Parsik Hill. Despite being called for a hearing by the State Human Rights Commission, CIDCO failed to appear. The state environment department has given CIDCO seven days to act against the builder, who has been accused of cutting slopes on the hill in violation of the leave and license agreement. This is not the first time CIDCO has faced environmental issues.
Godrej Properties sees 75.48% growth in net profit by March 31, 2023, with its net consolidated total income reaching Rs.1,839 crore in Q4FY23, up by 20.77% from the previous year. The company's earnings per share has also seen a significant increase, reflecting its strong financial performance. In addition to its financial success, the company has added 18 new residential projects in key cities, showcasing its focus on sustainable and innovative development.
Dharmesh Jain and his brother Rajeev, directors of Nirmal Lifestyle Construction Company, were arrested and sent to judicial custody for failing to hand over flats to 54 buyers in three incomplete projects, cheating them of Rs. 43 crores. The court denied their bail application, fearing their influence could tamper with evidence. The Economic Offences Wing had taken up the case, with three FIRs registered against the Jain brothers for cheating more than 700 buyers.
The Australian property market has seen a resurgence with home values increasing for two consecutive months, according to a report by CoreLogic. Sydney ranked first for April with a 1.3% increase in median home price compared to the previous month. The return of overseas buyers and a shortage of rental properties are cited as primary factors contributing to the positive trend. The stabilization of interest rates is also playing a role in the market's recovery.
Vonovia, one of Europe's largest residential real estate companies, has sold five properties to CBRE Investment Management for around 560 million euros. The sale is due to the negative impact of high interest rates and increasing costs of construction and energy on property values. Two of the properties have a total of 1,350 residential units and are in the final stages of construction, with an expected completion date of August 2023. Despite a decrease in group funds from operations in the first quarter, Vonovia's CEO expressed optimism for the real estate sector due to the recently closed deal.
Brookfield Asset Management and Tata Group are in talks to invest in Nexus Malls ahead of its planned IPO. The Blackstone-owned real estate investment trust is valued at around $3 billion and aims to raise $390 million through the share sale. Nexus Malls owns 17 commercial assets across 13 Indian cities and has seen a significant reduction in losses in the fiscal year ending March 2022. The IPO is set to begin trading on May 19, with lead book-running managers including Axis Capital, IIFL Securities, and BofA Securities India.
The Chennai Metropolitan Development Authority (CMDA) has fully digitized its planning and approval processes, aiming to streamline operations and stimulate the city's real estate sector. Since the digital transition last June, 330 online planning permissions have been issued, indicating improved efficiency. The move has been welcomed by industry professionals, who anticipate quicker construction and approval processes, alongside enhanced transparency for home buyers.
Indore Municipal Corporation (IMC) plans to extend its rainwater harvesting initiatives to an additional 100,000 buildings this year, following promising results from last year's efforts. The plan is expected to increase groundwater levels and aid in water conservation. While no definitive scientific data exists yet, the trends suggest a positive correlation between rainwater harvesting and groundwater replenishment. The initiative is supported by legislative measures, making such systems mandatory in Indore, emphasizing the city's commitment to sustainable water management.
In a bid to combat waste accumulation on vacant plots in Salt Lake, the Bidhannagar Municipal Corporation (BMC) is instituting a clean-up fee for leaseholders. The fee will be added to their property tax bills, streamlining payment and ensuring continued maintenance of these areas. This initiative is part of a broader effort to prevent these unused plots from becoming mosquito breeding grounds and public health risks. Leaseholders must settle all tax dues, including the cleaning fee, before the BMC approves any building plans, fostering a sense of shared responsibility for urban cleanliness and sanitation.
The Municipal Corporation of Chandigarh (MCC) has launched a two-month rebate period for property tax payments, during which residential and commercial property owners can avail of discounts of up to 20% and 10%, respectively. The MCC has contracted the Indian postal service to disseminate property tax invoices and has established assistance counters to address the concerns of taxpayers. Failure to pay property taxes within the rebate period will result in additional charges and interest. The MCC is optimistic that many taxpayers will take advantage of the rebate period and pay their taxes in May, historically the month with the highest number of payments.
The Piramal Group is seeking buyers for its portfolio of foreclosed real estate properties, which includes outstanding debts and unpaid security receipts. The portfolio is jointly owned by Piramal Enterprises (PEL) and its subsidiary Piramal Capital & Housing Finance (PCHFL) and includes real estate projects located in Mumbai, Pune, Bengaluru, and Gurgaon. E&Y has been hired as a consultant to assist with the resolution of these assets, and the company plans to launch an auction by the first week of June.
The Runwal Group has acquired GIC's entire 50% ownership in their joint retail development R City Mall for almost Rs 1,000 crore, making it one of the biggest purchases of a single property in the Indian retail sector. The mall is located in Mumbai's Ghatkopar area and features over 300 businesses in fashion, food, beverage, and entertainment industries. The acquisition allows Runwal to fully manage the asset and is expected to benefit from the increasing demand for high-quality retail assets in India.
The Supreme Court has directed the Brihanmumbai Municipal Corporation (BMC) to rework the capital value of all properties in Mumbai and refund citizens who paid property tax for the years 2010 to 2012 as per the Capital Valuation System (CVS). The high court had set aside certain rules framed by the BMC for retrospective tax assessment and directed them to frame new rules and issue fresh bills. This decision will have significant implications for the BMC and the citizens of Mumbai as property tax is the second largest source of revenue for the civic agency.
The Maharashtra State Consumer Disputes Redressal Commission has ordered a housing society in Deonar to pay Rs 55,000 as compensation and carry out repairs and water-proofing of two row houses owned by residents who had been regularly paying monthly service charges. The society had failed to fix the leakage and waterproofing of the houses, despite carrying out waterproofing of all the other units in the colony. The commission observed that a housing society cannot shirk its responsibility of necessary maintenance only because the owners have given the house on rent.
Blackstone Inc has once again restricted withdrawals from its $70 billion real estate income trust due to a surge of investor redemption requests. The company has been using its authority to prevent investors from withdrawing funds if the requests exceed 5% of the fund's net asset value. Despite this, the trust has delivered strong performance with an annualized net return of 12.3% since its inception and has paid out nearly $5 billion to shareholders who redeemed their shares. Blackstone REIT's fundraising in 2023 has just kept up with the redemption of its shares since November.
The pricing range for India's Nexus Malls' 32 billion rupee ($391.1 million) initial public offering has been set at 95 to 100 rupees per unit. Nexus Malls is a portfolio of mall real estate investment trusts financed by Blackstone Inc. The REIT formerly known as Nexus Select Trust intends to issue new units worth 14 billion rupees and to make existing holders an offer to sell their existing units for 18 billion rupees as stated in the offer document.
The Uttarakhand Government has announced plans to introduce a new law with strict provisions for purchasing land in the state. The move comes after concerns raised by Chief Minister Pushkar Singh Dhami about "land jihad", or encroachments on state-owned land by way of building religious structures. The new law will examine the background of prospective buyers and their reasons for purchasing land in Uttarakhand, with officials aiming to prevent "people with dubious backgrounds" from buying land in the state. The government will also make necessary changes to existing land-related laws and bring an ordinance over the issue.
Trichy Corporation collected 32% of total dues for the first half-yearly tax cycle due to the state government's incentive for those who paid their property taxes on time. Officials reported a sum of Rs 18 crore collected in April alone. Despite the delayed announcement, the municipality observed an increase in tax revenue after offering a 5% discount. Educational institutions and commercial properties are paying their taxes ahead of schedule to receive deductions. The accumulated amount of property tax is utilized to support public services within the city.
The U.S. housing market is experiencing a substantial decline in home listings, with new listings down by 22.4% year over year due to homeowners' reluctance to sell. This scarcity has led to a competitive market and prevented prices from falling rapidly. Although pending home sales have decreased, homes are selling quickly, with almost half selling within two weeks. The impact on prices has varied across different U.S. metro areas, with some experiencing significant declines while others see increases. Prospective sellers may be encouraged to enter the market as sustained high home prices may balance the supply-demand dynamics in the future.
A recent report by the Pune Cooperation Department revealed that approximately 17,000 registered housing societies in Pune lack conveyance or deemed conveyance. Incomplete documentation and property disputes are the main reasons for this situation. To tackle this problem, the state government is planning to conduct monthly camps to educate and assist housing societies in applying for conveyance or deemed conveyance. An app has also been launched to guide housing societies through the process, and social media groups have been formed to create awareness.
The Bombay High Court has granted a group of 78 flat purchasers of RNA Palazzo, a stalled residential project in Kandivli, the right to self-develop the remaining parts of the project. The flat purchasers had formed an association and filed a suit against the developer seeking specific performance by the builder of their agreements for flats. The court appointed the association of flat purchasers as an agent of the court receiver to take charge of the project and self-develop the remaining parts.
The UP government plans to begin the land acquisition process for the second phase of the Noida International Airport in July. Two townships will be established in Falaida Cut and Modal Pur to resettle the impacted villagers. The government requires 230 hectares of land to build the townships, and officials have issued notifications for people to file objections. After addressing objections, compensation will be handed out, and land will be acquired. The resettlement process is estimated to take two years, and families will be given jobs or a one-time payment of Rs 5 lakh. Connectivity will be improved by linking the townships to nearby roads.
Senior Town Planner Sanjeev Mann has called on the Department of Town and Country Planning (DTCP) to revise the payment plan for Mahira Homes in Gurugram's Sector 104, linking it to construction progress rather than a predetermined timeline. The request comes after homebuyers raised concerns about the stalled project and lack of construction progress. Mann's proposal aims to safeguard buyers' interests while pressuring the developer to prioritize the project's timely completion. The DTCP's response to these recommendations will play a crucial role in addressing the concerns of homebuyers and ensuring transparency and accountability in the real estate sector.
Real estate developers in India secured 87 land deals totalling 1,862 acres during FY23, as reported by Anarock. This is a significant increase compared to the 44 deals accounting for 1,649 acres in FY22. The majority of deals took place in major cities, with Mumbai and Delhi-NCR leading the way. Anarock Chairman Anuj Puri highlighted the aggressive land purchasing by developers to meet strong housing demand. The increased number of land deals signals ongoing growth in the real estate sector and developers' determination to secure prime land parcels for both residential and commercial projects.
As monsoon season approaches, the Kolkata Municipal Corporation (KMC) is taking comprehensive measures to ensure residents' safety. With around 2,300 insecure structures, KMC is prioritizing repairs and demolition of high-risk buildings, while revising building codes to improve safety standards. Borough-specific teams are being established to monitor dilapidated buildings and relocate tenants as needed. Additionally, KMC is collaborating with local disaster management authorities to develop a comprehensive disaster response plan, aiming to minimize potential damages and loss of life during upcoming storms and future natural disasters.
CPP Investments and RMZ Corp will jointly develop a commercial office project on Mumbai's historic Kamalistan Studio's 15-acre land. The iconic studio, established in 1958, is known for Bollywood blockbusters like Pakeezah and Amar Akbar Anthony. This marks the second collaboration between the firms, following their 2021 joint venture to develop 10 million sq ft of office spaces in Hyderabad and Chennai. The project is expected to meet the growing demand for high-quality office spaces in India's key cities and contribute to Mumbai's ongoing urban renewal efforts.
Maharashtra's property registration department is set to improve accessibility and convenience for homebuyers and developers by expanding its services to weekends. Revenue Minister Radhakrishna Vikhe Patil recently approved the decision to open 27 additional offices for property registration on Saturdays and Sundays. This move is in response to increasing demand for weekend services, as many homebuyers and developers prefer registering property documents during non-working days due to job commitments.
Supertech Ecovillage 1 residents in Greater Noida West have initiated an indefinite sit-in protest, demanding improved infrastructure and amenities. Key concerns include comparable electricity rates to Noida Power Company Limited (NPCL), rationalized covered parking charges, and completion of car parking facilities. While the builder claims negotiations are ongoing, the two new concerns require further investigation into financial implications. As a concession, the builder has offered to reduce charges for power increase and covered parking, but it remains to be seen if these offers will appease the protestors.
Gurugram officials have taken action against building code violations, sealing two residential properties in DLF 1 and an unauthorized office in Palm Springs Plaza's basement. The properties had breached provisions of the occupation certificate and Haryana Building Code, leading the Department of Town and Country Planning to enforce the closures. The crackdown emphasizes the local government's dedication to upholding regulations and maintaining a safe living and working environment, as Gurugram continues to grow and develop.
The state government of Lucknow is taking strict measures to eradicate illegal construction and encroachments made on government lands. The State Level Anti-Mafia Task Force (SLALMTF) has been formed to put a stop to encroachments, and the government has passed an order for all state urban bodies to report any encroachments on public lands, parks, and ponds within their jurisdiction. The revenue department and Directorate of Local Bodies are working together to update information on the Anti-Land Mafia Portal (IGRS Portal). A four-level task force has been established for analysing the anti-land campaign at various levels.
Residents of Gurugram's Chintels Paradiso, where two people perished in a building collapse last year, are requesting changes to the developer's compensation offer. Homeowners have two alternatives from Chintels India: a buyback offer or renovation, however the latter option has drawn criticism from locals because it entails paying an extra Rs 1,000 per square foot to the developer. Additionally, they are demanding that rent be paid up until the time that their apartments are rebuilt, and that the construction be completed within a certain amount of time.
Jaiprakash Associates, a flagship firm of the Jaypee Group, has defaulted on loans amounting to Rs 4,161 crore, including principal and interest amount. The company has been taking steps to reduce its borrowing and has proposed divestment of its cement business and restructuring. However, ICICI Bank has approached the National Company Law Tribunal (NCLT) Allahabad against the company under the Insolvency and Bankruptcy Code 2016, and SBI has also moved the NCLT against JAL, claiming a total default of Rs 6,893.15 crore. JAL's debt reduction strategy will be crucial in determining its future prospects.
Skanska, a Swedish construction company and one of the largest in the United States, reported a significant decrease in its operating earnings for the first quarter. The drop was attributed to the adverse effects of high inflation and interest rates on the real estate market, which negatively impacted Skanska’s property development business. The company’s operating profit declined to 394 million crowns ($39 million) from 1.85 billion crowns the previous year, falling short of Refinitiv SmartEstimate’s forecast of 854 million crowns.
Shoppers Stop (SHOP) reports impressive revenue growth, driven by a focus on private labels, beauty, and strategic partnerships. The company has established itself as a one-stop fashion destination in metropolitan cities, offering a diverse range of products and catering to various consumer segments. Under Venu's leadership, Shoppers Stop has increased focus on private label brands and improved department store throughput. As the brand continues to expand its presence and product offerings, it is poised to maintain its reputation as a leading fashion retailer in the country.
The Bengal government has launched a web portal to guide potential buyers in the East Kolkata Wetlands (EKW), an internationally protected Ramsar site. The portal is designed to provide detailed information about any land within the EKW to prevent illegal construction and encroachment. The tool is integrated into the e-nathikaran system, and users receive pop-up alerts about issues related to EKW land when they input the land's identification numbers. This initiative aims to protect the EKW, known as the 'city's kidney,' and preserve its essential role in the city's ecology.
The Mahindra Group's real estate and infrastructure development company, Mahindra Lifespace Developers posted a combined net profit for the quarter ending March 31, 2023, of just Rs 54 lakh. The company reported in a BSE filing that it had recorded a profit after tax (PAT) of Rs 137.66 crore in the previous year's similar quarter. The paid up equity share capital increased by Rs 14.99 lakh during the year ended March 31, 2023 as a result of eligible employees exercising their stock options under ESOS.
The Vonovia-Apollo deal has had a significant impact on the real estate market. Germany's largest real estate group, Vonovia, sold a minority stake in its Suedewo residential portfolio to U.S. investor Apollo for 1 billion euros, thereby set a precedent in a struggling market. Vonovia's decision to retain management of the portfolio, coupled with a positive market reaction, has strengthened its financial position. The deal's valuation at a slight discount to fair value, generating proceeds for Vonovia, and the potential for reshaping the real estate landscape make this transaction noteworthy for both Vonovia and the broader market.
Wanda Group, a Chinese commercial property developer, is facing hurdles with its planned IPO for its unit, Zhuhai Wanda Commercial Management Group, in Hong Kong due to new regulations requiring approval from both Hong Kong and Chinese securities regulators. Wanda's chairman, Wang Jianlin, has acknowledged the IPO's difficulties and aims to reduce the company's debt over the next two years. The IPO's uncertainty has caused Wanda's dollar bonds to drop, and the company is in talks with creditors to extend the deadline. The China Securities Regulatory Commission has also questioned Wanda's short-term repayment ability and given the company three months to address its concerns.
India's Union Housing and Urban Affairs Ministry has extended the deadline for the Smart Cities Mission until June 2024 due to requests from some cities. The Mission was launched in 2015 to redevelop 100 cities, and on-ground project execution began at least 18 months post-city selection. Officials stated that the extension is being granted not only to complete projects but also to disseminate and institutionalize best practices, templates, and innovations created under the Mission for replication across the country.
Researchers in the UK and five students from India have separately developed methods to recycle personal protective equipment (PPE) waste, including masks and gloves, into bricks for sustainable building construction. These innovative solutions help manage PPE waste and reduce environmental pollution caused by traditional brick manufacturing processes. The bricks are cost-effective, have a lower carbon footprint, and meet building regulation.
In a recent development, the appellate tribunal NCLAT has admitted YEIDA's plea challenging the NCLT's order approving Suraksha Group's bid to acquire debt-ridden Jaypee Infratech. Although the appellate tribunal recognised ‘substantial merit’ in YEIDA’s appeal for higher compensation, it declined to issue a stay on the NCLT's order. As per the NCLT order dated March 7, 2023, YEIDA was allotted an additional farmer's compensation of Rs. 10 lakhs, which has been challenged by YEIDA. YEIDA's claims amount to Rs. 6,111.59 crores, including a 64.7 percent additional compensation payable to farmers.
The residents of Aakriti Eco City Society, a posh residential colony, are living in fear of losing their electricity supply as the builder has declared himself insolvent. The builder had set up a power substation in agreement with the Madhya Pradesh Electricity Board (MPEB), but bills were issued by AG 8 Limited instead of MPEB. The residents claimed to have made payment for all water and electricity bills to the builder. However, when the builder declared bankruptcy, it was discovered that bills had not been deposited with MPEB. The Residents Welfare Society urged MPEB to take over the electricity supply system, but this would require laying a new network of electrical supply, costing 3 to 4 crores.
In a housing scheme constructed for middle-income group beneficiaries under the Mukhyamantri Gruh Yojana Housing Scheme, the plaster from the ceiling of an apartment in Vinayak Residency fell in one of the rooms, narrowly missing three people. After this incident, other residents complained about incomplete work in the scheme, including the lack of a community hall, rainwater harvesting system, and only one lift instead of two. The Vadodara Municipal Corporation issued a notice to the contractor responsible for the construction of the apartments, who was asked to complete all pending work and ensure the safety of the residents. A team of officials was sent to conduct a survey of the apartments.
The Jammu and Kashmir Housing Board is set to allot 336 Low Income Group and Economically Weaker Section flats to non-locals under the Pradhan Mantri Awas Yojana (Urban) mission. The flats are available for a monthly rent of Rs. 2200 per flat for a period of three years which can be extended to five years under certain terms and conditions. The allotment will be made in three phases, and families with incomes below 3 lakhs per annum for EWS and less than 6 lakhs per annum for LIG are eligible to apply. The site is located near major industrial estates and educational and health infrastructure.
The Mayor of GMC, Mrigen Sarania, claimed that the corporation's property tax collection has significantly increased by approximately Rs 40 crore, citing their rigorous policy implementation as the reason. GMC has experienced a substantial increase of 53% in property tax, 9% in trade licensing, and 40% in funds generated from its multiple branches, demonstrating notable growth in revenue collection efforts. The Guwahati Municipal Corporation (GMC) has declared an offer of a 10 percent discount on property tax payments made before May 30.
The Ahmedabad Urban Development Authority (AUDA) has decided to auction 18 plots in different regions of the city for residential and commercial use at a base price of Rs 1,238.35 crore, with the most expensive plot in Vejalpur's TP Scheme 6 priced at Rs 2.84 lakh per sq. m. AUDA's land pricing committee met twice, once on March 9 and again on April 13, to establish the values and base prices for these plots, ignoring the impending increase in jantri rates on April 15. Despite the increase in jantri rates, AUDA officials stated that the new rates would not impact the plot prices as the valuation took into account sale deeds and other factors.
Beginning May 8, 2023, households in Salt Lake City will receive property tax invoices for the initial half of the 2023-24 fiscal year from the Bidhannagar Municipal Corporation (BMC), which aims to generate a revenue of Rs 40 crore through property tax during the current fiscal year. Tax payments can be made online through the BMC website or in person at the tax collection centres. The tax bills will include all outstanding payments and overdue charges. Taxpayers who have not paid their dues will be required to pay a 10 percent penalty, which will be applied in the third quarter.
The Allahabad High Court has directed the Noida Authority to maintain status quo on its order of demolishing farmhouses on the Yamuna floodplain. The directive was issued in response to a petition filed by a farmhouse owner, Ratna Mitra, whose objections were rejected by the authority. Mitra's legal team contended that the authority did not have the necessary jurisdiction to order the demolitions, especially in the absence of floodplain demarcation. The court has directed the authority and National Mission for Clean Ganga to file counter affidavits and listed the case for the next hearing on July 2, 2023.
Maharashtra's property registration department has developed a module to integrate tenant registration data with the home department, eliminating the need for in-person police station visits. Already in use in Pune and Mumbai, the system will soon expand state-wide. The streamlined process aims to enhance inter-departmental collaboration, increase transparency in the real estate sector, and make tenant verification more efficient and accessible. The successful implementation could serve as a model for other states, promoting a safer and better-regulated rental market across India.
The Coimbatore Municipal Corporation has collected a record-breaking amount of Rs 50.2 crore in property tax within the first month of the fiscal year. This success is attributed to the 5% bonus offered by the department of municipal administration and water supply, as well as weekend tax collection camps. The early tax collection will aid the implementation of budget initiatives and alleviate financial matters. The municipality expects to collect Rs 363.78 crore in property tax from approximately 551,218 residential and commercial buildings in the city.
The Nashik Municipal Corporation (NMC) received a substantial increase in property tax collection during April, thanks to the 8 percent discount offered to taxpayers who paid their yearly tax amount promptly. Over 1.5 lakh taxpayers collectively paid property taxes amounting to approximately Rs 50 crore. The municipal government has set a target revenue of Rs 210 crore for property tax collection in the upcoming fiscal year of 2023-24. NMC is promoting community collaboration and reliability by providing rewards for punctual tax payment and environmentally friendly behaviour, enhancing citizens' involvement in the city's growth.
Hyatt has acquired luxury hotel guide Mr & Mrs Smith for £53 million as the travel industry experiences a post-pandemic boom. Founded by Tamara and James Lohan, the platform features 1,500 boutique hotels and locations with anonymous reviews from experts and celebrities. The acquisition comes as luxury travel operators enjoy record sales due to pent-up demand and savings accumulated during lockdowns. More than 120 Mr & Mrs Smith staff will join Hyatt's commercial services team, with Tamara Lohan remaining as chief executive, while her husband continues as chief creative officer.
Homebuyers in Karnataka are urging the Karnataka Real Estate Regulatory Authority (K-RERA) to adhere to rules regarding occupancy certificates and not permit civic bodies to issue partial certificates to builders. They claim that K-RERA's introduction of partial occupancy certificates deviates from the RERA Act 2016, negatively affecting homebuyers in the state. In response, K-RERA is considering amending the K-RERA Act to address the partial occupancy certificate issue.
The Andhra Pradesh High Court has directed the government and petitioners to submit complete details about houses constructed by the Andhra Pradesh Township and Infrastructure Development Corporation (APTIDCO) for economically weaker sections. The court has asked for details of beneficiaries and guidelines framed for selection before deciding on interim orders on petitions challenging the creation of the R5 zone by amending the capital city masterplan. The petitioners allege that the government is planning to allot house sites to landless poor from other areas without handing over the finished houses to beneficiaries.
Telangana government has announced its decision to regularize notarized property transactions, which will benefit around six lakh individuals in the state, particularly in Greater Hyderabad, and generate INR 2,000 crore in regularisation fees for the government. The move will help people avoid legal complications and transfer property ownership more easily. Officials are currently working on the kind of transactions that will be allowed and the fee.
Private developers of eight colonies in Gurugram have been instructed to deposit Rs 75.8 crore for deficient infrastructure costs to continue development, after the Municipal Corporation of Gurugram (MCG) took over the colonies last year. The developers have demanded a re-evaluation of the deficient infrastructure cost, and the MCG commissioner has sanctioned the creation of a committee to re-evaluate the estimates of deficient infrastructure. Meanwhile, the residents of Mayfield Gardens are suffering due to the delay in the matter by MCG.
Anarock data reveals a growing trend in the Indian office real estate market, with co-working spaces constituting 27% of net absorption across the top seven cities in Q1 2023. This marks a significant increase from 14% in Q1 2019. Bengaluru and the National Capital Region (NCR) led the way, followed by Pune and Chennai. The growth is attributed to an increasing preference for flexible spaces among start-ups, IT/ITeS companies, and businesses, as well as the adoption of hybrid working models. The co-working industry's expansion is expected to shape the future of workspaces in India.
MahaRERA has issued show-cause notices to chartered accountants and contacted the Institute of Chartered Accountants of India after discovering instances where the same chartered accountant acted as both project auditor and statutory auditor, violating MahaRERA regulations. Officials raised concerns about the intentions of promoters in such cases. MahaRERA has requested the Institute to conduct training sessions to ensure compliance with regulations and the Real Estate (Regulation and Development) Act. This move aims to promote transparency, accountability, and better adherence to guidelines within the real estate sector.
Beneficiaries of the Pradhan Mantri Awas Yojana (PMAY) housing scheme in Kerala face challenges as the Parvathy Puthanar canal widening project encroaches on their assigned plots. Unable to construct homes, they have requested exemption from interest payments if they withdraw from the scheme. The government is considering compensation packages, including Rs 11 lakh per family and an amount based on the value of the houses, for the 1,300 buildings affected by the project. However, eligibility for PMAY beneficiaries remains uncertain.
An investment of Rs 2,000 crore has been committed by real estate developer Casagrand to the construction of 15.5 million square feet of residential space in Bengaluru. The company plans to build 25 new residential complexes in various parts of Bengaluru this year after purchasing land parcels with a potential revenue of Rs 13,500 crore. Located off Kanakapura Main Road, Casagrand recently unveiled Casagrand Zaiden, a residential development with 2- and 3-bedroom homes beginning at Rs 74 lakh. The project will be completed in 24 months and is registered under RERA PRM/KA/RERA/1251/310/PR/120423/005862.
Gen Z couples are moving in together at record rates, with a significant increase in the number of couples cohabiting in the past year. Many couples are also choosing to live with roommates to save money on rent, further fuelling the trend of cohabitation among young people. As housing costs rise significantly coupled with inflation, many young couples believe it is the most financial viable solution as it can allow them to save up to $ 1,000 a month.
Advance India Projects Ltd (AIPL) has signed a contract with Ireo to invest around Rs 600 crore to complete the stalled 500-acre 'IREO Waterfront' township project in Ludhiana, Punjab. The project was launched in 2010 but got stuck due to financial problems. Over 1,000 homebuyers are waiting for possession of the plots, villas, and independent floors they purchased in the township. AIPL has paid approximately Rs 57 crore to the Government of Punjab and has streamlined payments to LIC Housing Finance Limited, which has resulted in the restoration of project approvals and conveyance deeds.
A Colliers report reveals an 11% YoY surge in industrial warehousing leasing to 7.2 million sq ft across India's top five cities in Q4 FY23, largely driven by third-party logistics firms. Demand from retail and FMCG sectors also tripled YoY. Despite the demand surge, supply fell 8% YoY due to increased raw material and logistics costs. With vacancy rates dropping and rental prices rising, the sector shows resilience amidst challenges.
Real estate service company ArisUnitern has partnered with alternative investment fund firm Jiraaf to raise Rs 250 crore for its expansion plans. Jiraaf will provide a line of credit for investment in development projects, while ArisUnitern will handle the development. The partnership will help ArisUnitern add five projects worth Rs 500 crore to its portfolio, with opportunities for investors to explore different asset classes and risk profiles on its digital platform. ArisUnitern aims to simplify the real estate industry by providing all necessary resources under one roof, including marketing, finance, and material procurement solutions.
Can Fin Homes has announced an increase in net profit of 34.88% for the quarter ending March 31, 2023. The company said in a BSE filing that its profit after tax (PAT) increased to Rs 165.79 crore in Q4 FY23 from Rs 122.92 crore in the same period of the previous fiscal. The company's total operating income increased by 36.17% to Rs. 764.29 crore in Q4 FY23 from Rs. 561.29 crore it reported in the same quarter last year.
Income tax (IT) officials from New Delhi raided three premises of the Kalsi brothers, owners of Kalsi Buildcon Private Limited in Hinoo, Ranchi, last week in connection with tax evasion. Six cars carrying the IT sleuths arrived at the location at 6.30 am and worked all day. All the structures were searched, including a prestigious preparatory school nearby called Springdales. Kalsi Buildcon Private Limited operates in a variety of industries around the country, including building construction, bridge construction, and real estate.
Despite protests from the housing society, the Bombay High Court approved the construction of nine additional floors by a developer in a 12-story building. The organization had contended that due to CRZ limits, the original project to build 38 levels had been reduced to 12 floors, and that additional construction would endanger the existing building. However, the developer relied on a VJTI report that authorized the extra floors. Until the petitioners file a substantive lawsuit, the developer will continue construction at their own risk, according to the division bench of justices Gautam Patel and Neela Gokhale.
The Municipal Corporation of Chandigarh collected Rs 4 crore in taxes from approximately 12,000 property owners during a two-month rebate programme for both commercial and residential properties. The first month of the promotional period saw a collection of Rs 3.20 crore from 11,500 residential properties and around Rs 70 lakh from commercial properties. May is expected to see a rise in tax collection due to historical data indicating increased compliance during rebate availability. There are 1.42 lakh properties within the tax jurisdiction of the city, with a majority being residential properties.
Indian Hotels Company Limited (IHCL), which is supported by the Tata Group, reported a historic annual profit amounting to Rs 1,053 crore in the financial year 2023, compared to a loss of Rs 265 crore in the previous year, due to effective asset management, demand surpassing supply, robust portfolio growth, among other factors. IHCL saw a 90 percent increase in revenue from operations, totalling to Rs 5,810 crore in the same period.
The Goa revenue department has introduced new rules to tackle property undervaluation by real estate professionals, builders, and landlords. A task force has been established to accurately determine the market price of tangible property and categorize it into distinct groups. Collectors will compile an annual report with average land rates and built-up property rates, and sub-registrars must verify property market value before sale deed registration. The new rules aim to streamline property registration and reduce disputes related to property valuation.
Investigations are ongoing into the devastating warehouse collapse in Bhiwandi, managed by MRK Foods Pvt Ltd, which claimed eight lives. Authorities are probing whether overloading contributed to the disaster. Additionally, substandard construction material is also suspected. The warehouse worker had previously warned about overstocking, which was ignored. The owner of the illegally constructed building has been arrested. The incident raises serious concerns about warehouse regulations and safety standards in India.
Midwest small cities lead the Wall Street Journal/Realtor.com Emerging Housing Markets Index for Q1, showcasing strong demand for affordable homes despite a slowing overall market. Lafayette, Indiana, tops the list for the second consecutive quarter, with Bloomington, Illinois; Elkhart, Indiana; Lebanon, Pennsylvania, and Fort Wayne, Indiana, following closely. The top 20 markets, with populations averaging below 400,000, have lower median home-listing prices and offer strong local economies and desirable lifestyle amenities. The resilience of these small cities highlights their potential to continue gaining popularity in the housing market as more accessible options for US homebuyers.
Mumbai's real estate market achieved a record-breaking April for stamp duty collection, despite a decrease in overall property registrations. High-value transactions and premium and mid-income housing segments contributed to this success, as revenues rose 15% to over Rs 845 crore. The resilient market has continued to attract homebuyers, with properties priced up to Rs 1 crore and those measuring 500 sq ft to 1,000 sq ft remaining particularly popular. Mumbai's property market demonstrates sustained momentum despite rising interest rates and housing prices.
Registrations of construction workers in Telangana have risen sharply from 5.9 lakh in 2014-2015 to nearly 14 lakh in 2022-23, signalling a robust real estate and infrastructure sector. The pandemic years saw a particular boost in registrations, as workers sought to secure access to welfare schemes. The Telangana Building and Other Construction Workers Welfare Board also saw a significant increase in collected cess, used for worker welfare, from 95 crore in 2014-15 to 830 crore in 2022-23. This trend showcases the state's commitment to worker welfare and points towards continued economic growth.
The Kolkata Municipal Corporation is proposing to impose a penalty of up to 30% on property owners who refuse to switch to the Unit Area Assessment (UAA) system, which has been mandatory since April 2017. The KMC is sending notices to property owners to encourage them to switch to the UAA system and streamline the process. The UAA system calculates property tax based on the unit area value of a property and is intended to be more accurate and transparent than the previous system.
The Urban Property Ownership Records (UPOR) project in Bengaluru has provided over four lakh property owners with digitized and georeferenced property cards that contain a unique land property identification number. The project aims to issue such cards for all 25 lakh properties in the Bruhat Bengaluru Mahanagara Palike (BBMP) limits. The UPOR project is being implemented by staff at Survey Settlement and Land Records (SSLR).
The Visakhapatnam Metropolitan Region Development Authority (VMRDA) is offering a 10% discount on the price of seven bulk land parcels that failed to sell at auction in September 2022. The auction is set to take place on May 11, and the deadline for applications is May 9. Buyers will have to bid above the upset price per square yard, and all the money involved in the transaction must be shown in white. The auction may affect private real estate ventures in the area and is expected to receive good interest.
The National Green Tribunal (NGT) recently issued an order directing Jain Housing to pay a penalty of Rs 2.19 crore for violating environmental laws during the expansion of one of its premium projects in Thoraipakkam. In 2009, the company obtained environmental clearance to construct 412 dwelling units in the first phase and another 396 units in the second phase of the Jains Pebble Brook apartment. However, the company ended up constructing 620 dwelling units in the first phase alone, without obtaining consent from the Tamil Nadu Pollution Control Board (TNPCB) or revised environmental clearance for the entire project.
The Brihanmumbai Municipal Corporation (BMC) has issued notices to 22 developers for failing to comply with LOI conditions and causing delays in tenanted property redevelopment in Mumbai. Following a review of 94 ongoing projects, BMC issued show-cause notices and even terminated one developer's contract. Local politicians and housing experts urge BMC to re-evaluate the redevelopment policy, scrutinize developers' financial conditions, and take stricter action against alleged developer-authority nexus. The crackdown aims to address Mumbai's housing challenges and set a precedent for better compliance and timely completion of projects.
Brookfield Asset Management acquired a controlling stake in four commercial properties of Bharti Enterprise totalling 3.3 million square feet situated in the Delhi-NCR area for Rs 5,000 crore. Brookfield managed private real estate fund now owns 51% of the joint venture while Bharti Enterprises will have the remaining 49% stake. As part of the agreement, Worldmark Aerocity in Delhi, Airtel Centre and Worldmark 65 in Gurugram, and Pavillion Mall in Ludhiana will all be managed by Brookfield Properties, the real estate operating arm of Brookfield Asset Management.
Nexus Select Trust plans to raise up to Rs 3,200 crore through India's first retail REIT public offering, which will consist of an offer for sale of up to Rs 1,800 crore and a fresh issue of units up to Rs 1,400 crore. The portfolio includes 17 operational shopping centres spread across 14 major cities, totalling 9.8 million square feet. This marks Blackstone's third REIT sponsorship. While three REITs are currently listed on Indian stock exchanges, they are all leased office properties, making Nexus Select Trust the first REIT with holdings in retail real estate that yield rent.
The Department of Town and Country Planning (DTCP) has issued a show cause notice to the developer of Vatika India Next Society for allegedly violating the approved layout and licence terms by installing gates at entry and exit points and allowing commercial establishments within the residential area. A team of government officials found violations throughout the society, and notices were issued to the developer, maintenance company, and president of the residents' welfare association. The developer has been ordered to remove the commercial outlets and gates placed unlawfully or face legal action.
Goa's TCP department has proposed new construction norms for green zones, which permit the construction of sports complexes, religious structures, yoga centres, and farmhouses. The draft regulations aim to balance development with environmental concerns and have a 30-day window open for stakeholders to voice their objections. The proposed changes include minimum land size requirements, height restrictions, and maximum built-up areas for each type of construction. The TCP department has also suggested allowing the "common use" of open spaces and regularizing unauthorized structures.
Singapore has made an unexpected decision to raise property taxes in an effort to cool down the booming housing market. The tax increase primarily targets foreign buyers, with stamp duties for foreigners doubling to almost 60%. The government aims to ensure housing affordability for locals and prevent property prices from exceeding economic fundamentals. The additional buyer's stamp duty (ABSD) for Singapore citizens and permanent residents will also see smaller increases for second and subsequent property purchases.
A vacant plot of land on Jumeirah Bay Island in Dubai, part of a select offering of 128 plots, sold for a record-breaking price of 125 million dirhams ($34 million) on April 19. The purchaser, not a UAE resident, plans to build a family holiday residence on the highly desirable island, connected to the mainland by a bridge. Real estate brokers predict further records will be broken in the future, with the seller of this transaction already planning to sell another similar property for 135 million dirhams. Jumeirah Bay Island is home to the luxurious Bulgari Resort, and apartment prices in the upcoming Bulgari Lighthouse tower have already soared to remarkable heights.
The state government of Uttar Pradesh is set to introduce a new township policy to tackle housing and urbanisation issues. The policy aims to promote affordable housing through private investment and create an investment-friendly environment for private developers by offering incentives and exemptions. The government will develop affordable housing with the assistance of private players to maintain balance in the regional disparity in urbanisation. The minimum size of land for development will be 12.5 acres in towns with a population of fewer than 2.5 lakh and 25 acres in bigger towns.
The civic body in Ahmedabad has cleared construction plans for thousands of residential and commercial buildings, but urban planners say tall buildings with multi-level basement parking are hindering tree growth. Despite leaving margin spaces around the buildings for trees, the small margin of 3m in the basement is not enough for trees to grow roots. Green roofs and walls, and permeable pavements are possible solutions to increase space for plants to grow while also improving air quality and reducing the urban heat island effect.
ESR Group Limited has constructed the first-ever 9-storey logistics facility in Japan, the ESR Higashi Ogishima Distribution Centre. The building is situated in the heart of Tokyo and offers unparalleled convenience in transportation, connectivity to E-commerce, 3PL, cold storage, and other leading businesses. It has a Gross Floor Area (GFA) of approximately 349,000 square meters. The facility has been constructed with a focus on sustainability, ensuring that it integrates well into the surrounding urban environment while minimizing its impact on the environment.
The demerger of Uruli-Phursungi from the Pune Municipal Corporation (PMC) has cast uncertainty over the future of the city's town planning scheme. The newly formed municipal council, now responsible for these areas, may struggle to execute the project due to a lack of resources, expertise, and infrastructure. Experts urge other government bodies to step in and ensure the town planning scheme's continuation, which is vital for the rapidly developing areas covering 371 hectares of land.
Maharashtra's urban development department is set to decide the future of five proposed town planning schemes in the Pune Metropolitan Region. The plans, spanning 751.55 hectares, will be established in Wadachiwadi, Autadewadi Handewadi, Manjari Kolwadi, and Holkarwadi, subject to state approval. The schemes, modeled on the successful Maan-Mhalunge town planning scheme, will ensure landowners regain 50% of developed plots, fostering a mutually beneficial development process. The projects are part of a larger vision for the 128-km PMRDA inner ring road.
The Nashik Municipal Corporation (NMC) is set to survey unauthorized city settlements, potentially leading to their legitimization. Prompted by the state government, the NMC will assess the feasibility of regularizing these slums, submitting their findings to aid in the state's decision. Of the 159 slums identified in a 2017-18 survey, 55 have been authorized, leaving 104 under consideration. This move could enhance living conditions for around 1.94 lakh residents, marking a significant stride towards urban planning and social inclusion.
A Mumbai-based builder has been arrested for allegedly faking Enforcement Directorate (ED) summons to extort around 26.5 crore from his two competitors. The accused, Raju Shah, had his anticipatory bail plea rejected by the sessions court on Wednesday. The incident came to light in September 2022 when the complainant, Anand Ramprasad Agarwal, found out that the ED summons posted on social media by Shah were fake. Agarwal had filed a complaint in February 2023 against three builders - Gautam Agarwal, Mitesh Shah, and Raju Shah - for cheating him.
After receiving a complaint from residents regarding the developer's delay in handing over maintenance of the residential society to the Resident Welfare Association (RWA), the Department of Town and Country Planning (DTCP) has sent a notice to the developer of the Oyster Grande in Gurugram's Sector 102. Residents claim that despite numerous meetings and reminders, the developer is unwilling to turn over control of the society's daily operations to RWA.
The Lucknow bench of the Allahabad High Court has granted bail to former CMD Kapil Wadhawan and Dheeraj Wadhawan of Dewan Housing Finance Ltd (DHFL) in a multi-crore provident fund fraud case. The defendants had been detained since May 26, 2020. The Wadhawans' names came up during the investigation after the FIR was filed on November 2, 2019, in response to a complaint made by IM Kaushal, the Trust's then-secretary. They were accused of investing the GPF and contributing PF in DHFL against the rules established by a 2015 Centre notification.
The Ahmedabad Urban Development Authority (AUDA) has repurposed INR 20 crore from unclaimed builders' deposits to plant 100,000 trees within its jurisdiction during 2022. Accumulated over 15 years, the fund was originally collected as a guarantee from builders who promised to plant trees in their projects, as per the CGDCR 2017 regulations. AUDA's innovative move has not only amplified the city's green cover but also set a benchmark for other urban development bodies in effectively utilizing unclaimed resources for environmental conservation.
Civic authorities have indicated that producing property tax bills in advance will prompt KMC to amass additional revenues at the outset of the year. The superintendent of property tax at KMC, stated that this year, they were able to produce all the bills on the KMC website in a timely manner and property owners can easily access their tax information and make payments by logging in to the municipal corporation website or visiting the citizen facilitation centres and providing their assessment number.
The revenue department has recently reduced the stamp duty and registration fees for conveyance deeds to a mere 1 percent of the current market rate. The government has acknowledged that in numerous cases, builders have neglected to carry out sale or conveyance deeds for cooperative housing societies, and to rectify this, they are providing a three-month grace period to finalise the necessary paperwork.
In an effort to recoup funds fraudulently obtained from investors, the Securities and Exchange Board of India (SEBI) plans to auction 26 properties owned by three companies - Infinity Realcon, the Bishal Group of Companies, and Sumangal Industries - at a reserve price of more than Rs 21 crore next month. The May 30th online auction will feature land parcels, one-story buildings, a residential building, and a flat all in West Bengal. Before submitting their offers, bidders are advised to make their own independent investigations.
AweSpace Ventures Private Limited has recently announced its entry into the Indian real estate development sector with a focus on luxury properties that are sustainable and environmentally friendly. With the increasing demand for luxury properties in India and the company's commitment to sustainability, it is poised to differentiate itself from its competitors. As India's real estate market continues to grow, AweSpace Ventures' entry is expected to provide new opportunities for investors and homebuyers alike.
The Panvel Tehsil office in Navi Mumbai has auctioned properties of builder NK Bhupeshbabu in Morbi gram panchayat and recovered Rs 4.82 crore, exceeding the reserve price of Rs 3.72 crore, in an attempt to recover a total sum of Rs 6.5 crore from the developer, against whom MahaRERA had issued 33 warrants. However, homebuyers complain that revenue officials are not serious about carrying out the recovery process, leading to their grievances being unaddressed.
In a bid to enforce environmental regulations, officials in Odisha's Kendrapada district razed about 25 illegal brick kilns. The move came after these units were found violating environmental protection and pollution control measures, causing respiratory issues among locals due to the black smoke. Sub-collector Niranjan Behera confirmed the demolition, vowing that no brick kiln will operate without clearance from the State Pollution Control Board. This stern action underscores the district administration's commitment to uphold environmental standards and public health.
Unitech homebuyers, numbering over 20,000, protested outside the Supreme Court, demanding a hastened timeline for their overdue housing projects. The group voiced dissatisfaction over the lack of progress despite the government's takeover of Unitech three and a half years ago. They called for management replacement, a priority hearing from the Supreme Court, and the extension of refund policies to all buyers. The association also proposed financial adjustments by stakeholders to accelerate project completion and access to the SWAMIH stress fund for Unitech projects.
Many realtors in Rajasthan are not complying with the mandatory requirement of filing online quarterly progress reports of their registered projects, according to the Rajasthan Real Estate Regulatory Authority (RERA). The QPR is designed to provide transparency and keep investors informed about the financial health of the developers. The lack of adherence to the rule is causing anxiety among buyers and has prompted calls for more stringent action from the RERA to safeguard buyers' rights and protect the integrity of the real estate market in Rajasthan.
The Integrated Industrial Township Greater Noida Limited (IITGNL) has approved a residential and commercial scheme, including eight plots ranging from 17,400 to 56,300 sqm. The IITGNL board has also approved an increase in ground coverage on industrial plots from 35% to 55% to encourage more investors. The township is located near Dadri on 747 acres of land and is part of the Delhi-Mumbai Industrial Corridor, with a plug-and-play infrastructure and automatic solid waste management system. The scheme is expected to attract more investors and contribute to the growth of the township.
The Brihanmumbai Municipal Corporation (BMC) has issued credit notes worth about Rs 350 crore to contractors to build houses for project-affected people in Mulund, Bhandup, and Prabhadevi, instead of paying them directly. These credit notes can be used to pay municipal taxes or premium charges to the BMC in the future or sold to other contractors for money. While there is no provision for credit notes under the MRTP Act, the state urban development department permitted BMC to implement the credit notes policy citing an earlier MMRDA precedent.
The Chennai Metropolitan Development Authority (CMDA) has issued a showcause notice to the developer and owner of VR Mall for not following the approved plan for the building. Deviations include traffic congestion, unutilized entry gates, a temporary shed in the setback space, and the presence of unapproved swimming pools and sports courts. The CMDA has warned of lock and seal action if the building is not restored as per the approved plan. The notice highlights the importance of following safety and security regulations and adhering to the approved plan.
The Bombay High Court has directed MHADA and BMC not to insist on a no-objection certificate from the previous developer for the redevelopment of a Girgaum building that had been stalled for over a decade. The decision is expected to expedite the redevelopment process and provide relief to the affected families. The court set timelines for granting permissions and directed the liquidator to remove equipment or machinery lying on the site. The decision highlights the need for a more efficient and effective redevelopment process that is sensitive to the needs of the affected families.
A recent report by PropertyShark revealed that Hudson Yards, located on the far West Side of Manhattan, has been declared the most expensive neighborhood in New York City, with a median sale price of $5.729 million during Q1 2023. However, the area also saw a 67% decrease in sales during the same period. Tribeca, which ranked second, experienced a 65% decline in sales volume with a median price of $3.5 million, while Vinegar Hill in Brooklyn was ranked as the third priciest area, with a median price of $2.6 million. The top ten priciest neighbourhoods in NYC saw significant declines in sales growth ranging from 30% to 67%.
Kolte-Patil Developers has announced the signing of two society redevelopment projects in the Mumbai Metropolitan Region, with a total saleable area of 7.3 lakh square feet. The project in Mulund-West is the largest society redevelopment project undertaken by the company in Mumbai, with a total saleable area of 6.1 lakh sq ft and a top-line potential of Rs 900 crore. The Vashi project has a total saleable area of 1.2 lakh sq ft and a top-line potential of Rs 300 crore and will be developed jointly with Nivasti Group.
The Economic Offences Wing of Mumbai Police has arrested developers Dharmesh Jain and Rajiv Jain of Nirmal Lifestyle for allegedly cheating 34 home buyers who had purchased flats in three projects for more than Rs 11 crore. The accused allegedly took money against bookings in 2011, promising that flats would be handed over in 2017, but the buyers allegedly did not get possession of the flats.
Settl., a co-living operator, is expanding its business in Gurugram with the opening of four new centres within the next month, offering approximately 300 beds in total. Settl. plans to launch 1,500 more beds in the Delhi-NCR region in the coming fiscal year. With a total of 7 operational co-living properties in Gurugram, 1,200 beds in Bengaluru, and 300 in Hyderabad, Settl. aims to reach 2,200 beds in NCR and 5,000 beds across India by March next year.
Chintels Group has made an offer to purchase 180 apartments from homeowners in three of its Gurugram project's buildings that were deemed hazardous following a partial collapse last year. The firm also provided the option to fix and/or rebuild the three towers, however if any tower needed to be redone, it would cost allottees Rs 1,000 per square foot (super area). The action was taken at the same time as the Supreme Court was hearing a citizens' petition demanding compensation and legal action against the developer.
Homebuyers at Renuka Aashiyara in Gurugram are protesting against the developer for the delay in the delivery of flats. The project was launched in 2018 and was supposed to be completed by January 2023, but only 63% of the work has been completed so far, leaving the buyers frustrated. They have already paid 100% of the amount and are facing financial burdens due to the EMI and rents. The buyers also alleged substandard quality and non-adherence to the approved layouts and specifications by the developer.
The Nagpur Municipal Corporation's property tax department has reported that 60 percent of the approximately 6.36 lakh property holders in the urban area have failed to pay their property tax dues for the fiscal year 2022-23, resulting in more than 3.80 lakh non-paying customers accumulating an outstanding balance of 581 crore rupees. The Ashi Nagar zone has the maximum number of defaulters, owing Rs 114.44 crore, followed by Laxmi Nagar and Mangalwari zones. The NMC has implemented multiple programmes aimed at diminishing the outstanding debts, including a penalty of 2 percent interest per month.
In a circular released on April 17th, N Satyanarayana, the Director of Municipal Administration, instructed all municipal corporations within the Hyderabad Metropolitan Development Authority (HMDA) boundaries to adhere to the current process of evaluating property tax until a final resolution was reached. It is crucial to thoroughly analyse and investigate the effects of a significant rise in property tax, particularly on individuals belonging to the middle and lower-middle income brackets.
The Nagpur Municipal Corporation (NMC) is offering a 5% rebate on online property tax payments for the FY 2023-24. Those who pay before June 30 will receive an additional 10% rebate, and payments made before December 31 will avail a 5% rebate. As of now, over 4,500 property owners have already paid their taxes, with a discount of almost Rs 20 lacs. In addition, the NMC is offering a 5-10% discount on four environmentally friendly programs.
The Mumbai bench of the Income-Tax Appellate Tribunal (ITAT) has ruled that compensation received by flat owners from builders for rent during redevelopment cannot be taxed. The decision came after a taxpayer was found liable to pay tax on the sum received as rent compensation during the redevelopment of his co-operative housing society. The ITAT also forgave a delay of 1,566 days in submitting an appeal due to the taxpayer receiving inadequate guidance from their previous tax advisor.
The Xinhua news agency recently reported that China has completed the construction of a national and integrated system for real estate registration, after a decade-long effort. This system will enhance the transparency of property ownership and assist the central government in monitoring the housing market. This move is viewed as significant by industry experts, who believe it will contribute to the healthy and sustainable growth of the country's extensive real estate industry. Additionally, a unified registration system could enable China to introduce a property tax in the future.
IRB Infrastructure Developers Ltd. has secured the Hyderabad Outer Ring Road Toll-Operate-Transfer (TOT) project worth ?7,380 crore, which involves a 158-km expressway. The 30-year concession period deal is the second largest in the country, following the Mumbai-Pune Expressway project. This acquisition takes IRB's asset base to over Rs 70,000 crore, bolstering its position as India's largest private player in the TOT space. The company's shares surged 3.2% on the news, reflecting investor confidence in the firm's strategic growth trajectory.
Panchkula residents, led by the Citizens Welfare Association (CWA), are calling for a reconstitution of the local building design committee. They claim the current committee is biased towards builders and their favoured "stilt plus four floor" design. Given Panchkula's location in an earthquake-prone zone, the CWA emphasizes the need for public safety and is seeking greater representation in committee decisions. The group has presented objections from over 5,000 residents and is urging authorities to prioritize residents' safety over builder preferences.
In Dombivli, an illegal eight-story building is nearing completion on land reserved for a garden. Local architect and activist, Sandeep Patil, brought this to the attention of the Kalyan-Dombivli Municipal Corporation (KDMC). Patil, known for uncovering a previous construction scam, urged the KDMC to act swiftly. He alleges that despite local officials being aware of the illegal construction, no action was taken due to influential individuals' involvement. However, KDMC Commissioner Dr. Bhausabeb Dangade has assured that the building will be demolished, with Thane police's assistance if necessary.
The Bhubaneswar Development Authority (BDA) announced that three premium housing projects are set to be completed by the end of 2023. Two projects are in Kalinga Nagar, with one offering commercial-residential spaces, and the other exclusively residential. The third project is situated in Subudhipur. These developments will cater to middle and high-income groups, with modern amenities such as parks, green spaces, and round-the-clock utilities. The BDA is also working on affordable housing projects for lower-income residents, reflecting its commitment to inclusive urban development.
Madurai Corporation will invest Rs. 6 crores in a new plant to process construction and demolition waste, a significant step towards sustainable waste management. The plant, to be set up at Vellaikal, will process 100 tonnes of waste daily. In addition, four debris collection centres will be established citywide. The project, designed to operate under a public-private partnership, aims to curb construction waste dumping, improve the urban environment, and generate revenue for the corporation. Construction will commence following the submission of a detailed project report by the contractor.
The handover of the Dharavi redevelopment project to Adani Realty has been delayed due to uncertainties surrounding the calculation of Transfer of Development Rights (TDR), according to Mantralaya sources. Despite the hold-up, Adani has reaffirmed its commitment to the project. The company also raised queries regarding the government's concessions to the winning bidder, especially the TDR the project will generate and the GST compensation for Dharavi's commercial units. Officials suggest abolishing the current TDR indexation system to create a level playing field.
Amid soaring interest rates, many home loan borrowers are opting to refinance their loans to mitigate the financial blow. The rising trend is largely due to the narrowing spread between benchmark rates and actual lending rates. The significant hike in policy repo rates since May 2022 has pushed home loan rates up from approximately 6.2% to around 9%. Borrowers are leveraging reduced spreads offered by lenders and shifting their loans to lenders offering lower rates or renegotiating terms with their existing lenders to secure more favourable rates.
The Indore Municipal Corporation (IMC) has demolished a 65,000 square foot commercial structure constructed without the necessary approvals. The owner, previously issued a notice to provide required documentation, failed to comply, prompting the IMC to take action. The cost of the demolition operation will be recovered from the owner. As part of an ongoing initiative, the IMC Commissioner has also instructed officials to identify and issue notices for the removal of dilapidated structures within a week, ensuring the city's infrastructure remains safe and compliant.
The Bombay High Court has issued a notice to Mumbai City Collector Rajiv Nivatkar and an authorized representative of Avarsekar Realty Pvt Ltd for not complying with a March 2023 order. A flat buyer had filed a contempt petition to recover compensation from the builder for delay in possession. The HC had restrained the builder from selling unsold flats in a 42-storey tower, but he filed an affidavit on March 25, which the HC observed "wilfully" did not comply with the March 8 order. The next hearing is on June 12.
The Uttar Pradesh housing department has allowed for the installation of solar panels on rooftops of residential, commercial, and institutional properties. The exemption of FAR calculation for solar panel installations up to 4.5 meters can increase the value of the property and create employment opportunities. This decision can promote renewable energy, reduce carbon emissions, and contribute to the state's economic growth.
BMC commissioner, K V S Choudary, has instructed plot holders of the Neelbad Kalkheda residential project to obtain building permission before commencing construction during an inspection of the 'housing for all' project. He also directed that no new encroachments or constructions should be carried out on the vacant land. The project provides affordable housing to people from the LIG and EWS categories under the Pradhan Mantri Awas Yojana, with basic facilities being developed, including road, water, and electricity. The successful completion of these projects will help achieve the Indian government's goal of providing affordable housing to all.
The Bombay High Court has overturned a 2016 acquisition order by the Slum Rehabilitation Authority (SRA) for almost two acres of land in Mumbai's Goregaon, ruling that a developer and slum society had taken steps "in grabbing the property" from its owner. The court held that the owner had been deprived of his preferential rights to develop the property by fraudulent means and that the SRA's order should be set aside. The land had been declared a slum rehabilitation area in 2015.
The Directorate of Enforcement (ED) has conducted raids on five locations in Ranchi and Jamshedpur in connection with land scams and money laundering. During the operation, the ED teams froze 50 bank accounts, blocking any transactions. The ED has uncovered largescale irregularities in the sale and purchase of land in Ranchi district in recent months. The role of government officials in such scams is particularly concerning. The government needs to take strict action against such officials and ensure that they are held accountable for their actions.
The New Delhi Municipal Council (NDMC) has released an updated assessment list of all land and constructions in its areas. Residents are urged to double-check the information at the Palika Kendra property tax office and register objections by May 13. The assessment list for 2023-24 is based on the tax returns filed by the owner, occupant, and lessee last year (2022-23). Objections must be submitted online or on working days between 10 a.m. and 1 p.m. using the prescribed format. Any concerns received prior to April 13 and after May 13 will be disregarded.
The State Cabinet in Pune recently approved a proposal to offer a 40% discount on property tax to owners of self-occupied properties in the city. The move is expected to provide relief to property owners but may cause the government to lose revenue of at least Rs. 400 crores. The discount was first introduced in 1970 but never implemented by the state government and was eventually declared illegal and scrapped in 2019. However, with the formal introduction of the discount, the civic body has announced that all arrears collected between 2019 and 2022 will be adjusted with future bills.
Maharashtra CM Eknath Shinde has received a plea from Thane-based homebuyers, seeking intervention in the delayed Kalpataru Immensa project. Approximately 1,200 homebuyers have invested Rs 1,000 crore in the 1,500-apartment township but have not received possession. They also report difficulties in obtaining timely hearings from the Maharashtra Real Estate Regulatory Authority (MahaRERA). The homebuyers hope that the Chief Minister's intervention will help them secure possession of their homes and address the challenges they face in navigating the slow judicial process.
Mahindra Lifespaces has secured a ?850 crore housing society redevelopment project in Malad West, Mumbai. The 3.6-acre project marks the company's second society redevelopment venture, reinforcing its focus on growth opportunities in areas with limited space for new construction. The redevelopment aims to provide residents with modern, upgraded living spaces, while enhancing local infrastructure and creating job opportunities. Mahindra Lifespaces has an extensive presence in the Mumbai Metropolitan Region and plans to continue expanding its residential portfolio by exploring similar redevelopment opportunities in the city.
The Urban Local Bodies (ULB) Minister of Haryana announced a 10 percent discount on property taxes for citizens who pay within ULB units until the end of July this financial year. The ULB has also extended the deadline for the submission of property tax, water or sewerage, rent, and license fees for shops. The ULB aims to improve the living standards of the general public by using the proceeds of the initiatives directly extended to them.
Indian startup DevX, which provides flexible office space solutions to businesses of all sizes, has raised more than $3m in funding from a number of investors, including Urmin Family Office and Navneet Publications. The capital will be used to expand the company's presence in tier-2 and tier-3 cities across India and double its portfolio to 2 million square feet in the coming financial year. DevX already operates in 25 locations across 11 cities and provides various workspace options, including private offices, dedicated desks, and coworking spaces. It also hosts events and programs to foster collaboration and networking among its members.
The Bhubaneswar Development Authority's (BDA) affordable housing projects have encountered a roadblock due to compulsory registration under the Real Estate (Regulation and Development) Act, 2016 (RERA Act). The registration, which became mandatory to access central grants, has rendered the projects financially unfeasible due to increased fees. The BDA has sought state government intervention and proposed exempting these projects from the application and late fees. The issue underscores the need for a nuanced regulatory approach to affordable housing, with resolution being vital for the success of such critical initiatives.
Pune's civic body has launched a stringent campaign to enforce fire safety norms, targeting housing societies and commercial properties failing to comply. Non-compliant property owners and tenants risk a Rs 50,000 fine or six-month jail term. The Pune Municipal Corporation (PMC) requires a certificate from licensed auditors, affirming the adequacy of fire safety systems. The Maharashtra Fire Prevention and Life Safety Measure Act of 2006 mandates biannual certificates and encourages fire safety education for residents. This initiative seeks to improve safety standards in Pune and emphasize fire safety as a legal obligation for all stakeholders.
Under the central SVAMITVA scheme, Mizoram's Minister of Land Revenue and Settlement, Lalruatkima, distributed property cards to 420 rural beneficiaries in Tachhip and Phulpui villages. The initiative aims to grant legal ownership of residential lands to rural dwellers, enabling them to use their properties as financial assets for loans and other benefits. This initiative, launched by Prime Minister Narendra Modi in April 2021, plans to cover 319 villages in Mizoram, with drone mapping currently in progress. The scheme demonstrates the government's commitment to improving rural land ownership rights and providing better economic opportunities.
A pioneering construction and demolition waste recovery plant has begun operations in Rajarhat, Kolkata. The facility, a significant stride towards sustainable waste management, will transform non-biodegradable construction waste into reusable "aggregates" for road paving. Instead of landfill disposal, waste from smaller housing projects will be transported to the Rajarhat plant. The initiative, which could serve as a model for other cities facing waste management challenges, underscores the shift towards a circular economy, where waste is seen as a valuable resource to be reused and recycled.
Out of 128 properties put up for auction by the CHB, only six were sold, with revenue generated being slightly higher than the reserve price. The low sales can be attributed to the impact of the ongoing COVID-19 pandemic and the current economic slowdown. Additionally, the high reserve prices of the properties may have deterred potential buyers. The CHB may need to lower the reserve prices or offer more incentives to attract buyers.
The Yamuna Expressway Industrial Development Authority (YEIDA) is re-launching its plot allotment schemes for group housing, institutional projects, hotels, and petrol pumps. Allottees will now get 3-5 years to pay the total amount in instalments, reducing the financial burden on investors, and there will be more flexibility in the eligibility criteria. YEIDA is also throwing open the fuel pump scheme for all and doing away with the one-time payment option in the residential plot scheme. The revised scheme is expected to attract more investors and lead to more successful allotments.
The primary unit of China Evergrande Group, known as GDA Real Estate, has announced that the owners of an 8.2-billion-yuan ($1.19 billion) bond will have a meeting to decide whether they will participate in the group’s offshore restructuring plan. This particular bond was originally due on July 8th but was extended by 12 months last year. If the owners agree to the proposal, it could be the first time onshore bonds are included in the restructuring plan.
Last week, the president of SM Prime Holdings Inc announced that the company is considering raising approximately $1 billion through the listing of its real estate investment trust (REIT) unit later this year. If successful, this IPO would be the largest of its kind in the Philippines. SM Prime is a developer of commercial properties such as malls and offices, and its IPO would compete with the record-breaking IPO of Monde Nissin Corp, a Philippine food manufacturer, which raised 48.6 billion pesos through its IPO in 2021.
LTI Mindtree and L&T Technology Services are consolidating their real estate assets around Chennai as part of cost-cutting initiatives. LTI Mindtree has moved to L&T Innovation Campus at Manapakkam in Chennai, and LTTS is in talks to sell their 300,000 sq ft office space. The companies' decision is due to the adoption of a hybrid work model and the visible global recession. LTI Mindtree has leased 600,000 square feet at Chennai's L&T Innovation Campus, and they plan to use it by the first quarter of 2024.
Mohan Exports, the parent company of the Mohan Group, has acquired 27,000 square feet of office space in DLF Horizon Centre, Gurgaon from Hero Cycles for Rs 80.66 crore. DLF, a major company in leasing office space, had been selling office floors to families and businesses between 2014 and 2019 but has since focused on building a rental portfolio. Mohan Exports paid Rs 5.64 crore in stamp duty.
Following the implementation of new jantri rates on April 15, the Ahmedabad Municipal Corporation (AMC) has received an influx of applications for plan approval. The AMC authorised 325 projects and collected Rs 290 crore in fees in the first 11 days of the month. This amount comprises revenue from plan approval fees and purchased FSI, and it is the most ever earned in a single month under this heading.
Synopsis: Ludhiana property owners will now get notifications from civic officials to pay their outstanding debts. In a few localities, officials have already begun to serve notices. They will strive to recover outstanding amounts from defaulters in the next two months Over 3.55 lakh tax returns were filed last year. Those who have not paid their taxes will be subject to a 20 percent penalty and 18 percent yearly interest charge.
Prestige Estates has reported a record-breaking sales booking of Rs. 12,930.9 crore for the last financial year, up by 25% on a year-to-year basis. The surge in sales bookings is attributed to the high demand for housing in the country. The company has sustained sales bookings of 15.09 million square feet, with an average realization of Rs. 8,812 per sq ft for apartments, villas, and commercial sales. With ambitious objectives set for the next three years, the company aims to double the sales this fiscal year.
Last week, the Noida Authority raised the prices of plots meant for residential, group housing, and institutional purposes by a range of 6% to 10%. The rates for flats constructed by the Authority or commercial properties rented by it however remained unchanged. The decision to increase the land rates was sanctioned during the Authority's board meeting, headed by Manoj Singh, the Chairperson of the Authority and the Commissioner of Infrastructure and Industrial Development.
Sobha shareholders voted against two resolutions proposed by the real estate developer to cap non-executive directors' remuneration. The first aimed to limit total remuneration at 5% of the company's net profit, while the second sought to allow Ravi Menon, non-executive director and chairperson, to receive over 50% of the total annual remuneration for FY2024. Shareholders and corporate governance firms expressed concerns over fairness and potential conflicts of interest. This decision emphasizes the importance of good governance practices and balanced remuneration policies for non-executive directors.
Indian mall operators are projected to experience a 7-9% revenue increase in the current fiscal year, as revealed by a recent Crisil analysis. High occupancy and leasing rates, coupled with cost-saving measures implemented during the pandemic, are driving this growth. Strong retail sales, a diversified tenant mix, and continued investor interest in the sector contribute to the positive outlook. As consumer confidence returns and the economy recovers, mall operators are expected to capitalize on new opportunities and trends in the evolving retail landscape.
The Haryana government has directed Gurgaon and Faridabad district administrations to evaluate the effectiveness of anti-smog guns at construction sites in the Delhi-NCR region. With dust pollution becoming a significant concern during summer months, officials have been given one month to assess if the deployment of these devices is sufficient to mitigate pollutants. While experts argue that anti-smog guns provide temporary relief, long-term solutions will require addressing the root causes of pollution, ensuring strict compliance with dust mitigation measures, and fostering collaboration among various stakeholders to improve air quality and safeguard public health.
Chandigarh's IT department has launched an ambitious project to overhaul the city's property management system. This initiative will create unique IDs for all properties, providing a fully mapped, data-rich solution to aid key departments. In addition to streamlining property tax assessments, the project aims to enhance inter-departmental integration. The administration is also integrating 360-degree panorama images with GIS for a comprehensive city view, aiding accurate decision-making. An agency for project execution will be selected within a month. This project exemplifies the transformative power of technology in urban administration.
The Rajasthan Real Estate Regulatory Authority (RERA) is considering partnering with the Rajasthan Housing Board (RHB) to conclude several incomplete real estate projects. This move follows growing concerns about the significant number of unfinished real estate projects in the state, leaving homebuyers in limbo. RERA officials have identified five major projects, including Atmosphere Grand-1 and Grand-2 by Samanvay Infra in Jaipur, which RHB is interested in completing. However, the decision has not been officially approved yet, and RERA is expected to finalize it after the appointment of a new chairman.
A consortium led by KGK Realty and Dhoot Infrastructure has won a Rs. 990 crore ($132m) bid to acquire Sare Gurugram, a unit of Sare Homes, which defaulted on its dues to creditors and failed to complete a township project. The two companies beat five other bidders, including Alpha Corp and Signature Global. Homeowners and financiers had filed claims worth around Rs. 2,100 crore when the company was admitted for bankruptcy, and the new plan will enable homeowners to obtain possession of their apartments within three years.
The Punjab and Haryana High Court has temporarily halted land consolidation in Faridabad's Kot, following a petition claiming that the process was a front to "privatise" common village land and the Aravalis. Residents have opposed the process of consolidation, stating that common land must be earmarked and handed over to the village as per directions of the Supreme Court in 2012. A two-judge bench of justices Sureshwar Thakur and Kuldeep Tiwari issued an interim stay order.
Last week, China Evergrande Group announced that its subsidiary Hengda Real Estate Group and one of its directors would be sanctioned by stock exchanges for their failure to release their 2021 annual report. The Shanghai and Shenzhen stock exchanges reprimanded Hengda Real Estate and Qian Cheng, an executive director of China Evergrande Group, for not submitting the report before the deadline of April 30, 2022.
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