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The Real Estate Appellate Tribunal (REAT) of Bihar has issued a directive to the state government, stressing the importance of comprehensive training for members of the Real Estate Regulatory Authority (RERA). The tribunal's order comes in response to concerns raised about the improper functioning of the authority, particularly regarding the registration of a commercial-cum-residential project without proper examination of authenticated documents. The tribunal highlights the need for RERA members to have a thorough understanding of the laws governing the real estate sector to improve the authority's functioning.
Representatives from Noida's apartment owners associations held a meeting with Chief Minister Yogi Adityanath to discuss the significant backlog of property registries at the GBU campus in Greater Noida. The delegation expressed concerns over the delays and proposed the appointment of a nodal officer to facilitate communication between builders, residents, and authorities. They also demanded strict action against builders responsible for pending registries in completed projects. The team suggested measures such as one-time relief to builders or recovering outstanding dues by attaching their assets.
Haryana Chief Minister Manohar Lal Khattar announced the approval for metro connectivity between Ballabgarh and Palwal during a rally in Gajpuri village, Palwal. This move is expected to improve connectivity and spur development in the region adjoining Delhi. Khattar expressed gratitude to Prime Minister Narendra Modi for the central government's support in infrastructure projects and emphasized the state's commitment to inclusive development. The metro connectivity is set to have a transformative impact, fostering economic growth and enhancing transportation options.
The high court has strongly criticized officials of Canara Bank for disregarding established procedures and confiscating the payment made as part of a property sale without adhering to legal norms. The court emphasized that banks should not act as property dealers during debt recovery and should follow statutory provisions. The case involved Syed Hidayathulla, who approached the court after the bank rejected his refund request for the money paid in a property auction. Despite raising concerns and making additional payment within the extended period, the bank forfeited the amount.
Three realtors from Chennai have been arrested by the Tirupur crime branch police for allegedly swindling two individuals out of 2.22 crore. The arrests were made based on a complaint filed by S Prakash, a realtor from Tirupur. The accused realtors had purportedly offered a plot of land for sale but provided incomplete documentation. The victims made the purchase and completed transactions totaling 1,22,79,000, along with a cash payment of 1 crore. The fraud was exposed when the genuine landowner presented legitimate documents.
A case of alleged cheating and criminal intimidation has surfaced in Visakhapatnam, where the widow of an Army officer filed a complaint against the promoters of GCON BUILDER, a private real estate company. According to the complaint, the family had purchased a duplex flat from the builder, but the project was delayed multiple times without proper communication. Suspecting a discrepancy in the flat's actual area, the family consulted an architect who confirmed a significant difference. When the family confronted the builder, they were met with intimidation and threats. The complaint has been registered, and the police have initiated an investigation into the matter under relevant sections of the Indian Penal Code.
The Securities and Exchange Board of India (SEBI) has introduced disclosure formats for compliance reports on governance and annual secretarial requirements for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs). These formats, to be implemented from the fiscal year 2024, mandate the disclosure of crucial information such as investment managers' details, board and committee compositions, and meeting schedules. Investment managers are also required to submit quarterly compliance reports and an annual secretarial compliance report. The objective is to improve transparency, accountability, and regulatory compliance in the operations of REITs and InvITs, contributing to the overall development of Indian capital markets.
The commercial real estate sector is grappling with a multitude of challenges, with owners and lenders facing the consequences of changing work, shopping, and living patterns in the post-pandemic era. As interest rates rise, property owners are increasingly burdened by high costs, leading some to choose default over refinancing. Major institutional owners have already halted payments on certain properties, redirecting their resources elsewhere. The market is witnessing a sharp decline in transactions, resulting in stark price decreases across various real estate segments.
The Delhi government has launched a crucial initiative to protect the city's natural conservation zones (NCZs) from encroachment and ensure their preservation. Geospatial Delhi Limited (GSDL) has provided district-wise maps of all 154 NCZs to the revenue department for physical verification, utilizing updated images from 2019. The exercise aims to identify any encroachments within these ecologically sensitive areas and prevent unauthorized development. To ensure comprehensive verification, records are being shared with the Delhi Development Authority (DDA) for areas falling under their jurisdiction. Once completed, GSDL will create color-coded maps for accurate record-keeping, marking a significant step toward safeguarding Delhi's precious natural habitats.
Escalating land costs in Ahmedabad are pushing real estate developers towards joint development projects. Two major developers, Bakeri Group and Shivalik Group, have inked joint development deals with landowner groups, spurred by increased jantri rates and premium FSI charges. These partnerships, allowing shared investments in construction and revenue, offer developers a way to bypass massive initial land investment while providing landowners potentially greater returns than conventional land sales.
Major banking institutions are set to relinquish their first rights over assets and cash flows to new financiers, aiming to jumpstart stalled housing projects nationwide. The shift, discussed by bank CEOs and industry insiders last week, reflects a growing realisation that clinging to first rights impedes project progress. This move could bring relief to millions of potential homeowners affected by these stalled projects, predominantly concentrated in the Mumbai Metropolitan Region and National Capital Region. This transformative strategy follows the Supreme Court's judgement on the Amrapali case and the subsequent launch of the SWAMIH Fund.
Spacenet Enterprises India Ltd, a reputable National Stock Exchange-listed entity, is set to disrupt the distressed assets and urban storage sectors with its innovative proptech platform, Stratayield.com. Launched via its subsidiary, Thalassa Enterprises Pvt. Ltd, the platform aims to bridge the gap between distressed and market value in India's $150 billion distressed assets market. This strategic move underscores Spacenet's commitment to leverage the rapidly expanding proptech sector and deliver significant shareholder value. With a focus on the burgeoning urban storage market, Stratayield.com is poised to redefine storage solutions in urban India.
Saya Group, a prominent real estate developer in India, has announced its plans to build "Saya Status," India's tallest mall in Noida's Sector 129. Spanning over 13.5 acres of land, the mall aims to redefine the retail experience by offering a luxurious shopping destination with high-end retail outlets, entertainment zones, and fine dining options. With its strategic location and focus on sustainability, Saya Status aims to cater to the evolving demands of modern consumers. The project is expected to generate economic benefits, provide employment opportunities, and position Noida as a thriving commercial and retail hub.
A man from Guwahati allegedly conspired with hotel staff to stay at a five-star hotel in Delhi's Aerocity for over two years without paying a bill of Rs 58 lakh. The hotel management became aware of the situation during a routine review of records, prompting them to file a complaint against the guest and several staff members accused of assisting him in the fraudulent scheme. The accused manipulated records to conceal the actual outstanding dues and avoid detection of their illegal activities. A case has been registered against the accused under various sections, including cheating and criminal conspiracy.
G Square has launched G Square Aurora, a 9.63-acre residential plot project in Navalur, OMR Chennai. It offers 217 plots and 25 amenities, with DTCP approval and RERA registration. The location's proximity to the IT hub of OMR and high-value residential areas make it an attractive investment opportunity. G Square Aurora offers villa plots ranging from 536 sq. ft to 1364 sq. ft, with prices starting at Rs. 23.3 Lakhs. Early bird bookings are priced at Rs. 4999 per sq. ft, with the launch price set at Rs. 5300 per sq. ft.
Tata Power partners with Le Roi Hotels and Resorts to establish EV charging stations across their properties, promoting sustainable mobility and eco-friendly tourism. With 16 chargers strategically located at 8 sites, this collaboration creates a green corridor for clean travel in India. The stations include fast DC (CCS-II) and AC (Type II) chargers, offering comprehensive charging solutions. The partnership covers diverse locations from Udaipur to Digha and Haridwar to Koti, connecting popular tourist destinations.
The Municipal Corporation of Delhi (MCD) has debarred 140 architects from approving building plans due to complaints of incorrect information in the sanctioned plans. The move is in response to concerns about architects violating building norms and submitting plans that violate established regulations. The MCD is taking steps to ensure the accuracy and legitimacy of plans by verifying ownership details and preventing plans from unauthorized colonies. Architects found guilty of misconduct will be debarred for three years, and their plans will be revoked. The MCD is considering registering police complaints against repeat offenders.
The Greater Noida Industrial Development Authority (GNIDA) has initiated disciplinary action against officials in the land records department for the slow progress in acquiring land for eight new industrial sectors. One month's salary has been withheld, and payments to the private agency assisting in land purchase have been stopped. GNIDA has acquired only 500 hectares out of the required 900 hectares and has set a three-month deadline to complete the process. The sectors will cover nearly 900 acres in Ecotech 7, 8, 9, 12A, 16, 19, 19A, and 21. The CEO has instructed officials to identify new sectors for land acquisition.
The AUDA (Ahmedabad Urban Development Authority) has made a significant decision that affects plotting schemes authorized before 2010. Any developer who modifies the designated purpose of a subplot within a plotting scheme will now face a mandatory land deduction of 40 percent. This means that if a plotting scheme initially approved for exclusive bungalow construction is altered to include merged subplots with residential or commercial buildings, the developer must allocate 40 percent of the land for public spaces, such as roads and gardens. Previously, developers were exempt from land deductions if the subplots were already sold.
Intel, the renowned tech giant, plans to sell its expansive office space in Bangalore, aiming to unlock the value of its real estate assets. The deal, expected to exceed Rs 450 crore, follows a three-year lease-sell model with a one-year lock-up period. Builders have shown keen interest in the property, and the transaction is set to be finalized soon. This move aligns with the industry trend of optimizing space utilization and reducing costs through hybrid working models. By consolidating offices in Bangalore, Intel strives for efficiency and collaboration. Amidst the economic slowdown, Intel takes strategic steps to thrive in the dynamic tech landscape.
California-based tech provider KLA Tencor has leased a substantial 320,000-square-foot office space in Chennai's DLF Downtown Taramani. The deal, one of the city's largest, highlights the company's expansion plans. The financial details weren't disclosed, but sources say the move will happen within three months. CBRE served as the transaction advisor. DLF's rental arm, DCCDL, reported a 19 percent YoY revenue increase. Chennai's office space absorption rose by 63 percent in 2022, and leasing activity surged by 19 percent in Q1 2023. DLF is confident in leasing the remaining space before project completion.
The state government of Maharashtra has announced a one-time 50 percent concession on stamp duty for developers of integrated township projects, excluding Mumbai City, Lonavla, and eco-sensitive areas. This progressive initiative aims to encourage new proposals and urge developers to avail themselves of the concession for their upcoming projects. The concession can be utilized during land purchases or unit sales, but not both. It applies retrospectively from 2018 to authorized projects.
The Ministry of Defence (MoD) has issued a warning to Cantonment officials, urging them to stop harassing property owners in Secunderabad Cantonment. Despite the directive, owners claim that they face ongoing harassment and are unable to undertake even minor repairs. The lack of a complaint mechanism has led some owners to resort to bribing staff. In response to these grievances, the MoD established an expert committee that recommended citizens should not require permission for repairs. However, instances of harassment persist, highlighting the need for further action to protect property owners' rights.
The Kolkata Municipal Corporation (KMC) has increased fines for unauthorized constructions in order to discourage violations of building rules. Builders and owners found guilty of such violations will face higher fines, and the recent demolition of unauthorized buildings has served as a deterrent. While severe violations will not be eligible for regularization, minor modifications may be allowed upon payment of a nominal amount. The KMC aims to promote compliance with building regulations, maintain safety, and preserve the city's architectural integrity.
The Punjab Vigilance Bureau (VB) has begun scrutinizing properties belonging to the Pearls Group in a chit fund scam. The VB is examining alienated properties and verifying ownership details to ensure accurate records. The investigation includes properties identified by the CBI and a list shared by SEBI. The government has instructed transparency measures in property transactions. Accused individuals are being summoned for investigation, and the Punjab Chief Minister has pledged accountability and strategies for the return of funds to deceived investors.
DCP (crime and traffic) BP Dinesh Kumar has urged landlords in Mangaluru to conduct thorough background checks on prospective tenants. The Mangaluru City police have organized public grievance redressal meetings to address community concerns and implement initiatives, including the goal of eliminating drug-related issues from the city. The police have assured confidentiality for informants and emphasized the importance of public involvement in promoting social responsibility.
The United States witnessed an unprecedented growth in new home construction in May 2023, reaching its highest level in three decades. This surge in housing starts, exceeding experts' expectations, suggests a potential easing of the ongoing housing scarcity. The increase was primarily driven by a sharp rise in single-family house construction. The multifamily housing market also saw significant growth, reflecting the rising demand for rental homes. The construction activity spread across the entire nation, with notable increases in the South, Midwest, and West regions.
IKEA is awaiting map approval for its new store in Noida, India, signaling progress toward construction commencement within the next few months. The Swedish furniture retailer aims to offer affordable and quality home furnishings, meeting the rising demand in the Indian market. The store's establishment is expected to create employment opportunities and contribute to the local economy. With successful store launches in other Indian cities, IKEA's entry into Noida represents a significant milestone in its expansion plans. The eagerly anticipated store will bring convenience and access to IKEA's products to residents and drive growth in the region's retail ecosystem.
The luxury real estate market in Mumbai is experiencing a positive trend as the unsold inventory of high-end homes witnesses a notable decline. Factors such as favorable policy reforms, including GST and RERA, along with improved economic conditions, have contributed to increased demand for luxury properties. Developers have made strategic adjustments, offering flexible payment plans and attractive discounts to entice buyers. While challenges like high land acquisition costs persist, experts predict a gradual recovery in the luxury real estate market as sustained demand and improving economic indicators create a brighter future.
Arihant Superstructures, a prominent real estate player in India, is expanding into the plotted development segment with a Rs 700 crore investment in the construction of 500 luxury villas. The move aligns with the company's vision of diversifying its portfolio and meeting the growing demand for premium residential properties. The luxury villas, located in Maharashtra's Jodhpur, will offer spacious layouts, top-notch amenities, and sustainable features. This strategic foray into plotted development demonstrates Arihant Superstructures' commitment to innovation and customer-centric offerings while catering to the evolving needs of discerning homebuyers. The project is set to positively impact the local economy and contribute to the overall growth of the real estate market.
REC Ltd, a state-owned financial corporation specializing in power sector financing, has approved a financial package of Rs 3,045 crore for the development of Phase-II of the Bengaluru metro project. The expansion project aims to extend existing metro corridors and introduce new lines to enhance connectivity and ease traffic congestion in the city. Upon completion, the expanded metro network will cover 72.09 kilometers with a total of 101 stations. The funding from REC Ltd demonstrates the organization's recognition of the project's significance in improving urban transportation infrastructure.
Crib, a prop-tech startup, raises Rs 15 crore in a Seed round led by We Founder Circle and Rebright Partners. The company aims to revolutionize the real estate industry with its digital ecosystem, connecting landlords, tenants, and entrepreneurs. With features like tenant onboarding, staff management, and complaint handling, Crib offers operational excellence for landlords and an immersive experience for tenants. The funding will support product expansion and nationwide distribution. The crib has already established a strong presence in multiple cities, with over 500 landlords managing 100,000 rental units.
Truliv, a groundbreaking co-living and holiday home startup, has secured $1.5 million in pre-seed funding. Led by Conquest Global Ventures VCC and Vara Future LLP, the funding values Truliv at Rs 60 crore. The company aims to redefine real estate by offering innovative housing and community solutions. With plans to expand co-living capacity to 7,000 beds in Chennai and increase holiday homes to 36 properties across Tamil Nadu, Truliv is poised for remarkable growth. The demand for shared living spaces continues to rise, driven by workforce trends, urban migration, and a growing student population.
Chief Minister K Chandrasekhar Rao inaugurated the 2BHK dignity housing colony in Kollur, which spans 145 acres and consists of 15,660 dwelling units. The project aims to provide affordable housing with flats of 560 sq. ft of built-up area at a cost of Rs 8.65 lakh per unit. It features extensive civil infrastructure, including road networks, drainage systems, water pipelines, shopping complexes, and more. The scheme received an overwhelming response with 7.09 lakh applications, highlighting the demand for dignified housing in Telangana.
India's integrated serviced office and co-working space operator, EFC (I) Limited, plans to triple its seat capacity from 23,000 to 60,000 by March 2024. With 65 percent of seats catering to institutions, the company is expanding to meet strong demand. Listed on the Bombay Stock Exchange, it emphasizes India's economic potential and its own client relationships, expertise, and balance sheet. EFC (I) Limited reported a revenue of Rs 144.58 crore and a net profit of Rs 24.05 crore in the last fiscal year. The company provides customized workspaces and end-to-end solutions, capitalizing on India's booming co-working market.
Quorum Club Private Limited, in partnership with Devbhumi Realtors Pvt. Ltd. and Blackstone India Real Estate, has introduced DISTRICT 150 in Hyderabad. Spanning 35,000 sq ft in Marquee Knowledge City, this project aims to provide modern office spaces with a focus on work-life balance and hospitality amenities. DISTRICT 150 offers a range of facilities for meetings, events, entertainment, and creative experiences, including dedicated spaces for learning and development. Additionally, it features a progressive Indian restaurant and collaboration with a coffee, bakehouse, and chocolate brand, catering to the diverse preferences of professionals and promoting a new approach to work and life in Hyderabad.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has announced that it will only register new real estate projects after verifying the commencement certificate issued by local planning authorities. This decision is a response to the Kalyan-Dombivli fraud case, where counterfeit documents were used to obtain MahaRERA registration certificates. Local authorities have been given a deadline to integrate their websites with MahaRERA or send independent emails for project registrations. This measure is expected to enhance transparency and protect the interests of homebuyers in Maharashtra.
The Maharashtra government has not yet reached a decision regarding the repeal of the Maharashtra Ownership of Flats Act (MOFA), 1963, according to Deputy Chief Minister Devendra Fadnavis. While developers' organizations have called for the Act's repeal, numerous citizens and consumer groups have voiced their support for its continuation. The housing department has not engaged in discussions with all stakeholders and is considering their opinions before making a final decision. Repealing MOFA would impact housing societies and buildings not covered under the Real Estate (Regulation and Development) Act (RERA), which were governed by MOFA until the implementation of RERA.
The Bhopal Municipal Corporation (BMC) has directed ward officials to promptly report any developments that pose a threat to public safety. According to the 2011 census, approximately 2.8% of housing in the state capital is in a dilapidated condition. This instruction aims to ensure that any structures posing risks to the public are identified and addressed before the onset of monsoon. The BMC is actively striving to red-flag these deteriorating buildings, highlighting the importance of monitoring and maintenance to safeguard the well-being of residents in Bhopal.
According to officials, multiple commercial entities are emerging along the South City area. In response, the Ludhiana Improvement Trust (LIT) officials are devising a plan to introduce a new scheme that combines green industry and residential components. The scheme aims to foster sustainable development by incorporating environmentally friendly practices within industrial and residential spaces. Through this initiative, LIT intends to create a harmonious blend of industry and residential areas while promoting a greener and sustainable environment. The scheme's launch is anticipated to provide a platform for both commercial and residential growth, catering to the evolving needs of the region.
The Department of Town and Country Planning (DTCP) has directed Chintels India, the developer of Chintels Paradiso society in Sector 109, to conduct another structural audit of tower A within 30 days. This decision comes after a recent report by IIT-Delhi highlighted signs of deterioration in the tower. The audit aims to assess the extent of corrosion and recommend rehabilitation measures to ensure resident safety. Chintels India must submit a compliance report and execute the recommendations outlined in the audit. Failure to comply may lead to legal action against the developer.
The directors and senior officials of Delhi-based Ansal Housing are facing a police inquiry for alleged investor fraud. Ansal's commercial project "Ansal Hub" in Sector 83, launched in 2010, is yet to be delivered despite investors paying up to 95% of the total amount by 2015. The police registered an FIR against 12 individuals from Ansal, including its directors and key sales team members, for criminal conspiracy, breach of trust, and cheating. This case emphasizes the need for more robust regulations and transparency in the real estate industry.
Investors in Gurugram are up in arms against Ninaniya Estates Limited, accusing the developer of fraud and non-completion of two projects. The protesters, mostly senior citizens, gathered outside the developer's office demanding refunds for their investments in Prism Portico and Prism Suites. Despite multiple complaints to authorities, including the police, no action has been taken. The projects, launched in 2008 and 2011 respectively, have faced significant delays, leaving investors frustrated. The lack of response from Ninaniya Estates Limited and the absence of RERA registration for the projects have further fueled the investors' anger. Justice and accountability are being demanded by the aggrieved investors.
Last week, the interest rates for British homebuyers selecting two-year fixed-rate loans exceeded 6%, reaching the highest level since the September "mini-budget" crisis. The rise in borrowing costs adds to the pressures faced by the housing market. Lenders in the UK have significantly increased interest rates in response to persistent high inflation, leading investors to anticipate higher Bank of England rates. The average interest rates for new two-year and five-year fixed-rate mortgages have also climbed. Economists predict further rate increases beyond the anticipated peak in August or September.
The prices of plots in Dubai, especially in prime areas, have witnessed a substantial increase over the past two years, with some plots doubling or quadrupling in value. This surge in demand can be attributed to the post-pandemic period, with high interest from local and foreign investors, developers, and end-users who wish to build their own homes. The Dubai Land Department reported significant plot sales, including transactions in Palm Deira, Business Bay, and Al Thanyah First.
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The Bombay High Court has taken a strong stance against the directors of Avarsekar Realty by issuing a showcause notice for civil contempt of court. This action was taken due to their willful disobedience of a court order in a petition filed by a flat purchaser of the builder's luxurious 42-storey skyscraper, which is currently under construction in Mahim. The buyer had initially approached the Maharashtra Real Estate Regulatory Authority (MahaRERA) to seek compensation for the delayed possession of the flat, thus commencing a legal battle.
Approximately 20 residents were forced to evacuate a five-storey building in DLF 3, Haryana, after it started tilting, potentially due to nearby excavation work. The building's owner received a notice for unauthorized construction, while the owner of the adjacent plot was called upon for excavation without professional oversight. The tilted building is currently supported by cranes. Violations of building codes and illegal construction have been a recurring issue in the area, leading to concerns about safety and strain on civic infrastructure. Authorities are taking action and urging strict enforcement of regulations to prevent future violations and protect residents.
The Coimbatore City Corporation has implemented measures to expedite the processing of building plan applications and reduce delays in granting approvals to residents. Previously, the process took a month, leading to a backlog of pending applications. The corporation commissioner has allocated specific timeframes for officials involved in the process and introduced digital monitoring to ensure timely completion. Significant progress has been made, with 300 pending applications cleared in a week, including those pending for over a month. These efforts aim to streamline procedures and provide residents with faster building plan approvals, enhancing urban development in the city.
Mahindra Lifespace Developers Limited, the real estate and infrastructure development arm of the Mahindra Group, has recently launched an exciting new campaign that encapsulates their brand promise of "Crafting Life." This campaign serves to emphasize the brand's unwavering dedication to meticulous design and construction, showcasing the painstaking attention to detail and thoughtful consideration that goes into creating spaces that nurture customers' dreams and aspirations in the long run.
The Chhatrapati Sambhajinagar Municipal Corporation (CSMC) in Aurangabad has announced its plan to conduct structural audits of buildings over 30 years old to address concerns about their safety. This decision comes in response to persistent demands from activists advocating for urgent measures. Property owners will be urged to conduct audits, and in cases of non-compliance, the CSMC will conduct audits and recover expenses from the owners. This proactive approach demonstrates the civic body's commitment to citizen well-being and sets an example for other municipalities.
The Bombay High Court has expressed shock and concern over the high levels of fraud in a slum rehabilitation scheme at Bandra Kurla Complex (BKC). The court criticized the existing policy and law governing slum redevelopment and called for reforms to combat trafficking and profiteering. It proposed granting slum dwellers usage rights instead of ownership rights for the allocated flats. The court appointed a court receiver for the BKC project, directed the identification of trespassers and transferees, and suggested insulating the Slum Rehabilitation Authority (SRA) from political influences.
The Nagpur Municipal Corporation (NMC) has granted clearance to 46 high-rise buildings exceeding 40 meters in height, despite the firefighting team's maximum reach of 42 meters. This poses a challenge for the NMC's fire department, as they lack the necessary equipment for tall buildings. To address this, the NMC has proposed acquiring a 70-meter hydraulic platform, which has been approved in the upcoming budget. The NMC advises developers to prioritize firefighting systems in high-rise buildings and mandates regular drills for occupied structures. These measures aim to enhance safety in Nagpur's vertical growth trend.
Supertech Ltd., a prominent realty firm, aims to secure Rs 1,600 crore from institutional investors to complete its ongoing housing projects in Delhi-NCR. With 18 projects and 50,000 apartments, the company plans to deliver 17,000 flats within two years. It requires Rs 3,000 crore to finish pending work, with receivables of Rs 2,500 crore and unsold units worth Rs 10,000 crore. The proposed funding will aid construction, while revenue from sales will clear dues to banks, NBFCs, investors, and authorities. Despite legal challenges, Supertech's visionary promoter is determined to overcome obstacles.
TMC collected Rs 200 crore in property tax, exceeding 25 percent of the FY 2023–24 target in just 66 days. Majiwada Manpada ward took the lead with 33 percent of the total tax, while Vartak Nagar and Naupada-Kopri followed closely behind. Commissioner Abhijit Bangar credited timely billing, rebates, and convenient payment methods. With a recovery target of Rs 900 crore, they aim to reach Rs 1,000 crore. The deadline was extended to June 30. Timely tax bills, SMS alerts, and online payment facilities improve accessibility. Concerns were raised about Majiwada-Manpada's needs. The corporation remains dedicated to serving the community with innovation and support.
The Nashik Municipal Corporation (NMC) plans to impose a 2 percent penalty on property owners who fail to settle their biannual property tax obligations for the 2023-24 fiscal year by June 30. The NMC provides discounts to those who promptly pay their taxes, but penalties will be applied to those who do not take advantage of the discount scheme. The NMC encourages property owners to check their outstanding dues and make online payments through their official websites. Additionally, the NMC sends reminders and payment links via SMS and WhatsApp to property tax owners.
Kotak Mahindra-backed Phoenix ARC, Cerberus Capital, and Ares SSG with ACRE are competing for Piramal Group's distressed loan portfolio valued at ?2.6 billion. The portfolio includes debts from renowned real estate projects such as Advantage Raheja, JW Marriott, and Crowne Plaza. Piramal Group will negotiate with the highest bidder, establishing a reserve price for the auction. These loans are sourced from Piramal Capital Housing, separate from the Dewan Housing Finance acquisition.
Warburg Pincus, a global private equity firm, faced difficulties in India's real estate sector, with several investments not meeting expectations. Their stake sale plans in Good Host Spaces, a student housing startup, and joint ventures with Lemon Tree Hotels and Runwal Group did not yield the desired results. However, Warburg Pincus found success in investments like Piramal Realty and ESR, a logistics company. The company's approach to real estate was considered different from others, lacking focus and expertise. Despite challenges in real estate, Warburg Pincus has achieved significant returns in financial services.
The Ghaziabad Development Authority (GDA) faces obstacles in its plans to extend the Vaishali to Electronic City metro corridor, as private land acquisition poses a hurdle and could inflate project costs. The proposed 5.8km corridor, estimated at Rs 1,166 crore, necessitates the acquisition of land in Niti Khand and Ramprastha, impacting the alignment. Additionally, the state government's rejection of funding proposals for other metro extension projects led GDA and the Delhi Metro Rail Corporation (DMRC) to propose a new corridor to connect Vaishali and Electronic City. A meeting is scheduled between GDA and DMRC to discuss the route and potential realignments.
The Pune Municipal Corporation (PMC) is contemplating making the usage of sewage treatment plant (STP) water mandatory for grounds, golf courses, and sports facilities to combat water scarcity. Currently, 5 lakh litters of treated water are used for various activities, but PMC aims to increase it to 20 lakh litres due to inadequate rainfall this year. The civic administration has implemented weekly water cuts and is closely monitoring the situation, with decisions on further cuts depending on rainfall. The move aims to conserve potable water and mitigate the effects of water shortage in the region.
A contentious situation has arisen in Hyderabad, as a villa project undertaken by Greater Infra Projects and allegedly owned by a BRS corporator faces scrutiny for potential violations and encroachment on a water body in Bollaram village. The National Green Tribunal (NGT) has ordered investigations by the Hyderabad Metropolitan Development Authority (HMDA), the Sangareddy district collector, and the Ministry of Environment and Forests. Both sides have denied the allegations and exchanged accusations of technical errors and misidentification. As the legal battle intensifies, the fate of the villa project and the disputed water body remains uncertain.
The civic body in Pune, India, has sealed over 400 buildings as citizens fail to pay property tax. The Pune Municipal Corporation (PMC) sent notices to property owners and occupants, but non-payment resulted in the sealing of properties. The PMC aims to recover approximately Rs 8,000 crore from defaulters, including industries, commercial complexes, IT parks, and hospitals. Many defaulters have resorted to legal action, causing delays. Concerns have also been raised about exaggerated tax amounts and alleged bias in targeting defaulters. PMC's unique approach of using musical bands to shame defaulters has shown success. The PMC targets a recovery of Rs 2,318 crore for the next fiscal year.
Afcons, a unit of the Shapoorji Pallonji group, is in talks with banks for an IPO to monetize assets and fulfil loan commitments, sources said. The company is also considering a strategic sale to Middle Eastern-based firms. These initiatives aim to raise funds and alleviate debt pressure on operating companies within the group. SP Group plans to raise Rs 5,000–6,000 crore through Afcons' monetization. The flagship company, SPCPL, has restructured around $3 billion of debt under a Covid relief scheme. Afcons has executed notable projects like the Ahmedabad Metro and Atal Tunnel. The Mistry family has raised significant debt using Tata Sons shares as collateral.
Paranjape Schemes, a leading real estate developer, has secured funding of over Rs 230 crore from private equity funds such as ASK Property Investment Advisors, Arbour Investments, and Walton Street Capital. These investments will be utilized for residential projects in Mumbai and Pune. Notably, Paranjape Athena in Mumbai's Bandra, Forest Trails in Pune's Bhugaon, Trident in Wakad, and Paranjape Aspire in Andheri are among the projects. The company aims to complete construction by 2027, with a projected revenue of Rs 1,100 crore. Paranjape Schemes is also recognized for its senior living developments and plans to create a residential project for families with autistic children.
Suhana Khan, soon-to-debut actress and daughter of Shah Rukh Khan has bought a 1.5-acre property in Alibaug's Thal village for INR 12.91 crore. The purchase includes three traditional cottages previously owned by descendants of actor Durga Khote. Amid Alibaug's growing urbanization and associated challenges, like water shortage and waste management, Khan's acquisition spotlights the need for sustainable planning. Notably, many Mumbai-based celebrities are turning to Alibaug for real estate investments.
The housing market challenges in the UK have now extended to the rental sector, with rental costs reaching their highest level in ten years in May. Zoopla's data shows that tenants are allocating a larger portion of their income towards rent, surpassing the 10-year average. Rental prices in May exceeded income growth for the 19th consecutive month, particularly affecting renters in London. Experts attribute the affordability crisis to an imbalance between rental property supply and demand. Simultaneously, homeowners and potential buyers are facing increasing mortgage rates due to high inflation and wage growth, leading to potential interest rate hikes by the Bank of England.
In a move that could further impact the cost of living in Ahmedabad, the Ahmedabad Urban Development Authority (AUDA) has recently announced its decision to raise development charges by a significant margin. The proposed increase would see development charges surge by 15-20 times the current rates, potentially burdening property owners and developers alike. With development charges being a crucial factor in the overall cost of construction projects, this move is expected to have far-reaching implications for the real estate sector and urban development in Ahmedabad.
Delhi police have arrested Gunveen Singh and Jitin Pal Singh, implicated in a Rs 4.85 crore property fraud in Chhatarpur. The duo allegedly duped Balaji Metropolis Pvt Ltd director, Yogesh Tyagi, by selling disputed properties. Following a public denial of any sale agreements and the revelation of concealed family disputes, it was discovered that Gunveen was not legally authorized to negotiate the sale. The arrests were made on Sunday in Gurgaon, following the issue of non-bailable warrants.
Kandoi Fabrics and one of its directors have recently purchased two luxury sea-facing apartments in Malabar Hill, Mumbai, for over Rs 108 crore. The properties, totaling nearly 9,300 sq ft, are located in Lodha Malabar, a super-luxury residential tower developed by Macrotech Developers. This acquisition marks the company's second major purchase in the same project, following a Rs 217 crore deal in March. The transactions reflect the continued robust activity in India's luxury real estate market.
FICCI and JLL India have jointly called for the establishment of formal training and certification programs for property brokers in India. The white paper presented by FICCI emphasizes the need for government collaboration, education initiatives, and accredited courses to improve skills, income, and employment opportunities for brokers. The report highlights the increasing number of broker registrations under the RERA law and emphasizes the crucial role of brokers in the expanding real estate sector. The proposed training programs would focus on current regulations, communication, marketing skills, and digital tools, enabling brokers to establish themselves as industry specialists.
Ludhiana's municipal corporation is turning to digital technology to identify property tax defaulters. A new mobile application utilizing Geographical Information System (GIS) mapping allows officials to color-code properties and assign unique identification numbers. This will facilitate the tracking of defaulters and improve operational efficiency. The initiative, which includes live location tracking for field staff and text reminders to defaulters, is part of an aggressive push to achieve this year's property tax target of Rs 130 crore.
Dubai unveils the most expensive house for sale in the city, an extravagant mansion priced at 750 million dirhams ($204 million). Located in the desirable Emirates Hills neighbourhood, the property offers 60,000 square feet of indoor space, including five bedrooms and extensive dining and entertainment areas. The mansion boasts luxurious amenities such as a 15-car garage, indoor and outdoor pools, an 80,000-liter coral reef aquarium, and panic rooms. Constructed over 12 years with meticulous craftsmanship, the Marble Palace features Italian marble stone and an extensive art collection.
The Lucknow Development Authority (LDA) is requesting plot owners in Sushant Golf City to provide a no-objection certificate (NOC) from the irrigation department for their building plans. This requirement has been implemented due to the ongoing investigation by the Central Bureau of Investigation (CBI) into the developer, Anal API, for encroachment on canals and irrigation department land. The LDA will form a team to compare the master plan with maps from the irrigation and revenue departments to determine the exact canal alignment. Decisions regarding building plans for affected properties built on encroached land will be made accordingly.
The Himachal Pradesh cabinet has approved the final draft of the Shimla Development Plan, which introduces new regulations for building construction. The plan allows for specific floor and attic allowances based on different areas within Shimla. However, its implementation is subject to the approval of the National Green Tribunal (NGT), which has imposed restrictions on construction activities. The cabinet also decided to reorganize the recruitment process, with the Himachal Pradesh Public Service Commission taking over responsibilities previously held by the disbanded Himachal Pradesh Staff Selection Commission.
The Mayfield Garden Residents Welfare Association (RWA) in Gurugram is facing legal repercussions for constructing commercial structures at a designated dispensary site. The Department of Town and Country Planning (DTCP) has issued a restoration order after the RWA failed to respond to a show-cause notice. The order mandates the removal of unauthorized structures within seven days, with potential demolition if non-compliance occurs.
The Kolkata civic body has decided to deny mutation certificates to homebuyers in developments without a completion certificate (CC). This move is aimed at stopping unscrupulous realtors from leaving homebuyers stranded in developments that are not yet complete. A CC is the necessary requirement to apply for water and drainage connections, which are essential for the basic functioning of a home. Without a CC, homebuyers may be unable to get these connections, which could leave them without access to essential utilities.
Residents of Chandigarh protested at Sukhna Lake against the suspension of share-wise property transfer in the city. The Chandigarh administration issued a notification in March 2023, halting the transfer of properties on a share-wise basis. This has caused difficulties for property owners who are unable to sell or purchase their shares. The Chandigarh Property Shareholders' Welfare Association members expressed their intention to pursue contempt proceedings against the officers of the administration and send a legal notice for contempt of court orders.
The Greater Mohali Area Development Authority (GMADA) has sent notices to the owners of two buildings neighboring the parking lot involved in the recent cave-in incident in Sector 83. The notices demand the submission of records, governmental permissions, and clearances obtained for the construction of the buildings. GMADA acted following complaints alleging violations of government norms and building plans during the construction of the parking lot. Rajiv Gupta, GMADA's chief administrator, stated that further steps would be taken after the required documents and permission clearances were provided.
Residents of Noida's Logix Blossom Greens and Logix Zest are experiencing problems as a result of the community's dependency on diesel generators to provide electricity. The societies, created by insolvent Logix Infratech, have been unfinished for years. In order to reduce diesel usage, the insolvency resolution professionals imposed power outages and implemented a new tariff system, which raised electricity prices. In response to their increased usage over a predetermined period, the residents are now compelled to pay varied rates per unit, which has caused them to become irate and frustrated.
To ensure public safety before the monsoon season, the Indore Municipal Corporation (IMC) in India demolished 21 dilapidated and dangerous structures in zone 8 of the city. Both residents and bystanders were in danger due to the over 50-year-old buildings. In order to widen the route between Raoji Bazaar police station and Sonkar Dharamshala and relieve traffic congestion in the region, the IMC also identified over 100 obstacles in the form of portions of residential and commercial structures that needed to be demolished. The IMC has requested cooperation from property owners in order to protect public safety.
The Noida Authority in India has announced plans to establish a start-up hub in Sector 81 Phase 2 to support and encourage budding entrepreneurs. The Authority will lease out built-up spaces to new businesses through an e-auction, with the Old Court Complex's second floor offering over 13,000 square feet of space. The hub aims to attract entrepreneurs from various sectors, fostering small and medium-sized businesses, digital marketing, e-commerce, and online enterprises. The scheme includes incentives such as a six-month moratorium, a 15-year lease duration, and a one-year lock-in period. The e-auction will be conducted with a minimum rent of Rs 32 per square foot.
In Dombivli, Mumbai, the Runwal Group has begun construction on Central Avenue, the sixth phase of their Runwal Gardens development. The complex consists of two 32-story towers with more than 900 residential units that range in size from 421 square feet to 523 square feet. The units are priced starting at INR 44 lakh ($59,000). The project has excellent access to Thane, Navi Mumbai, and Mumbai. It is also adjacent to infrastructural developments like the Virar-Alibaug multimodal corridor and the proposed Kalyan Taloja metro line. An 11-acre central park, a cricket field, an amphitheater, picnic spots, and other facilities are also included in the project.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) is set to introduce a groundbreaking initiative aimed at improving the real estate market in the state. MahaRERA plans to implement a comprehensive grading system for real estate projects, making it easier for prospective homebuyers to make informed decisions when selecting a property. This will be the first initiative of its kind undertaken by any RERA authority in the country, highlighting Maharashtra's commitment to transparency and consumer protection.
The Delhi High Court has emphasized that construction workers' right to pension cannot be denied over technicalities or the absence of certain documents. The court granted relief to a construction worker who had applied for pension but didn't receive it. Stressing the need to process pension applications promptly, the court directed the disbursal of the worker's pension with interest. The court also ordered the Delhi Building and Other Construction Workers Welfare Board to pay costs to the petitioner. The ruling highlights the importance of protecting the rights of construction workers and ensuring they receive the financial support they are entitled to.
The Bombay High Court has refused to halt the demolition of structures in Jogeshwari (E), stating that it would delay rehabilitation and harm those who have already vacated the area. The court dismissed a petition by 11 occupants who claimed a lack of survey and eligibility assessment. The judges criticized the petitioners' request for an extension as unfair, emphasizing that the rehabilitation units must be constructed first. The court expressed concern over the loss of community and ordered the Slum Rehabilitation Authority to expedite the eligibility process. The hearing was adjourned, and the petitioners agreed to accept transit rent.
The Thane Zilla Parishad in India is working on mapping and creating a digital database of its 9500 properties to optimize their usage, prevent encroachment, and resolve legal disputes. This initiative involves using drones and geo-tagging to digitally map government-owned properties such as schools, offices, and community centers. All relevant information, including ownership details and encroachment history, will be accessible online. The aim is to enhance decision-making and resource allocation, protect assets, and make efficient use of government lands for new projects.
Reliance Retail Ventures (RRVL), along with six other companies, has expressed interest in acquiring Future Supply Chain (FSC), the logistics and warehousing management arm of Future Group, which is facing bankruptcy. FSC has played a crucial role in managing Future Group's warehousing and logistics requirements. RRVL had previously made an unsuccessful offer to acquire the entire Future Group business. The bidding process for FSC will determine its future and have broader implications for the Future Group and the Indian retail industry.
MCG suffered significant revenue losses of Rs 461.7 crore over a 12-year period due to the inability to collect property tax from institutional property owners. An audit revealed missing owner names in MCG's records for zones 1 and 4. The audit report highlighted the lack of effort from zonal taxation officers to locate these records. This led to a loss of property and a fire tax amounting to Rs 461.7 crore. MCG aims to recover the amount owed, but rectifying the property ID data and updating records will take time and effort.
Bhagirath Realty Private Ltd has been served a cease-and-desist order by the Nagpur Municipal Corporation (NMC) for proceeding with construction of a commercial complex without appropriate permits. The unsanctioned construction on a disputed 40,000 sq ft plot, previously held by the Nag Vidarbha Chamber of Commerce, is currently under multiple investigations. The builder faces potential legal consequences for violation of the Maharashtra Regional and Town Planning Act, and possible implications from breach of environmental and mineral excavation norms.
The Bhubaneswar Development Authority (BDA) has begun the allotment process for its Daya Enclave housing project, offering 128 two BHK apartments for the Middle-Income Group. Prospective buyers can register on the BDA's official website until July 7 for a chance to participate in the lottery system. However, locals have expressed concerns about the affordability of the apartments, urging the government to consider reducing prices to cater to the target audience effectively.
The land valuation policy of the Ahmedabad Municipal Corporation (AMC) has come under scrutiny due to inconsistencies in pricing guidelines for auctions of plots and constructed properties. Deviations from established practices and varying base prices have raised concerns about transparency and fairness. Stakeholders are urging the AMC to provide clarification and ensure a consistent valuation process to maintain trust and a level playing field in property auctions.
In an affordable housing drive, Andhra Pradesh's Chief Minister YS Jagan Mohan Reddy is inaugurating the TIDCO housing colony in Gudivada town, Krishna district. A total of 8,912 flats, each costing Rs 1, have been constructed over four years at a cost of Rs 178 crore. Alongside this, 4,500 homes are under construction adjacent to the TIDCO colony. The government's efforts towards affordable housing reflect a monumental relief of approximately Rs 9,406 crore for women beneficiaries, setting a new standard in housing accessibility.
Gurugram's Aravali Biodiversity Park, recognized as an Other Effective Area-Based Conservation Measures (OECM) site, is facing rampant illegal building activities. A road exceeding two kilometers from DLF 3 dissects the park, giving way to unauthorized structures and growing construction waste piles. Residents voice their frustration over the lack of government action to protect this key green zone. The Municipal Corporation of Gurgaon promises surveillance and demolition efforts in response.
A decade-long analysis of Mumbai's real estate market reveals a surprising trend: suburbs outpace the city's main island in property price growth. With negligible increases or even stagnation in apartment prices from 2013 to 2023, Mumbai's expensive real estate market has cooled. In contrast, other Indian cities have seen robust property price growth. Regulations like the city's DCPR 2034, increasing available floor space, are likely to maintain this stability. However, certain suburbs have demonstrated slightly better price appreciation, outperforming the main island city, signaling a shift in investment strategies in India's priciest real estate market.
Delhi saw the removal of a three-decade-old slum in Vasant Vihar last week, under the direction of the National Disaster Response Force (NDRF) and the Municipal Corporation of Delhi (MCD). This action was in compliance with a Delhi High Court ruling, allowing the construction of NDRF headquarters on the site. Meanwhile, an anti-encroachment operation was carried out near the Mata Guiri Devi Hospital in West Delhi, addressing obstructions by local vendors and shopkeepers. These enforcement actions underline the struggle to balance urban development with citizens' rights.
Pune residents will no longer need to visit police stations for tenant verifications, thanks to the state property registration department's new online system. Deputy Commissioner of Police, R Raja, confirmed that the online tenant verification system, stalled during Covid, will resume next month across Pune's 32 police stations. The streamlined process, expected to boost registration and offer home-based police verification, aims to enhance convenience for tenants and owners alike, marking a significant step in Pune's digital transformation journey.
Chandigarh Union Territory (UT) has unveiled its proactive green initiative - the Chandigarh Energy Conservation Building Code (CHECBC) 2023 and Chandigarh CBC Rule 2023. Aimed at commercial structures, the new regulations will reduce energy costs and CO2 emissions. Commercial buildings, which account for over 30% of the city's total power consumption, will now need to be more energy efficient. This move illustrates Chandigarh's firm commitment towards a more sustainable future, setting an example in the face of increasing ecological challenges.
Tamil Nadu's Commercial Tax and Registration Minister, P Moorthy, has announced the forthcoming launch of the Star 3.0 software to revolutionize property registrations. The software will digitize all registry transactions, reducing registration times to around 15 minutes, and eliminating the need for cash payments. Moorthy reassured citizens that any issues could be reported directly to the department's top officials. The new technology is expected to increase efficiency, transparency, and public trust in the system.
Telangana has furthered its vision of IT growth in tier-2 and -3 cities with the inauguration of a new IT tower in Siddipet. Seventeen companies have been allotted space in the four-storey building, which can house up to 1,440 tech professionals. The IT Minister, KT Rama Rao, emphasized that these new hubs will drive economic growth and create jobs. He highlighted the 'Telangana model' of balanced and inclusive growth, pointing to the rise in IT exports alongside an agricultural resurgence, reflecting the state's multifaceted development strategy.
Banks in the UAE have eased their requirements for mortgage approvals on off-plan properties, allowing buyers faster access to financing. Previously, lenders would only grant loans once a project reached 80 percent completion, but now they are willing to provide mortgages when the project reaches the 50 percent or higher stage. This change is expected to have a positive impact on the UAE property market, benefiting both residents and international investors. It is especially advantageous for newcomers to the UAE who previously faced challenges in obtaining mortgage approvals.
Nashik City's local government has achieved a remarkable 25 percent increase in property tax collection, amassing Rs 75 crore in just 75 days. This success can be attributed to the implementation of a rebate scheme that entices taxpayers with incentives ranging from 6 percent to 8 percent. Around 1.7 lakh taxpayers have taken advantage of the rebate scheme, resulting in a rebate amount of Rs 4 crore. With an optimistic goal of reaching Rs 90 crore, the Nashik Municipal Corporation aims to collect an additional Rs 15 crore in the next 15 days.
IndiQube aims to raise $75 million in equity funding to expand its commercial portfolio in major cities. With profitability achieved and a doubled annual recurring revenue of $100 million, IndiQube plans to acquire office properties alongside its lease model. The company's success in leasing 1 million square feet of office space and the growing demand for flexible workspaces contribute to its strong growth momentum. IndiQube's vision includes owning 1 million square feet of office space through the joint development model. Notable clients such as Myntra and Mahindra Logistics underscore the appeal of flexible spaces in India's market.
The Maharashtra Real Estate Tribunal (MREAT) has revised a previous order by MahaRERA, granting home buyers the right to receive interest on their payments and refunds of additional fees. MREAT directed a developer to compensate home buyers by refunding the statutorily mandated payments and paying interest from the date of deposit. The tribunal rejected the relief granted to the promoter regarding the Covid moratorium period, emphasizing that interest serves as compensatory remuneration for buyers enduring possession delays. MREAT's judgment referenced Supreme Court rulings and relevant legal provisions, affirming the purpose of interest as fair compensation for the utilization of funds.
The Ahmedabad Urban Development Authority (AUDA) has unveiled an audacious plan to auction eight prestigious plots worth Rs 561.28 crore. These prime lands are located in Chandkheda, Bopal, Vejalpur, and Manipur-Godhavi. The auction offers an exceptional opportunity to acquire these sought-after properties at a significant discount. The event is scheduled for June 30th and July 1st, following a meticulous evaluation by the Land Disposable Price Fixing Committee. AUDA's decision to auction these plots comes after the state government doubled the Jantri rates.
Ho Chi Minh City (HCMC) has been identified as one of the least affordable housing markets in the Asia Pacific region, according to a report by the Urban Land Institute (ULI). The median home price in HCMC is 32.5 times the median annual household income, making it the second least affordable city in the region. The report also reveals that HCMC has a higher median home price compared to other Vietnamese cities, with Da Nang ranking fourth in terms of affordability.
Sweden's housing construction sector faces a substantial setback as data from May reveals a significant 50% decline in housing starts during the first quarter. The plunge can be attributed to multiple factors such as escalating interest rates, soaring construction expenses, and dwindling demand, severely impacting building companies. To counter this worrisome trend, the Swedish government has announced its proactive stance in formulating a series of incentives. These measures aim to revive the housing construction industry by alleviating financial burdens, boosting investor confidence, and revitalizing demand.
ITC, a conglomerate in India, is reportedly exploring alternative structures, including a Real Estate Investment Trust (REIT), for its hospitality business. While ITC has expressed commitment to implementing an "asset-right" strategy, it has refrained from commenting on specific hypotheses or speculation. The potential transfer of hotel properties to a REIT would allow ITC to list the trust separately and distribute income to unitholders. The move comes as the Indian market witnesses the success of listed REITs and their growing popularity among investors.
Ashiana Housing, a realty developer, plans to invest over Rs 275 crore in a senior living project spread across 11.93 acres in Pune's Talegaon locality. This will be the company's second project in Pune, catering to the growing demand for retirement communities. The project aims to provide retirees with ample space and a peaceful environment. Ashiana Housing sees senior housing as a focus area and aims to expand its portfolio to nine projects in the near future.
Pushpam Group, a renowned real estate developer, has launched Balibaug, a Bali-style resort located in Alibaug near Mumbai. Drawing inspiration from Bali's architectural charm, Balibaug offers luxurious villas with private pools, gardens, and Balinese design elements. The resort provides over 20 premium amenities, including restaurants, a spa, and a gym. With a focus on sustainability and hotel-like services, Balibaug presents an attractive investment opportunity for buyers seeking a holiday home and rental income. The project aims to contribute to Alibaug's transformation into a premier tourist destination.
Nagpur Municipal Corporation (NMC) in India has been facing significant challenges in managing the collection, transportation, and recycling of construction and demolition (C&D) waste. Despite appointing operators and issuing guidelines, the NMC has experienced delays and operational issues. The accumulation of C&D waste on major roads and residential areas has become a pressing concern, prompting the introduction of fines for polluters. The NMC aims to improve waste management by establishing a helpline for waste collection and implementing charges for bulk waste generators. However, the delays in operationalizing recycling plants and lack of action against the operators have hindered effective waste management in Nagpur.
Kokapet Lake, once a pristine waterbody, has suffered from pollution and shrinkage as a result of rapid construction activities in the surrounding area. The lake has become cluttered with debris, solid waste, and algae, and its size has significantly reduced. The lack of a proper sewage system and flawed masterplan on the hydrology of the lake are contributing factors. Local residents are concerned about the government land auction in Kokapet, which may worsen the situation. Experts warn of the potential for urban flooding and emphasize the need for measures such as a Sewage Treatment Plant to address the issue of sewage pollution.
Haryana Urban Development Authority (HUDA) has identified two potential sites for a slum rehabilitation project in Panchkula. The initiative aims to provide one marla plot or flat to each slum dweller in the area. HUDA has earmarked a 40-acre tract in Khark Mangoli village and 20 acres in Sector 20 for the project. The plan has been shared with Haryana Assembly speaker Gian Chand Gupta and will be presented to Chief Minister Manohar Lal Khattar for final approval. The project aligns with the objective of eradicating slums and providing adequate housing to economically disadvantaged residents.
The Greater Noida Industrial Development Authority (GNIDA) has introduced a scheme to allocate data center plots, with the application process beginning on June 13 and closing on July 4. Through e-auctions, 13 plots specifically designated for data centers will be sold, aiming to generate approximately Rs 1,000 crore in revenue for the authority. These plots, ranging from 4,047 square meters to 1.07 lakh square meters in size, are located in Knowledge Park-5 and Techzone. Interested parties can access more details and apply via the GNIDA website and the State Bank of India (SBI) portal.
The construction of the Thirumayilai metro station in Chennai, which is a critical interchange station linking corridor-3 Madhavaram Milk Colony to Siruseri Sipcot with corridor-4 Lighthouse to Poonamallee Bypass, has been delayed due to its challenging design. The Thirumayilai station is expected to be the deepest metro station in the city at 35m depth, presenting an engineering challenge. The 118.1km phase-2 project is expected to be ready in stages from 2026 to 2028, and the stretches that will be ready by 2028 include Panagal Park metro to Thirumayilai metro on corridor-4, Thousand Lights metro to Thirumayilai metro, and Greenways Road metro to Thiruamyilai metro on corridor-3.
Delhi NCR-based real estate developer, Gaurs Group, is set to construct 450 luxury apartments in Jaypee Greens, Greater Noida, with an investment of over Rs 500 crore. The development will be spread over 12 lakh square feet and is likely to be launched later this year. The pricing of these flats will depend on market conditions. The project is expected to enhance the offerings of the already flourishing 450-acre township and attract discerning homebuyers. The Gaurs Group is known for delivering exceptional projects, and their foray into Jaypee Greens is expected to uphold this reputation.
The allotment process of the Blossom Greens project by real estate firm Logix Infratech has come under scrutiny following the release of an independent audit report. The report suggests potential malfeasance in the allocation of 261 apartments to Anand Kumar, brother of the former Chief Minister of Uttar Pradesh, and his wife, Vichiter Lata. Furthermore, allegations of irregularities in the allotment process, including the allocation of units already in possession of third parties, have been raised. Anand Kumar and Logix Group have denied the allegations, while investigations are ongoing.
The real estate market in the Indore region, inclusive of Shajapur, Dhar, Ujjain, and Dewas, is booming, recording double-digit growth since the start of the current financial year. With surging demand for commercial and residential properties, the region has registered revenues of Rs 725 crore, up 13% year-on-year. Market expansion is fueled by the inflow of IT companies, industrial area growth, and the Delhi-Mumbai Expressway. Experts predict a sustainable, robust future growth, indicating a promising trend for investors and home buyers alike.
In a recent development, the National Company Law Tribunal (NCLT) has granted approval to Ace Infracity's resolution plan for 3C Homes. This comes after the NCLT initially denied approval due to opposition from some of the allottees. The matter was subsequently taken to the National Company Law Appellate Tribunal (NCLAT), which has now remanded the case back to the NCLT with specific instructions. The resolution plan aims to address the challenges faced by 3C Homes and pave the way for its successful restructuring and revival.
The Bombay High Court has authorized MHADA to take action against nine unauthorized commercial structures in Kannamwar Nagar, Vikhroli (East) due to concerns about the risks posed by a deteriorating building. The residents of Sai Vihar CHSL filed a petition urging MHADA to remove the encroachments and facilitate redevelopment. The court highlighted the urgency of the situation, granting MHADA permission to proceed with the eviction process. The society's members expressed their willingness to vacate the premises, provided they are given transit rent. The court directed the members to negotiate terms with the builder, subject to MHADA's approval.
The National Green Tribunal (NGT) has formed a joint committee to investigate the presence of industries in residential areas of Faridabad and assess their legality. The committee comprises officials from the district administration, Haryana State Pollution Control Board (HSPCB), and Central Pollution Control Board (CPCB). The NGT's decision follows a petition highlighting pollution caused by industries in residential areas. The committee's mandate is to evaluate compliance with consent to operate (CTO) conditions and submit a factual report within two months.
The Department of Town and Country Planning (DTCP) in Gurugram has requested tehsildars of all eight tehsils to share data on registries of builder floors executed after the implementation of the self-certification scheme seven months ago. The scheme allowed architects to issue occupation certificates (OCs) to buildings. However, the DTCP received information that some property owners and architects obtained registries without submitting the OC file. In response, the DTCP has circulated a standard operating procedure to issue OCs under self-certification for residential units within licensed plotted colonies.
A group of developers in Noida, Uttar Pradesh, has been fined for illegally extracting groundwater without permission for their construction projects, in violation of the Uttar Pradesh Ground Water Act, 2019. The violation came to light after a resident filed a petition expressing concerns about groundwater depletion. A survey conducted by the authorities confirmed the unauthorized extraction by 13 developers, leading to fines of Rs. 5 lakhs each and the sealing of borewells. Groundwater levels in Noida and Greater Noida have significantly dropped over the past decade.
Dotom Realty and Eka Life Ltd. have partnered to introduce DOMAIN, a luxurious residential development in the prominent locality of Govandi, Mumbai. This project will feature the tallest residential luxury tower in Central Mumbai, comprising two towers with 33 floors. DOMAIN will offer premium residential segments, rooftop amenities, and multi-level car parking. The choice of Govandi as the location is driven by its excellent connectivity and infrastructure growth. The project's unique selling points include its magnificent 360-degree skyline view and a design tailored to modern luxury living.
Kalpataru Limited has announced its plans to invest in the redevelopment of a housing society spanning nearly 6 acres in Borivali, Mumbai. With a substantial investment of Rs. 700 crore, the project aims to transform the existing residential complex into a modern development covering 7 lakh sq. ft. The redevelopment will comprise 11 buildings housing a total of 400 apartments, which will be provided to the current residents as renovated units. Approximately 90% of the project will be dedicated to premium residential development, while the remaining portion will be allocated for commercial use. Kalpataru expects to generate a revenue of Rs. 1700 crores from this venture.
Actor Jim Carrey has listed his Brentwood estate for sale. The impressive ranch-style mansion, priced at $26.5 million, offers luxurious living spaces, including five bedrooms, six full bathrooms, and three half baths. The residence features high-beam ceilings, skylights, and Jim Carrey's own art collection. The property also includes a chef's kitchen, a central courtyard, a home theatre, a gym, and a home office. Outside, the two-acre grounds offer amenities like a tennis court, a swimming pool with a waterfall, and serene walking paths.
The Costa del Sol in southern Spain's Andalusia region has become increasingly popular among individuals from the United Kingdom, Sweden, and the Netherlands looking to buy property. With its beautiful beaches, sunny climate, vibrant lifestyle, and a range of attractions including picturesque towns, golf courses, and nightlife, Costa del Sol is an ideal destination for vacationers and those seeking a permanent residence. The United Kingdom leads in foreign investment, followed by Sweden and the Netherlands, while desirable locations such as Marbella, Estepona, and Fuengirola attract buyers from these countries and beyond.
Chinese investments in Malaysia have reached over US$38 billion, accounting for a significant portion of Malaysia's GDP. Malaysia has emerged as one of the top choices for Chinese commercial property investors, surpassing previous years and overtaking other regions. Key destinations for Chinese investors include Johor, Kuala Lumpur, and Selangor, with Johor benefiting from its developed economy and proximity to Singapore. The ongoing Johor Bahru-Singapore Rapid Transit System (RTS Link) is expected to further enhance investment prospects in the region.
The Government of Dubai, under the leadership of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, has distributed 11,500 plots of land to its citizens and provided housing loans totaling Dh7 billion to 7,000 beneficiaries. The government has allocated funds to support citizens with low incomes and individuals with disabilities. Additionally, initiatives such as the Bayti program aim to provide extra funds for citizens with limited incomes to construct, complete, or furnish their homes. The government is committed to enhancing the quality of life for its citizens, focusing on areas such as healthcare, Emiratisation, and investment opportunities.
Bank of Korea Governor Rhee Chang-Yong has expressed concerns about increasing risks in the financial sector, particularly due to a rise in overdue real estate loans. While the housing market is slowly recovering, Rhee emphasized the need to find ways to gradually reduce household debt in collaboration with relevant institutions. Rhee called for enhanced collaboration with regulatory authorities and the development of necessary measures to ensure financial stability. Additionally, Rhee cautioned against premature confidence in inflation easing and stressed the importance of a well-thought-out policy response to address economic growth and price pressures.
A developer has lodged a complaint against a presiding officer of the Rajasthan Real Estate Regulatory Authority (RERA) court, accusing them of biased behavior and favoritism. As a result, the RERA court has declared the developer as non-compliant for failing to adhere to its previous orders and has summoned the directors of the builder group and their chartered accountants for a hearing. The complaint was originally filed by an aggrieved party seeking a refund for non-delivery of a residential project, and despite a court order, the builder group failed to comply, leading to further legal action.
Religare Finvest (RFL) plans to transfer its stake to parent company REL, aiming to overcome Reserve Bank of India restrictions. The company is making efforts to recover corporate loans and fixed deposits from Lakshmi Vilas Bank, from which former promoters fraudulently withdrew. India Ratings and Research (Ind-Ra) withdrew ratings for a repaid bank facility, while RFL defaulted on unsecured exposure to ICICI Bank and non-convertible debentures. Timely debt servicing is crucial for a positive rating. RFL's corrective action plan continues due to fund misappropriation by erstwhile promoters.
The CHB is launching a new e-auction for residential and commercial properties. It includes 40 residential freehold properties and 88 commercial leasehold properties. Bidding starts on June 14 and ends on July 5. The CHB has added eight residential properties since the previous auction. The properties range from two-bedroom EWS units to high-end houses. Recent auctions have had mixed success rates. The CHB aims to provide a transparent process for buyers and promote access to quality properties in Chandigarh.
Fintech startup Basic Home Loan secures $4.7 million in pre-Series B funding. With digitized mortgage solutions, Basic Home Loan handles monthly applications worth Rs 3,000 crore, serving as a key player in the industry. The company aims to achieve a successful proof of concept by FY 2024, driving digital transformation in credit and catering to underserved segments. This investment marks a significant milestone for Basic Home Loan and its vision to revolutionize the housing finance landscape.
MANA, a trailblazing real estate brand, acquired 9 acres of prime land in Sarjapur, aiming to create unrivalled premium living spaces. This aligns with their vision to expand in East Bengaluru. The acquisition enables MANA to deliver upscale, eco-friendly properties that exceed expectations. The upcoming Sarjapur apartments blend green living, luxury, and convenience. The strategic location offers easy access to employers, making it ideal for professionals seeking a luxurious lifestyle.
In a bid to address the issue of over 23,000 flats being handed over without proper registration, the stamp and registry department in Noida has taken action against 66 builders. Notices have been issued, warning of legal consequences if the flats are not registered within a month. The district magistrate held a meeting on June 16 with developers and Noida Authority representatives to discuss the reasons behind the oversight. The authorities aim to safeguard property rights and prevent revenue losses. Efforts are underway to expedite the registration process and raise awareness among buyers.
In the wake of the National Green Tribunal (NGT) revoking Technopark Phase 3's environmental clearance, the State Environment Impact Assessment Authority (SEIAA) is seeking legal advice for a potential appeal. The move comes as SEIAA maintains that due procedures were followed in granting clearance to Dragonstone Realty Private Limited's mixed land-use project. Amid this legal imbroglio, SEIAA has also urged the project proponent to conduct a cumulative impact study to identify and mitigate any adverse environmental impacts caused by the project.
In response to the discovery of numerous dilapidated wadas in the city, the Nashik Municipal Corporation (NMC) has embarked on a mission to ensure public safety before the impending monsoon season. Following a comprehensive survey, fresh notices have been served to occupants of these vulnerable structures, urging them to vacate. However, the NMC is prepared to take severe actions if necessary. The water and electricity supplies will be cut off for non-compliant occupants, and in extreme cases, the local police will be involved in forcibly evicting those who refuse to cooperate. The NMC prioritizes public safety and aims to avert potential mishaps during the upcoming monsoon.
In a collaborative effort, Navin's, a renowned real estate company, partnered with Vengaivasal Panchayat to establish a state-of-the-art sports park in Medavakkam, Chennai. The Rajappa Sports Park, spanning an impressive 30,000 square feet within the OSR area, offers a diverse range of world-class facilities, from cricket nets and tennis courts to basketball and futsal courts. This initiative reflects Navin's commitment to promoting an active and healthy lifestyle while fostering a sense of camaraderie among residents. The project serves as an inspiration for other organizations to invest in sustainable and inclusive communities, creating spaces that enhance well-being and community spirit.
The Brihanmumbai Municipal Corporation (BMC) in Mumbai, India, has introduced a compensation plan for residents whose homes need to be demolished for infrastructure projects. The compensation ranges from Rs 25 lakh to Rs 40 lakh ($34,000 to $54,000) and will be provided in lieu of tenements to eligible individuals, primarily slum dwellers. This decision comes as the generation of rehabilitation tenements has been inadequate. The policy was approved in 2021, and recently, the first approval was granted to a BJP MLA for compensating slum dwellers affected by the Magathane-Goregaon road project.
In Hyderabad's GO 111 region, real estate developers are undeterred by the absence of a master plan from the Hyderabad Metropolitan Development Authority (HMDA). Filing applications for change of land use (CLU) from agriculture to non-agriculture, developers envision creating sought-after gated communities in areas like Janwada, Mokila, Chevella, Ameenpur, and Gandipet. However, concerns arise as structures encroach upon lakes and water channels, prompting experts like BV Subba Rao to emphasize the need for stricter land use regulations. As stakeholders await the release of a comprehensive master plan, the ongoing surge in real estate development highlights the delicate balance between urban growth and environmental preservation.
The Mohali Development Authority has taken steps to ensure fairness and transparency in the allocation of plots under its jurisdiction. To achieve this, the authority has organized a plot numbering draw, aiming to streamline the allocation process. In addition, the authority has extended relief measures for allottees of the IT city. As per the latest announcement, allottees wishing to avail benefits must submit a "no dues certificate" within a three-month period. This requirement aims to streamline procedures and promote accountability in plot allocation.
In Hyderabad's developing Kokapet neighborhood, Sattva Group has launched Sattva LakeRidge, its newest residential development. Six high-rise towers make up the project, which comprises 897 opulent apartments with three to five bedrooms. Elegant architecture, first-rate amenities, and an IGBC Gold rating for its eco-friendly initiatives are all features of Sattva LakeRidge. The project is a desirable option for prospective purchasers seeking opulent and modern living spaces in Hyderabad's flourishing real estate market because of its strategic position and close proximity to utilities, educational institutions, healthcare facilities, and entertainment options.
In collaboration with Simpl, OYO has introduced its "stay now pay later" (SNPL) service, which gives Indian tourists a credit limit of up to Rs 5,000 to pay off after a 15-day hotel stay. The initiative, which is available through the OYO app, intends to provide users more choice when scheduling their summer vacation. OYO noticed an 8% boost in payment completion rates during a pilot test, demonstrating the program's appeal to visitors looking for flexible payment choices. With the SNPL program, OYO hopes to assist those who are concerned about their cash flow and strengthen its position as India's top hospitality supplier.
In an electronic auction, Godrej Properties won the right to purchase 7.44 acres of property in Kolkata's New Alipore from the West Bengal Housing Infrastructure Development Corporation. Godrej Properties intends to build a luxurious group home project with an estimated developable potential of over 9.8 lakh square feet and a revenue potential of roughly Rs 1,200 crore on the site thanks to the land acquisition. The demand for luxury residences in Kolkata's real estate market has increased, and Godrej residences' acquisition positions the business to meet the city's expanding need for upmarket residential options.
The Lucknow Municipal Corporation is collaborating with the electricity department to boost property tax collection. Mayor Sushma Kharakwal aims to identify unregistered properties by matching household data with power connection records. Out of 600,000 registered properties, only 365,000 are currently paying taxes. The mayor plans to propose an attractive discount under a one-time settlement scheme, subject to state government approval, to encourage compliance. A recent survey revealed property tax evasion of approximately Rs 80 crore, with thousands of new properties remaining unregistered.
The Delhi High Court has granted bail to Preeti Chandra, wife of Unitech promoter Sanjay Chandra, in a money laundering case. The order will be effective after June 16, as the Enforcement Directorate requested time to challenge it. The case stems from allegations that the Unitech Group and its promoters illegally diverted over Rs 2,000 crore to offshore accounts. Preeti Chandra, who has been in custody since October 2021, maintains her innocence and claims no connection to the proceeds of crime. The trial court had previously denied her bail due to the seriousness of the allegations.
The property registration department of Maharashtra is awaiting the delivery of new software from the National Informatics Centre (NIC) to improve the leave and license registration system. Complaints about technical glitches have been reported since April, and the updated software is expected to resolve these issues and expedite registrations. The president of the association of service providers highlighted the software's potential to streamline the process. In the meantime, citizens have faced delays in receiving complete documents. The property registration department has cleared pending documents but continues to process thousands of registrations daily, raising concerns about the reliability of the old software.
The Bruhat Bengaluru Mahanagara Palike (BBMP) is set to intensify its anti-encroachment drive, with plans to dismantle 110 structures in Mahadevapura and KR Puram within 15 days. This marks a revival of the campaign after the May 10 assembly elections, following which, eviction orders were issued for properties associated with 110 survey numbers identified as encroachments. The BBMP is working in close collaboration with the revenue department and surveyors to ensure smooth and legal execution of the task.
After 180 years of horse racing, Singapore is closing its only racecourse to make way for public housing. The decision aims to optimize land usage for the benefit of the community and future generations. The government plans to reclaim the 120-hectare site in 2027, with the last race meeting scheduled for October 2024. As Singapore faces rising real estate prices, the closure comes as the government reviews land use policies to meet present needs and ensure sufficient land for the future. The site's potential uses include leisure and recreation, but housing, particularly public housing, will be the primary focus. The closure coincides with increasing demand for housing in Singapore, leading to rising resale prices and rental costs.
Toronto's housing market showed signs of rebounding in May, with a 20% increase in home sales compared to April and a 25% increase compared to the previous year. The desire for homeownership has surged as borrowing costs increased, prompting potential buyers to re-evaluate their housing needs and return to the market. However, sellers are holding out for higher prices, leading to a slower pace of new listings and an imbalance between supply and demand. The average selling price of a home in May was $1,196,101, slightly higher than April but 1% lower than the same period last year.
Residential real estate is projected to thrive as interest rates stabilize, ensuring healthy demand for the next few years. Top real estate companies excelled in FY23, reporting significant pre-sales growth, with DLF standing out by doubling its pre-sales. Despite higher launches, inventory overhangs were avoided due to improved sales velocity and strategic price hikes. The absorption rate for top cities remained steady, but renewed interest from first-time buyers is expected to drive growth. Additionally, large developers expanding into new markets will enhance industry growth. The outlook remains positive for the residential real estate sector.
The Strand Square, developed by the SSPL Group is the company’s newest offering the commercial real estate space. The project is strategically located in Kharadi, Punr offering excellent connectivity and surrounded by prominent business areas. The Regus Brand, the world's leading provider of workplace solutions, was the first tenant to occupy The Strand Square. The project features A-class retail outlets, premium office spaces, and F&B spaces, along with modern infrastructure and world-class amenities. It aims to foster work-life balance and caters to businesses of all sizes.
Australian real estate company Dexus has announced its plan to sell a high-quality office building in Sydney's central business district for A$393.1 million ($263.7 million), representing a significant discount of nearly 17% compared to its independent valuation. The sale of Dexus' property is subject to approval from Australia's Foreign Investment Review Board, and the buyer's identity and nationality have not been disclosed. The sale serves as an indicator of the valuation challenges faced by the sector, with market pricing suggesting a reduction in asset values by 20% to 25%.
Experts are expressing concerns over a potential policy change that would make first-floor slum dwellers eligible for slum rehabilitation schemes. Without strong regulation, this change could lead to a surge in the construction of new first-floor slum tenements. Builders may benefit from selling almost double the area with only a marginal increase in costs. The policy alteration, expected to be released before the upcoming BMC elections, aims to boost stalled Slum Rehabilitation Authority (SRA) projects. While the intention is to provide housing for the urban poor, there is a risk that the scheme could inadvertently promote slum development.
The Madras High Court has lifted a previous stay on the state government's plan to establish Tidel Park near the MGR Bus Stand in Madurai. The decision comes after a petition was filed by the traders' association seeking the implementation of a 2010 Government Order (GO) for a market. The court vacated the interim injunction, allowing the government's proposal for Tidel Park to proceed. The court has also requested a response from the agriculture departments regarding the 2010 GO. The decision paves the way for the realization of the business park in Madurai.
The Noida Authority has launched two Group Housing Schemes in sectors 43 and 44, offering prime plots through an e-auction process. The plots measure 13,800 and 41,145 square meters and interested parties must register by June 30. A non-refundable processing fee of Rs 20,000 per plot is required for participation. The Authority aims to develop group housing projects in these central Noida sectors and expects a high demand. Successful bidders must submit earnest money and pay the remaining land cost within 90 days.
The Ministry of Housing & Urban Affairs in India has directed all states and Union Territories to provide information on stalled housing projects within their jurisdictions. A committee led by Amitabh Kant has been formed to examine the projects comprehensively and propose measures for their completion. The government's initiative aims to expedite the delivery of homes to distressed homebuyers who have been awaiting possession. State governments are collaborating with homebuyers' associations to gather comprehensive data on stalled projects, facilitating the formulation of effective action plans.
GIFT City, an emerging global financial hub, witnessed the Shilp Group acquire 500,000 square feet of valuable development rights at a record-breaking rate. The highest acquisition price was previously set by Venus Group. GIFT City increased prices, triggering competitive bidding, and successfully allocated over 10 million square feet of rights despite the pandemic. With comprehensive amenities and a foreign bank presence, GIFT City positions itself as a prominent international financial centre.
NTT and the Prestige Group have joined forces to develop a 100 MW data centre in Bangalore, marking the Prestige Group's entry into the data centre business in India. The project spans a million square feet and will be executed in three phases, with the first building expected to be completed within a year. NTT has invested $4.5 billion in India since 2020 and plans to launch six additional data centres. The increasing demand for data centres in India, driven by technological advancements and digitalization, is attracting substantial investments in the sector.
WeWork India is embarking on a journey of growth and expansion with a new workspace at Raheja Mindspace in Hyderabad. Spanning over 100,000 square feet, the workspace will accommodate 1,500 individuals and open in August 2023. Located in Madhapur, Hyderabad's IT hub, Raheja Mindspace offers seamless connectivity and sophisticated amenities. Blending traditional and contemporary elements, the workspace draws inspiration from Hyderabad's cultural heritage. This addition strengthens WeWork India's presence and its goal of redefining workspaces nationwide.
SEBI plans to auction 11 properties of Arise Bhoomi Developers and its directors, located in Uttar Pradesh and Maharashtra, with a reserve price of over Rs 43 crore. The properties were involved in unregistered investment schemes, and SEBI aims to recover investors' money through the auction. Adroit Technical Services Ltd. will assist in the online auction, scheduled for July 14th. Previous attempts to refund investors' money and attach bank accounts were unsuccessful. SEBI imposed fines and prohibited the company and its directors from the securities market. The auction aims to uphold regulatory compliance and restore investor confidence.
In a first-of-its-kind initiative, the Delhi Development Authority (DDA) is set to offer around 5,000 diverse category flats on a first-come, first-serve basis under its online housing scheme. The move, designed to make owning a flat more affordable and accessible, will also address demands for multiple home ownership for larger families. Depending on the demand, the DDA has plans to add more flats. The authority will also offer solutions for the residents of Signature View Apartments and intends to provide better living conditions for eligible slum-dwellers.
Chintels Paradiso residents are grappling with looming eviction threats as the developer allegedly demands the termination of their temporary accommodation within a week. This move comes amidst ongoing issues with structural defects that led to a major collapse in February 2022. With half of the 180 affected families yet undecided on the compensation offer, and the recent order for residents of Tower G to vacate, the crisis at the residential complex has intensified. As residents battle housing rights and safety concerns, the situation necessitates urgent attention from both the developer and authorities.
In Gurugram, structural audit firms are nearing completion of visual inspections for serious construction defects in over 70 high rise societies. With 90% of the surveys complete, the district administration prepares to select 15 societies for detailed auditing based on the findings. This effort follows a tragic building collapse last year, highlighting a commitment to enhancing safety measures and addressing construction flaws across the city's residential societies.
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has issued a "public notice" to Investors Clinic, a real estate agent, for allegedly violating rules in promoting a Noida-based project by M3M Group. The notice was issued after Investors Clinic failed to attend a scheduled hearing on June 12, as instructed by UP-RERA. The agent was previously issued a show cause notice on June 3, requesting clarification regarding the promotion and publicity of the "M3M The Cullinan" project in Noida Sector 94.
India's top 8 warehousing markets have experienced a historic surge in demand during the financial year 2022-23, reaching a record high of 51.3 million square feet (msf), according to Knight Frank India's report. With a compound annual growth rate (CAGR) of 24% from FY17-23, Mumbai, Bengaluru, and Kolkata stood out with exceptionally high transaction volumes. The increased demand can be attributed to the Third-party logistics (3PL), manufacturing, and retail sectors. While the 3PL and manufacturing sectors witnessed significant year-on-year growth of 34% and 23% respectively, the e-commerce sector saw a decline due to excess capacity built during the pandemic.
In a recent development, the Coimbatore Corporation took decisive action by sealing a building situated on a 12-cent OR land, which had been unlawfully rented out to a private individual for commercial purposes. Under the leadership of Assistant Town Planning Officer A Babu, a dedicated team was responsible for executing the operation. Not only did they seal the building, but they also successfully retrieved the land, valued at a staggering 2.25 crore.
Aviom India Housing Finance secures USD 30 million in fundraising from Nuveen in a new funding round. The funds will fuel market expansion and operational strengthening. Existing investor C4D Partners partially exits by selling a stake to Nuveen. Aviom caters to low-income households with construction, improvement, and renovation loans. The investment has led to a remarkable portfolio growth and employee expansion. Aviom's journey exemplifies innovative financial solutions for inclusive growth.
Gurugram's Advance India Projects Ltd. (AIPL) has leased 5 lakh sq. ft of office space in its AIPL Business Club. Located on Golf Course Extension Road, the complex offers 6,75,000 sq. ft of leasable area with retail outlets and a food court. Key tenants include Kuehne+Nagel, Lummus Technology, and British Airways. With an investment of Rs 320 crore, AIPL expects an annual rental income of Rs 50 crore. AIPL's portfolio spans premium offices, retail spaces, and residential townships in Delhi-NCR and Punjab.
The MCG's audit revealed significant delays in processing property ID applications, taking one to two years instead of the mandated ten days. In Zone 1, 569 IDs were created out of 1,219 applications, while in Zone 4, 1,266 IDs were created out of 1,859 applications. Processing times ranged from 11 days to over two years. The report highlighted undisclosed reasons for delays and a lack of communication with rejected applicants. Measures were taken to improve service delivery. Additionally, 50,415 temporary IDs were generated, with a tax assessment of Rs 14.9 crore, of which Rs 11.3 crore was received by the ULB department.
Chinese property stocks listed in Hong Kong witnessed a significant surge as investors clung to hopes of further supportive measures from Beijing to revive the embattled sector. Shares of major developers such as Longfor Group, Sunac China, and KWG Group experienced notable gains. While market participants anticipate additional property stimulus, some analysts remain sceptical about its impact, citing weak consumer and homebuyer confidence. The effectiveness of future measures remains uncertain amidst concerns about the real impact on the sector.
Prime Minister Anwar Ibrahim has recently announced the mandatory inclusion of affordable homes or People's Housing Projects (PPR) in housing projects seeking approval in Kuala Lumpur. This decision aims to address the shortage of affordable housing and meet the needs of the underprivileged. The government receives thousands of applications for affordable housing each year, but Kuala Lumpur City Hall (DBKL) can only provide a limited number of units. The People's Housing Project, initiated in 1998, has been instrumental in providing affordable housing options and improving living conditions for those in need.
The real estate market in Dubai experienced a significant surge in value and transactions in May 2023. According to Property Finder, the total value of real estate transactions increased by 87% compared to the previous year, reaching Dh34 billion ($9.3 billion). The number of transactions also rose by 78% year on year, with 11,700 deals recorded. Off-plan agreements played a crucial role in driving the market expansion, accounting for 49% of sales transaction volume and 43% of the total value. Dubai's strong economic growth, with a projected GDP expansion of 3% in 2023, government initiatives, and rising oil prices, has contributed to the recovery and continuous growth of the real estate market.
Operators of fractional property-ownership platforms in India have submitted suggestions to the Securities and Exchange Board of India (SEBI) regarding the regulation of online platforms offering fractional ownership of real estate assets. Their recommendations include allowing investments in under construction assets, reducing experience requirements, granting more time for platforms to transition, and exempting luxury residential properties from regulations. These suggestions aim to enhance investor returns, ensure commercial viability, and improve governance in the sector.
The Vadodara Municipal Corporation (VMC) is set to decide on disciplinary action against officials involved in a housing scheme scandal. It was discovered that a list of beneficiaries had been forged and houses were allocated to individuals not selected in the original draw. An inquiry revealed that an operator changed the lists under an executive engineer's instruction. A report has been submitted, and the VMC's standing committee will determine the appropriate action against the executive engineer.
The UP-Housing Board raised it’s circle rates for Vasundhara and Siddharth Vihar townships near the RapidX corridor. Effective April 1, the revision increases stamp duty and property prices. Flats and plots in Siddharth Vihar witness an Rs 850 per square metre hike, while Vasundhara's rates vary by sector. Low-income properties remain unaffected. The board justifies the move due to market sentiment and demand. However, realtors criticize the hike, citing already increased home loan rates as a burden on buyers.
Hyderabad's residential property market thrived in May 2023, with 5,877 registrations, a 31 percent increase from the previous month. The total value of registered properties also rose by 31 percent to INR 2,994 crore. The market saw demand for properties between 1,000 and 2,000 sq. ft, with the Medchal-Malkajgiri district leading in sales. Prices showed a YoY increase of 3 percent, with Hyderabad experiencing the highest surge at 8 percent. Buyers showed interest in larger, high-value homes with better amenities. The market remains strong, driven by the RBI's decision to hold interest rates and buyers' preferences for spacious properties.
Shriram Properties has announced a target of 25 percent sales growth for this fiscal after recording a record-breaking Rs 1,846 crore in sales bookings. Robust housing demand across price categories fuelled the impressive performance. Sales volume reached 4.02 million sq. ft, a new high, with an 8 percent annual sales realization growth. The company plans to launch multiple housing projects to meet rising demand. Net profit surged nearly fourfold to Rs 68.2 crore, and total income grew to Rs 813.92 crore. Shriram Properties, operating mainly in Bengaluru, Chennai, and Kolkata, has delivered 36 projects and has 26 ongoing projects.
The Mumbai ITAT ruled that individuals co-owning multiple residential houses can still claim tax exemption on long-term capital gains, benefiting many taxpayers. Section 54F allows an exemption when reinvesting sale proceeds in a house. Zainul Ghaswala's claim was denied by the I-T official, despite evidence of separate ownership and occupancy of flats inherited by family members. The ITAT bench considered the Madras High Court's ruling that joint ownership does not hinder exemption claims. With no adverse decisions from the Bombay High Court, the ITAT ruled in favour of Ghaswala, clarifying co-ownership eligibility under Section 54F.
Sundaram Home Finance Ltd. (SHFL) plans to enter the affordable housing segment, targeting loans up to Rs 35 lakh. The market outlook is positive, with expected growth surpassing small business loans. SHFL aims to expand in Tier II and Tier III cities, meeting the rising demand for homeownership. Following success in the small business loan sector, SHFL will open new branches in Tamil Nadu and expand into Telangana, Andhra Pradesh, and other regions. Stable interest rates and strong buying sentiment support the housing market's recovery. SHFL remains committed to reducing non-performing assets and maintaining high collection rates while prioritizing stakeholder satisfaction.
EY Global Delivery Services India has renewed its lease for 420,000 square feet of office space in Bengaluru's Coral building, signifying confidence in the real estate market. The lease spans 60 months, with a rental escalation of 13.5 percent after the initial 12 months. The strategic choice of the Bagmane World Technology Centre Campus reflects the significance of location and infrastructure for EY's operations. This lease renewal adds to the positive momentum in the office space market, following similar moves by prominent companies like Amazon, Google, JP Morgan, and Deloitte.
Residents of the Patna Municipal Corporation (PMC) area now have the convenience of filing their property and municipal taxes from 7 a.m. to 7 p.m. throughout the week. Alongside the newly launched 7-to-7 tax collection counter, taxpayers can also opt for online filing through the PMC website. This initiative aims to alleviate taxpayer burdens by minimizing queues and ensuring accessibility. To further enhance convenience, executive officials have been directed to provide additional computer operators and systems at tax counters in their respective circle offices.
The Nashik Municipal Corporation (NMC) has issued a warning to builders in the city, instructing them to adhere to safety guidelines and exercise caution while carrying out excavation work during the monsoon season. The NMC's action comes after a road in Govind Nagar area suffered partial collapse last year due to excavation activities, causing disruptions in vehicular movement. In response, the NMC has written to real estate organizations, including CREDAI and NAREDCO, requesting them to inform their members about the need for extra precautions during rainy season construction activities.
Delhi Development Authority (DDA) has raised concerns over the delay in laying water and sewer lines at the Jailorwala Bagh rehabilitation housing project for slum dwellers. In a letter to Lieutenant Governor V Saxena, DDA alleged that the project's inauguration and house allotment were hindered due to the Delhi Jal Board's (DJB) delayed approvals. The absence of a water and sewer network has caused significant delays. Additionally, DDA highlighted the reliance of Kalkaji rehabilitation project residents on water tankers due to the lack of a regular water supply by DJB.
The Union Government has given its preliminary approval for the establishment of two new townships in Uttarakhand. These projects include an industrial township in the Parag Farm area of Udham Singh Nagar and an integrated township in Doiwala, near Dehradun. The state government aims to transform Parag Farm into a major industrial hub, attracting significant investment and generating employment opportunities. Additionally, an integrated aero township is proposed for Doiwala, taking advantage of its proximity to the airport. A delegation from the Centre is expected to visit the locations for further assessment.
Visakhapatnam authorities are gearing up for land pooling in preparation for the "Housing for Poor" initiative. Over 770 acres of land have been identified across various villages. Grama Sabhas was conducted from June 12 to June 18 at Panchayat Offices for public opinion. Objections can be lodged at the Land Protection Cell Deputy Tahsildars' offices until July 4. The notification states that 771 acres will be acquired, with Anandapuram (401 acres), Visakha rural (118 acres), Padmanabham (116 acres), and Bheemili (135 acres) mandals being the major areas.
The Ahmedabad Municipal Corporation (AMC) is set to implement a groundbreaking reform by offering its newly built properties for direct sale instead of the customary 99-year lease, thereby avoiding the 18% Goods and Services Tax (GST) levied on property auctions based on lease deeds. The move comes after the AMC faced a hefty GST payment of Rs 36 crore on an auctioned property valued at Rs 197 crore. The shift aligns with industry trends and may have implications for other municipal corporations in the country.
In response to the National Green Tribunal's recent environmental clearance cancellation for Technopark Phase-3's expansion, the Kerala government insists the land in question is not a wetland. Using classifications from the acquisition notification, government reports, and satellite images, the authorities argue the land is a long-idle paddy field. Insiders suggest an appeal may be filed following the ruling. The focus is now shifting to the project's cumulative impact assessment.
According to property consultancy Anarock, the average size of newly launched apartments in India's major cities has seen a significant increase, with a 5% annual surge during the first quarter of 2023. This reflects the evolving real estate market, where developers are catering to the rising demand for larger living spaces. Among the cities, Delhi-NCR experienced the most prominent surge, with average flat sizes expanding by 50%. The trend signifies a shift from previous preferences for compact homes, driven by affordability and millennial lifestyle trends.
The Greater Cochin Development Authority (GCDA)'s LIFE MISSION housing project in Mundamveli, Kochi, has encountered several delays in its completion. The contractor, Thrissur District Labour Contract Co-operative Society (TDLCCS), has struggled to meet deadlines due to the impact of monsoons on the project's progress. Despite completing most of the work in one block, substantial tasks remain unfinished in the other blocks, leading to missed deadlines. The project aims to rehabilitate residents of the P&T colony and comprises two four-storeyed buildings with a total of 83 flats.
The Adityaram Group has launched Adityaram Palace, India's largest palace, and Adityaram Palace City, South India's first palace-themed villas. The palace and villas offer customers a luxurious and elegant living experience, combining contemporary design with the rich cultural heritage of South India. The Adityaram Group aims to create iconic landmarks and has a strong track record in delivering landmark projects. The palace-themed villas feature ornate facades, majestic courtyards, and exquisite interiors, providing homeowners with a regal lifestyle. With state-of-the-art amenities and meticulous attention to detail, Adityaram Palace offers residents a palatial living experience.
SEBI plans to auction 61 properties owned by the Saradha Group on July 17 to recover funds acquired through illicit schemes. The auction, with a reserve price of over Rs 26 crore, includes land parcels in West Bengal. Quikr Realty and C1 India will assist in the sale. The Calcutta High Court's order directs SEBI to complete the auction within three months. Saradha Group, accused of chit-fund operations, raised Rs 4,000 crore before collapsing in 2013. Potential bidders must conduct thorough investigations into property liabilities. The successful bidder bears transfer costs and taxes.
The Union Cabinet has given its approval for the metro rail connectivity project between HUDA City Centre and Cyber City in Gurugram, aiming to enhance public transport in the national capital region. The Haryana Mass Rapid Transport Corporation Limited (HMRTC) will undertake the 28.50-kilometer project with 27 stations. The metro trains on this line will operate at a design speed of 80 km per hour, maintaining an average speed of 34 kmph. The entire project is expected to be completed in four years.
Delhi Development Authority (DDA) is making strides in its "Vision 2041" initiative with notable progress in sustainable urban development. Updates shared by vice-chairman Subhasish Panda include the in-situ rehabilitation of 18 slums, 70% land pooling in 20 identified sectors, and transit-oriented development projects. Efforts are also underway to increase affordable housing sales, and to restore the Yamuna floodplain, with 90% of rejuvenation achieved in four out of ten sites. These advances underline DDA's commitment to create an inclusive and sustainable Delhi.
The Income Tax Department's Intelligence and Criminal Investigation Wing has launched an extensive probe into two tehsil offices in Gurugram over non-disclosure of property registry data for the past five years. Prior irregularities include arrests of officials accepting bribes, misrepresentation of property types, and unauthorized issuance of 1,200 land registries. The investigation highlights the necessity of transparency and stringent oversight in land registry processes to ensure public interest and administrative accountability.
Kaveri 2, the new property registration system in Karnataka, is currently facing severe backlash due to frequent technical glitches. The once-revolutionary platform has caused a major slowdown in property registrations, with only 25% of the normal volume being processed daily. These ongoing issues have alarmed revenue officials and frustrated the public. Despite the initial hurdles, district registrar Pavan Pandit urges the public and stamp vendors to embrace the new system, assuring that these teething problems will be addressed promptly.
Real estate prices in Raigad have spiked due to a monopoly in the minor minerals market, increasing construction costs by 200 INR per sqft. A company linked to a Thane leader's family allegedly controls this market, pledging extra royalties to the government. This unethical practice prompted a wave of complaints, with no significant resolution yet. The local administration has pledged to revisit the issue as homebuyers await an intervention to counter this unchecked exploitation of resources.
Mumbai's plan to rejuvenate ageing buildings on collector lands faces fresh hurdles due to new state regulations. The 8,000 housing societies constructed 50-60 years ago must now ensure 20% OBC membership in new flats, with premiums determined by the government. Existing battles to reduce ownership land premiums add to the struggle. With threats to cast 'None of the Above' votes in upcoming elections, urgent resolution is needed to ensure the safety of 800,000 families and the continuity of Mumbai's urban regeneration.
A dramatic rise in property prices is gripping Indian metropolises, with 43 of the top 50 cities experiencing a significant upswing in the last quarter of FY 2022-23. According to the National Housing Bank, prices peaked at an 11% increase in several urban areas, led by Kolkata. In the midst of this, the Reserve Bank of India's decision to hold the repo rate steady at 6.5% offers some relief to prospective homebuyers, assuring stable Equated Monthly Installments. As real estate volatility escalates, potential investors are advised to tread cautiously.
In an ongoing high-profile Jharkhand land fraud case, the Enforcement Directorate (ED) has presented its initial chargesheet in a special court, implicating ten individuals, including IAS officer Chhavi Ranjan. The case centres around the fraudulent seizure and sale of two land parcels, together worth Rs 74.39 crore. The ED's investigation, stemming from a complaint by the Ranchi Municipal Corporation, has unveiled extensive evidence of forgery and corruption. The chargesheet marks the first formal step towards justice in this grim demonstration of money-laundering and corruption.
Gurugram-based real estate firm, Ninex Developers, and its executives have been indicted for allegedly defrauding homebuyers by selling their assigned flats to another company. The case, highlighted by complainant Rajendra Anand, involves flats booked for over Rs 1 crore, which were later illicitly mortgaged. Despite a promised settlement, the firm has reportedly failed to deliver. Police investigations are ongoing under IPC sections for criminal breach of trust, cheating, and conspiracy, following directions from the Punjab and Haryana high court. The developer remains unavailable for comment.
Dubai's ruler has given approval for the revival of the Palm Jebel Ali project, the largest among the man-made palm-shaped islands in the city. The project, which was previously suspended during the 2008 credit crisis, will now be implemented as part of the Dubai 2040 Urban Master Plan. The revitalized Palm Jebel Ali will feature over 80 hotels and resorts, providing luxurious beachfront residences for around 35,000 families. This comes at a time when Dubai's property market is experiencing a strong recovery, driven by increased demand and rising real estate prices.
Paris has once again imposed a restriction on the maximum height allowed for new buildings in the city. This decision comes in response to the construction of the Tour Triangle tower, which faced significant opposition. The new height limit dictates that buildings in Paris cannot exceed 37 meters or 12 storeys, reintroducing the urban planning law first implemented in 1977. The move is part of mayor Anne Hidalgo's plan to reduce carbon emissions and ensure a bioclimatic urban environment. The Tour Triangle, once completed, will become the third tallest building in Paris and will house a range of facilities. The reintroduction of the height ban follows a similar trend seen in China, where restrictions on building heights have recently been implemented.
Halifax, a mortgage lender, reports that British housing prices have witnessed a yearly decline in May, marking the first drop in 11 years. The decrease can be attributed to the impact of increasing interest rates on the housing market. The average property price fell by 1.0% compared to the previous year, with monthly prices remaining stable. The director of mortgages at Halifax anticipates additional pressure on housing prices due to the rise in interest rates. The housing market had shown signs of recovery earlier in 2023 but has since weakened, with lending to first-time homebuyers at its lowest level in years.
Risland's Sky Mansion project in Chhatarpur, New Delhi, has gained MCD and RERA approvals. The project offers penthouses and luxury apartments with three and four bedrooms. In addition, Sky Mansion offers uninterrupted views of the spectacular Aravalli Greens, a magnificent 1 lakh square foot clubhouse, and a parking area for more than 500 cars. Sky Mansion is slated to reinvent luxury living in South Delhi, and 65% of the flats have already been sold, demonstrating both the resounding interest in the project and the confidence that people have in Island's superb craftsmanship.
In Koregaon Park NX, Pune, Zeassetz, a Zolostays subsidiary, has unveiled "Codename - KP ANNEXE," a completely furnished and managed residential property. The property is priced starting at 35L all-inclusive and offers contemporary studios and 1BHK units with guaranteed yearly rentals of 1.56L. Additionally, Zeassetz is providing investors with exclusive early-bird discounts on pre-leased real estate investments through an innovative Expression of Interest (EOI) program. Through investments in pre-leased residential buildings, the company seeks to offer investors a reliable passive income stream with higher yields and fewer risks.
Environmentalists in Ghaziabad, represented by Prasoon Pant and Pradeep Dahlia, have filed a petition against 21 establishments, including malls, hotels, and banquet halls, for operating without obtaining the necessary No Objection Certificate (NOC) from the state pollution control board. Following a hearing, the National Green Tribunal (NGT) issued notices to the Central Pollution Control Board (CPCB) and the Uttar Pradesh Pollution Control Board (UPPCB) to respond to the allegations. The case is scheduled for further proceedings on July 6.
Phoenix Mills, a retail-led mixed development company, is planning a major expansion in the current fiscal year. With an investment of over Rs 2,000 crore, the company aims to strengthen its presence in key cities like Pune, Bengaluru, Kolkata, and Surat. In the previous fiscal year, they had already invested more than Rs 1,400 crore in various development projects. As part of their expansion strategy, they are set to open two new destination malls in Pune and Bengaluru, adding a combined leasable space of 2.4 million square feet. This move will establish The Phoenix Mills as the largest mall developer and operator in the country, with a total of approximately 11 million square feet of operational retail space.
The Vadodara Municipal Corporation (VMC) has issued a public notice asking beneficiaries of housing schemes in the city to clear pending dues totaling over Rs 100 crore. The notice applies to 24 housing schemes, and beneficiaries have until June 30 to repay their outstanding amounts. Failure to do so will result in the cancellation of house allotments. The VMC aims to recover funds and ensure the sustainability of housing projects. Beneficiaries have a designated period from June 13 to 16 to communicate with the VMC and address any concerns regarding their outstanding dues.
The insolvency and bankruptcy cases of real estate companies have been making steady progress in terms of resolutions, despite facing numerous complexities, including a large number of troubled homebuyers. Experts believe that the government's potential changes to the code, allowing resolutions based on the nature of projects instead of a rigid framework for the entire property sector, could further enhance performance in this regard.
The Calcutta High Court has ruled that buying property in a wife's name by the husband does not always indicate a benami transaction, stating that the source of funds is important but not decisive. The court clarified the two types of benami transactions and emphasized that the burden of proving a transfer as benami lies with the accuser. In a specific case, the court dismissed a son's claim that his father had engaged in a benami transaction by giving a property to his mother. The ruling provides clarity on the matter and highlights the need to consider various factors when determining the nature of a property transfer.
Marriott Executive Apartments Kuwait City, owned by Assima Real Estate Company, has recently opened in Kuwait. The property features 164 residential apartments, including studios, one-bedroom, two-bedroom, and three-bedroom units. Conveniently located near the airport and Kuwait Towers, the apartments offer stunning views of the city skyline and coastline. Amenities include a fitness center, sauna, spa bath, and indoor swimming pool. The property aims to cater to the growing demand for extended stay accommodations in Kuwait, combining exceptional comforts and elevated services associated with the Marriott brand.
Awfis, a leading coworking space provider, has partnered with NSL (Nuziveedu Seeds Pvt Ltd) to open coworking spaces in Bangalore and Hyderabad. The collaboration aims to meet the growing demand for flexible workspaces and support the entrepreneurial community in these cities. The new centres, located in Banjara Hills, Hyderabad, and Prestige Technology Park, Bangalore, will provide high-quality facilities and resources. With this expansion, Awfis strengthens its commitment to offering clients top-notch flexible workspaces in key Indian markets. The rise of flexible workspaces is expected to have a significant impact on the Indian real estate industry, creating new opportunities for developers, landlords, and businesses.
Real estate developer Kalpataru and Indian Hume Pipe Company have agreed to a revenue-sharing arrangement for the development of a mixed-use project on a 15-acre tract of property in the Vadgaon neighborhood of Pune. The project is expected to generate Rs 2,500 crore in revenue overall, of which Kalpataru will receive about Rs 1,700 crore. Over the course of the next 6-7 years, the project will be built out in two phases, with premium residential development making up 90% of it and commercial development the remaining 10%. Additionally, HDFC Capital most recently contributed Rs 1,450 crore to Kalpataru's project and land portfolio.
In Ahmedabad, low engagement with the Gujarat Regularization of Unauthorized Development Act (GRUDA) 2022 has prompted new regulations mandating unanimous consent from society members for regularization applications. Of the 36,349 applications received, only 2% have been approved, predominantly for residential constructions. The need for total consensus, owners bearing parking provision costs, and high impact fee regulation costs are primary deterrents, slowing the pace of regularization. The AMC is navigating these challenges as it reshapes the city's urban development.
NDR Warehousing, a prominent player in the warehousing industry, has successfully acquired LSA Warehousing Private Limited, enhancing its presence in one of India's major consumption markets. The acquisition encompasses a sprawling 18-acre project strategically located along the Sohna-Balabgarh Road, strengthening NDR's foothold in the NCR region. This development signifies NDR's fourth venture in the area, with a specific focus on the thriving micro market of Sohna. The company aims to complete Phase I of the project within 6 to 8 months and deliver the entire project within a year.
MahaRERA has received 39 applications for deregistration from developers of real estate projects in Pune, out of a total of 88 requests received from various regions. Developers cite reasons such as insufficient funds, legal disputes, and changes in government planning regulations. Majority of the projects seeking deregistration are located in rural areas of Pune. MahaRERA has set requirements for developers to meet before halting construction, including settling allottees' rights and providing relevant documents.
The Haryana State Industrial & Infrastructure Development Corporation (HSIIDC) has invited bids for auctioning three land parcels totaling 142.5 acres at the Global City project site. The project, located near the Dwarka Expressway, aims to become the central business district of Gurgaon, incorporating advanced technology and mixed land-use. The development includes the construction of a utility tunnel, making Global City a "digging-free city." The HSIIDC estimates the cost of developing essential services and amenities at Rs 931 crore and has organized roundtable conferences to attract investments for the project.
Trichy Corporation has recently concluded the selection of an expansive 8.9-acre plot of land in Panjapur for allocation to Tidel Park Limited. This organization is a joint venture between the Tamil Nadu Industrial Development Corporation (TIDCO) and the Electronic Corporation of Tamil Nadu (ELCOT), both state-owned entities. The primary objective of this acquisition is to facilitate the construction of a state-of-the-art office space specifically designed for IT and ITES companies operating in Trichy city.
The Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) has made a recommendation to the state government regarding the registry of flats in completed real estate projects. The suggestion is to delink the registry process from the outstanding dues that builders owe to the Noida and Greater Noida authorities. This proposal aims to provide relief to homebuyers who have been waiting for the registry of their flats due to a stalemate between the development authorities and builders over Rs 39,000 crore land dues.
IndoSpace Core, India's leading logistics and industrial real estate vehicle, has successfully acquired the Amazon Fulfilment Centre located in Hyderabad, strengthening its nationwide presence. This marks IndoSpace's inaugural acquisition in the city, further solidifying its position in the market. The acquisition adds a substantial 0.8 million square feet to IndoSpace's portfolio, bringing their total advanced logistics and industrial infrastructure to an impressive 58 million square feet across 51 parks in India.
Haryana's Department of Town and Country Planning (DTCP) has mandated tehsildars to halt property registration in 50 unauthorized colonies, built illegally on agricultural land over the past five years. In enforcing compliance with the Haryana Development and Regulation of Urban Areas Act, 1975, the DTCP has issued show-cause notices and carried out demolitions in these areas. Amid potential legal consequences for landowners, the DTCP urges prospective buyers to conduct thorough investigations before investing in properties.
The Madras High Court has granted permission for the Tamil Nadu government to proceed with its corruption investigation into the Smart City projects in Chennai. The court modified its earlier order and stated that the state cannot be barred from taking action based on its preliminary report. The case, initiated by anti-corruption organization Arappor Iyakkam, alleges corruption in the projects during the AIADMK regime. The investigation was delayed due to a court order in 2020. The decision now allows the government to delve into the allegations and potentially hold those involved accountable.
Web Werks and Iron Mountain Data Centres have joined forces to expand their data centre campus in Rabale, Navi Mumbai. The collaboration aims to establish the third facility, MUM-3, which will be operational in the second half of 2025. MUM-3 will have a capacity of 32 megawatts and be designed as a Tier III data centre. The expansion also includes the approval for an extra power substation to support the increased capacity. Web Werks and Iron Mountain have strategic plans to establish data centres in Bangalore and Hyderabad as well.
The Union Housing and Urban Affairs Ministry has extended the implementation deadline for the Smart City Mission until June 2024, causing concerns among the residents of Dehradun. The second phase of the Smart City Mission, launched in 2017 with a budget of over Rs 1,400 crore, includes Dehradun as part of the scheme. However, residents have been complaining about the poor execution of the Smart City projects, leading to delays, disorganization, and inconvenience. While government representatives insist that projects are progressing smoothly, residents argue that simply installing a few smart features is not enough to create a smart city.
The Municipal Corporation Gurugram (MCG) in Haryana currently leads all municipal corporations in the state with outstanding stamp duty totalling Rs 245.2 crore. Sonipat Municipal Corporation follows closely behind with Rs 78.4 crore pending, while the Panchkula Civic Body has Rs 50.3 crore outstanding. The municipalities of Manesar and Faridabad also face the task of reclaiming Rs 43.8 crore and Rs 31.2 crore, respectively. These unpaid dues for fiscal years 2021–22 and 2022–23 highlight the substantial stamp duty arrear of Rs 644.1 crore across the state. The Department of Urban Local Bodies has directed municipalities to expedite recovery efforts and conduct fresh evaluations to address the issue promptly. Stamp duty serves as a vital income source for municipalities, enabling them to undertake development projects.
The government's proposed revisions to Bhopal's draft master plan have triggered a rush to finalize ongoing development projects within the state capital. While some experts believe the changes could benefit builders and buyers, developers argue that Bhopal's unique characteristics make a change in base FAR impractical. The existing master plan from 2005 will remain in effect until the proposed amendments are incorporated.
Leo Lynch, owner of flower wholesaler Lynch Group, recently made two significant transactions in Sydney's luxury housing market, totaling $130 million. He purchased the prestigious Federation estate known as Leura in Bellevue Hill for approximately $70 million while simultaneously selling his own reconstructed residence for an impressive $61.5 million. Both transactions set new records for the highest sale prices in their respective neighborhoods. The surge in sales reflects the booming luxury property market in Sydney, with over 20 properties being sold for amounts exceeding $20 million this year.
According to Irish property portal Daft.ie, the nationwide demand for homes in Ireland has seen a significant increase of 17% compared to the previous year. Demand for new homes specifically has experienced a staggering surge of 114% nationally, with Dublin witnessing a 99% increase. Eighteen out of twenty-six counties have witnessed a rise in demand, with Meath, Limerick, Offaly, and Louth showing notable growth. The demand for homes in the price range of €400k - €600k experienced the highest growth, while there was also an increase in demand for higher-priced homes. Despite the increased demand, Ireland faces a critical shortage of housing supply, emphasizing the need for increased construction in the coming years.
Haryana Chief Minister Manohar Lal Khattar has announced the regularization of unauthorized colonies with certain criteria in the state, providing legal recognition and access to amenities for residents. Additionally, a property identification correction campaign has been launched to assist citizens in rectifying any errors in property details. The government is conducting a comprehensive survey to collect data on families, which will help in designing targeted welfare schemes. The reinstatement of invalidated ration cards and ensuring benefits for financially vulnerable households are among the other initiatives mentioned by the Chief Minister.
The Lucknow Development Authority (LDA) cracked down on illegal constructions in zone 5, sealing an illegal hotel, row houses, and five unauthorized structures during an anti-encroachment drive. The LDA took action against a two-storey building constructed without approval, a three-storey hotel without necessary permits, and four row houses violating construction norms. These measures reflect the LDA's commitment to maintaining the integrity of urban development, promoting adherence to building regulations, and ensuring a safe and sustainable environment in Lucknow.
In an escalating urban nightmare, 298 illegal colonies have sprung up across Gurgaon and neighboring areas in the past 17 years. Following a directive from the Director-General, 14 district town planners (DTPs) are under investigation for their failure to prevent these illicit settlements. The Haryana Government is now mulling over the legalization of these colonies, subject to specific criteria. As the probe continues, it highlights the enforcement inadequacies and the urgent need for more effective urban planning strategies.
U.N.-Habitat warns that the global urban slum population is set to triple, reaching 3 billion by 2050, fueled by rapid urbanization and an escalating housing crisis. Eight countries, including Nigeria, the Philippines, and India, are expected to bear half of this increase. Housing scarcity is now a global problem, with even developed countries like the US, Britain, and Germany facing severe shortages. The Kenyan President's strategy to build 250,000 affordable homes annually signals the urgent need for governments worldwide to prioritize housing in their development plans.
In Gurugram, the Municipal Corporation (MCG) conducted correction camps to address inaccuracies in the property tax data. A survey conducted by a private organization revealed that the newly generated property IDs contained inaccurate information, causing residents to express dissatisfaction. The local government has been slow to correct the inconsistencies, leading to multiple complaints from residents who are unable to pay their property taxes. Most services for citizens, including addressing grievances and creating property IDs, have been removed from the online system, leaving the No Dues Certificate (NDC) portal as the primary channel for concerns.
Roop Kumar Bansal, a director of M3M, was detained by the Enforcement Directorate (ED) over alleged money laundering and diversion of investors' funds involving IREO and M3M real estate groups. The arrest follows a probe into financial irregularities amounting to hundreds of crores. ED's recent raids led to the seizure of luxury assets worth Rs 65.75 crore. This arrest underlines the enforcement authorities' commitment to combating financial fraud, particularly in the real estate sector.
Land prices in Visakhapatnam are soaring, threatening the availability of affordable housing. Notable areas like Kurmannapalem and Anandapuram have seen up to 50% increases in real estate prices. This hike, linked to the proposed executive capital relocation, is expected to negatively impact the property market. CREDAI's Bayana Srinivasa Rao fears this may deter potential middle-class buyers. To counter this, the VMRDA is developing Middle-Income Group (MIG) layouts, offering fixed-price plots allocated via lottery.
The Yamuna Expressway Industrial Development Authority (YEIDA) has questioned Jaiprakash Associates Ltd's (JAL) plan to settle dues and reclaim 1,000 hectares of land. JAL proposed selling land to raise funds, but YEIDA raised concerns about the land being mortgaged. Discrepancies exist regarding the outstanding amount, with YEIDA claiming Rs 3,621 crore while JAL insists on Rs 1,483 crore. The next court hearing is scheduled for July 13, where JAL must address the land encumbrance. The resolution will determine the fate of the Sports City project on the Yamuna Expressway.
To address grievances regarding registration documents and allotment orders for housing units, the Tamil Nadu Housing Board (TNHB) has set up petition boxes in its offices across the state. Beneficiaries can submit their complaints for a one-month period, after which a special cell in Chennai will review and provide solutions. This initiative aims to expedite the resolution process and ensure the rightful ownership of housing units. It offers residents of five districts, including Trichy, an opportunity to voice their concerns and seek timely resolutions, emphasizing the government's commitment to addressing housing-related issues.
The government of India is considering amendments to the insolvency law to enable "customized resolutions" for bankrupt residential real estate projects. The aim is to accelerate the delivery of flats to homebuyers in distressed housing projects by tailoring the resolution process to the specific nature of each project. The proposed changes seek to address the unique challenges of the real estate sector while adhering to the fundamental structure of the Insolvency and Bankruptcy Code. Clear guidelines and regulations are essential to ensure transparency and accountability in these customized resolutions, striking a balance between flexibility and accountability.
The Real Estate (Regulation and Development) Act, 2016 will now include new construction projects with six or more flats on 3-cottah plots. Previously, only projects with eight or more flats on larger plots fell under its jurisdiction. This move aims to protect small homebuyers who often face issues such as delays, non-completion, multiple sales of the same unit, and poor construction quality. By regulating these projects, the authorities seek to bring transparency and accountability to the real estate sector, ensuring consumer protection and resolving grievances within the regulatory framework.
UP-RERA is facing public backlash for its perceived sluggish resolution of disputes. A recent report to the Allahabad High Court revealed that UP-RERA has issued RCs totaling Rs 2,125 crore since 2017, but only Rs 504 crore has been recovered. Social media is awash with distressed homebuyers awaiting refunds, despite holding valid recovery certificates. UP-RERA Chairperson Rajive Kumar cited significant recent recoveries and an increased post-pandemic administrative effort. However, it remains to be seen if these measures can restore public confidence and expedite the recovery of the aggrieved parties' investments.
A total of 15,273 small flat allottees in Chandigarh are under scrutiny for defaulting on their dues, accruing a massive Rs 50 crore in debt to the Chandigarh Housing Board (CHB). In a stringent notice, CHB has demanded the settlement of these dues within ten days, or the allottees face potential eviction. Additionally, a crackdown on unauthorized occupations has seen the rescindment of 68 small flat allotments. CHB is intensifying its efforts to protect the rights of lawful flat holders and recover the outstanding payments swiftly.
Uttar Pradesh has introduced a regulation to impose stamp duty, according to circle rates, on the registration of power of attorney for non-relative property sales. This follows a spate of stamp duty evasions where builders exploited legal loopholes to avoid tax on land acquisitions. The new rule ensures that, regardless of who holds the power of attorney, if a property is sold, stamp duty corresponding to the land's circle rate will apply. The measure is expected to safeguard farmers, deter tax evasion, and plug government revenue leaks.
L&T Finance received 10 expressions of interest (EoI) for distressed developer loans worth Rs 3,022 crore. Stakeholders include Phoenix ARC, ACRE, Arcil, Omkara, and Edelweiss ARC. Nirmal Lifestyle Developers holds the largest loan at Rs 790 crore. The deadline for firm offers is June 18. L&T Finance adopted a 15:85 structure and invited EoIs from asset-rebuilding firms. The company aims to reduce its wholesale portfolio and focus on retail lending. Retail loans make up 75 percent of its total loan book.
Karnataka's Housing Minister, B Z Zameer Ahmed Khan, has recommended the Karnataka Housing Board (KHB) to consider a grand proposal of 1,000 luxury villas across a 500-acre land on Bengaluru's outskirts. These residences are aimed at attracting international industrialists and VIPs who wish to establish a permanent base in the city. The plan, part of a larger scheme involving five high-tech cities on 2,000 acres, envisages a 50:50 public-private partnership to offset land acquisition costs. The move promises to transform Bengaluru into an appealing residential hub on the global map.
The draft master plan for Thiruvananthapuram introduces Transit-Oriented Development (TOD) as an innovative approach to promote sustainable urban growth. The plan includes two TOD corridors along the old NH-47 and NH bypass, where a flexible floor area ratio (FAR) will be implemented to encourage mixed land use and efficient transportation. The plan suggests various policy measures and incentives to support TOD, aiming to create vibrant, well-connected neighbourhoods and enhance the quality of urban life in the capital city of Kerala.
Investment in premium warehousing parks is set to surge in Bengaluru to meet the rising demand for storage space from e-commerce and logistics companies, according to a white paper by India Sotheby's International Realty and CRE Matrix. Over the past five years, the demand for warehouse space has outpaced supply, leading to low vacancy rates and rental growth. Data from CRE Matrix reveals that Bengaluru absorbed 16.34 million square feet of warehousing space from 2018 to 2022, while new supply amounted to 10.5 million square feet.
Jeff Bezos, the founder of Amazon, and his fiancée Lauren Sanchez are currently renting a lavish oceanfront property in Malibu owned by smooth jazz saxophonist Kenny G. The monthly rent for the property amounts to an astounding $600,000. The total cost of renting the Malibu property is expected to reach approximately $7 million per year. This rental is among the extravagant real estate choices made by wealthy individuals in the exclusive area of Malibu, which has seen skyrocketing property values in recent years.
CM Siddaramaiah and Energy Minister KJ George addressed concerns regarding the eligibility of tenants for the free power scheme in rented accommodations. They assured that tenants consuming less than 200 units of power per month would be covered by the scheme. Landlords and tenants are required to register on the Seva Sindhu portal, providing necessary details for verification. The initiative promotes transparency, prevents misuse, and ensures equal access to affordable power.
Rajesh Shukla, the former BJP MLA representing Kichha, revealed plans for a greenfield city with strategic placement along State Highway-74. Situated merely 15 kilometres away from Rudrapur, the city will be conveniently connected to the Amritsar-Kolkata Industrial Corridor. In addition, a knowledge park covering an estimated area of 200 to 250 acres is being proposed in close proximity. This ambitious undertaking aims to harness the region's potential for economic growth and development, capitalizing on its favourable location and connectivity to major industrial corridors.
Auckland's housing market experienced a rebound in May with a significant increase in house sales. Despite stagnant sale prices, the surge in sales volume indicates a potential recovery in progress. The market's buoyancy aligns with reports suggesting a stabilization of declining property values. ANZ economists have revised their predictions, now expecting a marginal increase in annual house prices. The high-end market and affordable price range both witnessed strong demand. The surge in sales offers hope for the Auckland housing market, showcasing renewed buyer confidence and resilience.
In accordance with the CAQM directives, the Haryana State Pollution Control Board is undertaking a city-wide survey in Gurugram to ensure larger construction sites are adhering to mandatory dust pollution measures. Shockingly, of the estimated 3,000 sites, only 5% have registered on the government's dust pollution control portal. Sites found violating these regulations will face legal action and penalties. This initiative underscores the state's commitment to tackling pollution.
Provident Housing, a leading real estate developer, has launched its "1 tree per home" campaign as part of World Environment Month. The initiative kicked off with a large-scale plantation drive at a project site in Bagalur, Bengaluru. Over the next month, similar drives will take place at four more project sites, where 10% of the committed number of trees will be planted. The campaign aims to highlight Provident's commitment to sustainability and environmental conservation. Trees will be planted at various project sites, including Bengaluru and Kochi, creating a greener and more sustainable future for residents.
The Noida Authority in Uttar Pradesh has demolished 32 unauthorized farmhouses encroaching on the Yamuna floodplains. These opulent structures, valued at Rs 40 crore, were part of nearly 200 illicit constructions targeted by Noida's strict enforcement of environmental regulations. The Authority is determined to combat illegal construction on the floodplains and has emphasized that demolition costs will be recovered from the property owners. The crackdown highlights the Authority's commitment to environmental preservation and sustainable development.
The Telangana High Court has ruled in favor of public access rights in a dispute involving the restricted access to the Shadnagar gated community. The Court has authorized municipal officials to demolish a wall built by a housing developer, which had obstructed public passage. The ruling, which dismissed an appeal by the township's residents, reinforces that the interests of private gated communities should not supersede public right of way, and developers must ensure complete transparency in their dealings.
The DDA initiated a phased demolition at Bhoomiheen Camp to remove structures left by JJ residents. The aim is to relocate JJ residents from Bhoomiheen Camp to new flats. The area is slated to be used for the purpose of aiding qualified residents from Navjeevan Camp and Jawaharlal Nehru Camp through rehabilitation efforts. An official stated that demolition had taken place in accordance with the Delhi Slum and Jhuggi Jhopri Rehabilitation and Relocation Policy, 2015, of the DUSIB, after notice and announcements were made. 1,862 people in Bhoomiheen Camp were relocated to the A-14 project in Kalkaji Extension.
Magicbricks, a leading real estate platform, has introduced the Know Your Tenant (KYT) feature, aimed at revolutionizing the home renting process through advanced technology. KYT reduces the time spent by tenants and landlords by 37% and enhances the match between tenants and landlords by over 20%. The feature simplifies communication, ensures privacy, and facilitates informed discussions, leading to successful matches. With increasing rental demand in India, KYT assists landlords in making well-informed decisions based on their preferences. The implementation of KYT has resulted in significant benefits, demonstrating Magicbricks' commitment to efficiency and effectiveness in the real estate industry.
Jaypee Group's main company, Jaiprakash Associates Ltd. (JAL), had defaulted on loans worth Rs 3,961 crore, which included the principal and interest amounts. JAL informed that the company defaulted on repayments on May 31 of a principal amount of Rs 1,600 crore and interest of Rs 2,361 crore. JAL has been taking tangible steps to reduce its borrowings and is set to divest its cement business and transfer its real estate to a Special Purpose Vehicle (SPV). However, ICICI Bank and SBI have both moved the NCLT against JAL, claiming a total default of Rs 6,893.15 crore and Rs 29,429 crore, respectively.
The Ahmedabad Municipal Corporation (AMC) is considering deviating from its regulations on land deduction for urban planning schemes to assist select property owners in the Shahwadi-Behrampura area. The proposed town planning (TP) Scheme 32 would deduct only 25 percent of land from private plot owners, instead of the required 40 percent. This reduction would result in a smaller area for public utilization and an estimated loss of land worth approximately Rs 1,700 crore for the AMC. The decision to deviate from the regulations has raised concerns and may lead to disputes among landowners. The TP Scheme mechanism is a well-established part of Gujarat's urban planning framework.
Transindia Real Estate Limited has disclosed its intention to sell off some of its business operations and its subsidiary to investment funds managed or advised by Blackstone, a leading international investment company. The divestment pertains to the disposal of a logistics park located in Jhajjar as well as a 10 percent equity stake that is currently owned in several other parks. This deal will generate substantial cash profits and support the expansion goals of Transindia Real Estate Limited.
B Lakshminarayana, the main accused in the Sahithi Infra scam, and his family members have managed to evade questioning by the Enforcement Directorate (ED) on multiple occasions. The ED, investigating the money laundering aspect of the case, plans to file a petition in court to compel the accused to cooperate. The scam involves defrauding homebuyers of crores of rupees through false promotion of high-rise apartments. The ED has instructed property transfers related to Sahithi to be halted, and investigations have revealed additional individuals involved in the fraud.
Jammu and Kashmir has been allocated an additional 1.99 lakh houses under the Pradhan Mantri Awaas Yojna-Gramin (PMAY-G) scheme, the highest allocation among all Union Territories in India. This move aims to address the housing needs of the region and fulfil the aspirations of countless families. The allocation will significantly benefit those on the waiting list, providing them with permanent housing and contributing to socio-economic development. The implementation of the PMAY-G scheme in Jammu and Kashmir reflects the government's commitment to inclusive development and bridging urban-rural disparities.
The district administration in Gurgaon, India, is facing criticism for failing to comply with an order from the National Green Tribunal (NGT) to demolish illegal constructions on protected Aravali lands. Despite the NGT's directive and the presence of numerous farmhouses built illegally, construction activities continue, leading to concerns raised by environmentalists. Activists question why authorities have not taken action to enforce the NGT's orders and protect Aravalis as mandated.
The real estate industry in Ahmedabad is facing confusion over the utilization of transferable development rights (TDR) due to revised jantri rates. Projects are stalled at the plan passing stage as the Ahmedabad Municipal Corporation seeks clarification on calculating jantri rates for TDR after April 15. Developers are unsure if they can use TDR at old rates for projects launched after that date. The uncertainty has caused delays and clearance issues. Prompt clarification is necessary to resolve the situation and ensure smooth functioning of the real estate market in Ahmedabad.
The Kanpur Development Authority (KDA) has proposed multi-storey group housing residential schemes in the city. A demand survey will be conducted to assess interest in 2 and 3 BHK flats under the Daheli Sujanpur scheme. Interested citizens can participate by paying a token amount, and the decision to proceed with the construction will be based on the number of applications received. The KDA emphasizes that this is only a demand survey, and all necessary registrations will be completed according to regulations. The initiative aims to provide affordable housing options and contribute to Kanpur's development.
The Slum Redevelopment Authority (SRA) in Mumbai has announced a new initiative to acquire privately-owned slum-encumbered plots designated for public amenities. This decision follows controversies surrounding the acquisition of such plots by the Brihanmumbai Municipal Corporation (BMC). The SRA's involvement aims to streamline the process and ensure compliance with the Slum Act, leading to more efficient and effective slum redevelopment and improved public amenities.
Ahmedabad Municipal Corporation (AMC) has approved a proposal to blacklist Jyoti InfraTech and Vande Mataram Projects Pvt Ltd for a period of five years. The companies failed to complete seven housing projects worth over Rs 500 crore within the agreed-upon timeframe. The AMC now faces the burden of Rs 100 crore to restart the projects with new contractors. The decision serves as a warning to other contractors and highlights the importance of adhering to project timelines. The AMC will need to find new contractors to ensure the completion of these housing initiatives.
The housing market in Luxembourg has experienced a significant decline in prices during the second quarter of 2023, following an announcement by the Central Bank of Luxembourg regarding an increase in interest rates. This reversal in the market, previously known for its high prices, has led to a surge in rental prices. The situation has created challenges, with many Luxembourgish citizens unable to afford housing and becoming "housing refugees" in neighboring countries.
India's real estate consulting firm CBRE has reported that the manufacturing facilities for 4-wheeler and 2-wheeler electric vehicles (EVs) will require approximately 13 million sq. ft. of real estate by 2030. This surge in demand is attributed to the government's EV adoption targets. The report also highlights the exponential growth of EV battery manufacturing facilities, which would need 2,400 acres of land to produce 200 GWh of batteries by 2030. These expansions are expected to enable a production capacity of around 4 million units of 4-wheelers and 23 million units of 2-wheelers by 2030.
Renowned guitarist Joe Walsh purchased an upgraded bungalow in Sherman Oaks for his stepson, Christian Quilici, who leads the philanthropic organization VetsAid. The property, priced at $2.3 million, offers impressive amenities, including a Tuscan-inspired front yard, modern interiors, and luxurious features such as a La Cornue stove and a screening room. The main house features three bedrooms and 2.5 bathrooms, with the primary suite providing direct access to the backyard. The backyard boasts an octagonal swimming pool, a built-in BBQ centre, and a hidden vegetable garden.
The luxurious Sky Palace at AVA, Palm Jumeirah, Dorchester Collection in Dubai, has been sold for an astounding AED220 million ($60 million). Developed by OMNIYAT and managed exclusively by Dorchester Collection, this property spans four floors and features a 360-degree infinity lap pool, a four-floor indoor garden, and a rooftop terrace with panoramic views of Palm Jumeirah and Dubai's iconic skyline. Residents of AVA enjoy world-class services provided by Dorchester Collection, including a dedicated residence concierge, doorman and porter services, personal valet assistance, and more.
Homebuyers at Tashee Capital Gateway in Gurugram protested the 13-year delay in receiving their apartments. When the project was first announced in 2010, the developer said it would be completed by 2015. In 2022, the developer was later taken over under the SWAMIH plan, but the work has moved slowly, and the developer hasn't made up the lost time compensation. Additionally, homebuyers claimed that the developer had broken H-Rera rules by altering the floor plan and turning the communal facility into a clubhouse. The essay focuses on the necessity for homeowners to take precautions against dishonest developers and guarantee the security of their investment.
The Tamil Nadu Housing Board (TNHB) has completed a high-rise residential project in Varaganeri, which includes 56 dwelling units sold to the general public at around 4,800 per square feet. The completion of this project is a positive step toward fulfilling the demand for affordable housing in the region, and upcoming projects for middle-income and low-income groups will further strengthen the government's efforts to provide affordable housing solutions. The Pradhan Mantri Awas Yojana (PMAY) scheme has been successful in providing housing to many people, but challenges still exist in its implementation, such as the lack of awareness among eligible applicants, the availability of land, and the quality of construction.
The Greater Noida Industrial Development Authority (GNIDA) discovers that developers have been giving apartments to homebuyers without fulfilling the necessary registration requirements. Financial consultancy Curie & Brown exposed several such violations in their examination of group housing projects. In response, the GNIDA plans to take legal action against these developers to ensure compliance with regulations and protect the rights of homebuyers. Additionally, the Yamuna Expressway Industrial Development Authority (YEIDA) is preparing to implement a plot relocation policy to address delays caused by land disputes.
Dusit International, a prominent hotel property development company in Thailand, introduces ASAI Bangkok Sathorn, its second ASAI branded hotel in Bangkok. Situated near the Business District, the hotel aims to foster a sense of community and offer local and authentic experiences. ASAI Bangkok Sathorn features 106 compact rooms with comfortable amenities, a neighbourhood bar, and a co-working area. ASAI Bangkok Sathorn builds upon the achievements of ASAI Bangkok Chinatown, the brand's first hotel.
Sigma One Universal introduces Sigma One Bizbay, an impressive eight-story commercial project located on Kumthekar Road in Pune. With its striking glass facade and strategic location in Pune's oldest shopping destination, Bizbay offers a thriving environment for retailers and entrepreneurs seeking growth and success. The project provides modern retail spaces, flexible office areas, and versatile commercial units, catering to various businesses. With high footfall and attractive rental yields, Bizbay presents a compelling investment opportunity in the Pune market.
Fire officials in Ludhiana have notified 25 commercial establishments lacking fire safety protocols but are unable to conduct subsequent inspections due to manpower shortages and time constraints. The municipal corporation had assured appropriate measures will be taken to ensure safety precautions in commercial enterprises. Inspections are scheduled for institutes this week, and penalties up to Rs 25,000 will be imposed if irregularities are not rectified within 30 days. Lack of fire safety equipment and No Objection Certificates (NOCs) is a common issue.
The Ghaziabad Development Authority (GDA) may be liable to pay increased compensation of Rs 1,000-1,200 crore to farmers for the land procured for the Indirapuram and Vaishali residential developments between 1986 and 1989. The Allahabad High Court will review the GDA's petition on July 12, challenging the higher compensation rate of Rs 297 per square yard established in 2017. The GDA is exploring options to recover the additional costs from developers, while Apartment Owners' Associations and Residents' Welfare Associations oppose passing on the increased compensation to flat owners.
The Punjab and Haryana High Court has temporarily stopped the allocation of four commercial sites and seven residential plots within the protected Aravali green belt. The court ruling comes in response to a petition filed by Bharat Petroleum Corporation Ltd. (BPCL) and is pending a decision on a related petition by the DLF Qutub Enclave Residents Welfare Association. The disputed land, located between DLF-1 and Sector 42, falls within the Central Forest (Conservation) Act's protected Aravali Plantation. Local residents argue that any development in the green belt would violate ecological regulations and cause congestion in the area.
Gaurs Group, a leading real estate company, has inaugurated a state-of-the-art 15 MW solar power plant near Gwalior in Mahoba. With an investment of Rs 80 crores, the project aims to generate 2.25 crore units of electricity annually, contributing to environmental sustainability and reducing carbon emissions. The plant's completion solidifies Gaurs Group's commitment to sustainable development and positions them as an industry leader in environmental consciousness.
In a recent development, the draft plan for the Bhopal planning area has undergone significant revisions. The proposed size of the area has been increased from the previous 813 sqkm to a substantial 1016.90 sqkm. Furthermore, the planning area for BD has also witnessed an expansion, now encompassing 1016.90 sqkm and comprising 248 villages. These modifications reflect a comprehensive effort to accommodate the growing needs and requirements of the region, ensuring adequate planning and development for the future.
Stellar Value Chain Solutions, a prominent supply chain management company, has expanded its warehousing capacity by adding 1.5 million sq. ft. in Bhiwandi and 0.5 million sq. ft. in Banur. This move aims to support the company's pan-India supply chain operations for a consumer durable giant. Stellar has taken over Central Distribution Centre Operations and two regional Distribution Centres, increasing its total warehousing capacity to 16 million sq. ft. To facilitate further growth, Stellar is seeking primary capital funding, planning to roll out 5 million sq. ft. of warehousing operations annually and develop 10 million sq. ft. of logistics space through RFQs.
The Karnataka High Court ruled that a shareholder who prefers the sale of a property under Section 2 of the Partition Act cannot purchase the shares of other shareholders. The case involved a property in Bhadravathi town, Shivamogga district. The court dismissed a petition filed by two shareholders who expressed a preference for a sale but were prevented from exercising their rights under Section 3 of the Act. The court clarified that when Sections 2 and 3 of the Act are read together, the court must first determine that division according to the decree is not feasible. As a result, the court upheld the trial court's decision.
The Municipal Corporation of Delhi (MCD) has introduced a mobile app enabling taxpayers to geo-tag their properties, ushering in a more transparent property tax regime. The MCD App, available for Android now and iOS soon, allows residents to pinpoint their assets on a map via unique geographical coordinates, ensuring precise location-based identification and improved service delivery. Officials have urged residents to download the app and geo-tag their properties promptly, fostering the city's holistic development.
Maharashtra has initiated action against property registration officials for improperly registering around 20,000 property documents. The documents, found in violation of RERA rules and Maharashtra's Prevention of Fragmentation Act, are void and set for immediate correction. With 10,000 suspect documents from Pune and cases from Thane, Chhatrapati Sambhaji Nagar, and Latur district, this vast rectification will ensure adherence to regulatory norms and deter future malpractices in property registration.
The real estate market in Gujarat has experienced a surge in housing finance loans and new home loan disbursements during the fiscal year 2023. The amount of approved housing finance loans increased by 60% compared to the previous year, with a notable rise in the number of individuals receiving new home loan payments. This growth in the real estate sector is attributed to customers' desire to improve their living spaces and the positive outlook within the industry. Ahmedabad, in particular, has seen an increase in property prices and demand due to migration, post-pandemic aspirations for new homes, and the influx of young professionals.
Property owners in the Pune Municipal Corporation (PMC) are facing confusion and frustration over their property tax bills, which have been delayed and contain discrepancies. The Maharashtra government's decision to reinstate a 40% tax deduction for self-occupied homes has led to issues with software updates and re-issued bills. PMC officials have acknowledged the problem and plan to provide clearer explanations on future bills. However, residents are expressing dissatisfaction with the lack of guidance and the burden of resolving the errors.
Godrej Properties (GPL) has increased its ownership in Godrej Home Constructions (GHCL) from 74% to 100% by acquiring an additional equity share capital. The acquisition was made for a total amount of Rs 14.98 crore. GHCL, a subsidiary of GPL, is primarily involved in the construction, development, and marketing of residential projects in India. In a separate acquisition, GHCL has also acquired the remaining 26% stake in Wonder City Buildcon (WCBL), making it a wholly owned subsidiary. The acquisition of WCBL shares was carried out according to a share-purchasing contract established between the companies. Godrej Properties, a division of the Godrej Group, is a real estate company operating in multiple municipalities with a focus on residential, commercial, and township structures.
The Chandigarh Housing Board (CHB) is considering reducing the reserve price of its residential properties by approximately 10% following unsuccessful property auctions. In recent auctions, there has been a lack of interest in CHB residential properties, despite their freehold status. Only a small number of properties have been sold in the past few auctions. The commercial real estate sector has also experienced poor performance, with no buyers for the auctioned properties. The leasehold status of commercial properties has contributed to the lack of interest. The recent decision to prohibit the CHB from selling converted commercial leasehold properties as freehold has further dampened demand. The CHB aims to attract more participants and improve auction outcomes by lowering the reserve price.
The Panchkula Municipal Corporation (MC) is taking strict action against property tax defaulters, both commercial and government-owned properties, in an effort to collect outstanding dues. A total of Rs 38.66 crore is due from various commercial establishments, including well-known hotels and schools, while government properties owe Rs 32.19 crore. Notices have been issued, and a 15-day deadline has been given to settle the dues. Non-payers risk having their properties sealed. The commissioner has also directed the publication of defaulters' names on the MC website to hold them accountable.
The UAE government has launched a national housing platform called "Darak" to enhance community and family stability and improve the standard of living for UAE residents. The platform, established by the Ministry of Possibilities and the Ministry of Energy and Infrastructure in collaboration with housing authorities, aims to manage housing projects and provide citizens with access to suitable housing options. Darak offers discounts on construction and furniture costs, facilitates access to project opportunities, certified consultants, contractors, financing options, and construction-related information.
Prestige Estates Projects has successfully completed two strategic acquisitions, gaining full ownership of Prestige (BKC) Realtors and Turf Estate Joint Venture LLP. These acquisitions are expected to greatly enhance the value of Prestige Estates Projects' rental portfolio. Prestige (BKC) Realtors is involved in the development of a project in Mumbai's Bandra Kurla Complex, offering Grade A office space with a gross leasable area of 2.79 million square feet. With these acquisitions, Prestige Estates Projects has reached significant milestones in its growth trajectory, solidifying its position in the real estate market.
The Ludhiana Improvement Trust (LIT) in Ludhiana, India, has decided to re-auction a property on Rani Jhansi Road after facing difficulties in finding tenants for the renovated multi-story structure. The building, which features various commercial units, has remained vacant and deteriorated over time. LIT's initial plans to attract banks or a multiplex for consistent rental income have shifted towards auctioning the property. Previous proposals to establish a jewellers' market, an income tax office, and relocate the Powercom office were considered but not implemented. By re-auctioning the property, LIT aims to find a suitable buyer or tenant who can revitalize the building and contribute to the area's development.
India's new Parliament building was recently inaugurated by PM Narendra Modi, replacing the 90-year-old structure. Boasting a capacity for 1,272 individuals in the Lok Sabha, the new building cost ?836 crore and covers an expansive 64,500 square metres. With cultural highlights from across the country, it mirrors India's rich heritage. The edifice was conceived to address the space constraints faced in the old Parliament during joint sessions. The new construction marks a significant milestone in India's democratic journey, embodying a blend of tradition and modernity.
Missing property transaction records from 1993 to 2007 in Gujarat have caused significant frustrations among buyers and sellers. The state revenue department's directive, mandating the digitization of property data, has hit a roadblock due to the missing historical data and officials' reluctance to provide physical documents. Jenu Devan, the superintendent of stamps, assured that they are actively working to resolve this issue and make the missing data available online soon.
Maharashtra launched Asia's largest urban renewal project in Thane city on June 5th. The Joint Colonies Redevelopment Project encompasses 45 schemes, transforming dilapidated buildings into safe, modern complexes over 1500 hectares. With dedicated facilities ranging from healthcare to women's empowerment centres, the project is set to radically improve living standards. Chief Minister Eknath Shinde and Deputy Chief Minister Devendra Fadnavis were present at the inauguration of this initiative, conceptualized by renowned architect Hafiz Contractor.
Rohan Developers' director, Hareesh Mehta, was arrested on May 20 in a historic Rs 280 crore ($37M) bank fraud case, dating back two decades. The Central Bureau of Investigation alleges that Mehta, in collusion with others, duped the State Bank of India, using the fraud proceeds for personal gain and business investments. Currently in judicial custody, his bail hearing is impending. This significant arrest underscores the necessity for stringent scrutiny in India's booming real estate industry.
In a resolute operation against the land mafia, Ratlam's district administration reclaimed a residential parcel developed by Ehsan Mukati in 1994 near Surajmal Jain Nagar. The administration cleared unauthorized encroachments and restored ownership to the 38 plot purchasers who had been denied possession for nearly three decades. The district is now initiating the process of legalizing the residential colony and developing basic infrastructure financed by the sale of the remaining plots.
In a contentious move by the Haryana Urban Development Authority (HUDA), nearly 300 families were evicted following the swift demolition of Fatehpur Colony, Panchkula. Despite the residents' claims of regular tax payments and procured stay orders, their pleas for a two-day extension were dismissed. This large-scale operation, paradoxically, spared an illegally constructed temple. Amid conflicting statements and rising discontent, this incident underlines the urgent necessity for just housing policies.
The Enforcement Directorate (ED) announced it has confiscated Rs 65.75 crore worth of assets from real estate conglomerates IREO and M3M. The seizures, part of an ongoing money laundering investigation, include luxury cars and jewellery. The ED conducted raids at seven locations in Delhi and Gurugram, during which top brass of the M3M Group were noticeably absent. IREO and M3M stand accused of siphoning off hundreds of crores through a complex network of shell companies, highlighting a potential major scandal within India's real estate industry.
The initiative by the Rajasthan government to provide piped water connections to high-rise buildings in Jaipur and other cities has faced a lacklustre response. As of now, only five applications have been received by the Public Health and Engineering Department (PHED). The slow uptake can be attributed to various factors, including the absence of water connections in certain areas and the financial challenges faced by residents in collecting the one-time connection charges. PHED officials, however, remain optimistic, stating that these are initial difficulties and expect the system to be streamlined in the future, with builders taking the lead in applying for connections.
The Smart Cities project is revolutionizing urban living across the globe. With the aim of creating sustainable and technologically advanced cities, this initiative has identified 100 cities worldwide for transformation. Through the integration of digital technologies, efficient infrastructure, and citizen engagement, Smart Cities are enhancing quality of life, optimizing resource management, and promoting environmental sustainability. From improved transportation systems and smart grids to digital governance and citizen-centric services, these cities are becoming hubs of innovation and connectivity. The Smart Cities project represents a visionary approach to urban development, ushering in a new era of smart, liveable, and future-ready cities.
The Delhi Metro Rail Corporation (DMRC) is introducing state-of-the-art monitoring mechanisms for its Phase 4 expansion project, which involves constructing underground corridors through challenging strata in crowded residential and commercial areas. With the aim of ensuring safe and efficient construction, the DMRC will utilize smart gadgets and real-time data transmission to monitor the condition of buildings and predict geological features ahead of the Tunnel Boring Machines (TBMs).
An audit conducted by IIT-Delhi on Godrej Summit, a residential project near Dwarka Expressway, has raised concerns regarding the presence of chloride in the water supply. This chloride content poses a significant threat to concrete structures, necessitating the implementation of a strong maintenance system to mitigate the problem. The audit report recommends the establishment of a comprehensive framework to address this issue effectively and safeguard the durability of the buildings in the area.
A recent study revealed that over 50% of condo investors in the Greater Toronto Area experienced financial losses on their rental properties in 2022. Insufficient rental income to cover expenses such as mortgages, condominium fees, and taxes has led to a negative cash flow for many investors. Experts predict this trend will continue due to the completion of expensive new condos sold to investors in recent years. Limited housing supply and a tight resale market discourage investors from selling their properties. However, if investor demand for pre-construction properties declines, it could lead to a decrease in new construction and rental supply.
Bajaj Electricals, a prominent consumer electronics manufacturer, has secured a long-term lease for an entire floor of office space in Mumbai's business district. The lease agreement was made with Nucleus Office Parks, and Bajaj Electricals will pay a total rent of nearly 70 crores over five years. The company has the option to extend the lease for an additional 15 years. The senior management of Bajaj Electricals will conduct their business operations from this new office space, with plans to move in by September or October. The company is also in negotiations for additional space and a potential lease extension.
Brookfield India's real estate investment trust (REIT), BROF.NS, has chosen eight investment banks to manage an equity-raising venture of approximately $400 million. The REIT aims to conclude the transaction by July to finance the purchase of office spaces in India. Brookfield oversees a vast portfolio of office spaces in major Indian cities and has prominent tenants such as Accenture, Amazon, and Samsung Electronics. The REIT plans to secure funds through a qualified institutional placement, with notable banks like Morgan Stanley, Citigroup, and Bank of America among those mandated.
The Municipal Corporation (MC) of Chandigarh has collected a sum of Rs 42.47 crore as property tax within the duration of two months during which the rebate period took place. About 1.42 lakh taxpayers are present in the city, out of which 64,000 individuals who possess residential properties and 16,000 individuals who have commercial properties have made their tax payments during the months of April and May. As the rebate period expires, property owners will be subject to a 25 percent penalty and an annual interest rate of 12 percent from the issuance date of the bill until the payment is made.
The 2022-23 fiscal year saw a powerful rebound in India's residential housing sector, fuelled by robust consumer sentiment and pent-up demand following the pandemic, reports RBI. After two years of irregular closures, housing project launches showed steady growth. While credit growth, particularly in housing and personal loans, signalled solid domestic household demand, housing inflation remained moderate, influenced by the evolving hybrid work culture. The RBI predicts a positive trajectory for the services sector in 2023-24.
Despite rising mortgage rates and property prices, Mumbai's real estate market achieved a record-breaking stamp duty collection in May. This resilience in demand has been spurred by robust transactions involving mid-income and high-end properties. Notably, South Mumbai observed a doubling in sales registrations compared to last year. Market experts attribute this demand stability to the pandemic-driven shift in home-buying preferences and strategic property features.
Aggrieved buyers of Mahira Homes' affordable housing projects are staging an indefinite protest at Jantar Mantar, voicing their frustration over a one-year delay in handover. Approximately 5,000 homebuyers accuse HRera, DCP and other concerned authorities of failing to act against the developer's stalling tactics. The DTCP had previously revoked, then restored, the developer's license under strict conditions. However, the developer failed to resume construction. Now, they promise completion by December 2023, while their accounts remain frozen by HRera.
Shubhashish Homes, a renowned real estate developer in India, has successfully completed the Phase 2 handover of its Shubhashish Geeta project. The event received an overwhelming response from potential homeowners and the public, highlighting the company's commitment to customer satisfaction. Notably, the villas were handed over six months ahead of schedule, showcasing the developer's dedication to timely delivery. Shubhashish Geeta offers spacious villas with modern amenities in Jaipur, providing a luxurious living experience. The project has received positive reviews and is highly regarded for its quality construction, innovation, and attention to customer needs.
Builders in Nashik, India, are facing delays in obtaining building approvals due to a flawed online system. They plan to meet with Deputy Chief Minister Devendra Fadnavis to discuss the issue and propose a purely online software system. This problem is not unique to Nashik, as other Indian cities also struggle with streamlining the approval process. Builders must navigate multiple government agencies, adding time and cost to the process. The need for a more efficient system is crucial to reduce burdens on builders and encourage real estate investment.
DAC Developers has launched 'DAC Prathyangira', a luxurious residential project in Chennai's Sholinganallur area. The complex offers 163 apartments with various configurations, including 2 and 3 BHK units and penthouses. With stunning amenities, such as an infinity pool and rooftop clubhouse, the project prioritizes the well-being of its residents. Its prime location near the Sri Prathyangira Devi Temple adds to its appeal, and the project is progressing steadily toward completion. 'DAC Prathyangira' presents a lavish living experience in a serene environment.
The Vigilance Bureau is investigating the fraudulent allocation of residential plots under Ludhiana Improvement Trust's scheme. They have arrested an individual who tampered with the e-auction system and are planning to summon officials from the software company involved in its development. The accused manipulated bids by adding extra zeros, leading to their cancellation. The Bureau aims to determine how the e-auction system was hacked. The involvement of the software company and suspicions surrounding an official's connection to the fraud are being examined.
The tenancy certificate introduced by the Pune Municipal Corporation (PMC) has seen limited uptake among wada residents. Only around 400 tenants have applied, with concerns about its utility, legal value, and potential loss of rights deterring others. The PMC is exploring alternatives like offering additional floor space index for wada redevelopment. Legal experts suggest that the significance of the certificates depends on their allocation. The low adoption reflects scepticism and fear among tenants. Efforts are being made to address concerns and protect residents' rights. The PMC aims to strike a balance between property owners and tenants' interests.
The government of Maharashtra has introduced a resolution to expedite self-redevelopment for housing societies. Under the new resolution, societies that pass a majority resolution for self-redevelopment can apply for deemed conveyance or land ownership. Approval will be granted within one month. The competent authority will issue notices to builders or landowners, conduct hearings, and make decisions on deemed conveyance. Around 10,000 societies in Mumbai and another 10,000 in the metropolitan region seek redevelopment. The government will be flexible with document submission, and the stamp duty will be a nominal Rs 100. The resolution aims to address ownership issues and empower housing societies.
The delay in replacing the SEZ Act with the DESH Bill has affected the rental collection of large office parks. Corporates are hesitant to lease space at SEZ parks, causing vacancies to persist. Global macro headwinds and the delayed bill implementation have further slowed down leasing decisions. However, there is optimism that once the DESH Bill is enacted, occupiers and developers can plan for the future and reverse the current market underperformance.
The Patna Municipal Commissioner has instructed newly registered architects, engineers, structural engineers, and town planners to expedite the approval process for building maps. Emphasizing efficiency, smaller buildings are expected to receive approval within seven days, while larger structures should be processed within 15 days. The Patna Municipal Corporation organized a training program for these professionals, focusing on the utilization of a software tool to streamline the approval process. The aim is to promote sustainable urban development by enforcing stricter regulations and ensuring standardized procedures in construction projects while considering long-term impacts on the city's infrastructure.
Larsen & Toubro's Power Transmission & Distribution Business has achieved key milestones for NEOM's largest green hydrogen plant. NEOM Green Hydrogen Company (NGHC) is constructing a mega plant in Saudi Arabia's NEOM region, with an investment of USD 8.4 billion. L&T has been awarded contracts worth USD 2.779 billion to establish renewable energy generation, storage, and grid infrastructure for the project. This includes a 2.2 GWac PV solar plant, 1.65 GW wind generation balance of plant, and a 400 MWh battery energy storage system.
London's luxury housing market is experiencing a revival in both supply and demand, signalling a recovery from last year's turmoil, as per a report by Knight Frank. Prime London witnessed robust demand in the first four months of this year, with new prospective buyers surpassing the five-year average by 35%, except for 2020. Supply in prime London also increased by 16%, leading to an 8% rise in property exchanges compared to the five-year average, excluding 2020. Factors such as international travel resuming, a weaker pound, and prices remaining 15% below their mid-2015 peak contributed to this resurgence.
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Music sensation Rihanna has recently listed her 5,100-square-foot home in the Beverly Hills Post Office neighbourhood for sale at $10.5 million. The property, which she purchased in 2021 for $10 million, is situated on a prestigious street and offers a tranquil retreat behind gated entrances and mature landscaping. The house, built in 1939, features wood and stone flooring, cathedral ceilings, original fireplaces, a chef's kitchen, a family room with French doors leading to the backyard, and a separate guest house. The outdoor area boasts a pool, a half basketball court, a vegetable garden, and multiple dining and relaxation spaces. Rihanna also owns the adjacent property, which she bought for $13.75 million in 2020.
Info Edge has announced an international audit into Rahul Yadav-backed proptech startup, 4B Networks, following the firm's consistent failure to provide essential financial information. Allcheckdeals, an Info Edge subsidiary, has invested a sum of ?288 crore in the startup, yet 4B Networks has continually ignored requests for financial transparency. Info Edge has thus contracted Deloitte Touche Tohmatsu India LLP to conduct a forensic audit, signalling a potential financial crisis within the company. The event underscores the need for financial accountability in startups, especially when substantial investor funds are involved.
L&T Finance, a subsidiary of Larsen & Toubro, has initiated a bidding process to sell off bad debts amounting to Rs 3,022 crore to asset reconstruction firms. These debts are spread across ten accounts, with Nirmal Lifestyle Developers holding the largest debt of Rs 790 crore, followed by Supertech with Rs 515 crore and Nirmal Lifestyle Malls with Rs 251 crore. L&T Finance aims to reduce its wholesale finance portfolio, which includes real estate and infrastructure finance. The company had previously planned to collaborate with a private equity partner for its real estate ventures but did not receive regulatory approval.
Keystone Realtors, operating under the Rustomjee Group brand, has acquired five new real estate projects in Mumbai. With a gross development value of over Rs 3,430 crore, the projects have a combined development potential of 1.28 million square feet. Keystone Realtors' robust financial performance, reduced net debt, and successful fundraising efforts position them to expand their presence and maintain a dominant position in the Mumbai real estate market.
After a decade of delays, Sidhartha Buildhome Private Limited's intention to finish two housing developments, Sidhartha Estella and Sidhartha NCR One/Greens, has been approved by the National Company Law Tribunal (NCLT), offering relief to over 800 purchasers. The projects were started in 2010–11, with a 2014–15 initial completion date. However, work ceased, and the developer declared bankruptcy in March 2021. The NCLT granted the developer's request to complete the projects and end the insolvency proceedings after two years of litigation.
A cabinet led by Chief Minister Naveen Patnaik has approved a new rural housing scheme called 'Mo Ghara' to benefit those excluded from existing housing schemes. With a budget of Rs 2,150 crore, the scheme aims to provide housing assistance to four lakh families over the next two years. Eligible beneficiaries can avail loans up to Rs 3 lakh with subsidies and rebates. The scheme also covers processing fees, registration fees, stamp duties, and legal consultation fees.
The state cabinet has approved a 50% reduction in premium rates to promote cluster redevelopment in Mumbai. The move aims to accelerate the approval process for housing projects and provide affordable homes within the city. Experts believe the reduced premium rates will encourage more developers to participate but stress the importance of timely approvals and building public confidence. The government hopes this initiative will revitalize the real estate sector and transform Mumbai's urban landscape.
The Noida Authority recently conducted a successful online auction for four duplex villas, with three of them sold at prices higher than the base price. The auction generated significant interest from potential buyers, resulting in a revenue of Rs 6.47 crore. The authority's efficient management of the auction process highlights its role in contributing to the growth and development of Noida.
A recent Supreme Court ruling has eliminated safeguards for wetlands not directly connected to regulated bodies of water under the Clean Water Act. The case involved Chantell and Michael Sackett, who faced objections from federal officials when they wanted to build a house near Priest Lake in Idaho. The court prioritized property rights over clean water concerns, overturning a previous opinion. Critics argue that the previous standard was ambiguous, while environmental proponents warn of the loss of wetland protections. Environmental organizations are calling for Congress to amend the Clean Water Act.
In a decisive move against unauthorized urban development, Gurugram's Department of Town and Country Planning (DTCP) demolished 18 farmhouses and a road network in six unlawful colonies. The action was taken within the Kaliyawas, Iqbalpur, and Jataula village areas, in compliance with the Haryana Development and Regulation of Urban Areas Act, 1975. District Town Planner Manish Yadav urged the public to avoid investing in such illegal establishments, underlining the importance of verifying land legitimacy before purchase. The crackdown underscores the DTCP's resolve in maintaining lawful urban development.
Mumbai's Municipal Commissioner, Iqbal Chahal, has endorsed the use of Transfer of Development Rights (TDR) for redeveloping older buildings on internal, private layout roads. This move, conditioned on road dimensions and proximity to public roads, is expected to invigorate urban renewal of numerous aged structures. The decision also insists on a deed to assure perpetual private access. However, the stance on TDR for landlocked plots remains undecided. Despite this, the decision anticipates a promising transformation in Mumbai's real estate scene.
WeWork India has unveiled three new flexible workspaces in Bengaluru: Princeville and Cherry Hills in the Embassy Golf Links Business Park, and Prestige Tech Park Jupiter near Marathahalli. Covering over 220,000 sq. ft., these additions provide 3,600+ new desks, with 60% already pre-committed. This development pushes WeWork India's Bengaluru presence to 22 facilities, underscoring the growing flexible workspace market in the city.
Labdhi Lifestyle has collaborated with Carta, a famous company that offers equity management solutions, to offer its workforce a complete ESOP experience. The development of the ESOP plan is fundamental to the company's principle of enhancing value for all major stakeholders. The ESOP program will be fully implemented within six months, offering employees a chance to actively contribute to the company's growth and feel a sense of ownership.
Amazon Development Centre India has chosen to extend its rental agreement for approximately 500,000 square feet of office space in Chennai. The lease extension, which spans 36 months, signifies Amazon's commitment to the Indian market. This decision comes after the company recently signed two significant renewals, including a lease on a 650,000-square-foot area near Bengaluru. While Amazon is downsizing globally and reducing its workforce in India, it continues to make substantial investments in the country.
Real Estate Investment Trusts (REITs) in India have gained significant popularity, attracting renowned institutional and anchor investors. India's growing office market and the diversification brought by retail asset-led REIT IPOs have paved the way for more REITs across different asset classes. REITs offer retail investors an opportunity to invest in real estate with smaller denominations, organized platforms, cost savings, tax benefits, liquidity, and expert guidance. According to data from JLL, India has over 393.7 million square feet of Grade A office space that generates rental income and is valued at over $61 billion, making it suitable for listing on REITs in the future.
The Maharashtra State Cooperative (MSC) Bank has announced a loan offering to support established housing societies in undertaking self-improvement projects. With a whopping Rs 1,950 crore earmarked for this purpose, the bank aims to disburse the funds during the 2023-24 fiscal year. Eligibility guidelines for obtaining these loans will be revealed soon, benefiting approximately 50 old housing societies. As the largest co-operative bank in India, MSC Bank plays a vital role in balancing the resources of cooperatives in Maharashtra and promoting their growth.
Members of CREDAI and CREDAI-MCHI recently approached the government with a request to remove GST on free-of-cost flats provided to current residents in redevelopment projects, particularly in the Mumbai region. They are of the opinion that the flats are given without any compensation and the construction costs are already included in the sale price, they should be exempt from GST to avoid double taxation. The association believes that revising the GST regulations will create a more favourable environment for redevelopment initiatives and help unlock the real estate potential in the Mumbai Metropolitan Region.
The recent auction conducted by the Chandigarh Housing Board (CHB) witnessed a disappointing outcome, with only two out of the total 123 properties finding buyers. The auction included residential freehold and commercial leasehold properties, but the majority remained unsold. This follows a trend of low success rates in previous auctions by the CHB. Experts attribute the challenges to factors such as high collector rates and limited demand for leasehold properties. The CHB continues to explore electronic bidding procedures to attract interested buyers, with eligibility open to residents from across the country, including NRIs.
Realtors in Vijayawada are voicing concerns over the state government's plan to increase land value, fearing a negative impact on the demand for properties. They argue that the current land value is already high compared to market prices, and any further increase would widen the gap between book value and intrinsic value. The real estate industry in Vijayawada has faced stagnation due to uncertainty surrounding the state capital's location. Industry experts warn that rising land costs may decrease demand for properties in certain areas. Realtor associations have urged the Chief Minister to reconsider the decision and support the real estate industry.
Ben Affleck and Jennifer Lopez have successfully sealed the deal on a residence in Los Angeles for an approximate amount of $61 million. Situated within the confines of Wallingford Estates, Beverly Hills, the estate occupies a land mass of approximately 5 acres while offering a living area of 38,000 square feet. Compass's Ginger Glass was the listing agent for the property located in Beverly Hills, while the buyers were represented by Brett Lawyer at Carolwood Estates. The real estate was originally offered at a price tag of $135 million in 2018, but its value was eventually reduced to $74.995 million by March.
Roche Information Solutions India has agreed to lease office space in the '45ICON' workplace project in Baner, Pune. The modern office space, developed by Raviraj Abhinandan Developers and Brookfield Properties, offers approximately 18,000 square metres of space. The establishment aims to accommodate over 1,000 personnel, with room for future expansion, and aligns with Roche's sustainability standards. The tower is already occupied by major tenants Tarana Wireless and Infobeans Cloudtech, in addition to Roche.
Delhi-based property developer TARC Limited has announced its financial and operational progress for the quarter and fiscal year ending on March 31st, 2023. The company achieved its strongest sales performance to date, exceeding the set sales target and generating a remarkable sales value of Rs 520 crore. The TARC Tripundara project experienced a successful booking rate and higher prices, while the TARC Maceo project achieved a fully sold-out status with a significant price surge. The company has set a challenging sales target of Rs 1,500 crore for the upcoming fiscal year and aims to generate robust cash flows for business expansion and debt reduction.
In response to an appeal by environmentalist Thomas Lawrence, the National Green Tribunal (NGT) has overturned the Environmental Clearance (EC) for the proposed expansion of Technopark phase III campus by Dragonstone Realty Private Limited. Citing a violation of a 2020 Supreme Court verdict, NGT slammed a penalty of Rs 15 crore on Dragonstone Realty for splitting the project. Further work on the project is halted until a new EC is obtained. The fine is set to fund district wetland improvements.
Mohamed Ali Alabbar, the Founder and Managing Director of Emaar Properties, is set to face questioning by Delhi Police's Economic Offences Wing in a forgery and trust breach case. This summons comes as part of an ongoing investigation into complaints from homebuyers alleging that Emaar India Limited misappropriated funds, misrepresented project details, and caused considerable delays in the delivery of a Gurugram housing project. Emaar India has confirmed receipt of the notice and promises full cooperation during the investigation.
Nashik Municipal Corporation (NMC) has revealed that about 100 city buildings have non-functional rainwater harvesting systems. As a response, an inspection drive is planned for July to ensure that all systems are operational. The corporation also introduced a 5% property tax rebate for buildings with functional systems and warns of fines for non-compliance. NMC’s previous similar drive in 2019 found over 60 buildings with defunct systems. This new initiative underscores NMC’s commitment to conservation and sustainable use of water resources in the city.
The Delhi Development Authority (DDA) is set to launch a monumental housing scheme for 23,000 flats, with approval expected in June. The project, offering phased distribution and newly eligible applicants, will be launched subject to the authority's approval. Individuals owning property less than 67 square meters in Delhi are now eligible to apply, marking a significant shift in DDA regulations. The sale of approximately 16,000 units from old schemes will be temporarily suspended to prevent confusion. The DDA is taking proactive measures to enhance the appeal of these new flats, including infrastructure improvements and certain buyer concessions.
The Nagpur Metropolitan Region Development Authority (NMRDA) has launched the Gunthewari scheme 2.0, allowing for the regularization of over 1.5 lakh unauthorized plots. Owners of these plots can apply for regularization on the NMRDA's website from June 1 to August 31. The scheme aims to benefit financially backward individuals who have been waiting to build their dream homes. While the NMRDA will recover charges of ?56 per sq. ft, the expenditure for providing basic amenities will be higher. The scheme excludes certain areas and is expected to generate significant revenue for the NMRDA.
Residents in multiple areas of Gurugram are complaining about the construction of stilt plus four-floor buildings, citing noise and air pollution. They have submitted a petition urging the district administration to revoke the policy allowing such structures on residential plots. The policy is currently under review after facing protests, with a panel analysing the situation and seeking expert opinions. Concerns about population density, weakened foundations, and health hazards from construction dust have been raised. The decision on the policy's future is expected by the end of the following month.
The Tamil Nadu Housing Board (TNHB) is facing a significant challenge with nearly 8,000 unsold houses spread across the state. However, a solution is now on the horizon as the board has made the decision to allocate over 2,800 of these houses to police personnel in the Sholinganallur and Athipattu areas of Chennai under the 'own your house' scheme facilitated by the Tamil Nadu Police Housing Corporation Limited (TNPHCL).
Lucknow Development Authority (LDA) is discussing a policy that would require individuals to pay fees if they don't begin construction on their plots within five years of registry. The fees could be up to 5% of the land value. The goal is to reduce pollution and encourage housing construction. If approved, individuals must submit construction costs after five years or face rejection of their construction plans. Approved plans will have a three-year window for construction, after which they will expire. The policy aims to promote timely development and affordable housing in Lucknow.
The state government of Odisha has approved an ordinance to align local housing laws with the Real Estate (Regulation and Development) Act, 2016. The move aims to resume stalled apartment registrations that have been on hold since May 2022. The Odisha Apartment (Ownership and Management) Ordinance, 2023 replaces the Odisha Apartment Ownership Act, 1982. The ordinance requires the formation of associations for housing projects and registration of common areas in their name. The government believes a new legislation is necessary to address the challenges faced by apartment buyers and to prevent revenue loss due to unregistered sale deeds.
NBCC (India) witnessed a significant increase in its net consolidated profit for the fourth quarter of fiscal year 2022–23. The company reported a profit after tax of Rs 113.63 crore, reflecting a 176.47 percent surge compared to the same quarter in the previous fiscal year. NBCC (India) also experienced growth in its net total income during this period. The company has proposed a final dividend pay-out and allocated funds for interest payment on customer refunds. Additionally, NBCC (India) is awaiting environmental clearance for its shared housing project in Kochi, Kerala.
As the deadline for property tax payment in Chandigarh approaches, a substantial percentage of property owners, specifically 75,473 out of 1.42 lakh assesses, have not paid their dues for the current financial year. The Municipal Corporation has issued invoices and offered a rebate option until May 31, 2023. Failure to pay within the specified time will result in penalties and interest charges.
A builder in Goa has been fined Rs 1.26 crore by the Goa State Environment Impact Assessment Authority (Goa-SEIAA) for starting construction activities on a project in Taleigao without obtaining the necessary environmental clearance. The residential-cum-commercial complex, consisting of four phases, including one on a hillside, was initiated without following the required procedures, violating the Environment Impact Assessment Notification 2006. The Goa-SEIAA imposed the penalty and directed the builder to apply for environmental clearance under the violation category.
The National Company Law Appellate Tribunal has dismissed a petition filed by the suspended promoter and director of Renaissance Indus Infra, a real estate and construction company, against the decision to admit the company under the corporate insolvency resolution process (CIRP). The bankruptcy court had accepted the plea of Catalyst Trusteeship, the financial creditor, after the company defaulted on dues worth Rs 444 crore. The NCLAT bench ruled in favour of the creditor, stating that the debt and default were not disputed, and the borrower had not responded to demand and enforcement notices. The ruling allows the CIRP to proceed, enabling the creditor to recover its dues.
CBRE South Asia Pvt. Ltd is set to fortify its Consulting and Valuation (C&V) business, particularly in government advisory. Over the next two years, the company plans to double its advisory team size and expand to over 20 new cities. This strategic expansion accompanies an enhancement of its portfolio in infrastructure, healthcare, and education sectors. CBRE's C&V division has maintained a consistent growth rate of 25% Y-o-Y for the past five years and now manages a portfolio worth $25bn. With these steps, CBRE reaffirms its commitment to provide superior real estate solutions and anticipates a 50% growth in this business line in the next two years.
The Indore district administration has served notices to 53 occupants of properties near Patnipura Square to substantiate their land ownership claims. This action follows a rival claim by the Madhya Pradesh State Road Transport Corporation (MPSRTC) over the disputed land. With the upcoming hearing scheduled for June 5, the occupants, some of whom have been on the land for generations, face a precarious situation. Meanwhile, MPSRTC has already allotted funds for developing a shopping complex on part of the said land, intensifying the controversy.
Greater Noida Industrial Development Authority (GNIDA) has unveiled a scheme offering 22 commercial plots valued at Rs 1,100 crore for public auction. This initiative, aimed at stimulating the region's economy and providing residents with convenient access to everyday necessities, allows potential investors to pay in flexible instalments. The plots, intended for the development of commercial complexes, are located in strategic sectors across the city. Online applications for the scheme are open until June 19.
Maharashtra's Chief Minister, Eknath Shinde, has directed civic bodies to conduct independent safety audits of hazardous buildings through esteemed engineering institutes. The decision followed a report by the BMC revealing only a fraction of unsafe buildings had been vacated. In a monsoon preparedness meeting, Shinde emphasized life preservation and relocation provisions for displaced families. The mandate covers multiple aspects, from leveraging modern technology in rescue operations to infrastructure maintenance, highlighting the government's comprehensive plan to ensure public safety during the upcoming monsoon season.
The Chief Minister of Uttar Pradesh, Mr. Yogi Adityanath, has received a proposal outlining the new Supplementary Accommodation Control Rules of 2023. These rules aim to regulate illegal rooms and homestays in the city by requiring registration and monitoring of all stay rooms and homestays. The rules will help prevent property misuse and illegal activities, ensuring guest security and promoting the concept of supplementary accommodations in the tourism industry. Properties found to be misused or involved in illegal activities may face seizure or demolition.
The U.S. Supreme Court unanimously ruled to restrict the ability of state and local governments to seize and sell homes of individuals with unpaid property taxes. The ruling stemmed from a case involving Geraldine Tyler, a 94-year-old woman in Minnesota whose property was seized by Hennepin County. The court deemed the practice unconstitutional, violating the Fifth Amendment's Takings Clause. The ruling protects property rights and prevents potential homelessness and loss of savings for individuals, particularly seniors. This decision has implications for property tax collection policies across the country.
Several British banks, including Nationwide, have raised their mortgage rates in response to a significant increase in market interest rates following higher-than-expected inflation data. Smaller lenders have temporarily suspended their offerings. This situation resembles a previous temporary halt in the mortgage market triggered by investor response to former Prime Minister Liz A's policy plans. Analysts predict that other lenders will likely follow Nationwide's lead in raising rates, impacting credit demand. The adjustment in rates is attributed to fluctuating and rising swap rates.
According to a housing market review by Hypo, Finland is expected to see its largest decline in housing prices since 1993. The decline is attributed to factors such as high interest rates, an influx of new apartments, and reduced demand due to economic uncertainty. The review also predicts a decrease in property transactions compared to previous years. The situation is expected to improve in the following year with decreased construction of new apartments, stabilized interest rates, and projected growth in demand.
Aurum PropTech is set to acquire NestAway Technologies, a managed rental home company backed by prominent investors including Ratan Tata. The anticipated buyout, worth over $20 million, marks one of the first such deals in the rental platform sector. NestAway, a key player in the online home rental marketplace, currently houses over 39,600 tenants across ten cities. This acquisition will be Aurum PropTech's eighth in the property technology sector within the last two years, highlighting the company's aggressive growth strategy.
Last week, Chief Minister Bhagwant Mann announced that Punjab will digitize all land records to improve public access and streamline administrative processes. This initiative will also include making these records available in simple Punjabi for easy readability. Mann emphasized efficient record maintenance across all levels and advocated for faceless bureaucratic procedures for enhanced transparency. The early completion of the revenue department's computerization projects is also on the agenda as part of this digital governance strategy.
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The Bruhat Bengaluru Mahanagara Palike (BBMP) is considering a hike in property tax rates for the city of Bengaluru, which could impact over 25 lakh property owners. The Deputy Chief Minister and City Development Minister, DK Shivakumar, has examined the proposal and emphasized the need for alternative funding sources to support developmental projects. The BBMP aims to collect a total of Rs 4,790 crore in property taxes and cesses for the year 2023-24.
A civil court in Mumbai rejected the claim of Shailesh Kamani, a broker, who sought a fee of Rs 3 lakh for allegedly brokering a property deal in 2012. The court ruled that since the property owner did not sell the property to the party introduced by the broker, he could not claim remuneration. The court clarified that a broker's entitlement to fees is contingent upon the successful completion of the transaction and does not include mediating compromises between parties. The ruling highlights the limitations and obligations of brokers in property transactions.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued a warning to builders by disallowing the Covid-19 pandemic moratorium benefits for a promoter who violated the sanctioned plan. The MahaRERA directed the promoter to pay interest to a complainant for the period in question and emphasized the importance of adhering to approved plans and regulations. The case involved irregularities in construction, including unauthorized floors and offices, conversion of designated space, and deviations from the sanctioned plan's specifications. The order aims to ensure transparency and protect the rights of buyers while cautioning against misconduct in the real estate sector.
The chairperson of a Dadar housing society, Vinod Shah, has been acquitted by a sessions court, overturning a 2014 conviction and three-month jail sentence. The court found insufficient evidence to prove his responsibility for not carrying out necessary repairs despite a notice from the Brihanmumbai Municipal Corporation. The court also criticized the prosecution's case, citing incongruent testimonies and inadequate evidence. The verdict emphasizes the need for clear and compelling evidence to support charges and ensure fair judgments in legal proceedings.
A recent survey conducted by fire officials in Ghaziabad has revealed that approximately 700 buildings, including hospitals, malls, housing societies, and hotels, are operating without proper firefighting equipment and the required no-objection certificates (NOCs) from the fire department. Nearly 42% of the inspected buildings lacked the necessary NOCs and over 40% of the buildings with fire NOCs lacked standard fire-fighting arrangements. The Chief Fire Officer has issued show-cause notices to the owners of these buildings, directing them to install proper firefighting equipment within a month.
The Minister of Urban Local Bodies in Haryana has hinted at the potential merger of Housing Board Haryana (HBH) with Haryana Sahri Vikas Pradhikaran (HSVP). This development, expected to be finalized within 45 days, aims to consolidate their operations. During a meeting reviewing the progress of the Pradhan Mantri Awas Yojana - Urban, a committee was formed to oversee the merger process. In addition, the government has formulated the Mukhya Mantri Awas Yojana to address the housing needs of economically weaker section families. Pilot projects under this scheme have been approved in Panchkula and Yamunanagar.
In an important development, Lieutenant Governor VK Saxena has granted approval for the transfer of land to the Delhi Metro Rail Corporation (DMRC). The approval comes after a long-pending request made by the DMRC to the Delhi government. The land transfer will facilitate the construction of a new station at Keshopur as part of the ongoing Phase-IV project. Situated on the under-construction metro corridor between Janakpuri and RK Ashram Marg, the Keshopur station will provide a crucial link in the expanding Delhi Metro network.
Workspace Group, a London-based office space provider catering to a diverse client base, experienced a more than 3% drop in the valuation of its properties, leading to an annual loss. However, the company has outperformed traditional property firms by offering flexible office spaces and shorter lease terms, which are preferred by tenants during times of economic uncertainty. Despite the property valuation decline, Workspace Group expects rental income growth in its fiscal year 2023/24, supported by a 7.1% increase in rent roll and the leasing of refurbished spaces.
Bugatti, the renowned luxury car manufacturer, and Binghatti, a prominent developer, have revealed their ground-breaking collaboration: a mesmerizing residential skyscraper in the heart of Dubai. This architectural marvel combines the visionary design philosophies of both brands, showcasing a distinctive facade and meticulously crafted interiors. The 42-storey tower will house unique apartments with access to curved balconies, while the penthouses will feature exclusive car lifts, allowing residents to drive their vehicles directly into their lavish abodes. The development will also include a private spa, a members club, and a Riviera-inspired beach, embodying the timeless elegance of the French Riviera.
Manoj Joshi, the Housing and Urban Affairs Secretary, recently advocated for an efficient evaluation mechanism to distinguish between reliable and poor-performing real estate developers. At a CII conference, he suggested this system would enable easier access to bank credit, reducing dependence on customers' prepayments. Highlighting cash flow issues due to inadequate bank financing for contractors and vendors, Joshi urged the sector to collaborate with the Reserve Bank of India and banking system to establish preventive measures against excessive bad lending.
In anticipation of the impending monsoon season, the Brihanmumbai Municipal Corporation (BMC) has unveiled a list of 226 buildings classified as "extremely unsafe", urging residents to relocate. Majority of these structures are in the western and eastern suburbs. The list, accessible on the BMC's official portal, was a step towards public safety. Furthermore, the Municipal Commissioner had ordered the discontinuation of water and electricity supplies to these buildings earlier this month, stressing the need for evacuation and alternative accommodations.
Amid growing concerns over building safety, Gurugram's Deputy Audit Commissioner, Nishant Yadav, has launched the second phase of a critical structural audit for 15 residential societies. These buildings, selected from a list of 60 high-risk projects, will undergo a comprehensive on-site inspection to identify structural defects. The audit follows the tragic collapse at the Chintels Paradiso apartments last year. The cost of these audits will be shared equally between residents and developers, although if complaints are confirmed, developers will bear the full cost. This move emphasizes the city administration's commitment to ensuring resident safety.
The government of Karnataka plans to capitalize on the thriving real estate industry by raising the guidance value and promoting online property registration. The stagnant guidance value, unchanged since 2019 due to the pandemic, may be revised upward to increase government earnings by approximately 20%. The government has also launched Kaveri 2.0, a web-based application for property registration, in multiple sub-registrar offices. These measures aim to streamline the registration process and leverage the positive momentum in the real estate sector for increased revenue generation.
The CEO of PAG, Christopher Marcus Gradel, has acquired a century-old waterfront villa in Hong Kong's Pok Fu Lam district for HKD550 million (USD70.1 million). Villa Ellenbud, a Grade III historical structure, consists of two residences with stunning ocean views and a garden area. The property has the potential for redevelopment into two luxurious mansions with a combined floor space of 14,625 sq. ft. The purchase aligns with the ongoing luxury housing boom in Hong Kong, as the demand for high-value properties continues to rise.
The government is considering amendments to the insolvency code to address the concerns of homebuyers who have invested in completed projects where the developer is undergoing insolvency resolution. The proposal aims to enable the unhindered registration of flats in such projects and involve the relevant Real Estate Regulatory Authority (RERA) in the resolution process. This change could motivate homebuyers to fulfil their financial obligations, provide relief to them, improve cash flow for insolvent real estate companies, and facilitate a more efficient resolution of cases in the housing sector.
The Delhi High Court has upheld the statutory bail granted to Kapil Wadhawan and his brother Dheeraj, former promoters of Dewan Housing Finance Corporation Limited (DHFL), in connection with a bank loan scam case. The court dismissed the Central Bureau of Investigation's (CBI) petition challenging the trial court's order, stating that the decision to grant bail was based on sound reasoning and logic. The court emphasized that considering an incomplete charge sheet as a final report to deny bail would be against the law and violate the constitutional right to personal liberty.
Omaxe has reported a net loss in Q4 FY 22-23. The company disclosed a net consolidated loss after tax of Rs 104.39 crore, compared to a loss of Rs 36.62 crore in the same quarter of the previous fiscal year. The directors have proposed a dividend for preference shares, and there have been changes in the board, including the appointment of an additional director and the resignation of the current chairman. The company has also made significant investments in subsidiaries. Despite these financial challenges, Omaxe remains committed to providing diverse real estate services, including townships, housing, commercial offices, shopping centres, and hotels.
Jaypee Infratech, currently undergoing insolvency proceedings, has postponed the endorsement of its financial records for the latest quarter and fiscal year due to pending cases in the appellate tribunal. The National Company Law Tribunal has approved the resolution plan proposed by the Suraksha Group to take over Jaypee Infratech. To facilitate the implementation of the plan, an Implementation and Monitoring Committee has been established. The company attributes the delay in financial statements to pending appeals and has requested an extension to accurately reflect the impact of the resolution plan.
The imposition GST on the transfer of plots within the Gujarat Industrial Development Corporation (GIDC) estates in Gujarat has faced opposition from industrial units in the region. Micro, small, and medium enterprises (MSMEs) have incurred significant GST debts, surpassing their earnings, due to the financial constraints of their businesses. The Gujarat Chamber of Commerce and Industry (GCCI) has raised this issue with the state's chief minister and the Union finance minister. The matter may be taken to court if a resolution is not reached.
Emami Realty, a subsidiary of the diversified Emami Group, announced a consolidated net loss of Rs 17.79 crore for the quarter ending March 31, 2023. The company experienced a decline in net consolidated total revenue and recorded a negative EBITDA metric during this period. In fiscal year 2023, Emami Realty witnessed a significant decrease in total revenue compared to the previous year. Despite these financial challenges, Emami Group continues to be a prominent player in various sectors and has successfully developed notable projects in Kolkata.
The Uttar Pradesh Pollution Control Board (UPPCB) cracks down on illegal groundwater extraction in Noida and imposes a hefty fine on 38 builders found guilty of using borewells for illegal extraction. The builders are given a 15-day deadline to deposit the fine. The action follows a thorough evaluation by a joint committee formed by the National Green Tribunal, revealing widespread violations. The UPPCB aims to deter such violations and promote responsible water usage to protect the region's water resources and ecosystem.
Trehan Group, a prominent real estate developer in Rajasthan, has announced the launch of Trehan Vistaar, a residential plot project in Alwar. The project, strategically located on the Delhi-Bhiwadi State Highway and connected to the Delhi-Mumbai Industrial Corridor (DMIC), offers excellent connectivity and convenience for residents. Divided into four phases, the project will deliver 393 plots in the first phase within a two-year timeframe. Trehan Group plans to provide a range of amenities, including gated security, a clubhouse, parks, water harvesting, sewerage facilities, and well-developed roads, creating a desirable residential township.
Brigade Enterprises, a prominent real estate company, achieved a net consolidated profit of Rs. 63.09 crore in the quarter ending on March 31, 2023, marking a significant improvement compared to the net consolidated loss in the same period of the previous fiscal year. The company's total income for Q4 FY23 decreased by 9.60% to Rs. 872.11 crore. Despite the decline, Brigade Enterprises maintains a strong pipeline of ongoing and upcoming projects, totalling 20 million square feet and 7.5 million square feet, respectively. With a net debt to equity ratio of 0.55:1 and no debt in the residential division, Brigade Enterprises demonstrates financial stability and resilience.
Saudi Arabia's residential property market witnessed a notable slump in Q1, primarily due to escalating prices and significant internal migration, according to a Knight Frank report. The surge in villa and apartment costs in Riyadh and a shift towards domestic migration has led to a sharp fall in transactions. Amid these changing dynamics, Saudi Arabia's real estate market trajectory remains to be closely watched by investors and policymakers.
Global distressed asset investors such as PAG, Oaktree, and Varde Partners have capitalized on opportunities amid India's real estate turmoil. While domestic lenders retreated following the NBFC crisis, these international firms injected billions into the sector, filling the credit vacuum. PAG has loaned around $1.3 billion to developers in the past four years, while Oaktree Capital and Varde Partners have made strategic investments and loaned hundreds of crores. Amidst economic reforms and market instability, this trend demonstrates how international investment is playing a crucial role in stabilizing the Indian real estate landscape.
The Assam Real Estate Appellate Tribunal (REAT) has ruled that promoters are obligated to adhere to the prescribed format for the Agreement for Sale, as stated in the Assam Real Estate (Regulation and Development) Rules, 2017. The ruling came in response to an appeal filed by a Guwahati-based promoter who was penalized for not signing the Sale Agreement as per the prescribed format. The Tribunal rejected the builder's arguments and emphasized the promoter's responsibility to strictly follow the prescribed form. The decision highlights the importance of standardized procedures and transparency in the real estate sector to protect buyer interests.
The government has made a significant decision to simplify the process of obtaining Non-Agricultural Use Permits (NA) for construction projects. The authority to grant these permits has been delegated to local self-government bodies, streamlining the process and eliminating the need for separate visits to the Revenue Department. This decision applies to class 1 lands and aims to simplify and expedite construction procedures. The new system allows for online application submission and fee acceptance, saving time and reducing human intervention. The decision has been implemented in all municipalities, providing reassurance to developers and the public.
Union Minister Rao Inderjit Singh has instructed officials in Manesar to file police complaints against developers if they release untreated sewage or have irregularities in their rainwater harvesting systems. Singh expressed concern about the discharge of untreated sewage in new sectors and urged action against societies violating environmental regulations. He emphasized the need for rainwater harvesting and directed officials to address residents' complaints. Singh inaugurated projects worth Rs 9.1 crore and reviewed fund utilization by panchayats merged with the corporation. His actions reflect a commitment to environmental sustainability and development in the region.
The Supreme Court has dismissed Godrej & Boyce Manufacturing Company Limited's claim for additional Transfer of Development Rights (TDR) for a recreation ground in Vikhroli. The court's decision was based on the absence of developed amenities required by law to be eligible for extra TDR. The case dates back to 1994 when the company surrendered the land reserved for a recreation ground. Despite legal challenges, the court upheld the Bombay High Court's decision, emphasizing the importance of adhering to legal requirements and protecting constitutional rights related to fair compensation in property acquisition cases.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued a directive mandating the use of QR codes in advertisements and social media displays for registered housing projects. Effective from August 1, this new regulation aims to provide homebuyers with easy access to crucial project information. By scanning the QR codes, potential buyers can instantly obtain details about the project, including commencement and completion dates, complaints, necessary approvals, and more. This move by MahaRERA enhances transparency, simplifies research, and promotes informed decision-making in the real estate sector.
Last week, the Haryana Urban Development Authority (HUDA) conducted an e-auction of nine sites for group housing societies. The auction included plots in various sectors across Haryana, with additional sites in Pinjore. This marks the first time since 2021 that HUDA is auctioning plots for group housing in multiple cities. Interested bidders were told to register on the HUDA website. The auction aims to facilitate urban development and address housing needs, providing opportunities for developers and investors to acquire land for the construction of quality housing projects in the region.
Toronto City Council has taken a significant step towards curbing embodied carbon in new construction projects by introducing a policy that offers cash incentives to builders. Under the new policy, builders who voluntarily limit the embodied carbon in their projects will receive cash rewards ranging from $2,400 to almost $5,300 per apartment, depending on size. The move, aligned with Version 4 of the Toronto Green Standard, follows the Council's recent decision to eliminate parking minimums for new condos and rental buildings. This initiative places Toronto among a growing number of jurisdictions globally actively regulating and reducing embodied carbon in construction.
In a bid to boost investor confidence amidst concerns about the financial health of U.S. regional lenders, PacWest Bancorp has sold its property lending division to real estate financing firm Roc360. The undisclosed deal includes the acquisition of PacWest's Civic Financial Services ("CIVIC") unit, known for providing loans to landlords and investors interested in buying and renovating homes. PacWest's strategic move follows a recent surge in regional bank stocks, indicating growing investor optimism about the sector's recovery from its biggest crisis since 2008.
Thane revenue authorities have taken action by attaching a flat belonging to the promoter of the Green World project in Airoli. This action was initiated due to the promoter's failure to deliver a flat that had been booked by a senior citizen in 2013. The promoter challenged the order from the Maharashtra Real Estate Regulatory Authority (MahaRERA), but their appeal was rejected by the High Court. As a result, attachment proceedings were initiated to recover an amount exceeding Rs 1.3 crore. The promoter had sold the flat to a third party, leading to a complaint with MahaRERA and subsequent orders for a refund.
The UP Police's Economic Offences Wing (EOW) has made significant progress in its investigation into Shine City Company, a real estate firm based in Prayagraj. The director of the company, Faiz Ahmed, and his associate Shailendra Patel have been apprehended. The investigation has revealed over 200 FIRs against the company and the seizure of properties worth Rs 100 crore by the Enforcement Directorate (ED) under the money laundering Act. Shine City engaged in fraudulent schemes, promising investors land or high returns on their investment but failing to deliver. The EOW is continuing its probe to uncover more details about Shine City's illegal activities.
Sunteck Realty has reported a net consolidated loss of Rs. 27.93 crores for the quarter ending on March 31, 2023, which is a significant increase from the previous year's quarter. The company's net consolidated total income for the same period declined by 64.53%. The board of directors has proposed a dividend of 150% and authorized a resolution to raise funds up to Rs 2,250 crore through various means. Additionally, the board has approved the consolidation plan to merge Sunteck Realty with its wholly owned subsidiary firms, aiming to streamline operations and optimize synergies within the company's portfolio.
Roche, the multinational pharmaceutical company, has acquired an office property in Pune, India, from Brookfield Properties. The property will serve as the headquarters for Roche Information Solutions India, Roche's healthcare digital subsidiary. The lease agreement spans nine years, with Roche Information Solutions India expected to pay over 210 crores in rent during this period. The acquisition reflects Roche's commitment to expanding its presence in India and leveraging data analytics to enhance patient care. The transaction also highlights the positive trend in the Indian commercial office category, despite global economic uncertainties.
Punjab Chief Minister, Bhagwant Mann, has ordered the demolition of all unauthorized constructions around Mohali's Shaheed Bhagat Singh International Airport. The move addresses national security concerns and aligns with a High Court mandate. To counteract residential displacement, Mann has instructed local government departments to formulate a swift and just rehabilitation package for the affected residents. He emphasizes this will not only alleviate distress but also help minimize legal disputes, ultimately conserving public funds.
Contravening its own directive from 2021, the Ahmedabad Urban Development Authority (AUDA) has decided to sell eight government-owned plots around the Narendra Modi Stadium, previously designated for sports facilities development in preparation for the 2036 Olympics. The sale, including seven plots in Chandkheda and one in Motera, is expected to generate INR 1,500 crore. The move sparks concern over the future of the state's Olympic infrastructure, as official auction dates are yet to be announced. Public scrutiny of AUDA's decision is anticipated.
Protests have erupted in Bandemutt KHB Layout, Bengaluru, over glaring infrastructure deficits and irregular water supply. Despite the allocation of INR 10 crore for development works since the area came under BBMP jurisdiction six months ago, residents assert that little progress has been made beyond road excavation. The residents, now resorting to public demonstrations, also express safety concerns due to rising housebreaking incidents. Their calls for increased police presence in the area remain unanswered, adding to the growing dissatisfaction among the community.
The Nashik Municipal Corporation (NMC) in India has experienced a boost in property tax revenue with the inclusion of newly acquired properties. The addition of a minimum of 51,000 newly identified properties has contributed an extra annual revenue of Rs 25 crore. The NMC has been focusing on expanding the range of properties subject to taxation, particularly those without proper building completion certificates. This initiative has led to a rise in the overall count of taxed properties in Nashik city, which now stands at 5.33 lakh. The NMC aims to achieve a property tax collection of Rs 210 crore for the current fiscal year.
The Mangaluru City Corporation (MCC) is facing concerns from citizens and corporators regarding the increase in property taxes for the fiscal year 2023-24. The amendment to the Karnataka Municipal Corporation Act in 2021 changed the calculation of property taxes based on the property's current guidance value, including unoccupied land. The MCC council members and representatives expressed their concerns about the substantial tax burden on individuals with unoccupied land and the potential difficulties faced by middle-class families to fulfil the tax obligations. Chief Whip Premanand Shetty emphasized the need to bring this matter to the government's attention.
Phoenix Mills, India's leading mixed-use project developer, reported impressive financial results for Q4 FY23. Net consolidated profit surged by 149.86%, reaching Rs 293.19 crore, while total income grew by 45.19% to Rs 754.73 crore. A final dividend of Rs 5 per share was proposed. The company's EPS and share price also saw positive trends. With strong demand for residential properties, The Phoenix Mills achieved robust sales growth. As a prominent player in real estate development, the company maintains tangible property investments in various Indian cities.
Amidst the collapse of major lenders and banking turmoil, office space owners such as Boston Properties and Vornado Realty Trust in USA find themselves facing heightened concerns. The combination of the Federal Reserve's increased interest rates, a slowing economy, and the rise of remote work during the pandemic has resulted in a rise in vacant office spaces. With the vacancy rate reaching its highest level since 1991, the risks of loan losses for banks loom large. As a result, investors are seeking safer investment options, causing a significant decline in the office property segment of the market.
The rental market in London has become increasingly challenging, especially for individuals who are single. Rising rental prices and diminishing housing options have made finding a place to live a daunting ordeal. The scarcity of one-bedroom apartments, attributed to insufficient investment and property conversions, has led to fierce competition between singles and couples. The limited supply of housing has caused agents to handle fewer properties, exacerbating the difficulties for those seeking affordable rentals. Homeownership remains unattainable for many due to stagnant wages and increasing mortgage rates.
Purvankara, a renowned real estate developer in India, reported a net consolidated profit of Rs. 26.75 crore in the quarter ending on March 31, 2023, marking a significant improvement compared to the net consolidated loss in the same quarter of the previous fiscal year. The company's total income for Q4 FY23 rose by 39.44% to Rs. 446.39 crore. The exceptional performance can be attributed to recent product releases, advancements in ongoing projects, and substantial collections of Rs. 2,258 crore. Purvankara experienced a year-over-year growth of nearly 21% in sales, selling 1.21 million square feet for Rs. 1,007 crore.
Nexus Select Mall Management (NSMMPL), the manager of Nexus Select Trust, has received approval from its board of directors to raise a debt amount of up to Rs. 2,350 Crores. This debt will be utilized for purposes such as refinancing existing debt of Special Purpose Vehicles (SPVs) and general corporate needs. The funds will be raised through a term loan and non-convertible debentures. The subscription for the debt offering was a remarkable success, being subscribed to 5.45 times on the last day of subscription.
Mumbai-based property developer Oberoi Realty is in discussions with Marriott International and Hyatt to manage and operate a 5-star luxury hotel in Thane, Mumbai. The hotel will be part of a larger township project spread across 75 acres of premium land, which will also include residential buildings, office spaces, retail units, and an international school. Oberoi Realty, known for its successful collaborations in the hospitality sector, aims to invest approximately Rs. 10,000 crores in developing the project in phases.
Ludhiana is implementing a smart QR code-based Unique Identity Number (UID) system to update the city's property mapping. With rapid growth and changes in the city, the previous mapping has become outdated. A private firm has begun the mapping process and will install UID plates in various blocks. The firm is utilizing survey teams and developing a mobile application to monitor the mapping and installation progress. The project aims to accurately map properties and assign UID numbers, with a target completion time of six months for approximately 5 lakh properties in the city.
LOGOS, a prominent logistics real estate company in the Asia Pacific region, has joined forces with Ivanhoe Cambridge, its venture partner, to purchase a substantial 77-acre industrial land parcel located in Pune's Chakan industrial area. The objective behind this acquisition is to establish a sprawling logistics park within the region. The park's development aims to cater to the increasing demand for efficient and extensive logistics facilities in Pune, an industrial hub. This strategic move by LOGOS and Ivanhoe Cambridge highlights their commitment to expanding their presence in the logistics sector.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has ruled in favour of 12 allottees who lodged a complaint about the delay in the luxury project Mirabilis in Santacruz, directing the builders to refund their payments. Under the subvention scheme, nine of the allottees will receive their payments without interest, while the remaining three buyers will be refunded with interest. The total refund amount reaches over Rs 7 crore, with individual cases involving up to Rs 1 crore each. The refund will be disbursed after obtaining the full occupancy certificate by the scheduled possession date of December 30, 2023.
India's leading cities are projected to complete a record 560,000 residential units in 2023, a 39% increase from the previous year. This boost is driven by strict RERA guidelines, improved cash flows, technological advancements in construction, and alternative investment funds. The National Capital Region is expected to lead with 30% of total deliveries, a 97% rise from 2022. Despite looming global economic uncertainties, the robust growth and resilience of the Indian real estate sector render this milestone achievable.
DLF's Rajiv Singh is the wealthiest Indian real estate entrepreneur, as per the GROHE-HURUN India Real Estate Rich List 2023, with a fortune of Rs 59,030 crore. The Lodha Group's Mangal Prabhat Lodha and family trail him with Rs 42,270 crore. The report highlights the wealth growth of 61% of featured individuals, with 25 debutants. Interestingly, the entry point to the top 10 soared from Rs 3,350 crore in 2017 to Rs 15,000 crore, reflecting the burgeoning wealth in the Indian real estate sector.
Despite police notices and fines, Ecovillage residents persist in a peaceful protest against Supertech builder, claiming inadequate basic amenities. Over the past month, protestors have faced legal repercussions, but remain unwavering. Accusations suggest police bias towards the builder, yet no actions have been taken against Supertech despite numerous complaints. Protestors are demanding improved infrastructure, and better water and sewage management. As authorities strive to maintain peace, it remains to be seen how this situation will unfold and if the residents' demands will be addressed.
Last week, CM Saikanth Varma, the Commissioner of the Greater Visakhapatnam Municipal Corporation (GVMC), visited a TIDCO housing colony in Satyanarayanapuram to evaluate the progress of construction works. The housing units, totalling 2,750, are nearing completion, with infrastructure works already finished. The wider TIDCO housing project in Visakhapatnam district involves the construction of 24,000 units of varying sizes, aiming to provide affordable housing options to different income groups.
The Enforcement Directorate (ED) has conducted searches on businessman Purnachandra Rao as part of their investigation into the Sahithi Infratech Venture real estate fraud case. The ED suspects his involvement in diverting Rs 100 crore collected from homebuyers by Sahithi. Bank accounts associated with Rao have been frozen, and crucial property documents have been seized. The ED aims to uncover potential money laundering activities. The case emerged after police arrested the managing director of Sahithi Infratech for defrauding homebuyers.
Over 1.8 million houses have been sanctioned under the Pradhan Mantri Awas Yojana - Gramin (PMAY-G) in Assam, with over 1.1 million houses already completed, according to the state's Panchayat and Rural Development Minister. More than 1.9 million beneficiaries are covered under the scheme. The government has provided land to 40,096 landless beneficiaries and formulated a standard operating procedure for housing in tea garden areas. A mass ceremony for over 250,000 completed houses is planned, and efforts are being made to train local masons.
Maharashtra Deputy Chief Minister Devendra Fadnavis recently announced a new housing scheme allowing slum dwellers in Mumbai Metropolitan Region (MMR) and Pune to acquire homes by paying a fixed fee of Rs 2.5 lakh per house. The initiative aims to provide affordable housing options for low-income individuals. The Slum Rehabilitation Department of Maharashtra stated that 2,205 houses are currently available, with additional schemes in progress. The scheme can be combined with the central government's Pradhan Mantri Awas Yojana for further relief.
Several civic bodies in Rajasthan, including the Jaipur Development Authority (JDA), have raised objections to a notification issued by the Rajasthan Real Estate Regulatory Authority (RERA) in September 2021. The notification mandates that all civic bodies must register all real estate schemes under RERA. The civic bodies, including JDA, have written to the Urban Development and Housing department (UDH) challenging the notification, arguing that it falls outside their jurisdiction to register schemes under RERA.
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