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The Haryana Town And Country Planning Department's recent action to issue notices to 300 colonizers, barring them from new projects and extensions, comes as a response to their failure to clear arrears of infrastructure development charges (IDC). With an outstanding amount of Rs 15,000 crore in non-payment, the department is taking a firm stance to prioritize clearing dues and resuming development projects. Critics argue that the department's leniency in the past might have contributed to the accumulation of default amounts. However, the department's actions underscore the urgency to address the larger issue of outstanding IDC dues for the region's development.
A tragic incident in Junagadh city's Datar Road resulted in the collapse of a three-storey building, claiming the lives of an autorickshaw driver and his two sons, along with another individual. The rescue operation by NDRF and fire brigade faced challenges due to the recent flash floods that strained the city's infrastructure. Chief Minister Bhupendra Patel announced compensation for the victims' families, but the incident emphasizes the importance of building safety regulations and compliance with evacuation orders.
The Knight Frank-NAREDCO Real Estate Sentiment Index Q2 2023 (April-June) report reveals a significant improvement in optimism among stakeholders in the Indian real estate sector. The Current and Future Sentiment Scores surged, buoyed by India's resilient economy, temporary interest rate pause by the RBI, and inflation within acceptable levels. The report indicates growing confidence in the real estate market for the next six months, supporting a positive growth trajectory.
Toronto's luxury housing market experiences a decline in sales, with properties valued over $4 million witnessing a 34 percent drop year-over-year, as reported by Sotheby's International Realty Canada. The city's status as a financial hub provides some resilience, but buyers and sellers seek increased confidentiality through targeted marketing strategies. While interest rate hikes affect affordability and discourage conventional market adjustments, buyers may take advantage of the market in the fall. The trend is not exclusive to Toronto, as other major Canadian cities like Vancouver, Montreal, and Calgary also report varying degrees of sales decreases for high-end properties.
In response to growing concerns over foreign ownership of developments, the Singapore government has implemented a significant increase in residential property tax for foreigners, raising it to 60 percent. Under the new regulations, if a development is primarily owned by a foreigner (around 80 percent ownership), they gain control over the property, including the possibility of an en-bloc sale. The change has raised uncertainties in investment sales, collective sales, and shophouse markets, prompting market players to seek clarity on the rules. However, residential projects on land zoned purely for residential use remain unaffected by the tax hike.
Economists predict a slowdown in multi-family housing starts in the US as several factors come into play. With an increasing volume of multi-family units in the pipeline, weakening rental demand, and tighter lending standards, the outlook for the construction of multi-family properties appears less promising. As the market adjusts to changing dynamics, stakeholders and investors closely watch to see how these factors will impact the growth of multi-family housing construction in the coming months.
China's property market experienced turbulence as policymakers consider easing restrictive measures. Following a broad rally driven by top leaders' commitment to boost the economy and domestic demand post-COVID, investors eagerly anticipate support measures for the embattled sector. Amid mounting concerns over debt crises among state-backed developers like Sino-Ocean Group and Greenland Holdings, as well as property giants Country Garden and Dalian Wanda Group, uncertainty looms over the market's future.
Swedish property group SBB aims to improve its division's liquidity and financial standing by issuing preference shares to Morgan Stanley Real Estate Investing. The investment fund will become a minority shareholder in SBB Residential Property after the 2.36 billion Swedish crown share transaction. Facing financial difficulties after a credit rating downgrade to junk status, SBB is taking measures to strengthen its position. The preference shares have no specific maturity date and their return depends on the unit's sale or SBB's redemption. The recent fundraising news was well-received by investors, leading to positive changes in certain SBB bonds.
Dubai's property market, known for its affordability, has seen a 30% rise in sales to Indian buyers following the pandemic, as per the Danube Group. The attractiveness lies in the competitive prices and high rental returns compared to Mumbai suburbs. Almost half of Danube Group's residential property sales in 2022 came from Indian investors globally. Additionally, the Group's rental services offer a 6% return on investment, a stark contrast to Mumbai's 1-1.5% returns.
In a significant relief for the real estate sector, the Maharashtra state government has eliminated the stamp duty on permanent accommodations in redeveloped housing societies. The announcement, following a Bombay High Court ruling, concludes a legal dispute that has been ongoing since 2006. Housing society members under redevelopment will now pay only Rs 100 as stamp duty, while other charges will apply as per the conveyance. This landmark decision is expected to reduce costs and expedite redevelopment projects across the state.
Mahindra Holidays & Resorts India is gearing up to introduce a new resort brand to captivate the growing traveller demographic in India. The brand aims to offer nightly accommodations, challenging established market leaders. The company seeks to double its room inventory by 2030, catering to over 340,000 members globally across 135 resorts. With zero debt and a 20% increase in total income, Mahindra Holidays is also on track to be entirely debt-free by 2024-25, providing a promising platform for the aggressive expansion of their timeshare offerings.
Suraksha Group, the approved resolution applicant for Jaypee Infratech, has proposed building 20,000 flats and offering additional compensation to farmers who parted with their land. The proposal is being evaluated by financial consultant Currie and Brown. The Yamuna Expressway Industrial Development Authority (YEIDA) will prepare a counter-proposal, to be presented to the NCLAT on August 25. The case started when YEIDA challenged Suraksha's resolution proposal. Suraksha has requested the government to provide 79 acres without cost and a 15-year concession extension for the Yamuna Expressway. The resolution is crucial to complete pending projects and address farmers' grievances.
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Fidelity International expands its presence in India with a state-of-the-art office in Bengaluru, complementing its Gurugram and Mumbai offices. The strategic move aims to tap into a new talent pool while reinforcing its commitment to the country's dynamic business landscape. Situated in Manyata Embassy Business Park, the 25,000-square-foot office is designed for 700 to 800 professionals. The company is hiring diligently and plans to appoint a local head. India plays a vital role for Fidelity International, encompassing technology, operations, research, client service, cyber security, and shared services. This expansion promises a bright future of innovation and collaboration.
Mindspace Business Parks REIT (Mindspace REIT) reported a 6.62 percent growth in net profit during Q1 FY24. The profit after tax stood at Rs 136.90 crore, with a total income of Rs 601.70 crore, a 24.01 percent increase from the previous year. The net operating income grew by 13.8 percent YoY to Rs 4,570 million. The board approved the distribution of Rs. 2846 million, including dividends and interest. They also approved the acquisition of 0.24 million square feet of leasable area in Chennai. Mindspace REIT's focus on growth and customer service has positioned it as a prominent player in the real estate industry.
Ajmera Realty & Infra India Ltd. reported a remarkable 96 percent quarter-on-quarter sales growth in Q1 FY24, driven by premium residence projects in Ghatkopar and Bengaluru. YoY revenue surged by 113 percent, reaching Rs 118 crore, with an 82 percent increase in PAT to Rs 21 crore. Efficient debt management led to a reduced cost of debt and improved financial performance. The company aims for a five-fold increase in sales by 2025, focusing on timely project delivery and strategic new launches. With a robust revenue visibility of Rs 3,960 crore, Ajmera Realty plans to explore new micro-markets in H2 FY24, tapping into emerging opportunities.
DevX, Gujarat's premier managed office space provider, unveils its grand 4th coworking space in Ahmedabad, a colossal 1,80,000 square feet centre on SBR road, the largest in Gujarat. With an investment of Rs 60 crore, DevX plans to double its India portfolio. Founded in 2017, it fosters innovative start-ups, offering world-class infrastructure and strategic partnerships. DevX garners praise from clients, enhancing productivity and fostering growth. This dynamic ecosystem extends beyond workspaces, facilitating hackathons, seminars, and events. The company aims to consolidate its pan-India presence by 2023. A trailblazer in Gujarat's managed office space segment, DevX sets new standards and embodies collaboration and innovation.
The RLDA embarks on an innovative journey to revitalize Ahmedabad Railway Station. With an estimated budget of Rs 2,563 crore, the project features modern amenities, a spacious roof plaza, and a focus on sustainability. The station will connect different transportation modes and be a new city centre, embracing seamless access and enhanced passenger experiences. RLDA's visionary approach ensures green building techniques, inclusivity, and advanced security measures. This transformative undertaking reflects India's indomitable spirit, uniting connectivity, progress, and grandeur in a symphony of aspirations and ambition.
The Indore Development Authority (IDA) has taken a significant step towards customer-centricity and transparency with the introduction of lease management and file tracking systems. These cutting-edge systems provide property holders with easy lease renewals and the ability to track application progress. With a focus on e-governance, IDA aims to inspire other development authorities and is set to be recognized with coveted awards in the state. The IDA Indore stands as a premier urban planning agency, responsible for diverse initiatives ranging from infrastructure development to education, healthcare, and business climate enhancement.
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Dubai has achieved a ground breaking feat in 2023, dominating the luxury real estate market worldwide. The city's total sales in high-end residential units, priced above $10 million each, soared to an impressive $850 million (Dhs3.1 billion) during the first half of the year, outshining prominent cities like London, New York, and Paris. According to Allsopp & Allsopp's latest market report, there were 176 high-value real estate deals between January and June 2023. Notably, a penthouse apartment in the Bulgari Lighthouse complex on Jumeirah Island was sold for a staggering $111.6 million (Dhs410 million).
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New data from the English Housing Survey reveals a significant drop in the proportion of English citizens owning second homes in Europe since Brexit. Currently, 60% of holiday homes are located within the UK, a stark contrast to a decade ago when the split was even. The stringent 90-day visa restriction for non-visa holders in EU countries has led to a decrease, with only 60,000 people in England owning second homes in France compared to 89,000 in 2008. Overall, less than 30% of second homes in England are in Europe, down from 40% in 2012.
During the first half of 2023, India's industrial and warehousing sector experienced stable demand, leasing around 11 million sqft across the top five cities. Delhi NCR and Mumbai led the demand with 25.0% and 24.6% shares respectively. Notably, Mumbai witnessed a significant 28% YoY increase, primarily driven by 3PL sector expansion. Despite global economic challenges, rising capital investments, manufacturing output, and supportive government policies fuelled steady growth in the sector.3PL operators accounted for 37% of total leasing, followed by FMCG and Engineering firms.
Abu Dhabi's property sector experienced a remarkable 363% increase in foreign direct investment (FDI) during the first half of 2023, totalling Dh834.6 million. The Department of Municipalities and Transport revealed that Saadiyat Island secured the highest FDI share at 34%, closely followed by Yas Island (28%), Al Jurf (12%), Al Reem Island (11%), and Al Shamkha (8%). Dr. Adeeb Al Afifi, Executive Director of the Real Estate Sector, attributed the surge to Abu Dhabi's appeal to foreign investors due to its strategic location, excellent infrastructure, and supportive economic and legislative environment.
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Commuters at Chhatrapati Shivaji Maharaj Terminus (CSMT) will soon enjoy direct access to the Aqua Line metro station through a state-of-the-art underground pedestrian subway. Stretching 365 meters, the subway will streamline movement and provide seamless transitions between the two major transit modes. Starting from platform number 1 at CSMT, the subway's endpoint will be Azad Maidan metro station. Funding for the project will be a joint effort between the Maharashtra government and Indian Railways. The subway will boast modern amenities, including travelators, lifts, escalators, refreshment sections, and toilet blocks, ensuring a comfortable travel experience for all.
Incofin India Progress Fund, a private equity fund focused on promoting growth equity capital for entrepreneurs, has invested $4.3 million (Rs 35 crore) in Varashakti Housing Finance (VHF). VHF, with its emphasis on providing affordable housing finance in rural India, aims to expand its business and positively impact the lives of underserved communities. The funding marks a significant boost for VHF's mission, while also highlighting the increasing importance of impact investing in driving financial inclusion in the country. As impact investing gains momentum, VHF's experienced team and strong technology platform position them for success in achieving their growth targets.
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Geographic Information System (GIS) mapping in 14 important cities of Uttar Pradesh is expected to almost double the number of establishments liable to pay property taxes, soaring from 27.16 lakh to 45.88 lakh. This initiative will likely generate an additional annual revenue of Rs 500 crore for the urban development department. Mathura, Agra, Firozabad, and Ghaziabad are set to benefit the most, with property counts rising significantly. The GIS mapping accurately identifies properties that were previously missed due to rapid urbanization. With streamlined tax assessment, this project is set to enhance property tax revenue in the state.
West Bengal's State Cabinet has approved the construction of an innovative township, Forum Township Project, in New Town. The sprawling 58-acre township will feature modern amenities and a special reservation for economically weaker sections. In addition, the state's standing committee on commerce and industries has given the green light for an ethanol plant in Gazole, Malda, and a tea resort in New Champta, North Bengal. The government aims to promote ethanol production and boost tea tourism in the region. Moreover, a new program, "Shilper Sandhane," will support MSME entrepreneurs and startups with hassle-free loans up to Rs 5 lakh.
K Raheja Corp, a prominent real estate developer, acquired a 3.72-acre land parcel in Mumbai's Mulund suburb for Rs 130 crore, intending to develop a premium residential project. The company recently completed the transaction, paying stamp duty and the initial amount to the landowner. K Raheja Corp plans to pay the remaining balance after nine months from the deed's execution or upon receiving the commencement certificate. The company's interest in residential developments aligns with the current trend of developers utilizing land for housing projects amid a positive housing market upcycle.
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Indian edtech startup Byju's has taken measures to reduce office spaces in Bengaluru as it faces financial challenges and attempts to cut costs. The downsizing process involves reducing workspace from multiple floors to only a few. Sources close to the matter state that the company’s main corporate office, which initially spanned across six floors, is now operational on only three floors. This move comes amidst financial and legal challenges the company is currently facing. This decision is being seen as a response to the company’s financial difficulties and a shift in its business priorities.
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The Delhi High Court has issued significant directions in the legal dispute between Info Edge (India) and 4B Networks. 4B Networks has been ordered to refrain from selling or transferring its assets and to preserve all relevant records and information during the arbitration process. The dispute arose from a financial investment made by Info Edge (India) subsidiary, Allcheckdeals India, in 4B Networks, and concerns about 4B Networks' operations and management practices. The arbitration will play a crucial role in resolving the dispute and upholding contractual obligations.
The Uttar Pradesh State Industrial Development Authority (UPSIDA) has announced relief for allottees who commenced their units without completing the registration process on time. The relief includes an option for registration with additional interest and lease premium rates, aiming to ease the financial burden on entrepreneurs and support the state's economic growth. While this measure is seen as beneficial for allottees, critics raise concerns about the potential impact on adhering to deadlines and administrative challenges. Nonetheless, UPSIDA's initiative aligns with the vision of Chief Minister Yogi Adityanath to boost Uttar Pradesh's economy.
Groundwater depletion in Punjab and Haryana has reached critical levels, impacting both urban and rural areas. The unsustainable extraction of water for various purposes has led to declining water levels, posing a significant threat to water resources in the region. The central government's Atal Bhujal Yojana aims to manage water demand and promote sustainable groundwater management in water-stressed areas. However, proactive measures from the respective state governments are essential to effectively tackle groundwater depletion and ensure the conservation of this precious resource.
DLF and Trident Buildtech have signed a joint venture (JV) agreement to re-enter the Mumbai real estate market. Pegeen Builders & Developers , a subscriber of DLF, will give Trident 9800 equity shares as part of the agreement. The JV seeks to partner on a project in Andheri (W), Mumbai to rehabilitate slums and improve the living conditions of slum dwellers. DLF's strategic move to increase its presence in Mumbai's dynamic real estate sector and support urban development in the city is marked by the move. The project's completion date is set for August 31, 2023.
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In a strategic move aimed at bolstering its foothold in the competitive real estate market, OYO, the leading global hospitality chain, has announced plans to expand its portfolio of expat housing in Abu Dhabi. This latest initiative, reported on November 15, 2020, by RP Realty Plus, signifies the company's commitment to catering to the growing demand for high-quality accommodation among the expatriate community in the capital city of the United Arab Emirates.
Vietnam's real estate market has captured the attention of international investors due to its favourable investment climate and a rapidly expanding economy. With a growing middle class and urbanization rate, demand for residential and commercial spaces has surged, attracting foreign capital and driving infrastructure development. Luxury apartments and modern housing complexes are increasingly popular in cities like Ho Chi Minh City and Hanoi. The commercial sector is also flourishing, benefiting from Vietnam's reputation as a manufacturing hub. Additionally, the country's commitment to sustainable developments further enhances its appeal. However, investors must navigate regulatory challenges and seek local expertise for successful ventures.
FMCG giant ITC has announced the demerger of its hotel business, leading to the creation of a new entity, ITC Hotels Ltd, as a wholly-owned subsidiary of ITC Ltd. The demerger aims to attract specialized investors and strategic partners for the hospitality segment while unlocking value for ITC's shareholders. By creating a separate entity, ITC can focus on optimizing each segment's operations and cater to specific industry needs. The move reflects ITC's vision for growth and increased agility in the competitive hospitality market. While some may raise concerns about the conglomerate's stability, the benefits of focused operations and targeted investments outweigh potential drawbacks.
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The Punjab and Haryana High Court has expressed concern over the reduction of green belt areas in cities and its impact on the drainage system. The court had called for the preservation of green areas with waterfronts to prevent interference with the natural flow of water, which can lead to devastating consequences like floods and waterlogging. The recent loss caused by floods in the region is partly attributed to haphazard construction in green areas and water bodies. The court warned against repeating mistakes seen in cities like Bengaluru and Chennai and emphasizes the importance of sustainable development practices that prioritize environmental conservation alongside economic growth.
Andhra Pradesh Chief Minister Y S Jagan Mohan Reddy has inaugurated the foundation-laying ceremony for the construction of over 50,000 affordable houses in Guntur district. This ambitious housing project, with a budget of Rs 1,830 crore, is part of the PMAY - YSR BLC (U) scheme and aims to uplift the living standards of the marginalized sections of society. The project will cover a vast area and incorporate various amenities to enhance the quality of life for residents. By providing affordable housing options and essential facilities, the government is working towards creating a more equitable and inclusive society.
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The construction of the super specialty wing at JJ Hospital in Mumbai has faced significant delays, with only 24% of the project completed over the past three years. The project, estimated at Rs. 700 crore, aims to provide comprehensive medical services and add 1200 beds to the existing hospital. The decision on whether to grant an extension to the current builder or assign the project to another developer rests with the Public Works and State Medical Education Department.
The road widening project connecting Chennai Trunk Road and Trichy Chennai NH in Srirangam is nearing completion within 20 days. To accommodate the four-lane highway, 30 houses were demolished, which were constructed on land belonging to the highways department. The department recognized the importance of the project to improve traffic flow and convenience for motorists in the area. The construction of a wall was implemented to minimize disruptions to nearby residents during the road widening process. The project is expected to be finished at a cost of Rs. 7 crores, delivering significant benefits to the local community.
A new report by India Sotheby’s International Realty and CRE Matrix reveals a significant 50% surge in sales of Mumbai's luxury homes in H1 CY’23. High-end properties priced above Rs 10 crore have sold to the tune of Rs 11,400 crore, underlining a healthy return of confidence in India's real estate market. The robust increase aligns with a boom in overall residential sales and the growing affluence of India's financial capital, Mumbai. The ultra-luxury segment (Rs 40-70 crore) also witnessed a 64% growth, further showcasing the city's economic resilience.
WeWork India, the leading flexible workspace provider, has announced a strategic partnership with real estate developer Panchshil Realty to expand Managed Office spaces in Pune. The collaboration will enhance two recently opened buildings, Eleven West and The Golden Bell, with comprehensive workspace solutions. With the unique blend of WeWork's scalable solutions and Panchshil Realty's real estate expertise, the partnership aims to redefine Pune's commercial real estate sector by incorporating innovation, flexibility, and global standards into the city's workspace landscape.
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After a decade of planning, Mohali's Economically Weaker Section (EWS) housing project has finally commenced. Using the innovative brick less construction technology outlined in the Punjab EWS Housing policy, the Greater Mohali Area Development Authority (GMADA) intends to build 5,000 units in the initial phase. A government-owned entity will oversee project execution from start to finish. The project, underpinned by an ambitious plan approved by the Punjab cabinet in 2021, promises affordable housing solutions for the economically disadvantaged, thereby reaffirming Punjab's commitment to social equity.
Marubeni Corporation, a pioneering Japanese conglomerate, plans to invest Rs 10,800 crore in a high-tech industrial park on 720 acres in the Kolar district. The project aims to boost Karnataka's economy by $2 billion and create 40,000 jobs. The company presented its visionary blueprint to the State's Industries Minister, and discussions are underway to move the project forward. Marubeni already operates similar industrial parks in other countries and is exploring investments in Indonesia, Myanmar, and Vietnam. With diverse exposure across industries, Marubeni continues to inspire innovation and redefine progress on a global scale.
HMDA shifts focus to middle and upper-middle-class sections in Hyderabad, initiating an auction of 50 plots in Mokila village. The layout promises comprehensive infrastructure development, with bids exceeding Rs 25,000 per square yard. The pre-bid meeting garnered significant interest, and HMDA anticipates a positive response from potential homeowners. The strategic location near Shankarpally Road, Neopolis, and Financial District adds appeal to the project. With connectivity to ORR and proximity to educational institutions and recreational spots, HMDA aims to redefine urban living, providing diverse housing options for a vibrant community in Hyderabad's evolving landscape.
Only 73 properties have been identified by the Pune Municipal Corporation (PMC) for illegally operating commercial businesses within housing societies. This number is significantly low compared to the estimated 50,000 such properties believed to exist within PMC's jurisdiction, including merged villages. PMC has reiterated its call for residents to come forward and divulge information about such properties to ensure proper adherence to zoning and safety regulations in the city's neighbourhoods. The revelation raised concerns over potential non-compliance with property usage regulations, prompting authorities to intensify efforts to uncover and address these unauthorized commercial activities
In a controversial decision, the construction of a highway tunnel beneath the historic site of Stonehenge has been approved, as reported by RP Realty Plus. The project, despite sparking intense debates among archaeologists and conservationists, has received the green signal. The tunnel aims to alleviate traffic congestion near the iconic prehistoric monument in the United Kingdom. Critics fear potential damage to the site's archaeological significance, while proponents argue for improved transportation and preservation measures. With tensions running high, the future impact on Stonehenge remains a subject of concern for both cultural heritage and modern infrastructure development.
A tragic incident occurred in Bhayandar, Mumbai, where a commercial building by the name of Navkriti Premises collapsed opposite the Bhayandar railway station. The building, categorized as dangerous, was unoccupied, but some shopkeepers were conducting business inside despite receiving an eviction notice. The collapse resulted in one fatality and four injuries. The incident underscores the need for urgent action to address the state of old buildings in the city, ensuring proper inspection and demolition to prevent such accidents in the future. Authorities highlight the importance of regular inspections and necessary measures to ensure the safety of potential occupants.
Sobha Realty, a renowned luxury real estate developer in the UAE, has launched the pre-sale of Sobha SeaHaven - Tower B in Dubai Harbour. The tower offers breath taking views of iconic landmarks like Palm Jumeirah, Burj Al Arab, and Ain Dubai. With its sail-inspired architecture, sophisticated fixtures, and handcrafted cabinetry, the tower epitomizes luxury living. Tower B provides a variety of residential options and an array of amenities, including a health club, gym, indoor cinema, and infinity edge leisure pool. The tower's timeless elegance and unique sky bridge connecting the SeaHaven towers add to its allure. The tower's introduction comes as Dubai's luxury real estate market continues to attract the world's wealthiest individuals, solidifying the Emirate's status as a financial haven.
The Tata Group's parent firm, Tata Sons, intends to build its first Gigafactory outside of India in the UK manufacturing EV batteries. A 40 gigawatt-hour annual production is planned for the project, which is anticipated to cost Rs 42,300 crore. It would supply Jaguar Land Rover and provide 4,000 jobs. N Chandrasekaran, the chairman of Tata Group, wants to make the company "future ready" by making investments in advanced manufacturing, renewable energy, and the circular economy. The UK Prime Minister commended the investment, citing it as a major boost for the nation's clean industries and automotive sector. In Gujarat, India, the Tata Group also has plans to build a battery complex.
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The Qatar real estate sector has emerged as a dominant force in driving the nation's economy, rapidly becoming the second-fastest-growing area of economic growth. With its strategic investments and ambitious development projects, the industry has witnessed impressive expansion, attracting local and international investors alike. As a key contributor to Qatar's economic diversification, the real estate sector plays a pivotal role in shaping the nation's economic landscape and positioning it for sustained growth and prosperity.
The National Company Law Appellate Tribunal (NCLAT) granted a final opportunity to homebuyers of the Orris Greenopolis project in Sector 89 to file their claims and be part of the creditors' committee during the ongoing insolvency proceedings against Three C Shelters Pvt Ltd. The reverification of claims was ordered by the NCLT due to concerns about dubious or fraudulent claims, ensuring a fair resolution process for legitimate stakeholders. The insolvency case arises from the failure of Three C Shelters Pvt Ltd to complete the housing project and allegations of fund misappropriation.
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Aditya Birla Finance, a subsidiary of Aditya Birla Capital, extends Rs 40 crore debt to Agami Realty's premium residential project near Mumbai's BKC. The project covers a quarter-acre of land with a development potential of 1 lakh sq. ft and a free-sale component of 45,000 sq. ft. The revenue potential is estimated at over Rs 225 crore. Prashant Khandelwal, CEO of Agami Realty, expresses confidence in the funding. Aditya Birla Capital recently raised Rs 3,000 crore through QIP with a robust investor response. Designed by Reza Kabul, the project offers 2.5 and 3-bed residences with sky-decks, priced from Rs 4 crore onwards.
DLF, a prominent real estate company, reported a 12.13 percent rise in net consolidated profit in Q1 FY24, reaching Rs 526.11 crore. Total income rose marginally by 0.36 percent to Rs 1,521.71 crore. The NCLT approved DLF's amalgamation scheme, and the company divested a 49 percent stake in Pegeen Builders & Developers for a project in Mumbai. Q1 FY24 sales bookings amounted to Rs 2,040 crore with a 52 percent gross margin. Net debt was reduced to a historic low of Rs 57 crore. DLF Cyber City Developers achieved a 12 percent YoY growth in consolidated revenue (Rs 1,412 crore) and a 21 percent growth in consolidated profit (Rs 391 crore).
The affordable housing market in India's top seven cities is facing a downturn, with demand shrinking by 20% in H1 2023, according to ANAROCK Research. Escalating land costs and other pandemic-induced factors are being blamed. Conversely, the luxury housing segment is thriving. As a result, developers are shifting focus to mid-range and premium projects. Mumbai, Pune, and NCR saw the most new affordable housing supply in H1 2023, despite the overall contraction. The change underscores a significant shift in real estate market trends.
The Mumbai branch of the National Company Law Tribunal (NCLT) has endorsed Darwin Platform Infrastructure's revised resolution plan for Lavasa Corp. The approved proposal, valued at Rs 1,814 crore, aims at the equitable distribution of proceeds from Lavasa Corp's sale among its lenders. The plan marked a pivotal step in Lavasa Corp's revival efforts and the execution of the Insolvency and Bankruptcy Code. The resolution comes in the wake of Lavasa's entanglement in environmental and land acquisition issues which led to delayed payments to lenders.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has fined 90 developers a total of INR 18.30 lakh for neglecting to include registration numbers in their advertisements. Of these developers, 34 are from Pune, 52 from Mumbai, and 4 from Nagpur. The regulatory body enforces clear inclusion of registration numbers to ensure prospective homebuyers make informed decisions. Failing to meet the stipulated 15-day fine payment period will result in an additional daily penalty and suspension of MahaRERA services.
The National Green Tribunal's joint committee conducted an investigation into the Omaxe Greens housing project in Mohali and found a series of environmental violations. The violations included inadequate sewage treatment plant maintenance, groundwater extraction without permission, poor rainwater harvesting, and waste management practices. The report highlights the need for corrective actions to ensure compliance with environmental norms and protect the ecological balance in the region.
The Ahana Enclave housing project in Lucknow has missed its completion deadline, resulting in a financial burden of Rs 17 crore annually for the Lucknow Municipal Corporation (LMC). The delay has also caused interest payments on borrowed funds and unsold flats adding to the financial strain. Corporators have raised concerns about the project's slow progress and its impact on the city's finances. The LMC aims to expedite the sale of remaining flats to alleviate financial pressure and complete the project by December 2023.
Bengaluru's civic body has announced the creation of zonal-level teams tasked with verifying a total of 45,133 recently issued A khatas, with approximately 90% of them suspected to be illegal. The move comes as part of the city's efforts to tackle unauthorized land transactions. Any A khatas found to be invalid will be reverted to B khata status. This comprehensive verification process aims to rectify the prevalence of illegal land holdings and ensure transparency and legality in property ownership.
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NHSRCL has given a sizable contract of Rs 215,697 crore to Larsen & Toubro (L&T) for the construction of the Thane, Virar, and Boisar stations for the Mumbai-Ahmedabad High-Speed Rail project. This completes the 508-kilometer-long bullet train route between Mumbai and Ahmedabad's civil construction phase. The project seeks to dramatically cut down on travel time, stimulate economic growth, and give passengers access to cutting-edge amenities. The high-speed rail corridor promises to overhaul India's transportation system and usher in a new era of effective and modern train travel by utilizing cutting-edge technology and environmentally friendly methods.
Experts caution that the property market faces the risk of a significant decline of up to 20 per cent. To avoid this potential downturn, they emphasize the crucial role of the Bank of England in preventing further interest rate increases. Such actions would be essential to stabilize the housing sector and avert a potential crisis that could have far-reaching implications on the overall economy. The importance of carefully managing interest rates has never been more apparent, and swift, prudent measures are necessary to safeguard the stability of the property market.
In a comprehensive evaluation carried out by engineering authorities from the Secunderabad Cantonment Board (SCB) last year, it was revealed that approximately 20 edifices dating back to the pre-Independence era were teetering on the brink of collapse. The assessment raised concerns over the dire condition of these dilapidated structures in the region. As their structural integrity continued to deteriorate, residents faced an imminent threat to their safety and well-being. Action is deemed necessary to address the potential risks posed by these aged buildings and ensure the protection of the local community.
In 2011, the Jaipur Development Authority (JDA) made a significant policy revision by mandating the construction of water harvesting structures for plots measuring 300 square meters and above. JDA officials recently revealed that this initiative aimed to promote rainwater harvesting and address water scarcity in Jaipur. However, despite the measure being in place for several years, the latest data indicates that only 220 buildings in the city have complied with the requirement. This underscores the need for further awareness and enforcement to encourage more property owners to adopt rainwater harvesting systems and contribute to sustainable water management in the region.
Four districts of West Bengal - Murshidabad, Bankura, Nadia, and Howrah - have been recognised with the Bhoomi Samman Platinum Certificate for successfully implementing the Digital India Land Records Modernisation Programme. President Droupadi Murmu presented the award at a ceremony in New Delhi, lauding the digitalisation efforts for their potential impact on national development and effective execution of welfare schemes. The initiative also includes assigning a Unique Land Parcel Identification Number for better land usage and formulation of new welfare programs.
Indian Railways announces Vande Sadharan, a cost-effective alternative to the Vande Bharat train series. Designed with upgraded amenities and dual locomotives, it aims to provide affordable yet comfortable travel. Currently under production in Chennai, the new train service targets the broader demographic of long-distance travellers. With the introduction of Vande Sadharan, Indian Railways continues its mission of affordable and accessible transportation, set to bolster the nation's rail network.
According to a research report by Savills, prime residential rents in Lisbon, Singapore, and Berlin experienced significant increases during the first half of the year. Lisbon saw the most substantial surge with a 13.9% rise in prime rents, followed by Singapore with a 13.6% increase, and Berlin with a 9.2% rise. The Asia-Pacific region dominates the list of top cities with the highest growth in prime rents, with Kuala Lumpur, Bangkok, Hong Kong, and Tokyo all showing positive momentum. Despite the positive growth, the report indicates that limited supply and various challenges may affect prime residential property markets in different cities.
The Haji Qasim Ismail Building in Mahim, owned by Waqf Board, experienced a dangerous incident when the third-floor slab collapsed due to water seepage, resulting in no casualties or injuries. The authorities promptly evacuated 150 people and relocated them to nearby accommodations for their safety. The building's poor condition prior to the incident raised concerns, leading to the decision to demolish the damaged portion. The Mumbai Municipal Corporation is taking the safety and security of residents in damaged buildings seriously, providing necessary support and relocation arrangements to prevent harm to occupants of vulnerable structures.
In an effort to address the housing needs of Emirati families, the Abu Dhabi Housing Authority joins forces with the private sector, specifically Aldar Properties, to launch innovative housing projects. This strategic partnership aims to provide an extensive range of carefully designed villas, empowering Emirati citizens with increased home ownership opportunities and reducing housing delays. Through sustainable and integrated communities, the project endeavours to create thriving neighbourhoods that foster family stability and overall well-being. As they embark on this ambitious journey, their shared vision is to build a brighter future for Emirati families, promoting happiness and prosperity.
The population of American residents in Spain has seen significant growth, with a notable increase in home purchases by Americans. Among expatriate groups, Americans ranked second in real estate acquisitions, particularly in urban locations like Madrid and the southern coastal region of Andalusia. The city of Valencia is also gaining popularity among Americans due to its urban beach setting and expat community. These individuals are choosing Spain as their destination for either extended stays as digital nomads working remotely or for starting a new chapter in their lives during retirement.
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In order to build a third prison in Mumbai, the state of Maharashtra is looking for land in Gorai. Long-term offenders will be catered to by this new institution, saving them from having to frequently appear in court throughout their trials. The choice was made as a response to the problem of overcrowding in current jails. Additionally, a second jail with a multi-story design and capacity for about 5000 inmates is planned for construction at Mankhurd. These programs demonstrate the government's dedication to updating and improving the infrastructure of prisons in order to build a more resilient and effective criminal justice system.
The Purvanchal Group, a renowned real estate developer, has taken over the delayed Lotus Arena project in Noida after approval from the National Company Law Tribunal. The project faced significant delays and challenges, leaving many buyers waiting for almost a decade. With the resolution plan approved, the Purvanchal Group aims to complete the project within thirty-six months and deliver the homes to the buyers. The association of Lotus Arena buyers expressed joy and hope for timely completion, as Purvanchal Group steps in to fulfill their commitment with a plan worth Rs. 584 crore.
The Department of Town and Country Planning (DTCP) in Gurugram is taking strict action against illegal buildings and constructions. Recently, a farmhouse colony being illegally developed near Sultanpur National Park was dismantled as part of DTCP's initiative to crack down on illegal constructions. The authorities aim to discourage people from investing in illegal projects and promote legal and authorized developments. Policemen are present at the demolition sites to ensure a smooth operation, and an appeal has been made to raise awareness among the public about the consequences of investing in illegal colonies.
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In response to citizen complaints about inadequate facilities, the property registration department in Pune plans to relocate 9 out of the 27 property registration offices in the city. The identified offices will be shifted to new locations, equipped with improved facilities such as washrooms and better hardware infrastructure. The initiative aims to address long-standing concerns raised by citizen activists and provide a more convenient and efficient experience for citizens visiting these offices regularly. The state registration department is coordinating with municipal corporations to find suitable properties for the new offices, emphasizing the need for effective implementation and monitoring to ensure citizens' concerns are addressed.
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The Economic Offences Wing (EOW) intensified its investigation into a real estate scam involving the alleged duping of 130 homebuyers, resulting in a loss of nearly Rs 15 crore. The company, which promised an ambitious housing project, failed to deliver on its assurances, leaving buyers stranded. The arrest of a senior functionary highlights the need for vigilance in the real estate market and the importance of strengthening regulations to protect homebuyers from fraudulent practices. The investigation aims to bring justice to the victims and promote transparency and responsibility in the industry.
Billionaire Ravi Ruia's family office acquired the prestigious Hanover Lodge mansion overlooking Regent's Park for £113 million (around Rs 1,200 crore). The opulent property, linked to Russian investor Andrey Goncharenko, stands as one of London's most significant residential deals. The purchase underscores the allure and secrecy of the city's ultra-prime property market. Despite efforts for transparency, London's luxury homes continue to change hands discreetly. The acquisition exemplifies the capital's timeless appeal as a haven for the wealthy. Ravi Ruia's successful deal reflects the astute navigation of London's captivating world of high-end real estate.
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Dubai Municipality partners with LINQ, a subsidiary of ALEC Engineering & Contracting, to initiate modular construction in the city. LINQ secures a license for a G+6 building pilot project, showcasing their sustainable, innovative approach. The move aims to enhance construction efficiency, reduce waste, and align with Dubai's vision for advanced and eco-friendly urban development. With a focus on precision and sustainability, LINQ's modular units will be manufactured at their spacious facility in Dubai Industrial City, signalling a significant step towards transforming the construction industry and establishing Dubai as a global leader in sustainable building practices.
Singapore's property market experienced a significant decline in home sales, reaching its lowest level since December, due to the absence of notable property launches and the government's cooling measures. The number of new private flats purchased in June dropped to 278 units, indicating a potential moderation in the previously red-hot property market. However, analysts anticipate an upturn in the market with an increase in housing supply and several major developments set to be launched in the coming month. While measures have reduced foreign homebuying interest, local residents continue to show interest in the property market, supporting demand for their own occupancy.
India's student housing sector is set for a boom, with the number of student relocations predicted to rise from 11 million to 31 million by 2036. Poor conditions in hostels and rising rents have sparked increased demand for improved student accommodation, says a report by Colliers India. Notable sector players are gearing up to meet this burgeoning demand. The surge in enrolment for higher education, expected to exceed 92 million by 2036, underscores vast untapped investment potential in the Purpose Built Student Accommodation (PBSA) market.
Residents in Bengaluru have voiced alarm over safety issues stemming from a local builder's disregard for setback norms in the ST Bed Layout area. The negligence has resulted in hazardous traffic conditions, including a perilous blind curve. Amidst growing concerns and resident protests, local authorities intervened to halt construction. However, questions remain about the project's initial authorization and the oversight of building regulations.
Three members of a housing society and two contract lift maintenance workers are facing charges in connection with the death of a 10-year-old boy who tragically lost his life in a lift crash last June. The police, who initially filed an accidental death report, have now booked the society's secretary, chairman, and treasurer, along with the contractors, under IPC section 304A for negligence. The boy's mother reported that the malfunctioning lift had been in need of repair, but the society continued to operate it without addressing the issues.
During the first half of 2023, there has been a significant decrease in German house prices. This decline can be attributed to several factors, including increased borrowing costs, inflation, and a slowdown in economic growth. As a result of these influences, experts now characterize the current state of the housing market as a shift from a seller's market to a buyer's market. The drop in property prices, combined with a decrease in housebuilding activity and uncertainties in regulations, has led to a prevailing sense of uncertainty and caution among potential investors.
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Surat, the Indian city renowned for diamond cutting and polishing, now hosts the world's largest office building, the Surat Diamond Bourse. Overthrowing the Pentagon in size, this architectural marvel spans 7.1 million square feet. Constructed as a one-stop destination for over 65,000 diamond professionals, it offers a unique egalitarian design. With a sustainable blueprint that consumes 50% less energy than standard, it is poised to become the heart of Surat's 'Dream City,' a proposed smart city. This new landmark not only solidifies Surat's dominance in the diamond industry but also shines as an icon of sustainable architecture.
Ahmedabad's real estate association, CREDAI GIHED, has raised concerns over the city's civic body, the Ahmedabad Municipal Corporation, for collecting water tax from commercial property owners without providing them with water connections. The issue has sparked controversy as property owners argue that they are being charged for a service they are not receiving. CREDAI GIHED has urged the authorities to address the matter promptly and ensure that property owners are granted the necessary water connections corresponding to the taxes they pay.
Bob Dylan's cherished Scottish home, a rustic estate set in the serene countryside, is up for sale, offering a rare opportunity for music enthusiasts and history lovers to own a piece of iconic cultural heritage. This historical property served as Dylan's creative haven, inspiring some of his most profound works and providing refuge during tumultuous times. The sale presents a bittersweet chance for admirers to embrace the legacy of a musical legend and relish the magic that once resonated within these walls.
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The Allahabad High Court rejected Jaiprakash Associates Ltd.’s plea for a one-year extension to sell a 150-acre land parcel in Sector 25, Agra, to clear Rs 3,600 crore land dues owed to YEIDA. The court denied interim protection and observed that all efforts to reach a settlement have failed. YEIDA has demanded 10 percent of the total dues for the restoration of allotments. The court's decision also affects homebuyers' interests. The verdict is expected in August. JAL had earlier sought relief and expressed willingness to clear dues while presenting a resolution plan for residential projects.
RLDA invites bids for residential development on a 90,304 sqm railway land in Belanganj, Agra. The 99-year lease awaits visionary developers to shape the city's skyline. The pre-bid meeting saw participation from local and national developers, sparking creativity. The prime location near iconic landmarks enhances the land's allure. With a reserved price of Rs 213 crore, the canvas awaits transformative innovation. The last date for e-Bid submissions is August 3, 2023.
Bandhan Bank invites bids from ARCs to sell its Rs 500-crore distressed retail mortgage portfolio, aiming to reduce bad loans. The portfolio comprises around 5,800 home loan accounts with an aggregate principal loan book of Rs 500 crore. The bank prefers upfront cash offers and targets to conclude the sale by August. Bandhan Bank's shares declined 13 percent in a month, closing at Rs 211.7 on BSE. It holds a mortgage loan book of Rs 26,950 crore with a gross non-performing asset of Rs 1,090 crore. The bank previously acquired Gruh Finance and regularly sold distressed loan books to ARCs to strengthen its financial position.
The Maharashtra State Road Transport Corporation (MSRTC) embarks on a significant redevelopment initiative for the Borivali bus depot in Mumbai. With an estimated cost of Rs 515 crore, MSRTC plans to construct a 16-storey building to optimize land usage and generate additional revenue streams. The proposal involves retaining core depot functions on the ground floor and first three floors while leasing the remaining floors to a developer for commercial development. The modernization of maintenance facilities and bus parking aims to improve service frequency and passenger experience. MSRTC's commitment to sustainability is evident in their plan to introduce over 5,100 electric buses on a wet lease basis. With vast land parcels in the Mumbai Metropolitan Region, MSRTC's dedication to enhancing public transportation and optimizing resources holds immense potential for future development.
The recent amendment passed by the Karnataka Assembly to the Registration Act, 1908, addresses the issue of property registration fraud in the state. The amendment defines forged documents, empowers registration authorities to identify and refuse such documents, and allows the cancellation of fraudulent registrations. It also provides an appeal process for aggrieved parties and imposes a jail term for officials involved in fraud. The amendment aims to ensure justice for genuine landowners, deter potential offenders, and create a more transparent and accountable property registration system.
The Bombay High Court's recent directive has drawn attention to the issue of non-payment of transit rent to slum dwellers during the redevelopment process in the city. Emphasizing the role of the Slum Rehabilitation Authority (SRA), the court calls for prompt payment of transit rent and the establishment of a Nodal Officer to handle grievances from cooperative societies of slum dwellers. The court's focus on transparency and accessibility aims to empower vulnerable communities and avoid an overload of court cases. The directive aims to ensure justice for slum dwellers and address the financial hardships they may face during the redevelopment process.
The recent Delhi High Court decision to grant time to the Centre for replying to a plea seeking linking property documents with citizens' Aadhaar numbers has sparked a debate. The petitioner argues that such linkage will curb corruption, black money, and "benami" transactions, leading to economic growth. Some experts and activists have raised concerns about privacy and data security issues associated with such linkage. Striking a balance between curbing corruption and safeguarding citizens' rights through well-thought-out measures is crucial.
The Maharashtra Slum Areas (Improvement, Clearance and Redevelopment) Act, 1971, is set to undergo changes aimed at expediting slum rehabilitation projects in Pune and Pimpri Chinchwad. The proposed reduction in the lock-in period from 10 years to seven years is expected to streamline the process of obtaining consent from slum dwellers and accelerate development. With around 302 SRA schemes in these cities, and about 150 pending, the revised guidelines aim to boost project progress.
The renowned Barwale family, associated with the prestigious Maharashtra Hybrid Seeds Co (Mahyco), has made a noteworthy property acquisition in Mumbai's upscale Malabar Hill area. Purchasing a lavish sea-view apartment in the luxurious Lodha Malabar residential tower for over Rs 122 crore, the Barwale family's deal has garnered attention for its staggering per sq ft valuation of Rs 1.28 lakh. The apartment, spanning nearly 9,546 sq ft, comes with exclusive access to six car parking slots.
The recent arrest of the managing director of Meritt Infra Private Limited on charges of cheating has sparked concerns about the trustworthiness of private construction companies. The case of D Rajamani, a victim who invested his savings in the company, sheds light on the risks unsuspecting individuals face when trusting such ventures. Despite paying a substantial amount to the company, Rajamani and several others fell victim to fraudulent practices, causing significant financial losses. This incident underscores the need for stricter regulations and improved oversight to protect consumers from deceptive practices in the construction industry. It serves as a cautionary tale, highlighting the importance of due diligence and vigilant decision-making when investing in private construction ventures.
In Mumbai, the Special Investigation Team (SIT) of the Economic Offences Wing is investigating alleged irregularities in the Brihanmumbai Municipal Corporation's (BMC) expenditures, totalling a staggering Rs 12,000 crore. The SIT recently interrogated developer Alpesh Ajmera for eight hours in connection with the suspected Dahisar Eksar land scam. The SIT is focusing on three inquiries: the first involves a Rs 206 crore scam related to the swift appreciation of land acquired by BMC; the second looks into a Rs 200 crore misappropriation of funds within BMC departments; and the third delves into 60 projects worth Rs 5,000 crore executed across five BMC departments to uncover potential irregularities and conflicts.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued cancellation warnings to 563 housing project developers for neglecting to provide mandatory project updates. This is part of a broader crackdown on 746 new residential projects registered in January. The developers, who failed to comply with the quarterly update requirements stipulated by the Real Estate (Regulation & Development) Act, 2016, face potential project registration termination if they do not respond within a 45-day window.
Himachal Pradesh Chief Minister Sukhvinder Singh Sukhu announced a novel automated online system for scrutinizing building plans and granting construction permissions. Developed with the Department of Digital Technology and Governance, it aims to streamline processes and reduce corruption in urban local bodies. Additionally, to address Shimla's water supply issue, a dam on the Giri River will be constructed, aimed at enhancing water management in the region. These developments mark significant strides in Himachal Pradesh's commitment to digitization and environmental resilience.
The GHMC has utilized the TDR scheme ingeniously, acquiring 1,923 properties for infrastructure projects. Through TDR certificates, property owners gain the right to construct additional built-up areas and can sell the certificates. GHMC's strategic use of TDRs saved Rs 4,832 crore in land compensation, streamlining urban development. TDRs were allocated to road widening, missing link roads, lake beautification, and more. While GHMC succeeded, other municipalities face challenges in adopting TDRs. GHMC's visionary approach sets a compelling example of transformative urban development.
Brigade REAP, India's pioneering real estate accelerator, embraces five innovative startups from diverse domains in its 14th Cohort. With a focus on PropTech, this cohort includes robotics, green construction, retail tech, plastic waste management, and hospitality, marking a ground breaking selection. These visionary ventures embody transformative potential and aim to reshape the real estate industry. Under the guidance of Brigade REAP, start-ups thrive with a remarkable 40 percent success rate in raising external funds, showcasing their impact in the real estate ecosystem. With an unwavering commitment to progress, this cohort heralds a new era of innovation at the intersection of technology and real estate.
Wells Fargo International Solutions boldly renews its lease for 3.7 lakh sq. ft of office space in Hyderabad, making it one of India's largest office lease transactions in 2023. The agreement with Divyasree NSL Infrastructure ensures stability for the next 60 months at Rs 57.48 per sq. ft, with no escalation. Wells Fargo's strategic moves continue, with a previous lease extension for 8.47 lakh sq. ft in Bengaluru's Embassy Tech Village until June 2032. Despite global challenges, India's office sector shows resilience, witnessing a rebound in Q2 2023. Top firms reaffirm commitment with lease renewals, reflecting India's allure for corporations.
Danube Properties, a leading private real estate developer in the UAE, launches an exciting campaign featuring popular Bollywood actors Sanjay Dutt and Arshad Warsi. The objective is to entice Indian investors to invest in Dubai properties developed by Danube. With a humorous and engaging approach, the campaign's slogan "Dubai may ghar bole to Danube ka ghar" captures hearts and showcases iconic scenes from the actors' movies. Alongside the campaign, Danube is offering a tailor-made holiday package, encouraging Indian investors to explore Dubai and consider investing in their properties. The film highlights the company's success and aims to continue attracting more investors to their outstanding properties in the vibrant city of Dubai.
TVS Emerald, a prominent real estate developer, achieved a remarkable feat with its project "TVS Emerald Elements" by registering INR 438 crore in single-day sales in Chennai. The residential community, offering 448 homes with contemporary designs and attractive amenities, garnered significant interest from homebuyers. The project's success highlights the strong demand for quality homes in the city and reinforces TVS Emerald's position as a leading player in the real estate sector. With future launches planned in Chennai and Bangalore, the brand aims to continue delivering exceptional properties that meet the evolving needs of homebuyers.
Dusit International makes its debut in Nepal with the opening of two hotels - Dusit Princess Kathmandu and Dusit Thani Himalayan Resort Dhulikhel. The properties promise luxurious experiences for business and leisure travelers. Dusit Princess Kathmandu offers well-appointed rooms and a focus on wellness, while Dusit Thani Himalayan Resort Dhulikhel provides a tranquil escape in the Himalayan foothills. The expansion marks a significant milestone for Dusit International, a leading hotel and property development company, as it continues to grow its global portfolio and deliver exceptional hospitality experiences worldwide.
The North Goa Airport, also known as Manohar International Airport Mopa, is set to see significant development with the addition of two new hotels near the parking lot. Operated in collaboration with Ginger hotels and renowned French hospitality firm Accor SA, these hotels will offer 100 and 200 rooms in their first and second phases, respectively. The hotels' location near the airport and the booming real estate and tourism in Goa are expected to drive room rates between Rs. 8000 to Rs. 10,000 per day. The public-private partnership venture signifies a promising future for Mopa Airport, benefiting from the increasing demand for accommodations in the state.
Surfers Paradise in Queensland remains a top destination for high-rise apartment sales, experiencing a significant increase of 62% in unit sales from April to May, according to InfoTrack's market update. The area continues to outperform other locations in the state, maintaining its popularity despite rising prices. Additionally, PropTrack's Market Trends report highlights the challenge of property ownership due to rising interest rates, with the median weekly household income at $1,861. Aspiring homeowners are finding it increasingly difficult to enter the property market, emphasizing the need for financial caution and a buffer for home loan repayments.
The Energy Efficiency Services Ltd (EESL) is supporting Andhra Pradesh's ambitious energy efficiency initiative, the 'Navaratnalu – Pedalandariki Illu' program, by providing cost-effective energy-efficient appliances to beneficiaries on a voluntary basis. The state housing department aims to make this program the largest energy efficiency initiative in the country, promoting sustainable development practices and reducing electricity bills for residents. The 'Jagananna Colonies' housing scheme too is making remarkable progress, with the state government providing loans and allocations for housing units and water supply.
The Enforcement Directorate (ED) conducted searches at the offices of three prominent realtors in Kolkata to trace ill-gotten money allegedly involved in a cash-for-jobs scam led by Sujay Krishna Bhadra, known as 'Kalighater Kaku.' The ED is investigating the fraudulent accumulation of funds through dishonest means and their concealment through various organizations and shell companies. The Central Bureau of Investigation (CBI) has also taken action, demanding the submission of Optical Mark Recognition (OMR) sheets dating back to 2014 from 14 civic bodies to investigate potential irregularities in the hiring process.
The National Real Estate Development Council (NAREDCO) has launched its Delhi chapter to uplift and revitalize the city's real estate sector, which has faced development challenges due to various restrictions. The chapter aims to foster collaborations among stakeholders, promote transparency in building affordable housing through land pooling, and advance strategic infrastructure development. With existing chapters in several states, the addition of the Delhi chapter signifies a commitment to unlocking the city's growth potential and bringing positive transformations to its real estate landscape.
The Kolhapur Municipal Corporation (KMC) faces the challenging task of revising property taxes to increase revenue. To expedite the process, the civic administration has formed teams of employees to conduct a property survey of 1.35 lakh properties. The involvement of civic employees from the property tax department ensures transparency, but the inclusion of employees from other departments raises concerns about expertise in property assessment. To prevent corruption and ensure fairness, the KMC plans to have a senior official independently review the survey process.
During a district grievance committee meeting chaired by Agriculture Minister J.P. Dalal, an important decision was made to protect the rights of residents in societies. The directive emphasizes that no resident or property owner should be denied membership in the Residents Welfare Association (RWA). This move aims to promote transparency and inclusivity within the RWAs, ensuring that all eligible residents have the opportunity to become members and actively participate in decision-making processes.
The Greater Noida Industrial Development Authority (GNIDA) has served a notice to Town Park Buildcon for unauthorized construction and commercial activities at White Orchid society in Gaur City 2, Sector 16C. The developer has been ordered to cease these activities and provide an explanation. Unapproved construction was confirmed after a resident's complaint led to an on-site inspection. The developer and flat owners have refrained from commenting on the matter. Non-compliance with the order could result in legal action.
While Tokyo remains a popular tourist destination, it is increasingly losing its appeal to potential foreign investors. Tokyo ranked among the bottom 10 cities for expats to live in 2022 due to several serious factors. Tokyo's wealthiest districts, where properties can reach £10 million, are failing to impress expats who seek a desirable lifestyle. High taxes, visa complexities, and difficulties in forming local friendships also play a role in wealthy individuals leaving Tokyo.
The real estate market in New Zealand, particularly in Auckland, experienced stable house prices but a decline in sales in June. Sellers in Auckland are holding off on selling in the hope of achieving higher prices, while some have adjusted their asking prices to adapt to the market. Property listings decreased both nationally and in Auckland, but prospective buyers are still actively searching for properties. The average time to sell a house remained unchanged nationally but increased compared to the previous year. Overall, the value of residential properties in the country experienced an annual decline. Auction sales decreased compared to the previous year, and the total number of properties available for sale decreased as well.
The top 8 large and listed developers in India have experienced a remarkable reduction in net debt by 43 percent, dropping from Rs 405 billion in fiscal year 20 to over Rs 230 billion in fiscal year 23. Despite periodic interest rate hikes, their execution capabilities remain unaffected. The market confidence in these developers has grown, as indicated by the increasing market share of both listed and unlisted players. The last fiscal year witnessed the highest sales volume in five years, with approximately 3.65 lakh units sold across the top 7 cities. This positive trend reflects a thriving real estate market poised for continued growth.
The PMC has introduced a WhatsApp chatbot service for property tax billing. Over 10 lakh bills have been sent through this platform, streamlining the process for residents. Citizens can access property tax information and payment receipts at any time by sending a message to 8888251001. The initiative has received positive feedback, simplified interactions, and eliminated physical bill distribution challenges. The PMC also employs data analytics and satellite imaging for property tax assessments. With a target of Rs 2318.15 crore for property tax collection in 2023-24, the PMC aims to enhance revenue and provide a seamless experience for citizens.
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Dalmia Nisus Finance Investment Managers LLP has made a substantial investment of over Rs 25 crore in the plotted development project called Treasure Hills, led by Treasure Group. This investment, facilitated through the Real Estate Credit Opportunities Fund - I, signifies their foray into non-metropolitan regions. With a prime location in Indore, Treasure Hills offers meticulously designed plots with a total sale potential of 4 lakh sq. ft. This strategic move aligns with the growing demand and the high GDP growth rate in Indore. Nisus Finance Group's expertise and Treasure Group's track record position them for remarkable success in this venture.
BlackBerry Realcom Private Limited, based in Gurugram, has been directed by the commission comprising President Sanjeev Batra and members Jaswinder Singh and Monika Bhagat to refund a substantial amount of Rs.76 lakh to Naveen Jain and his wife Ritu Jain, residents of Tagore Nagar. In addition, the commission has mandated the company cover the litigation expenses of Rs.20,000 incurred by the Jains. The decision was made due to the prolonged delay in handing over the flat to the customers.
In the fiscal year 2023-24, the Finance Ministry has incorporated additional provisions into the "Scheme for Special Assistance to States for Capital Investment." One of the notable provisions is the allocation of a significant incentive amounting to Rs 15,000 crore to the states. The purpose of this incentive is to facilitate and improve urban planning initiatives. By offering this financial boost, the government aims to encourage states to adopt effective and innovative urban development strategies, fostering sustainable growth and development throughout the nation.
The real estate regulatory authority in Madhya Pradesh has actively undertaken initiatives to address the issue of incomplete or neglected projects. Their administrative efforts have focused on bringing these projects to completion or reviving them after prolonged periods of stagnation. By taking proactive measures, the authority aims to ensure that these projects are no longer left in a state of limbo, providing relief to affected stakeholders and contributing to the overall growth and development of the real estate sector in the region.
The Yamuna River's swelling waters threatened the world-renowned Taj Mahal on July 17, as the water level reached its walls. However, officials from the Archaeological Survey of India (ASI) reassured the public that the monument's design would prevent water from seeping into its main structure. The architectural ingenuity of the Taj Mahal ensures that water cannot enter the main mausoleum even during high floods. In response to a previous flood incident in 1978, which caused damage to the monument, ASI implemented measures to prevent water intrusion. Fortunately, the current flood situation did not result in any water damage to the Taj Mahal's interior, thanks to its unique features and the surrounding garden acting as a buffer zone.
Barratt Developments, Britain's leading housing construction company, issued a cautionary statement indicating a significant reduction in the number of homes it plans to build in the current fiscal year. The decision was influenced by the impact of increasing mortgage rates and persistent inflation, which have adversely affected the demand for housing. Barratt's projected home construction for the period ending June 30, 2024, is estimated to decrease by approximately 20% compared to the previous year's figure.
The Dehradun district administration has implemented proactive measures to restrict the sale and purchase of land exceeding 3000 bighas in compliance with the ceiling laws across various areas. This action aims to curb illicit activities and protect public interests as unscrupulous land mafias illegally subdivide and sell surplus land. The ban covers villages falling within the rural ceiling laws and ensures alignment between old and new parcel numbers. These decisive actions demonstrate the administration's commitment to upholding the rule of law and preserving land ownership integrity.
Sidco ignites industrial growth in Ariyalur district, Tamil Nadu, with the launch of its first industrial estate. Spread across 28.5 acres, this vibrant space offers 26 plots for entrepreneurial ventures. With reduced prices and a focus on first-generation entrepreneurs, Sidco aims to foster economic progress. Industries like food processing, agriculture, and engineering MSMEs are welcomed to harness the immense potential. The estate's strategic location on the Ariyalur-Jayankondam highway amplifies its potential as a hub for business and development.
The Delhi High Court has stayed the operation of possession notices issued by the Enforcement Directorate (ED) in relation to the alleged coal-block allotment scandal. The ED had attached two land parcels owned by Revati Cements Pvt Ltd and its director, claiming that the properties were acquired using illegal benefits. The land parcels were provisionally attached in 2019 and estimated to be worth nearly Rs 20 crore. The advocates representing the company and its director argued for setting aside the possession notices, citing an unexplained delay and the need for adherence to procedures under the Prevention of Money Laundering Act (PMLA).
The COVID-19 pandemic has led to a shift in the demand for real estate, with decreased demand for office spaces and increased need for residential homes. Boston Mayor Michelle Wu proposed offering property tax discounts to landlords who convert empty office spaces into residential apartments. However, the financial challenges of such conversions are significant. Renovating office spaces into apartments can be as costly as constructing new buildings, especially when tenants are still occupying the premises. Additionally, zoning regulations and the layout of office spaces may pose obstacles to conversions. Displacement of existing tenants and the need for additional amenities further add to the costs.
Indian Hotels Company Limited (IHCL) has expanded its presence in Maharashtra with the introduction of a new Ginger hotel in Kolhapur. The addition of this hotel reflects IHCL's commitment to providing quality accommodation options across India. The Ginger hotel in Kolhapur will feature 70 well-appointed rooms, a multi-cuisine restaurant, a meeting room, and a fitness centre. With its strategic focus on emerging markets, IHCL aims to tap into the growing demand for affordable accommodation in tier-II and tier-III cities. The presence of IHCL in Kolhapur will contribute to the local economy and enhance the city's reputation as a preferred destination for both business and leisure travellers.
Merlin Group, a leading real estate conglomerate in Eastern India, has launched Serenia, the tallest residential condominium on B.T. Road in Kolkata. The project, a joint venture between Eden Realty and Merlin Group, spans 4.5 acres and features four towers with 28 floors each, offering panoramic views of greenery and an 18-acre lake. With 832 spacious apartments and a range of lifestyle amenities, Serenia aims to redefine quality living in North Kolkata. The strategic location and modern design make it an ideal choice for professionals and families seeking a liberating and luxurious living experience. Construction is set to be completed by December 2028.
Mantra, a leading luxury real estate developer, has launched two towers at their 29 Gold Coast Project in Tingre Nagar, Pune. The unveiling ceremony showcased Mantra's commitment to providing exceptional living experiences and served as an opportunity to discuss future plans and upcoming projects with channel partners. The project offers 2 and 3 BHK units with a planned possession date in 2025, ensuring timely delivery. Situated in Tingre Nagar, the project boasts contemporary architecture, modern amenities, and excellent connectivity to key areas.
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The median U.S. home-sale price has seen a 1.5% year-on-year increase, ending a four-month decline, as average weekly mortgage rates reached their highest level since November 2022. Limited housing supply and a decrease in new listings have contributed to rising prices. However, recent economic news suggests a potential decline in mortgage rates, which could offer relief to buyers. Active listings have declined, and the months of supply have reached 2.8 months, indicating a balanced market. Homes are spending more time on the market, and fewer homes are selling above their list price.
Australia's largest banks, Commonwealth Bank of Australia (CBA) and Westpac, have reported that a strong labour market is helping to keep home loan repayments on track despite rising interest rates. This suggests that the country's mortgage market may avoid a downturn. However, the banks caution that household finances could face pressure from increasing living costs. During parliamentary hearings, CEOs of major banks echoed similar observations, emphasizing the minimal impact of rate increases on repayments due to low unemployment rates.
In a significant move, the Central government has doubled the Economically Weaker Section's (EWS) income eligibility cap under the Pradhan Mantri Awas Yojana - Urban (PMAY-U) to INR 6 lakh, particularly affecting the Mumbai Metropolitan Region. This revision broadens the scope of affordable housing schemes, allowing more applicants to benefit from MHADA and CIDCO's housing lottery. Concurrently, MHADA's Mumbai board has unveiled a preliminary list of 1,06,799 participants for the upcoming housing lottery, initially scheduled for July 18. MHADA is soon expected to announce a revised date and location.
In a landmark move, the Maharashtra Government has officially handed the monumental Dharavi Redevelopment Project to the Adani Group. The Rs 20,000 crore project focuses on rebuilding the Dharavi slums, in close proximity to Mumbai's BKC business district. Adani Properties, after winning a competitive bidding process, has a seven-year timeframe to rehabilitate over 650,000 residents. This transformative project promises to reshape one of the world's most densely populated slums into a well-planned urban sector.
Maharashtra is set to transform its property registration system, integrating Unique Land Parcel Identification Number (ULPIN) with geographical mapping facilitated by rovers starting August 2023. This initiative, aimed at increasing precision and transparency in land measurements, will first roll out in Washim and Nandurbar before being introduced to all districts. This integration will provide citizens with detailed map-based geographical coordinates along with their property's ULPIN. This innovative move aligns with the central government's push for ULPIN or Bhu-Aadhaar integration in land governance across India.
The Maharashtra State Government has reduced stamp duty for self-redevelopment projects, benefitting existing flat owners. With a nominal stamp duty of Rs 1,000, the aim is to revitalize housing societies and provide affordable options. However, homebuyers from the open market will pay prevailing rates. The State Housing Federation supports this move and suggests implementing a single-window system. Maharashtra's commitment to self-redevelopment is evident through policy implementation. Consumer organizations call for further stamp duty reductions to encourage more projects. This progressive step reflects the government's vision for affordable housing and sustainable urban development.
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IFL Home Finance secured a $50 million loan from the US International Development Finance Corp (DFC) to expand its affordable housing finance portfolio with a focus on sustainable housing. The loan, obtained at a concessional rate, highlights the growing confidence of international investors in India's affordable housing sector. This marks the second debt-raising endeavour for IFL Home Finance this year. The company caters to economically weaker sections and lower-income groups, with home loans being a significant part of its offerings. The recent funding reinforces the commitment to driving inclusive growth and sustainable development in the housing sector.
The concept of a starter home is changing for young adults from the millennial and Gen Z generations in America. Recent data shows that a growing number of homebuyers in this age group are opting to reside in their properties for longer periods, rather than viewing them as temporary stepping stones. Low interest rates and a shortage of available properties have contributed to rising prices and limited options for affordable starter homes. Despite these challenges, a significant portion of young individuals aspire to become homeowners, favoring long-term investments over short-term property turnover. The decision to buy a home is a complex one, with uncertainties surrounding the ideal timing in a dynamic housing market.
The residential property market in Hong Kong is facing challenges due to a volatile stock market, a difficult external economic environment, and a decline in new births and marriages. The market has not yet reached its lowest point, and a slow and challenging recovery is expected. Factors such as high interest rates, an excess of unsold new units, and a lack of purchasing power from mainland China contribute to the obstacles. Home prices have experienced a decline, with a 1.2% decrease in the second quarter and a significant drop of 15.9% since the peak 20 months ago.
Oman has been recognized as one of the safest countries for expatriates, ranking highly in personal safety and political stability. The country also excelled in the housing situation, with a majority of expats finding housing easily and affordably. While the quality of life and infrastructure for cars were rated positively, the affordability and accessibility of public transportation presented challenges. In the Gulf Cooperation Council, Oman ranked 12th among the surveyed countries. Mexico, Spain, and Panama were considered the top destinations for expatriates in 2023, while Kuwait and Norway were perceived as the worst.
The Pune police's Economic Offences Wing is investigating a loan fraud case involving directors of Gagan Raisoni Vastushilpa Ventures, a realty firm. The directors are accused of securing a loan using flats and shops in a housing society as collateral without the property owners' knowledge. The directors deny the allegations and claim the properties were extended as collateral security, not mortgaged. The complaint was filed by a flat owner, who claims the directors defaulted on the loan payment. The case highlights the need for a thorough investigation to establish the truth and ensure justice for all parties involved.
The Maharashtra state government is taking steps to regularize slums on private lands within the state. The principal secretary of the urban development department has directed the Nagpur Municipal Corporation (NMC) to submit a proposal for land use change and acquisition of 58 notified slums. The government aims to grant ownership rights to slum-dwellers and resolve issues related to non-notified slums on private lands. The process of regularization is being streamlined in the proposed Smart City area, offering two options for plot and house regularization. This initiative has the potential to improve living conditions, provide security and stability to slum-dwellers, and enhance efficiency in the regularization process.
The Delhi Police's Economic Offences Wing (EOW) has arrested a couple accused of defrauding hundreds of investors through their fraudulent real estate firm. The couple targeted vulnerable individuals seeking affordable housing options by dealing in the sale and purchase of unauthorized properties. The victims, numbering around 300-350, paid the required amounts but never received confirmed registry information for their purchased plots. The accused collected a significant sum from the victims and intentionally delayed proceedings to avoid contact. The couple sold land without adhering to legal formalities and evaded capture before being apprehended in Ahmedabad.
The promoters of Rashmi Housing, a realty developer undergoing insolvency proceedings, illegally sold 82 apartments in violation of the law. As a result, the National Company Law Tribunal (NCLT) nullified the sale and imposed fines on the promoters. The company was admitted under insolvency in 2018, and the suspended directors were informed about the implications of the moratorium. The resolution professional consistently maintained that no permission had been granted for sales agreements during or before the insolvency process. The NCLT's decision upholds the integrity of the insolvency process.
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The Rajiv Gandhi Housing Corporation in Karnataka has set an ambitious target of constructing 7,06,290 houses between 2020-21 and 2022-23. Significant progress has been made, with approvals received for the construction of 3,68,177 houses and 68,177 houses already completed. However, there are still houses pending construction or delayed for various reasons. The PM Awas Yojana and Chief Minister Housing Scheme have also contributed to the target, with approvals received for 99,218 houses and 10,148 houses already completed. Work orders have been issued for 4,67,395 beneficiaries, but challenges remain, including pending construction and delays in approvals.
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Haryana's Chief Minister, Manohar Lal Khattar, has announced the provision of 100,000 houses to qualifying families in the state. The announcement follows discussions with Union Urban and Housing Minister Hardeep Singh Puri and other key advancements, including the approval of the Gurugram Metro project. Khattar also addressed RRTS projects' challenges and highlighted Haryana's digitization of agriculture policies. Union Minister for Agriculture and Farmers Welfare, Narendra Singh Tomar, has praised these initiatives as exemplary for other states.
Bengaluru's civic body, the Bruhat Bengaluru Mahanagara Palike (BBMP), has announced plans to extend its 'Road Reader' initiative, adding property tax data to the existing QR code system on street nameboards. This innovative measure is intended to boost awareness about property tax payments and enhance collection rates. BBMP's Special Commissioner (Finance) Jayaram Raipura said the initiative would "nudge defaulters" and promote civic duty, with a Rs 1.5 crore investment planned to expand the project.
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Uttar Pradesh is set to revolutionize property tax calculations in smaller cities and towns, aiming for self-sustainability and increased revenues. Despite manual methods in Nagar Palikas and Nagar Panchayats, the government, led by Yogi Adityanath, is determined to implement GIS-based reforms in all 17 municipal corporations. Starting in the populous Nagar Palikas, the reforms expect a substantial revenue surge. GIS technology has shown success in Lucknow, with a 35 percent increase in tax collection in one year. The government also contemplates revising the property tax slab for unregistered commercial properties.
The NMC has successfully sold Plot No. 2 of the Orange City Street Project, earning Rs 51.5 crore and bringing the total revenue from the project to Rs 207 crore. The buyer has already commenced work at the site, which was auctioned six months ago for Rs 13,166 per square foot. NMC has now floated an EoI for the sale of Plot No. 4, expecting to fetch Rs 48–50 crore. With 17 more plots yet to be auctioned, the project has become a highly profitable venture for the civic body. The NMC also plans to auction three additional plots in the near future.
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In a display of frustration, residents of Gurugram's Sushant Lok and Sector 40 took to the streets, armed with banners and slogans. Convening at Rajpath Marg, the protesters united to form a human chain. They embarked on a march towards the Millennium City metro station, making their demands known. The protest had an immediate impact, causing disruptions to the flow of traffic in the area. This demonstration was held to draw attention to their concerns and advocate for change in the face of neglected upkeep.
Chandigarh Housing Board (CHB) has made its third attempt to gain approval for the IT Park project. In their latest submission, the CHB has presented a report from a bird expert, asserting that the project does not interfere with the direct flight path of migratory birds. Furthermore, they have pledged to prioritize careful planning and execution of the project to ensure minimal impact on bird habitats. The CHB's submission highlights their commitment to environmental considerations and seeks to address concerns regarding potential disruption to migratory bird populations.
US-based investor Blackstone Group has outbid competitors GIC and Ontario Municipal Employees Retirement System to secure a 90% stake in the warehousing platform of ESR, an Asia-focused logistics company, in partnership with German investor Allianz. Sources report that Blackstone's bid stands at Rs 2,000 crore. Allianz is selling its 50% stake, while ESR will sell 40% and retain a 10% holding. The platform, established in 2018, comprises eight assets spanning 10.5 million square feet. Blackstone aims to expand its warehousing portfolio from 40 million square feet to 100 million square feet in the next few years.
Coimbatore Police in India will launch a new software system designed to enhance security and management in mansions and hostels. The software aims to centralize resident information, provide real-time monitoring through CCTV integration, and enable quick response to security breaches. It will streamline administrative tasks, facilitate online payments, and offer a grievance redressal mechanism. The initiative reflects the police department's commitment to leveraging technology for public safety, ensuring a safer and more secure environment for residents while improving law enforcement effectiveness.
ICRA, a credit rating agency, predicts a positive outlook for retail mall operators in FY2024. They expect an 8-10% year-on-year increase in rental income supported by healthy retail sales and contracted rental escalations. Retail trading values are anticipated to improve by 4-5%, with strong sales in categories such as jewellery, electronics, and apparel. Rental rates are projected to rise by 3-4% due to higher contracted escalations and lease renewals. Despite healthy leasing activity, vacancy levels are projected to remain between 18-19% in FY2024 due to the high new supply of retail space.
Enzyme Office Spaces, a leading provider of plug-and-play office solutions in Bengaluru, is expanding its managed workspace portfolio with a new facility in Whitefield. The 1 lakh square feet workspace, set to be operational by November 2023, will cater to the growing demand for flexible workspaces in the city. With this expansion, Enzyme Office Spaces will offer over 27,000 seats across Bengaluru. The company's success reflects the increasing popularity of managed workspaces, driven by cost efficiencies and the rise of hybrid work models. Enzyme Office Spaces aims to support emerging start-ups in sectors like fintech and AI, providing cost-effective infrastructure solutions.
The West Bengal department of land and land reforms has authorized apartment owners along Kolkata's EM Bypass to convert their land from leasehold to freehold. Owners must submit a registered indenture and pay a fee equating to 15% of the flat's current market value. The landmark decision, praised by several industry leaders, promises to foster further development and benefits over 10,000 flats, encouraging ownership rights and facilitating property reselling. The impact of this new policy on the real estate market remains to be seen.
The Chennai Metropolitan Development Authority is embracing digital transformation to grant online layout permissions for better-planned layouts with access roads in Chennai. Builders and developers urge the CMDA to set approval timelines and provide software training. Integration with the registration department and survey settlement is underway. Discrepancies in layouts will be eliminated, and pending applications are increasing. The CMDA aims for glitch-free implementation and the introduction of deemed approval. This transformative initiative paves the way for seamless urban development and efficient approval processes in Chennai's evolving landscape.
The AMC plans to auction five properties in Law Garden and Swastik Society to recover outstanding property tax dues. The auction is scheduled for the final week of July, with failing property owners facing non-compliance consequences. The AMC aims to reclaim the dues and return the surplus amount to the original owners. If no bidders emerge, the AMC will take possession of the properties. The AMC has collected Rs 842 crore in taxes since April, surpassing last year's figures by Rs 220 crore, highlighting their commitment to tax recovery.
Mandarin Oriental plans to open its third luxury hotel in London by 2028, adding to its existing properties in Hyde Park and Knightsbridge. The strategically located hotel will offer a lavish experience, combining contemporary elegance with classic British charm. With exceptional service, opulent amenities, and renowned dining options, the Mandarin Oriental London aims to attract both business and leisure travellers. The hotel will feature extensive wellness and leisure facilities, providing a tranquil escape from the bustling city. Set to enhance London's hospitality scene, the opening of this prestigious property is highly anticipated.
FIVE Hotel Group has become a trailblazer in sustainability by achieving a monumental feat in the UAE—obtaining 100% renewable electricity. Through a collaborative effort with the Dubai Electricity and Water Authority (DEWA), FIVE has emerged as the first hotel group in the country to receive this distinction. This achievement highlights the power of collaborative innovation and demonstrates FIVE's unwavering commitment to Sustainable Development. With a significant reduction in carbon use intensity and ambitious action plans for the future, FIVE aims to inspire others and create a reality where audacious dreams, creative building, and vibrant living converge for climate revitalization.
The Union Housing and Urban Affairs Ministry has announced a two-day conclave that will feature a series of 24 presentations. The event aims to bring together key speakers, including chief town planners from various states. These presentations will cover a wide range of topics related to housing and urban development. The conclave is expected to provide a platform for sharing insights, discussing best practices, and fostering collaboration among the participants. With experts from different regions, it offers a valuable opportunity to exchange knowledge and experiences in the field of urban planning and development.
The Indian real estate sector experienced a significant influx of private equity investments worth USD 13 billion in the second quarter of 2023. This surge in capital highlights the growing confidence of global investors in the country's real estate market, driven by rising demand for commercial and residential properties and government initiatives to improve transparency and ease of doing business. The commercial real estate segment has attracted substantial investment, while the residential sector has witnessed increased buyer demand and government incentives. Foreign institutional investors and global PE firms have been actively investing in major real estate projects, particularly in Mumbai, Delhi-NCR, and Bengaluru.
Prestige Estates Projects has acquired a prime sea-facing land parcel in south Mumbai for over Rs 704 crore, setting a new benchmark for land prices. The plot, valued at over Rs 306 crore per acre, was purchased from DB Realty's subsidiary. Prestige Group plans to develop luxury residential towers on the plot, further expanding its presence in Mumbai's luxury real estate market. Additionally, Prestige Estates Projects has obtained complete ownership of two key projects in central Mumbai. The ongoing market consolidation favours established developers, leading to increased activity in land transactions across major property markets.
hBits, a tech-enabled fractional ownership platform, has received regulatory approval from SEBI to establish a Rs 500 crore alternative investment fund for commercial real estate. With a focus on Grade-A projects, hBits aims to provide investors with fractional ownership opportunities and target an impressive return rate of 18–20 percent. This milestone solidifies its position as an industry heavy weight, enabling it to shape the future of commercial real estate investment. With existing assets under management of Rs 220 crore and a growing user base, hBits is well-positioned to revolutionize the real estate landscape.
A report published by Cushman and Wakefield predicts that Hong Kong home rents will continue to rise in the second half of 2023 despite ongoing volatility in home prices. The housing market experienced a recovery in prices following the reopening of the border with mainland China but faces challenges from high-interest rates, stock market volatility, and geopolitical tensions. However, the leasing market has seen positive growth supported by the government's Top Talent Pass Scheme. Cushman expects the rental market to remain stable and outperform home prices, with a potential increase of 5 to 8% this year.
Award-winning filmmaker James Cameron and his wife, Suzy Amis Cameron, have listed their oceanfront California ranch, known as Hollister Ranch, for sale at a staggering $33 million (AU$49.1 million).The ranch served as the creative hub where Cameron penned his blockbuster movie "Avatar," drawing inspiration from an ocean-facing room in the house. Spanning the Gaviota Coast of Santa Barbara County, the expansive estate boasts a main house, guesthouse, barn, helipad, and a picturesque pool overlooking the ocean, complete with lush gardens and sustainable power systems.
The housing crisis in Turkey is reaching alarming levels as property prices continue to surge, raising concerns among economists and vulnerable members of society. A recent report by the Bahçe?ehir University Centre for Economic and Social Research (BETAM) revealed a staggering 89.1 percent increase in real estate prices within a year, contradicting official data from the Turkish Statistical Institute (TurkStat). The crisis has already impacted university students, who took to the streets in protest against soaring rent prices. As real estate agents predict a worsening situation, Turkey grapples with a deteriorating economy, high inflation, and a rising cost of living, further burdening its citizens.
Former Congress leader Rahul Gandhi is reportedly preparing to relocate to a three-bedroom residence in Nizamuddin East, South Delhi, previously owned by late Delhi Chief Minister Sheila Dikshit. This move follows his disqualification from the Lok Sabha and subsequent eviction from his official bungalow. Gandhi's new home, in contrast to his previous Lutyens Delhi bungalow, is a modest dwelling overlooking the historic Humayun’s Tomb. The decision comes despite the Congress party's ongoing efforts to challenge his conviction at the Supreme Court.
SEBI, the capital markets regulator, plans to auction 22 properties associated with Bishal Group companies and NVD Solar to recover funds that were illegally collected from investors. The auction, scheduled for August 14, includes properties such as land parcels, flats, and a residential building located in West Bengal. Interested bidders are advised to conduct due diligence before submitting their bids. The companies in question had raised funds without complying with regulations, and SEBI's actions aim to protect the interests of deceived investors.
The Brihanmumbai Municipal Corporation (BMC) has proposed collaboration with the Maharashtra Housing and Area Development Authority (MHADA) to tackle unauthorized constructions in Mumbai. The BMC seeks to establish joint teams for inspections, as MHADA holds the authority for granting repair permissions. The proposal emerged due to difficulties faced by BMC officials when investigating complaints about unauthorized constructions in cessed buildings.
Indore's newly-established Metro line has sparked a dramatic surge in the local real estate market. With property values in regions adjacent to the metro, including Super Corridor, Indore-Ujjain Road, and Rau, soaring exponentially, the demand for commercial and residential properties is at an all-time high. This growth has spurred a slew of new developments, particularly in areas offering room for expansion. As the metro network continues to expand, the real estate boom is expected to extend to neighbouring cities, paving the way for potential investors eyeing lucrative returns.
Amayah, a project by Aranayam, offers 10 luxurious villas in the premium residential area of Assagao, Goa. It is the first Green Building certified project in the area, providing a chic environment and a sense of tranquility. Each villa features 4 ensuite bedrooms, a study room, servant's room, private pool, open-air shower, steam room, and more. The villas exhibit Indo-Portuguese architecture and limited-edition luxury, blending contemporary and modern elements. The gated community ensures safety and security, while the surrounding area boasts trendy eateries and boutiques.
The Sayar Group, a prominent real estate developer in the National Capital Region (NCR), has embarked on a new project called SAYA South X in Greater Noida. This development will feature fully furnished studio apartments. The project includes 300 apartments, each covering 688 sq. ft., with an investment of approximately 100 crore rupees. The Biztop business suites are expected to be ready within 6 months, with the complete project scheduled for completion by 2025. The SAYA South X project encompasses 8.75 lakh sq. ft. of built-up area on 3 acres of land, with prominent brands already signed up for space within the development.
Gera Developments, a leading real estate company in Pune, has announced legendary Bollywood actor Amitabh Bachchan as its Brand Ambassador. With this association, Gera Developments becomes the first Pune-based company to rope in the iconic superstar. Aligned with their philosophy of 'Let's Outdo', Gera Developments aims to enhance customer-centricity by offering innovative infrastructural ideas and theme-based projects.
Prominent fashion designer, Ulka Chandrashekhar Nair, is facing legal heat as the Economic Offences Wing (EOW) of the Mumbai police charges her with defrauding a builder out of Rs 20.52 crore in a property redevelopment scam. Despite receiving a Rs 19 crore payment and Rs 1 crore for preparations, Nair allegedly refused to surrender her property for the agreed redevelopment. Nair, however, has dismissed these claims as a scheme by the builder to illegitimately gain control of her property. The case continues to unfold.
The implementation of recovery certificates issued by the Real Estate Regulatory Authority (UP-RERA) in Ghaziabad has been disappointingly low, with only 15% of the certificates being successfully executed. Out of 781 recovery certificates, only 117 have been reclaimed, amounting to Rs 17.3 crore. The district administration faces challenges in enforcing the certificates, especially for developers based outside their jurisdiction. Legal complexities, including cases in the National Company Law Tribunal (NCLT) and various courts, further hinder the execution process. However, alternative approaches through the Revenue Recovery Act of 1890 offer a glimmer of hope.
The Delhi government has announced an increase in transfer duty on immovable property transfers, which has received mixed reactions. The enhancement applies to registration of instruments exceeding Rs 25 lakh, with the duty increasing from 2% to 3% for females and from 3% to 4% for males and other entities. Critics argue that this increase will burden home buyers and potentially dampen the real estate market, while others believe the market will gradually adjust. The counter viewpoint suggests the increase is necessary for generating revenue and funding development projects but fails to consider the potential negative consequences on the market.
The House of Abhinandan Lodha (HoABL) announces a monumental investment of Rs 1,200 crore dedicated to the development of Ayodhya, aligning with the government's vision of establishing it as a global spiritual capital. This investment signifies HoABL's belief in Ayodhya's potential as a cultural and economic powerhouse. With the inauguration of their state-of-the-art office in Ayodhya, HoABL solidifies its commitment to the city's growth and prosperity. The investment extends beyond Ayodhya, as HoABL pledges an additional Rs 3,000 crore investment in the state, aiming to create lasting impacts. Esteemed guests and dignitaries graced the inauguration, emphasizing the significance of the investment and affirming Ayodhya's prominence on the global stage.
Property Share achieves a significant milestone by acquiring Phase I of Prestige Tech Platina, a Grade A property in Bangalore spanning 533,000 square feet. Valued at Rs 370 crore, this acquisition positions Property Share as the leading tech-enabled commercial property investment platform in India. The property boasts a prestigious tenant, attractive rental yield, and a secure lock-in period, aligning with Property Share's vision of premium assets in sought-after locations. Property Share aims to raise the total value of listed properties to Rs 2,500–3,000 crore in the coming year.
Global leader in smart, sustainable building technology, Johnson Controls, has inaugurated its most advanced OpenBlue Innovation Centre in Bengaluru, India. This cutting-edge facility integrates cloud, edge, and AI technologies, demonstrating the potential of net-zero building technology. The centre also introduces the first experiential zone in India, providing real-time demonstrations of advanced building technology in action, and plans to become a strategic hub for smart building innovation in India.
Roshan Real Estate Group, Saudi Arabia's leading real estate developer, has entered into a Memorandum of Understanding (MoU) with the Expenditure and Projects (EXPRO) Efficiency Authority to enhance the sustainability and efficiency of housing projects. The partnership aims to improve planning and construction efficiency, land administration, facilities and utility management, safety, and more across the kingdom. The success of the SEDRA Community project in Riyadh, developed by Roshan Group, has paved the way for this collaboration. Both companies are committed to achieving sustainable housing projects through effective planning and implementation of government-funded projects.
Homebuyers in major US cities are feeling the pinch as home prices continue to climb in the first half of 2023. According to real estate website Point2, cities like Los Angeles, San Francisco, San Jose, San Diego, and Boston have seen over half of their homes for sale listed at prices exceeding $1 million. California cities dominate the top rankings, with Los Angeles leading the way with almost 64% of homes listed at $1 million or more. However, despite the high listing prices, the median sale price in Los Angeles was $926,000 in May 2023.
Max Ventures & Industries Limited's real estate subsidiary, Max Estates, has achieved pre-formal launch sales worth over INR 1,800 crores for its inaugural luxury residential project, Estate 128, situated in Sector 128, Noida. The development spans 10 acres and comprises three high-rise towers with 201 units, embodying Max Estates' LiveWell philosophy. Construction is scheduled to commence in Q3 CY2023, with an estimated completion timeline of 48-60 months, complying with RERA guidelines. Max Estates aims to be a leading developer in the Delhi-NCR region, expanding its residential and commercial portfolio each year.
M-Sanvi Real Estate Pvt Ltd, a leading affordable housing company, aims to sell around 500 homes worth Rs 100 crore in the current fiscal year. The company plans to expand its operations through franchise businesses in several cities across India. Founder and CEO, Mukesh Kumar, expressed optimism about the growth of the real estate industry, citing factors such as economic growth, demographics, and foreign investment. M-Sanvi focuses on using innovative technology solutions and personalized services to cater to the housing needs of urban professionals. With affordable homes starting from 16 lakhs, the company primarily serves Delhi and the NCR region.
In a testament to the soaring demand for coworking spaces, 315Work Avenue has leased 400 seats in Bangalore to a leading financial services technology provider. The workspace, located in Indiranagar, offers state-of-the-art infrastructure and caters to diverse client needs. With 40,000 seats managed across prime locations, 315Work Avenue aims to add another 2 million square feet this year. The founder highlights the advantages of coworking, such as cost savings, productivity boosts, and enhanced employee experiences. India's flexible space market is expected to surpass 80 million square feet by 2025, promising a bright future for this innovative industry.
Let's Work, a pioneering co-working space in India founded by Kushagra Awasthi, has been acquired by Angel Investors. This acquisition marks a significant milestone in Let's Work's journey, having fostered cooperation and community within the start-up ecosystem. With a track record of full occupancy, Let's Work has been at the forefront of providing a modern and dynamic environment. Let's Work offers top-notch facilities and inspiring interiors. The acquisition solidifies Let's Work's position as a leader in the co-working industry, poised to expand and innovate further in fostering collaboration and innovation.
Tier 3 housing markets are gaining prominence as catalysts such as hybrid work models, e-commerce platforms, social infrastructure development, and affordability drive housing demand in these cities and towns. Lenders, including Bank of Baroda, Sundaram Home Finance, Vastu Housing Finance, and PNB Housing Finance, are shifting their focus to these markets to tap into the untapped potential. With ticket sizes ranging from Rs 12 lakh to Rs 50 lakh, tier 3 markets primarily comprise housing plots and self-construction. The financial industry recognizes the growth potential in these markets and aims to contribute to their transformation and robust growth.
Resident’s welfare associations in Hyderabad are rallying for a uniform property tax assessment system. Their campaign aims to rectify the disparities between peripheral areas and the GHMC. With one lakh memoranda, they seek equitable property tax assessments based on the annual rental value system. The RWAs emphasize the lack of uniformity in assessments across ULBs and urge consistency. They also pledge to enhance voter registration and advocate for the accurate determination of Full Tank Level areas in lakes. Their collective efforts strive for fairness and progress in Hyderabad's property tax landscape.
Experion Developers, backed by Experion Holdings, has acquired land parcels in the NCR for residential and commercial development. With a focus on the Gurugram and Lucknow markets, they are investing in projects on Golf Course Road and in Noida. Their vision is to reshape the real estate landscape by creating iconic destinations that redefine luxury living. The land acquisitions reflect their commitment to expansion and delivering exceptional projects. With a strong foundation and a visionary approach, Experion Developers aims to inspire awe and admiration in the real estate industry.
The affordability of housing in the USA has worsened in the last quarter due to a surge in home prices, according to real estate analytics firm ATTOM. Housing costs in 98% of US counties have exceeded their historical average, with the price of a typical single-family home rising by 10% from the first quarter to the second quarter, reaching $350,000. The ratio between average wages and homeownership expenses has also reached its highest level since 2007, indicating a highly unaffordable period in the housing market. ATTOM CEO Rob Barber expresses uncertainty about whether this trend is temporary or indicative of another prolonged surge in prices.
China's central bank has extended certain measures from a rescue package introduced in November until the end of 2024 to strengthen the real estate industry. The measures include promoting independent negotiations between financial institutions and property companies, allowing property developers to extend loans and modify repayment terms, and providing support for the completion of unfinished projects. Loans provided for unfinished projects will not be categorized as higher risk, and responsible individuals will not be held liable for non-performing financing as long as precautions are taken. China's developers are facing difficulties in securing funds and selling homes, leading to a loss of confidence in the industry.
The Hong Kong Monetary Authority (HKMA) has announced an increase in the maximum loan-to-value (LTV) ratio for self-use homebuyers purchasing properties valued up to HK$30 million. Self-use homebuyers can now secure loans of up to 70% of the value for properties valued at HK$15 million or less, and up to 60% for properties valued between HK$15 million and HK$30 million. The maximum LTV ratio for non-residential properties will also be adjusted from 50% to 60%. However, restrictions will remain unchanged for properties valued above HK$30 million and all residential properties not intended for self-use.
Strata, a leading real estate investment group, has partnered with India Land and Global Group to expand its presence in the Indian market. The collaboration aims to develop commercial properties in Maharashtra and Tamil Nadu. The partnership has led Strata to plan the raising of funds for a project in Pune's Hinjewadi area, covering 120,000 square feet with an expected rental yield of 8-9%. The collaboration will accelerate the growth and geographic reach of both companies, expanding their presence by offering new opportunities in commercial real estate across Maharashtra and Tamil Nadu.
The Municipal Corporation of Gurgaon (MCG) has instructed its engineering wing to conduct a thorough survey of properties in Zone 3 after reports of developers and property owners using potable water for construction purposes surfaced. Residents have complained about the inconvenience caused by builders using potable water for construction, leading to reduced water pressure and inadequate supply for the community. The MCG recognizes the severity of the problem and plans to take strong action against those found using potable water for construction.
ParkMate, India's top app-based platform for smart parking solutions, is set to expand its services in Delhi NCR. The company aims to revolutionize the parking experience by offering seamless operations, digital transactions, and reduced parking issues. Within the next six months, ParkMate plans to provide over 500,000 parking services in key areas like Connaught Place and Lajpat Nagar. The company will launch an updated app to enhance the user experience. Currently serving 500-700 customers daily, ParkMate's "Drop & Shop" service offers real-time parking and secure vehicle handling.
The Mumbai Municipal Corporation (BMC) has unveiled plans to revamp fifteen slums located in the suburban areas of the city, aiming to improve living conditions and infrastructure. A budget of Rs 5 crore has been allocated for each slum, with the funds coming from the District Planning Committee (DPC). The renovation plan includes the construction of cement tunnels to consolidate underground utilities and widen roads. The DPC meeting, attended by MLAs representing the suburban areas, approved a budget of Rs 977 crore for various civic projects, including infrastructure improvement, slum rehabilitation, skill development initiatives, and women and child welfare schemes.
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Lucknow authorities have successfully collected an impressive amount of Rs 91 crore as CESS, aimed at bolstering the social security measures for construction workers. According to recent reports, these funds will be utilized to provide extensive coverage of social security schemes to approximately 3.85 lakh laborers who are duly registered with the labor welfare board. This significant development was announced by the department last week. With these additional resources, Lucknow aims to enhance the overall welfare and protection of its workers.
Man Infraconstruction's property development entity, MICL Real Estate, has made a significant acquisition by obtaining the development rights for ten adjacent housing societies in the Ghatkopar suburb of Mumbai. This strategic move was executed through MICL's subsidiary, MICL Creators LLP, in which it holds a 60% partnership interest. The redevelopment of these housing societies will be carried out as a cluster redevelopment project under regulation 33(9) of the Development Control Promotion and Regulation (DCPR), 2034.
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The Nashik Municipal Corporation (NMC) launches a dynamic recovery drive to collect outstanding property taxes from prominent defaulters. With an accumulated amount of unpaid taxes exceeding Rs 450 crore, the NMC has targeted 1,450 defaulters who owe Rs 160 crore. Notices will be issued, granting defaulters a 21-day ultimatum to settle their dues, followed by stern warnings of property confiscation and eventual auctioning. The NMC aims to collect Rs 210 crore in property taxes for the fiscal year and has seen success through innovative rebate schemes, surpassing previous collection records.
The Chandigarh Municipal Corporation has granted property tax exemptions to around 850 residential property owners in the city for the current financial year. The exempted categories include widows, disabled individuals, and ex-servicemen. A notification was approved by the MC general house and received the nod of the Chandigarh administration. The list of beneficiaries is subject to annual changes based on applications for exemption. The exemption process requires applicants to submit ownership documents and valid identity proofs. The issue of exemption and beneficiary selection underwent extensive discussion in the MC's monthly general house meetings.
In a major development, Finance Minister Nirmala Sitharaman unveiled plans to establish the Urban Infrastructure Development Fund (UIDF) during her Budget speech for the fiscal year 2023-24. The UIDF aims to address the shortage in priority sector lending by utilizing funds for the development of urban infrastructure in Tier 2 and Tier 3 cities. This strategic move highlights the government's commitment to boost the growth and modernization of urban areas outside major metropolitan centres. The establishment of the UIDF is expected to play a crucial role in promoting sustainable development in smaller cities across the country.
The Haryana Cabinet, chaired by Chief Minister Manohar Lal Khattar, has approved an amendment to the Affordable Housing Policy-2013. The amendment raises the allotment rates for apartment units under Affordable Group Housing (AGP) projects by an average of 20% across the state. The revised rates, applicable to yet-to-be-allotted licenses, include an increase of 800 per sq ft for hyper and high potential zones, 700 per sq ft for high and medium potential towns, and 600 per sq ft for low potential towns.
LP Logiscience, the warehousing and contract logistics division of the Liladhar Pasoo Group, unveils a state-of-the-art Grade A warehouse in Bhiwandi, Mumbai. With a focus on sustainability, this green warehouse spans 15 acres and offers 500,000 square feet of storage space. It features advanced infrastructure including solar power generation, rainwater harvesting, and environmentally friendly transportation using electric and CNG vehicles. LP Logiscience aims to revolutionize the warehousing sector by providing efficient, technology-driven solutions while minimizing carbon footprint. The Bhiwandi warehouse marks a significant milestone in their commitment to sustainability and future plans for expansion.
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Jag Mohan Garg, Chairman and Managing Director of Tirupati Infraprojects Private Limited, has been arrested by the Central Bureau of Investigation (CBI) on charges of a Rs.289 crore bank fraud. Garg is accused of illegally diverting loan funds intended for a luxury hotel project in West Delhi. The Bank of India-led consortium alleges that this fraud led to cumulative losses exceeding Rs.979 crore. Garg who was under CBI custody until July 13, awaits further legal proceedings. The CBI is conducting a rigorous investigation into the case.
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Greater Cochin Development Authority (GCDA) has announced its return to affordable housing projects after a hiatus of nearly three decades. The GCDA executive committee has approved plans to construct a twin tower apartment complex on a one-acre land in Gandhinagar, Cochin. The existing staff quarters will be demolished to make way for the project. The complex will target middle and high-income groups, offering modern amenities and improved living quarters for GCDA staff. With an estimated cost of Rs 60 crore, GCDA aims to sell the flats to generate revenue. The project also includes a commercial space with a shopping complex and supermarket.
The Delhi Development Authority's (DDA) recent first-come, first-serve housing scheme experienced record demand with over 650 units booked within hours of launch. The housing initiative, encompassing 5,500 flats across Delhi, saw unprecedented traffic with 17 million hits on the DDA's website by late Monday. The 2-BHK flats in Dwarka sold out first, while flats in Narela and Rohini also witnessed significant interest. In response to the surge in online traffic, DDA plans to enhance its server capacity to ensure a smooth booking process.
The Bombay High Court has expressed concerns about corruption and fraudulent practices in the Slum Rehabilitation Authority's (SRA) allotment and entitlement processes. To address these issues, the court has recommended the implementation of regular biometric surveys and Aadhaar-based identification to eliminate fraud and trafficking. The court also emphasized the need to prevent political interference in the SRA's operations, allowing only specific government officials to hold meetings in their offices. A petition filed by a cooperative housing society prompted the court to expedite the hearing, and the SRA has resumed biometric identification and surveys in response.
The Reserve Bank of India (RBI) is considering a "special dispensation" that would allow banks to provide additional financing to customers with restructured home loan accounts to assist in completing stalled housing projects. A committee, led by G20 sherpa Amitabh Kant, discussed the issue of stalled projects in the real estate sector, and lenders expressed the need for regulatory relief to release extra funds through restructured or revived home loan accounts. The RBI is currently evaluating the proposal and is expected to make a decision soon.
An investigation committee in Bengaluru has uncovered 9,736 properties that were illegally registered as A-khata instead of B-khata. The Bruhat Bengaluru Mahanagara Palike (BBMP) has decided to revert these properties back to the B-khata registry. The issue came to light following a complaint by a former councillor, prompting the formation of a review committee. Detailed reports were prepared by revenue officials and submitted in June, revealing the extent of the illegal registrations. The BBMP plans to take appropriate action against the revenue officials involved. Moving forward, the committee will scrutinize subdivision-wise reports to address the issue of illegal A-khatas.
Homebuyers in Toronto experienced fluctuations in average prices in June compared to the previous year and the previous month. The Toronto Regional Real Estate Board attributed these variations to market conditions such as high buyer interest, challenging mortgage rates, and limited housing supply. While detached, semi-detached, and townhouse prices increased year-over-year, condo apartment prices saw a slight decline. Total sales in the region increased from the previous year but decreased compared to May. The market also experienced a decrease in new listings.
The Bank of England's aggressive interest rate hikes, aimed at curbing high inflation, are causing disruptions in the UK housing construction sector, particularly impacting first-time home buyers. A survey by S&P Global and CIPS reveals that new home construction in Britain is at its lowest point in 14 years, contributing to a recession in the construction industry. The tightening lending conditions, with mortgage rates surging above six percent, have made it difficult for potential buyers to afford homes, leading to reduced supply from home builders. The clash between high demand and limited housing supply has resulted in record-high house prices.
Residents near the Mahagun Millennia project in Crossings Republik have lodged a police complaint against the developer due to concerns over a deep pit on the construction site. The pit, filled with water from recent rains, is causing seepage and endangering nearby buildings' foundations and boundary walls. Sections of the service road and the mall's under-construction wall have already collapsed. The complaint also accuses the developer of constructing a mall without necessary approvals and violating regulations. A committee has been formed to investigate the case, and the Ghaziabad Development Authority has requested the filing of a First Information Report (FIR) against the developer and Crossings Infrastructure Pvt Ltd (CIPL) for illegal construction activities.
Office leasing in Mumbai reached 1.3 million square feet in Q2 2023, as per CBRE South Asia Pvt. Ltd's latest report. The uptake was largely driven by the BFSI, technology, and engineering & manufacturing sectors. Notably, mid-sized transactions dominated the leasing scene. Nationwide, leasing activity grew by 12% Q-o-Q. Domestically, flexible space operators, technology firms, and BFSI led the absorption. Despite a slight downturn in H1 2023, the resilient demand underscores the positive trajectory for India's commercial real estate sector.
The Pune Municipal Corporation (PMC) has successfully saved approximately 5 lakh litres of potable water per day by cracking down on realtors who failed to utilize treated sewage water for construction purposes. The PMC took action against around 200 construction sites that were not adhering to the directive of using water from sewage treatment plants (STPs). As a result of these actions, including halting construction work, there has been a noticeable increase in the usage of treated water. This initiative aims to conserve precious freshwater resources in Pune.
Axis Asset Management Company, the mutual fund investment arm of Axis Bank, has leased two floors in Mumbai's Lower Parel for its future head office. With a space of over 63,000 square feet in 'One Lodha Place', Axis AMC aims to consolidate its operations and support key functions. The lease agreement includes a monthly rent of Rs 1.2 crore and a tenure of nine years. This strategic move reflects Axis AMC's growth plans and commitment to providing an efficient working environment. The tower's upper floors will be reserved for Lodha, while Axis AMC will have exclusive access to designated parking slots.
Incuspaze pioneers workspace solutions, recently launched its sixth centre in Noida, Sector 126. Spanning over 65,000 sq. ft. at The Fortune One, the facility offers more than 1200 seats and premium amenities. Incuspaze has leased a total of 9.7 lakh sq. ft. of office space in Noida and Gurugram to meet the growing demand for flexible workspaces. With a presence in more than 14 cities and over 30 centres, Incuspaze aims to be the preferred workspace provider in talent-rich areas.
Karnataka Chief Minister Siddaramaiah has announced plans for two Metro rail projects in Bengaluru with a combined worth of Rs 31,328 crore. The proposed Metro Phase-3 project covers 45 km and a new Metro line is proposed to span 37 km. The Chief Minister aims to expand the Metro network from 70 km to 176 km within the next three years. Siddaramaiah criticized the previous government's failure to implement the Bengaluru Suburban Rail Project, which aims to alleviate traffic congestion. He revealed the total allocation for the project and highlighted ongoing work on the airport metro line. The proposals aim to enhance public transportation infrastructure and address the city's mobility needs.
The under-construction houses being built by MHADA for the Taliye village landslide-hit families in Mahad have experienced foundation collapse and cracks, causing distress among locals. The landslide in July 2021 claimed 87 lives, leaving 41 survivors. The victims, currently residing in container homes, have faced delays in receiving the promised houses. MHADA-Konkan division is responsible for constructing the 271 houses, and so far, only 40 have been completed. Additional infrastructure works are also underway. Concerns have been raised regarding the poor quality of construction and the need for rectification by MHADA.
The Antriksh Sanskriti housing project in Ghaziabad, which has faced significant delays since 2014, will now be completed through a collaborative effort between the developer and homebuyers. The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has allowed the builder and the association of allottees to jointly undertake the completion of 985 flats in the first phase of the project. The initiative aims to address the prolonged stalling of construction and ensure timely delivery of the remaining units by June 2025.
Ajmera Cityscapes and West Avenue Realty have unveiled their collaborative project, Atlantis, an opulent 18-storey luxury tower located in Khar (West), Mumbai. The grand launch event was attended by notable dignitaries, including MLAs Ashish Shelarji and Parag Shah Ji. Atlantis offers luxurious 3 and 4-bedroom residences with modern amenities, promising a lavish and comfortable lifestyle. The project is expected to be completed by January 2026 and is registered under RERA, ensuring compliance with regulatory norms. This joint venture signifies a successful partnership between Ajmera Cityscapes and West Avenue Realty, aiming to provide exceptional living experiences to discerning residents.
A Pune developer has encroached upon land owned by the Pune Municipal Corporation in Kharadi, which was meant for exhibition and recreation purposes. Despite residents' complaints, no action has been taken. The land has been fenced off and restricted from public access. The local association, recognizing the importance of open spaces, plans to stage an agitation to halt further construction and reclaim the land for community use. They aim to protect the land intended for amenities and preserve it for the benefit of the residents.
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Under the leadership of Prime Minister Narendra Modi, the Indian government has launched an ambitious housing mission to construct 29.3 million houses by December 2023, prioritizing housing for the rural poor. With a dedicated budget and various schemes, the government aims to provide not only houses but also basic amenities such as toilets, electrification, and cooking gas connections. The project is being closely monitored for timely completion, with a deadline set by the Prime Minister. The government's focus on rural development and welfare initiatives is expected to have a positive impact and gain support in future elections.
The Mohammed Bin Rashid Housing Foundation has recently introduced a ground breaking investment strategy aimed at revolutionizing Dubai's housing sector. With a focus on enhancing the quality of life in residential projects and fostering robust collaborations with the private sector, the strategy aims to diversify income sources and ensure financial sustainability. Under the leadership of Mohammed Hassan Al-Shehi, the foundation has already identified potential investment areas and approved partnership models. The establishment of an investment portal further promotes transparency and cooperation with private investors, setting the stage for a prosperous future in Dubai's housing sector.
Workspace Group, a London-based office-space provider, announced robust customer demand and steady occupancy rates in their recent quarterly report. With a 3.2% increase in like-for-like rent roll and stable occupancy of 89.2%, the company demonstrated resilience amidst the current economic climate. However, shares in the FTSE 250 firm experienced a 4% decline in early trading, following broader market concerns about tighter monetary policies sparked by the U.S. Federal Reserve's meeting minutes. Despite the dip, analysts noted the positive aspects of Workspace's update, emphasizing the growth in rent roll and attributing the decline to general market sentiment.
The three development authorities in Gautam Budh Nagar have decided to discontinue the practice of allotting industrial plots through e-auctions and revert to the previous system of draw of lots, interviews, and background checks. Entrepreneurs, particularly those from the MSME sector, had voiced complaints that the e-auction process favoured large-scale businesses and hindered the growth of smaller enterprises. The decision to reinstate the previous method aims to promote inclusivity, transparency, and equal opportunities for all entrepreneurs in the region.
The Orissa High Court has instructed the state government to formulate regulations for implementing the Apartment Ownership and Management Act within three months. The court has maintained the ban on the registration of sale deeds until the regulations are in place. A petitioner had challenged the validity of an amended rule, claiming it conflicted with the Real Estate (Regulation and Development) Act. The state government assured the court that the regulations would be finalized within the given timeframe. This decision aims to promote transparency and accountability in the real estate sector in Orissa.
Real estate startup OfficeBanao has secured undisclosed funding from angel investors, including former Meta India MD Ajit Mohan and former Colliers India CEO Ramesh Nair. This investment will fuel the expansion of OfficeBanao, a workspace interior platform aiming to disrupt the market with its comprehensive services. The funding will be utilized to enhance their technology-driven platform, accelerate product development, and expand the workforce. This success highlights the growing interest in proptech in India, with significant investments being made in the sector. OfficeBanao is poised to shape the future of office spaces with its innovative approach.
The Bhubaneswar Municipal Corporation (BMC) has decided to e-auction its shops in one of the city's oldest market complexes in Unit IV. The complex, developed through a public-private partnership, faced significant delays and challenges. The BMC will rent out the shops for three years instead of selling them outright. The auction includes 112 shop rooms across multiple floors. The decision aims to revitalize the market space, attract new businesses, and maximize the potential of the project. The move presents an opportunity for interested parties to secure a space in the historic market complex.
The Inspector General of Registration and Controller of Stamps in Maharashtra is conducting a comprehensive review of property registrations from 2020 to 2022. The aim is to address complaints regarding violations of real estate laws. Committees have been formed to examine property documents across the state, focusing on adherence to the Real Estate (Regulation and Development) Act and the Maharashtra Prevention of Fragmentation and Consolidation of Holdings Act. The review will cover millions of documents, and officials who illegally registered documents are under scrutiny.
Titan, a subsidiary of Tata Group, is planning to expand its global presence by opening 18 new stores for its jewellery brand, Tanishq, with a focus on the Gulf region. The company aims to have a total of 25 stores by the end of the fiscal year, driven by high demand for Tanishq jewellery. Titan also plans to expand its eye care business through the Titan Eye+ brand, initially targeting the GCC region. The company is intensifying efforts in the Tamil Nadu market and enhancing its presence in the Watches & Wearables segment. Titan achieved consolidated revenue of Rs 40,575 crore in the fiscal year 2023.
Mumbai is experiencing a trend of vertical growth, with developers taking advantage of high floor space index (FSI) in certain rehabilitation housing schemes to construct taller buildings. A prime example is the construction of India's tallest residential twin towers, Aaradhya Avaan, under cluster redevelopment regulations. Concerns are raised about Mumbai's infrastructure capacity to handle these massive constructions. Experts highlight potential negative consequences such as abuse of building materials, increased costs, concretization of open spaces, and dense living conditions. While proponents argue that Mumbai's infrastructure can handle the increased load, critics point out the lack of proper zoning laws and haphazard development.
Approximately 400 unauthorised dwellings along the Adyar River are due for demolition after the inhabitants refused to participate in a biometric verification process. The Chennai Corporation, the Tamil Nadu Urban Habitat Development Board (TNUHDB), and Revenue Authorities issued a one-week eviction notice, and plan to relocate residents to newly built TNUHD residences. The move, taken to safeguard the health of the Adyar River, signals the authorities' stern stance against illegal encroachments.
The Greater Visakhapatnam Smart City Corporation Limited (GVSCCL) is inviting private investors for a commercial development project in Asilmetta, Visakhapatnam's commercial nucleus. The proposed INR 265 crore project spans across a 2.7-acre plot and includes a shopping complex, multiplex, hotel tower, and urban recreational centre. The project, deemed the 'Landmark Project', aims to redefine the city's skyline and will operate under a public-private partnership (PPP) model. The undertaking will be developed on a Design, Finance, Build, Operate, and Transfer (DFBOT) basis with a 33-year lease period.
In Gurugram's BPTP Astaire Gardens, approximately 30 residents found their power supply abruptly cut off on Friday morning without any prior notice. The residents are blaming the maintenance agency for harassment. In response, Deputy Commissioner Nishant Yadav has initiated a three-member inquiry committee. Meanwhile, BPTP group refutes these allegations, attributing the disconnections to unpaid electricity bills. DHBVN officials affirm the power disruption was due to internal maintenance and the matter is between the agency and the residents. The investigation continues.
Sydney is facing its most significant housing crisis, with foreign students bearing the brunt of the situation. Escalating property prices and limited housing supply have made it challenging for international students to find affordable accommodations within their budgets. Many are forced into overcrowded living conditions and paying exorbitant rental prices. The housing crisis has taken a toll on their mental health, academic performance, and sense of belonging. This situation also threatens the reputation of Sydney as a preferred study destination. Efforts are underway to address the crisis, but urgent action is needed to ensure the well-being and success of international students in the city.
Musician Ben McKee's luxurious property in Las Vegas has been swiftly sold, reflecting the thriving real estate market in Las Vegas. The stunning residence, featuring contemporary design and lavish amenities, captivated buyers with its spacious interiors, state-of-the-art kitchen, multiple entertainment spaces, and a serene outdoor oasis. Its prime location in a sought-after neighbourhood, offering easy access to entertainment and attractions, added to its appeal. The transaction highlights the robust housing demand in Las Vegas, driven by a strong economy, favourable tax incentives, and the allure of celebrity-owned properties.
The Government of Canada, in partnership with Québec, has announced the construction of 1,581 new social and affordable homes across 54 projects throughout Québec. With total funding of over $308 million through the Third Canada-Québec agreement on the Rapid Housing Initiative (RHI), this initiative aims to address the housing needs of vulnerable populations. The funds will be allocated to various groups, including women and children escaping violence, homeless individuals, seniors, veterans, immigrants, refugees, people with disabilities, black Canadians, and Indigenous peoples.
SEBI, the regulatory body, is set to conduct an online auction of properties in Uttar Pradesh with a reserve price of Rs 1.07 crore. The properties were associated with Swar Agrotech, which raised approximately Rs 95 lakh through illicit investment schemes. Interested bidders have the opportunity to inspect the properties between July 17 and July 21. Quikr Realty has been enlisted to assist SEBI in the sale process. This auction marks a significant step towards rectifying the financial misconduct and seeking restitution for the investors affected by Swar Agrotech's illegal activities.
Shriram Housing Finance has successfully raised $50 million through its maiden external commercial borrowing (ECB) to diversify its funding sources. The funds will be used to finance affordable housing projects. The three-year borrowing comes at an overall cost of around 8.4 percent, including the one-year hedging cost, aligning with the company's average borrowing cost. Shriram Housing Finance aims to raise an additional $150 million this year, taking advantage of the growing interest from global investors in India's affordable housing finance sector. The company also utilises other funding avenues such as bank loans, debt capital markets, and securitization.
In a significant ruling, Justice R MT Teekaa Raman of the Madras High Court has passed an order directing the Chennai Hiranandani Residents' Welfare Association to pay a total sum of Rs1.19 lakh to the promoter, Hiranandani Developers Private Limited. The association has been held responsible for causing both inconvenience and pecuniary loss to the developer. This ruling comes as a result of the association's suppression of information, which has negatively impacted the developer's interests. The court's decision aims to ensure accountability and compensation for the harm caused by the association's actions.
The amendments regarding the use of habitable attics in Himachal Pradesh have been implemented after considering objections and suggestions received during the specified period. The new rules permit the use of attics for habitation purposes, with fees for regularization based on the size of the area. The notification specifies the permissible height, premium FAR, and additional fees for habitable attics. The height of the sloping roof and ridge is regulated, and only the area with a clear height of 2.1 meters contributes to the floor area ratio. Habitable attics are allowed for both residential and other purposes, with separate fees charged for each block. Habitual basements are treated as independent storeys.
After a hiatus of two decades, the Tamil Nadu Registration Department has recently announced a significant surge in the registration fees and stamp duty for a range of 20 services offered by the department. The decision, implemented under section 78 of the Registration Act 1908, aims to modernize and streamline the fee structure to better reflect current economic conditions. This move is expected to have a considerable impact on various transactions, such as property registrations, lease agreements, and other legal documents.
The NDMC has initiated a door-to-door survey to verify property tax records. Residents are required to provide information during the month-long survey. The assessment list for 2023–24 is based on tax returns filed the previous year. The NDMC invites residents to verify details and address objections. The survey, conducted every 4–5 years, captures changes in property sizes and structures. The NDMC collects property tax from over 16,000 taxpayers, with a total collection of Rs 932.5 crore in 2022–23. The NDMC strives for transparency and efficiency, ensuring residents actively participate in maintaining accurate property tax records.
The Greater Ludhiana Area Development Authority (GLADA) has come under scrutiny for its failure to take action against developers who have not regularized their illegal colonies, causing distress among residents. Despite the identification of a large number of illegal colonies within GLADA's jurisdiction prior to the implementation of a regularization policy in 2018, little has changed for the inhabitants. However, sources indicate that developers who previously applied under the policy may soon have a final opportunity to rectify their documentation shortcomings and obtain a No Objection Certificate (NOC) for their colonies.
The RLDA has invited bids for leasing out a prime land parcel in Naliapool Railway Colony, Dibrugarh. Spanning 36,458.18 sq. m, the land holds immense potential for residential and commercial development. With its strategic location in the heart of the city and excellent connectivity, the site is attracting the interest of local and national-level developers. The deadline for e-bid submissions is July 26, 2023. Dibrugarh, known for its tea gardens, offers a thriving tea industry and robust local transport facilities. RLDA aims to unlock the region's true potential and stimulate economic growth through this venture.
GHR Infra, a renowned real estate group, is pleased to announce its continued success in delivering exceptional properties in Hyderabad. Their flagship project, GHR Callisto, has achieved remarkable sales, with 60 percent of the available 1190 units sold. Additionally, their pilot project, GHR Titania, has witnessed an exceptional surge in sales, with 400 units sold, representing 85 percent of the available units. These achievements highlight the market demand for premium homes and GHR Infra's commitment to delivering quality and sustainable living spaces. The company remains dedicated to customer satisfaction and meeting project milestones, ensuring an uncompromising luxury lifestyle for its valued customers.
The Nakagin Capsule Tower Building in Tokyo, known for its innovative design and significance in Japan's postwar architectural movement, is experiencing a revival after being disassembled last year. Former residents, recognizing its historical value, have joined forces to preserve the capsules. Some of these iconic housing modules have found a new home in an art museum in the United States, while others are being creatively repurposed for various uses. Yodogawa Steel Works has transformed a capsule into a mobile trailer, and entertainment company Shochiku plans to install capsules as rental spaces for exhibiting artworks.
The European market for Factory Outlet Centres (FOC) is thriving as consumers prioritize "one-off" items found in outlet stores. Savills, a real estate consulting firm, reveals that Germany is the top target nation for retailers expanding their outlet offerings. Outlet centers' success depends on factors like available stock, favourable locations, and diverse brand offerings. They offer an alternative shopping experience that complements e-commerce while providing tangible benefits. The expansion of FOCs in Germany, France, Spain, and the UK reflects the demand for affordable yet high-quality products and their resilience in the evolving retail landscape.
Due to breaches in the walls brought on by a nearby construction project, the Amarnath High School building in Govandi, Mumbai, is degrading and putting the lives of its 941 students in peril. Six classrooms have been closed by the administration of the school, while the pupils are still in danger in the open ones. Since the school's request for a neighbouring building from the Brihanmumbai Municipal Corporation (BMC) was declined, rehabilitation cannot begin without moving the school. To identify a solution that guarantees the safety of the pupils and averts similar circumstances in the future, the BMC must collaborate with the school administration.
The Central Bureau of Investigation (CBI) has taken action against K J Infrastructure Projects India Pvt Ltd and its directors following a complaint from Union Bank of India. An FIR has been registered, alleging a bank fraud case of over Rs 91 crore. The accused individuals manipulated financial statements to obtain credit facilities, leading to an alleged diversion of funds and loss to the bank. The CBI conducted searches, recovering significant evidence, and highlighting concerns about financial integrity and its impact on the banking sector.
The government of Tamil Nadu has issued new regulations requiring hotels in the state to provide accommodation for drivers. The move aims to address the lack of suitable lodging options for drivers, enhancing their well-being and road safety. The guidelines mandate hotels to allocate a certain percentage of rooms for drivers, with specific proportions to be determined based on the hotel's size. The initiative has been applauded for improving living conditions and job satisfaction for drivers. While some concerns have been raised by hoteliers, the government assures a phased implementation process taking into account individual circumstances. This decision sets a positive example for prioritizing driver welfare and road safety.
Embassy Group has announced plans to launch a significant residential portfolio comprising 4 million square feet in the fiscal year 2023-24. The company aims to generate an estimated revenue of Rs 3,300 crore, with a focus on mid-segment residential properties. Additionally, the company plans to reduce project completion time to 3-4 years and diversify assets to reduce their debt, currently standing at Rs 8,800 crore. Embassy Group also expects a robust pipeline in their office space portfolio, particularly in Bengaluru, with the banking sector as the dominant occupant. They hold a stake in WeWork India and aim to raise additional funds while doubling last year's earnings.
The Andhra Pradesh High Court has requested clarification from the state government regarding permission granted by the Supreme Court for the distribution of house sites and construction of houses in the R-5 zone, as well as details on any plans for housing construction in the proposed zone. Farmers, represented by welfare associations, have filed a petition challenging the construction of houses in the R-5 zone, citing violations of building rules and land transfers. The court has scheduled further hearings for July 11 to examine the case in detail and analyse arguments from both parties.
Ford India's manufacturing unit in Maraimalai Nagar, Chennai, closed down in 2021. The Tamil Nadu government is now considering innovative ways to utilize the plant's land, with discussions ongoing for another major manufacturer to take over the facility. Ford retains ownership of the land and is exploring alternatives. The plant had an annual capacity of over 150,000 cars and employed over 2,500 workers. Tata Motors acquired Ford's Sanand plant in Gujarat, while Ford had previously considered using an Indian plant as an export base for electric vehicle manufacturing but decided against it.
The National Company Law Appellate Tribunal (NCLAT) has issued a stay order against the admission of an insolvency resolution plea filed by Bank of India against DB Realty. The developer has challenged the National Company Law Tribunal's (NCLT) decision to initiate the corporate insolvency resolution process (CIRP) against the company. The appellate tribunal has scheduled a further examination of the case on September 6. DB Realty is required to deposit ?387 crore within 90 days, based on its previous one-time-settlement (OTS) offer to the bank.
Bollywood actor Kartik Aaryan has recently acquired a luxury apartment in the prestigious Juhu area of Mumbai for a whopping Rs 17.50 crore. The apartment, located on the second floor of the Siddhi Vinayak Building in Presidency Society, boasts a carpet area of approximately 1,594 square feet. This high-profile purchase makes it one of the most expensive deals in the locality, which is renowned for housing Bollywood celebrities, directors, producers, and industrialists. Notably, Kartik Aaryan's family already owns another apartment in the same society.
Property owners in Nagpur showcased commendable tax compliance by collectively paying Rs 69.29 crore within three months of the financial year 2023–24. Approximately 47,757 property owners benefited from a 5 percent discount by paying taxes online. The target revenue for the year is set at Rs 300 crore. The city offers rebates of 10 percent and 5 percent on property taxes for early payments. Laxmi Nagar zone recorded the highest tax collection, while Satranjipura zone had the lowest turnout. Property owners who missed the previous rebate deadlines can still avail themselves of a 5 percent rebate by paying before December 31.
Shimao Property, a prominent Chinese developer, is considering including its hotel in Hong Kong as an incentive in its offshore debt restructuring plan. Shimao had initially presented a repayment plan to settle $11.8 billion in offshore debt, but after ten months, the details have yet to be determined. The company failed to make its initial offshore payment last year and had been trying to sell the Sheraton & Four Points by Sheraton Tung Chung Hotel. However, a recent filing revealed a formal agreement to restructure the hotel's loan facilities. The company holds $6.1 billion in unpaid international bonds, ranking it as the sixth-largest Chinese developer in bond issuance.
Experion Developers has launched 10 exclusive 6 BHK duplex villaments at Windchants, its upscale project in Gurugram. Spread across 23.48 acres with only 563 units, Windchants redefines exclusivity and privacy. The luxury housing project offers a variety of amenities including an open-air Jacuzzi and Asia's longest residential skywalk. Influenced by the celestial Saptarishi constellation, Windchants is designed to maximize the benefits of natural light and air flow. The calculated positioning of towers within the complex enhances a serene and luxurious living atmosphere.
The introduction of Lykli, a new brand from Ingka Centres, a major operator in commercial real estate, has been announced. Lykli seeks to transform the retail sector by developing cutting-edge gathering spaces. The first Lykli meeting place, which will be anchored by IKEA and will open in late 2025 in Gurugram, New Delhi, will have a vibrant mix of restaurants, entertainment, top-rate office space, national and international retail brands, and areas for hosting community activities. Lykli Gurugram wants to create a sense of neighbourhood while giving people's health top priority, and leading the way in environmentally friendly mixed-use developments.
Along with the Peripheral Ring Road (PRR), Mysuru Urban Development Authority (MUDA) has suggested the establishment of seven clusters in the city, including clusters for heritage living, IT, clothing, health, education, pharmaceuticals, and multipurpose use. It will take about 27,500 acres of land to build these clusters, and it will cost around Rs 41,250 crore to buy that property. Despite certain stakeholders' reservations over the project's timing and strategy, a thorough plan and tactical implementation can guarantee a balanced and sustainable development for Mysuru's future.
Finding high-quality real estate is becoming increasingly challenging for brands across industries due to soaring rents and heightened competition for space. Major retailers, aiming to compensate for the sluggish growth experienced in 2020 and 2021, are now ramping up their expansion plans post-COVID. However, the swift return of consumers to physical stores has outpaced the availability of suitable properties, exacerbating the situation. The pandemic-induced delays in retail projects have further contributed to the shortage of available spaces. Rising property rates and escalating rentals have added to the complexity.
H&M, the popular Swedish fast-fashion retailer, is planning an extensive expansion in India. The company aims to open six new stores and enter three additional cities by the end of 2023, while also emphasizing the growth of its online sales. H&M India's country sales manager, Yanira Ramirez, expressed confidence in India's potential as a growth market and highlighted the company's commitment to an omnichannel approach. With 51 existing stores, H&M India recorded a revenue of ?2,115.18 crore for FY22, marking a 49% increase from the previous year.
Bengaluru's Prestige Group and Chennai's WS Industries have formed a joint venture to develop a 1.1 million-square-foot IT park in Chennai's emerging tech hub at Porur. With an estimated value of 750–800 crore rupees, this project adds to the city's tech landscape. Mount-Poonamallee Road becomes the third IT corridor, while WS Industries focuses on infrastructure projects and plans a logistics and light engineering hub in Sunguvarchatram. This collaboration marks a significant milestone in the real estate and infrastructure sectors.
Chennai's skyline is primed for a dramatic transformation as more high-rise buildings are expected due to a recent shift in regulatory control. The government has resumed authority over planning permissions for high-rise constructions from the Chennai Metropolitan Development Authority (CMDA). This development has been met with applause from the construction sector, which anticipates quicker project turnovers. However, builders also express caution, recalling past instances of bureaucratic stagnation. The change aims to enhance the oversight process, prevent delays, and potentially stimulate Chennai's housing industry, with implications for employment and related sectors.
The luxury real estate market in central London's esteemed areas has experienced a decline in prices during the second quarter, attributed to prevailing economic uncertainties. While prices have dropped by 5.9% compared to the same period last year, the exclusive segment of properties valued at £10 million or more has shown more resilience with a slight decrease of 0.8% over the past 12 months. A closer analysis of home sales reveals a higher preference for cash transactions in Westminster and Kensington & Chelsea, indicating unique market dynamics and potentially wealthier buyers in these prestigious areas.
Melbourne is experiencing the most rapid growth in rental prices among all capital cities in Australia, primarily affecting affordable housing. The average cost of renting a unit has increased by $20 (4.4%) per week in the past three months, reaching $470 per week. Rental prices for houses have also risen, reaching $495 per week. This steep increase is eroding Melbourne's reputation as an affordable city to rent a home, with prices rising twice as fast as the national average. Experts are calling for government collaboration with industry organizations to address the growing affordability crisis and incentivize landlords to offer more rental properties.
Odisha's DN Group is under investigation by the Income Tax Department for suspected significant tax evasion. The multi-sector company has faced raids at 20 locations, with Rs 9 crore seized from an employee's residence and evidence of transactions worth Rs 105 crore. The situation has triggered a political row, with the opposition alleging ruling party investments in the DN Group. Meanwhile, a company representative has stated they will withhold comments until the conclusion of the raids.
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In a significant move, the Delhi Development Authority (DDA) has assigned 1,078 flats to economically weaker section (EWS) families in Jwalapuri Bagh and Ashok Vihar. This initiative is a part of the Seetu Punarwas Yojana, aimed at replacing slums with affordable housing. The recipients were issued allocation letters on June 27. To facilitate this process, a facilitation centre was inaugurated by MP Harsh Vardhan. The centre will offer services such as biometric verification, loan assistance, and document processing for property possession.
Property developers in Gujarat are urging the state government to grant stamp duty exemptions for homeowners in redevelopment projects. Echoing a recent Bombay high court ruling, they argue that homeowners are not buying new homes, hence should not bear the burden of additional stamp duty. This move, they believe, could reenergize the stalled redevelopment sector by reducing financial pressures on existing homeowners, especially amid recent jantri rate hikes.
The Aam Aadmi Party (AAP) government in the national capital recently presented a report to the National Green Tribunal (NGT), suggesting an increase of 50 percent in penalties for non-residential units. The report highlights the need for stricter measures to enforce environmental regulations. According to the AAP government, this higher penalty would serve as a deterrent and encourage non-residential units to comply with the prescribed norms. The proposal aims to ensure greater accountability and adherence to environmental standards in commercial and industrial establishments.
The Municipal Corporation of Delhi (MCD) has initiated trial runs for its largest construction and demolition (C&D) waste plant located in Burari. With a daily processing capacity of 2,000 tonnes, the plant is expected to be fully operational next month. It aims to meet the waste disposal requirements of government agency sites and local residents in six zones, including Civil Lines, Paharganj, and Karol Bagh. Government agencies can deposit waste after paying processing fees, while private players will be charged for transport and processing from their homes.
The Central Ground Water Authority (CGWA) has recommended a substantial fine of Rs 230 crore on 30 developers operating in Greater Noida West, popularly known as Noida Extension. These developers have been accused of illegally extracting groundwater, and the case is currently being heard by the National Green Tribunal (NGT). The CGWA's recommendation follows an interim compensation of Rs 76 crore that was levied on 38 builders in May by a joint committee consisting of the Central Pollution Control Board, Uttar Pradesh Pollution Control Board, and the district administration.
The Gran Misión Vivienda Venezuela (GMVV) in Venezuela has reached a significant milestone by delivering its four millionth house, part of a broader public policy to provide affordable housing to working people. The program, introduced during the Bolivarian Revolution, constructs and assigns homes to individuals with low incomes, offering flexible payment plans based on construction costs. Communities actively participate in the construction process, reducing overall program costs. The GMVV also includes social infrastructure and promotes community engagement, contributing to a comprehensive approach to housing development in Venezuela.
Hong Kong plans to reclaim land and build three artificial islands as part of the Kau Yi Chau Artificial Islands project to address the housing crisis. The initiative aims to create more affordable housing options and increase land supply. However, concerns have been raised about potential environmental damage and the significant financial investment required. The project is part of the broader Lantau Tomorrow Vision, which seeks to transform Lantau into a transportation hub and connect Hong Kong with the Greater Bay Area. Sustainable funding solutions will be crucial for the successful implementation of the project.
Tech-enabled home builder, BuildNext, has announced its plan to set up experience centres across India. These centres aim to revolutionize the real estate sector by offering immersive experiences and advanced technology solutions to potential buyers. Through virtual reality and augmented reality, customers can explore architectural designs and make changes to layouts. The centres will also provide expert guidance, showcase home automation systems, and promote sustainable living. BuildNext's commitment to customer-centricity and innovation sets a new benchmark in the industry, redefining the home buying experience in India.
Ace Group has unveiled its latest commercial venture, 'Ace 153', in Sector 153, Noida, showcasing their commitment to innovation and excellence in real estate. With an impressive portfolio of completed projects and ongoing developments, Ace Group is known for setting new standards in the industry. Ace 153 is strategically located within 500m of the expressway and a short walk from the metro station, making it a game-changer in the commercial landscape. Its positioning along the route from Noida International Airport at Jewar offers prime accessibility and attractive investment prospects.
Century Real Estate launched Century Eden Prime, a premium plotted development that quickly sold 75 percent of its plots within 10 days. Situated on Yelahanka-Doddabalapura Main Road in Bengaluru, this project offers high appreciation potential and features a 16,000 sq. ft. clubhouse with a range of amenities. The success of the launch demonstrates customers' trust in Century Real Estate's brand and their appreciation of the value provided. With a strong commitment to elevating standards and creating exceptional living experiences, Century Real Estate continues to meet market demands with innovative developments that cater to the changing needs of buyers.
Investcorp, a global investment manager, injects Rs 500 crore into NDR Warehousing, a leading Indian warehouse development platform. This follows Investcorp's previous investment of $55 million in NDR. With warehouses across 10 cities and 14 million square feet of operational assets, NDR aims to list part of its portfolio as an Infrastructure Trust. Investcorp's continued support reflects their confidence in NDR's market leadership and the potential of India's warehousing sector. The partnership aims to create a diversified warehousing platform. Investcorp's India Real Estate team has deployed over $350 million in various sectors, while their private equity ventures span consumer tech, healthcare, and more.
Piramal Capital & Housing Finance plans to sell a distressed loan portfolio worth Rs 2,437 crore to JM Financial ARC for Rs 1,669 crore, recovering 68 percent of its original value. The Swiss auction, employing a competitive bidding process, concluded with JM Financial ARC as the anchor bidder. This follows Piramal's recent divestment of the Rs 3,656 crore loan pool to Omkara ARC. The parent company, Piramal Enterprises, reported a loss of Rs 196 crore in Q1 2023, contrasting with a profit of Rs 151 crore a year ago. These strategic moves exemplify Piramal's commitment to optimizing its loan portfolio and navigating the financial landscape.
The SCB has achieved remarkable success with the introduction of the innovative eChhawani portal for property tax payments. By the initial deadline, they had received Rs 10 crore out of the total of Rs 38 crore in property tax. The deadline has been extended to July 15 to accommodate families burdened by school fees. The SCB plans to take action against wilful defaulters owing Rs 5 crore. The eChhawani portal has facilitated seamless online payments, eliminating excuses for delay. The SCB has assessed over 30,000 properties and aims to add 12,000 more. This marks a visionary step towards efficient tax collection and urban development.
The Ahmedabad Urban Development Authority's ambitious plan to sell 17 plots for Rs 1,238.35 crore has encountered significant challenges. In the initial auction phase, only four plots were sold, raising concerns. High prices and uncertainty over the new Jantri rates has deterred bidders. Two expensive plots in Vejalpur failed to attract any interest. AUDA refrained from auctioning six plots in Bhopal. Despite their efforts, the auction fell short of expectations. AUDA has not officially disclosed auction details, but insiders suggest disappointment. Nonetheless, two plots in Manipur-Godhavi and two in Chandkheda were successfully sold.
The Chandigarh Municipal Corporation is taking action against property tax defaulters by issuing recovery notices. Around 30,000 residential property taxpayers have failed to make their payments on time, resulting in notices being sent to 3,500 defaulters. The MC aims to intensify its efforts in the coming days. In total, there are 1.42 lakh property tax assessees in Chandigarh, with 1.12 lakh being residential properties. Those who did not pay by the deadline now face penalties and interest. The MC has added 6,000 new assessees this year and utilized the Indian Post Office for property tax bill delivery.
The Chinese real estate sector is experiencing a decline in spending on land acquisitions, reflecting a lack of confidence and a weak economy. Property sales have remained stagnant, with a significant drop in June compared to the same period last year. The industry is facing challenges from a debt crisis, resulting in corporate defaults and declining buyer confidence. Despite measures taken by local governments to boost the sector, investor sentiment remains fragile. The top 100 developers saw minimal year-on-year growth in sales, and many companies have downsized. However, the CREIS predicts a slight increase in sales for the full year.
Godrej Interio, the furniture solutions arm of Godrej & Boyce, has clinched the interior and MEP contract for Terminal 2's transit accommodation at Cochin International Airport. This development marks the third collaborative venture with Cochin International Airport Limited (CIAL) since 2015. Spread over 55,000 sq ft, the project includes a range of services, from civil finishes to fire protection. The revamped transit accommodation space is set to be unveiled to the public in 2024. This partnership reaffirms Godrej Interio's commitment to infrastructure development, underlining its contribution to India's economic growth.
To enhance the supply of sand and stop illicit mining, the mining department in Rajasthan proposes to auction 100-hectare sand mining blocks in each district. After locating the blocks, the mining department is responsible for creating a detailed project report (DPR). The survey will be finished in four months. In order to control the business, guarantee legal compliance, and stop unlawful activities that present environmental and economic issues while meeting Rajasthan's demand for sand resources, it has been decided to auction off mining blocks in each district.
In a late-night incident in Mumbai's Malad West, nearly 20 families were evacuated from a building after a floor in one of the flats collapsed, resulting in two injuries. The affected flat was located on the fourth floor of Navjivan Cooperative Housing Society's C wing in Evershine Nagar. Following an inspection by BMC officials, the residents were asked to immediately vacate the premises due to safety concerns. The injured individuals are reported to be in stable condition. The building's redevelopment is underway, with plans to demolish it if necessary.
In a concerning development for Hong Kong's property market, second-hand home prices have experienced a decline due to a combination of factors. The market is currently grappling with an oversupply of properties and the looming prospect of interest rate hikes. Industry experts predict further price drops, with property consultancy Knight Frank estimating potential declines of up to 5% for the entire year. The decline in May's pre-owned home price index reflects the impact of interest rate increases, causing industry observers to anticipate another drop in June.
Flipkart's Senior Vice President, Amitesh Kumar Jha, has purchased a luxury villa in the prestigious Adarsh Palm Retreat in Bangalore for a whopping Rs 15.5 crore. The transaction for the property, which spans a super built-up area of 4245 sq. ft., was concluded in May. This acquisition comes amid the rising demand for high-end real estate, fuelled by a growing population of high-net-worth individuals and increased urbanisation, suggesting a bright future for India's luxury real estate market.
A four-member expert committee in Haryana has submitted a report recommending the implementation of the stilt-plus-four (S+4) floors concept in residential areas of the state. Led by former IAS and chairman of Haryana State Pollution Control Board P Raghuvendera Rao, the committee's report emphasizes safety measures, infrastructure considerations, and the well-being of occupants. Key recommendations include limiting occupancy levels, reducing building height for proper ventilation and sunlight, and addressing concerns about sewage systems and water supply. The report has been forwarded for examination, and the government's decision on its recommendations will shape the future of residential construction in the state.
Coimbatore's town planning section of the corporation has introduced a new regulation pertaining to land development. According to an official from the section, any layout covering an area of 3,000 square meters or larger will now be required to allocate space for OR (Open Reserve) land. This decision aims to ensure the preservation of public spaces and enhance urban planning in the city. By mandating developers to earmark land for OR purposes, the Coimbatore civic body aims to strike a balance between urban development and the provision of adequate open spaces for the community.
Residents of Tamil Nadu Housing Board (TNHB) in Avadi staged a demonstration due to various problems such as lack of water supply and incomplete infrastructure facilities. Despite promises made by TNHB, drinking water is still not available in certain wards, and the stormwater drain remains unfinished, causing water stagnation. Residents are also concerned about the safety of children near a canal. Additionally, they allege that TNHB is attempting to sell plots designated for essential facilities. The Avadi Corporation commissioner has assured residents that measures are being taken to address these issues and provide a reliable water supply.
The National Company Law Tribunal (NCLT) has granted approval to a consortium led by Ashdan Developers for the insolvency resolution plan of D S Kulkarni Developers, a real estate developer burdened with debt. The consortium intends to pay Rs 826.30 crore to the stakeholders of the developers, including secured creditors, unsecured creditors, and operational creditors. Homebuyers will receive flats as compensation. The resolution plan received approval from over 83.3% of the lenders represented by the committee of creditors. The Mumbai bench of NCLT initiated the corporate insolvency resolution process for D S Kulkarni Developers in September 2019. This successful resolution plan is a positive development in the ongoing efforts to resolve insolvency and bankruptcy cases in the real estate sector.
The Gujarat High Court has requested information on the status of regularization applications for unauthorized constructions in municipalities across the state. In a PIL hearing, it was disclosed that 13,575 regularization applications have been received by 156 municipalities. The court directed the deputy commissioner of municipalities to submit details on actions taken, while also seeking updates on the regularization requests pertaining to unauthorized structures in Dholka. Two out of four builders responsible for the unauthorized constructions have already applied for regularization. The court expects the authorities to provide the requested information by August 9.
Residents of Chander Kunj Army Towers in Silver Sand Island, Vytilla, are living in fear as serious structural issues have rendered their homes unsafe. Reports from reputable agencies have highlighted design flaws, substandard construction, and the use of low-quality materials. The buildings have a limited service life of only 10 years unless extensive strengthening measures are undertaken. Residents have taken legal action against the Army Welfare Housing Organisation (AWHO) and accused them of concealing construction irregularities. The plight of the residents emphasizes the need for accountability and highlights the importance of stringent oversight in housing projects.
Unplanned daily power outages spanning six to twelve hours have been impacting water supply for residents of Gurugram's DLF 2, Sector 56, and Ardee City. The DISCOM has come under fire for its poor supply and inaction regarding complaints. Disruptions have been brought about by problems with the power infrastructure, such as low voltage, fluctuation, and tripping. Residents have reported subterranean cable faults, substation failures, and problems at the powerhouse despite the fact that authorities have showed little interest. The DHBVN disputes the existence of a power shortfall, attributing blackouts to regional faults, and guarantees monitoring through an ongoing smart grid initiative in the region.
Hero Realty Pvt. Ltd. has introduced its new brand, 'Hero Earth,' dedicated to delivering premium plotted development projects. The company has launched its flagship project, 'The Ark,' located in Gurugram's Sector 85. 'The Ark' offers meticulously designed plots with essential amenities, strategic location advantages, and a commitment to quality living. Hero Realty aims to establish itself as a prominent player in the plotted development market with 'Hero Earth' and 'The Ark' project.
Corem Property Group, ALM Equity, and Broskeppet Bostad have agreed to sell a majority stake (51%) in Klovern, a Swedish housing company, to property investor Nrep. The deal, valued at 2.5 billion Swedish crowns, will also involve an additional investment of 4 billion Swedish crowns in Klovern by Nrep through share issuances. This transaction will enable Klovern to fulfill its project portfolio of approximately 24,000 homes and establish itself as one of the largest housing companies in Sweden. Following the sale and a subsequent share issuance, Nrep's ownership stake in Klovern will increase to 65%, while Corem's ownership will decrease to 17%.
Vienna, Austria, has gained recognition for its progressive approach to social housing, with over 60% of the city's residents living in subsidized housing. City-owned flats and cooperative apartments make up a significant portion of the housing market, and stringent rent control laws ensure that residents spend only a fraction of their income on housing. Vienna's commitment to housing as a fundamental right has resulted in aesthetically appealing homes with communal amenities, fostering economic diversity within the council estates. The city's model serves as a successful example of collaboration between public and private entities in creating affordable and liveable urban areas.
HDFC, post-merger with HDFC Bank, is considering a one-time settlement offer from promoter DP Jain for the sale of two Radisson Blu hotels in Ghaziabad. The outstanding loan for these properties is Rs.507 crore, and the settlement offers from DP Jain and Prudent ARC are Rs.315 crore and Rs.311 crore, respectively. HDFC is currently evaluating these offers, which could result in a 61% recovery for the outstanding loan amount. The evaluation process will determine the course of action for HDFC in addressing the loan default.
K Raheja Corp Homes has unveiled Maestro, a collection of ultra-luxury limited edition homes situated in Mumbai's Juhu micro-market. Maestro offers approximately 100,000 square feet of premium saleable area with stunning views. Residences are designed by renowned Eco-Id Architects. The project has received its RERA certification and possession is scheduled for 2026. Notable features include a rooftop infinity pool, extensive amenities, and a strong focus on sustainability with IGBC Gold pre-certification.
Equity Address, a fintech platform for second home ownership, aims to raise $2.5 million by offering a 20 percent stake to strategic investors. The parent company, Equity Address Private Limited, operates two brands: Equity Address, a tech-enabled marketplace for real estate co-ownership, and The Venya, a global holiday home rental platform. Discussions are underway with venture capital firms and angel investors to close the funding round in the next two to three months. The investment will primarily be used for asset acquisitions, while Venya manages over 400 homes across 22 countries. The market for second homes is expected to exceed $4 billion by 2026.
Les Rivages de Almuñécar, a colossal vertical art mural commissioned by French luxury property development company Les Rivages, is nearing its final stage of completion at 80% progress. Created by artist José Ríos, the mural spans across three 12-story buildings in the Velilla area of Almuñécar, Spain, covering over 6,000 square meters. Once finished, it will be the largest vertical mural in Europe. The mural is part of the environmentally sustainable Le Grand Large development, featuring 15 luxurious villas with complete energy self-sufficiency. Les Rivages, also known as Remisol Invest, has been successfully developing and managing properties along the Costa del Sol and Costa Tropical for over a decade.
Hong Kong's property market is experiencing a shift as developers strive to attract buyers by significantly reducing prices and providing enticing incentives. In response to a decline in new home sales, developers are slashing prices, with some offering units at levels last seen years ago. Additionally, incentives such as mortgage discounts, dining vouchers, and travel vouchers to desirable destinations like the Maldives are being offered to boost sales. While experts predict a rebound in transactions, the market continues to face challenges, and it may take time for the economy to fully recover and stabilize.
Bollywood star Ajay Devgn has invested over Rs 45 crore in acquiring five office spaces in Mumbai's Andheri suburb. The properties, spread over 13,293 sq ft within the under-construction 'Signature' commercial tower, were purchased in transactions concluded in April. The deal includes 14 exclusive parking slots. This purchase adds to Devgn's growing real estate portfolio, echoing the trend among high-net-worth individuals, particularly from Bollywood, of investing in property despite rising prices and mortgage rates.
The recent audit by the Office of the Accountant General reveals misuse of property IDs in Karnal, Haryana. The IDs, introduced to promote transparency in property transactions, were misused to register properties in unauthorized areas, avoiding necessary regulations. The audit also highlighted significant encroachments on emergency access routes in Gurgaon. These findings underscore the need for stricter oversight in Haryana's real estate transactions.
Noida has unveiled 'Vedvan Park', India's first-ever Vedic-themed park. Constructed with an outlay of INR 27 crore, the park hosts over 50,000 plant species mentioned in the ancient Vedic scriptures. The site, which once served as a dump yard, now offers a unique blend of cultural history and nature across its seven zones, named after renowned Vedic sages. The park also features a Vedic-themed laser show, murals from the Vedic era, an outdoor gym, and a solar-powered amphitheatre. It is anticipated to attract residents from local sectors and nearby communities.
In an ongoing corruption investigation, IREO's CEO, Lalit Goyal, was arrested on Tuesday by the Enforcement Directorate (ED). The arrest, carried out in Gurugram, is part of a larger probe into alleged bribery involving a previously appointed judge. Goyal's arrest is the fourth made by the ED in less than a month, underscoring the agency's crackdown on corporate malfeasance. With the case raising serious concerns over collusion between corporations and the judiciary, it has drawn renewed public attention to the necessity for transparency in the legal system.
Indore's Municipal Corporation aims to redefine the city's energy landscape with a sustainable initiative: the installation of solar panels across 85 identified neighbourhoods. Mayor Pushyamitra Bhargava and IMC Commissioner Harshika Singh led the initiative, which hopes to garner the city a 'Solar City' title. The comprehensive plan, designed to promote green energy, also incorporates community development projects like restoration of community halls and establishment of a library in the student-heavy Bhawarkuan area. This move sets Indore as a precedent in the race towards sustainable urban living.
The Telangana government has taken a strong stance against the proposed partial merger of civilian areas within the Secunderabad Cantonment Board (SCB) into the Greater Hyderabad Municipal Corporation (GHMC). A preliminary report by an excision committee outlined the proposed transfer of civilian land to the GHMC while leaving defence land under the control of the SCB and Local Military Authority (LMA). The Telangana government's opposition sets the stage for potential negotiations with the defence ministry, and the final decision will have significant implications for administrative entities and affected residents.
The residents of HR Layout in Bengaluru are facing increasing challenges due to poor parking management in the city. The surge in office spaces in the area has put a strain on parking infrastructure, causing vehicles to encroach on footpaths and making it difficult for pedestrians to walk. The lack of clear distinction between commercial and residential zones has further compounded the issue. Residents have expressed concerns about the disappearing green cover and have called on the municipal corporation to ensure sufficient parking facilities or find alternative solutions. Residents have reported these incidents to the police, but no action has been taken.
The cost of establishing a disposal plant in Dhandari, under the Smart City Mission, aimed at managing the substantial construction and demolition (C&D) waste of Ludhiana, has escalated significantly. Originally estimated at Rs 2.7 crore, the project's expenses have now surged to Rs 7.6 crore. The plant was intended to efficiently handle the city's vast quantities of C&D waste. However, the substantial cost escalation poses a challenge to the project's implementation. The increased financial burden could impact the timely completion and effectiveness of the plant, potentially requiring additional funding or reassessment of the project's scope.
The Ahmedabad Municipal Corporation (AMC) has introduced a new policy requiring property owners to obtain a 'no due' certificate from the property tax department before being granted building use (BU) permission. The move aims to address the issue of unpaid property taxes for open land. The revised guidelines ensure that property owners settle all outstanding tax dues before utilizing their buildings. The AMC intends to crack down on tax evasion and the duplication of tax entries, promoting accountability and accurate tax billing. The implementation of these measures reflects the AMC's commitment to maximizing revenue and creating a fair and transparent system.
JK Administration has successfully granted plots to a total of 2,711 landless families in Jammu and Kashmir. The allocation of land comes as part of the Pradhan Mantri Awas Yojana (PMAY), aimed at providing affordable housing to those in need. An official statement revealed that the administration plans to continue providing land to eligible families based on the existing list. The administration is determined to address the backlog of land allotments and aims to complete the process by March 2024.
The Yamuna Expressway Authority (YEIDA) has announced its intention to appeal the National Company Law Tribunal's (NCLT) approval of the resolution plan for the Lotus City residential plots project. The NCLT had deemed the plan submitted by Ace Infracity Developers compliant with the Insolvency and Bankruptcy Code (IBC) and approved it unanimously based on the approval of the Committee of Creditors (CoC). However, YEIDA raised objections due to outstanding dues and has decided to challenge the decision in the National Company Law Appellate Tribunal (NCLAT).
According to a survey conducted by the National Tax Agency, land prices in Japan increased for the second consecutive year in 2022, indicating a gradual rebound from the effects of the pandemic. The survey revealed that average land prices rose by 1.5%, following a 0.5% increase in 2021. Hokkaido experienced the largest growth with a rise of 6.8%, driven by demand for commercial and residential land in Sapporo city. In Tokyo's Ginza district, the most expensive area in Japan, land prices increased by 1.1%, marking the first rise in three years. The revival of inbound tourism contributed to the upward trend in prices. The survey encompassed over 320,000 plots across Japan.
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has directed Ajnara Realtech, a realty firm, to complete its stalled housing project, Ajnara Le Garden Phase-3, in Greater Noida by June 2025. The project, launched in 2014, faced challenges and was unable to meet the completion deadline. UP-RERA has granted authorization to the existing promoter to resume construction and has set a deadline for the delivery of homes to the 476 allottees. The estimated cost to complete the project is around Rs 186 crore, which will be financed through various sources. Ajnara Realtech is required to deposit Rs 4 crore as upfront capital within the next three months.
HSBC, the largest bank in Europe, has announced its decision to move its headquarters from Canary Wharf to a smaller office in central London. The new location, Panorama St Paul's, offers recently refurbished space with rooftop gardens and views of St Paul's Cathedral. The move is expected to be completed by late 2026. This decision reflects the ongoing challenges in the commercial real estate market due to the COVID-19 pandemic and the increasing trend of remote work.
Four real estate developers in mainland China have recently received approval to refinance through share placements, amounting to a total of 19.9 billion yuan ($2.8 billion). These approvals signal a relaxation of restrictions on equity fundraising in the struggling real estate industry. The move aims to improve liquidity and restore investor confidence in the market. The successful completion of these share placements is expected to enhance cash flow for the companies and stimulate further investments. State media reports indicate that several developers have already expressed their intentions to reduce equity refinancing plans.
SL Green Realty Corp, a real estate investment trust (REIT), witnessed a significant increase in its stock value after successfully selling a 50% ownership stake in a prominent office building in New York City. Valued at $2 billion, the transaction suggests a positive outlook for the struggling commercial real estate market in the city. The sale of the prestigious property at 245 Park Avenue to Mori Trust Co Ltd's American subsidiary indicates resilience in the market despite challenges such as oversupply and remote work trends. SL Green Realty Corp plans to enhance the building's design and amenities as part of the transaction. The company's stock surge outperformed other REITs and contributed to a rise in the S&P 1500 Office REIT index.
A controversy has emerged in Vadodara over the deteriorating condition of decade-old houses in Jivannagar and Himmatnagar. Residents, pointing to signs of rapid decay like visible cracks, seepage, and falling concrete, have lodged complaints about their living conditions. Despite officials blaming poor maintenance, residents insist the issues stem from shoddy construction. Demands have been made for new homes or relocation permissions. Meanwhile, Himmatnagar residents have asked for their scheme's consideration for redevelopment, asserting their readiness for such a process.
Despite opposition from councillors, the Shimla Municipal Corporation approved a four percent increase in property tax during its recent monthly meeting at Bachat Bhawan. The proposal to raise taxes based on a new formula faced resistance, while concerns were raised about Rs 40-crore grant. A similar tax system is recommended nationwide to mitigate potential grant cuts. Taxes will increase annually based on the state's five-year GDP average, with a four percent rise this time. The Municipal Corporation will issue two tax bills annually for the first time, impacting over 30,000 building owners and generating around Rs 1 crore additional revenue.
The KHB colony in Amargol Phase 2, near Navanagar, faces various challenges with inadequate infrastructure and basic amenities. Despite the construction of over 500 houses, residents suffer from a lack of essential services and the negligence of housing board officials. The scarcity of drinking water and unsanitary conditions are major concerns, while damaged roads, overgrown vegetation, and safety hazards worsen the situation. The demand to hand over the colony to the HDMC remains unanswered. Corporator Manjunath Burli emphasizes the need for the KHB to provide basic facilities until the transfer takes place.
The NGT-formed committee has recommended imposing penalties on 84 hotels in Ghaziabad for engaging in illegal groundwater extraction. The fines, ranging from Rs 10 to Rs 50 lakh per hotel, are calculated retrospectively for five years. Ghaziabad has experienced a significant decline in groundwater levels, with depletion of 6.1 metres in the past six years. This highlights the pressing need for sustainable water management practices in the area. The NGT is set to hear the case soon, drawing attention to the environmental impact of unregulated groundwater extraction and the importance of conserving this vital resource.
The Delhi High Court has delivered a significant ruling, stating that advocate offices located in residential buildings should not be considered "business buildings" and therefore should be exempt from property tax. The court emphasized that the professional activities of lawyers should not be treated as commercial activities, as the Delhi Municipal Corporation Act does not grant the authority to tax professional activities conducted from residential premises. The court upheld the exemption of advocates' services from business establishment taxes, citing previous judgments and highlighting the need for explicit taxation powers in the relevant statutes.
The Delhi Development Authority (DDA) has allowed the amalgamation of two adjacent flats as part of their new housing scheme, which has received a positive response with 4,000 registrations so far. Applicants purchasing two neighbouring flats can merge them by creating a common door through a shared wall, subject to necessary approvals. This provision also applies to those who already own a flat from a previous scheme. The scheme offers 1-BHK, 2-BHK, and 3-BHK flats in various locations across Delhi, providing flexibility and personalized living spaces to meet the diverse needs of potential homeowners.
The Municipal Corporation of Gurugram (MCG) has imposed a fine of Rs 1.1 crore on the developer of Platinum Tower for illegally dumping 12,881 metric tonnes of construction waste on the master stormwater drain in the greenbelt area. The MCG will also recover Rs 92 lakh for debris removal and disposal, along with a penalty of over Rs 18 lakh. The action was taken following the discovery of a blocked drain causing waterlogging. The developer has refused to comment. The MCG's strict actions aim to deter illegal dumping and ensure proper waste disposal in Gurugram.
Uttar Pradesh Real Estate Regulatory Authority (UP RERA) Chairman Rajive Kumar announced the successful resolution of recovery certificates worth Rs 1,200 crore across the state since 2018. This achievement was made possible through recovery efforts and mutual consent. The financial year 2022-23 contributed approximately 33% of the total resolved certificates. Chairman Kumar highlighted the effectiveness of the Conciliation Forum in resolving over 1,200 cases, resulting in Rs 485 crore worth of property disputes being resolved. Additionally, he inaugurated a coffee-table book chronicling UP RERA's achievements since its establishment in 2018.
Mahindra Lifespaces Developers Limited, renowned for its resorts and Club Mahindra services worldwide, has launched its first plotted project, Lakefront Estates, at Mahindra World City in Chennai. Spread across 19 acres, the project offers customized living experiences with excellent infrastructure, lush green spaces, and a picturesque view. Located amidst the serene Paranur Hills, overlooking the Kolavai Lake, the project aims to provide an unparalleled lifestyle in a city setting.
SETTL, a leading full-stack co-living operator, is planning to expand its operations to Pune, Noida, and Chennai after establishing a strong presence in Bengaluru, Gurugram, and Hyderabad. With a focus on providing quality rental accommodation to working professionals, SETTL aims to become the top player in the premium co-living segment. The company has witnessed significant revenue growth and targets a revenue of Rs. 41 crore in the coming year, along with plans to offer 5000 beds. Despite the challenges faced by the co-living segment during the pandemic, SETTL is optimistic about the increasing demand for rental accommodation as people return to work from their hometowns.
According to the association, a significant number of buyers, specifically 471, who had invested in SARE Homes, have been unable to secure their flats. This predicament arose due to the alleged failure of KGK-Dhoot and Interim Resolution Professional (IRP) to adequately inform them about the necessary filing procedures. As a result, these buyers were not equipped with the knowledge required to claim their properties. The association expressed its concern regarding this issue, emphasizing that the affected individuals were left uninformed and unable to exercise their rights as purchasers.
Shivakumar, the Deputy Chief Minister of Karnataka, has responded to the appeals made by concerned individuals and directed government officials to establish a committee. This committee will consist of representatives from both the government and apartment federations, aiming to foster effective coordination and address a range of issues. The primary objective of this committee is to tackle the challenges faced by apartment residents and work towards finding suitable solutions. By bringing together key stakeholders, including government officials and apartment federation members, Shivakumar aims to enhance collaboration and ensure a systematic approach in resolving the concerns raised by residents.
Iraq has unveiled an ambitious plan to address the country's housing problem by designing five new residential cities, with plans for an additional 10 projects underway. The Ministry of Construction and Housing is leading the initiative, aiming to construct 100,000 houses in the initial phase. The residential cities will be strategically located across Iraq, including in Baghdad, and will feature essential infrastructure and facilities. The government intends to collaborate with local and foreign developers to ensure successful implementation. The announcement brings hope to the Iraqi population, offering improved housing options and a better quality of life.
A cave-in near Magathane Metro station in Borivli East has resulted in prompt action by the Brihanmumbai Municipal Corporation (BMC) and safety measures by the Mumbai Metro Operation Corporation Limited (MMMOCL). The incident was caused by deep excavation conducted by a builder for a private project, leading to the collapse of a stormwater drain chamber and potential risks to the station's foundation. The BMC has issued a stop work notice and filed an FIR against the responsible builder, while the MMMOCL is working closely with the BMC to ensure the safety of metro services and implement necessary measures at the site.
The Chennai Metro Rail Limited (CMRL) has revealed the final detailed project report (DPR) for the Madurai Metro Project, showcasing ambitious plans for the construction of 27 metro stations along a 32 km rail track. The revised plan includes a combination of underground and elevated corridors to enhance connectivity in Madurai. The submission of the DPRs for both the Madurai Metro and Coimbatore Metro projects is scheduled for July 15, with the aim of completing the Madurai metro within four years.
Luxury real estate developer Dar Global has unveiled its latest project, Tierra Viva, in Benahavis, Spain. Valued at approximately 282 million euros, Tierra Viva is located within the secure community of Los Jararillos, offering breath taking views of the Mediterranean Sea. Inspired by the iconic design of Automobili Lamborghini, this residential project marks the brand's first collaboration in Europe. The community features individual grand villas with various designs and luxurious amenities, including direct car access, panoramic swimming pools, and lush gardens.
A significant number of Iranian housing developers are migrating to Turkey and Georgia, raising concerns about the local economy, according to Iran's Real Estate Consultants Association. The country's deteriorating economic situation, characterized by high inflation, a weak currency, and limited investment prospects, has disproportionately affected developers dependent on the construction industry. As the economic crisis persists, developers are increasingly seeking opportunities abroad due to a lack of prospects at home. The appeal of better social and economic conditions overseas has driven many Iranians to seek a new life elsewhere.
The Karnataka government, led by Minister Byrathi Suresh, plans to grant 'B' khatas to unauthorized urban properties, excluding Bengaluru. This move aims to facilitate property sales and bank loans. The initiative is expected to contribute around Rs 1,100 crore to the state exchequer. The government is refining the plan, and an official order will be issued soon. Additionally, a committee is reviewing the Akrama-Sakrama scheme. The government is also investigating irregularities in the Smart City project. The Jal Jeevan Mission has been temporarily halted due to implementation issues.
Shivalik Group's residential tower project in GIFT City, Ahmedabad, has garnered immense success, selling 250+ apartments worth Rs 300 crore within a mere 15 days. The strong demand for luxurious homes in GIFT City and trust in the Shivalik Group have contributed to this achievement. The project offers 2BHK and 3BHK homes to diverse buyers, including NRIs. With top-notch amenities and innovative construction techniques, it aims to be completed by early 2027. Shivalik Group is proud to contribute to GIFT City's vision as an international financial hub, with more projects planned in the future.
The UP cabinet has approved a proposal to levy a 'metro and RRTS cess' on developers in cities where these services are being developed, initially in Ghaziabad and Meerut. The cess will be implemented within a 1.5-kilometer radius of the metro or RapidX corridor. The decision aims to generate revenue for the cash-strapped Ghaziabad Development Authority. Developers' associations are awaiting the official notification before deciding on their response. The cabinet's approval signifies a policy decision that may extend to other districts as well. Legal challenges to the decision remain uncertain pending the notification.
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Conscient Infrastructure has acquired 6.6-acre land in Gurugram for approximately Rs 85 crore to develop a housing project, leveraging the bullish market. Real estate consultancy Cushman & Wakefield facilitated the deal. The land parcel has a development potential of over one million square feet. With this strategic move, Conscient Infrastructure capitalizes on the demand surge for residential properties, solidifying its position as a leading developer in Gurugram. The company's partnership with Hines to establish the 'Elevate Homes' platform further demonstrates its commitment to shaping the future of real estate in Delhi-NCR.
Stockholm Wood City is an ambitious project in the Sickla neighbourhood of Stockholm, designed by Scandinavian architectural studios Henning Larsen and White Arkitekter. This innovative development aims to be the world's largest wooden city, utilizing mass-timber construction techniques to create a sustainable and harmonious living and working environment inspired by nature. It will contain 7,000 office spaces and 2,000 homes spread across 250,000 square meters. Construction is set to begin in 2025, with the first buildings expected to be completed by 2027, and the project will be implemented in sequential phases to gather insights and apply them to subsequent stages.
Construction has started on the 2-acre retail high street project known as Paras Avenue by Paras Buildtech in Noida Sector 129. The concept intends to reinvent the high-street shopping experience and offer customers a distinctive place to buy and eat. The remarkable design, wide frontages, and flexible spaces on Paras Avenue make it the perfect setting for maximizing the economic potential of a variety of goods and services. Double-height retail locations increase brand visibility and draw greater leasing fees from investors. With a proven track record of creating commercial properties, Paras Buildtech is a dependable and respectable developer.
In a bid to compensate those affected by the Navi Mumbai International Airport project, the City and Industrial Development Corporation (CIDCO) has allocated 46 plots to Project Affected Persons (PAPs) via a computerised draw. The plots, given under rehabilitation and resettlement and the 22.5% compensation schemes, reflect CIDCO’s commitment to fair processes and generous compensation. The development also includes substantial benefits like rental disbursements, one-time special assistance, and agricultural compensation.
Residential housing loans have surged from 8.6 percent in March 2012 to 14.2 percent in March 2023, as per the Reserve Bank's Financial Stability Report, indicating a significant increase over the past eleven years. The housing sector is thriving, with sales witnessing a remarkable 21.6 percent increase in the fourth quarter of 2022–23. This strong growth reflects the high demand for new launches, showcasing a positive market outlook. The low NPA rate in the home loan segment can be attributed to Indians' inclination to repay loans promptly and the regulatory framework established by the RBI.
In a shocking revelation, a massive real estate scam amounting to INR 450 crore has been uncovered in Panipat. The illegal scheme reportedly involves Haryana Shehri Vikas Pradhikaran (HSVP) and local revenue officials. Joginder Swami, a local resident, blew the whistle on this enormous fraud, involving a 7,200 square feet commercial plot near the GT Road. Investigations are underway, and criminal proceedings against the implicated individuals are expected to follow. This incident underscores the urgency for heightened transparency and regulation within the real estate sector.
India's Securities and Exchange Board (SEBI) is closing 16 of its smaller offices as it re-evaluates its real estate needs in light of increased technology adoption. SEBI plans to leverage technology to reach investors nationwide, while maintaining a physical presence through investor service centres established in partnership with stock exchanges. The move reflects SEBI's commitment to cost optimization, efficiency, and improved investor services. The regulator aims to adapt to the digital age and evolving market ecosystem while addressing the needs of India's growing investor base.
In the first half of 2023, India's real estate sector received $2.6 billion in private equity investments, with the office segment accounting for the largest share. However, this represents a 20 percent decline from the previous year as investors adopted a cautious approach. Despite global concerns, a rebound is expected in the second half of 2023, and overall, PE investments are projected to reach $5.6 billion, reflecting a 5.3 percent YoY growth. Mumbai attracted the highest investments, followed by the NCR and Bengaluru.
Sundaram Alternates Assets plans to raise Rs 1,500 crore through its fourth real estate credit fund. The fund will focus on secured real estate investments, particularly self-liquidating residential projects. The fund will allocate 70–75 percent towards South India micro-markets and 25–30 percent for tactical investments. It targets deals below Rs 100 crore, with expected returns of 18–22 percent.
According to a circular from the Ahmedabad Municipal Corporation (AMC), after getting building use (BU) authorization, builders who disregard trees would face enforcement action. After gaining BU approval, the AMC will mandate that builders plant trees and construct tree guards that are tall enough, as well as ensure that builders maintain the trees. The AMC will take legal action if the tree planting regulations are not followed, and the garden department will check for compliance. The circular intends to encourage accountability and openness in tree-planting procedures among contractors and to ensure sustainable development methods.
A controversy has emerged in the Ahmedabad Municipal Corporation (AMC) regarding a new urban development scheme. Landowners have discovered that their final plots were allotted in different villages, potentially violating state government guidelines. The issue was raised during a town planning committee meeting, where a proposal for objections and modifications to the draft plan was presented. The scheme, similar to a previous controversial plan, awaits further approval. The AMC must address concerns and ensure transparency in the town-planning process.
Reloy, with the backing of HDFC Capital, raises Rs 7.2 crore in funding to expand its business. The pre-series A2 funding round saw participation from existing and new investors. Reloy's innovative solution streamlines the post-purchase homeowner journey by offering rewards and managing over 1.4 lakh apartments. Clients include prominent real estate developers. HDFC Capital plans to increase its stake in Reloy. The company's turnover surged to around Rs 13 crore, and it provides essential services for homeowners, creating a marketplace for home interiors and finance. Reloy aims to optimize customer and broker relationships in the real estate industry.
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According to a recent RBC report, Canada's residential construction costs have soared by 51% since the pandemic's onset due to escalating material prices, extreme weather, and labour shortages. This surge is affecting Canada's housing plans amid record immigration and population growth. Municipal development fees have also risen by 30% annually in some regions. With the country needing 5.8 million new homes by 2030 for affordable housing, the federal government has initiated a $4 billion housing acceleration plan to counter the crisis.
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The Uttar Pradesh Real Estate Regulatory Authority (RERA) has ordered Noida-based developer NexGen Infracon to pay a fine for a five-year delay in giving a buyer possession of a unit. The buyer paid Rs 1.35 crore for the apartment in Mahagun Mezzaria, and rather than the anticipated date of December 2018, possession was given in 2021. NexGen Infracon was required by RERA to turn over the apartment or pay a late fee of almost Rs 16 lakh. The resolution emphasizes the value of RERA in defending homebuyers' rights.
As part of their Siddha Seabrook project in Kandivali, Mumbai, Siddha Group and Sejal Group have secured the Occupation Certificate for two Slum Rehabilitation Authority towers. Over 450 households are housed in the towers, with the tallest residential tower in Kandivali being in the Open Sale Component. Siddha and Sejal Group have been making significant strides in the redevelopment space in Mumbai, establishing themselves as major players in the industry.
Airbnb is currently offering a unique opportunity to Barbie enthusiasts starting mid-July, where fans can book a stay in Ken's room of Barbie's Malibu mansion. Inaugural guests will enjoy a free stay, complete with a concierge service and unique Barbie-themed gifts. The announcement coincides with the launch of the highly-anticipated Barbie movie. This immersive Barbie experience follows similar initiatives by Mattel, including immersive pop-ups in multiple cities. Barbie fans can anticipate a truly pink adventure.
Indore has achieved a major milestone in its efforts to legalize illegal colonies, with the publication of the final layout for 100 colonies. Led by Indore Collector Ilayaraja, the initiative aims to provide necessary infrastructure and amenities to these previously unauthorized settlements. The meeting chaired by the collector reviewed the progress and set targets for the next phase, including the development of additional colonies. The meeting also addressed the establishment of Sanjivani Clinics across the city and discussed challenges related to infrastructure development, encroachments, and road construction.
Shanghai's property market is experiencing a downturn, with homeowners resorting to offering discounts of up to 10 percent to attract dwindling buyer interest. The increased supply of pre-owned flats has transformed the market into a buyer's domain, leading to a decline in transaction volume. As a result, owners are growing increasingly anxious to sell, prompting some to offer even larger discounts. This slump in the property sector is not only impacting the local economy but also affecting industries like steel and cement. To combat this, the government is expected to introduce stimulus measures to revive the real estate market and drive economic growth.
Out of the total 60 eligible colonies, the district administration has forwarded a list comprising 11 colonies to the state government, while active efforts are currently underway to address the issues in the remaining 49 colonies. The administration has been diligently working to assess the status of these colonies and take necessary measures to regularize their status. By engaging in this ongoing process, they aim to grant legal recognition and provide essential services to these unauthorized settlements in Gurugram. The authorities remain committed to resolving the administrative and infrastructural challenges in these colonies.
The Greater Mohali Area Development Authority (GMADA) is set to launch the second phase of the Purab Premium Apartments project, offering 550 ready-to-move-in units. The apartments range from one to three bedrooms, with prices starting at Rs 54 lakh. Occupants will enjoy cross ventilation and natural light, along with amenities such as sports facilities and a swimming pool. Applications are open from June 30 to July 31, with possession granted upon payment of 25% of the total price. The project is conveniently located near the international airport, educational institutions, and healthcare facilities.
The Assam Real Estate Appellate Tribunal (AREAT) has emphasized that a builder's responsibility extends beyond the physical handover of a property to the buyer. In a recent ruling, the tribunal emphasized the importance of a complete transfer of property ownership through the execution of a Conveyance Deed involving all relevant parties. The decision reaffirms the significance of legal documentation, contractual agreements, and transparency in real estate transactions, providing protection to buyers and promoting fair practices within the industry.
The Centre has given its approval to the state government's proposal to construct approximately 47,000 houses in Amaravati for weaker sections of society under the Pradhan Mantri Awas Yojana (PMAY). Each housing unit will receive a grant of Rs. 1.8 lakh from the Centre. Construction is scheduled to begin on July 8 and is expected to be completed within six months. This development follows legal disputes and allocation of house sites to underprivileged families in the R-5 zone of Amaravati.
According to the master plan, the corporation secretary can grant approval for apartments in the core area zone with a maximum of 150 units, eliminating the need to involve the district town planner. This proposal aims to streamline the building approval process in Thiruvananthapuram, allowing quicker decision-making for smaller residential projects. By empowering the corporation secretary with this authority, it reduces bureaucratic hurdles and expedites the approval process, benefiting both builders and residents. This move reflects an effort to enhance efficiency and decentralize decision-making in urban development.
The Kolkata Municipal Corporation (KMC) buildings department has compiled a comprehensive list of vulnerable buildings in Kolkata that are at risk of collapsing. Several areas, including Burrabazar, Chitpore, and MG Road, have particularly deteriorating structures. However, due to limited resources and time constraints, the civic body faces challenges in demolishing all hazardous buildings. Evacuation difficulties have been encountered, but the KMC remains determined to tear down high-risk sections with police assistance, aiming to mitigate potential dangers during the monsoon season.
The Union cabinet is on the verge of granting approval for an escalation in building misuse charges. The administration of Chandigarh, along with the Ministry of Home Affairs (MHA), has concluded the finalization of a comprehensive 'cabinet note' regarding this matter. This note outlines the proposed changes and seeks the cabinet's endorsement for implementing higher charges for building misuse. The imminent approval from the cabinet signifies that the increased charges will soon be enforced, potentially impacting individuals who violate building regulations in Chandigarh.
Despite double-digit monthly sales decreases, home prices in Miami-Dade County have reached a new all-time high for the second consecutive month. The scarcity of available housing and sustained high demand from buyers have contributed to this trend, creating an imbalanced housing market that heavily favors sellers. Middle-class buyers face challenges in affording homes, prompting some to explore neighboring counties. The ongoing housing affordability crisis is a concern for leaders in South Florida, as many individuals struggle to purchase homes or find affordable rental apartments.
Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, has approved the allocation of Dh3.1 billion in housing benefits to 1,807 citizens residing in Abu Dhabi. The benefits include grants for low-income individuals and various housing loans for eligible citizens. This initiative reflects the leadership's commitment to improving living standards, fostering social cohesion, and promoting stability. With the introduction of the second housing package, the total value of housing benefits allocated to Abu Dhabi citizens exceeds Dh6 billion.
The newly opened Radisson Hotel Sonamarg in Jammu and Kashmir aims to invigorate the region's tourism sector. Located amidst the picturesque valley of Sonamarg, the hotel offers luxury accommodation, breathtaking views of the Himalayas, and a range of amenities. With a focus on sustainability, the hotel strives to promote local economic growth while providing guests with a memorable and rejuvenating experience. The opening of the hotel is expected to create employment opportunities and support local businesses, further contributing to the revitalization of tourism in the region.
In an innovative move, Real Estate Investment Trust (REIT) firms in India are contemplating establishing a dedicated industry association. This planned collective, akin to the Association of Mutual Funds in India (AMFI), aims to represent and bolster the burgeoning REIT sector. Along with raising awareness, the association intends to set industry standards and promote transparency, thereby encouraging investors to tap into this largely unexplored investment avenue. As the REIT landscape is still in its infancy in India, this development is seen as a significant step towards a mature and transparent real estate investment environment.
The famous Searing House in Prairie Village, Kansas, a product of esteemed architect Bruce Goff's creativity, is on sale for the first time since its inception in 1967. Known for its futuristic design, the house initially faced pushback due to its unconventional look. Remembered fondly by the original occupants, the house has played host to celebrities like Robert Hunter, the Grateful Dead lyricist. Initially listed last fall for $975,000, the price has now been slashed to $625,000. The house, a true architectural marvel, awaits a buyer who appreciates its unique energy and artistic value.
According to CBRE South Asia Pvt. Ltd, Mumbai hosts an impressive 77% of India's high-rise buildings. The city's skyline evolution is primarily due to scarce land availability and rapid urbanization. This growth, while creating premium real estate, has also led to a rise in land prices. Other Indian cities like Hyderabad, Kolkata, and Noida trail behind, contributing 8%, 7%, and 5% to the high-rise landscape, respectively. The majority of these towering structures are residential, signalling Mumbai's upward trajectory in addressing urban housing needs.
Adani Infrastructure and Developers Pvt Ltd have emerged successful in acquiring 1.45 lakh square metres of land from Anil Ltd in Ahmedabad, for a total of Rs 325 crore. With Rs 70 crore already paid, the remaining Rs 255 crore will be settled imminently as per an NCLT order. The land, situated in the Bapunagar area, will be developed into a major real estate project. The deal marks a significant stride in Adani Group's infrastructural expansion.
COVIE, a top-tier player in India's luxury co-living sector, has bolstered its South Indian presence with the inauguration of Covie Karle Town, a premium living space in Bengaluru. The facility, offering 220 beds, caters to young professionals and signifies the addition of 500 beds by COVIE in Bengaluru in the last three months. The company's expansion strategy, driven by its mission to redefine shared living experiences and foster collaboration among millennials and Gen Z, is set to include another 500 beds in South India and 1,000 beds across India in the coming months.
K Raheja Corp Homes and media production company Cinevista have partnered to develop a four-acre parcel in Mumbai's Kanjurmarg locality. The premium residential project, expected to be completed within five years, will see K Raheja retain 75.5% of the developed space, while Cinevista will hold the remaining 24.5%. The anticipated total value of this ambitious development is estimated to exceed Rs 446 crore. This venture marks K Raheja Corp Homes' first project in Mumbai's eastern suburbs.
In an escalating dispute at Noida's Antriksh Golf View I society, residents allege the builder unsealed and sold off parking spaces intended for driveways and greenery. Despite sealing 11 of the 78 illicit flats last year, the Noida Authority's efforts have seen limited success. Residents claim two flats were discreetly unsealed and now face the prospect of unlawful sale. Promising to investigate these allegations, an official from the Noida Authority confirmed plans for an inspection. Meanwhile, attempts to reach the builder for comments have been unsuccessful.
Mahira Homes faces legal action as the Department of Town and Country Planning (DTCP) in Gurugram orders a formal investigation into alleged forgery of documents. The city-based property developer, its subsidiaries, and associates are under scrutiny for submitting counterfeit plans to authorities. Despite previous blacklisting for similar fraudulent activities, the developer has reportedly not altered its practices. As a result, the DTCP has suspended Mahira Homes' licenses for a specific project and issued a show-cause notice, risking further punitive measures.
Chief Minister M K Stalin inaugurates the Periyar Memorial Samathuvapuram, a housing project aimed at promoting inclusivity and providing improved living conditions for marginalized communities. The Samathuvapuram consists of 100 refurbished houses and repaired infrastructure, benefiting individuals from various social categories. The project faced delays due to legal issues but has now been completed with the government's financial support. This initiative reflects the government's commitment to social equality and unity, following the vision of Periyar.
The Pune Municipal Corporation (PMC) is intensifying its investigation into the illegal use of residences for commercial purposes. Collaborating with the Maharashtra State Electricity Distribution Company Limited (MSEDCL), PMC is scrutinizing commercial electric meter data to identify violators. The crackdown, which has already resulted in significant penalty collections, could affect up to 1 lakh properties across the city. Despite appeals for voluntary self-reporting, few have complied, leading to stricter actions and increased penalties.
Following accusations of discrepancies, Union Minister V K Singh promised to oversee the PMAY scheme's implementation in Tamil Nadu. During his stay in Pudukottai, Singh visited an archaeological dig site, participated in a public meeting, and witnessed the ceremonial breaking of ground for new homes. He underlined the achievements of the Prime Minister's administration, expanded federal programs to the states, and disproved complaints about an excessive number of toll booths on national highways. Singh has indicated interest in looking into the prospect of resurrecting Karaikudi's former Chettinad Airport.
Almost half of the sewage treatment plants (STPs) in Haryana do not meet pollution control standards, as reported by the Haryana State Pollution Control Board (HSPCB) to the Central Pollution Control Board (CPCB). Out of the 156 STPs assessed, 73 were found to be non-compliant, with untreated wastewater being discharged into the Yamuna and Ghaggar rivers. The state plans to upgrade 25 STPs and establish infrastructure for treated sewage reuse to address the issue. However, there is a pressing need to ensure proper sewage treatment to safeguard the health and sustainability of water bodies in the region.
The Rail Land Development Authority (RLDA) has initiated the bidding process for a residential development plot in Sewa Nagar and Lodhi Colony, Delhi. The total land area of 43,345.82 sq. m will be divided between residential and commercial development. The reserve price for the site is Rs 355 crore. Sewa Nagar offers a tranquil ambiance and convenient access to amenities, while Lodhi Colony is a vibrant residential and cultural hub known for its art and contemporary living. This opportunity provides residents with a remarkable living experience in New Delhi, with seamless connectivity and proximity to educational institutions, hospitals, markets, and recreational facilities.
The CBRE South Asia survey indicates a rising demand for flexible office spaces, with 47 percent of respondents planning to increase their usage in the next year. Over 10 percent of office portfolios are expected to be allocated to flexible spaces by 2025. Consolidation to fewer locations for improved efficiency is another trend identified. India remains attractive to global corporations, and a balance between flexibility and space optimization in hybrid work environments is crucial. A majority (96 percent) prefer at least three office days per week, with a notable increase in fully office-based strategies (40 percent in Q1 2023).
The Ministry of Panchayati Raj in India launched the Svamitva scheme, which aims to provide rural residents with ownership rights through drone surveys and physical verifications. The scheme enables villagers to obtain legal proof of their residential assets, granting them access to bank loans and government benefits. The process involves conducting surveys, verifying property details, and generating unique property IDs. The scheme has been implemented in several states, and millions of property cards have been prepared for unregistered dwellings in rural areas.
In response to the Bank of England's decision to raise interest rates, British banks have agreed to provide homeowners with a one-year grace period before initiating foreclosure and to protect the credit scores of borrowers who modify their loan terms. Homeowners will have the option to modify their mortgage terms, including paying only the interest or extending the repayment period for up to six months without fresh credit checks. While some measures may duplicate existing bank policies, the changes reflect the evolving mortgage market.
German house prices have seen a significant decline in the first quarter of this year, reaching a record rate of 6.8 percent. Factors such as increased borrowing costs, inflation, and weaker economic growth have contributed to this drop. The decline in prices is accompanied by a slowdown in housebuilding, with a significant decrease in approved construction projects. However, there are signs that the decline in prices is moderating, indicating a shift in the market favoring buyers.
Housing Development Finance Corporation (HDFC) and HDFC Bank are set to complete their merger by July 1. The record date for share swapping is expected to be July 13. These dates are tentative and subject to formalities. Once finalized, HDFC Bank will be 100 percent publicly owned. Shareholders in HDFC will receive 42 shares of the bank for every 25 shares held, giving them 41 percent ownership. The merger has received approval from regulatory bodies and is projected to create the world's 10th-largest bank with a market cap of $145 billion.
The ITAT Mumbai bench ruled in favour of a non-resident taxpayer, stating that the difference between the agreement and the stamp duty value of a flat at registration is not taxable. The ITAT accepted the booking form as evidence and acknowledged that payments were made through banking channels, exceeding the prevailing stamp duty value. The taxpayer initially did not file a return but later declared a taxable income of Rs 58,940. The income tax officer sought to tax the difference of Rs 55.9 lakh, but the ITAT dismissed the addition based on Section 56(2)(vii)(b) as the dispute was resolved.
UAE-based LuLu Group unveils a grand vision for Telangana, investing a staggering Rs 3,500 crore in the realms of food processing, logistics, and retail. Their ambitious plans include a state-of-the-art logistics hub and export processing plant, an integrated meat processing facility, and the transformation of a mall into the magnificent LuLu Mall. With employment opportunities and economic growth in mind, this visionary endeavour promises to leave a lasting impact on Telangana's landscape. The LuLu Group's commitment to innovation and expansion sets the stage for a prosperous future in the realms of commerce and consumer experiences.
Macrotech Developers, a subsidiary of the Lodha Group, has emerged as the successful bidder for V Hotels Ltd., acquiring the Tulip Star (formerly Centaur Hotel Juhu) in Mumbai. The Committee of Creditors declared Macrotech Developers as the resolution applicant for the bankrupt hospitality company. Macrotech Developers highlighted the real estate assets of V Hotels that hold potential for residential and allied development. Additionally, Macrotech Developers acquired a land parcel in Kanjur Marg from HDFC. These acquisitions further solidify Macrotech Developers' position in the real estate industry and showcase their commitment to innovation and growth.
Chintels India, the property developer of Paradiso residential complex, has barricaded Tower F due to the distressing sag of a balcony in flat 403. Citing safety risks, the developer has implored for immediate evacuation. Despite warnings, two families continue to reside in the affected tower. District town planner Manish Yadav has assured thorough inspection. Meanwhile, legal action questions the lack of rent settlement in evacuation orders, arguing that Chintels India should comply with regulations set under the Disaster Management Act, which include paying rent or providing alternate accommodation.
Earlier this week, the JMC-Greater administration in Jaipur successfully dispersed the first installment of Rs 30,000 to 110 recipients under the PM Awas Yojana (PMAY-Urban). Mayor Somya Gurjar emphasized the importance of female empowerment, urging beneficiaries to name their new homes after their daughters. The remaining 22 recipients are set to receive their initial payment soon. A forthcoming general body meeting will tackle previously stalled proposals and additional agenda points aimed at improving the city's living conditions.
R K Arora, the chairman and owner of real estate company Supertech, has been apprehended by the Enforcement Directorate (ED) on allegations of money laundering. The ED's investigation revealed that Supertech and its directors were involved in a criminal conspiracy to defraud the public. The company collected funds from homebuyers and obtained loans for construction purposes, but the funds were misappropriated and diverted. As a result, the Supertech group defaulted on payments, leading to significant non-performing assets.
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