Dedicated locality research platform
Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
Bhutani Infra, a Delhi-NCR based real estate developer, is set to construct a commercial high-street mall in Noida sector 133, investing Rs 500 crore in the endeavour. The project will span around 3 lakh sq ft in its first phase and is expected to be completed within 30 months. This initiative is in addition to Bhutani Infra's ongoing projects, including Bhutani Cyberthum and Avenue 62, both located in Noida. The upcoming mall will offer premium retail space, a food court, and wellness facilities, contributing to the region's commercial landscape.
Reliance Retail Ventures Ltd, under Mukesh Ambani's leadership, plans to raise approximately Rs 3,048 crore through an infrastructure investment trust (InvIT), as per a draft document submitted to Sebi. The company, already having registered a trust with the market regulator, intends to utilize it to house the warehouse assets intended for monetization. A minimum of 25% of the trust's units will be retained by Reliance Retail, with the remaining portion open to incoming investors. The initiative aligns with the company's broader strategy of capitalizing on its warehousing and logistics assets, aiming to drive growth and innovation.
.png)
Reliance Industries and The Oberoi Hotels and Resorts are joining forces to manage three prestigious hospitality projects, including the Anant Vilas Hotel in Mumbai's Bandra Kurla Complex, Stoke Park in the UK, and an upcoming project in Gujarat. This strategic partnership aims to redefine luxury hospitality by blending urban luxury with bustling business districts and enhancing world-class destinations. The collaboration underscores their commitment to innovation, quality, and guest-centric experiences, promising to reshape the hospitality industry landscape.
.png)
Telangana RERA's Chairman, N Satyanarayana, has revealed that the organization is in the process of developing a comprehensive module for aspiring property agents. Engaging various stakeholders, the initiative aims to enhance the credibility of realtors, who frequently represent property transactions. This move underscores the significance of agents in property deals and their pivotal role in maintaining transparency and trust within the real estate sector. Collaboration with industry associations and premier institutions is underway to ensure smooth implementation and promote transparency within the sector.
The Bombay High Court has directed the BMC's Technical Advisory Committee to independently assess structures damaged by unauthorized tenant demolitions along Old Agra Road in Kurla. Justices Patel and Khata emphasized excluding private audit reports and ruled reconstruction should halt. The move addresses widespread damages caused by tenants and ensures proper authorization for repairs. The court ordered the landlord to present repair plans on September 13 and warned tenants against obstructing the assessment, hinting at potential contempt proceedings.
In a strategic decision aimed at enhancing efficiency and impact, authorities have announced the implementation of a Direct Benefit Transfer (DBT) system for construction worker welfare programs. This measure is anticipated to reduce inefficiencies and ensure precise allocation of benefits. Notably, this step seeks to enhance working conditions, elevate quality of life, and uphold the well-being of construction laborers. The move is aligned with the overarching goal of curbing wastage, while also fostering more targeted and impactful support for this essential workforce.
.png)
The Margao Municipal Council (MMC) has chosen caution over immediacy in deciding on revised plinth area rates, which are crucial in calculating construction license fees for buildings. The MMC deferred discussions on the proposed rates, which were met with resistance due to significant fee increases. The Shadow Council for Margao and real estate developers expressed opposition to the surge in fees ranging from 38% to 45%. The cautious approach indicates responsiveness to public sentiment and stakeholder concerns. While this deferral may be temporary, it offers an opportunity for deeper deliberation on potential implications before reaching a conclusive resolution.
In Anni, Himachal Pradesh's Kullu district, eight multi-storey buildings collapsed in a domino effect following relentless monsoon showers. Fortunately, local authorities had evacuated these structures by August 15, preventing any casualties. While the exact cause remains under investigation, some point to the unusually heavy rainfall this season, while others highlight inadequate drainage systems in the region. This incident underscores the urgent need for reinforced construction standards in areas susceptible to extreme weather.
A recent report by Knight Frank India and NAREDCO predicts India's real estate sector to soar to a worth of USD 5.8 trillion by 2047, effectively doubling its contribution to the national GDP from 7.3% to 15.5%. This growth, backed by private equity investments and an evolving housing demand, indicates a major economic shift. With a surge in luxury housing demand and expanding sectors like warehousing, India's real estate landscape is poised for unprecedented expansion.
.png)
The rental and housing landscape in Greece presents challenges as prices surge. Research by Potamianos Real Estate Group indicates a 35% rise in average rent since 2017, with some areas witnessing increases exceeding 50%. For Greek renters, affordability remains a concern, as 74.2% allocate over 40% of income for rent and necessities. Financial struggles are evident, with 36.4% of adults behind on housing payments and utility bills in 2021. Single-member households face tougher conditions. Meanwhile, mortgage takers encounter high prices for older flats in central Athens, averaging €1,780 per sq meter, demanding significant financial liquidity for repayment.
.png)
Rents in Hong Kong are set to surge by 8 to 10 percent this year, marking the highest increase in 11 years. This rise is attributed to mainland Chinese students and professionals arriving through talent-import programs, creating a landlord's market. The average rent for private residential properties reached HK$35.26 (US$4.50) per square foot in July, the highest since October 2021. Around 75,000 individuals were approved under talent-import initiatives in the first seven months, almost doubling the previous year's count. This surge is expected to outpace the home buying market, with an anticipated 5 percent rise in home prices compared to forecasts of a 10 percent decline.
In a recent ranking of living conditions in Polish cities, Poznan emerged as the top choice due to its low unemployment, decent wages, and high-quality air. Katowice secured the second spot with impressive housing accessibility and low unemployment, although it lagged in crime rates. Opole claimed the third place, excelling in air quality and scoring well on crime. On the contrary, Bialystok, Kielce, and Warsaw ranked the lowest due to high unemployment, poor wages, and subpar living conditions. The ranking considered factors like employment, wages, crime rates, housing, medical care, and air quality, offering insights into the cities’ overall desirability.
Embassy Office Parks REIT, managed by Embassy Office Parks Management Services, plans to raise Rs 500 crore through debentures for debt refinancing. The debenture committee approved the allocation of 50,000 Series VIII NCDs on a private placement basis. These NCDs will have a 60-month tenure with an 8.10 percent coupon rate per year. Embassy REIT aims to list them in BSE's Wholesale Debt Market Segment. The company received Rs 500.15 crore against the principal amount. In Q1 of the current fiscal year, Embassy REIT reported a 9 percent increase in net operating income to Rs 737.6 crore and distributed Rs 510 crore to unitholders.
Lenders of Mumbai's Rajesh Lifespaces are utilizing corporate and personal guarantees by promoters to recover dues while awaiting NCLT approval for the company's hotel business sale. Promoters and entities linked to Rajesh Lifespaces offered guarantees for insolvent hospitality division loans. Led by ICICI Bank, banks are using these guarantees for better recovery as they await NCLT's nod. NCLT delay adds challenges to the promising recovery. The outcome not only impacts recovery rates but also Mumbai's hospitality and real estate sectors.
.png)
Realty giant DLF Ltd plans to introduce two luxury housing ventures worth Rs 15,000 crore in Gurugram during this fiscal year, capitalizing on robust demand for upscale residences. Following the successful Rs 8,000 crore sales within days of 'The Arbour' project launch, DLF aims for Rs 13,000 crore bookings this year. Their 2022-23 sales surged to Rs 15,058 crore, driven by ambitious launches totalling Rs 20,000 crore. The upcoming projects in Gurugram, on Southern Peripheral Road and Golf Course Road, are expected to yield approximately Rs 15,000 crore in sales. Additional residential towers are slated for Moti Nagar, Chandigarh, and Mumbai.
Bollywood icons have long exhibited a keen interest in real estate investments. Recently, actress Kajol expanded her property holdings by acquiring a commercial unit in Mumbai's Andheri suburbs. The "DDLJ" star purchased a 2,100 sq ft space in the Signature Building. Similarly, Ajay Devgn bought commercial units in the same building earlier this year, paying a substantial Rs 45 crores for five units. Hrithik Roshan's production house secured office space, while Alia Bhatt's production house purchased a lavish apartment. Singer Sonu Nigam also invested in multiple office spaces in Andheri West. These instances highlight how Bollywood's influence intertwines with real estate, shaping Mumbai's property landscape.
The Delhi Government is set to increase circle rates by 35% for residential and commercial properties to align them with rising market values. The move aims to bridge the gap between property market rates and government valuation. Similar revisions are observed in Gujarat due to economic growth, while Maharashtra maintains rates to sustain the real estate sector amid challenges. Karnataka's Guidance values also witnessed a spike recently. These adjustments highlight the dynamic nature of real estate and its interaction with economic factors and policies. Despite rate hikes, the real estate markets in major Indian cities continue to flourish.
The Mohali administration is proactively addressing the welfare of residents affected by upcoming demolitions near the Air Force Station's boundary wall. To provide alternative housing, the administration is taking control of land within Economically Weaker Sections (EWS) colonies within housing society projects. Displaced residents will be allotted this land to rebuild their homes before demolition occurs, following a Punjab and Haryana High Court directive. This approach demonstrates the administration's commitment to balancing development with citizens' well-being. The initiative highlights the challenges of urban development and the importance of inclusive housing solutions, emphasizing collaboration among governments, developers, and regulatory bodies.
The "Puneeth Rajkumar Housing Complex," a project by the Bangalore Development Authority (BDA) that includes 322 upmarket villas in north Bengaluru, is almost finished. The property, which is situated on 31 acres of land, has necessary features including a clubhouse, park, and sports facilities. On a first-come, first-serve basis, the villas will be sold through an online application process. A 320-unit residential building has also been built by BDA nearby. The project demonstrates BDA's dedication to improving Bengaluru's housing alternatives and is projected to generate significant interest from purchasers looking for contemporary and well-equipped homes.
Around 1,100 homebuyers involved in the Amrapali Group's housing projects are facing a "final" ultimatum from the Supreme Court receiver overseeing the projects. Those who haven't validated their flat allotment documents or taken possession of their units despite examination have been targeted. The National Buildings Construction Corporation (NBCC) is working to complete stalled projects due to the incarceration of Amrapali Group's promoters. Homebuyers must submit supporting documents to receive No Objection Certificates (NOCs) for ownership. Deadlines have been set for document submission and possession, with penalties for non-compliance. Failure to comply may lead to flat allotment cancellations and unsold inventory status.
Renowned Ahmedabad-based real estate developer, Saanvi Nirman, has launched a creative brand campaign named "Yeh Ghar Ki Baat Hai." Rooted in customer-centricity, ethics, and trust, the campaign emphasizes the company's commitment to elevating lifestyles. The phrase "Yeh Ghar Ki Baat Hai," representing familial bonds, encapsulates Saanvi Nirman's connection with customers through residential projects and reliable home-buying experiences. The monologue, narrated by actor Sharad Kelkar, highlights the emotional value of a home. The multichannel campaign spans YouTube, radio, digital platforms, and influencer collaborations, reaffirming the company's dedication to creating thriving communities and a brighter future in real estate.
DRA Homes is making its entry into North Chennai on the occasion of the 384th Madras Day. With a reputation for customer-centricity and on-time delivery, DRA Homes is announcing joint development projects in Madhavaram. These projects strategically capitalize on the area's growth potential, benefiting from improved metro connectivity and infrastructure. Their landmarks across Chennai, including Truliv Olympus, DRA Ascot, and Tuxedo, showcase their commitment to quality and transparency. The upcoming projects in North Chennai aim to continue this legacy, capitalizing on their strategic location near metro stations and essential amenities, ensuring completion around the time of metro operationalization.
The uncertainty surrounding the stilt-plus-four floors policy in Gurugram is causing distress for plot owners and homebuyers. The policy's approval has been on hold since February, hindering construction plans for residential buildings. Despite receiving recommendations from an expert committee to revise building codes and address concerns back in February, the government's decision remains pending. This indecision impacts those who purchased plots under the policy, leaving them in limbo. Additionally, developers are raising concerns about lacking infrastructure upgrades in licensed colonies, compounding the challenges faced by residents. The delay underscores the need for a timely resolution to provide clarity and enable property development in the region.
Officials from BBMP have issued notices to nearly 9,736 alleged illegal A-khata property holders in Bengaluru, giving them 15 days to prove the legitimacy of their A-khatas or have their properties shifted to the B-khata registry. An investigation revealed that over 45,000 A-khatas were issued since 2014, with suspicions that many were illegally obtained due to erroneous development charge collections. Zonal teams are currently reviewing all A-khatas, potentially leading to more reclassifications.
The Competition Commission of India (CCI) has directed the Chandigarh Housing Board (CHB) to cease anti-competitive practices related to unfair terms in a housing scheme. While CHB held a dominant market position, no penalties were imposed as CHB had already taken corrective measures to address concerns regarding non-disclosure and penal interest. The CCI's decision reflects the importance of regulatory bodies in ensuring fair competition and highlights the significance of prompt and effective responses by entities to allegations of anti-competitive behaviour. This case underscores the need for transparent and equitable practices to maintain a level playing field in the market.
IndoStar Capital Finance has successfully sold distressed loans worth Rs 790 crore from Puranik Builders and Kanakia Spaces Realty to Phoenix ARC, achieving an impressive 86 percent recovery from the outstanding loan of Rs 915 crore. This recovery rate is notable as the loans were 60 days overdue. Phoenix ARC, in collaboration with IndoStar and backed by Kotak Mahindra Bank, will oversee the real estate projects of Puranik Builders and Kanakia Spaces Realty, partially funding their completion. The transaction enhances IndoStar's retail loan portfolio from 85 percent to around 95 percent, reflecting its strategic focus on asset quality improvement.
Indiabulls Housing Finance has successfully repaid ?2,232 crore of external commercial borrowings (ECBs) raised in 2018 from various international banks, effectively clearing all its $3 billion foreign currency borrowings. The repayment marks the culmination of a deleveraging process initiated after the IL&FS crisis in 2018. CEO Gagan Banga noted that the company would now focus on growing its assets under management (AUM), with debt repayments of ?400 crore to ?700 crore per month, comfortably covered by loan portfolio repayments. The company aims for steady AUM growth and mid-teen return on equity by FY26, while pursuing an asset-light approach through co-lending partnerships.
Reliance Capital executes a strategic move by divesting 45% stake worth Rs 54 crore in Reliance Home Finance, boosting recovery prospects for lenders. Amid corporate insolvency proceedings, Reliance Capital retains a mere 2.5% ownership in the subsidiary. Authum Investment & Infrastructure leads an innovative resolution process for both Reliance Home Finance and Reliance Commercial Finance, securing significant debt for a fraction of the value. Authum's decision for voluntary liquidation adds a twist, while a sequential share sale strategy aims to maximize lenders' recovery potential. The episode highlights regulatory effectiveness and the importance of protecting retail investors' interests.
Prestige Group has unveiled Forum Kochi, a cutting-edge retail destination developed in collaboration with Thomsun Realtors. This lifestyle mall promises an all-encompassing experience in shopping, dining, entertainment, and hospitality, showcasing Kerala's heritage in its design. The mall features a curated mix of premier brands, an upscale food court, Kerala's first Funcity entertainment centre, luxury watch stores, and upscale fine-dining venues. Additionally, the development includes The Artiste Kochi, a Tribute Portfolio Hotel, providing a luxurious retreat. Forum Kochi aims to redefine retail in Kochi by blending culture, luxury, and convenience in perfect harmony.
Recent well-received film releases have led to a 10% to 15% increase in foot traffic at movie theatres, positively impacting sales within the malls that house them. This trend shows a strong correlation between movie releases and increased activity in shopping and dining experiences within the same complexes. Despite the rise of home viewing during the pandemic, theatres have adapted by offering improved amenities and discounts to attract audiences back. Successful films like "Rocky aur Rani ki prem kahani," "Gadar 2," and "OMG 2" have contributed to this resurgence, boosting food, beverage, and apparel sales. The trend has created a ripple effect, benefiting both theatres and other retail outlets within malls.
Mumbai's Arkade Group is set for a transformative debut, aiming to launch an initial public offering (IPO) in December 2023. With plans to submit a draft red herring prospectus (DRHP) to SEBI by August 31, the real estate powerhouse seeks to raise approximately ?600 crores. Anticipating a valuation of ?4,000 crores, the IPO involves a 15 percent reduction in promoter equity. Arkade Group is engaged in multiple residential projects across Mumbai's micro-markets, while also eyeing the commercial real estate sector through a leasing model. The company's sales momentum has surged, reflecting upgraded offerings and a strategic shift in project focus.
In the first half of 2023, Malaysia's property sales have surged over two-fold, poised to surpass 2019 levels, according to the Real Estate and Housing Developer's Association Malaysia. Despite unsold completed units, the industry rebound is driven by a thriving Services sector benefiting from revived tourism, a buoyant real estate market, and enhanced business services. Sales data from the association's survey of 148 members revealed a 120% rise in property sales compared to H2 2022, exceeding 2019 figures. While challenges like unsold properties persist, the sustained recovery signifies positive economic conditions, boosted by increased employment opportunities, robust international trade, and stable politics, complemented by impactful government policies.
.png)
In a strategic endeavour to rejuvenate Mumbai's urban landscape, Housing Minister Atul Save has focused on the refurbishment of 68 aging cessed structures owned by the Life Insurance Corporation of India (LIC). The Maharashtra Housing and Area Development Authority (MHADA) will issue formal notices under the new section 79 (A) of the Maharashtra Housing and Area Development Act to address the revitalization of these structures deemed hazardous by the Municipal Corporation of Greater Mumbai. Spread across different areas of Mumbai, these buildings house 1,764 occupants. MHADA will facilitate the redevelopment process, with LIC expected to propose comprehensive plans within six months, ensuring a modernized cityscape while preserving its historic charm.
In a consecutive second day crackdown, DTCP's enforcement unit targeted illicit commercial setups within private residential colonies. A total of 14 establishments were sealed in DLF Phase 2, and over 150 businesses in DLF Phase II received warnings and restoration directives from DIP Enforcement. Led by DTPE Manish Yadav, the enforcement team sealed 14 operations spanning seven houses along Jacaranda Marg and Bougainvillea Marg. With 100 businesses already sealed in various licensed colonies, the enforcement drive remains ongoing, urging voluntary cessation to avoid immediate sealing actions.
India's office sector is poised for a strong finish in 2023, with expected gross leasing of 40–45 million square feet across top markets. Domestic demand remains resilient, driven by a positive economic outlook. The global economic forecast for 2023 has improved, influencing India's office demand. Q2 2023 saw 50 percent QoQ growth in leasing, reflecting positive sentiments and a domestic economic revival. Tech and domestic occupiers play pivotal roles in office space leasing. H1 2023 witnessed 22 million square feet of new supply, showcasing developers' adaptability. This growth trajectory underscores responsiveness to evolving dynamics, with robust supply projected for 2023.
.png)
Concorde, a prominent real estate developer, has planned an expansive investment of around Rs 1200 crore over the next three years. The focus will be on launching 3.5 million square feet of premium residential spaces in North and East Bangalore, capitalizing on demand and absorption rates. With six projects in the pipeline, the company anticipates an annual sales of about Rs 500 crore. Concorde envisions innovation, vibrant communities, and smart features in its designs. The commitment to green living and spatial harmony remains strong. This strategic move redefines luxury living in Bangalore, presenting exceptional value to clients and stakeholders alike.
Nisus BCD Advisors LLP, managing Nisus Finance's RESO-1 Fund, has infused Rs 95 crore into Ahmedabad's Swaminarayan Business Park, partnering with Phoenix ARC and Kotak's Asset Reconstruction Arm. This signals Nisus Finance's entry into Ahmedabad's real estate market, focusing on projects with robust cash flows and risk-mitigated returns. The project, owned by Dharmadev Group, is nearly 80 percent complete and aligns with RESO-1's strategy. This investment underscores Nisus Finance's expansion beyond its target markets, including Indore and NCR, and marks its debut in late-stage commercial projects.
Canada's housing market is under scrutiny as a financial strategist, Iva Poshnjari, warns of a significant housing bubble due to soaring debt-to-income ratios and escalating housing prices. The analysis raises concerns about the market's vulnerability to unravelling, potentially impacting the broader economy. Historically low interest rates have driven demand and borrowing for housing, while speculative activity adds to the risks. Policymakers are urged to take precautions to avert a potential housing market crash, aiming to safeguard economic stability and citizens' well-being.
Amid the post-pandemic prevalence of remote work, New York City is unveiling a plan to convert vacant office buildings into affordable housing units. Mayor Eric Adams and Dan Garodnick, the director of New York's Department of City Planning, unveiled the "City of Yes for Housing Opportunity" initiative, aiming to repurpose commercial spaces for housing needs. The proposal envisions creating 20,000 homes to accommodate 40,000 residents, addressing the city's mounting housing crisis. However, realizing this plan hinges on state approval to increase affordable housing.
.png)
Bandhan Bank, a private sector lender, is making strategic moves to expand its presence in Mumbai and beyond. With an investment of around Rs 160 crore, the bank is acquiring commercial space in Mumbai's Bandra Kurla Complex (BKC), marking its entry into the city's financial hub. The new corporate office, covering 40,000 sq ft, will also house a treasury and is expected to be completed by the end of the fiscal year. Additionally, the bank is setting up a zonal office and government business centre in New Delhi to enhance communication with government departments. A 65,000 sq ft back-office space in Navi Mumbai is also in progress to strengthen operational capacities. Bandhan Bank is not only expanding its physical footprint but also advancing its digital offerings, with plans to open more branches and diversify its portfolio.
.png)
Metamor Software Solutions directors, Meghna Dilip Bhanushali and Tummala Vipul Reddy, have acquired a property in Hyderabad's Jubilee Hills for Rs 48 crore, marking one of the city's recent high-value residential transactions. The property, spanning 13,000 sq ft with a built-up area of 3,951 sq ft, was purchased from Manoj Kumar Tibrewala. This purchase was driven by both family and business requirements, as evidenced by the sale deed. The real estate market in Hyderabad has been witnessing a surge in significant land and mansion deals, largely from business figures and film actors.
Digital marketing agency Wiredus and real estate developer Silverglades have partnered to raise awareness about senior citizen living projects, focusing on The First Citizen by Melia. This initiative aims to redefine the lives of senior citizens by emphasizing health, wellness, and comfort in luxury senior living communities. The collaboration combines Silverglades' expertise in crafting contemporary residences with Wiredus' digital solutions. The project offers one and two-bedroom apartments equipped with amenities like fitness centres, spas, pools, libraries, and medical facilities. The partnership aims to transform the narrative of senior community living, providing seniors with an enriching and fulfilling retirement experience.
Housing and Urban Affairs Minister, Hardeep Singh Puri, pressed for the rapid integration of innovative construction technologies to meet the surge in urbanization. Addressing a CREDAI conference, he cited the need to transition from traditional methods to modern techniques. Puri highlighted successful projects utilizing such technologies, including reduced construction time, cost savings, and enhanced sustainability. The minister's call underscores the drive to reshape India's urban landscape with cutting-edge practices and sustainable growth.
.png)
Reserve Bank Governor Shaktikanta Das led a crucial meeting to enhance governance and assurance mechanisms in non-banking financial companies (NBFCs), including housing finance companies (HFCs), aiming to fortify the financial sector's stability. CEOs of prominent NBFCs and government entities, along with the RBI's Deputy Governors, participated in discussions focused on governance standards, risk management, and compliance. With these entities holding 50% of overall NBFC assets and serving underserved areas, the RBI emphasized vigilance, resource diversification, cybersecurity, fair practices, and IT enhancements. The meeting showcases the RBI's commitment to maintaining financial resilience and transparency in the sector.
.png)
In a bid to clamp down on the rise of unauthorized constructions and instil transparency, officials from the building branch in Ludhiana will now maintain comprehensive online records via the challan management system (CMS). Previously, the uploading of challans occurred monthly or yearly, with many languishing as "pending." This approach shift involves daily data monitoring and necessitates officials to promptly upload solutions. Amid multiple complaints about construction persisting post-sealing, the MC commissioner's transfer has taken place. The civic body, facing financial loss and criticism, aims for effective enforcement via digital reforms.
A home project that is now under construction in Chennai has received a total investment of Rs. 206 crores from Shriram Properties and ASK Property Fund. The project, known as "Shriram 122 West," is situated in Mangadu close to IT hubs and the future metro corridor. It spans 1.9 million square feet across two phases and has a projected five-year revenue potential of Rs. 1,200 crores. The partnership demonstrates the strategic skill of both parties and their dedication to improving the real estate market. With this agreement, Chennai will take another step toward producing high-quality residential areas and leveraging the city's expanding real estate market.
Roha Realty, a renowned real estate developer focused on upscale residential apartments in Mumbai and Thane, has partnered with MHADA for the redevelopment of two large societies in Subhas Nagar, Chembur. Demonstrating its prowess as a premium developer, Roha Realty aims to enhance residents' lifestyles through modern spacious apartments, top-tier amenities, and sustainability measures. The project will merge the two societies into a unified entity, reflecting Roha's commitment to quality and design. Chembur's strategic location and connectivity make it an attractive market for luxury living, further bolstering the investment potential of this development. Roha Realty's dedication to transparency and client satisfaction drives its mission to be Mumbai's premier real estate developer.
.png)
The residents of NOIDA's Kasna B-Block, living on abadi plots designated under the kisan quota, are facing dire conditions due to the absence of proper infrastructure. Despite being in proximity to administrative offices, the area lacks essential amenities like sewage systems, drains, and functional roads. The single access road is unpaved and filled with potholes, worsened by recent monsoon rains and nearby drainage overflow. Complaints to the GNIDA have reportedly yielded little action, leaving residents disillusioned. Water connections have been paid for but remain absent, sewers are non-functional, and road repairs are incomplete. Residents are grappling with neglect and unfulfilled promises, despite their legal entitlement to basic infrastructure.
.png)
Shriram Housing Finance embarks on Vision 2026, aiming to triple its size by capitalizing on the surging demand for affordable homes. With assets of Rs 10,000 crore, it plans to expand branches, workforce, and products, aspiring to achieve Rs 30,000 crore in AUM by FY26. Notably, 75 percent of its clients are from low- to middle-income groups. Its growth journey has witnessed a 44 percent CAGR in 4 years, doubling AUM in 17 months to reach Rs 10,000 crore. It seeks to establish a pioneering position in the affordable housing finance sector while upholding asset quality.
.png)
Real estate firm Casagrand has made a notable land acquisition in Hyderabad, securing over 4 lakh square feet of land valued at approximately Rs 57 crore. This move reflects Casagrand's strategic expansion in the thriving Hyderabad real estate market, highlighting their confidence in the city's growth potential. With Hyderabad's mix of tradition and modernity, booming technology and business sectors, and diverse cultural scene, it has become a hotspot for real estate investment. This move by Casagrand aligns with the trend of companies capitalizing on Hyderabad's economic growth and urban development.
Hayes Village, a Barratt London regeneration project, welcomed UK Prime Minister Rishi Sunak, who announced £200 million funding for housing development in London. The project, transforming a Nestlé factory site into high-quality homes, has grown significantly since his earlier visit. It is favoured by Indian investors for its stable market and strong returns. Sunak’s visit aims to boost housing and brownfield development near London Underground stations. Hayes Village offers a range of homes from studios to three-bedroom properties, attracting overseas buyers. Expected 19% capital growth and up to 5.9% rental yields make it attractive. Barratt’s partner in India will host events to engage potential buyers.
Continued demand in Dubai’s real estate sector has propelled home prices upwards, with Knight Frank’s recent findings showing a 4.8% Q2 2023 increase and a 17% surge over a year. Apartment prices have risen 21% since January 2020, averaging AED 1,290 per square foot. Meanwhile, sought-after villa prices surged by 51%, reaching AED 1,520 per square foot. This sustained momentum points to ongoing pressure on prices due to population growth. The sector’s vitality is underscored by 76,119 transactions worth 283 billion dirhams ($77 billion) in H1 2023, aided by the coveted Golden Visa boosting foreign investor demand.
Utilizing drone technology, the state government has completed mapping rural land parcels in 97% of villages, expediting boundary fixing, property validation, and card issuance. With 31,069 villages surveyed out of 31,984, this innovative approach has resolved disputes and generated over 12,496 maps and 8,846 property cards, enhancing property rights for rural households. Despite pandemic setbacks, the initiative underscores a transformative shift in land management.
Uttar Pradesh RERA Chairman Sanjay Bhoosreddy has urged real estate promoters to register projects with the authority to safeguard stakeholders, particularly homebuyers. This move aligns with a broader vision for a balanced and transparent real estate sector. With 3,467 projects already registered, including 1,598 in the NCR, Bhoosreddy anticipates increased registrations, boosting a robust real estate landscape. UP RERA's role in promoting transparency, protecting interests, and resolving disputes is crucial for growth and accountability. Bhoosreddy's call underscores the importance of compliance in fostering a thriving and consumer-centric real estate industry in Uttar Pradesh.
Anarock Group has partnered with the Madhya Pradesh Housing Board to implement its AI-driven customer relationship management system (ACRM), designed to boost real estate sales efficiency. ACRM's success in automating tasks, managing leads, and enhancing marketing strategies has led to rapid adoption, even by non-tech-savvy teams, as it streamlines operations across the Indian real estate market. The partnership showcases Anarock Group's commitment to innovative solutions within the sector.
Sumir Chadha, co-founder of WestBridge Capital, acquires a luxurious Mumbai apartment for over Rs 96.12 crore. The lavish 7,459 sq. ft residence on the 60th floor of the Oberoi Three Sixty West tower sets a new benchmark with a value of Rs 1.29 lakh per sq. ft. Chadha's stamp duty of Rs 3.59 crore finalizes the deal, also granting exclusive access to car parking slots. The WestBridge Capital leader's investment aligns with Mumbai's robust real estate market, showcasing resilience amid challenges. Oberoi Realty's strategic acquisitions and Mumbai's soaring property records contribute to the city's impressive real estate performance.
.png)
The Municipal Corporation of Gurugram (MCG) is modernizing property tax management by collaborating with a private agency to distribute tax assessment bills to 6.4 lakh property owners. This innovative approach enables residents to review and update property tax details without visiting MCG's office. A dedicated team delivers bills door-to-door, promoting engagement and accuracy. Property owners can communicate changes to agency representatives, ensuring up-to-date records. This effort covers both residential and commercial properties, integrating with digital platforms and offering a 15% tax rebate incentive. MCG's initiative emphasizes efficiency, transparency, and resident involvement for improved property tax administration.
Global alternative investment firm Varde Partners has reportedly provided around Rs 750 crore in mezzanine debt to Hyderabad's Phoenix Group for construction purposes. The funds are intended for a project where the developer is converting a special economic zone (SEZ) project into a non-SEZ venture. Due to changes in project scope, traditional bank lending was not possible, leading Phoenix Group to seek private lending from Varde Partners. Despite the relatively high interest rates associated with Varde Partners' loans, the move is seen as strategic given the current market conditions. Varde Partners has shown consistent interest in India's real estate market and has invested over $3 billion across 20 transactions in the country over the last four years.
Qatar Investment Authority (QIA) has struck a deal to invest Rs. 8,278 crore in Reliance Retail, a key player in India's burgeoning retail sector. The strategic investment will grant QIA a 0.99% minority equity stake in Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Limited. RRVL operates an extensive network of over 18,500 stores across various segments in more than 7,000 cities. This collaboration aims to leverage QIA's global experience and Reliance Retail's strong presence to further elevate the company's position. The investment from QIA follows previous investments by other entities, including Saudi Arabia's Public Investment Fund and Abu Dhabi Investment Authority.
Celebrity power-couple, Shahid and Mira Kapoor, have been named brand ambassadors for Shapoorji Pallonji Real Estate’s luxury project, VANAHA, in Pune. Nestled near the renowned Oxford Golf Course within a sprawling 1000-acre township, VANAHA promises an unmatched blend of residential, commercial, and green spaces. This collaboration seeks to magnify the project’s allure, blending the couple's elegance with the property’s promise of harmonious luxury living. The Kapoor endorsement is set to give VANAHA a unique spotlight in Pune's real estate market.
In a tragic turn of events, an under-construction railway bridge in Mizoram's Aizawl district collapsed last week leading to the death of 18 workers, primarily from West Bengal. Five workers remain missing. The Indian Railways cites a gantry collapse as the cause. Prime Minister Narendra Modi announced an ex gratia of Rs 2 lakh for the deceased's families. Mizoram and West Bengal Chief Ministers have expressed their condolences and pledged support for ongoing rescue efforts. The event has ignited discussions on the need for enhanced safety in infrastructure projects.
.png)
Thiruvananthapuram's Municipal Corporation is set to undertake a transformative Rs 20-crore housing initiative, targeting residents of Vikalanga Colony and those enlisted under the LIFE Mission. The project, located at Muttathara, aims to relocate approximately 100 families currently enduring substandard conditions. This move, coupled with the upcoming housing for the fishing community, underscores the city's determination to improve living standards for its marginalized communities.
The Bankers Institute of Rural Development (BIRD) convened in Lucknow, has discussed the potential of Svamitva cards—documents certifying rural property ownership—as eligible collateral for loans. Attended by representatives from major national and regional banks, as well as state commissioners, the meeting examined the card's validity as a conclusive property title and its implications for rural financial stability. This initiative could transform rural lending dynamics, providing villagers with enhanced financial avenues.
The Lucknow Development Authority (LDA) has revealed plans for a 'second innings' apartment complex in Viraj Khand, Gomtinagar, specifically designed for senior citizens. LDA Vice-Chairman, Indramani Tripathi, shared that the 2,500 sq mt project will feature seven-story buildings, each housing eight studio apartments tailored for seniors. The community will also boast amenities like a gym, meditation centre, and an on-site ambulance service. Unique leasing provisions allow residents aged 60 and above to transfer their flats to another senior citizen, ensuring the facilities cater exclusively to the elderly. Surrounding areas will see development of parks and wide roads.
A three-storeyed building in Navi Mumbai's Nerul area collapsed last week, resulting in two fatalities and injuring two others. The incident, which took place around 9:11 pm in Sarsole Sector 6, saw a major section of the building's third floor crash onto the lower levels. While the interior was severely damaged, the exterior surprisingly remained intact. Immediate rescue operations were launched, with victims rushed to DY Patil Hospital. The cause of the collapse is under investigation.
Zara's founder, Amancio Ortega, through his private firm Pontegadea, is engaging in a global property acquisition spree that has significantly impacted the net worth of the Ortega family. With strategic purchases in logistics centres and residential properties, Pontegadea is diversifying its investments across various locations. Recent acquisitions include a Los Angeles warehouse for $109 million, a former BBC office building in London for $102 million, a luxury residential skyscraper in Seattle for $323 million, and properties in New York, Toronto, and Glasgow. These moves highlight Ortega's visionary investment approach, expanding his real estate portfolio across borders and property types.
.png)
Despite administration efforts to recover outstanding dues, Pune Municipal Corporation (PMC) faces a substantial property tax liability of Rs 8,500 crore. About 41% of property owners missed the payment deadline, with 5 lakh of the 12 lakh property owners yet to pay. The PMC employs tactics like sealing properties and property auctions to recover dues, sealing 1,400 properties and recuperating Rs 100 crore in the past year. However, civic activists emphasize stricter actions against defaulters over amnesty schemes. PMC aims to generate Rs 2,618.15 crore from property tax this year, playing a pivotal role in its revenue generation.
Omkara ARC has secured a significant loan of Rs 784 crore from PNB Housing Finance through an all-cash deal facilitated by Joyous Housing Limited. This move aids PNB Housing Finance in addressing a substantial non-performing asset on its balance sheet. Joyous Housing, who defaulted on a secured construction finance of Rs 800 crore from PNB Housing, played a role in this transaction. The loan resolution was accomplished through the 'Swiss Challenge' method, marking a strategic step for both parties. PNB Housing Finance had recently raised capital through a successful rights issue involving key stakeholders like PNB, Carlyle, Ares SSG, and General Atlantic. The company has been working on improving its asset quality and reducing its stressed portfolio through various means.
The majority of commercial banks align home loan rates with the RBI's repo rate, factoring in eligibility criteria such as age, income, and property value. Bank choice affects the interest rate, with a margin and risk premium added to the external benchmark rate as per RBI guidelines. The top 10 banks offering competitive home loan rates in August 2023 include HDFC, Indian Bank, and Punjab National Bank, ranging from 8.5% to 10.1%. Floating rates linked to market changes determine EMI fluctuations. Additional charges for loan processing, verification, inspection, legal opinion, and more may apply, varying by bank. Early loan repayment may incur penalties based on the source of funds.
.png)
The Knight Frank MENA report highlights Egypt's real estate resurgence, attracting global investment from the US, UK, UAE, and more. Despite the pandemic, cities like Lagos, Nairobi, and Cairo are gaining attention. Egypt's Cairo emerges as a prime investment hub, backed by Middle East sovereign wealth funds with plans for up to $120 billion investment. Zeinab Adel, Knight Frank's Egypt Head, emphasizes Egypt's allure due to history, strategic location, and growing economy. The thriving residential sector in Cairo garnered $16 billion in investments in 2022, with 10% property price rise. The North Coast gains traction as a second home market, solidifying Egypt's global investment appeal.
The Greater Mohali Area Development Authority (GMADA) has taken a significant stride by awarding a tender for the development of infrastructure in the "Aerotropolis" township. Estimated at Rs 195 crores, the project aims to create a modern living space, with completion expected by April 2025. Covering 5,500 acres, the development will proceed in phases, starting with grid roads across 1,650 acres. M/s SBEIPL-HRG (JV) has been chosen for this task, encompassing civil, public health, and electrical services. Aerotropolis's strategic location near the international airport and established townships positions it as a future-focused and sought-after destination.
.png)
China's government land sales revenue declined for the 19th consecutive month in July, amplifying pressure on debt-laden municipalities. With a 10.1% year-on-year drop in land sales, followed by a 24.3% decrease the previous month, local governments are strained. A 19.1% drop in sales from January to July underscores the impact. Weakening financial health, primarily due to a property sector slowdown, is leading to developer debt defaults. This industry shift towards a reduced economic contribution is eroding land sales and fiscal revenue for regional and local governments. Prudent financial management is essential as China's property market transforms and challenges persist.
Singapore is combatting soaring public housing prices by bolstering affordability measures. Prime Minister Lee Hsien Loong unveiled heightened grants, subsidies, and new secondary market restrictions. Despite prior efforts, the resale market persists, constituting 80% of housing for residents. COVID-19 disruptions amplify the issue. Overseas wealth influx post-pandemic further drives property prices up. Policies include means-tested grants, sales limits, and repayment obligations for prime-location flats. Extended occupancy requirements and income ceilings are set for secondary market flats. Singapore's multifaceted approach strives to balance housing dynamics and equitable access amidst evolving real estate trends.
Star Housing Finance has secured a Rs 50 crore loan from State Bank of India (SBI), as per an official filing with the Bombay Stock Exchange. The company has also received loans from other institutions like Tata Capital Financial Services (Rs 6 crore), IDBI Bank (Rs 10 crore), and ICICI Bank (Rs 2.92 crore). Notably, shareholders have approved the reappointment of Ashish Jain as the chairman and managing director. Star Housing Finance's financial performance has been impressive, with Q1 FY24 witnessing a 99.51% YoY growth in total income to Rs 12.29 crore and a significant rise in net profit to Rs 1.55 crore. The company plans to raise funds through unsecured/secured redeemable NCDs or bonds for growth.
.png)
The Hyderabad Metropolitan Development Authority (HMDA) recently conducted an auction of vacant plots in the city, but the response was lacklustre. Out of the 26 plots put up for auction, only nine were successfully sold, contributing 120 crore rupees to the state government's revenue. HMDA officials explained that these unsold plots had various challenges like small size, vaastu concerns, and their proximity to other properties. The plots were located in areas such as Kokapet, Nallagandla, Manchirevula, and others across different districts. The auction revenue fell short of expectations, highlighting the complexities of property sales and local factors affecting demand and pricing.
.png)
After a 23-year-long legal dispute, Noida Authority is finally moving forward with the development of Sector 42 as a residential area. The original plan for the sector's development was approved in 1997, but it was delayed due to a legal challenge from the Central Employees Cooperative Housing Society, which claimed ownership of land within the sector. After years of legal proceedings, the Supreme Court ruled that the cooperative society members would receive apartments and the remaining land could be developed by the Authority. The Authority has now approved a revised layout for Sector 42, which includes residential plots and various amenities. This move is expected to generate significant revenue for the Authority while addressing the city's need for residential space.
In a move towards greater efficiency, the three industrial development authorities in Gautam Budh Nagar are collaborating to establish uniformity in building bylaws, plot allocation charges, and allocation procedures. Directed by the infrastructure development commissioner, officials are presently reviewing existing policies and are expected to finalize a uniform framework within two months. The initiative aims to simplify new scheme implementation and offer convenience to diverse allottees. Currently operating under distinct policies, the authorities will harmonize processes, addressing concerns arising from disparities. The strategy also extends to public transport, road construction, and traffic management through a regional connectivity plan.
Coimbatore Corporation is gearing up to launch a novel initiative that involves affixing QR codes to the exteriors of both residential and commercial buildings across the city. This move aims to establish a convenient and efficient system for garnering feedback from citizens and business owners alike. The QR code-based feedback system is anticipated to streamline the process of gathering opinions, complaints, and suggestions, enabling the corporation to better address the community's needs. This widespread implementation of QR codes underscores the corporation's commitment to embracing technological advancements for enhanced urban governance.
Prominent real estate developer Vaishnavi Group has secured significant office space leases at Vaishnavi Silicon Terraces, strengthening its status as a preferred developer for occupiers in Bengaluru. Aon and Mensa have leased half of the premium office space, joining prestigious occupants like Navi Technologies and Smartworks. Spanning 1.10 million square feet in Koramangala, Bengaluru, the strategically located Silicon Terraces offer efficient space utilization, connectivity, and amenities. As India's office market thrives, Vaishnavi Group's 25 years of experience and commitment to quality real estate make it a trusted partner for companies expanding in Bengaluru's dynamic commercial landscape.
Mumbai's Omkar Realtors has begun delivering homes in the world's tallest rehabilitation towers at Dhobi Ghat, Mahalaxmi. Around 1000 families have received new homes and retail units in Phase 1 of the project. Developed under the Maharashtra government's slum rehabilitation scheme, the initiative aims to house 16,000 slum residents across phases. The project, in collaboration with Piramal Realty, focuses on laundry-related labour and includes luxury housing. Omkar has a strong track record in slum redevelopment, delivering over 3,000 houses in a recent project. The iconic Dhobi business faces modernization challenges, adapting to water-efficient and healthier techniques.
In Mumbai's Matunga West, Sumit Woods Ltd. has presented exhibition apartments and a distinctive exercise facility for its Sumit Atulyam project. The building, which was finished in 15 months, features opulent residential units and facilities, such as three show flats and a cutting-edge exercise facility. Construction was sped up by the development of aluminum shuttering technology. With 60% of the project's sales completed, the managing director, Mitaram Jangid, expressed delight in its advancement and invited potential buyers to tour the sumptuous living quarters. P.N. Bhobe, Chief Architect of P.N. Bhobe & Associates oversaw the project's renovation.
Apeejay Surrendra Park Hotels Ltd, renowned for its opulent "The Park" hotel brand, has submitted preliminary documentation to SEBI for an IPO to raise Rs 1,050 crore. The IPO involves issuing fresh equity shares of Rs 650 crore and an offer for sale (OFS) of Rs 400 crore, with participation from promoters and investor shareholders. In the hospitality sector, ITC Hotels is considering an IPO, while ITC Limited approved a plan to segregate its hotel business. Samhi Hotels Ltd also re-submitted IPO documents, and OYO Hotels & Rooms plans to secure $1-1.2 billion through an IPO. The industry's dynamic nature requires careful analysis, and while IPOs offer investment opportunities, a thorough understanding of the sector's complexities is crucial before investing.
.png)
Around 30 Resident Welfare Associations (RWAs) from Greater Noida recently met with the CEO of Greater Noida Industrial Development Authority (GNIDA) to address various civic issues. They raised concerns about poor water quality and low pressure, a 10% annual increase in water tariffs, inadequate garbage collection, and the absence of a dedicated dog policy. Despite the meeting taking place nearly two weeks ago, the RWAs report no noticeable action on the ground. The GNIDA officials have promised to tackle these issues, including water problems and sanitation, within a specified timeframe.
.png)
Thrikkakara and Edapally areas in Kerala are witnessing a surge in flat registrations, accounting for over 50% of registrations in the district over the last four months. Despite this growth, overall property registrations, including flats and lands, have decreased compared to last year. The pandemic caused a registration dip in 2020 and 2021, leading to higher numbers in 2022. This year, the shift towards reselling properties shortly after purchase and the high cost of new flats might be affecting registration rates. Stakeholders believe that the implementation of Kerala's Real Estate Regulatory Authority is motivating builders to complete projects within specific timeframes.
.png)
Despite challenges like higher home loan rates and property prices, the desire for homeownership in India remains strong, especially for luxury properties above Rs 1 crore. Demand for properties exceeding Rs 2.5 crore has also surged, reflecting a steadfast commitment to ownership. An interesting trend is the increased interest in owning land, driven by security and potential capital appreciation. NoBroker's report highlights a shift in sentiment, with 86% considering it a good time for property investment, and 77% intending to buy in 2023. Gated communities are favoured, while plots gain popularity for price appreciation potential. Budget constraints and amenities drive purchase decisions.
.png)
The 2023 amendments to Goa's Land Development and Building Construction Regulations by the TCP department embrace balanced urban growth. Changes include allowing farmhouses in agricultural zones under conditions, streamlining FAR regulations in villages, and prioritizing fire safety and compliance with the National Building Code. The collaborative approach, incorporating public input and committee reviews, underscores responsible development. The regulations ensure a harmonious blend of development, safety, and sustainability in Goa's evolving urban landscape.
.png)
The surge in illegal constructions in Pune's Kondhwa area is exacerbated by lax tenant police verification. Recent events, like the Pune ISIS module arrests, highlight the significance of this issue. Many property owners avoid verification due to fear of repercussions. Police aim to raise awareness and warn of legal consequences. A former corporator states about 3,000 illegal properties exist, with inadequate PMC vigilance. Kondhwa's history with terrorism suspects compounds the problem, with an influx of residents from various regions and foreign nationals. Challenges arise from the lack of proper property identification and a need for stronger police presence. Efforts are being made for cooperation between property owners, authorities, and law enforcement.
.png)
To address building norm violations, the Department of Town and Country Planning (DTCP) has formed specialized teams to inspect 30 residential properties in licensed colonies where unauthorized construction allegedly occurred even after obtaining occupation certificates (OCs). Prompted by rising complaints, this move aims to investigate violations thoroughly and take necessary actions. Architects were empowered to issue OCs through self-certification, but concerns about ethical compliance prompted District Town Planners (DTPs) to review 10% of OCs issued. If violations are found during inspections, actions range from show cause notices to blacklisting architects and revoking OCs. This initiative reinforces the DTCP's commitment to maintaining construction integrity.
.png)
The Tamil Nadu Urban Habitat Development Board (TNUHDB) is overseeing the finalization of the Manjalmedu apartment complex in Madurai, replacing previous slums demolished in October 2020. Pandemic-related disruptions and funding challenges slowed construction on the 2.5-acre site, featuring 320 individual residences measuring 400 square feet each. The State government has committed to subsidizing the project, with contributions from both State and Central governments, and beneficiaries. A completion date of October 23rd is anticipated. The TNUHDB is also constructing another 396-unit apartment complex in Subramaniyapuram, spanning 1.43 acres, aimed at improving living conditions for low-income families and government employees.
.png)
Chandigarh's property landscape is set for transformation with two ground breaking policies on the horizon. The UT administration plans to introduce policies allowing the conversion of leasehold properties to freehold and changes in land use. The conversion policy will let commercial and industrial plots become freehold properties through a conversion process, while the land use conversion policy will shift industrial plots to commercial zones, enabling business-to-consumer activities. The draft CLU policy is close to completion and has involved stakeholders' input. These policies mark significant shifts, aimed at shaping Chandigarh's real estate and economy, guided by meticulous planning and stakeholder engagement.
.png)
The PMC's plea for citizens to declare self-occupancy for a 40 percent property tax reduction has received a meagre response. Around 40,000 responses were received in two months, significantly fewer than the expected 4.5 lakhs. The initiative aimed to ease high taxes for property owners who reside on their premises. PMC urged property owners to submit a PT3 form, the society's no-objection certificate, ID proof, and a tax bill from another property owned by the same taxpayer within PMC's limits. PMC released tax bills on May 15, deviating from April 1, following the state government's 40 percent rebate reintroduction.
.png)
The Municipal Corporation of Manesar (MCM) has successfully amassed Rs 18 crore in property tax since April 1. A significant development is the issuance of 30,000 notices to defaulting property owners across Manesar, urging prompt settlement of their dues. A notable shift has been the MCM's decision to outsource bill distribution to a private firm, resulting in its highest tax collection to date. This approach has primarily targeted property owners seeking no-dues certificates. The accrued funds are designated for driving development projects within emerging sectors. Additionally, notices have been issued to 100 defaulters owing Rs 10 crore. Efforts are underway to ensure billing accuracy and facilitate corrections.
.png)
For a future IT Park, the Maharashtra Industrial Development Corporation (MIDC) has selected a 100-acre area in Rajur Bahula, close to Nashik. Once the final pieces of the property have been acquired, the IT Park will help Nashik expand economically and create new jobs. This action fits with the general national trend that emphasizes technological growth. The program demonstrates the government's dedication to encouraging innovation and luring capital to the technology industry. Nashik's advantageous location and expanding industrial landscape place it in a position to become a prospective IT centre with room to grow and modernize in the future.
.png)
Wonderla Holidays, a leading amusement park chain, is in advanced discussions to expand in Punjab and Madhya Pradesh. Confident in its scalable model, the company eyes Chandigarh's untapped potential and evaluates locations in Indore and Bhopal. Ongoing projects include parks in Bhubaneshwar and Chennai, expected to complete in the coming years. With healthy cash flows and a debt-free standing, funding concerns are minimal. Wonderla plans to increase its workforce and explore international markets like Saudi Arabia and Sri Lanka within three years.
.png)
Land prices between Nandankanan and Trisulia, where the proposed route will traverse, have increased dramatically as a result of the announcement of the Bhubaneswar Metro Rail project. Depending on the region, land values have increased by 25% to 50%, with prices rising from Rs 3,000 to Rs 5,000 per square foot. Even though the precise metro line has not been finalized, the news itself has affected pricing, especially for plots close to busy roadways. Developers are now considering marketing projects based on their metro accessibility, which is helping the local real estate market flourish as a result of the expectation of increased connection.
.png)
Since early 2023, apartment rents in Barcelona have surged to €1,087 a month, reaching a new high. Rent controls set in 2020 were ruled unconstitutional in 2022, letting landlords charge market rates. The city has seen a 40% drop in available rentals in four years, with tech industry growth increasing demand from foreign workers. Pre-pandemic, prices were rising, now almost back to 2019 levels. High costs stem from foreign investors, Airbnb-style rentals, and a supply shortage. Barcelona's mayor plans to review previous social housing measures. High prices make it hard for locals to buy homes, despite seemingly reasonable costs compared to foreign cities.
.png)
Australia is set to miss its target of building 240,000 new homes in the first year of a housing affordability program by over 60,000. The Housing Industry Association predicts only 178,839 new homes will be constructed next year, rising to 195,105 in 2025. A recent national cabinet meeting aimed to address the housing shortage by adding 200,000 homes to a goal of one million new residences by 2029. Economists suggest state governments should attract foreign investors, reconsider property taxes, and hasten planning processes to meet targets and enhance affordability.
.png)
China's second-largest privately-owned real estate developer, Longfor Group, reported a slight 0.6% increase in core profit for the first half of the year. Despite this, the company's shares saw a 3.8% decline following its announcement of a 35% drop in revenue compared to the previous year. Longfor's net gearing ratio also rose by 2 percentage points to 57%. The decline in China's real estate market has raised concerns due to multiple property developers struggling with debt commitments since mid-2021, impacting sales and investor confidence. Longfor participated in discussions with regulators and expressed hope for market dynamics to change with new policies. The company aims to elevate its investment and property services divisions' contribution to over 50% of its profitability, up from the current 20%
.png)
Foreign investors from Singapore, South Korea, Taiwan, Japan, and Malaysia have contributed around $1.4 billion to merger and acquisition (M&A) transactions in Vietnam's real estate sector in the first seven months of the year. The total value of M&A activities in Vietnam during this period reached nearly $3.2 billion, a 62% decrease compared to the same period last year. Challenges within the legal framework for foreign ownership of real estate in Vietnam have slowed down M&A processes, leading to extended timelines and higher costs. Experts anticipate a more active M&A landscape in the real estate sector starting from 2024.
Between January and August 2023, the Indian real estate market experienced a notable rise in land deals. ANAROCK Research's study reported 59 transactions covering 2,018 acres, a significant increase from the previous year's 50 deals spanning 1,438 acres. Ahmedabad stood out, contributing to almost 37% of total transactions. While 2022 saw smaller plot deals, 2023 witnessed Ahmedabad closing three mega deals for 740 acres. Residential projects dominated, with 38 deals and 283 acres across major cities. Township projects also gained momentum, with five deals for 1,136 acres. This active land market indicates robust growth and evolving urban development trends in India.
A temple that was initially erected in the parking lot of Gaur City 2 society disappeared following objections from residents. Following discussions involving GNIDA officials, police, builders, and residents, a new location near the society park was identified and approved for the temple. GNIDA's formal approval will be obtained once NOCs are secured from the majority of flat owners, while ensuring that utility lines are unaffected. Builders in the area must adhere to approved layouts and obtain authority approval before making any modifications or introducing new structures.
Gurugram's Resident Welfare Associations (RWAs) are opposing the establishment of healthcare facilities within residential colonies, citing potential negative consequences. Concerns include increased traffic congestion, insufficient parking, and strains on utilities like water and electricity. RWAs recognize healthcare accessibility's importance but propose evaluating alternative locations with better infrastructure. Balancing convenience with the potential burdens on existing resources becomes crucial in addressing the residents' quality of life and maintaining the area's overall functionality
South Indian real estate developer Casagrand has appointed cricket legend Sourav Ganguly as its national brand ambassador as part of its expansion strategy into new markets, including Maharashtra. With an investment of around 8000 crores, Casagrand aims to construct 20 million sq. ft in the next three years. The collaboration with Ganguly, known for his leadership style in cricket, will drive a marketing campaign titled "Transforming Lives." Casagrand has completed over 140 projects and 40,000 homes in Chennai, Bengaluru, Coimbatore, and Hyderabad, with plans to become one of India's top 5 builders within five years.
.png)
According to the latest SRA circular, new proposals from developers, firms, and their associates with outstanding transit rent payments will not be considered until all outstanding dues are settled. The directive highlights a strict stance against defaulting parties, emphasizing the need for clearances on all dues before new projects are accepted. The move follows court pressure and the SRA's pursuit of overdue rent payments from around 150 builders involved in 150 projects. Builders who fail to provide project-affected persons' tenements also face proposal rejection.
.png)
The State Real Estate Appellate Tribunal (BREAT) in Bihar has ruled that the Real Estate Regulatory Authority (RERA) lacks the autonomy to appoint "officers and employees" without collaboration with the state government. The verdict emerged from an appeal by a developer contesting an execution order involving a property transfer. BREAT highlighted RERA's inability to function like a private company. The ruling, specific to Bihar, could potentially influence similar appointments by RERAs nationwide. BREAT labelled the appointment of a senior legal consultant "illegal" and called for the verdict's dissemination to address the issue, shedding light on RERA's powers and government involvement.
.png)
Streamlined process enables citizens to secure building permits for residences and small commercial properties under 500 sqm in Mangaluru without MCC office visits. Zonal commissioners will decide on applications using assistant town planning officers' reports, within 15 days, via Nirman 2 online software. Joint commissioner oversight ensures efficacy. Around 150 monthly applications are anticipated. Previously, only the MCC commissioner handled applications exceeding 250 sqm. Public notice by MCC commissioner Anand CL cites system flaws and inconvenience as reasons for the change.
.png)
The Kerala State Consumer Disputes Redressal Commission has sentenced a Chennai-based builder to six months of simple imprisonment for failing to comply with compensation orders to a petitioner. This marks the first instance of such legal action against a builder. The builder, Ajith Thomas Abraham, Managing Director of Southern Investment, refused to pay Rs 1.1 crore compensation to Cherukat Vijayakumar, who had suffered losses due to a fraudulent scheme. Despite repeated chances, the builder failed to fulfil his obligations, leading to imprisonment. This case underscores the commission's commitment to consumer rights and sends a stern message against non-compliance with consumer protection laws.
.png)
The BDA is set to implement the BDA Property (Management and Allotment) Regulation, 2023, as they release the draft for public review. Citizens are encouraged to provide feedback and raise objections before the rule's official enforcement, expected upon publication in the Odisha gazette. The draft outlines dual allocation modes – lottery or auction – for housing projects. Notably, property owners in the city won't qualify for BDA property allotment. Registration with BDA, leading to a universal account number, is mandatory for their participation.
.png)
The Income Tax Department's recent changes to the valuation of employer-provided houses will have a significant impact on employees' finances nationwide. Effective from September 1, the amendments by the Central Board of Direct Taxes (CBDT) alter how rent-free accommodations are valued for tax purposes. High-earning employees with employer-provided housing will likely see increased take-home pay and savings. The revisions adjust valuation percentages based on city population size using 2011 census data. Employees not part of the central or state government and residing in employer-owned unfurnished accommodations will see reduced valuations. The changes are likely to prompt discussions on income distribution and taxation strategies. Both employees and employers will need to navigate these adjustments to optimize their financial situations.
The Securities and Exchange Board of India (SEBI) has introduced new regulations to elevate corporate governance standards in financial markets, particularly for Real Estate Investment Trusts (REITs). These rules empower REIT unitholders with special privileges, including the ability to nominate representatives to serve on boards. The concept of self-sponsored REITs has also been introduced. Unitholders holding at least 10% of total units can now nominate directors to investment manager boards, ensuring equitable representation and influence over decisions. SEBI's rules mandate minimum sponsor unitholding over time to align interests, and they allow the emergence of self-sponsored investment managers for REITs. These regulations signify SEBI's commitment to investor participation and sustainable growth.
.png)
India advances its strategic infrastructure initiatives in Eastern Ladakh, gearing up to unveil the world's highest motorable road, bi-lane tunnel, and fighter jet base. Spearheaded by the Border Roads Organisation (BRO) under Lt. General Rajeev Chaudhry, these projects aim to boost both defense readiness and civilian connectivity. The Nyoma Airfield, poised to be among the globe's loftiest, will be operational by next December. With these developments, India firmly positions itself as a global infrastructural frontrunner.
HDFC Capital, in partnership with TVS Emerald, is on the brink of finalizing three land acquisitions, covering 45 acres in Chennai and Bengaluru's emerging residential sectors. This move is part of their recent collaboration targeting plotted and low-rise constructions in South India. With a shared vision, the duo aims to develop properties across 250 acres in the region, offering a blend of affordable to mid-tier housing options. This initiative comes amid a growing demand for personalized residential spaces in the post-Covid19 landscape.
.png)
Rizin Advisory Private Limited has accomplished a significant transaction within Gurgaon's prestigious Grand View Towers, resulting in a remarkable valuation of Rs 32 crore. This acquisition involves an entire 18,000 square feet floor within the iconic tower, which is part of a mixed-use complex housing the esteemed Grand Hyatt hotel. Notably, the buyer is renowned lawyer Rohit Kochhar from Kochhar & Co. The tower, designed by Foster + Partners, boasts luxury office spaces, upscale shopping, and dining establishments. With its exceptional specifications, prime location, and blend of luxury and functionality, the Grand Hyatt Office Tower exemplifies excellence in commercial real estate.
.png)
The German real estate industry encounters significant hurdles as building permits for apartments plummet by 27% during the first half of the year. Elevated construction costs and financing difficulties contribute to the decline, exacerbating stress within the broader sector. With insolvencies among property developers and a sharp dip in property prices, the nation's construction ambitions waver. As Germany grapples with the repercussions of decreased demand, political and industry leaders are set to meet to brainstorm solutions, while similar vulnerabilities surface in real estate markets globally.
.png)
China's property landscape faces turmoil as Evergrande's colossal $330 billion debt default sparks a wave of concerns. The country's top privately-run developer, Country Garden, also grapples with missed interest payments and uncertain bond redemption. The aftermath of Evergrande's default triggers a domino effect, leaving thousands of incomplete homes across China and casting shadows on international mega projects. Meanwhile, Evergrande unveils a debt restructuring proposal while grappling with a net loss surpassing $113 billion. Investors, uncertain of the future, watch as the fate of China's real estate giants continues to unfold.
.png)
The UK housing market has exhibited a mixed performance in the past year, with average house prices showing a 1.7% increase in the 12 months leading up to June 2023. This growth, however, slightly dipped from the 1.8% rise in May 2023. The Office for National Statistics' UK House Price Index (HPI) reported the average house price at £288,000 in June 2023, up £5,000 from the previous year. Regionally, the North East saw a remarkable 4.7% increase in house prices, while London experienced a marginal decline of -0.6%. Additionally, the rental market recorded record annual rent increases, with London reaching the highest rate since 2006 and the North East witnessing the lowest inflation in rents.
Amid intricate conditions in Asia Pacific's commercial real estate, CBRE advises patience for favourable risk-adjusted returns. Escalating interest rates, slow price adjustments, and a gradual mainland China recovery shape the landscape. CBRE revises projections, estimating a 15% drop in APAC commercial real estate investments for the year, foreseeing a rebound by H1 2024. Australia's yields surge, Japan performs well, and Korea shows recovery signs. DWS focuses on Australia's residential built-to-rent properties, prime logistics, and monitors Japan and Korea sectors with low vacancy rates. Prime logistics shine with 7.5%-9% returns due to e-commerce, while selected cities offer potential in the sector. Office leasing may drop 5%, but tenant-friendly dynamics prevail. DWS supports multi-family housing potential, considering tax incentives for new residential built-to-rent projects.
During H1 2023, Ras Al Khaimah's real estate market showcased distinct rental trends. Al Hamra Village led in sought-after rental apartments, witnessing up to 9.86% rent growth. Al Marjan Island and Mina Al Arab also drew attention. Villa rentals mirrored this trend, with Al Hamra Village being the prime choice. Apartments for purchase were favoured in Al Hamra Village, showing over 4% price per square foot increase. Al Marjan Island stood out for buyers, while Mina Al Arab saw a slight price decrease. Ras Al Khaimah's waterfront developments, especially Al Hamra Village and Mina Al Arab, attracted investors, reflecting the emirate's rising prominence in real estate. Anticipated projects like Wynn Al Marjan Island contribute to its continued appeal.
.png)
The Singapore Land Authority (SLA) is addressing the rising demand for co-living spaces by converting state-owned buildings, and providing innovative housing solutions. A heritage shophouse on Hindoo Road has been the first conversion, with more tenders anticipated in the coming months. Additionally, a two-storey hostel near the Botanic Gardens is up for tender. These initiatives offer a five-year tenure, extendable by four years. Co-living's popularity is growing, appealing to singles and foreigners seeking affordable housing. Experts anticipate sustained demand, while a report by JLL highlights central areas as prime locations for co-living spaces, reshaping Singapore's housing landscape.
Savills annual Executive Nomad Index ranks top global destinations for high-level remote workers, catering to nomadic executives. The list highlights cities like Dubai, Malaga, Miami, and more, considering factors that enhance their allure to this group. Malaga's rise as a coveted remote work destination owes much to Google's impact and resonates with the post-pandemic surge of "digital nomad" executives. Evaluated on criteria like internet speed, quality of life, and climate, Malaga scored impressively, solidifying its appeal. The ranked locations, including Malaga, offer digital nomad visa programs and attractive climates, fostering remote work's blend of professional opportunity and quality of life.
Sushil Tikku and his wife achieved a significant victory against Ambika Realcon Pvt Ltd in a case that could impact homebuyers dealing with real estate companies. The consumer commission ruled that Ambika Realcon must pay the Tikku family Rs 1 lakh for cancelling their flat allocation despite receiving over 80% of the payment. An additional Rs 35,000 was awarded for legal costs. The company defended its actions, claiming payment inconsistencies from the Tikku family, but the commission sided with the buyers. The ruling not only orders the flat to be reinstated within six months, provided the remaining payment is made, but also sends a strong message about accountability in real estate transactions, safeguarding buyers' rights and enforcing commitments.
Greater Noida now boasts an operational senior housing complex called "Saral Satya Legacy" thanks to DS Group. The 12-acre complex provides rental senior living that is completely furnished. It attempts to improve the quality of life for inhabitants by providing services including wholesome meals, medical help, and security. The development includes a cutting-edge club, beautiful gardens, and a range of housing alternatives. This project, which reflects a new standard in senior living, demonstrates the DS Group's dedication to comprehensive care and community involvement.
.png)
An impressive 58.74% growth in net consolidated profit was recorded for Q1 FY24 by Shriram Properties, a well-known real estate company. In comparison to the same quarter the prior fiscal year, the company's profit after tax increased to Rs 16.62 crore from Rs 10.47 crore. At Rs 157.17 crore, net consolidated total income increased by 8.31%. In the third quarter, Shriram Properties sold 0.78 million square feet for a total of Rs 459 crore. The company's gross debt dropped by 12% to Rs 488 crore, and the acquisition of Shriram 122 West is likely to be completed.
The Delhi Development Authority is revolutionizing its housing schemes to attract more buyers. It's re-evaluating the one-unit bid rule, aiming to broaden appeal and sales. Traditional restrictions are giving way to innovative strategies, including public-private partnerships. The DDA has also enlisted real estate consultant Anarock to enhance its sales approach, focusing on pricing, amenities, and dynamic strategies. The upcoming 2023 housing scheme will see 23,000 flats phased for sale, with a spotlight on the Narela sub-city. Amid dynamic changes, the DDA aims to transform its housing offerings, elevate the buyer experience, and adapt to evolving market dynamics.
WeWork is set for a one-for-forty reverse stock split to regain compliance after expressing doubts about its operational viability. Shares have plummeted since a 2021 merger, trading at 12 cents from their $47 billion valuation. With the backing of SoftBank but marked by a 2019 public plan failure, WeWork revealed a 3 percent drop in memberships, citing intensified competition, market volatility, and subdued demand. Amid cost-saving efforts, leadership changes, and debt-cutting, the reverse split aims to restore compliance by consolidating shares. Authorized by shareholders in June, it takes effect on September 1st, potentially indicating capital-raising efforts.
Brookfield India REIT raised Rs 750 crore via commercial papers, as detailed in a BSE filing. The company issued 15,000 dematerialized, rupee-denominated, listed, and rated commercial papers, totalling Rs 750 crore with a Rs 5,00,000 face value each, as per regulatory disclosure. The funds will serve debt repayment, transaction costs, capital expenses, and working capital needs for both Brookfield India REIT and its SPVs. CRISIL rated the papers 'CRISIL A1+'. The acquisition of 50 percent of Candor G1's share capital was informed separately, involving equity shares and compulsory convertible debentures. Brookfield India REIT and GIC affiliates subscribed to unlisted nonconvertible debentures of Candor G1.
.png)
Encalm Hospitality, known for creating peaceful spots at airports, is embarking on a new venture by entering the hotel industry. Their first hotel, located at Hyderabad airport, will feature 58 rooms. Moreover, Encalm Hospitality has plans to construct another hotel at Goa's Manohar International Airport. Their ambitious vision involves establishing 21 relaxing lounges at airports and managing three hotels by 2025, aligning with India's airport expansion plans. Encalm's move stems from the observation that modern travellers desire comfortable spaces during their airport experience. This leap from airport spots to hotel construction signifies a significant evolution in their business strategy, promising exciting developments for the future.
.png)
A pivotal meeting convened at Chandigarh's Hotel Mountview, presided over by UT Administrator Banwarilal Purohit, addressed concerns surrounding building regulations and water access in villages. Chandigarh Mayor Anup Gupta emphasized the need for tailored building bylaws, as the current regulations fail to accommodate the unique characteristics of villages. The Administrator's Advisory Council aims to create new regulations specific to villages and provide temporary water connections to residents outside designated zones. Challenges in obtaining construction permissions in villages were acknowledged, prompting the exploration of solutions and land allocation for development. This significant meeting involved presentations from specialized groups to ensure regulations and solutions align practically with village contexts.
.png)
Lokesh M, the newly-appointed CEO of Noida Authority, met with over 24 real estate developers to address the whopping Rs 26,000 crore in pending dues and homebuyers' concerns. He has ordered swift action against defaulting builders, including issuing recovery certificates. Concerns about construction quality, parking, and waterlogged basements were also discussed. Builders have been given a deadline of August 26 to open escrow accounts as previously directed. This move underscores a commitment to transparency, accountability, and ensuring buyers receive quality homes.
A recent study by Savills, a top real estate consultancy, revealed a significant 5-28% year-on-year increase in luxury housing rentals across Delhi, Noida, and Gurugram in the first half of 2023. The surge, attributed to a growing demand-supply gap and rising capital values, saw Delhi's Central 1 micro-market, including areas like Golf Links, leading with a 10% rise. Gurugram reported a 28% average hike, while Noida's premium sectors experienced around a 19% growth.
.png)
Maharashtra's State Housing Minister, Atul Save, announced the upcoming release of a revamped housing policy focused on affordable and sustainable living. This policy, set for a November launch, will integrate feedback from diverse stakeholders, such as architects and engineers. Building upon the previous 2015 policy, it will emphasize streamlined clearances for homebuyers and address contemporary challenges like special townships and slum redevelopment. The new framework also plans to incorporate recent state-specific regulations and align with the central 'Housing for All' initiative.
Bank of Baroda recently published an e-auction notice for the sale of actor Sunny Deol's 'Sunny Villa' bungalow in Mumbai due to outstanding loan dues amounting to around Rs 56 crores. Scheduled for September 25, the auction notice was withdrawn on August 20, reportedly due to technical reasons. The Sarfaesi Act empowers banks to recover non-performing asset (NPA) dues without court intervention. Deol has the option to settle the dues and stop the auction. The Act mandates a legal notice, followed by a 60-day period to repay the loan, failing which the property can be sold. Sunny Deol, an actor and MP, won the Gurdaspur constituency seat in the 2019 elections. Bank of Baroda's swift action raises questions about the handling of NPAs within legal bounds.
Prominent Vietnamese real estate player FLC faces a precarious situation due to its inability to liquidate assets for working capital. Former chairperson Trinh Van Quyet's arrest for inflating stock prices triggered investigations revealing stock value irregularities. Most FLC stocks have been removed or suspended, leading to financial losses and mounting debt. FLC's strategy to divest underperforming ventures, like aviation and mining, has yielded limited results. Debt has surged, totalling $1.2 billion, exceeding half of assets. Government supervision of 300 FLC projects follows Trinh's arrest, with some halted due to land clearance issues. Without swift change, FLC's plight may worsen.
Australian developer Lendlease Group has suspended work on its A$1.9 billion ($1.23 billion) office and apartment complex in San Francisco due to a struggling West Coast real estate market. With a decline in annual core profit, Lendlease seeks to mitigate risks before further investment. The project's pause aligns with a global trend of reduced demand for office space and rising property values, impacting California's commercial real estate market. Lendlease's decision reflects challenges faced by the industry, as property valuations drop by 7%, notably affecting the office segment. Despite these hurdles, the company's funds under management have grown by 9% to A$48.3 billion.
.png)
Australian realty firm Dexus faces its first loss in 14 years, attributed to escalating interest rates denting property values. This shift marks a departure from the company's historical profitability. Elevated borrowing costs have triggered a downturn, adversely affected property valuations and leading to Dexus' reported loss. The incident underscores the vulnerability of real estate to wider economic shifts, emphasizing the importance of proactive risk management and adaptable investment strategies in navigating changing financial landscapes.
Noida is preparing to review circle rates after a three-year hiatus. Property surveys will be conducted to ensure accurate recalibration of rates in various categories. The district administration has directed sub-registrars and magistrates to assess prevailing circle and market rates. Inputs from departments like PWD and Forestry will be considered for potential rate adjustments. The move comes after rates remained unchanged from 2020 to 2022 due to pandemic-induced real estate challenges. The revised rates aim to reflect actual property values and address demands from sectors like farming for fair compensation.
MO Alts, the alternative investment arm of Motilal Oswal Financial Services, is set to raise up to Rs 2,000 crore through its sixth real estate fund, IREF VI. Focusing on mid-income and affordable residential projects across top Indian cities, IREF VI aims to reinforce MO Alts' presence in the real estate sector. The fund is structured as an AIF Category II registered with SEBI, with the first close expected by December 2023. The cumulative AUM under MO Alts surpasses USD 2 billion. The leadership envisions robust growth, propelled by a resurgent real estate sector and strong fundamentals, while a proactive approach underscores the strategy's success.
.png)
The Nashik Municipal Corporation town planning department collaborates to scrutinize property tax compliance for buildings with Building Completion Certificates. This effort aims to integrate BCC-holding properties into the tax framework, as many fail to apply for property tax. About 30,000 such properties, with a potential for Rs 15 crore in annual revenue, have been identified. Last fiscal year's target was Rs 185 crore; now it is Rs 210 crore for fiscal year 2023–24. Current collections stand at Rs 115 crore, with Rs 95 crore needed to meet the current fiscal year's target.
The Union Housing Ministry and the International Council for Local Environmental Initiatives, South Asia, conducted an energy consumption analysis in 15 cities, including Thane. Thane's high greenhouse gas emissions, driven by residential buildings and public transportation, lead to extreme weather events. Excessive energy usage, stemming from household appliances, was highlighted. Proposed solutions involve adopting rooftop solar panels, transitioning to electric buses and solar-powered vehicles, and optimizing construction practices. The report suggests rainwater harvesting, eco-friendly construction, and enforcing emission regulations. Curbing emissions can bolster Thane's resilience against natural disasters and create a safer urban environment.
.png)
The Kolkata Municipal Corporation's health department is struggling to clear garbage from 5,000 vacant plots in the city, mainly due to untraceable owners or their refusal to clean. To address this, they propose a special clean-up drive, adding the expenses to property owners' tax bills. If owners don't comply, the solid waste management department will conduct the drive and charge owners; particularly dengue-prone areas are targeted.
The Ghaziabad Development Authority (GDA) is combatting illegal constructions by notifying nine banks to verify property legality before granting loans. The move comes in response to unauthorized building in GDA zone 7. The goal is to prevent multi-storey constructions on single-storey plots and deviations from sanctioned layouts. While GDA can take actions like demolition, the challenge lies in banks granting loans without checking legality. GDA directs banks to verify layout plans and cease loans for illegal properties. However, some bank officials suggest that RBI's clear directives are essential for effective change. GDA's collaboration with banks aims to ensure lawful urban development and curb unauthorized constructions.
Furniture and home decor leader WoodenStreet achieves a milestone by inaugurating its 10th store in Mumbai. This step adds to its 90+ experience stores nationwide, reaffirming its position as an industry trailblazer. The new Mumbai store, located in Mira Road, showcases diverse home furniture and decor. Its distinctive theme, including the exclusive Veda Collection, promises a unique shopping experience. WoodenStreet's commitment to quality, expansion, and substantial funding underscores its journey toward industry excellence. This new addition to the brand's portfolio cements its dedication to delivering impeccable craftsmanship and design innovation.
.png)
The Thiruvananthapuram High Court has issued an interim stay, pausing the National Green Tribunal's (NGT) decision to revoke the environmental clearance for Dragonstone Realty Private Limited's mixed land use project at Technopark phase 3. The NGT's order not only cancelled the clearance but also imposed a Rs 15 crore penalty on the project. The stay, granted for a month in response to Dragonstone Realty's writ petition, provides relief against the NGT's verdict. The NGT had cited a project split violation in its decision, prompted by an appeal from environmentalist Thomas Lawrence. The stay offers temporary relief while further legal proceedings unfold.
.png)
The Indian Supreme Court has taken action against delayed implementation of the Real Estate Regulatory Authority (RERA) in certain regions, issuing notices to chief secretaries. Justices Sanjiv Khanna and SVN Bhatti demanded explanations from Nagaland, Meghalaya, Sikkim, and Ladakh for failing to establish RERA. The move followed revelations that some areas hadn't established RERA or issued interim orders. Chief secretaries from other regions were also summoned to explain RERA's status. Affidavits detailing progress must be submitted within 60 days, and the matter will be reconsidered in January. The court highlighted RERA's importance, presenting data on registrations and resolved complaints.
A total of 170 real estate projects across Mumbai and Pune regions are pushing for deregistration due to various challenges, including financial strains and changing market demands. Mumbai's suburban district sees 8 projects, Mumbai city 4, Thane 21, Raigad 29, Palghar 7, and Pune leads with 63. The Maharashtra Real Estate Regulatory Authority (MahaRERA) had previously highlighted criteria for deregistration, emphasizing the ongoing scrutiny process for such requests. Developers are looking at reshaping projects in response to shifting local demands, with some hinting at potential reintroductions post-resolutions.
Kerala's government has taken a significant stride, permitting individual developers to establish industrial parks. The revised Private Industrial Estate (PIE) scheme extends financial aid of up to Rs 3 crore for crucial infrastructure, including roads, electricity, water supply, and communication networks within these parks. This expansion, previously restricted to companies and MSME groups, seeks to elevate industrial growth by encouraging private industrial park creation through individual developers. The initiative aims to enhance overall industrial infrastructure and development prospects within the state.
.png)
Brooklyn unveils its towering triumph, the 93-story Brooklyn Tower, standing tall at 1,066 feet, a feat of architectural excellence. Designed by shop architects, its black and bronze façade radiates grandeur, accented with white marble, steel, and copper elements. Amenities abound, with multiple street entrances, wind floors for airflow, and even the world's highest basketball court. Drawing comparisons to Sauron's Dark Fortress, the lobby's art deco aesthetic pays homage to history. Housing 150 condos and 400 rentals, the tower dazzles with floor-to-ceiling windows, opulent bathrooms, and more. From valet parking to panoramic views, this tower epitomizes luxury, innovation, and modern living in Brooklyn.
.png)
In response to the National Monument Authority (NMA)'s concerns over real estate construction around protected monuments, the Indian government has mandated stricter banking scrutiny for projects adjacent to heritage sites. Banks are now required to conduct rigorous due diligence before approving loans for such projects. Developers encroaching on lands near monuments will be blacklisted and reported as fraudulent, facilitating strict action by relevant authorities. This move coincides with the government’s plan to reintroduce a bill in Parliament that prohibits construction within 100 meters of protected monuments, signalling a robust commitment to preserving the country's rich cultural heritage amidst rapid urbanization.
.png)
Bengaluru has witnessed a remarkable 1,005% increase in its urban built-up area from 1973 to 2017, according to the "Liveability Index" report by CiRE (Corporates in Real Estate). The city, home to over 15% of Karnataka's population, has solidified its role as a significant tech and employment hub, with software exports soaring to Rs 6.3 lakh crore in 2022. In the real estate sector, Bengaluru accounted for 20% of India’s commercial leases last year, absorbing 12.5 million sq ft of office space in 2022 alone. The report predicts sustained growth for the city, fuelled by ongoing infrastructure projects and a positive investment climate.
Ahmedabad has been named India's most affordable city for homebuyers, according to the latest Affordability Index by real estate consultancy Knight Frank. In H1 2023, Ahmedabad registered a low ratio of 23% between monthly instalments and average household income, followed by Pune and Kolkata at 26%. In contrast, Mumbai recorded a high ratio of 55%, marking it as the least affordable city in India. The report also highlights shifts in housing demand due to RBI's rate hikes to curb inflation, impacting the under Rs 50 lakh price segment significantly. Despite increased EMIs, housing demand continues to sustain at multi-year highs.
Prime Minister Narendra Modi has announced an impending government scheme aimed at empowering urban middle-class families in India to own their homes. During his address at the 77th Independence Day celebration, Modi revealed plans for a program offering significant financial assistance to families living in rented accommodations, unauthorized colonies, and makeshift shanties in cities. This initiative will provide relief in bank loan interest rates, amounting to several lakhs of rupees, enabling these families to build their own homes. The scheme is designed to complement the existing Pradhan Mantri Awas Yojana Urban (PMAY-U), which has already sanctioned housing for millions of urban poor residents.
Former President of the Nigerian Institute of Building, Chuks Omeife, expresses concern over Nigeria's low homeownership rate due to a lacking mortgage system. This has hindered housing development and led to a prolonged national housing deficit. Omeife cites high building material costs and a reliance on imports as driving unaffordability. He advocates adopting Malaysia's approach, emphasizing quality, efficiency, and cost-effectiveness in housing. Malaysia's policy seamlessly integrates diverse income groups within housing communities. With government support, developers receive free land, allocating 30 percent for low-income housing.
.png)
Dubai's popular residential areas are witnessing an increase in new home availability, leading to a slowdown in rising rent prices. This trend is evident in leasing agreements across sought-after communities. Landlords are becoming more realistic in their rental expectations, with actual rates often falling within the lower end of the advertised range. This shift aims to prevent overheating of the property market. Regions with increased property supply, like Meydan and Arabian Ranches 3, show minimal rental rate growth. Limited rental units in areas such as Dubai Silicon Oasis and Jumeirah Beach Residence see higher-than-average price increases. Mid-market neighbourhoods like Jumeirah Village Circle and Dubai South also experience a deceleration in rental price hikes as more options emerge. The Expo Village in Dubai South, conceived for Expo 2020 Dubai, highlights the legacy of this development after the event.
The Bangalore Development Authority's (BDA) land layouts in Karnataka have fallen short of promises, prompting the Deputy Chief Minister's call for immediate action. Urban planning discrepancies have raised concerns about the city's liveability and growth. The BDA's incomplete layouts could lead to inadequate infrastructure and services, necessitating urgent intervention to align development with residents' needs and ensure sustainable urban expansion.
The Chandigarh Housing Board (CHB) is gearing up for a fresh e-auction of 28 freehold residential and 88 leasehold commercial properties, starting in late August. Notable offerings include a high-priced two-bedroom residence in Sector 51 A and various Economically Weaker Section (EWS) units. Recent auctions have seen a mix of success, with the CHB selling properties, particularly in the residential sector, while commercial properties have faced challenges. The CHB aims to attract buyers to a diverse range of properties, hoping to build on past achievements and overcome previous hurdles in the upcoming auction.
.png)
Jharkhand's Chief Minister, Hemant Soren, unveiled the 'Abua Awas Yojna' on Independence Day, a Rs 15,000 crore initiative aimed at providing homes to the underprivileged in two years. Soren emphasized the government's commitment to strengthening the state, despite a lack of central support during droughts. He promised three-room houses for all residents and introduced the scheme to fulfill this. Other initiatives include job creation, youth skill training, self-employment loans, transparent competitive exams, agricultural projects, rural clean water goals, hydrogen engine plant plans, and cultural promotion. Soren's address showcased a comprehensive development approach, focusing on housing, employment, education, infrastructure, and cultural preservation.
.png)
The Pune Metropolitan Region Development Authority (PMRDA) is considering implementing a transit-oriented development (TOD) charge similar to Mumbai's MMRDA, targeting new buildings near the Hinjewadi Shivajinagar Metro line to fund urban development. While some stakeholders question additional fees, PMRDA aims to balance developer profits with broader infrastructure enhancement, awaiting the outcome of Mumbai's pilot proposal.
The Indian healthcare industry has attracted substantial private equity investments of over Rs 27,000 crore in recent years, with notable deals involving Manipal Hospitals, Sahyadri Hospitals, and ASG Eye Hospital. The sector's growth is driven by expanding facilities, mergers, and acquisitions, especially in response to post-Covid consolidation, resulting in higher quality healthcare preferences and improved revenue projections. These trends are backed by strong demand for healthcare services, with ICRA predicting a healthy revenue growth of 8-10% in FY24, further cementing the industry's positive trajectory.
India's drive towards advancement and mitigating the outflow of skilled individuals has materialized as the Smart Cities Mission. Launched in 2015 by the central government, this initiative underscores the notion of smart cities as metropolises that leverage technology to optimize efficiency, promote citizen welfare, and ensure sustainability. With nearly a quarter of the designated 100 cities nearing completion, the endeavor demonstrates cutting-edge attributes such as intelligent waste and traffic management, alongside robust digital infrastructure. This effort not only establishes a prototype for nationwide urban growth but also holds immense significance due to its capacity to invigorate India's economy, furnish citizens with enhanced amenities and prospects, and ultimately bolster global competitiveness.
The Business Council of Australia (BCA) has addressed concerns regarding the housing crisis and its correlation with post-pandemic migration in a recent report. Despite acknowledging the scarcity of housing as a genuine problem, the BCA has dismissed the notion that migration is the primary cause, asserting that the main issue lies in inadequate policy and planning. The council emphasized that labelling the migration adjustments as a “big Australia” policy is misleading. Inefficiencies in planning systems and restrictive zoning were identified as obstacles to housing development.
Starting April 1, 2023, Canadian financial institutions can introduce the First Home Savings Account, aiding initial home purchase. With a $8,000 annual contribution cap, individuals can amass $40,000 in 15 years. Notably, tax relief is a key perk during filing. The account pairs with the Home Buyers’ Plan, permitting up to $35,000 withdrawal from RRSPs for home-related use. Re-contributions span 15 years without standard tax deductions. This aligns with Canada's housing strategy, bolstering affordability and ownership by expediting saving for down payments. Tax- exempt, the account aids first-time homeowners by facilitating tax-deductible contributions and tax-free withdrawals. Seven institutions offer the account, more to follow.
Madhya Pradesh CM Shivraj Singh Chouhan announced a housing scheme for the marginalized, aimed at comprehensive development. He set ambitious goals, including doubling per capita income by 2030 and elevating the state's economy. Chouhan assures pucca houses for all and launches the Mukhyamantri Jan Awas Yojana' for those left in the Awas Plus scheme. Chouhan emphasized achievements like expansive housing initiatives and skill programs, showcasing his commitment to uplifting Madhya Pradesh. He pledged to eradicate poverty, empower women, and advance agriculture. Chouhan's address reflects his determination to transform the state into a thriving, equitable entity.
BHIVE, a leading Bengaluru-based co-working provider, introduces a ground breaking Rs 400 crore CAT-2 alternative investment fund to revolutionize the co-working sector. With a strong performance record of transactions exceeding Rs 200 crore in the past year, BHIVE strengthens its position as a trusted player. The company's visionary approach involves acquiring prime commercial real estate properties, inviting High Net-worth Individuals and family-owned businesses to invest a minimum of Rs one crore. BHIVE's expansion and innovative fund underscore its commitment to shaping the co-working landscape and accommodating the evolving demands of modern workspaces.
L&T Metro Rail (Hyderabad) gains approval for the proposed slump sale of Raidurg business operations to Rafferty Developments. This strategic move aims to optimize leased land assets, minimize debt burdens, and embrace financial recalibration. The decision, contingent on transaction fulfilment and approvals, emerged from a pivotal meeting. L&T Metro's plan to lease 15 acres for over Rs 1,200 crore marks a significant alliance with Brookfield Corporation and K Raheja Corp. Ltd. The transformative step reflects prudent financial strategies with a vision to bolster commercial vibrancy through IT office towers and a mall on the land parcel.
In a recent case, the 62-year-old secretary of Sewree's Lodha Aria Co-op Housing Society was acquitted by the magistrate's court due to the Brihanmumbai Municipal Corporation's (BMC) inability to prove allegations. The BMC accused the secretary of not properly maintaining a swimming pool on the building's terrace, resulting in leakage in the apartment below. The complainant lacked expert evidence or relevant documents to trace the leakage's origin. The court's judgment highlighted crucial points: no approved layout plan proving the pool's existence, and no society bylaws indicating liability for internal leakage. The absence of substantial evidence led to the secretary's acquittal.
BBMP officials have reported that a number of builders and developers have taken their grievances to the high court, resulting in court orders to lower the fees collected by the agency. This move comes as fears of a substantial loss amounting to over Rs 2,300 crore loom over the Bengaluru municipal body. In response, BBMP has proposed adjustments to two laws to mitigate potential losses. The agency aims to find a balance between revenue generation and accommodating the concerns raised by builders and developers regarding fees.
In the bustling real estate hub of Noida, Uttar Pradesh, where the prevailing issues revolve around project delays and unfinished constructions, a mere 5% of the issued Recovery Certificates (RCs) by the real estate ombudsman have seen successful recovery since 2018. This disheartening statistic highlights the persistent challenges faced by homebuyers in receiving compensation and raises concerns about the effectiveness of regulatory measures in the region's property market. Despite efforts to address grievances, the majority of unresolved cases continue to test the efficacy of consumer protection mechanisms.
The upcoming ITC board meeting's imminent agenda is the finalization of its hotel business demerger strategy, stirring significant anticipation within the Indian hospitality industry. Optimistic forecasts are resonating across hotel chains, brokerages, real estate circles, and rating agencies, highlighting a positive scenario characterized by rising occupancy rates and room tariffs – key industry health indicators. Despite Covid's profound impact, the sector has impressively rebounded domestically and internationally, supported by compelling statistics that underscore its recovery.
Palladian Partners, a major player in India's real estate sector, unveils an ambitious expansion strategy encompassing 30 additional cities nationwide. Building on recent successes, the company aims to solidify its status as a premier real estate advisory brand, tailoring solutions for diverse markets. Since its inception in late 2020, Palladian has exhibited impressive growth, with this fiscal year's sales revenue crossing 1050 Crores. A robust project pipeline exceeding 6200 Crores marks the company's positive trajectory. Notably, 5.17 Lakh square feet of prime real estate has already been sold this fiscal year, setting the stage for forthcoming launches. Aiming for prominence across India's 16 key cities, Palladian emphasizes a strategy melding local insights with global expertise, anchored by a robust channel partner network of over 19000 members.
Noida is poised for a substantial expansion across 21,000 hectares, endorsed in the draft Master Plan 2041 for Dadri-Noida-Ghaziabad Investment Region (DNGIR). This enlargement encompasses 20 Noida and 60 Bulandshahr villages. Notably, 8,800 hectares (40%) are slated for industries, 2,500 hectares (12%) for residences, and 3,780 hectares (18%) for green and recreational spaces. Phase one's Rs 8,500 crore investment will transform 3,000 hectares, anticipating a staggering Rs 40,000 crore influx and generating 50,000+ jobs. The expansion aligns Noida with sustainable growth, harmonizing industry, homes, and leisure spaces.
In Mumbai, the manager and two cooks of a prominent Bandra restaurant were arrested after a customer complained of discovering a baby rat in his meal. The incident unfolded at Papa Pancho Da Dhaba, a renowned eatery known for its Punjabi cuisine over the last two decades. Anurag Singh found a baby rat in his chicken dish during a visit after shopping in Bandra. The manager and cooks were taken into custody by the Bandra police and charged under IPC sections 272 and 336. They were released on bail. The restaurant manager denied previous incidents and claimed intoxicated customers were involved. The legal battle continues between the customer and the establishment.
A builder's encroachment on a playground and internal road in Nagpur's Rajiv Nagar and Sita Nagar has disrupted sports, fitness, and recreational activities for residents. Despite a contempt order from the Nagpur bench of the Bombay High Court, Nagpur Municipal Corporation (NMC) officials are neglecting the situation. The builder, Praful Deshmukh and Co, breached the playground's compound wall to store construction materials, affecting children's play and senior citizens' fitness routines. The encroachment also damaged the playground's surface and internal roads. Despite regulations, the builder's actions reveal a disregard for community recreational spaces and rule provisions.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has mandated realty developers to establish grievance redressal cells within their projects to address homebuyer complaints systematically and promptly. These cells must have at least one designated grievance redressal officer. The compliance to this directive will be a significant criterion in MahaRERA’s forthcoming project evaluation and grading system, set to launch in January 2023. Developers are instructed to display the officers' names and contact details prominently at project sites and on their websites. This initiative is part of MahaRERA's broader strategy to enhance transparency and accountability in the real estate sector, safeguarding homebuyers' interests in Maharashtra.
India's booming retail market is attracting international brands, fueled by a post-pandemic surge in consumer spending on apparel, rising economic strength, and social media's influence. Notably, a record number of about two dozen international brands are set to enter India, including luxury names like Valentino, Dunhill, and Foot Locker. Successful entries of brands like Pottery Barn, Tim Hortons, and UNIQLO indicate the vast potential and allure of the Indian market.
Mumbai's Slum Rehabilitation Authority (SRA) is taking action in response to a 2019 Public Interest Litigation (PIL) that exposed developers' non-payment of transit rent to eligible slum residents. The Bombay High Court's directive on July 19 underscored the SRA's role in overseeing organized slum redevelopment, including ensuring developers regularly pay transit rent. The PIL initiated by Vijendra Rai against Omkar Realtors shed light on developers' failure to meet financial obligations. To address this, SRA appointed nodal officers across civic wards to receive complaints from affected individuals, streamlining the grievance process. The SRA is committed to transparency, sharing actions taken on their website. The court's involvement continues, with the next hearing set for August 30, marking progress toward resolving the issue of unpaid transit rent for Mumbai's slum residents.
The urban local bodies department in Chandigarh have introduced significant measures to ease property identification document discrepancies. Accepting Aadhaar cards as valid identity verification and e-KYC authentication documents, as per an August 10 notification, aims to simplify and expedite property ID corrections. This shift follows a Government of India directive to integrate Aadhaar cards for accessing government schemes. This change alters the authentication landscape, previously dominated by Parivar Pehchan Patra (PPP). With Aadhaar cards accepted, PPP becomes optional. The move addresses challenges in correcting around 1 crore property IDs, benefiting both residents and the state government.
The Irrigation Department has issued stern notices to local panchayat authorities amid rising illegal constructions on protected forest land surrounding Neyyar Dam. Officials have identified seven resorts and numerous other buildings violating the construction prohibition in the 100-meter buffer zone around the dam, with some structures as close as 30 meters. Amboori Panchayat President, Valsala Raju, confirms that steps are being initiated to issue notices to resort owners. Opposition members in the Congress-ruled Amboori Panchayat allege implicit consent by the authorities, citing 'unauthorized occupancy' certificates issued by the panchayat for securing utilities. The crackdown highlights the urgency to address the balance between development and environmental conservation.
In celebration of India's Independence Day, leading real estate developer K Raheja Corp has unveiled a novel music campaign, #PragatiKiDhun. This unique project features a melody composed not of traditional instruments, but of sounds captured from the company’s bustling construction sites and customer interactions across its various sectors, including residences and retail spaces. Skillfully arranged to the tune of the iconic patriotic song 'Saare Jahan Se Accha', this campaign aims to spotlight the significant role played by the real estate industry in India's sustained growth.
Mahindra Lifespaces Developers Limited (MLDL) has partnered with KidZania Mumbai to empower children as sustainability advocates. MLDL's 'Experiences' within KidZania will offer interactive zones like Sustainable Design Studio, Green Power Zone, and Construction Zone, educating children about sustainable practices. The collaboration, aligned with MLDL's 'Green Army' CSR initiative, aims to foster environmentally conscious leaders. The announcement took place during a lively launch event at KidZania Mumbai, symbolizing the partnership's journey to educate young minds through engaging experiences.
Haryana Chief Minister Manohar Lal Khattar announced the introduction of the Mukhya Mantri Awas Yojana (MMAY), aimed at providing housing benefits to economically disadvantaged families. Unveiled during a virtual discussion with beneficiaries of the Pradhan Mantri Awas Yojana (PMAY), Khattar revealed that the scheme targets to benefit around one lakh families across the state. A survey will be conducted to allocate plots or flats to families without homes. Additionally, Khattar confirmed that 15,000 families awaiting the third instalment of INR 50,000 under PMAY (Urban) will receive the funds by August 31. This initiative underlines Haryana's commitment to affordable housing and social welfare.
In a proactive move, the UP government has initiated a pilot endeavour involving real estate giant Hawelia Group, which has assumed control of a 22-acre incompletely executed venture named Shree Radha Sky Garden in Greater Noida. Under this transition, the new developer is slated to complete and deliver more than 2,000 flats, exemplifying a promising step towards project revival and housing provision. The proposed co-development policy enables developers to seek market funding for project completion. The move aims to address the growing issue of stalled real estate projects in the region.
Ludhiana Improvement Trust (LIT) has received responses from two firms each for constructing High Income Group (HIG) and Middle Income Group (MIG) flats in the Atal Apartment Scheme. HIG flats are bid at Rs 125 crore, MIG flats at Rs 70 crore. After about two weeks of technical and financial evaluation, pending final approvals, LIT aims to accelerate the project led by Chairman Tarsem Bhinder. The plan covers 8.8 acres, comprising 336 HIG, 240 MIG flats, a community centre, tower parking, and amenities. Construction starts after formalities. The project's cost is about Rs 224 crore, targeting flat possession in three years.
Public sector banks, including Bank of Baroda and Canara Bank, are raising the marginal cost of funds-based lending rates by up to 10 basis points despite unchanged RBI policy rates. This will impact EMIs linked to MCLR. BoB's one-year MCLR increases to 8.70% from 8.65%, effective August 12. Canara Bank’s MCLR also rose to 8.70% from August 12. The Bank of Maharashtra ups its MCLR by 10 basis points to 8.60%, effective August 10. The RBI MPC maintains the policy rate at 6.50%. The RBI plans a framework for borrowers to switch between fixed and floating interest rates.
Residential properties in Chandigarh are facing potential water connection disconnections due to property tax defaulting. The Municipal Corporation (MC) has issued notices to around 250 defaulters, focusing mainly on the northern sectors. The MC's coordinated effort involves collaboration between the property tax department and public health wing. The phased approach targets specific sectors, emphasizing fairness. While officials stress revenue generation for city development, defaulters have been given time to settle dues. Proactive defaulters have already made payments, but a significant portion is yet to comply. The MC encourages engagement with concerned officials for guidance, reflecting a collaborative approach.
The Prayagraj Municipal Corporation (PMC) has replaced the Geographical Information Survey (GIS) for house area calculations with self-assessment forms. Property owners can now evaluate their own properties for tax assessment. The PMC initiated self-assessment for house tax calculation, with detailed forms available at zonal offices and PMC campus. Owners must provide accurate details including property type, area measurements, and occupancy status. Failure to provide accurate information may lead to penalties. Local corporators will aid in the process, and forms must be submitted by October 31, 2023. The change aims to streamline taxation and enhance accuracy.
Solitaire Group, via its subsidiary Honest Vastunirman, has procured a 20-acre land parcel in Mumbai's Andheri from Arogya Bharti Health Parks and Arogya Bharati Hospitals for around Rs 550 crore. The deal encompasses the commitment to construct 140 residential units spanning nearly 38,000 sq. ft, to be delivered within six years. Honest Vastunirman has allocated Rs 230 crore to each of the healthcare organizations, alongside a stamp duty of approximately Rs 33 crore. This transaction is part of an ongoing trend in various property markets across India, signalling increased residential development endeavours by real estate firms aiming for higher sales in the coming quarters.
Brookfield India REIT has reported a net loss of Rs 270.05 million for Q1 FY24, compared to a profit in the same period last year. Despite this, its total income has grown by 6.64% to reach Rs 3,207.35 million. The company aims to finalize its previously announced acquisitions following a successful capital-raising initiative. Adjusted net operating income rose 4.5%, and gross leasing covered 63,000 sq. ft of new and 235,000 sq. ft of renewals. The board declared Rs 1,641.60 million for distribution. Recent capital infusions prepare the REIT for sizeable commercial asset acquisitions with the GIC partnership, bolstering its portfolio's scale and diversity.
The City Urban Development Authority (CUDA) has revealed plans for a transformative 14-acre urban layout project in Masagapur. This initiative aims to address urban challenges by incorporating modern amenities, green spaces, and efficient infrastructure. The layout emphasizes a harmonious blend of residential and commercial zones, reflecting the concept of smart cities. CUDA's approach aligns with sustainable practices and technological advancements, fostering a vibrant and functional urban environment. Community input will be sought, making this a pivotal step towards creating a modern, future-proof cityscape in Masagapur.
The Central Bank of Oman's 2023 Financial Stability Report highlights the Omani real estate market's recovery due to revived economic activities. Economic conditions improved in 2022, with post-pandemic population recovery vital in reigniting property demand. Expatriates, key users of rental homes, increased by 8% in 2022 compared to 2020's pandemic onset, bolstering economic activity alongside growing local employment. Residential property prices rose by an average of 7% in 2022, rebounding from 2021 lows. Economic resurgence, supported by favorable oil prices and labor market recovery, led to increased property demand while maintaining affordable rents. The report is optimistic about stable real estate prices, showcasing sector resilience.
A recently released report by CoreLogic NZ Pain & Gain highlights a concerning trend in New Zealand's property market. Property resales for a profit have dropped to 93.1%, marking the lowest level since 2015. This decline is attributed to rising interest rates and subsequent property value decreases. Auckland is notably impacted, with 11% of Q2 property resales incurring losses. Despite property value stabilization, further resales with losses are anticipated. However, the report suggests that unlike past cycles, a full return to financial distress is unlikely due to a robust labour market and limited mortgage repayment issues.
Dakshin Haryana Bijli Vitran Nigam (DHBVN) has updated electricity load norms for residential and commercial areas to ensure fair and accurate charges. The norms vary based on city classifications and property types. Consumers will be billed based on their prescribed load, benefiting those with lower consumption. These changes aim to align with actual consumption patterns, encourage responsible energy usage, and enhance billing transparency. The revisions cater to different property sizes and classifications, creating a more equitable system while maintaining the quality of electricity supply.
Following the revelation of a counterfeit seal and forged documents scam, the VVMC swiftly responded by initiating legal action against previously served notices to illegal buildings. Fresh FIRs were lodged against unlawfully constructed properties, including Vinayak Apartment, Omkar Apartment, and Anandi Villa. The VVMC is pursuing comprehensive investigations into the confiscated records of 55 illicit residential structures linked to accused developers. With a concerning 90 percent of Virar (E) buildings being illegal, anxiety prevails among residents, underscoring the urgent need for intervention. Amidst this, activists reveal a pattern of unauthorized construction tactics, highlighting the need for robust regulatory measures.
Puravankara Limited, a prominent real estate player in India, reported a 12.93% growth in consolidated income, reaching Rs. 335.81 crore in Q1. However, the company faced challenges, resulting in a net loss of Rs. 17.86 crore compared to a profit of Rs. 34.44 crore in the same period last year. Rising marketing expenses and unsold inventory impacted the financials. Despite this, Presales increased by 119% YoY, with sales of Rs. 1,126 crore during the period. The company's average price realization rose by 11%, and net debt decreased, showcasing its commitment to growth amid challenges.
In a recent case, the Karnataka High Court ruled that the 'as is where is' clause in a public auction does not absolve a bank from providing a property free from encumbrances. The court ordered Punjab National Bank to refund Rs 30.7 crore to a bidder due to the bank's failure to ensure an unencumbered property, emphasizing the importance of due diligence in property transactions. This decision sets a precedent for auction purchasers' rights and underscores the consequences of inadequate oversight by lending institutions.
The Bombay High Court has ousted builders Parekh Constructions, Parekh Constructions LLP, and Nishcon Realty from a south Mumbai redevelopment project due to their failure to deposit arrears for tenants. The court ordered their complete removal by Independence Day, highlighting the builders' responsibilities and emphasizing citizens' rights in urban development. The Maharashtra Housing and Area Development Authority (MHADA) has been authorized to appoint a new builder, ensuring accountability and project progress.
An FIR has been filed against Puri Construction by eight homebuyers alleging fraudulent practices in the sale of luxurious flats in Gurugram's 'Emerald Bay' complex. The complainants claim the builder misrepresented amenities, altered plans, and faced issues with basic amenities, while Puri Construction denies the allegations. The dispute highlights concerns about transparency and adherence to promises in the real estate sector.
Secunderabad Cantonment Board (SCB) is set to enlarge its tax coverage by incorporating 5,000 more properties into its purview. These properties will be allocated unique Property Tax Identification Numbers (PTINs) and seamlessly integrated into the SCB's tax wing records, alongside the existing 38,000 properties. This strategic step not only streamlines the tax identification process but also enhances the board's ability to manage taxes effectively. The move is anticipated to bolster the equitable distribution of tax responsibilities while accommodating a broader property spectrum under the SCB's jurisdiction.
Nashik Municipal Corporation's property tax collection surged by 31 percent, amassing Rs 112 crore from April to August in the current fiscal, a significant rise compared to Rs 85 crore in the previous year. Despite the traditional lull from August to October due to academic admissions, NMC remains resolute about exceeding targets. Assessing 1.27 lakh properties with additional construction, NMC aims to elicit objections for supplementary property tax. It plans a recovery drive for dues over Rs 1 lakh and a survey for untaxed properties. With a target of Rs 210 crore, NMC exhibits robust fiscal commitment.
Established in 1983, ASK Private Wealth, an arm of ASK Group specializing in wealth advisory, introduces a private credit fund aiming to raise Rs 1,000 crore. Shantanu Sahai, previously leading debt at Nomura India, comes aboard as Senior Managing Partner. This fund, under regulatory approval, targets corporate lending in the performing credit sector. Focusing on sectors like healthcare, IT, and renewables, it emphasizes operational cash flow-driven mid-market companies for balanced risk-reward dynamics. The team boasts 75 years of combined credit investing experience. This strategic move reflects ASK's commitment to innovative financial solutions while prioritizing corporate governance and growth ambitions.
IndoSpace, a major player in India's industrial real estate and logistics sector, plans to invest over $1 billion in acquiring new warehousing and logistics assets within the next two to three years. Backed by Everstone Group, the investment aims to meet the growing demand for modern logistics facilities driven by e-commerce growth and favourable policies. IndoSpace operates through a joint venture with GLP and Realterm and plans to develop 30 million square feet of warehousing properties. The company's expansion strategy aligns with India's increasing need for industrial and warehousing spaces, driven by consumer demands and manufacturing growth.
Ahmedabad Municipal Corporation advocates satellite towns to counter urbanization challenges. The plan aims to distribute population, resources, and infrastructure to nearby self-sustained urban centres. By reducing congestion and promoting sustainability, satellite towns offer a solution to overpopulation and inadequate amenities. The strategy aligns with a balanced growth approach, attracting investment, creating jobs, and enhancing living standards. Collaboration with experts and stakeholders is integral to successful execution, with potential to set a precedent for innovative urban solutions.
Amazon founder Jeff Bezos makes headlines as he becomes the latest addition to the elite community of Indian Creek Island, known colloquially as the "Billionaire Bunker." This secluded oasis in Miami, Florida, has gained renown as a haven for the wealthy and famous. Bezos' acquisition of a multi-million dollar waterfront home on the exclusive island cements his place among a select group of high-net-worth individuals, including celebrities like Tom Brady and Ivanka Trump. Indian Creek Island's allure lies in its lavish properties, unparalleled security, and the prestige of belonging to a community that values privacy and luxury.
Amid a downturn in the real estate sector, Munich-based property developer Euroboden GmbH has filed for insolvency, citing failed property sales negotiations and impending credit rating downgrades. The firm's cancellation of a bondholders' meeting and its decision to refocus on core operations in Munich and Berlin underscore the challenges within the industry. Germany, Europe's largest economy and the continent's primary real estate investment market, is grappling with a decline in property prices and construction growth, posing broader implications for its economic output and job market. This development comes as a wave of insolvencies sweeps through the sector, echoing similar troubles in the US and Sweden.
Dosti Realty has recently partnered with Bollywood star Anil Kapoor as Brand Ambassador for Dosti Greater Thane project, merging his entertainment fame with real estate appeal. Celebrity endorsements wield significant marketing power, notably among India's millennials prioritizing homeownership. This shift prompted brands to enlist youthful ambassadors, reinvigorating established developer labels. Shah Rukh Khan, Anushka Sharma, Kangana Ranaut, and Farhan Akhtar have endorsed realty campaigns. Lodha Group featured Akshay Kumar, Twinkle Khanna, Deepika Padukone, and Aishwarya Rai Bachchan. Gera Developments recently engaged Amitabh Bachchan, while sports icons like Sachin Tendulkar and Virat Kohli have partnered with Amit Enterprises and Nitesh Estates in the past.
MahaRERA has partnered with a real estate intelligence agency to boost its real-time monitoring of ongoing projects, particularly those showing signs of financial stress or not meeting regulatory criteria. This collaboration will provide on-the-spot photos and progress updates, especially in areas like Mumbai Metropolitan Region, Pune, and Nagpur. The move comes after concerns were raised about major projects in the state where expenditures surpassed progress. This initiative aims to increase transparency and ensure developers uphold their commitments and standards.
Bengaluru's Zolostays, a co-living and student housing platform, targets Rs 500 crore in revenue by FY 2023–24. Seeking $75 million in series-D funding, the company’s revenues are said to have surged from Rs 140 crore in March 2022 to about Rs 300 crore in March 2023. The company turned profitable in Q1 of FY24. Despite the current challenges in fundraising, Zolostays plans to expand its student housing to more cities and add around 300 properties to its co-living portfolio. The firm's strategic approach reflects a commitment to growth and sustainability.
Mangal Prabhat Lodha, Mumbai's suburban guardian minister, has altered his stance on a substantial public toilet tender after initially advocating for pre-cast facilities. Lodha now urges the BMC to proceed with the traditional tender, citing potential delays in construction and citizen inconvenience. Earlier, he had requested a halt to the Rs 488-crore tender, advocating for pre-cast toilets in select locations. This flip-flop in decision-making has drawn criticism from opposition leader Ravi Raja, who accuses the BMC of being unduly influenced. The situation highlights the complexities of decision-making and priorities in enhancing Mumbai's slum sanitation infrastructure.
Indiabulls Real Estate reported a significant net consolidated loss of Rs 679.34 crore in Q1 FY24, contrasting with Rs 51.77 crore in the same period last year. Sales surged by 29.25 percent to Rs 195.87 crore in Q1 FY24 from Rs 151.54 crore in Q1 FY23. The company's net consolidated total income grew by 27.35 percent to Rs 209.10 crore in Q1 FY24. The board approved fund-raising through NCDs and/or bonds within a limit of Rs 7,500 crore. The long-term rating was revised by Infomerics Valuation and Rating from "IVR A+" to "IVR A."
Sunteck Realty has reported a net consolidated loss of Rs 6.73 crore in Q1 FY24, contrasting with the previous year's net consolidated profit of Rs 24.94 crore. The company's total income also decreased by 40.55 percent, amounting to Rs 88.41 crore in the same period. Challenges faced by the real estate sector, including pandemic impacts, contribute to the financial performance. Sunteck Realty's board of directors approved the amalgamation of subsidiaries – Skystar Buildcon, Advaith Infraprojects, Magnate Industries, and Shivay Brokers – into the holding company, aiming to enhance operational efficiency.
In a significant development, the Bombay High Court has expressed grave concern over the deteriorating situation in Mumbai. The court has suggested that government intervention might be imperative to rein in rogue builders failing their obligations in redevelopment projects. Justices Gautam Patel and Neela Gokhale emphasized the priority of residents' rights over developers' profits, warning against treating citizens as mere hindrances. The court's observations were made in response to a case involving tenants' rights. The court issued a strict directive for the payment of outstanding transit rent and threatened to cancel developer permissions if defaults persist.
A finance department audit has exposed financial irregularities amounting to Rs 2,313 crore across three Noida industrial development agencies between 2012 and 2016. Notable discrepancies include inflated floor area ratios to housing developers, leading to a Rs 1,100 crore loss for the Greater Noida Authority, and questionable financial practices by the Noida Authority. Noida CEO Lokesh M indicates their internal report might offer a contrasting view. Further discussions are slated for August 22.
Under the regulations outlined in the Maharashtra Fire Services Act, residential complexes are obligated to maintain proper fire safety equipment on their premises. They are further mandated to provide comprehensive reports to the local fire station twice a year, specifically in January and July. These reports serve to update authorities on the effectiveness and status of their fire safety measures and equipment. Adhering to these regulations is crucial in ensuring the safety and well-being of residents within these complexes. Presently, just 40,000 residential complexes, concentrated mainly in cities like Mumbai, Pune, and Nagpur, have submitted reports.
Fractional ownership platforms (FOPs) in the real estate sector are pushing for reduced shareholding requirements for sponsors, plus allowances for ongoing investments and participation in under-construction projects. The call follows a consultation paper circulated by India's Securities and Exchange Board (Sebi) in May, signalling forthcoming regulation of online FOPs. Although the industry embraces regulation, criticism surrounds Sebi's proposed 15% minimum sponsor shareholding rule. The regulator is reportedly considering lowering this to 5% if platforms show substantial "skin in the game." Amid these changes, the sector is poised for increased transparency and market growth.
The DMC is strategically preparing to initiate tax camps in slum localities to bolster tax collection. About 132 identified areas have tax forms available, which are expected to contribute Rs 4 crore to DMC's revenue. In the previous financial year, Rs 52 crore was collected, showing growth from the previous year's Rs 16 crore. The ongoing year has already witnessed Rs 25 crore collected. Digitization has streamlined the taxation process, leading to increased payments. DMC aims to target defaulters and violators, enhancing collections. The Municipal Corporation plans to set up camps in city slums to amplify property tax collection.
The Reserve Bank of India (RBI) plans to introduce a framework allowing borrowers to switch from floating to fixed interest rates, easing loan burdens. RBI Governor Shaktikanta Das revealed this initiative in the monetary policy release. It addresses instances of lenders elongating floating rate loans without borrower consent. The framework mandates transparent communication on loan terms, EMIs, fixed-rate options, and foreclosure. RBI also reviewed the regulatory framework for Infrastructure Debt Funds (IDFs), proposing sponsor removal, direct financing of Toll Operate Transfer projects, and optional tripartite agreements for Public-Private Partnership projects. Additionally, RBI's digital Public Tech Platform aims to streamline lending with open architecture and APIs for seamless credit delivery.
Cyprus-based property developer Leptos Estates is offering customized upscale commercial properties for Indian investors, catering to varied budgets and business needs. Cyprus's advantages, including its EU membership, Mediterranean allure, and favourable tax benefits, make it appealing for Indian investors. These properties provide pathways to permanent residency and, after seven years, even citizenship and an EU passport. The move aligns with the growing trend of Indian investors seeking international opportunities for business growth and improved lifestyles.
Office rental firm IWG, with an extensive global presence and notable clients such as Microsoft and Disney, is evaluating the possibility of changing its reporting currency from IFRS to US GAAP. As the majority of IWG's revenue is tied to the U.S. dollar and given the recent volatility of the British pound, the company seeks to adapt its reporting practices. This move reflects the evolving landscape of international business transactions and financial standards.
Homelessness charity Shelter is aiding renters facing steep rent hikes, some up to 50%, due to factors like limited housebuilding and tax policy changes affecting landlords. Families are grappling with rising costs, with the lack of new housing contributing to the problem. The removal of mortgage tax relief and elevated taxes have forced landlords to increase rents for profitability. Additionally, tenants could bear the brunt of escalating mortgage and energy costs through higher rent charges. The situation highlights the challenges renters face in the UK housing market, where affordability and living standards are compromised.
.png)
Prestige Estates Projects, a real estate firm, has witnessed a significant 26.56% surge in its net consolidated profit for Q1 FY24, concluding on June 30, 2023. The company's post-tax profit in this quarter rose remarkably to Rs 317.80 crore, a notable climb from the Rs 251.10 crore recorded in the corresponding quarter of the preceding fiscal year. Nonetheless, the net consolidated total income experienced a marginal dip of 2.26%, settling at Rs 1,966.30 crore during Q1 FY24, in contrast to the Rs 2,011.80 crore figure reported in the equivalent period of the prior year.
Experion Developers, backed by Singapore's Experion Holdings, has acquired a 5.5-acre land in Gurgaon's Sector 48 for Rs 550 crore through a government auction. This marks their fourth recent acquisition, demonstrating commitment to India's real estate market. The company previously obtained plots in Gurgaon and Noida for residential development. Experion Holdings' Indian arm will invest Rs 700 crore each in Golf Course Road and Noida projects, anticipating revenues of Rs 3,400 crore. Experion is actively developing properties across various states, contributing to India's real estate landscape alongside Delhi-NCR, Mumbai, Bangalore, and Hyderabad's burgeoning land acquisitions.
.png)
During the proceedings, the court addressed a set of petitions submitted by Neomax Properties Pvt Ltd and its affiliated companies, namely Garlando Properties Pvt Ltd, Transco Properties Pvt Ltd, Tridas Properties Pvt Ltd, and Glowmax Properties Pvt Ltd.The Madras High Court has instructed the Madurai Economic Offences Wing (EOW) to respond to a series of pleas filed by Neomax and its subsidiaries. The companies are seeking the appointment of a commission led by a retired high court judge to oversee the settlement of land to depositors.
.png)
The Yamuna Expressway Industrial Development Authority (YEIDA) is offering an enticing chance for homebuyers with two residential schemes near the upcoming Noida International Airport. The flat scheme presents 468 luxurious flats, while the plot scheme offers 1,184 plots ranging from 120 to 2,000 square meters. Interested plot scheme applicants can submit applications until September 1, with a lucky draw on October 18 determining plot allotment in sectors 16, 17, and 20, priced at Rs 24,600 per sqm. The schemes have garnered significant interest due to the progress of the Noida International Airport and booming infrastructure along the Yamuna Expressway.
The UK's housing market continues to demonstrate its resilience, with house prices declining for the fourth consecutive month, according to Halifax. While this may raise concerns, Halifax emphasizes that the market's underlying strength remains evident. The fluctuations in prices over the short term do not diminish the overall stability of the market. Despite the recent decline, the housing sector maintains its durability, thanks to the intricate interplay of supply, demand, and economic factors. Halifax's findings highlight the contrast between immediate price changes and the market's overall robustness, showcasing its adaptability and ability to withstand fluctuations.
.png)
Qatar's real estate sector is grappling with a slowdown due to an oversupply of new properties, causing rent reductions in prominent areas such as Lusail's Waterfront and Fox Hills. This decline in rents is pressuring landlords to compete, especially as Qatari high-net-worth individuals prefer Lusail for residential investments. The aftermath of the recent FIFA World Cup led to a surge in new homes, exacerbating supply-demand imbalances and affordability challenges. Despite falling residential transactions and values, optimism remains as Qatar's stable economy and high-net-worth individuals' preferences indicate potential for revival, particularly in sought-after locations like Lusail.
The Parliamentary Standing Committee on Railways has raised concerns about contract terminations in Rail Land Development Authority (RLDA) projects, citing payment defaults by developers, financing challenges, and environmental approval issues. The Railways Ministry acknowledges the need for regulatory modifications to address these issues and enhance project viability. The report also highlights conflicts with local urban bodies over development plans, underscoring the importance of harmonizing stakeholder interests for effective land development.
.png)
The Enforcement Directorate (ED) has summoned Dilip Dhole, Mira Bhayander Municipal Corporation commissioner, as part of its investigation into the Urban Land Ceiling Regulation Act (ULCRA) scam, a pre-2016 fraud involving developers and officials. The scam manipulated land classifications to evade land surrender requirements, causing government losses. Dhole's complex governmental history and role in the ULCRA case are under scrutiny, while the ED's inquiry builds on prior investigations by Thane police and focuses on money laundering aspects.
.png)
Experion Developers, backed by Singapore's Experion Holdings, continues to make strides in the Indian real estate market. With successful land acquisitions in prominent areas like Gurgaon's Golf Course Road and Noida's sector, the company recently secured a 5.5-acre land parcel in Gurgaon's sector 48 through an HSVP auction. Valued at Rs. 550 crore, the land will be used for a luxury residential project. Experion Developers has a strong presence in various Indian states, offering residential and commercial properties. Their investments in projects, like the Golf Course Road and Noida ventures, signify their commitment to the industry's growth in India.
Deerika Hypermarket, a well-known retailer, has leased a prime retail space of 20,176 square feet in Gurugram's Elan Miracle. This commercial real estate project by Elan Group is set to be operational soon, offering a diverse shopping experience with renowned brands like Pantaloons, Zudio, and the largest Deerika outlet in the area. Deerika Hypermarket, known for its comprehensive range of household items, aims to provide convenience and quality to a wide range of customers. With their expansion plans and Elan Group's commitment to exceptional experiences, the collaboration promises a dynamic shopping destination.
.png)
The Ahmedabad Municipal Corporation has increased refund amounts for tree plantation deposits, with residential and commercial projects eligible for Rs 3,000 and Rs 5,000 per tree respectively after five years. This move, in line with city regulations, encourages builders to maintain successful tree plantations. Additionally, a refundable surcharge for percolating wells has been introduced to promote sustainable water management, although recent inspections revealed challenges in compliance.
The Vadodara Municipal Corporation (VMC) is facing challenges in collecting Rs 100 crore in dues from 17,600 beneficiaries of housing schemes. Despite issuing notices, the VMC has recovered only a fraction of the amount and is caught between the need for payment and the potential humanitarian crisis of eviction. Struggling to balance financial accountability with social empathy, VMC is deliberating a policy decision to address this complex issue.
In response to water-logging concerns, the BMC intends to place 25 robust dewatering pumps along the entire 10 km Mumbai Coastal Road Project (MCRP) stretch. Triggered by recent water-logging at Marine Drive, a congested drainage outfall due to construction debris led BMC to utilize cranes for clean-up. Subsequently, SWD officials surveyed the coastal road area, prompting the MCRP team to deploy pumps at 25 locations, especially where drainage work is ongoing. This initiative aims to mitigate flooding risks and enhance drainage efficiency in the wake of such incidents.
Indore district records Rs 689 crore in property income, topping among 15 districts in Indore and Ujjain divisions in Q1 and July. Demand for homes and commercial spaces drives this surge. Property registration income this year is 16 percent higher YoY. Over 50,000 properties were registered, fetching Rs 689 crore during April–July 2023. Metro lines, corporate presence, and infrastructure fuel property prices. Registration slots increased with high document volumes. Shajapur, Khargone, and Agar-Malwa see notable property sales rise. Property rates soared in the Super Corridor, Indore-Ujjain Road, and Rau. Developers respond with new projects due to growing demand.
Hyatt Centric is gearing up to open its second property in Kolkata, India, this time in Gariahat. As the city's first Hyatt Centric boutique hotel, this addition is set to bring modern, stylish, and luxurious accommodation to Kolkata's hospitality scene. Expected to open during the winter wedding season, the hotel will offer various amenities including dining options, event spaces, and panoramic rooftop views. Amidst the challenges posed by the pandemic, this move highlights the resilience of the hospitality industry and Kolkata's growing reputation as a destination for upscale travelers seeking a unique and immersive experience.
.png)
CapitaLand Investment (CLI) has launched the CapitaLand India Growth Fund 2 (CIGF2), aimed at enhancing Grade A office real estate in India by investing in premier business parks. The venture has already secured S$263 million (Rs 16.3 billion) by selling a 50% stake to a global institution, while CLI retains a 20% sponsor stake. This equity, totaling S$368 million (Rs 22.9 billion), is expected to boost CLI's funds under management by S$700 million. CIGF2's inaugural investment is a 70% stake in the International Tech Park Chennai, Radial Road. The move aligns with CLI's ambition to acquire 50 million square feet in India over the next 3-4 years.
.png)
Dharavi residents in Mumbai rallied on Wednesday, calling for the Maharashtra government's direct involvement in the area's redevelopment. Joined by the Aam Aadmi Party and local activists, protestors emphasized the need for an updated housing survey. Opposition to the Adani Group, recently awarded the redevelopment contract, was evident. Activists advocate for a Special Economic Zone, emphasizing Dharavi's importance as a hub for small-scale industries. The project, won by Adani Properties, has an estimated revenue potential of Rs 20,000 crore.
.png)
The Spanish island of Mallorca is experiencing a property price surge, driven by an influx of international buyers seeking upscale residences. Research from Savills reveals a 15% rise in prime property prices, placing Mallorca among the top five second home destinations. However, the escalating costs are rendering housing unaffordable for locals. Foreign purchasers, accounting for 36% of sales in Q4 2022, are contributing to Mallorca having the highest property prices in Spain. The island's appeal to ultra-high-net-worth individuals, including an emerging American market, coupled with improved flight connectivity, are reshaping its real estate landscape.
Local authorities, along with railway officials and police, have initiated the demolition of approximately 100 houses in Nai Basti, Mathura. Situated near the Shri Krishna Janmasthan, the area has a largely minority population. These houses are accused of unauthorized construction on government land. Despite an ongoing court case, slated for the next hearing on August 21, the demolition continued unabated. Of the 135 identified houses, 60 have already been torn down. The affected families had previously lodged a plea in the civil court after being served notices by the railways, pressing for a response from the concerned authorities.
Goa's Urban Development Minister has greenlit a Geographical Information System (GIS) mapping initiative for urban residences in South Goa, with North Goa's mapping already underway. The GIS project aims to address revenue losses and plug leaks in municipal areas. GIS combines location data with descriptive information, aiding property tax assessment, recovery, and data availability. Other Indian entities, like Gurugram Metropolitan Development Authority and BMC Mumbai, have utilized GIS for water body identification, flood-prone area detection, and property tax collection enhancement. A recent Uttar Pradesh example led to a doubled property tax base and an additional 500 crore revenue.
The Uttar Pradesh state has enforced a remarkable shift, capping property gift stamp duty at Rs 5,000, replacing the earlier 5 percent charge. The move applies to familial transfers, excluding corporate entities, trusts, or institutions. Under Section 9 of the Indian Stamp Act, the governor wields authority over this change. Notably, property recipients who gift assets within 5 years are exempt. B. S. Verma, Assistant Inspector General, notes the scheme's extension and its benefits for family transfers. In another effort, subsidies for pending dues aim to hasten flat registrations. However, official directives for this initiative are still pending.
The Tamil Nadu government's decision to abolish the practice of separately registering undivided shares (UDS) of land and construction agreements has raised concerns among homebuyers and the real estate sector. Under the new policy, completed constructions will be included in a single comprehensive sale deed, subjecting buyers to a consolidated stamp duty and flat registration fee of 9 percent, leading to an approximate 50 percent increase in registration charges. This change marks the third fee hike within a short period, prompting worries about its impact on the purchasing capacity of customers and the real estate industry's sales. While the government aims to provide legal protection and prevent misuse, industry voices have called for public input and a re-evaluation of the fee hikes' consequences.
.png)
The net profit for the first quarter of FY24 for Kolte-Patil Developers increased by 84.36% to Rs 47.97 crore. The company's consolidated total income has increased significantly by 183.07% to Rs 578.51 crore. The strong execution and region sales expansion are factors in the performance's success. In order to enhance its financial structure, the company also allocates debentures and adds additional companies. Kolte-Patil Developers reinforces its position as a key participant in the real estate industry with a net worth of Rs. 1,106.13 crore and careful financial management.
In Mhalunge Ingale Chakan, Naiknavare Developers is implementing transformational projects, such as infrastructure upgrades and community services. These initiatives highlight their dedication to sustainable living environments and community welfare, improving the lives of the villagers and advancing the area. Naiknavare Developers is having a significant impact on the Mhalunge Ingale Chakan neighborhood by putting an emphasis on infrastructural improvements, healthcare, and education.
Capgemini Technology Services India, a prominent European tech player's local unit, has extended its lease for over 300,000 sq ft of office space in Hyderabad's Kokapet. The lease covers two assets, secured from GAR & Sons builders, spanning 60 months in two deals with 15% escalation, detailed in a Propstack document. Rent amounts to Rs 34 and Rs 41 per sq ft across the two properties, with a 15% increase after 36 months. Capgemini, with around 180,000 employees in 13 Indian cities, considers India a prime innovation hub.
Challenging the allocation of land for an IT park and IT city on Bargi Hill, a petition has been submitted. The petitioner argues that the hill, an expansive 100-hectare area, serves as a vital home to diverse wildlife, including leopards, and hosts a myriad of bird species. The plea emphasizes the ecological significance of the hill and raises apprehensions about the potential disturbance to the ecosystem and the risk of habitat depletion due to the proposed development. Taking suo moto cognizance of this issue after the petition was withdrawn, the Madhya Pradesh HC has issued a notice.
.png)
Property tax defaulters in Ernakulam district owe a collective sum of Rs 392 crore to local bodies as of August 5, 2023, with building owners under Kochi Corporation limits leading the list at Rs 252 crore. Kalamassery and Thrikkakara have the highest pending property tax amounts among municipalities. In contrast, property tax payment compliance is higher in panchayat limits. Corporation data indicates that only 20% of arrears were recovered in the last fiscal year, mainly due to the non-deduction of dues from building owners facing revenue recovery proceedings. The challenge lies in balancing revenue generation and providing relief through exemptions.
Amidst a historically strong property market slowdown, China’s property sector is grappling with waning demand, as property sales saw a significant monthly drop from May to June. Previously a driving force for economic growth, the sector’s struggles are prompting action. The Politburo, a top decision-making body within the Communist Party, underscored the need to adapt to changing market dynamics and swiftly optimize property policies. As concerns over demand in lower-tier cities arise, there’s anticipation that more cities may follow Zhengzhou’s lead in easing restrictions. All eyes are on how China navigates these challenges while shaping its property market.
.png)
Hong Kong intends to allocate land for private developers to construct subsidized housing, aiming to ease the city’s housing crisis. While the government seeks to enhance affordable housing availability, the policy discourages the sale of unmodified flats. However, due to the program’s limited scale, industry experts believe the increased supply will have minimal impact on the private market. Hong Kong has been grappling with soaring housing prices and a significant wealth gap, prompting initiatives to address the issue and improve living conditions for its residents.
.png)
Amid a global commercial real estate downturn, Dubai’s market remains robust, with demand pushing average prices beyond 2019 levels, a report by CBRE reveals. This contrasts with London’s meagre 5% increase and the US grappling with record vacancies. Investors are eyeing Dubai, drawn by opportunities, as a prominent financial district tower garners interest from global entities. Tecom Group, operating multiple business districts, including Dubai Media City and Dubai Internet City, anticipates ongoing demand surpassing available supply. The Dubai market’s resilience in the face of global challenges signifies a promising outlook for the emirate’s commercial real estate sector.
Once a prized start-up valued at $47 billion, WeWork now faces potential bankruptcy, with its valuation nose-diving to $446.8 million. After a controversial 2019 IPO filing, its business model has come under scrutiny, especially amidst the pandemic-driven shift to hybrid work. Despite attempts at financial restructuring and cost-saving measures, leadership changes and strategic challenges persist. The company’s future remains uncertain as it grapples with liquidity issues and seeks to rebuild its tarnished image.
Five individuals, including two prominent developers, have been arrested in Mumbai for allegedly constructing 55 residential buildings under fraudulent permissions, using counterfeit seals from government authorities. Investigations reveal that the accused may have been duping potential homeowners since 2015. Besides the fake seals, fraudulent letterheads from major municipal bodies were also discovered. The full extent of the scam is still being uncovered, but losses to the state could be in crores. As the case progresses, buyers are urged to verify their property's legal standing with local municipalities.
According to recently published reports, in the past five years, Delhi-NCR's residential property values have skyrocketed. Factors like regulatory reforms, governmental policies, and infrastructural developments drive this growth. Gurgaon leads with a 20.3% YoY increase, while Noida and Greater Noida follow closely with 20.2% and 17.6% respectively. Key sectors in these regions have seen substantial price appreciation, thanks to improved connectivity and new employment zones. The data suggests a promising future for the Delhi-NCR real estate sector.
Peninsula Land, an Ashok Piramal Group subsidiary, reports a remarkable 383.39% surge in Q1 FY24 net profit. Profit after tax stood at Rs 61.68 crore, up from Rs 12.76 crore in the previous fiscal's corresponding quarter. Despite a dip of 40.78% in net income, the company's strategic focus on delivering apartments and plots in FY24 remains strong. Debt reduction to Rs 339 crore by June 2023 and the completion of 10.6 million square feet of real estate reflect Peninsula Land's significant achievements.
.png)
Repco Home Finance reports 43.53% YoY Q1 FY24 net profit growth to Rs 89.09 crore. Total consolidated income stands at Rs 366.50 crore, a 19.38% increase from last year. Loan sanction is at Rs 726 crore, and disbursement is at Rs 684 crore. The loan spread remains at 3.3%, yielding a 15.8% return on equity. Gross NPAs at Rs 695 crore and net NPAs at Rs 338 crore, with a gross NPA ratio of 5.5%. Operational revenue grows 21% YoY to Rs 364.5 crore. Repco has a network of 159 branches and 34 satellite centres in India. Shares show strong YTD and 1-year returns.
Wave City, spanning 4200 acres, emerges as North India's foremost operational Hi-tech City, skilfully merging modern technology with contemporary comforts. Positioned adjacent to the sprawling 14 lanes of National Highway- NH-24, this expansive Pre-Certified Platinum Rated Green Township epitomizes smart and sustainable living, providing an elevated residential experience. Advanced amenities, green spaces, and an array of attractions make Wave City a harmonious blend of innovation and tranquillity. With a plethora of features, Wave City stands as an epitome of modern living in synergy with nature.
.png)
UK based Malhotra Group PLC has successfully acquired a stalled 300-acre project in Ludhiana, Punjab, for about Rs 150 crore. The resolution plan by Malhotra Group received approval from the National Company Law Tribunal (NCLT) after the committee of creditors' favourable votes. The company aims to inject around Rs 1,200-1,500 crore through FDI to develop the township, including a hotel, health farm, school, golf course, villas, and apartments. This venture marks its expansion into India's real estate sector, benefiting long-awaiting homebuyers and driving development in the region.
.png)
Builder Rajan Dhruv of Orbit Ventures evaded authorities, hiding in a Pali Hill flat for two hours as Economic Offences Wing (EOW) and Khar police aimed to serve a notice in an Rs 11.76-crore cheating case. Despite doorbell issues, a key maker eventually opened Dhruv's door. A 57-year-old woman had lodged a complaint against Dhruv and other directors at Khar police station. EOW took charge of the investigation. Dhruv allegedly took 11.76 crore from the complainant and failed to repay, offering a promised commercial unit instead, but not delivering. Charges include criminal breach of trust.
Property Finder has launched Data Guru, a comprehensive tool aimed at simplifying the property search process. This innovative feature provides insights and data to aid decision-making, addressing challenges such as lack of trust and transparency. Data Guru offers various tools, including price mapping, community insights, and historical trends, enhancing the user's ability to find the right property.
Tata Realty and Infrastructure Ltd. (TRIL), the real estate arm of the Tata Group, is set to acquire a 25.3-acre land parcel in Bengaluru for approximately Rs 986 crore. The strategic acquisition, located in Doddanekundi Village near the IT hub of Whitefield, underscores TRIL's expansion plans. The company aims to introduce 5 million square feet of office space through two IT parks in Hebbal and Whitefield, requiring an investment of Rs 4,000 crore. This move aligns with the trend of developers engaging in smaller land transactions for diverse developments, showcasing the dynamic nature of India's real estate market.
Several global funds, including Singapore's GIC, Abu Dhabi Investment Authority (ADIA), and Canadian giants CPP Investments and OMERS, are in discussions to acquire a 50% stake in India's Panchshil Realty and Salarpuria Sattva Group, currently held by the Blackstone Group. This significant acquisition spans a vast 26 million sq ft of commercial real estate in India, with an estimated deal value between $4.5 to $5.0 billion. The move signals the growing global interest in India's burgeoning real estate sector.
Private equity (PE) investments in India's real estate sector surged by 51% year-on-year to reach Rs 24,680 crore ($2.99 billion) in the first half of 2023, according to Cushman & Wakefield. The second quarter alone saw a 63% increase in PE investments, reaching Rs 15,850 crore ($1.92 billion), driven by a shift towards office spaces and diversification into areas like logistics, industrial zones, and data centres. Equity investments comprised 87% of total inflows, with stable office occupancy rates and strong rental growth in retail assets.
The Ludhiana Improvement Trust (LIT) is relying on anticipated revenue from an impending property auction by the Jalandhar Improvement Trust (JIT) to address a complex financial situation. In 2017, JIT had taken a substantial bank loan for its Surya Enclave Extension scheme, leading to collateralization of prime properties, including the Guru Gobind Singh stadium. After state government intervention, LIT and other improvement trusts extended loans to JIT for a settlement. The planned property auction's proceeds were divided, with Ludhiana and Amritsar receiving 40% each and JIT 20%. Despite delays, LIT's financial stability is affirmed, as it navigates various projects and commitments.
.png)
Emami Realty's financial performance in Q1 FY24 has been marked by a substantial loss after a profitable year prior, prompting the company to strategically augment its board composition. The net consolidated loss after tax of Rs 14.36 crore, in contrast to the previous year's profit, underscores market complexity and competition challenges. With a 66.98 percent decline in net consolidated total income, Emami Realty's approach focuses on resilience and growth. The appointment of Amit Kiran Deb as an additional director signifies proactive adaptation and strategic planning.
Thiruvananthapuram Corporation has finalized new property tax rates for the upcoming fiscal year. Government office buildings will see a substantial 72.5% reduction in basic tax rates, while larger residential, commercial, and hospitality properties will face increased tax burdens. The proposed revisions, based on existing slabs, await approval in an upcoming civic body council meeting. Additionally, property tax calculations will include a 5% annual increment over five years, following state government directives based on finance commission recommendations.
Danube, a prominent UAE real estate developer, has revealed its latest project, Elitz 3, a luxury tower in Jumeirah Village Circle. Joining their ongoing projects, Elitz and Elitz 2, the tower is set to comprise 750 modern residential units spread across 46 floors. These units, ranging from one to three bedrooms, come with a unique payment plan that has attracted investors. The thriving UAE real estate market, especially in Dubai, has garnered attention from both local and international investors, and Danube's success in delivering quality properties with innovative payment plans positions Elitz 3 as another promising addition to Dubai's luxury living scene.
The Galaxy Group, a real estate developer based in the National Capital Region (NCR), has secured a land parcel in South Delhi's Lodhi Colony through a lease agreement with the Rail Land Development Authority (RLDA). Valued at Rs 356 crore, the land spans 43,345.82 square meters and is planned for a transformative residential development. Divided into sections including Lodhi Colony and Sewa Nagar, a significant portion will be allocated for residential development. The Galaxy Group plans to invest Rs 1,000 crore in comprehensive projects that include housing for railway staff and the redevelopment of existing railway colonies.
Kotak Mahindra Asset Management has introduced the Kotak S&P BSE Housing Index Fund, an open-ended scheme tracking the S&P BSE Housing Index to tap into India's housing sector. The fund's transparent approach and alignment with diverse risk profiles underscore Kotak's commitment to empowering investors with opportunities in the real estate domain. As the subscription window opens from August 7th to August 21st, 2023, investors can seize the potential benefits of this innovative thematic index fund.
The state government has chosen not to grant a full property tax waiver to owners of houses under 500 square feet in the Pune Municipal Corporation (PMC) limits, in contrast to exemptions in Mumbai. The decision, made during the state assembly session, aims to avoid significant revenue loss for the civic administration, already providing a 40% tax discount. This move, affecting around 12 lakh properties, comes after a history of fluctuating property tax policies, including a 40% reduction following floods in the 1970s and subsequent discontinuation in 2019.
Chandigarh's building plan approval process is set to become more expensive due to the enforcement of charges under the Construction and Demolition Management Policy 2022, effective from February 1. The UT estate office is collaborating with Chandigarh Smart City Ltd to implement the charges on new and revised building plans via the online system, while also planning a special audit to assess financial impact and recovery from applicants. The policy emphasizes responsible waste management, requiring waste generators to dispose of debris at designated locations.
RLDA concluded the New Delhi Railway Station's pre-bid meeting with fervour. Leading construction firms like L&T, SPCL, and more participated, both online and offline. The EPC mode redevelopment aims to make it a world-class hub, incorporating commercial spaces, modern amenities, and multi-modal transit. The architecturally innovative 'Infinity' building design spans three floors, facilitating seamless movement. To alleviate congestion, seven flyovers and road expansions are planned. The station will feature a food court, waiting lounges, a child zone, and local product stalls.
An ongoing independent survey directed by the Meerut divisional commissioner has uncovered around 5,000 multi-storey buildings erected on single-use plots within Vasundhara township. The committee's investigation, triggered by complaints of land use violations received by the DC's office, aims to address these concerns. The forthcoming report will be submitted to the state government for action, possibly involving extensive demolitions,. Residents have expressed dismay over the impact on infrastructure, while questions arise about regulatory oversight. Officials suggest banks verify legality before granting home loans.
Real estate prices in Mokila, neighbouring Kokapet, have surged remarkably. The Telangana government's auction of a 165-acre layout in Mokila village resulted in three times the market price per square yard. The auction, managed by the Hyderabad Metropolitan Development Authority (HMDA), saw bids reaching impressive levels, from Rs 1.05 lakh to Rs 72,000 per square yard. Out of 50 plots, 48 were successfully sold, amassing Rs 121 crore in revenue. Mokila's prominence is underlined by this achievement, where historically open plots were sold at about Rs 30,000 per square yard.
.png)
The Asia Pacific tourism and hospitality sector is bustling with activity as investments surge, occupancy rates remain high, and leisure travel demand grows. Notable transactions include Singapore's largest-ever single asset hotel sale, and Japan and Australia/New Zealand leading in investment deals. Leading hotel chains like Dusit International expand into Nepal and Japan. New hotels like Bulgari Hotel in Tokyo and upcoming openings like Dusit Thani Kyoto and Club Med Kiroro Grand highlight the sector's vibrancy. China, Malaysia, and Thailand also saw significant hotel openings. With investments and new launches, the region's tourism and hospitality industry looks poised for continued growth.
The Enforcement Directorate (ED) has taken control of four villas and 6.75 acres of land in Munnar, Kerala, as part of a money laundering investigation into the banned Popular Front of India (PFI). The assets, valued at Rs 2.53 crore, belong to Munnar Villa Vista Pvt Ltd. They were provisionally attached on January 7 by the federal probe agency. The Prevention of Money Laundering Act (PMLA) adjudicating authority confirmed the action on June 30. The ED stated that this confirmation enabled the agency to assume ownership of the properties.
The NCLAT has overturned the insolvency resolution proceedings against BD&P Hotels (India), a subsidiary of real estate giant B Realty. An earlier NCLT order, based on Bank of India's petition for corporate insolvency resolution, claimed dues of ?111.61 crore. BD&P Hotels secured a term loan of ?65 crore repayable over four years, which turned non-performing due to payment issues. The company has since cleared all dues, leading the tribunal to close the CIRP and release BD&P from insolvency.
.png)
The Andhra Pradesh government modified the Capital Region Development Authority (CRDA) Act with the intention of establishing an R5 zone. The court emphasized the need to safeguard public funds until legal matters are resolved. The halted construction has affected Chief Minister Y S Jagan Mohan Reddy's ambitious housing plans, putting a pause on the development of over 50,000 houses under the Pradhan Mantri Awas Yojana (PMAY) scheme. The court's interim stay aims to maintain the status quo and ensure a comprehensive resolution to the contentious matter.
.png)
The Karnataka Real Estate Regulatory Authority (KRERA) has issued a notification requiring real estate promoters to deposit money borrowed by mortgaging housing project land into a designated RERA account. The funds must be used solely for the development of the respective housing project, aiming to enhance transparency and protect the interests of home buyers and lenders. The notification has been well-received by home buyers, who view it as a necessary measure to ensure timely completion of housing projects and safeguard their investments.
.png)
Chandak Group, has signed an agreement to redevelop a housing society in Mumbai's Andheri suburb. The project will cover a land area of 3.6 acres and has a total development potential of over 460,000 sq ft. The saleable area of the project is estimated to be over 281,000 sq ft, with a revenue potential of Rs 956 crore. The project is expected to be completed within four years. Chandak Group has already obtained a no-objection certificate from the Airports Authority of India for the construction of new buildings on the land parcel. This redevelopment project is part of the company's portfolio, which includes completed and ongoing projects across Mumbai.
.png)
MRG Group, a real estate developer based in the National Capital Region (NCR), has announced plans to launch a new affordable housing project in Sector 90, Gurgaon. The project will feature 2/3 BHK units spread over 5.26 acres, catering to homebuyers and investors seeking affordable and modern living options. The project's strategic location, emphasis on quality and sustainable construction practices, and a range of amenities are expected to make a significant contribution to the affordable housing sector in the region.
Eldeco Housing reported a 24.40% dip in Q1 FY24 consolidated profit, with Rs 7.62 crore profit after tax. The net consolidated total income was Rs 27.51 crore, down 8.51%. Chairman Pankaj Bajaj highlighted trends of consolidation and premiumization, citing land acquisition challenges and timely approvals. The board approved a corporate guarantee for an Rs 80 crore loan by Inception Buildtech, aimed at land and project development. The collection totalled Rs 25.5 crore, and bookings grew 40% to Rs 31.4 crore in Q1 FY24 compared to Rs 22.4 crore in Q1 FY23.
CapitaLand Investment India plans to invest SGD 7-8 billion in India over 3–4 years, aiming to expand to 50 million square feet in IT Parks and industrial and logistics. CEO Sanjeev Dasgupta sees India as a hub for IT services and data consumption, with data centre growth spurred by hyperscalers. The manufacturing shift to India, cost competitiveness, and the government's PLI scheme drive demand in logistics. The company ventures into renewable energy with a 29-MW solar power plant in Tamil Nadu. CapitaLand's growth targets include real estate lending and touching SGD 7-8 billion in assets.
LIC Housing Finance reported a 42.31% growth in Q1 FY24 net profit at Rs 1,319.04 crore, up from Rs 926.89 crore in the same period last fiscal. The company's consolidated total income grew by 27.47% to Rs 6,759.13 crore. T. Adhikari was appointed as the managing director and CEO. The firm aimed to expand its branch network and observed growth in all segments. As of June 30, 2023, the company's net worth was Rs 25,901.43 crore, with a debt-equity ratio of 9.54. Housing demand is resilient amid higher rates. The RBI has hiked rates by 250 basis points since May 2022, coinciding with a 4.81% inflation rate in June.
.png)
Amid delayed bill issuance, Pune's municipal body garnered over Rs 1,300 crore in property tax payments. PMC's Ajit Deshmukh highlighted diverse online and offline contributions, resulting in revenue surpassing Rs 1,300 crore in two months. A bill delay led to a 40% rebate announcement, extending discounted tax rates until July 31. Technical glitches prompted a two-day extension. Civic activists' appeals led to a lottery for compliant taxpayers, while critics urged a focus on defaulters. PMC, with 5.5 lakh properties paid by August 2, targets Rs 2,618.15 crore from property tax, incorporating water tax revenue.
.png)
The government's Life Mission housing initiative has encountered significant setbacks due to surging steel prices. With construction costs now exceeding original estimates by over 50%, contractors are halting projects and seeking increased funding. Out of 29 sanctioned apartment complexes, only four are complete. Furthermore, the recent Life 2020 phase has only reached housing agreements with 16.34% of eligible families. Financial challenges, including local bodies' inability to provide bank guarantees for necessary loans, add to the project's complexities. Immediate resolutions are imperative for the mission's success.
.png)
Over the weekend, Gautam Buddha Nagar residents held demonstrations, pressing for urgent resolutions on halted flat registries and incomplete housing projects. Representing 25 Greater Noida West societies, the protestors emphasized the need for quick action on government commitments. Meetings between NEFOWA, GNIDA CEO Ravi Kumar NG, Jewar MLA Dhirendra Singh, and other officials took place. Civic concerns like rain water logging due to a Sector 51 wetland and other maintenance issues were also discussed. Noida Authority CEO Lokesh M proposed a survey of the problematic wetland to find solutions. Residents await tangible actions following these discussions.
HDFC Bank, a leading private sector bank in India, has secured a significant lease of 1 lakh sq. ft. office space in Mumbai's competitive commercial real estate sector from Blackstone. The five-year agreement at $165 per sq. ft. monthly rent showcases the bank's commitment to expanding its presence in the city's financial hub. With world-class amenities and a strategic location, this collaboration positions HDFC Bank to leverage Mumbai's flourishing financial landscape, cater to growing customer demands, and foster innovation among its workforce. The deal is expected to spur further growth in Mumbai's commercial real estate sector.
Germany's leading real estate company, Vonovia, has encountered significant hurdles in the wake of a 2 billion euro loss during the second quarter, alongside a 3 billion euro property value write-down. The downturn is emblematic of Germany's broader property industry crisis, marked by falling prices, stalled transactions, and construction stagnation. Analysts' downgrades underscore the end of a growth era propelled by cheap financing. Despite this, Vonovia maintains its yearly profit projection of 1.75 billion to 1.95 billion euros for funds from operation, in contrast to last year's 2.04 billion euros.
Hanoi's housing prices have outpaced income growth since 2019, with real estate firm Savills Vietnam reporting a 13% surge in apartment prices during the same period. The city targets a per capita income of VND150 million by 2023, yet apartments on the secondary market averaged VND33 million per sq. meter. This discrepancy has led to a stark contrast, with workers needing 15 years of income for a 50 sq. meter apartment. Hanoi's housing-to-income gap has widened, even surpassing that of Singapore. The demand-supply gap remains substantial, causing sustained price increases and a projected deficit of 70,300 housing units by 2025.
Lemon Tree Hotel's President, Mr. Vikramjit Singh, has announced a partnership with M/S Space Builders & Promoters to acquire a new property in Zirakpur, Punjab. This venture expands Lemon Tree's presence in the town, marking its fourth hotel, with two more in the pipeline. The new property will be managed by Carnation Hotels. Anticipated to be operational by the second quarter of the financial year 2027, the hotel will feature 80 rooms, banquets, a conference room, a restaurant, a fitness centre, and more.
.png)
Godrej Properties, a subsidiary of Godrej Industries Ltd., has allocated approximately Rs155 crores for repairs, maintenance, and ancillary costs following quality-related concerns raised by residents of their Gurugram project, Godrej Summit. Issues emerged when a separating slab revealed inadequate flooring in certain flats, raising structural integrity doubts. Subsequent complaints included cracks in balconies and walls, reflecting a larger safety concern post a similar incident at Chintels Paradiso. The Department of Town and Country Planning issued a show-cause notice, prompting a detailed assessment revealing high chloride content causing steel corrosion. GPDL plans to buy back concerned homeowners' units, ensuring repairs and audits before resale.
Copper Beech Farm in Greenwich, Connecticut, has set a record as the state's most expensive home sale, fetching a remarkable $138.83 million. The 50-acre estate, one of the priciest properties ever sold in the U.S., boasts a luxurious French-Renaissance mansion, private frontage on Long Island Sound, and several impressive amenities. While demand for luxury properties remains strong in Greenwich, recent sales have slowed due to limited inventory. Despite the slowdown, the median sales price has increased, signalling continued interest in the upscale real estate market.
Punjab CM Bhagwant Mann disbursed Rs 101 crore in cheques to 25,000 beneficiaries of Pradhan Mantri Awas Yojana (Urban), each receiving Rs 1.75 lakh. Mann highlighted government's role in providing essentials like housing and pledged transparency in fund utilization. He announced a unique "Road Safety Force" initiative to combat high road accident fatalities, emphasizing potential to save lives and streamline traffic. Mann's administration aims to uplift all strata of society through proactive welfare measures, contrasting with predecessors' resource claims. The move underscores commitment to citizens' fundamental rights and effective fund management for public benefit.
Lucknow, the capital of Uttar Pradesh, is emerging as a prominent Industrial and Logistics (I&L) hub in Northern India, closely following Delhi-NCR, reports CBRE South Asia Pvt. Ltd. Noteworthy investments from Amazon, Mondelez, and Flipkart totalling INR 400 crore have contributed to this growth, with an additional INR 70 crore anticipated for upcoming warehouse developments. Demand for premium warehousing space in Lucknow has surged, with leasing activity increasing by an impressive 300% year-on-year to 0.18 million square feet in FY23. Factors such as competitive land prices, robust road connectivity, and supportive industrial land use classification under UPSIDA have fuelled this growth.
In a bid to revolutionize Mumbai's public transport system and address the challenge of land scarcity, the Mumbai Metropolitan Region Development Authority (MMRDA) is set to introduce a ground breaking solution – two-level parking spaces for metro rakes. This strategic move aims to significantly enhance the efficiency and capacity of the city's metro network, ultimately reducing train frequency and bolstering connectivity.
In response to tepid interest in its rental model, the Madhya Pradesh State Electronics Development Corporation (MPSEDC) is introducing a 30-year lease for IT and ITES firms at Sinhasa IT Park. Located along the Indore-Ahmedabad highway, the park spans 112 acres. The move aims to attract tech businesses looking for long-term commitments. This development coincides with MPSEDC's initiative of constructing a dedicated building for IT companies at the Electronic Complex, marking its determination to bolster the region's tech infrastructure.
.png)
Amid mounting anticipation, MHADA Mumbai Housing Lottery 2023 applicants anxiously await the draw date. Initially set for July 18 but postponed due to an extended application deadline, MHADA officials promise to reveal the date soon. Over 120,000 valid entries vie for 4,082 flats in prime locations like Juhu and Andheri, with a colossal Rs 519 crore deposited as earnest money. Speculation on MHADA profiting from bank interest is dismissed. The flats encompass various categories, including PMJAY, EWS, LIG, middle-income, and high-income units. As excitement peaks, Mumbai's hopeful residents await crucial news that will impact both MHADA and the aspirants.
.png)
A recent joint report by Knight Frank and The Royal Institution of Chartered Surveyors (RICS) predicts a meteoric rise in India's construction sector, forecasting an output of $1 trillion by 2030. The expansion is expected to generate 100 million jobs, showcasing India's impressive economic resilience. The growth is driven by rising incomes, increasing domestic demand, and an evolving business landscape. Additionally, supportive government policies and substantial Foreign Direct Investment (FDI) are further bolstering this booming sector, emphasizing India's rapid infrastructural and real estate development.
.png)
K Raheja Corp, a prominent Real Estate conglomerate in India, has introduced its Women in Leadership Program, named "SHEROES: Expand your Potential." This initiative is aimed at enhancing the company's pool of women leaders and fostering gender parity. The program's initial phase involved a select group of 24 high-potential women from various sectors of the company, such as Mindspace Business Parks, Chalet Hotels, Inorbit Mall, and K Raheja Corp Homes. The comprehensive intervention comprised a 4-month intensive learning journey, including training sessions, group coaching, and practical assignments. The program was a collaborative effort, designed by the company's internal L&D team and InspireOne Consultants, and was executed by skilled trainers, external speakers, and image consultants.
KGK Realty (India) Limited and Dhoot Infrastructure Projects Limited have taken control of the Sare Gurugram Group housing project after the National Company Law Tribunal's approval of the resolution plan. This development is a relief for over 1200 homebuyers awaiting possession of their apartments. The 47-acre project, facing financial challenges, entered the Corporate Insolvency Resolution Process in 2021, delaying delivery from 3 to 8 years. The consortium acted as a development manager during the process, focusing on fulfilling buyers' dreams. With an initial investment of Rs 140 crore, the consortium aims to complete the project in 18 months. The move not only delivers homes but also underscores their commitment to buyers' aspirations.
.png)
Ahmedabad, the largest city in central Gujarat, faced a proposal in June to convert its eastern agricultural zone into industrial and residential areas. The plan aimed to transform around 12,000 hectares of land across 19 villages, intending to boost economic growth and urbanization. However, the proposal was put on hold after the Ahmedabad Urban Development Authority decided to review its feasibility, speed, scope, and impact on land use patterns. This sudden decision has caused disappointment and controversy among developers and residents who anticipated the city's development.
Pancard Clubs, a company focused on hotel and resort development, has been ordered to undergo a Corporate Insolvency Resolution Process (CIRP) due to defaulting on investor repayments. Over 100 investors, seeking to recover Rs. 1.5 crore, filed a petition against the company. Pancard Clubs operated an unregistered investment scheme under the guise of a timeshare scheme, generating returns on investments. The company was directed to refund Rs. 7,035 crore to investors, leading to legal battles and property auctions. The court's decision emphasizes the importance of investor awareness to prevent such collective investment scheme scams.
After a ceiling fall caused residents of the Jains Westminster Owners Association in Chennai to question the quality of their complex's construction, they filed a police report against Jain Housing and Construction. The building had been plagued by leaks and flaws since 2016. Jain Housing's MD, Sandeep, acknowledged the problems and said that remediation work is in progress. The tragedy has sparked a wider discussion about safety regulations, construction accountability, and resident rights. GCC commissioner J. Radhakrishnan pledged assistance for locals seeking justice.
The long-awaited LIFE Mission housing project near Mundamveli, owned by the GCDA, is in its final stages, set to launch by month-end. With one block completed and the second nearly finished, relief is imminent for 80 families from P&T Colony who will relocate. The Thrissur District Labour Contract Co-operative Society is expediting work. The inauguration awaits Chief Minister Pinarayi Vijayan's coordination. This project comprises two four-story buildings, 83 flats, essential amenities, and integrated rainwater harvesting, with an estimated cost of Rs 14.61 crore. The launch marks a significant step toward improved living conditions and collaboration in funding and execution.
The Neopolis project in Kokapet, Hyderabad, conducted land auctions for seven land parcels of 45 acres in Phase 2. The auction witnessed a high bid of Rs. 100.75 crore per acre for a 3.6-acre plot (No.10), making it the highest bid in the history of Hyderabad's real estate. The bid was placed by Rajapushpa Properties Pvt Ltd, and the overall collection in the auctions reached an impressive Rs. 3,319 crore, surpassing the state government's expectations of Rs. 2,000 crore.
The Kolhapur Municipal Corporation (KMC) has announced plans to provide new 270 sq ft homes at the same location for the families of Kamgar Chal, following the issuance of relocation notices due to the dilapidated condition of five buildings. While promising swift construction, the KMC has called for temporary evacuation and discontinued utilities from August 1. Some residents have voiced concerns over the plans and potential commercial exploitation of the vacated land, seeking reassurances that they will not be moved to the outskirts of the city.
In a significant shift in real estate regulations, the Karnataka Real Estate Regulatory Authority (KRERA) has ordered builders to transfer control of common areas in apartment complexes to residents' associations. This landmark ruling was specifically directed at Signature Dwellings Private Limited, and it mandates the immediate transfer of common areas to allottees' associations upon their formation. Experts believe that this decision not only resolves a longstanding issue but also sets a precedent that could lead to broader reforms, potentially benefiting homebuyers across the nation.
.png)
More than 6,300 property owners in Bengaluru have filed objections to errors found in draft cards under the Urban Property Ownership Records (UPOR) project. The project, which aims to issue property cards for 25 lakh properties within BBMP limits, faced discrepancies including wrong property dimensions and name printing. Commissioner Manjunath acknowledged the issues but emphasized that the objections constitute less than 3% of the total cards issued. The officials are committed to correcting the errors in the final cards, with the remaining wards expected to be surveyed in the coming months.
.png)
The Red Sea Global developer is working on an ambitious tourism project in Saudi Arabia called Amaala and Red Sea. The project, envisioned by Saudi Crown Prince Mohammad bin Salman, aims to create a massive tourism destination fully open to tourists by 2030. It will feature luxury experiences, hotels, villas, spas, and restaurants, covering 22 islands and six inland sites, equivalent to the size of Belgium. The International Airport is set to open in 2023, with the first three hotels. The project focuses on sustainability and will employ over 25,000 personnel, offering a plethora of luxury experiences for tourists. Once complete, it is expected to transform the Red Sea region into a world-class tourism destination, attracting travellers from around the world.
Indian PropTech firms secured $719 million in funding despite a slight dip in 2022. The sector showcased resilience with a CAGR of 49 percent from 2009 to 2022, reaching nearly $4 billion in investments. Co-living and co-working spaces dominated with 64 percent of the total inflow, followed by construction technology solutions with 15 percent. Proptech investments in India surpassed $4 billion in H1 2023, signalling continued growth. Technology adoption has boosted efficiency in real estate processes, with demand for flexible workspaces and premium accommodations driving investor confidence. The sector's success reflects its transformative potential and unwavering impact on the global market.
.png)
A recent report by ANAROCK reveals a concerning decline in the share of affordable housing in overall sales and housing supply in H1 2023. The share of affordable homes has reduced by 11 percent compared to H1 2022, with the top 7 cities experiencing a significant drop from 23 percent to 18 percent. Additionally, affordable home buyers are burdened with almost 20 percent higher EMIs due to surging floating interest rates. Many buyers now face a scenario where the interest component surpasses the total principal amount, delaying homeownership and reducing potential gains from property appreciation.
British house prices experienced their largest drop since 2009 over the past year, with a 3.8% decrease in average prices compared to the previous year. Rising interest rates have impacted the housing market, resulting in sluggish activity and mortgage rates surpassing 6%. Affordability has become challenging for first-time buyers, with mortgage payments consuming a significant portion of their take-home pay. Economists expect the Bank of England to increase its Bank Rate further, leading to a potential downturn in the housing market. However, there is hope for improvement in the long term as steady growth in income and a decrease in house prices may enhance housing affordability.
.png)
Singapore's rental price growth has slowed down in the second quarter, with the smallest gain in private residential prices since 2021. The cooling trend is expected to continue as more new housing units become available, leading to a higher supply of private housing completions this year. Government interventions, including cooling measures and increased stamp duties for foreigners, have also played a role in alleviating the surge in rents. The high-end market, especially the ultra-luxury segment, has experienced a major reversal, with rents dropping in contrast to the previous quarter's increase.
Integrow, a tech-driven real estate investment platform, has partnered with Pranami Group, a well-established name in the real estate sector with over 23 years of experience. The collaboration involves a significant investment of INR 225 crore in diverse residential and commercial projects. Pranami Group's reputation for innovative and high-quality real estate spaces complements Integrow's mission of providing access to institutional-grade real estate assets. The partnership aims to create transformative spaces and set new standards in the real estate industry, offering unmatched living experiences and state-of-the-art commercial spaces..
.png)
The Uttar Pradesh state cabinet has approved a significant allocation of Rs 1,000 crore to develop new townships in seven key cities, including Agra, Aligarh, Bulandshahr, Bareli, Gorakhpur, Jhansi, and Chitrakoot. The state government will cover 50% of the land acquisition costs, and the development authorities will contribute the remaining 50%. The allocation of funds demonstrates the state's commitment to urban infrastructure and development, ensuring vibrant and self-sufficient communities that enhance the overall socio-economic growth of these cities.
.png)
The construction sector is predicted to make a significant impact on global job markets by generating 100 million employment opportunities by the end of the decade. The projection is based on factors like increasing urbanization, technological advancements, and a growing focus on sustainable development. The industry's adoption of innovative practices, such as 3D printing and AI-driven automation, is boosting efficiency and productivity. Government infrastructure projects and the shift towards remote collaboration are also contributing to the job growth. To fully capitalize on this potential, addressing the shortage of skilled labor through vocational training is vital.
.png)
The redevelopment of Malad Ganga Cooperative Housing Society in Mumbai's western suburbs met with a temporarily hurdle recently when minor society member filed a petition to halt the project on account of concerns of having to relocate their business establishments. The court ruled in favour of the redevelopment project and has allowing work to resume without interference. Mumbai has been witnessing a surge in housing society redevelopments projects with Bandra-Khar-Santacruz belt recording 780 projects in 2022. Recently, Kolte Patil inked a deal to redevelop two projects in Bangur Nagar in Goregaon and Kalpatru announced a redevelopment project in Borivali.
Civic bodies across India frequently organize e-auctions for plots, units, and shops to stimulate the real estate sector. These auctions offer opportunities to acquire properties at subsidized costs in prime locations. Bidders are required to pre-register and meet eligibility criteria before participating. The Uttar Pradesh State Industrial Development Authority (UPSIDA) is conducting an e-auction for industrial plots on August 10th, 2023. Other cities like Bhubaneswar and Hyderabad have also recently held e-auctions for shops and residential plots to attract businesses and home seekers.
.png)
Arvind SmartSpaces reported a 23.14% rise in net profit, reaching Rs 9.10 crore in Q1 FY24. Their total revenue increased by 11.35% to Rs. 69.07 crore. The company plans to expand in Ahmedabad, Bangalore, Pune, and MMR. The board approved the divestment of partnership interests in two subsidiaries. The company launched two township projects and achieved 14% YoY growth in bookings and 54% YoY growth in collections. Furthermore, Net debt decreased to Rs (87) crore, and the net debt-to-equity ratio improved to (0.18), thereby indicating prudent financial management.
.png)
An architect in Bombay has filed a PIL in the Bombay High Court seeking changes to the proposed design of the Mumbai Coastal Road (South) to create more accessible open spaces without altering the entire project. The plea asks the court to appoint an expert committee, including urban design specialists, to assess the feasibility of the proposed changes. The petitioner suggests shifting the road inward and placing open spaces on the seaward side of the reclaimed land. The PIL emphasizes the significance of well-designed public areas, as a majority of the city's population is likely to utilize them over the road.
The Bombay High Court has established a committee comprising officials from various departments to propose a roadmap for reconstructing and repairing 45 kilometres of roads in the ecologically sensitive Aarey Colony. The court addressed concerns raised in public interest litigations about the roads' poor conditions and directed the committee to consider environmental regulations and eco-sensitive zone laws during their work. The committee must present its recommendations for funding and repair plans before the next hearing on September 23. The court also emphasized the need for cooperation among authorities and directed immediate repairs for a specific road segment.
.png)
The Assam Real Estate Appellate Tribunal (REAT) made a significant ruling, stating that the mere pendency of civil suits cannot be used as a legal justification to prevent the registration of real estate projects. The ruling came as a result of an appeal by a builder who faced penalties for failing to register a project as required by the Real Estate (Regulation and Development) Act, 2016. The builder argued that the project was involved in various civil suits, but the Tribunal dismissed this argument, emphasizing the importance of complying with the statutory requirements. The ruling serves as a warning to the real estate industry to adhere to registration requirements before marketing or selling any real estate projects.
A real estate broker from Sola has filed a police complaint against a bullion trader and builder from Prahladnagar, alleging a fraud of Rs34.56 crore in property sales. The accused, Rakesh Shah, presented himself as a bullion trader with real estate expertise and promised to help the broker sell his properties. After an initial payment, Shah allegedly avoided scheduled payments, claiming his bank account in Dubai was frozen. Additionally, the broker acted as a guarantor in the sale of two properties belonging to his friend, adding to the complexity of the fraud. The police are investigating multiple offenses, and the case has raised concerns about the need for tighter regulations and due diligence in real estate transactions.
.png)
Rajasthan RERA has directed a Jaipur builder to refund a homebuyer Rs 37 lakh, including interest, due to a prolonged possession delay. The complainant had booked a flat in 2016 but faced multiple delays in receiving possession. Despite paying a significant amount, the flat's possession was repeatedly postponed, prompting the homebuyer to approach RERA. The authority's ruling mandates a complete refund within 45 days. This case highlights the importance of timely possession and the role of RERA in safeguarding buyers' interests in real estate transactions.
Raymond Realty, the real estate arm of Raymond Group, has launched its fourth project, "Address by GS 2.0," in Thane. This move signifies the company's growing success in the real estate market. The project's launch follows the accomplishment of its previous ventures, including the prompt delivery of the initial phase of TenX Habitat. The new project promises luxurious amenities and a Roman-inspired landscaped podium, reflecting the company's dedication to offering exceptional living experiences.
.png)
Kolte-Patil Developers (KPDL) has inked deals for two new society redevelopment projects in Mumbai's Goregaon West, adding to its recent acquisitions in April-May 2023. These latest projects encompass a total saleable area of around 4.8 lakh sq. ft., with a combined top line potential of Rs. 950 crore. Including previous acquisitions in Pune and Mumbai, the company's new business development deals now aggregate a top line potential of Rs 3,450 crore. This move emphasizes Kolte-Patil's ongoing commitment to growth and innovation in the Indian real estate market.
An expert committee has proposed targeted measures to revive over four lakh stalled real estate projects across India, focusing on areas around Delhi and Maharashtra. The recommendations include a project-wise approach to insolvency, a four-year moratorium on payments in Noida, and specific provisions to safeguard home buyers' interests. Headed by G20 sherpa Amitabh Kant, the committee's initiatives aim to alleviate the burden on builders and expedite the possession process for homebuyers. With proposed amendments to the Insolvency & Bankruptcy Code, this move represents a vital step towards resolving a longstanding issue in the housing sector.
.png)
The late Bollywood legend Dilip Kumar's Pali Hill bungalow in Mumbai is set to be transformed into a luxury residential complex. The Ashar Group, who have teamed up with Kumar's family, will oversee the development, which will also feature a museum dedicated to the actor's life and career on the ground floor. Construction is underway, with completion expected well ahead of the 2027 delivery date. The anticipated revenue from the project is estimated at INR 900 crores. Legal hurdles that had previously stalled development have been resolved, clearing the way for this unique fusion of heritage and modern living.
.png)
New research shows that office vacancy rates in Australia rose to levels not seen since the 1990s during the first half of the year. Downtown areas of major cities like Sydney, Melbourne, and Perth experienced increases ranging from 0.2% to 0.9%. The Melbourne CBD saw the most significant rise in vacancies. The national CBD vacancy rate reached 12.8%, posing challenges for landlords trying to fill empty buildings amidst a slowing economy and tenants seeking to reduce space due to remote work.
In a ground breaking move, Abu Dhabi is forming a $12 billion property giant, Q Holding, through the amalgamation of key real estate assets from ADQ and International Holding Co. The newly established entity will become one of the region's largest and most diversified firms, boasting a diverse portfolio of real estate developments, hospitality assets, venues, and land plots. This strategic merger aims to strengthen the emirate's economic transformation efforts and reduce its reliance on oil. As ADQ and IHC combine forces, Q Holding is set to be an instrumental player in shaping Abu Dhabi's prosperous future.
Sify Technologies leases 1.5 lakh sq. ft of office space in Hyderabad's financial district through its subsidiary, Sify Infinit Spaces. The lease spans 60 months, bolstering their presence. Rent will escalate by 3 percent annually. Sify's focus on expanding data centre capacity aligns with India Inc.'s digitization and AI trends. A strategic partnership with Kotak Data Centre Fund for Rs 600 crore enhances growth prospects. Sify aims to add 350 MW of capacity in four years. Their dynamic approach and unwavering vision position them as trailblazers in India's ICT landscape, championing innovation and transforming the digital future.
JLL Technologies introduces JLL GPT, a cutting-edge generative AI model for the CRE industry. With its global team of experts, JLL aims to deliver smarter CRE insights using this bespoke AI, revolutionizing the industry. JLL's comprehensive data, combined with external sources, will offer tailored solutions to clients worldwide. The AI-powered platform empowers facility managers with dynamic conversations while consulting experts provide quicker workplace planning advice. JLL's early adoption of AI has already optimized building efficiencies and investment opportunities.
.png)
The AMC has introduced a decisive plan to streamline property tax valuation for new properties. The corporation has set a 45-day timeline for evaluating properties with building use permission. Any delays will have strict consequences for both the department and the officials involved. AMC's proactive approach includes prompt notification of BU permissions to the tax department, ensuring timely evaluations. This initiative aims to prevent disputes between buyers and builders, promoting transparency and efficiency.
.png)
In July 2023 property registrations in Mumbai are expected to reach 10,214 units, a 10% decline from last year, but revenue collection remains steady at INR 832 crores. Despite a dip in overall registrations, the luxury segment (properties valued at INR 1 crore and above) continues to thrive, accounting for 57% of the registrations. This sustained demand in the higher price segment, coupled with resilience against interest rate hikes, underscores the ongoing strength of Mumbai's residential market.
Residents of Logix Zest in Noida, India, are facing a financial setback as they are required to pay an additional Rs. 90 lakhs for power expenses, on top of the already hefty Rs. 3 crore they had paid earlier. The sudden escalation in costs has raised concerns about transparency and accountability, leading residents to demand a thorough breakdown of expenses and an independent audit. The real estate sector in Noida may suffer reputational damage due to incidents like these, prompting potential homebuyers to exercise caution and research before investing. The management of Logix Zest has promised to address residents' concerns in an upcoming meeting.
.png)
Haridwar One is a new residential project in Haridwar, Uttarakhand, launched by prominent real estate developer ETH Infra. The project offers one, two, and three BHK apartments with a range of prices, starting from 44 lakhs to 1.15 crores. Conveniently located just two minutes away from the revered Har Ki Pauri, a significant spiritual site in Haridwar, the project aims to blend modern amenities with the spiritual ambiance of the holy city. The project boasts picturesque views of the Himalayan Mountain Ranges and features lush green gardens, a rooftop club, a skywalk, and a senior living-friendly lifestyle.
.png)
NCR-based Royal Green Realty has introduced the 'Courtyard 37D' project, an Shop-cum-Office (SCO) venture located in Gurugram's promising Sector 37D. Spanning 3.63 acres, the initiative offers exclusive built-up plots and the flexibility to develop up to 4 floors along with a basement. With investment slated to exceed Rs 60 crore through internal funds, the project is set for completion by 2025, strategically positioned near Dwarka Expressway.
Arvind SmartSpaces Limited (ASL), a prominent real estate development company in India, has announced the acquisition of two expansive golf-themed development projects in Ahmedabad. These projects cover approximately 704 acres and have a potential worth of around Rs. 2,300 crore. Positioned in South Ahmedabad, they mark ASL's 17th and 18th projects in the area. The projects will follow a joint development model, enhancing returns through low capital intensity.
.png)
In Rajasthan, 8.67 lakh families are still awaiting homes promised under the Pradhan Mantri Awas Yojana-Gramin (PMAY-G), as the central government fails to set new targets for two years. Several states face the same issue, with a shortage of housing options. Urgent appeals have been made to the Government of India for action. Minister Giriraj Singh disclosed that out of 17.19 lakh sanctioned houses, 16.68 lakh have been completed. The PMAY-G aims to provide 2.95 crore houses across rural India by March 2024. Transparency in beneficiary selection involves verification and appeals, but 2.04 crore households remain on the waitlist.
The Maharashtra state government is tackling the problem of incomplete land ownership titles in housing societies by directing the cooperation department to conduct conveyance deed camps. Out of 1.2 lakh registered units, 63% of housing societies, totalling 76,104 units, lack proper conveyance deeds. The camps, involving deputy district registrars and housing federation members, will be organized more frequently to address this issue. The government aims to streamline the process and expedite the issuance of land ownership titles, helping more housing societies obtain proper conveyance deeds.
.png)
In a bid to expedite property transactions exceeding Rs 50,00,000, Jaipur's state government has launched the enlistment of private site inspectors. Addressing the dearth of government inspectors, this move aims to alleviate delays in property deals. The directive mandates site inspections for properties surpassing the Rs 50,00,000 threshold, whether priced or valued by the government. Applicants vying to be empanelled inspectors must be registered valuers for financial institutions, comply with 2017 Valuation Rules, and hold diplomas or degrees in civil engineering, town planning, or architecture.
.png)
The Haryana town and country planning department has introduced a new policy allowing the establishment of industrial clusters and warehouses on agricultural land, except for "hyper-sensitive zones" like the National Capital Region (NCR). The policy prioritizes environmental considerations and permits a change of land use (CLU) for white and green industries in hyper-sensitive zones. New clusters must have a minimum of 10 industries without adjacent existing industries. The policy aims to attract entrepreneurs from outside Haryana and foreign direct investment, especially in areas developed by organizations like HSIIDC and HSVP, while also outlining regulations for CLU, including distance requirements from urbanized regions.
The Gujarat High Court is set to address whether a company can be a member of a cooperative housing society. The court's attention was drawn to the matter by a petition involving Pratima Cooperative Housing Society Ltd near Vijay Crossroads. The society had denied membership to Atreyi Vincom Pvt Ltd, who purchased a bungalow after an auction. The society's reliance on religious and caste-based restrictions was questioned by Justice Nikhil Kariel, who cited potential legal concerns. The case prompts consideration of evolving societal norms, with the hearing scheduled for March 2024.
.png)
Godrej Properties reported an impressive 208.68% growth in net consolidated profit, amounting to Rs 133.69 crore in Q1 FY24. The company's total revenue also surged by 196.90% to Rs 1,265.98 crore during the same period. With a robust launch pipeline and resilient demand, they aim to achieve a booking target of Rs 14,000 crore in FY24. Despite a slow start in bookings, the company witnessed a strong performance in deliveries, cash collections, and earnings. Additionally, they granted stock to eligible employees and appointed a new non-executive director.
.png)
Tesla, the American electric vehicle giant, makes significant strides in India, securing a 5,850-square-foot office space in Pune's Viman Nagar. Tesla India Motor & Energy's strategic move aligns with its ambition to establish a manufacturing base in the country. The lease spans five years, with an option to extend for ten years. Tesla is keen on introducing its electric cars to the Indian market and has engaged in discussions with the government. India considers allowing Tesla's foreign vendors to manufacture critical components within its borders. This dynamic development marks a transformative shift in India's automotive landscape.
.png)
University Living, in collaboration with RAYSolute Consultants, has released a comprehensive report on the Australian Student Housing Market, revealing a surge in demand for education in Australia. The report identifies 60,000 on-campus beds and 90,000 purpose-built student accommodation (PBSA) beds, highlighting a scarcity of affordable student housing. The market has grown to AUD 10 billion with a 17% CAGR, with 10% of the beds on-campus and the rest off-campus. International students occupy a significant portion of PBSA beds. Despite options like private rentals and homestays, rising rental costs indicate a pressing need for more affordable housing to accommodate the growing number of international students.
Aldar Properties, a leading real estate developer, has increased its investment in the education sector by adding over AED 350 million to its initial AED 1 billion commitment. As part of its expansion plan, Aldar Education will establish Cranleigh Bahrain, a premium school offering a British International Curriculum. The increased investment also includes acquiring Kent College Dubai and Virginia International Private School in Abu Dhabi. This move signifies Aldar Education's commitment to providing high-quality education standards beyond the UAE, reaching the Kingdom of Bahrain and expanding its presence in Dubai and Abu Dhabi.
AG Enviro Infra Projects and Metro Waste Handling are partnering to construct two waste plants in Mumbai to process 1,200 tonnes of construction waste daily, producing precast concrete products. The Bombay Municipal Corporation is recruiting supervisors to oversee the plant construction. One plant in Gorai will handle waste from the western suburbs, and the other in Shilphata will process waste from the eastern suburbs and the city. The BMC has introduced the "Debris on Call" facility to ensure proper waste disposal and prevent unauthorized dumping. The plants will process drains and paver blocks, with AG Enviro Infra Projects and Metro Waste Handling selling the products. The plants are scheduled to be operational by February 2024.
The Indian Government has set ambitious targets for highway construction to accelerate infrastructure development. Originally planning to build 12,500 km of highways for FY 2024, they have now raised the target to 13,800 km. The pace of construction has also been significantly increased, aiming for 40 km of highways per day by the year-end. During the peak of the pandemic in 2020-21, the country witnessed 13,327 km of highways built at a rate of 37 km per day, but it fell to around 10,000 km in 2022-23. To achieve the current targets, NHAI, the Ministry of Roads, and NHIDCL will collaborate to build approximately 14,000 km of highways this year. While challenges such as weather conditions and upcoming elections may impact progress, the government remains committed to infrastructure development and connectivity improvement.
In a significant ruling, the Gurugram forum ordered VP Spaces, a real estate developer, to refund a buyer and prohibited the imposition of penalties for alleged default in the purchase agreement. The forum asserted that penalties can only be levied when explicitly permitted, safeguarding buyer interests and promoting fairness. The decision sets a precedent for transparent and consumer-friendly practices in the real estate sector, emphasizing the need for due diligence by buyers before entering into property agreements.
The Enforcement Directorate (ED) has accused the directors of the Mahira Group, including Samalakha MLA Dharam Singh Chhoker and his sons Sikander Singh and Vikas Chhoker, of diverting nearly Rs 107 crore collected from approximately 1,500 homebuyers invested in an affordable housing project in Sector 68. The ED's investigation revealed that the accused orchestrated the diversion through fabricated expenditures and loans to group-related entities. The ED conducted searches in 11 locations, yielding evidence of money laundering and seizure of luxury cars, jewellery, and cash. The case originated from an FIR filed by the Gurgaon police against Sai Aaina Farms, a company under the control of the Samalakha legislator.
The Securities and Exchange Board of India (SEBI) has imposed fines of Rs 20 lakh each on Kapil Wadhawan and Dheeraj Wadhawan, former promoters of Dewan Housing Finance Corp Ltd (DHFL), for their failure to comply with disclosure norms. The regulatory action was taken after an investigation into the transfer of shares from DHFL to its subsidiary, DHFL Investments, and other related transactions during the period from February to March 2017. SEBI found significant shortcomings in disclosing crucial information to DHFL shareholders, particularly in the postal ballot notice and draft share purchase agreement.
.png)
Businessman Bishnu Kumar Agrawal, owner of Nucleus Mall, was arrested by the Enforcement Directorate (ED) after a six-hour interrogation related to alleged land deal irregularities. Agrawal's late arrival led to questioning stretching into the night and hs subsequent arrest at 10.30 pm. Earlier, he postponed appearances due to medical and religious reasons. Investigations revealed Agrawal, in collusion with former deputy commissioner Chhavi Ranjan, obtained non-saleable land and properties through forgery. ED alleges a quid pro quo between Agrawal and Ranjan.
.png)
Pune is set to reach an impressive milestone, with flex space projected to account for 10% of the city's total office area by 2025. According to a report by Colliers, the thriving technology sector and the adoption of hybrid work models have fuelled this growth. In 2023, Pune's flex space stock stands at 5.4 million square feet, marking a four-fold increase since 2018. This robust growth positions Pune ahead of other top Indian cities in flex space penetration, indicating a transformative shift in the city's work environment.
K Raheja Corp has received clearance from the Mumbai bench of the National Company Law Tribunal (NCLT) to demerge its subsidiary, K Raheja Corporate Services, as part of its strategy to consolidate and grow its residential real estate business. The move will enable the company to access capital markets through the listing of the subsidiary and to attract strategic investments. K Raheja Corp's residential vertical already spans Mumbai, Pune, Hyderabad, Bengaluru, and Goa, and the decision marks a significant step in expanding and specializing in residential real estate, underlined by recent land acquisitions and development plans.
Ranchi Municipal Corporation (RMC) has initiated a crackdown on unmapped structures in Ranchi, India, issuing 100 notices to property owners who have constructed buildings without proper approvals. The move aims to regulate urban development, address safety concerns, and bring illegal constructions under control. By enforcing compliance with building codes and regulations, RMC seeks to ensure public safety and formalize urban planning. The action highlights the need for better monitoring and enforcement mechanisms, as well as public awareness campaigns.
ARISUN aims to raise Rs 350 crore through an Alternative Investment Fund (AIF) to expand its allied industries business in India. The AIF will attract institutional and high-net-worth investors, offering a flexible funding option. The capital will be used for business expansion, research, and innovation to strengthen the company's market presence. ARISUN's strategic move comes amidst the steady growth in the Indian allied industries sector, and its success will depend on transparent communication and effective fund utilization.
.png)
The Jumeirah Group, a luxury hotel chain owned by the Emirati state, has confirmed the sale of its penthouse in the Jumeirah Marsa Al Arab for a record-breaking $115 million. The sale sets a new record for the most expensive apartment ever sold in Dubai. The Jumeirah Marsa Al Arab, designed by architect Shaun Killa, is a highly anticipated addition to Dubai's landscape and is set to open in the fourth quarter of 2023. The hotel offers a unique "superyacht-inspired luxury" concept and features 387 rooms and suites, 82 lavish residences, and an 82-berth superyacht marina. The penthouse that was sold is an impressive 27,000 square feet, including 13,000 square feet of outdoor space and a private pool.
The Leela Ashtamudi, A Raviz Hotel, marks The Leela Group's second entry into Kerala, India. Located by the tranquil Ashtamudi lake, the hotel provides a relaxing environment surrounded by lush greenery and coconut trees. With 93 rooms showcasing Kerala's Nalukettu aesthetic tradition, private plunge pool villas, and two traditional experiential houses dating back 200 years, the hotel offers a blend of modernity and tradition. Guests can enjoy backwater cruises on the houseboat named Mahayana. The dining venues offer mesmerizing lake views and a range of delicious regional dishes. The resort also offers Kerala Ayurveda and spa treatments for healing and relaxation, along with an outdoor pool and fitness centre.
Experion Capital, a Singapore-based NBFC with a focus on real estate, invests Rs 200 crore in Vatika Group's Sovereign Park project in Gurugram. This luxury residential masterpiece spans 1 million square feet and enjoys a strategic location along the Dwarka Expressway. The move signifies Experion Capital's confidence in India's real estate potential and reflects a growing international interest in the market. With expertise from Singapore's Experion Holdings, Experion Capital aims to redefine luxury living and contribute significantly to India's real estate landscape.
SCB takes action against property tax defaulters by sending tax demand notices with 1 percent interest for late payments. Initially, a month's grace was given, but poor response prompted an extension until July 15. Out of 38,000 assesses, 15,000 have paid their taxes. SCB invokes the Cantonments Act, imposing penalties on defaulters. Section 102 (1) mandates 1 percent interest per month on outstanding dues after 30 days of notice. The tax wing serves notices with penalties, allowing defaulters until September 30 to pay via e-Chhavani or cash counters. Further actions may follow if defaulters disregard the notices. SCB remains resolute in upholding tax discipline.
.png)
Oberoi Realty's net consolidated profit for Q1 FY24 decreased by 20.20 percent compared to the corresponding quarter of the previous fiscal year. The company's total income also saw a slight dip of 0.31 percent in the same period. Despite challenges, the company remains confident in the demand for premium housing and anticipates sustained growth. The approval of the amalgamation scheme aims to enhance operational efficiency and value for stakeholders.
The GST-Authority for Advance Rulings (AAR) has clarified that hostel rent paid by inhabitants does not qualify for exemption from goods and services tax (GST) as it is not considered a 'residential dwelling.' The ruling pointed out that hostel accommodation with a tariff below Rs 1,000 per day was exempt from GST only until July 17, 2022. Hence, hostel rent will now attract a GST rate of 12%.
The Noida Authority plans to open escrow accounts for 59 developers who have defaulted on payments. The move aims to recover dues and reduce financial losses caused by developers diverting funds to other projects. Escrow accounts require developers to deposit 50% of the collected funds from homebuyers and other sources, giving the Authority access to withdraw from these accounts when necessary. Four accounts have already been opened for certain projects, and 15-20 more are expected to follow. This decision, backed by UP-RERA, is hoped to recover over Rs 7,000 crore in dues, benefiting both the Authority and property buyers.
USA witnesses a surge in apartment construction, raising hopes of curbing escalating rents and providing relief to renters. The construction boom is driven by increasing demand and changing lifestyle preferences. While some renters in urban centres benefit from stabilized rents due to increased supply, lower-income groups struggle with limited affordable options as luxury apartments dominate new developments. Regional disparities also influence the impact of the construction boom. Policymakers must address these challenges to ensure that all renters benefit from the positive effects of the construction boom.
Union Bank of India, Bank of Baroda and Yes Bank have issued e-auction sale notices for the sale of immovable assets under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The online auction will be conducted on a dedicated platform, where interested bidders must register themselves beforehand to qualify. Properties sold at these auctions will be offered on a an "as is what is," "whatever there is," and "without recourse basis". Therefore, the rules of caveat emptor apply. Interested bidders are required to register on the designated e-auction platform, and meet the specific eligibility criteria to participate.
Mahindra Lifespace Developers, the real estate arm of the Mahindra Group, reported a net consolidated loss of Rs 4.27 crore in Q1 FY24, compared to a profit of Rs 75.70 crore in the same period last year. Despite this setback, MLDL remains committed to its vision, aiming for 5X growth in the next five years. The company achieved significant pre-sales of Rs 345 crore in the residential segment during the quarter. With visionary leadership and a focus on excellence, MLDL continues its journey of progress, driven by innovation and dedication.
Olive by Embassy, a prominent player in real estate, plans to launch 2,500 co-living beds in Bengaluru and Mumbai to meet the rising demand for affordable and innovative housing solutions. Focused on millennials and young professionals, the project aims to create collaborative living spaces with shared amenities, emphasizing sustainability and design excellence. By targeting India's bustling metropolitan cities, Olive seeks to redefine urban living experiences and set a precedent for the future of co-living. Leveraging expertise and strategic partnerships, the company aims to expedite construction and deliver high-quality living spaces within a year.
Prozo, a prominent player in the SME sector, has announced a strategic expansion by establishing three state-of-the-art warehouses in Bengaluru and Ludhiana. With a focus on revolutionizing the supply chain landscape, the move aims to serve a broader customer base efficiently. Equipped with cutting-edge technology and eco-friendly practices, Prozo's warehouses will ensure seamless order processing and timely deliveries, reinforcing its position as a leader in the SME supply chain space. The visionary move aligns with the growing demand for reliable supply chain solutions, further empowering SMEs to adapt to the evolving business landscape.
Indiabulls Housing Finance's founder, Sameer Gehlaut, has dramatically reduced his stake to just 2%, down from 21% in December 2021. This move aligns with the company's transformation towards institutionalization, with foreign institutional investors set to hold nearly 60% by the fiscal year's end. In addition to the stake reduction, Indiabulls plans to adopt a new name later this year. Gehlaut's complete exit is planned for September, paving the way for majority ownership by global funds such as Blackstone, ADIA, Vanguard, PIMCO, and BlackRock.
.png)
The Kolkata Municipal Corporation (KMC) launched a new thika land policy, simplifying ownership transfers and building construction for tenants. Mayor Firhad Hakim announced that legal heirship titles and lessee status would be provided within 15 days of application. The policy also removes previous restrictions on building height on thika land. A specialized thika cell at KMC headquarters will handle applications, offering a single-window counter to expedite the process. The initiative is set to streamline procedures for thousands of tenants and marks a significant step towards efficient public service in the city.
.png)
In an astonishing development, Hyderabad's luxury housing market has witnessed a remarkable 14-fold increase in sales in the first half of 2023, according to CBRE South Asia's latest report. The surge, driven by enhanced amenities, spacious living preferences, and rising NRI investments, cements Hyderabad, Delhi-NCR, and Mumbai as robust luxury housing markets, accounting for nearly 90% of sales across India's top seven cities. The trend reflects a shifting preference towards opulent living, signaling a thriving demand for luxury properties in India and propelling the real estate sector on an upward trajectory.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has approved 290 out of 450 projects after a rigorous verification process, aimed at ensuring transparency and accountability in the real estate sector. This landmark achievement reinforces the regulator's commitment to safeguarding homebuyers' interests and fostering trust in real estate transactions within the state. MahaRERA's multi-tiered approach involved meticulous checks on project compliance with regulations and guidelines set by the Real Estate (Regulation and Development) Act. Industry experts, developers, and homebuyers have applauded the authority's efforts, while its impact extends beyond Maharashtra, inspiring other regions to strengthen their own real estate regulatory frameworks.
SEBI, India's regulatory body, has imposed a ban ranging from one to two years on Excel Realty N Infra and four other entities for alleged market regulation violations and insider trading. The ban prevents these entities from participating in securities-related activities, sending a strong message about SEBI's commitment to market integrity. The action aims to uphold investor confidence, emphasize regulatory compliance, and promote ethical conduct in the financial sector. The impact of this ban on the entities involved and its broader implications on the securities market will be closely monitored by investors and market observers.
The Chief of Bangalore Development Authority (BDA) is instructed to return Rs 2 lakh to a property allottee following a complaint of unauthorized collection. An investigation confirms the irregularities, raising concerns about corruption. The incident prompts discussions on transparency and integrity in property allocation procedures. Authorities vow to implement reforms to prevent future malpractices, emphasizing the importance of ethical conduct in public institutions. Stakeholders hope for a corruption-free environment and increased accountability within BDA. The directive highlights the need for stringent oversight mechanisms and fosters calls for comprehensive training programs to uphold credibility and public trust.
.png)
Thiruvananthapuram authorities have given the go-ahead for an innovative land swap agreement between Technopark and private landowners. This historic decision aims to facilitate the expansion of Technopark, a leading technology park in India, while revitalizing the entire region's landscape. By exchanging strategically located land parcels, Technopark can attract more technology companies and startups, generating employment opportunities and bolstering the state's IT sector.
Advanced Micro Devices (AMD) is set to establish the largest research and development design center in India, in partnership with the Ministry of Electronics and Information Technology. The $400 million investment aims to create 3,000 engineering roles and provide state-of-the-art facilities for innovation. This move strengthens India's position in the semiconductor industry and aligns with the government's vision to establish the country as a global hub for semiconductor manufacturing and technology development. The expansion of AMD in India is expected to drive innovation and foster technological advancements in various sectors that rely on chips.
The affluent real estate market in Boulder, Colorado, is witnessing a remarkable surge as luxury home prices continue to climb. According to data from Compass, luxury listings priced at $2.5 million and above saw annual increases in April, May, and June. Notably, in June, the average sold price for a luxury home spiked by 9.4% from the previous year, reaching an impressive $3.9 million. With its picturesque landscapes and abundant outdoor activities, Boulder has become a sought-after destination for high-end buyers seeking a blend of natural beauty and luxurious living in the lap of the Rockies.
Dusit International, a leading Thai hotel and property development company, launched its ambitious sustainability initiative, "Tree of Life." Designed to embody environmental, social, and governance elements, the program introduced four levels of achievement, encouraging Dusit properties to operate sustainably. Led by a dedicated Sustainability Committee, the initiative aims to protect vulnerable species, reduce waste, conserve energy, and support local communities. As hotels and business units progress through the levels, guests can easily identify their sustainability efforts. "Tree of Life" reflects Dusit's values, signaling their commitment to making a positive impact in every place they touch.
Brookfield India Real Estate Trust has successfully raised Rs 1,500 crore through a Qualified Institutional Placement (QIP). The funds will be utilized to finance ongoing and upcoming real estate projects, expanding the company's presence in the dynamic Indian real estate market. The QIP's success reflects investors' confidence in the trust's financial health and potential for returns. As the real estate sector continues to grow and the economy shows signs of revival, the trust is well-positioned to leverage this positive momentum and create value for its stakeholders.
The University of Melbourne has proposed a transformative plan to enhance public accessibility by demolishing six buildings on its Parkville campus and creating 22,000 square meters of green space. The initiative aims to open up the traditionally inward-facing architecture to the whole community and aligns with the university's long-term strategic vision. Landmark buildings like the John Medley Building, the Medical Building, and the Howard Florey Building will be removed, while heritage-listed structures will be preserved. The project will be funded through the university's capital works program and is yet to undergo the development approvals process.
Germany's real estate sector is facing a severe crisis as new data reveals a sharp decline in construction projects during the first half of the year. The property industry seeks multi-billion-euro support from the government to cope with the challenges. Larger cities like Frankfurt have experienced a significant slowdown in residential and hotel development, while financing has become increasingly difficult for developers. With the end of the era of cheap money, the once-booming property market now grapples with insolvencies, plummeting transactions, and falling prices. Developers find themselves searching for solutions, including co-investors or partial project sales to stay afloat in this turbulent market.
Mumbai's Pali Hill, a prestigious locality in Bandra, has become a celebrity hotspot, attracting Bollywood stars and notable personalities. The area's serene ambiance, lush green surroundings, and strategic positioning make it an ideal residential destination. Recently, Bollywood film producer and director Dinesh Vijan purchased a duplex apartment in Pali Hill for approximately Rs 100 crore, making it one of the most expensive residential property deals in the country. The building the flat is located in is being developed by Rustomjee and is scheduled to be completed in January 2026.
Aldar Properties, a prominent UAE-based real estate developer, has unveiled an ambitious plan to redevelop two key retail assets, Al Jimi Mall in Al Ain and Al Hamra Mall in Ras Al Khaimah. The comprehensive redevelopment projects, estimated to cost AED 1 billion, aim to meet the evolving needs of customers and transform these malls into vibrant retail destinations aligned with global trends. With a proven track record in mall redevelopment, Aldar Properties aims to elevate the retail experience and create world-class shopping, dining, and entertainment destinations in the UAE.
The 63-storey skyscraper at 55 Bishopsgate in London is set to become the tallest building in Europe, with construction scheduled to begin in 2024. Once completed by the end of the decade, the tower will stand at a height of 284 meters and offer over 100,000 sq m of office space, accommodating approximately 7,000 office workers. The building's strategic location between two iconic structures, the Gherkin and Walkie Talkie buildings, enhances its appeal and makes it a prominent addition to London's skyline.
The Eiffel Tower in Paris has been named the best building for beautiful views, attracting millions of visitors each year. Built in 1889 to commemorate the French Revolution, it offers a stunning 360-degree view of Paris's skyline and has become an architectural icon and symbol of France's mastery. The Empire State Building in the US ranks second, the Fisherman's Bastion in Hungary is ranked third, followed by Hallgrimskirkja in Iceland and the London Eye in the UK. The Burj Khalifa in Dubai, the tallest building in the world, secures the sixth position. These buildings are considered architectural masterpieces and offer breath taking views that leave a lasting impression on visitors.
Prime Minister Narendra Modi inaugurates the International Airport in Gujarat, a historic moment for the state. The airport, ten times larger than Rajkot's airport, boasts modern facilities, showcases local heritage and art forms, and aims to boost trade and tourism in India. In addition to the airport, other key projects were inaugurated, including packages 8 and 9 of the Saurashtra Narmada Avtaran Irrigation Yojana, a multi-level flyover, a water treatment plant, and a library.
.png)
Nakheel and Excelsior Real Estate collaborate to develop Rixos Dubai Islands, Hotel, and Residences, the first luxury hotel on the scheduled cove of Dubai Islands. This beachside real estate project aims to redefine waterfront living in Dubai, offering contemporary mid-rise structures with luxurious residences, private pools, and spacious terraces. Residents will have access to a 700-meter beach and various amenities such as kids' clubs, lounges, cafes, restaurants, pools, spas, and fitness centres. The project aligns with Nakheel's commitment to enhancing waterfront living and is part of a larger initiative to boost tourism and hospitality in Dubai.
.png)
Macrotech Developers, a prominent real estate company, reported a significant decline of 33.95% in its net consolidated profit during the quarter ended June 30, 2023. Despite the decrease in profit and total income, the company's MD & CEO expressed positive results, with pre-sales showing growth and the 'for-sale' business segment performing well. The company remains on track to achieve its full-year guidance of reducing net debt and has displayed financial stability with favorable operating and net profit margins. Additionally, Macrotech Developers demonstrated commitment to employee incentives and effective capital utilization through the issuance of equity shares and bonus equity shares.
In order to curb illegal construction, the Ludhiana Municipal Corporation swiftly demolished eight unapproved constructions throughout the city. The crackdown was directed at structures lacking the appropriate building plan permissions. The MC seeks to protect the city's architectural legacy while discouraging unauthorized building and fostering responsible urban growth. Before beginning construction projects, citizens have been asked to obtain the necessary approvals. The authorities have also stressed the significance of public knowledge and cooperation in upholding the city's aesthetic standards and safety requirements.
In Chennai's Porur neighborhood, Truliv, a co-living firm with roots in Chennai, has opened its upscale co-living facility, TruLiv Olympus. The 356-bed property is India's first of its type, built-to-suit, premium co-living space, and it covers 60,000 square feet. Truliv Olympus is equipped with contemporary amenities to meet the needs of working executives in the IT sector, including a restaurant, gaming area, gym, mini theatre, and 24/7 power backup. The property is conveniently close to important facilities and business areas.
.png)
The National Company Law Appellate Tribunal (NCLAT) has permitted a reverse corporate insolvency resolution process (CIRP) for the group housing project, The Belvedere, in Noida. The project faced delays, leading buyers to form the Belvedere Welfare Association and seek resolution for the delayed possession. The NCLAT's decision allows negotiations between the homebuyers, the developer, and a finance creditor to complete the project. Strict conditions have been imposed on the developer to protect the interests of homebuyers, including completing Phase I by January 2025 and depositing funds into a RERA-approved escrow account.
The Punjab State Electricity Regulatory Commission (PSERC) has taken proactive measures to address consumer and Resident Welfare Associations (RWAs) concerns in Punjab. By implementing revised tariff regulations, the commission aims to make electricity more affordable for households and RWAs, while promoting sustainable electricity generation. In addition, the PSERC has introduced incentives for RWAs, encouraging the adoption of solar power and ensuring timely maintenance of essential amenities. These actions demonstrate the government's commitment to inclusive growth and sustainable practices, fostering a resilient power sector and improving the overall quality of life for residents.
Lodha, India's leading real estate developer, launches the "WE STOP AT NOTHING" campaign to position itself as a pioneer in luxurious and prestigious projects. The campaign showcases Lodha's commitment to providing spacious homes with top-notch amenities, aiming to cater to people seeking a life of luxury and prestige. The center piece of the campaign is a film featuring stories of satisfied residents living in Lodha homes, emphasizing the brand's association with luxury developments, revolutionary designs, and the best facilities. The campaign highlights Lodha's global leadership in renowned luxurious projects and aims to instil pride among homeowners and potential buyers.
.png)
The Atal Apartment scheme by the Ludhiana Improvement Trust (LIT) is facing challenges as banks refuse to sanction loans to allottees due to the absence of construction activity on the project site. This has raised concerns about the project's feasibility and credibility. In response, the LIT chairman has taken proactive steps by requesting a relaxation period for allottees and assuring them of timely action and resolution. Despite the challenges, the project's focus on modern amenities and facilities shows efforts to meet housing needs for different income groups. The LIT must maintain transparency, adhere to timelines, and address staffing shortages to ensure successful completion and timely delivery of the flats to the allottees.
.png)
Goldman Sachs, a global investment firm, has shortlisted prominent players like Brookfield Asset Management, Alta Capital, and Keppel Corp as potential suitors for its stake in India's largest student accommodation platform, Good Host Spaces. Discussions are progressing, with the transaction valuing the company at $350 million. The appeal of India's real estate landscape for international investors is evident, and the student accommodation sector presents lucrative opportunities. Good Host Spaces collaborates with universities to provide tailored housing services, and with the demand for student accommodation on the rise, the sector is poised for substantial expansion in India.
Home First Finance Company India experienced an impressive 34.89 percent surge in net consolidated profit during Q1 FY24, reaching Rs 69.12 crore. Its net consolidated total income also rose by 53.42 percent to Rs 259.80 crore. Notably, disbursement rose by 35.4 percent to Rs 895 crore, and assets under management reached Rs 7,776 crore, a 33.3 percent YoY increase. With a robust provision coverage ratio and increased total borrowings, Home First Finance continues to demonstrate financial acumen and growth in the market.
Rajasthan's real estate landscape undergoes a transformative shift as the RERA increases registration fees for plotted and commercial schemes. The authority has introduced a standard fee of Rs 10 per square metre, fostering transparency and accountability. This change extends to government agencies as well, encouraging compliance among developers. The move aims to address rising complaints within RERA's jurisdiction and tackle unauthorized colonies. As part of the broader vision, RERA strengthens its regulatory control with a new office at the divisional level. These proactive measures seek to create a resilient and compliant real estate ecosystem in Rajasthan.
.png)
China's housing ministry has launched an ambitious redevelopment project aimed at enhancing the living conditions of residents in run-down flats. Focusing on constructing elevators in these aging residential buildings, the initiative seeks to improve accessibility and overall comfort. The move comes as part of the country's broader efforts to revitalize urban areas and address housing issues in major cities. By prioritizing lift installations in these neglected structures, the government aims to uplift communities and create a more inclusive and modern living environment for its citizens.
A recent Statistics Norway report sheds light on housing conditions in Norway, revealing both improvements and economic disparities in the housing sector. While the majority of Norwegians enjoy favourable housing conditions, a significant disparity exists in homeownership rates among different demographic groups. The report highlights the manifestation of economic inequality in the housing market and the challenges faced by individuals with limited education and low income. In response to these findings, the government has announced a new housing policy set to be implemented in 2024 to address the growing disparities.
The Bayut H1 Property Market Report 2023 provides insights into the real estate performance in Abu Dhabi during the first half of the year. The report highlights significant increases in rents, leading to a surge in property sales in the UAE capital. Affordable apartment sales prices experienced a decline, while villas became more costly. Al Reef displayed the highest rental yields for affordable apartments and budget-friendly villas, while Al Reem Island offered high yields in the luxury segment. Suburban locations like Al Reef, Al Ghadeer, and Masdar City attracted budget-conscious investors. Khalifa City stood out for affordable villa rentals, while Mohammed Bin Zayed City was popular for villa rentals.
.png)
Swedish construction company Skanska reported lower-than-expected Q2 operating earnings, primarily due to a significant downturn in its property development ventures. The company's operating profit declined to 1.33 billion Swedish crowns, falling short of both last year's figure and analysts' forecasts. Surging inflation and multiple interest rate increases have strained the residential and commercial property markets in Sweden, impacting Skanska's overall performance. However, the construction segment showed strong growth, with the United States remaining a resilient market. Skanska projects a weakening in the residential and commercial property markets in the upcoming months but anticipates robust activity in the construction sector in the US.
The Walled City of Jaipur faces the problem of illegal construction waste dumping in its green belt, designated for a smart city project. Residents of ward 9 complained about the lack of monitoring and on-ground inspection, leading to unauthorized waste disposal. In response, authorities have been instructed to identify culprits and impose penalties. Additionally, five illegal buildings were sealed in the Shastri Nagar area to curb unauthorized commercial activities. The situation emphasizes the need for responsible urban planning, effective waste management, and strict enforcement to preserve the city's heritage and ensure sustainable development.
IndoSpace, renowned for its Grade A industrial real estate, has sealed a significant lease agreement with Kerry Indev Logistics Pvt. Ltd. The 3 lakh sq. ft. warehousing space, situated in Sri City, will exclusively support Mitsubishi Electric India's air conditioning operations. Kerry Indev Logistics, a leading 3PL services provider with a global presence, is headquartered in Chennai. The strategic location and world-class infrastructure of Sri City make it an ideal industrial ecosystem. IndoSpace boasts the largest national network of industrial and logistics facilities across India.
In response to the fire incident that occurred on June 15 at a coaching centre in Mukherjee Nagar, North Delhi, leaving 61 students injured, the Municipal Corporation of Delhi (MCD) has taken decisive action and issued notices to 897 coaching centres across Delhi for violating building rules and regulations. The move aims to prevent similar incidents and enhance safety standards in educational establishments. The coaching centres have been given a specified time frame to address the violations and comply with necessary safety guidelines, failing which they may face penalties or potential closures.
.png)
Residents of a 40-unit apartment complex in Sholinganallur, constructed by the Tamil Nadu Housing Board (TNHB), are facing numerous issues, including the absence of basic facilities, hazardous living conditions, and delayed completion. The complex remains largely unoccupied, with only four units inhabited, as essential amenities such as car parking lot paver blocks, metrowater and sewage connections, and security guards are missing. Poor construction quality has led to leaky drainage pipes, seepage during the monsoon, and even snake sightings. Residents express frustration with the TNHB's lack of action, while the authorities promise to address the issues and inspect the complex promptly.
L&T has been awarded the bid to construct Rs 1,959 crore elevated Dahisar-Bhayander Link Road, aiming to improve connectivity and ease congestion. The 5km stretch will connect Kandarpada Metro station in Dahisar (W) to Uttan Road in Bhayander (W). The project includes marine environment and intertidal zone work, bridges, pavements, and seven-storey mechanised parking lots with a bus terminus. The project notably is still pending approvals from the Coastal Zone management authorities, Salt Pan Commissioner and the Environmental Ministry.
NDMC greenlights solar policy to boost grid-connected solar plants in New Delhi, aiming to cater to the city's electricity demands while also generating surplus power for export. The move comes as a significant step towards sustainable energy solutions, seeking to harness the potential of solar resources in the region. With a focus on promoting renewable energy adoption, the policy is expected to drive the establishment of solar plants, thus reducing the city's reliance on conventional energy sources and curbing carbon emissions.
.png)
The Uttar Pradesh Housing Department has directed 29 development authorities to identify highly urbanized zones where landowners can surrender their land in exchange for Transfer of Development Rights (TDR). The cities of Lucknow, Kanpur, and Varanasi will be the first to implement the TDR concept. Under this system, landowners will receive TDR certificates in return for voluntarily surrendering their land for public purposes. The certificates can then be used to avail increased Floor Area Ratio (FAR) in developing or under development locations. The move aims to promote planned urban development and ease congestion in highly urbanized areas across the state.
Suraj Estate Developers, a pioneering real estate player, filed a fresh IPO with Sebi to raise Rs 400 crore. The IPO is entirely composed of a fresh issue of equity shares. The funds will be used to repay debt, acquire land, and for general corporate purposes. The company boasts 42 completed projects and has 11 ongoing and 21 upcoming projects. In FY23, they achieved a profit of Rs 32 crore, with revenue reaching Rs 306 crore. ITI Capital Ltd. and Anand Rathi Advisors Ltd. are the book-running lead managers.
.png)
Colliers, a diverse real estate firm, boldly expands in Pune, India. Opting for a larger office space in Kalyani Nagar, it aims to double its employee strength and strengthen client relationships. Pune's potential as a real estate hub drives the strategic move, complementing Colliers' expansion in other cities. The modern workplace fosters collaboration and prioritizes employee well-being. With a clear vision and growth plan to hire 400 employees, Colliers is poised for success.
Amancio Ortega's investment arm, Pontegadea, reported a 2.8 billion euro increase in real estate asset value, hitting 18.1 billion euros ($20.08 billion). The portfolio, which encompasses logistics centres and luxury buildings across the U.S., contributed to a net profit of 2 billion euros last year. Pontegadea, historically focused on real estate, is said to also be acquiring stakes in energy companies, demonstrating diversified investment strategies.
Mumbai's Aarey Milk Colony is witnessing a significant crackdown on illegal structures, led by the CEO's office, resulting in over 150 demolitions. The initiative, marking a major operation against illegal constructions, is set to intensify post-monsoon. Applauded by environmental advocates, the actions aim to safeguard the forest, local biodiversity and wildlife from encroachments. Collaboration with the forest department, dairy department, MCGM, and police is in place to ensure Aarey forest becomes an encroachment-free zone.
The Delhi High Court took a strict stance against the practice of levying service charges on food bills by hotels and restaurants. The court imposed fines on two associations for not complying with its directions to stop charging service fees. Despite the court's instructions and government guidelines against such charges, many hotels continued to levy service fees, leading to dissatisfaction among customers. The court has suggested changing the terminology to "Staff Welfare charges" to avoid misleading customers and emphasizes that the option to pay a small percentage for staff welfare should be left to the customers.
The Knight Frank Global Branded Residences Report 2023 reveals the thriving luxury real estate market, with 186 ongoing projects worldwide and an additional 32 new projects expected this year. Despite ongoing economic challenges, the sector is projected to grow by 55% by 2026. North America leads with nearly 40% of all projects, followed by Asia-Pacific and Europe. Leading brands include Ritz-Carlton and Four Seasons, while Aman and Six Senses show the most vigorous growth. The report highlights sustained demand for branded residences, driven by increased wealth and rebounding global sales of prime properties.
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
