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Arvind SmartSpaces, the Ahmedabad-based real estate developer, is planning to expand its operations into the Mumbai Metropolitan Region (MMR) by the end of the current fiscal year. This expansion is driven by the company's strong financial performance and its aim to diversify its business across Ahmedabad, Bengaluru, and MMR. Arvind SmartSpaces plans to sign one or two projects in MMR, encompassing horizontal and vertical developments. The company is exploring various locations for these projects and is open to joint ventures and redevelopment opportunities. This expansion reflects the company's strategic approach to growth and expansion in key real estate markets in India.
A land buyer in Tindivanam, Villupuram, found himself entangled in a corruption scandal when local authorities demanded a hefty bribe of Rs. 50 lakh for the registration of his land holdings. Refusing to comply, he attempted to register without paying the bribe but faced obstacles, including the invocation of an unconstitutional rule. The Madras High Court has now intervened in the case, expressing concern over the government's defence of the officials' actions. The court has impleaded the Enforcement Directorate and the income tax department to investigate the alleged corruption and misconduct in this land registration case, with further hearings scheduled this week.
The Lucknow Development Authority (LDA) has uncovered a significant land scam involving fraudulent land allotment to a private developer in the Gomtinagar Extension scheme, amounting to approximately Rs 100 crore. The investigation, led by LDA Vice-Chairperson Indramani Tripathi, revealed that a parcel of land was fraudulently included in land acquisitions for development schemes and subsequently allocated to the developer. This scandal underscores the need for robust oversight, transparency, and accountability in land allocation processes. It also highlights the financial risks associated with fraudulent activities in land transactions and the importance of maintaining public trust in the administration.
JSW Group, led by Sajjan Jindal, plans to establish a 3,000-acre industrial park in Salboni, Bengal, deviating from its initial plan of returning the land to the state government. The conglomerate's $23 billion business empire aims to attract domestic and international investors, promoting economic growth in the region. The shift follows changes in Bengal's land policies, prompting JSW to reconsider and maximize the land's potential for industrial diversity. This strategic move highlights JSW Group's commitment to fostering investment, job creation, and positive contributions to Bengal's development landscape.
The Panvel Municipal Corporation (PMC) has granted approval for road development, beautification, and associated works amounting to Rs 421 crore, marking a significant milestone in infrastructure development in the region. These projects will address long-standing grievances of residents in areas previously under CIDCO administration and reflect the PMC's commitment to comprehensive development and sustainable urban growth. The emphasis on environmental clearances for initiatives like lake desilting underscores the PMC's dedication to balanced and forward-thinking urban planning.
The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has issued a directive to real estate project promoters, requiring them to provide comprehensive and accurate contact information for their designated correspondents. This move aims to improve communication and transparency within the real estate sector. The new guidelines emphasize the importance of maintaining open communication channels between promoters and stakeholders, particularly homebuyers. Promoters are also required to ensure the continuous functionality of helpline numbers associated with their projects. This initiative is expected to boost confidence among consumers and enhance the overall integrity of the real estate industry in Uttar Pradesh.
The top seven cities in India have experienced a historic surge in home sales, with 120,280 units sold from July to September, a 36% increase compared to the same period in the previous year. Mumbai Metropolitan Region (MMR) led the way with 38,500 units sold, marking a 46% increase from 2022. Pune and Bengaluru also witnessed substantial year-on-year jumps in sales of 63% and 29%, respectively. This surge in demand can be attributed in part to the RBI's decision to maintain a pause on the repo rate, stabilizing home loan interest rates. Additionally, there was a 24% increase in new housing unit launches during this period compared to the previous year, with 116,220 units launched.
There is never a dull moment in Mumbai’s real estate market landscape. Prop News Times brings you some of the most exciting deals real estate deals across the Mumbai Metropolitan Region this week: A 681 square foot carpet area residential apartment located on the 9th floor of Dedhia TULJAI building in Borivali East was sold for Rs 1.30 crores, at approximately Rs 19,000/- per square foot, a 580 square foot apartment in the under construction building Gurukrupa Nigam situated on the 9th floor was sold for over 1.25 crores at approximately Rs 21,000/- per square foot and a small 228 square foot apartment was sold in Paramount Enclave on the 6th floor for a total sum of 16 lakhs at an approximate rate per square foot of Rs 7000/-
The BMC's development plan department in Mumbai has introduced a comprehensive air pollution mitigation plan to address the city's persistent air quality issues, primarily due to ongoing construction activities. The circular mandates various measures to minimize dust and debris dispersion, enforce waste management protocols, and encourage the use of enclosed spaces for certain construction activities. These measures aim to improve air quality and reduce pollution in Mumbai as the monsoon season comes to an end. The circular also includes instructions for periodic checks on construction sites and remedial actions for non-compliant developers.
Green buildings, prioritizing environmental responsibility and resource efficiency, are emerging as a solution to the 37% of global CO2 emissions caused by traditional construction. While initial investments in green infrastructure might be higher, the long-term financial and environmental benefits are substantial. Features like energy-efficient lighting and advanced HVAC systems reduce energy consumption, leading to significant cost savings. With many green properties seeing a 10% increase in value and a 20% reduction in maintenance costs, the shift towards sustainable construction is not just eco-friendly but also economically wise.
Apollo Multispeciality Hospitals Ltd, a subsidiary of Apollo Hospitals Enterprise Ltd, has acquired a partially built 325-bed hospital in Sonarpur, Kolkata, for Rs 102 crore. This marks Apollo's second hospital in Kolkata and the fifth in the eastern region, expanding its network to 1,800 beds across Kolkata, Bhubaneshwar, and Guwahati. The first phase of the multi speciality hospital, featuring 225 beds, will be commissioned in the next 12 months. Fully funded by Apollo Multi Speciality Hospitals, this strategic addition aligns with Apollo's planned capacity expansion, targeting an additional 700 beds in the eastern region over the next three years.
Mumbai's renowned real estate developer, Arkade Group, has launched "Arkade Crown" in Borivali. This luxury residential project, spread over 1.4 acres, promises a blend of convenience, luxury, and community living. With anticipated sales revenue of Rs 325 crores, the project boasts top-notch amenities, including a 26,500 sq. ft. vehicle-free entertainment deck. Strategically located near major commuting hubs, and surrounded by lush greenery and Jain temples, Arkade Crown is set to redefine urban living in Borivali West.
The DTCP enforcement team has taken action in Gurugram, addressing the issue of 17 families who have yet to vacate two towers in Chintels Paradiso. Letters have been dispatched to both the Residents' Welfare Association (WA) and the developer, urging cooperation. These towers collectively house 104 flats, with 17 families still residing in defiance of eviction orders. Authorities are working to resolve this situation and ensure compliance with regulations. Safety remains a top priority following a tragic incident last year where two residents lost their lives due to structural issues in Tower D.
The MHADA in Pune has extended the application deadline for its 2023 lottery, offering over 5,863 affordable homes across Pune, Solapur, Sangli, and Kolhapur. MHADA has already received an impressive 32,000 applications. Of these homes, 2,445 will be allocated on a first-come, first-served basis, with prices ranging from Rs 5 lakh to Rs 1.11 crore. The application deadline has been extended to October 20, 2023, with lottery results to be announced on November 9. The apartments vary in size from 204 to 1,087 square feet, with configurations ranging from 1 RK to 3 BHK.
The Ahmedabad Municipal Corporation (AMC) is drafting a new policy to facilitate the sale of 49 prime Sabarmati riverfront plots. This decision follows a decade of challenges faced by the Sabarmati Riverfront Development Corporation Ltd in selling these plots to private developers. Previous valuations, last conducted in 2016, were deemed excessive by industry experts. With the new policy in the works, potential buyers and stakeholders are keenly awaiting its implications for future riverfront development in Ahmedabad.
Knight Frank's recent report on the impact of the stamp duty rebate in the Kolkata Metropolitan Area (KMA) highlights that since its introduction in 2021, a total of 102,743 apartments have been registered, indicating the incentive's success in stimulating real estate transactions. The report notes that while there were three consecutive months of increased registration volumes from May to July, August 2023 witnessed an 11% month-on-month decline in registrations, along with a substantial 42% year-on-year drop compared to August 2022. Smaller unit sizes and the South Zone emerged as dominant factors in these transactions, reflecting evolving buyer preferences influenced by the ongoing pandemic.
The Mumbai Metropolitan Region Development Authority (MMRDA) has finalized contractors for the Mogharpada Depot in Thane and a ballastless track connecting Mulund Fire Station to Gaimukh. These developments are part of the Mumbai Metro Routes 4 and 4A project, aimed at enhancing connectivity between major Mumbai cities. M/s. SEW-VSE (JV) will oversee the depot's construction, while M/s. Apurvakriti Infrastructure Pvt. Ltd. handles the track installation. MMRDA Commissioner, Dr. Sanjay Mukherjee, highlighted the urgency of the project, ensuring swift progress for public accessibility.
Godrej Properties Ltd. has acquired a 109-acre land parcel in Nagpur, India, signalling its commitment to expanding its presence in the region. The strategically located land, near major transportation routes and MIHAN SEZ, will be developed primarily for residential plots, with an estimated saleable area of 2.2 million square feet. GPL has been actively acquiring land parcels in response to increased housing demand following the COVID-19 pandemic. In addition to its Nagpur expansion, the company targets significant sales growth and has reported strong financial performance. It recently sold around 670 flats worth over Rs 2,000 crore in Noida.
Arkade Developers Ltd. has acquired a 3-acre industrial land parcel in Bhandup West, Mumbai, from Copper Rollers Pvt. Ltd. The deal, with a total value of approximately Rs. 103.88 crores, marks Arkade's strategic expansion in the Mumbai Metropolitan Region. The company is actively engaged in the development of five ongoing projects, encompassing a total area of around 1.8 million square feet, with completion dates ranging from 2025 to 2027 as per RERA filings. Arkade is also planning to launch two new projects in Vile Parle East and Malad West, with a combined developable area of 0.4 million square feet.
Oberoi Realty, a leading Indian real estate firm, has embarked on the redevelopment of a prime land parcel in Mumbai's Tardeo area. This strategic move, announced in a regulatory filing, is expected to yield a substantial free-sale component of around 2.5 lakh square feet. The company's decision aligns with its commitment to delivering premium real estate solutions across various sectors, including residential, commercial, and social infrastructure. Oberoi Realty's track record of excellence positions it well to capitalize on lucrative opportunities in sought-after locations, contributing to the transformation of urban landscapes in India.
A recent report by CBRE South Asia Pvt. Ltd. highlights the significant growth of green-certified office spaces in India, reflecting a surge of more than 36% in green-certified office stock since 2019, totalling around 342 million square feet. The top six Indian cities, including Bangalore, Delhi-NCR, and Mumbai, have been at the forefront of this growth, accounting for 68% of the country's green-certified office spaces as of June 2023. The report attributes this expansion to increasing emphasis on sustainability driven by global and domestic ESG regulations, with modern, sustainable office spaces becoming highly sought after by developers and occupiers. This trend underscores the growing importance of sustainability in the Indian real estate sector.
According to a report by CBRE, India's retail sector has become a significant driver of warehousing demand, increasing from 8% in 2019 to 13% in 2022. In H1 2023, the retail segment accounted for 9% of warehousing demand. E-commerce, FMCG, and retail collectively represented 27% of total demand from 2019 to H1 2023. Hypermarkets (51%) and fashion and apparel (32%) dominated warehousing demand within the retail segment. CBRE expects the retail sector to strengthen in H2 2023. The report also highlighted growth projections, emphasizing temperature-controlled storage and automated FIFO methods to minimize wastage and meet evolving consumer needs.
Poland’s government is intensifying efforts to combat air pollution and enhance energy efficiency in households through its Warm Housing program. This initiative, an extension of the successful Clean Air program, now includes communal and small housing communities. Residents can use the funds to switch from coal-fired boilers to cleaner heating options, upgrade windows and doors, and even invest in solar panels. However, to access funding, municipalities must apply to the program. The financial support varies based on income and pollution levels, favouring those in more polluted regions. This initiative targets 163 municipalities, primarily in southern Poland’s Silesia and Ma opolska provinces.
The escalating homelessness crisis in the UK, exacerbated by a housing shortage and rising living costs, is forcing families into dire situations. The freezing of the Local Housing Allowance in 2016, intended to aid low-income households in the private rental sector, has further strained the situation. A recent study discovered that just 5 percent of private rents advertised in early 2023 could be covered by the LHA. Cities like Manchester have been hit hard, with soaring rents outpacing LHA rates, leading to a severe family homelessness crisis. Rent increases and landlord sales have triggered a 500 percent year-on-year rise in homelessness in the city.
The U.S. housing market has seen a remarkable 49% increase in value since the pandemic began, with cities like New York, Los Angeles, San Francisco, Boston, and Miami having the most valuable housing markets. Florida has now become the second-most valuable real estate market, surpassing New York. This growth is attributed to the construction of new homes, as builders address the housing shortage by introducing more homes to the market. Builders are adapting to the needs of homebuyers facing higher mortgage rates by offering smaller, more affordable homes and incentives. New construction and population growth have particularly boosted Florida's housing market, making it the second-most valuable state after California.
Mindspace Business Parks REIT has employed "Implosion Technology" to swiftly and safely demolish two aging buildings in Hyderabad. Unlike conventional methods taking months, this technique brought down the structures in mere seconds, aligning with Mindspace REIT's strategy to modernize and be environmentally responsible. The new 1.6 million square feet structure aims for LEED Platinum Rating and Wellness Certification. This innovative approach enhances efficiency, reduces noise, and minimizes environmental impact, showcasing Mindspace REIT's commitment to progressive solutions in Telangana's real estate sector.
Mumbai-based Vibe Realty Private Limited, led by founder Gopal Sarda, is entering the real estate development sector with the acquisition of four projects in Mumbai's Western Suburbs, including residential redevelopment and a commercial project. These projects have a combined development potential of 1.5 million square feet and an estimated revenue of Rs. 1,500 crores. Vibe Realty plans to launch these projects soon and aims to acquire 3-4 more projects in Mumbai and Pune within the next 12-15 months. With a growing reputation as a reliable partner for landowners and housing societies, Vibe Realty is expanding its operations into real estate development.
Geetanjali Homestate, a renowned name in real estate, is expanding its presence with the opening of offices in Mumbai, Pune, Goa, and Lucknow. This strategic move reflects the company's commitment to providing premium real estate solutions in key markets. Mumbai's financial hub, Pune's urbanization, Goa's tourism, and Lucknow's growing real estate market will all benefit from Geetanjali Homestate's services. With a reputation for excellence, the company aims to cater to the diverse needs of property seekers and investors in these dynamic regions, further solidifying its position as a trusted partner in the real estate journey.
Birla Estates Pvt Ltd, the real estate arm of Aditya Birla Group, has successfully sold out phase 1 of Birla Trimaya in Bengaluru within just 36 hours of its launch. This project, located in Devanahalli, North Bengaluru, encompasses 556 units across 52 acres, with a booking value of Rs 500 crore. Birla Estates has set its revenue target for this project at Rs 3,000 crore, reflecting the strong demand for luxury real estate in North Bengaluru due to the presence of global companies and skilled professionals. The transformation of North Bengaluru into a thriving residential and commercial hub has been driven by factors like the Bengaluru International Airport and Manyata Tech Park. This achievement highlights the continued demand for quality properties in Bengaluru's growing real estate market.
The Slum Rehabilitation Authority (SRA) in Mumbai has initiated the acquisition process for 2,033 flats intended for the rehabilitation of project-affected persons (PAPs). This process involves acquiring flats from both builders and squatters and aims to streamline the allocation process for slum dwellers displaced by various projects in the city. The SRA has deployed ten flying squads, each led by a naib tehsildar, to check 925 houses, marking the beginning of the encroachment removal process. This proactive approach reflects the authorities' commitment to addressing housing challenges and expediting rehabilitation projects for the benefit of slum dwellers in Mumbai.
The Ahmedabad Urban Development Authority (AUDA) has temporarily halted the allocation of development permissions (DPs) for both residential and commercial projects within knowledge institute zones spanning 24.1 square kilometres around Ahmedabad city. This decision aims to protect the original purpose of these zones, which were designated for knowledge institutions. While no official circular has been issued, AUDA anticipates potential changes to the general development control regulations (GDCR) for these zones. The move comes in response to concerns that residential and commercial constructions have been encroaching upon the knowledge institute zones, which were initially intended solely for educational institutions.
The Ludhiana Improvement Trust (LIT) officials met with the local bodies department to secure approval for the Atal Apartments project, which has faced prolonged delays and uncertainty over its 15-year history. LIT officials, despite concerns about a low bid, expressed optimism about receiving written approval, highlighting the project's importance. The project involves constructing HIG and MIG flats with modern amenities, and once approved, it is expected to take three years to complete at an estimated cost of Rs 224 crore.
The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has issued a warning to prospective buyers and investors about misleading and fraudulent advertising by Sarvottam World regarding their 'Megapolis/Sarvottam Megapolis' project in the 'NEWOIDA' hi-tech township. UP RERA Secretary Pramod Kumar Upadhyay expressed concern, stating that the project mentioned in the advertisements is not registered with RERA, and the registration numbers provided belong to other promoters. Such misleading advertising violates the RERA Act of 2016 and can harm prospective buyers. UP RERA urged buyers to exercise due diligence and verify project details using the registration number provided on the RERA portal before making decisions.
Representatives from Noida, Greater Noida, and Yamuna Expressway authorities are scheduled to convene in Lucknow this week for a crucial meeting aimed at reviving stalled real estate projects within their jurisdictions. The agenda also includes discussions on recommendations put forth by a committee chaired by bureaucrat Amitabh Kant. These recommendations primarily involve granting waivers to developers to expedite the completion of delayed projects. Chief Minister Yogi Adityanath is expected to participate in the meeting. Currently, developers owe approximately Rs 45,000 crore to these authorities, a contentious issue under scrutiny by the Supreme Court.
An audit by the office of the Principal Accountant General has uncovered widespread undervaluation of properties registered with the Ernakulam sub-registrar office over the past two years. The audit identified undervaluation in 112 cases, resulting in a revenue deficit of stamp duty amounting to Rs 1.26 crore and registration fees of Rs 33 lakh. The sub-registrar has forwarded details of the undervalued properties to the district registrar for review and potential revision. The audit also revealed issues with valuation certificates issued by approved valuers and called for comprehensive reforms to address undervaluation and revenue loss in property transactions.
The estimated construction cost of the bridge project connecting Mumbai and Mira Bhayandar has significantly increased to Rs 3,303 crore from its initial estimate of Rs 1,998 crore in just three years. This escalation has raised concerns among activists and politicians, questioning why the entire financial burden should be borne by the Brihanmumbai Municipal Corporation (BMC). BMC's civic chief has proposed a cost-sharing arrangement with the Mumbai Metropolitan Region Development Authority (MMRDA) to divide the expenses based on jurisdiction. However, a final decision is pending as the MMRDA awaits a response from the Chief Minister's Office (CMO). The increased cost includes factors like maintenance, taxes, and rent for a casting yard.
The proposed Visakhapatnam metro rail project, initially introduced nine years ago, remains stuck in the detailed project report (DPR) phase. Despite preparing a DPR and shortlisting bidders in 2019, the project's progress halted due to political changes and financial challenges, including the withdrawal of funding by the Export-Import Bank of Korea. A new DPR, encompassing additional areas, was later prepared. As of now, the estimated cost for the extended 76.9-kilometer project stands at 14,309 crore, with tram corridors proposed for about 60 kilometres. The project's future depends on approvals and funding availability from the Union government.
The Asia-Pacific logistics market showed robust growth of 10.4% in H1 2023, driven by rising rents in 15 out of 17 tracked cities. Key Indian cities like Bengaluru, Delhi-NCR, and Mumbai secured top positions in the APAC markets for warehousing rent growth. Demand remained strong, with e-commerce, 3PL entities, and manufacturers contributing to the upswing. In Southeast Asia, Manila led with a remarkable 49.3% YoY rental growth. Australasia experienced rental growth due to limited availability. The report anticipates an e-commerce sector recovery as excess capacities are absorbed. Bengaluru, Delhi-NCR, and Mumbai's strong performance underscores their significance in the regional warehousing landscape.
Meta's decision to terminate its lease on a significant office building in London reflects the broader trend of tech companies downsizing their office spaces in response to the increasing prevalence of remote work. This move is part of Meta's ongoing efforts to reduce costs and adapt to changing work patterns. British Land, the owner of the office property, will need to find a new tenant for the building, but they are optimistic about their ability to do so and are considering transforming the space into a hub for life sciences companies, a sector in high demand. This trend of office downsizing by tech companies is impacting urban office markets in various cities around the world.
Sunac China Holdings will reduce its ownership in subsidiary Sunac Services to 49.7% through a debt-driven restructuring, allowing creditors to convert debt into subsidiary equity. While ownership decreases, Sunac Services will remain a subsidiary. This follows Sunac's landmark approval from creditors for a $9 billion offshore debt restructuring, a notable milestone among Chinese property developers. Sunac seeks further approval through a Hong Kong court hearing on October 5th. Alongside China Evergrande, Sunac grapples with a liquidity crisis stemming from China's 2021 property sector turmoil, with implications extending to global markets. Additionally, Sunac has initiated Chapter 11 proceedings in a U.S. bankruptcy court amid financial challenges.
To raise the quality of life for residents, the Mohammed Bin Rashid Housing Establishment (MBRHE) in Dubai has allotted 136 contemporary residential villas in the Al Warqaa neighbourhood. These villas, which are a component of Dubai's long-term urban development plan, include two floors and adaptable floor plans to meet the needs of both families and individuals. The initiative fits in with Dubai's plan to raise citizens' quality of life during the following two decades. The distribution of these villas shows how committed Dubai's leadership is to developing carefully designed, long-lasting communities that put the welfare of its residents first.
Crown Prince Mohammed bin Salman has unveiled an ambitious plan to transform Saudi Arabia's stunning Soudah mountain peaks into a luxury tourist destination. Covering over 627 square kilometres, the project will utilize less than 1% of the land for development. With an expected completion date of 2030, the project aims to draw SAR 29 billion in investments, create job opportunities, and attract two million visitors. The master plan includes six distinct zones featuring hotels, resorts, chalets, and entertainment options. It prioritizes sustainability and eco-friendliness, reflecting Saudi Arabia's commitment to both luxury tourism and environmental conservation.
LinkedIn Technology Information Private Limited has secured a 17,794-square-foot office space in Mumbai's BKC for a monthly rent of Rs 1 crore. The five-year lease agreement, commencing in August 2024, encompasses six units from different property owners, with an annual rent escalation of around 4.5 percent. The security deposit for this strategic move amounts to Rs 10 crore, and both landlords and LinkedIn are committed to the lease for specific durations. BKC has recently witnessed significant real estate deals, with Apple and Bank of China securing notable spaces this year.
There is never a dull moment in Mumbai’s real estate market landscape. Prop News Times brings you some of the most exciting deals real estate deals across the Mumbai Metropolitain Region this week: A 1,091 square foot residential flat located on the 34th floor of Oberoi Eternia in Mulund was sold for a sum of Rs 3.5 crores, at an approximate rate per square foot of Rs 32,000/-, in New Panvel, A 784 square foot residential apartment located on the 5th floor of National Harmony building sold for Rs 95 lacs, at an approximate rate per square foot of Rs 12,000/- and a 1,112 square foot residential apartment located on the 6th floor of Atul Wallace Fortuna, Mazgaon in Mumbai city was sold for Rs 3.25 crores, at an approximate rate per square foot of Rs 29,000/-
The Pune Metropolitan Region Development Authority (PMRDA) is actively identifying and demolishing illegal structures in the region, with 1,145 such structures pinpointed and 56 already demolished over nine months. Despite temporary setbacks during the monsoon season, PMRDA remains committed to intensifying its efforts. Drones have played a crucial role in identifying unauthorized constructions, providing an aerial perspective to locate structures on vacant government lands. Since 2015, PMRDA has identified 9,349 illegal structures, issued 1,920 notices, and demolished 324. FIRs have been filed against those involved in illegal plotting to deter violators.
The Indian senior living sector, valued at around $10.15 billion in 2022, is poised for robust growth with a projected compound annual growth rate (CAGR) of 10 percent over the next six to eight years, fuelled by the ageing demographic. By 2030, one in every five Indians will be 55 or older, reflecting a substantial market. The Association of Senior Living India (ASLI) is organizing the "ASLI Ageing Fest—Unlocking India's Senior Care Investment Potential" on November 17, highlighting investment opportunities in the senior care sector. This demographic shift has caught the attention of investors and businesses eager to meet the evolving needs of India's ageing population.
L&T Finance is set to sell a distressed-asset loan book worth Rs 4,762 crore to three asset reconstruction companies (ARCs) by the end of this quarter, aiming to clean up its books. Phoenix ARC, backed by Kotak Mahindra Bank, is expected to acquire the majority of the 15 bid-out accounts, followed by CFM ARC and Prudent ARC. The portfolio included 16 accounts with a reserve price of Rs 2,080 crore, but none of the ARCs showed interest in buying the exposure to Delhi-NCR realtor Supertech. L&T Finance has been actively selling distressed asset portfolios to ARCs to enhance its financial position.
Signature Global (India) made a strong stock market debut, with its shares closing 19 percent above the issue price of Rs 385. The stock opened at Rs 445 on the BSE, marking a 15.58 percent rise from the issue price, and reached an intraday high of Rs 473.45, ultimately closing at Rs 458.40, a 19.06 percent gain. On the NSE, it started at Rs 444, rising 15.32 percent, and ended at Rs 456.55, up 18.58 percent. This debut led to a market valuation of Rs 6,441.01 crore. The IPO, worth Rs 730 crore, was subscribed to 11.88 times, demonstrating strong institutional investor interest.
The government of Uttar Pradesh is gearing up to launch private industrial and infrastructure projects worth nearly Rs 10 trillion by December, as part of its efforts to establish the state as a preferred investment destination. These projects stem from the 19,000 investment proposals totalling Rs 35 trillion received during the UP Global Investors Summit. Initially slated for August or September, the ceremony for these projects is now expected to be held in November or December due to departmental delays. The state aims to attract investors and industrialists to boost its economy and achieve the goal of becoming India's first $1 trillion economy.
The Portugal government has given banks a mandate to apply a 30% reduction to the six-month Euribor rate when calculating mortgage interest rates. This move is critical, as a staggering 90% of Portugal's 1.4 million mortgages are tied to variable rates linked to Euribor, the highest in the euro zone. This measure is aimed at capping mortgage interest rates at 70% of the six-month Euribor rate for the next two years. The recovery of unpaid interest will be initiated by banks after four years. This initiative, combined with existing government interest subsidies for highly indebted families, is expected to assist around one million households, providing stability amid rising mortgage payments and inflation concerns.
Moody's, the renowned ratings agency, has downgraded its assessment of four major Chinese real estate companies, shifting their outlook from "stable" to "negative." This move reflects broader concerns about China's troubled property sector, grappling with escalating debt and growth challenges. The affected firms include China Overseas Grand Oceans Group, Yuexiu Property, China Overseas Land, and China Resources Land. The Chinese real estate market has been in turmoil since China Evergrande's 2021 default, and the sector, once a substantial contributor to the nation's GDP, faces headwinds due to government crackdowns and declining home sales. Moody's role as a global financial services company specializing in credit ratings is vital for investors and financial institutions seeking informed decisions in lending and investment.
China Evergrande has cancelled its scheduled scheme meeting for September 25 and 26, to re-evaluate the terms of its proposed $22.7 billion offshore debt restructuring due to disappointing sales. The troubled property developer, burdened with over $300 billion in total obligations, needs approval from over 75% of debt holders in each category to proceed with the plan. Authorities also apprehended Evergrande's wealth management division employees, signalling potential legal troubles. Furthermore, an investigation into its subsidiary, Hengda Real Estate Group, has impacted the issuance of new notes for debt restructuring. Chairman Hui Ka Yan has advised caution to securities holders and potential investors.
In 2023, Singapore has become the top investor in Japan's real estate market, capitalizing on the yen's devaluation and rising demand in logistics and hospitality. Knight Frank LLP reports that Singaporean investments in Japan have surged to nearly US$3 billion, surpassing investments from the US, Canada, and the UAE. Japan is seen as an affordable and untapped market, with foreign investors attracted by favourable borrowing costs and a post-pandemic tourism resurgence. The hotel sector is favoured, with foreign investors injecting a total of US$2 billion into Japanese hotels in 2023. However, the office sector in Japan has seen waning investor enthusiasm due to hybrid work setups and increased office space availability. Japan ranks as the third most attractive investment location in the Asia-Pacific region for Singapore-based investors, following China and Australia, according to the Knight Frank report.
Thane West, located in Maharashtra's Thane district, has become a thriving and accessible hub within the Mumbai Metropolitan Region. This area boasts diverse housing options, infrastructure development, green spaces, and proximity to key business centres like BKC and Powai, making it a sought-after destination for both living and business. The real estate sector in Thane West has flourished, with 172 transactions in just one week, involving various properties, and several prominent builders contributing to its growth. Affordability, smaller carpet areas, and ongoing infrastructure development have made it attractive to homebuyers, reflected in a competitive average rate of Rs. 16,414 per square foot.
Mumbai has experienced a remarkable 328% increase in private electric vehicle (EV) charging points in residential areas over the past year, with around 2,140 installations. Key players like Tata Power and Adani Electricity are actively involved in expanding the EV charging infrastructure, partnering with builders and planning significant station installations. While the BEST power supply wing has clarified that it is the consumer’s responsibility to install charging infrastructure in parking areas, Mumbai's surge in private charging points reflects the city's growing EV adoption and the global push for eco-friendly transport. Accessible charging infrastructure is crucial for encouraging more individuals to embrace EVs, signalling a cleaner, sustainable future.
Seven luxurious properties in Yeoor, Mumbai, are currently being demolished by the Thane Municipal Corporation after it was discovered that they were built without the required civic approval within a "eco-sensitive zone." Yogesh Mundhra, an activist, expressed concern about their effect on the migration of wildlife. Deputy Lokayukta Sanjay Bhatia deemed two homes to be illegal and ordered their demolition. There are planned additional operations against the remaining bungalows. These illegal buildings belonged to the families of past officials and elected officials. The incident emphasizes how crucial it is to follow building codes, especially in environmentally sensitive areas, in order to protect the environment and wildlife habitats.
Supreme Universal's 'Supreme Villagio' in Pune has garnered an overwhelming response, with phase 1's 3 BHK luxury residences almost sold out. This success showcases trust in the Supreme brand and a desire for luxurious living in a natural setting. The project aligns with contemporary preferences, offering well-crafted residences with convenient outdoor access while fostering community and privacy. Somatane's ideal location, tranquil ambiance, and strong connectivity add to its allure. Supreme Universal's legacy of innovation and quality shines through as they continue to provide an unparalleled living experience. Supreme Villagio stands as an icon of luxury living in Mumbai and Pune.
The Allahabad High Court has requested banks that provided financing to the Jaypee Group to clarify their positions in a case related to the cancellation of 1,000 hectares of land allocated to the group by the Yamuna Expressway Industrial Development Authority (YEIDA). The court had earlier invited homebuyers and banks to become parties to the case. However, it observed that while several banks had filed applications, they had not taken a stance on supporting or opposing Jai Prakash Associates (JAL), the petitioner. The court directed the financiers to clarify their legal positions and submit affidavits. The matter is scheduled for further hearing on October 10.
Located within Scheme No. 11, Devaraj Urs Colony was the inaugural project initiated by the Belagavi Urban Development Authority (BUDA) back in 1982. Regrettably, residents are now expressing their discontent, citing the colony's underdevelopment as evidence of both the city administration and BUDA's inadequate performance. They assert that the area's struggle for basic amenities underscores the need for urgent action and improved governance to uplift their living conditions. Residents have repeatedly appealed to officials for infrastructure improvements to no avail. Ward corporator Basavaraj Modagekar has promised to bring the issues to the attention of senior officers.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has directed nine Pune homebuyers to execute cancellation deeds after GERA Developments filed a complaint, alleging non-payment in line with their sale agreements. MahaRERA cited a violation of Section 19(6) of the RERA Act, mandating timely payments. One buyer has already settled their balance, while the remaining eight face cancellation if they do not comply within 30 days.
The Visakhapatnam Metropolitan Region Development Authority (VMRDA) plans to auction 87.8 acres of land in Madhurawada, with an upset price of Rs30,000 per square yard, potentially yielding nearly Rs1,200 crore. This significant auction, a first for VMRDA in the upscale Madhurawada area, includes 14 bulk land parcels, each ranging from 3 to 12 acres. Madhurawada, known for its premium residential and IT zones, has garnered attention over the years. This auction's impact on the real estate market and potential interest from top builders across the state is anticipated, especially given its strategic location and mixed-use zoning.
The Greater Mohali Area Development Authority (GMADA) conducted a successful draw to allocate 550 Purab Premium Apartments in the Mohali region. This housing scheme received 313 applications, indicating strong demand for affordable housing. Various Punjab government departments secured 167 apartments for their employees, recognizing the importance of accessible housing. The draw results are available on the official GMADA website, and successful applicants have been advised to submit documents by October 9. Allotment letters will be issued online, and payments must be made within 30 days of receiving the letter. This initiative contributes to the growth and development of Mohali's residential options.
The Noida Authority is taking steps to recover over Rs 7,000 crore in unpaid fees from developers of delayed real estate projects. The authority had previously mandated the establishment of escrow accounts for such projects, but compliance has been lacking. By issuing notices to developers who have not opened escrow accounts, the authority aims to prevent fund misappropriation and ensure accountability. Developers are required to deposit 50 percent of project funds into these accounts. This proactive approach reinforces transparency and financial discipline in the real estate sector, ultimately benefiting homebuyers and the timely completion of projects.
The Gujarat High Court has urged the state government to expedite the appointment process for vacant positions within the Gujarat Real Estate Regulatory Authority Appellate Tribunal (RERA Appellate Tribunal). This call to action comes in response to a public interest litigation (PIL) that highlighted the need to promptly fill the positions of chairperson and technical member, which had been vacant since June 2021 and September 2021, respectively. The recent appointment of Justice (retd) R M Chhaya as the chairperson led to the court's intervention, as it expressed dissatisfaction with the delay and emphasized the importance of a functional regulatory authority in the real estate sector.
The Lucknow Development Authority (LDA) has introduced a new initiative to alleviate financial burdens on individuals with disabilities and those from economically disadvantaged backgrounds. Under this scheme, LDA will calculate interest on late property payments using a formula that includes the Marginal Cost of the Fund-Based Lending Rate (MCLR) plus an additional 1% interest. This move was prompted by a distressing case involving a disabled individual who faced exorbitant compound interest on an LDA shop, making the property financially unattainable. Additionally, the LDA has pledged to combat fraudulent property registrations, ensuring prompt redressal of citizen concerns.
The Uttar Pradesh government is preparing to launch FASTPAS (fast and simplified trust-based plan approval system), an improved system for building plan approvals. FASTPAS aims to streamline the approval process for building and township maps, introducing features like the ability to purchase additional Floor Area Ratio (FAR), facilitate land use changes, and access compensatory FAR. FASTPAS will integrate various elements, including GIS master plans, land usage details, and more, to create a more efficient system. This initiative is expected to modernize and simplify building plan approvals in Uttar Pradesh.
The Municipal Corporation of Delhi (MCD) is contemplating the introduction of "compensatory regulatory charges" in south and east Delhi, a move that may significantly affect residential construction costs in these areas. Previously, this fee was limited to North Delhi. The charges will be based on the built-up area of new residential structures or renovations and will be applied during the building plan approval process. The proposal is set to be discussed in an upcoming house meeting. MCD officials argue that these charges are necessary to support infrastructure development in MCD-governed regions. However, there are suggestions to revise the fee calculation method to correlate with the built-up area, potentially impacting construction costs.
The Mangaluru City Corporation (MCC) is launching an ambitious campaign to bring approximately 30,000 properties into the property tax net, as it has been revealed that 15% of the city's properties have not been contributing to taxes. The MCC will conduct a comprehensive door-to-door survey to identify these non-compliant properties and gather essential documents for taxation. This initiative aims to bolster the city's revenue and ensure all properties are accounted for in the tax system. The MCC's proactive approach promises to set a precedent for efficient governance and financial sustainability, with the survey set to begin this week.
Godrej Fund Management, the real estate arm of the Godrej Group, is on the verge of selling 200,000 square feet of office space in Mumbai's Bandra-Kurla Complex to Max Life Insurance for approximately Rs 900 crore. The deal includes three floors currently leased to prominent tenants, including Carlyle Group, Nayara Energy, and Investcorp. The property is part of the Godrej BKC commercial project. This transaction highlights Godrej Fund Management's commitment to expanding its presence in strategic locations. The deal is expected to conclude soon, with both parties having signed the term sheet and initiated due diligence.
Dalmia Nisus Finance Investment Managers has successfully exited its investment in two prestigious projects by Puranik Builders Limited, achieving an impressive return of over 25 percent IRR in just nine months. The Rs 125 crore investment was executed through the Real Estate Credit Opportunities Fund-I and accelerated the development and sales of Rumah Bali and Tokyo Bay in Thane. This achievement underscores Dalmia Nisus' prowess as an alternative asset manager within the Nisus Finance Group, focusing on structured credit and mezzanine investments in India's residential sector. The fund is set to exit all investments in the next 12 months.
Omaxe Ltd., a prominent real estate developer, has achieved a significant milestone by acquiring over 5 acres of land in Ludhiana through a competitive bidding process with the Rail Land Development Authority (RLDA). The transaction, valued at Rs 220 crore, strategically places this land near Ludhiana's Ghumar Mandi Fountain Chowk in Punjab, offering great potential for residential and commercial development. Omaxe aims to strengthen its presence in key locations near the National Capital Region (NCR), enhancing Ludhiana's real estate market and boosting its own growth. This acquisition aligns with Omaxe's strategy to expand in crucial markets and develop exceptional urban spaces.
Oravel Stays, the parent company of Oyo, is poised to achieve its first-ever net profit in the second quarter of the current fiscal year, according to CEO Ritesh Agarwal. He anticipates a net profit of over Rs 16 crore for July to September, a significant milestone as Oyo prepares for an imminent IPO. The company is also projected to end the fiscal year with an impressive adjusted EBITDA of Rs 800 crore, a threefold increase from the previous year. Oyo's financial highlights include strong revenue growth, reduced losses, and an impressive adjusted gross profit margin. Its strategic expansion and cost optimization efforts contribute to its promising future.
The Mumbai Municipal Corporation (BMC) has greenlit a crucial infrastructure project, allocating Rs 6,602 crore rupees for the construction of two tunnels beneath the Sanjay Gandhi National Park. These tunnels, linking Goregaon to Mulund, are set to alleviate transportation challenges. The project, delayed by technical issues and the pandemic, is expected to take five years and will include maintenance for a decade. The tunnels will have cross passages for emergencies, a footpath, and water main relocation near an eco-sensitive zone. It will improve connectivity between eastern and western suburbs, providing a direct route to Navi Mumbai.
Dharavi, a Mumbai settlement with a rich history, has evolved significantly over time. From its origins as a fishing village, it transformed into a bustling hub for various trades and businesses during the 19th century. After much delay, the redevelopment of Dharavi slums now ready to begin under the stewardship of the Adani Group. The finalised plans promise new housing, amenities, and commercial spaces. This ambitious project, expected to span nearly two decades, aims to address longstanding issues and provide residents with better living conditions. While some remain sceptical due to past experiences, others see promise in the transformation of Dharavi.
Ulwe, a Mumbai satellite city, is experiencing a real estate surge thanks to key infrastructure projects, including the Mumbai Trans Harbour Link and Navi Mumbai International Airport. Property prices have doubled in the past decade, with two-bedroom apartments selling for up to Rs 1 crore. Challenges like the lack of social amenities and major hospitals exist, but residents are optimistic about improvements as connectivity gets a boost. Ulwe's transformation, driven by strategic location and upcoming developments, is turning it into a promising real estate market, potentially benefiting both end-users and investors.
Manglam Group has unveiled Manglam Rambagh, a luxurious residential project in Jaipur, representing a substantial investment of Rs 200 crore. Spanning 2.2 acres in Jagatpura, this development offers 114 flats across six floors, ranging from 3 to 6 BHK, with sizes from 2370 sqft to 6120 sqft, competitively priced. It features extensive amenities including a 700 square yard garden, a 1.66-acre clubhouse, and EV charging points, promoting sustainability. With strategic connectivity to key areas and Vastu principles in design, it prioritizes convenience and harmony. Security is robust with a 3-tier system, and ample parking is provided while maximizing green landscaping. Anticipated completion is in December 2024, heralding a new era of premium living in Jaipur.
Oberoi Realty's Commerz III in Goregaon, Mumbai, is set to be finished by March 2024. Having already signed a lease deal for 1.6 million square feet with Morgan Stanley, the company expects to finalize deals for the remaining 2.4 million square feet in the next few months. Discussions are ongoing with various clients, including flex space providers, pharmaceutical firms, tech companies, and educational institutions. Commerz III offers diverse floor plate options, dedicated lift zones for larger clients, and extensive parking. Oberoi Realty also plans to include retail and amenities like food courts and gyms. The company emphasizes sustainability and green initiatives, showcasing its leadership in commercial real estate.
The Income Tax Department has launched an extensive search operation targeting a prominent local real estate developer, Swati Procon, in Gujarat. Over 100 officials from Ahmedabad, Baroda, and Rajkot are involved, focusing on around 35 to 40 properties, potentially uncovering benami (proxy) transactions. The investigation scrutinizes key figures like Ashok Agarwal and Saket Agarwal, with the founder, Ashok Agarwal, at the centre of attention. Details remain guarded, but officials are delving into financial transactions to detect tax evasion and corporate irregularities. Parallelly, in Chennai, tax officials have conducted searches involving procurement practices and coal-handling materials. The real estate landscape faces continued vigilance from tax authorities, especially in redevelopment projects with cash components.
The Telangana State Real Estate Regulatory Authority has imposed a hefty Rs 17.5 crore penalty on three real estate giants, including Mantri Developers Pvt Ltd, Sai Surya Developers Pvt. Ltd. and Sahiti Infratec Ventures Pvt Ltd, for RERA Act non-compliance. The penalties were meticulously assessed after a thorough evaluation of each builder's conduct, considering violations of the 2016 Act and associated rules. Sahiti Infratec Ventures faces a substantial Rs 10.7 crore fine for failing to register three projects with RERA. TS RERA's actions highlight their commitment to transparency and accountability in the real estate sector, emphasizing consequences for non-compliance.
The Enforcement Directorate (ED) has provisionally attached land worth Rs 125.06 crore belonging to Unitech Infopark Limited as part of a money laundering investigation. This action is based on complaints from home buyers related to the Unitech group. The land, located in Nallambakkam, Chennai, comprises 4.79 acres within the Uniworld City township. The ED's probe has revealed alleged proceeds of crime amounting to USD 1.50 crore (approximately Rs 125.06 crore) that were purportedly routed through Narnil Infosolutions Private Limited into Unitech Infopark Limited in 2009-10, with the Chandras, the promoters of Unitech Group, acquiring a 39.83 percent share in the company. The investigation remains ongoing as authorities address money laundering allegations and work to provide relief to affected home buyers.
India is planning to allocate 600 billion rupees ($7.2 billion) over the next five years to offer subsidized loans for small urban housing. Banks are set to launch the scheme in the coming months, strategically ahead of state and general elections. The initiative, first announced by Prime Minister Narendra Modi in August, will provide an annual interest subsidy ranging from 3 percent to 6.5 percent for housing loans below five million rupees with a 20-year tenure. It aims to benefit up to 2.5 million applicants from low-income groups living in urban areas, stimulating lending in the affordable housing sector.
Homebuyers in Gurugram's Greenopolis project are demanding updates and prompt possession of their long-delayed flats, which have faced an eight-year delay. In a protest held earlier this week, they urged developer Orris Infrastructure to expedite completion, particularly for phase-1 apartments, and to swiftly progress phases 2 and 3. However, Orris has pointed to pending Supreme Court proceedings related to the project and requested patience from the homebuyers. The project's history involves legal disputes between Orris and Three C, the original builder, and Orris has offered possession to some buyers. The pending Supreme Court decision will be crucial in resolving the situation and addressing homebuyers' concerns.
The Gujarat High Court has questioned the invocation of the Land Grabbing Act against long-term tenants who have been in possession of the land since 1975. The court directed the Ahmedabad district collector to explain how a committee under her authority endorsed an FIR against the tenants, stating that it appears to be a misuse of the law. The proceedings on the FIR filed by Narol police against the tenants has been stayed. This development is part of a series of petitions challenging the provisions of the 2020 anti-land grabbing law, with the court seeking a personal affidavit from the district collector in this particular case.
The Bhubaneswar Development Authority (BDA) has raised concerns by granting occupancy certificates (OCs) to only 5% of approximately 1,000 buildings constructed in the city over the past five years. The low rate of OC issuance highlights concerns about the safety and adherence to regulations in numerous structures throughout Bhubaneswar. Additionally, allegations of BDA granting approvals for building plans within the jurisdiction of the Bhubaneswar Municipal Corporation (BMC) have raised questions about urban planning and governance in the city. Clarification of authority and adherence to established norms are essential for sustainable urban development.
German housing prices experienced their sharpest drop since data collection began in 2000, with a 9.9% year-on-year decline in residential property prices in the second quarter. This downturn was attributed to high interest rates and rising construction costs. Major cities like Berlin, Hamburg, and Munich saw apartment prices fall by 9.8%, while single and two-family house prices dropped by 12.6%. The housing industry association called for government support, including a cut in value-added tax for affordable rentals and low-interest loans. The government planned to address the crisis with an aid package and regulatory reforms, amid declining construction permits and missed housing construction goals.
Spain's housing market is grappling with a sustained slowdown exacerbated by rising inflation and a high 4.2% Euribor interest rate. Malaga province has seen a significant 16.26% drop in home sales compared to last year, outpacing declines in both the national and Andalucía markets. July witnessed a substantial 23% decline in sales in Malaga province. However, it's worth noting that despite these setbacks, the current housing sales figures, while reduced, remain relatively high compared to levels seen in previous decades. Notably, new home sales in Malaga are declining more sharply than second-hand properties, a contrast to the national and Andalucía trends.
The Tamil Nadu Urban Habitat Development Board (TNU HDB) has initiated a substantial housing project in Chennai, symbolized by Minister Udhayanidhi Stalin laying the project's foundation stone. With an investment of Rs. 409.74 crore, the project aims to construct 1,800 houses, providing shelter to the economically disadvantaged. TNU HDB has already demolished 7,582 dilapidated houses to pave the way for 9,522 new homes, marking a budget of Rs. 1627.97 crore. This endeavour signifies the government's commitment to affordable housing solutions and community welfare, with expedited construction to swiftly address housing needs in the region and uplift the less fortunate.
JSW Infrastructure, a subsidiary of the JSW Group, plans to invest Rs 13,000 crores over the next seven years to double its cargo handling capacity to 300 million tonnes. The expansion will be funded through internal accruals and free cash flows. JSW Infrastructure has grown significantly over the past two decades, with an average annual growth rate of 22%. They have diversified into third-party businesses and are exploring opportunities in container and liquid terminals, container freight stations, and inland container depots. The company is actively participating in port privatization initiatives and aims to enhance last-mile connectivity and value-added services for customers in the logistics industry.
Mumbai-based DB Realty is entering the hotel and hospitality industry by acquiring ownership stakes in several entities. This includes a 50% ownership in Bamboo Hotel Global Centre, which is constructing a hotel complex in Aerocity, New Delhi, featuring the St. Regis and the Marriott Marquis hotels. DB Realty also intends to purchase Goan Hotels, which owns the Grand Hyatt Goa, and acquire 75% of the equity shares in BD and P, the owner of the Hilton Mumbai International Airport. This strategic move allows DB Realty to diversify its business and tap into the growing hospitality market to generate a consistent stream of income.
The Himachal Pradesh Assembly passed the Indian Stamp (Himachal Pradesh Amendment) Bill, 2023, amidst protests and a walkout by the BJP. The bill introduces revised property registration fees, aiming to rectify gender-based disparities. Women purchasing properties up to Rs 80 lakh will pay a 4 percent registration fee, rising to 8 percent for higher values. Others face a 6 percent fee for properties up to Rs 50 lakh, increasing to 8 percent. The bill marks the first stamp duty revision in a decade. Despite opposition, the government justified these fees as necessary due to the state's substantial Rs 75,000 crore debt burden.
Haryana Chief Minister Manohar Lal Khattar has given the green light to the Faridabad Development Plan-2031, a strategic vision for the city's growth. The plan designates the area near the Yamuna canal as a "controlled area" and capitalizes on the opportunities stemming from the development of the Jewar Airport in Noida. During a meeting of the Faridabad Metropolitan Development Authority (FDA), a budget of Rs 878.23 crore was approved for 2023-24, with a focus on infrastructure, citizen services, and environmental improvements. The plan addresses critical aspects like water supply and sewage treatment, as well as road enhancements and enhanced security measures through CCTV surveillance. This marks a significant step towards Faridabad's comprehensive development.
Chennai Airport is set to demolish its T3 terminal next month to make way for a modern integrated terminal as part of a major upgrade project worth Rs 2,467 crore. The initial steps involve dismantling electrical equipment, with the demolition expected to last 2-3 months, followed by construction of the new terminal. This project, spread across a vast area, aims to double the airport's passenger capacity to 35 million annually by 2025. The first phase of the new terminal has already opened, signalling progress towards this ambitious goal.
Samakhiyali Tollway Private Limited, a subsidiary of IRB Infrastructure Developers, has secured financial closure for the Samakhiyali-Santalpur BOT highway project in Gujarat, India, with a total cost of Rs 2,092 crore. The project will be executed under the Build Operate and Transfer (BOT) mode. Lenders have extended Rs 1,446 crore in debt support, while the remaining Rs 646 crore will come from equity contributions and internal accruals. This achievement follows the recent commencement of the Hyderabad Outer Ring Road project, and IRB has now achieved financial closure for all projects in its portfolio, with a focus on execution and future opportunities.
Shriram Housing Finance expects a capital infusion of up to Rs 750 crore from its parent company, Shriram Finance, in early 2024. This anticipated boost in funds, though initially estimated at Rs 500 crore, aims to support Shriram Housing's ambitious asset management goals. The capital infusion is expected in late 2023 or early 2024 and may precede a strategic sale of a 10-20 percent stake or an IPO. Shriram Housing plans to borrow from various sources to fund its growth, including banks, the capital market, and non-convertible debentures.
Fractional ownership in Indian real estate is surging as private companies offer platforms that allow investors to collectively own property. Assets under management have reached Rs 4,000 crore, with a predicted annual growth rate of 25–30 percent over the next few years. Regulatory bodies like SEBI are developing guidelines to bring transparency and accountability to this market, proposing registration as MSM REITs, listing on stock exchanges, and focusing on completed, revenue-generating real estate investments. This trend represents a significant shift in real estate investment dynamics, democratizing access to property ownership and lowering capital requirements for investors.
The Kochi Metro Rail Ltd (KMRL) has initiated the process of leasing 17.43 acres of land within the proposed Bliss City project in Kakkanad. This move is intended to expedite the development of the mixed-use project, which originally included plans for a medical city and entertainment hub. The decision to lease this portion of the land came after investors showed interest in residential development, which did not align with KMRL's vision. The remaining 14 acres of land within Bliss City are under discussion, with the possibility of them being used for IT infrastructure to support Infopark's needs.
Godrej Properties, a prominent real estate developer, has acquired approximately 15 acres of land in Gurugram's Sector 103 for Rs 403 crore from Microtek Infratech. The sale deed was executed in the name of Godrej Vestmark LLP, with a stamp duty of Rs 28.21 crore paid for the transaction. While Godrej confirmed the land acquisition through outright purchase, they did not disclose the revenue potential of the upcoming project on this land. This acquisition follows Godrej's previous land purchases in Noida and Gurugram, demonstrating its commitment to expanding its real estate portfolio in key regions.
Sumitomo Corporation Group secured a momentous long-term lease for a 3-acre land parcel in Mumbai's BKC from the MMRDA, valued at over Rs 2,067 crore. The subsidiary, Goisu Realty, won the bid in 2019, concluding the deal after a four-year journey. This marked MMRDA's first land auction in 12 years. The BKC remains a sought-after business district, with the MMRDA looking to raise Rs 3,000 crore from its land parcels. However, policy clarity regarding floor space index purchases is awaited. Goisu Realty also made a significant acquisition in Worli for Rs 5,200 crore. Land transactions are gaining momentum across key Indian markets.
The Maharashtra government is taking action to revive long-stalled slum rehabilitation projects in Mumbai. Private developers' failures to provide promised housing have left these critical initiatives dormant for a decade or more. Collaborating with local self-government bodies and planning authorities, the government aims to complete ten identified projects to address the dire need for 1.1 million affordable homes in the Mumbai Metropolitan Region. A newly formed committee led by the housing secretary will oversee the effort, with the financial burden falling on local authorities. The projects will encompass both rehabilitation and sales components, with revenue reinvested to support ongoing efforts, offering hope to Mumbai's slum residents.
The Ahmedabad Municipal Corporation (AMC) has taken a proactive stance on construction debris disposal in the city, announcing the allocation of 15 new disposal plots, bringing the total to 25. This move addresses the challenges posed by rapid urban development and infrastructure projects, aiming to minimize environmental impact. Citizens and construction companies can now request debris removal services from the AMC for a reasonable fee of Rs 200 per haul, streamlining the waste management process. The AMC also introduced a fairer fee structure for renting party plots and community halls, ensuring cost-effective access for various events.
Tesla is reportedly planning to manufacture and sell battery storage systems in India. The company has submitted a proposal to the Indian government seeking incentives to establish a factory for this purpose. This move is part of Tesla's efforts to expand its presence in India beyond electric vehicles. The proposal includes introducing Tesla's "Powerwall" system, designed to store solar and grid power for night time use or during outages. While the government may not offer specific incentives, they are open to subsidizing purchases of Tesla's storage products. India's ongoing electricity supply challenges make this proposal significant for both Tesla and the Indian government.
The Haryana government has announced an expansion of its e-appointment service to streamline property registration procedures and reduce waiting times for the public. The expansion will increase the number of available e-appointments from 100 to 200, with Tatkal e-appointments rising from 10 to 50, except in Gurugram, where property registration demands are higher. In Gurugram, online e-appointments will increase from 100 to 300, and Tatkal e-appointments will go up from 10 to 60. The government aims to ease the challenges faced by individuals involved in property transfers and enhance the overall efficiency of the process.
Noida-based Gaurs Group has made substantial strides in the real estate sector with two key acquisitions. They've acquired 18 acres in Noida's Sector 129 for a Grade-A retail and office project, strategically positioned on the Noida Expressway. They've also taken over a stalled residential project in Jaypee Greens, Greater Noida, with plans to complete two residential towers and create 1.5 million square feet of additional space. This demonstrates Gaurs Group's commitment to expanding in the real estate sector and its potential impact on the NCR's real estate landscape. This follows their previous investments, including 'The Island' luxury housing complex in Jaypee Greens, reflecting their strategic expansion in the region.
Rustomjee Group, a prominent Mumbai-based real estate developer, has unveiled ambitious plans with 22 upcoming projects encompassing 37 million square feet and a gross development value (GDV) of Rs 35,000 crore. Emphasizing a focus on mid-mass and aspirational market segments in the Mumbai Metropolitan Region (MMR), the company aims for 25 percent year-on-year growth in presales over the next 3-5 years. Rustomjee's commitment to redevelopment, rehousing over 1,400 families so far, remains strong, contributing to the transformation of Mumbai's urban landscape. The company reported strong Q1FY24 pre-sales of Rs 500 crore and a reduction in net debt.
In a significant legal development, the Delhi High Court has rejected R K Arora's petition, chairman and owner of Supertech, challenging his arrest by the Enforcement Directorate (ED) in a high-profile money laundering case. The court upheld the legality of his arrest, emphasizing the ED's adherence to legal provisions and the prompt notification of grounds for arrest. Arora's claims of violations of the Prevention of Money Laundering Act (PMLA) and his fundamental rights were dismissed, as the court found no substantive evidence. The court also addressed the issue of interim bail, suggesting video conferencing for meetings with creditors. Subsequently, the ED filed a charge sheet against Arora and others, alleging conspiracy to defraud homebuyers.
Mahindra Lifespace has launched the third phase of its Mahindra Happinest Tathawade project in Pune, focusing on 2 BHK homes with carpet areas ranging from 619-702 sq ft, starting at Rs 66 lakh. The project's first two phases were highly successful, with most of the inventory sold out. Possession of apartments in the third phase is expected in 2025. This phase includes retail and commercial spaces to create a comprehensive living environment. The project is strategically located along the Mumbai-Pune Highway, close to the IT hub of Hinjewadi and the proposed Hinjewadi Junction metro station.
G Square, a renowned real estate developer in Tamil Nadu, is venturing into Mahabalipuram's real estate market with its latest project, G Square Dynasty. This development, spanning 28.3 acres, offers 296 secure residential plots, endorsed by the Directorate of Town and Country Planning and registered under RERA. What sets it apart is an array of 40+ world-class amenities. Situated strategically near key areas like Kalpakkam, Kelambakkam, and the upcoming Chennai Peripheral Ring Road, G Square Dynasty is poised to transform Mahabalipuram into a satellite township. The city's growth is bolstered by major infrastructure projects, international investments, and its rising prominence in sports and entertainment. An enticing prospect for investors and homebuyers looking for a luxurious, sustainable lifestyle in this evolving locale.
Thane's Civic Commissioner, Abhijit Bangar, has issued a strong warning to municipal staff and a private electricity provider regarding their accountability in facilitating water and power connections to illegal construction projects in Kalwa, Mumbra, and Diva. This move comes in response to discussions surrounding the issue of illegal constructions in Thane, particularly in its suburbs. The warning emphasizes adherence to state regulations and court directives that prohibit essential facilities for unauthorized structures. The civic administration has cautioned its staff and alerted the Torrent power company about their responsibilities in this regard, aiming to prevent a recurrence of incidents like the Lucky compound incident.
The Gujarat government has introduced a new policy for property transactions, enhancing privacy and security by requiring only the last four digits of Aadhaar card numbers to be mentioned in property documents. Full Aadhaar card copies will be retained in sub-registrar's offices for record-keeping purposes. Previously, both parties and witnesses in property transactions were required to provide copies of their Aadhaar cards, but this change separates the Aadhaar information from property documents to reduce the risk of identity theft and unauthorized access to sensitive financial data. The move underscores the government's commitment to safeguarding citizens' personal information and the integrity of the Aadhaar system.
The Securities and Exchange Board of India (SEBI) has imposed a 6-crore penalty on former DHFL (Dewan Housing Finance) promoters, including Kapil Wadhawan and others, for violating disclosure norms. This penalty comes after allegations that the promoters misled shareholders by misrepresenting their holding in DHFL and failed to disclose three companies with substantial holdings in DHFL. SEBI found that these entities were in violation of the Substantial Acquisition of Shares and Takeover (SAST) rules, as they did not make the necessary disclosures regarding their shareholding and voting rights from 2008 to 2011. They have been given 45 days to pay the fine.
The Vijayawada Municipal Corporation (VMC) has taken swift action following the arrest of two individuals involved in a fraudulent housing scheme. The incident unfolded when a plastic scrap trader, Rama Rao, suspected a fake payment receipt issued by someone named Masthan, raising concerns among authorities. Masthan and Sk Shakeela, operating under the guise of having VMC connections, promised affordable housing in Jawaharlal Nehru National Urban Renewal Mission (JNNURM) houses, targeting small-scale businessmen and daily wage earners. After collecting nearly 19 lakhs from ten victims, their deceit was exposed, leading to their arrest. The VMC and police have urged residents to avoid intermediaries in housing allocations, emphasizing official procedures and vigilance.
The Punjab and Haryana High Court has directed the Chief Secretary of Haryana to establish a mechanism preventing the registration of sale deeds for acquired land due to concerns regarding collusion between builders and the Department of Town and Country Planning. The court also instructed the Chief Secretary to requisition reports on acquired land, update revenue records, and make this information available to registrars and sub-registrars in Haryana. Additionally, an in-house inquiry has been ordered into the granting of licenses to private builders for developing residential colonies on government land, with a possibility of criminal proceedings against delinquent officers if required.
Chandigarh's Estate Office has been tasked with creating a detailed document that incorporates the Supreme Court's directives, recommendations from the Chandigarh Heritage Conservation Committee, and legal advice received thus far. The purpose of this document is to provide a comprehensive overview of the property registration issue. It will be shared with the administration, signalling a proactive effort to seek clarification on the matter. This step will lead the administration to address any uncertainties surrounding property registration, with a focus on transparency and adherence to applicable regulations.
Property owners in Pune are showing reluctance to submit PT3 forms to avail a 40% property tax discount offered by the Pune Municipal Corporation (PMC) for self-occupying properties. This hesitation may lead to approximately 3 lakh property owners losing out on this rebate. The scheme, initially introduced in 1970, was declared illegal in 2019 but was reintroduced in 2023. Citizens are expressing frustration, suggesting that it should be the civic administration's responsibility to cross-verify occupants rather than burdening taxpayers with complicated compliance procedures. Many are calling for a more user-friendly, online submission process to streamline the application for the tax discount.
Over the past five years, the Nashik Municipal Corporation has seen a substantial increase in property tax collections through online payments, rising from 7% to 57% in the current fiscal year. This shift has streamlined the process for taxpayers, with Rs 69 crore of the Rs 122 crore collected this year coming from online payments, aided by a 1% concession. The civic body aims to reach a property tax collection target of Rs 210 crore this year, with incentives for prompt payments and plans to engage private agencies for bill distribution.
Gujarat International Finance Tec-City Company Ltd (GIFTCL) has announced plans for a dynamic social infrastructure zone spanning approximately 20.5 acres within GIFT City. This development will include entertainment, recreational, and retail facilities, as well as a massive Ferris wheel called the "GIFT Eye." The Ferris wheel, projected to reach 158 meters in height, aims to redefine the city's skyline. GIFTCL has invited bids for this ambitious project, with strict financial and experience criteria in place for potential bidders. This endeavour is expected to breathe life into GIFT City, solidifying its position as a global fintech and business hub.
The Uttar Pradesh Urban Development Ministry has recently granted approval for a 750-acre township in Paratpur, Meerut. Spearheaded by the Meerut Development Authority, this project is located near the Delhi-Meerut rapid rail transit system, with an estimated land cost of Rs. 2,000 crore. The government has pledged 50% of this amount as a long-term, interest-free loan. This visionary project aligns with the impending completion of the Rapid Rail Transit System (RRTS) by 2025, aiming to optimize residential, commercial, and recreational spaces near transportation hubs. It will significantly ease daily commutes to Delhi, Noida, and Gurgaon, while also enhancing property values and expediting infrastructure development along the rail corridor.
Signature Global's IPO witnessed strong investor interest, with a subscription rate of 11.88 times on the final day. Institutional investors played a pivotal role in this success, resulting in bids for 13,36,05,074 shares against the offered 1,12,43,196. Non-institutional investors subscribed 13.54 times, QIBs 12.71 times, and RIIs 6.82 times. The IPO, totalling Rs 730 crore, included a fresh issue of Rs 603 crore and an Offer for Sale of Rs 127 crore. Proceeds will significantly reduce debt, with net debt at around Rs 1,100 crore. Post-listing, the promoter stake will decrease from 78.35 percent to 69–70 percent.
Eldeco Group, a prominent real estate developer, has acquired land parcels in Greater Noida, Sonepat, and Ludhiana for approximately Rs 230 crore. These acquisitions are part of a strategic partnership with HDFC Capital Affordable Real Estate Fund 3 (H-CARE 3), totalling Rs 475 crore, aimed at developing multiple residential projects. The company plans to launch projects worth Rs 5,000 crore in the coming year. Pankaj Bajaj, Chairman of Eldeco Housing and Industries Ltd., expressed confidence in the real estate sector's growth. Eldeco Group has a strong track record, having delivered 175 projects totalling about 30 million square feet of development.
India's largest lender, the State Bank of India (SBI), achieved a significant financial feat by raising Rs 10,000 crore through 15-year infrastructure bonds at a competitive rate of 7.49 percent. The bonds garnered substantial investor interest, oversubscribed more than five times the base issue size. Notably, the pricing was lower than previous issuances due to softened market yields. Investors, including funds, insurance companies, and corporates, demonstrated strong participation, with total bids exceeding Rs 21,000 crore. With this issuance, SBI has fully utilized the approved amount for infrastructure bonds in FY24, and it anticipates lower borrowing costs for future offerings, impacting India's financial landscape.
Asia Healthcare Holdings (AHH), backed by TPG Growth and Singapore's GIC, has acquired a majority stake in the Asian Institute of Nephrology and Urology (AINU) for Rs.600 crore. AHH's investment will come from acquiring new shares and shares from existing investors. AINU operates a network of urology and nephrology care hospitals and has posted substantial revenue and profit figures. This move marks AHH's entry into the urology and nephrology specialty, expanding its portfolio that includes Motherhood Hospitals, Nova IVF Fertility, and the American Oncology Institute. The nephrology and urology sector in India is projected to grow significantly in the coming years.
A recent report by NAREDCO and Housing.com has highlighted the growing preference for real estate investments among investors despite rising prices and home loan rates. The report reveals that 48 percent of respondents surveyed favoured real estate as their top investment choice, surpassing gold, stocks, and fixed deposits. Tax benefits such as stamp duty and GST waivers are viewed as crucial motivators for potential homebuyers. Despite economic uncertainties, the property market has shown resilience, with a 15 percent year-on-year growth in sales in the first half of 2023. Ready-to-move-in properties are preferred over under-construction projects, with additional amenities playing a significant role in buyers' decisions.
In 2012, actor Salman Khan acquired a Bandra building for Rs 120 crore, intending to transform it into a commercial property. Recently, LandCraft Retail leased the property to establish Food Square, a gourmet store, at a monthly rental of 1 crore, replacing Future Group's Food Hall due to payment issues. This investment trend in commercial properties by Bollywood celebrities, including Amitabh Bachchan and Kartik Aryan, is driven by attractive rental yields. The Indian gourmet food market, currently valued at $1.3 billion, is steadily growing at a 20% annual rate, making it a promising venture. Gourmet retail stores offer a variety of high-quality products, contributing to this market's success.
Real estate experts anticipate a promising trajectory for warehousing in India, fuelled by the expansion of E-commerce giants and the influx of global brands into the market. Projections suggest that warehouse stock is set to soar, with expectations of reaching a staggering 500 million square feet (msf) in the next five years. This growth reflects the evolving landscape of the Indian logistics and storage sector, driven by the demands of an increasingly digital and globalized economy. The warehousing sector's rise is poised to meet the burgeoning needs of supply chains and distribution networks, reshaping the country's commercial real estate landscape.
The U.S. single-family rental market is undergoing notable changes, with CoreLogic's latest data revealing shifting trends across different price tiers. Lower-priced rentals are seeing a significant slowdown in annual growth, in contrast to previous years. Meanwhile, attached single-family rentals are outpacing detached ones, marking a 3.8% year-over-year increase. Among major metros, St. Louis leads with a 7.3% annual rental growth rate, followed by Chicago at 6.3%. However, some cities like Las Vegas, Miami, and Austin are experiencing slight declines in rental costs. This evolving landscape highlights the dynamic nature of the U.S. rental market.
Japan's real estate market is experiencing a broad expansion of property values, extending beyond major cities like Tokyo, Osaka, and Nagoya. This growth is fuelled by factors including increased foreign investment, rising tourism, investments in industries like semiconductors, and urban redevelopment projects. During the first half of the year, property investment in Japan surged by 52%, with international investors accounting for 60% of acquisitions in 2022. Cities like Takayama, Chitose, and Kikuyo are witnessing significant property value increases, driven by tourism, semiconductor projects, and urban renewal initiatives.
The Jeddah Tower in Saudi Arabia is on track to become the world's tallest building, soaring an astonishing 1,000 meters, surpassing the Burj Khalifa by 172 meters. This $1.2 billion marvel, designed by renowned architects Adrian Smith and Gordon Gill, pays homage to the desert with its striking design inspired by native desert flowers. The tower will house a Four Seasons hotel, luxurious apartments, office spaces, and the world's highest observatory, offering unparalleled views of the Red Sea. With its innovative design to minimize wind forces, 59 elevators, and 12 escalators, the Jeddah Tower, also known as the Kingdom Tower, is set to redefine Saudi Arabia's skyline and capture global admiration.
MahaRERA, the real estate regulatory authority in Maharashtra, introduced mandatory certification for registered agents. With a deadline of September 1, 2023, only 7% of the 44,858 agents successfully obtained certification, risking the loss of their registration. Following this, MahaRERA extended the deadline to January 1, 2024, offering agents another opportunity for certification. The program equips agents with comprehensive knowledge of the MahaRERA portal, focusing on roles and responsibilities, and was developed in collaboration with esteemed institutions. This certification initiative aims to enhance professionalism and transparency within the real estate sector, ensuring benefits for both agents and consumers.
Bandra East, a vibrant Mumbai locality, is a captivating blend of tradition and modernity, offering a range of experiences. Its luxury real estate market, exemplified by iconic projects, has remained resilient and in high demand. Celebrities like Salman Khan and Shah Rukh Khan call it home, adding to its allure. In a week, Bandra East saw six property transactions, including standout deals in luxury projects like X BKC and more affordable options like BC Corp Arista. These transactions highlight the diversity of property buyers' preferences, showcasing Bandra East as a dynamic real estate hub with a bright future.
The Indian flexible office space market is set for substantial growth, with its stock expected to surge by 52 percent, reaching 81 million square feet by 2025, according to a report by Vestian. Presently, flexible office operators manage 53.4 million square feet, with India offering over 7.6 lakh seats spread across 1000 centres. Shrinivas Rao, CEO of Vestian, noted that COVID-19 has driven steady growth in India's emerging flexible office sector. The report forecasts that flexible offices will account for approximately 25 percent of total office space occupancy by 2025 as companies adopt hybrid work models, leading to increased demand.
Sir JJ Group of Hospitals, comprising four state-run hospitals in Maharashtra, is slated for extensive repair and renovation projects due to concerns raised by the Maharashtra State Association of Resident Doctors (MARD). The initiatives encompass a comprehensive overhaul of the medicine department at Sir JJ Hospital, repair and maintenance for student hostels, nurses' quarters, and resident medical officer quarters, as well as addressing leakage issues at Cama & Albless Hospital. While these efforts aim to enhance healthcare facilities, concerns about the shortage of hostels for resident doctors persist. Plans for new hostel construction are pending approval, with completion expected in several years.
The Bruhat Bengaluru Mahanagara Palike (BBMP) has taken decisive action against the unauthorized dumping of construction waste and debris in Bengaluru. Stringent measures have been announced, including fines and legal consequences for violators. BBMP officials are tasked with monitoring vehicles transporting construction waste across the city, and vehicles found in violation may face fines and even confiscation. BBMP Chief Commissioner Tushar Giri Nath emphasized the importance of proper waste disposal and highlighted the responsibility of waste generators. The penalties for non-compliance include fines of Rs 10,000 per ton and legal actions under environmental laws. This initiative aims to maintain Bengaluru's environmental integrity and urban aesthetics.
India's prominent co-working provider, BHIVE Workspace, has unveiled its biggest co-working facility in Bengaluru's central business district on Church Street. This move caters to the escalating demand for premium flexible office spaces in the city. Covering an expansive 1.2 lakh square feet, the new co-working space offers nearly 3,500 seats and an array of dining options. Already a hit, with over 40% of seats occupied, the launch was celebrated with celebrity presence. This addition strengthens BHIVE's presence in Bengaluru's CBD as co-working demand continues to rise in prime locations.
The MBVV police have apprehended a gang that deceived home seekers on Mira Road with promises of affordable MHADA flats. A woman was duped of RS 10 lakh for two flats. Some gang members posed as MHADA officials, distributing fake allotment letters and payment receipts. The crime branch unit, under Inspector Aviraj Kurhade and Assistant Inspector Prashant Gangurde, diligently investigated the case, leading to the arrest of the gang red-handed. They were found with incriminating documents. The gang faces multiple charges under the IPC. Other victims are encouraged to come forward and report to the Bhayandar police station or helpline numbers.
In a bid to enforce environmental laws, the Tamil Nadu Pollution Control Board has imposed fines totalling ?6.3 crore on 13 high-rise buildings near Siruseri IT Park. The penalties were issued due to the absence of operational sewage treatment plants within gated communities, leading to the illegal dumping of waste into sensitive areas. The case, initiated by a concerned citizen and pending at the National Green Tribunal, highlights the state's commitment to environmental preservation. The legal proceedings are set to continue with the next hearing scheduled for October 9, 2023.
The Delhi government aims to increase construction worker registrations to 15 lakh by year-end, up from 13 lakh last fiscal year. This follows Chief Minister Arvind Kejriwal's concerns over insufficient registrations. Additionally, welfare scheme spending for these workers will see a twenty-fold rise, from Rs 12.66 crore to Rs 246 crore. The funds, sourced from a 1% cess on major construction projects, support various benefits, including financial aid, maternity benefits, and medical care. This initiative underscores the government's commitment to the welfare of this essential workforce.
In March 2015, the Bhubaneswar Commissionerate Police initiated a program encouraging house owners to provide tenant details to enhance citizen safety. Initially well-received, it was extended to women's hostels in January 2017. However, recent reports reveal a decline in compliance, with very few submission of tenant declaration forms. These forms, available at police stations and online, request tenant information. While the initiative remains optional, police stress its importance for security. It also offers a tenant verification service, but few have utilized it. A review by Deputy Commissioner of Police Prateek Singh seeks to understand the decline and reinforce the significance of this safety measure.
DLF's subsidiary, DCCDL, has raised Rs 1,100 crore through non-convertible debentures on a private placement basis. DCCDL's board of directors approved the allocation of 1,10,000 senior, rated, and secured NCDs, each with a face value of Rs 1 lakh. These NCDs, featuring an 8.25 percent annual coupon rate and maturing on August 17, 2033, will be listed on the Bombay Stock Exchange. DCCDL, a joint venture between DLF and Singapore's GIC, manages a substantial portfolio of rent-yielding office and retail properties, encompassing 40 million square feet and generating an annual rental income of approximately Rs 4,000 crore.
Viacom18, a prominent Indian entertainment network, is set to lease a 400,000-square-foot headquarters in Mumbai from Blackstone's Nucleus Office Parks. The move aims to consolidate Viacom18's various business units under one roof, including tax, finance, sports, and digital divisions. The monthly rent for the marquee space is estimated at 60 million Indian rupees ($722,178). Viacom18, a joint venture of Viacom Inc. and the Network18 Group competes with major players like Disney and Netflix in India. The office relocation is expected to occur before December, and Blackstone is planning an IPO for its Indian office portfolio, including Nucleus Office Parks.
Signature Global, a Delhi-NCR real estate firm, has seen strong interest in its IPO, aiming to raise capital for expansion. Priced at Rs 366-385 per share, the IPO totals around Rs 730 crore. On day one, it achieved a 54% subscription rate, and by day two, it was oversubscribed at 1.61 times. Non-institutional investors and retail individuals showed substantial interest with 1.42 and 89% subscription rates respectively on day one. The IPO proceeds will primarily be used to reduce debt, and post-listing, the promoter group's stake will decrease from 78.35% to around 69–70%. Signature Global focuses on affordable and mid-income housing segments and has a strong presence in Delhi-NCR.
Singapore's sovereign wealth fund, GIC, is reportedly in the final stages of acquiring a majority stake in ESR India, a logistics real estate platform. The deal is estimated to be worth around $400 million. ESR India, a joint venture between ESR Group and Allianz Real Estate, owns eight assets across India, covering 388 acres with a gross floor area of 10 million square feet. Allianz Real Estate is expected to sell either its entire stake or a significant portion of it, while ESR may sell 35-40% of its stake in the platform. Multiple private equity firms are also vying for the assets.
Bafna Motors, a Tata Motors commercial vehicle dealer, has successfully sold the leasehold rights to a prime 4-acre land parcel in Navi Mumbai's Nerul locality for over Rs 145 crore to Greenscape IT Park LLP. The deal was initiated to settle outstanding loans of Rs 129 crore to the United Bank of India and Rs 15 crore to Tata Motors Finance Solutions. Greenscape IT Park LLP stepped in to repay these debts and acquired the land parcel. The transaction attracted a stamp duty of Rs 7.27 crore and was registered on August 28. It reflects a resurgence in land transactions across Indian property markets.
DB Realty has successfully raised Rs 1,544 crore through a preferential issue of 25.75 crore convertible warrants to promoter groups and non-promoter investors. This issuance complies with SEBI regulations, and all the convertible warrants have been converted into equity shares. The funds raised will primarily be utilized to reduce debt, amounting to Rs 1,404 crore, including the release of contingent liabilities. DB Realty also plans to invest in new assets, meet ongoing project requirements, and support working capital needs. The company aims to become debt-free in the near future and is exploring partnerships with established real estate developers to monetize its substantial land holdings, exceeding 600 acres.
The approval of Delhi Master Plan 2041 is anticipated to unlock a substantial USD 100 billion economic opportunity over the next two decades, driven by increased development activities and private sector investments. Delhi Consortiums, specializing in real estate advisory and development under the plan, is leading this initiative. Policies like the Green Development Area Policy and Land Pooling Policy, especially in areas bordering developed sectors, have garnered investor interest. This transformative project will position Delhi as a key services hub, unlocking real estate opportunities across 165 villages and increasing per capita income significantly.
Despite grand promises and an estimated Rs 300 crore generated from land sales, Bhopal's Smart City Development Corporation Limited (BSCDCL) finds itself far from achieving its goals eight years into the project. Residents continue to grapple with non-functional LED streetlights, leaving certain areas in darkness. BSCDCL's focus on land monetization and a lack of progress in implementing essential features have fuelled frustration. Controversies over tree felling, outsourced projects, and political setbacks have further hindered the dream of a smart Bhopal. As another state election looms, the smart city project remains a symbol of unfulfilled aspirations.
Danube Properties, a leading UAE real estate developer, has unveiled Oceanz, a prestigious residential project in Dubai Maritime City, valued at over INR 5600 Crore. The launch witnessed strong investor demand, with one tower selling out on the first day and high demand for the second. Danube Properties plans to conduct roadshows and expos in five Indian cities. Units at Oceanz start from INR 2.42 Crore, with a unique 1 per cent monthly payment plan. Oceanz marks the company's 25th residential project and is set to become a new cruise and leisure tourism destination.
The housing market in Norway is experiencing a slowdown in price increases, with August marking the weakest performance in housing price statistics maintained by Real Estate Norway. Housing prices increased by just 0.4 percent, and when adjusted for seasonal variations, there was a 0.6 percent decline. Oslo saw a notable 1.0 percent decline in prices, while Bergen had the strongest performance, with a 1.2 percent increase when adjusted for seasonal factors. Experts attribute this slowdown to the impact of interest rate hikes, as Norway's Central Bank raised rates to combat inflation. This trend is expected to continue, making for a challenging autumn in the housing market and the broader economy.
Genesys International Corporation has established a subsidiary in Saudi Arabia, aligning with the nation's infrastructure development, including the NEOM project. The company's Digital Twin program is gaining traction, with recent orders worth 67 crores, bringing their total wins in KSA to Rs. 76 crores. Genesys is involved in various projects, including "The Line" within the NEOM project, showcasing its expertise in mapping, survey, and geospatial services. The company has also completed indoor mapping for 24 airports in Saudi Arabia, underlining its commitment to advancing geospatial solutions in the region's dynamic infrastructure landscape.
IFC, a member of the World Bank, is partnering with Sunteck Realty to establish a joint platform with a total investment of up to Rs 750 crore (US$90 million). This collaboration aims to support the development of around 12,000 housing units across four to six green housing projects in the Mumbai Metropolitan Region. IFC plans to invest up to Rs 330 crore (US$40 million), while Sunteck Realty will contribute the remaining amount. The project's focus is on creating large-scale housing projects in Mumbai's suburbs to address the housing needs of mid-income earners. The initiative also emphasizes eco-friendly housing with a goal to reduce water and energy consumption by at least 20% using IFC's EDGE green building certification.
Bollywood actor Ranbir Kapoor has recently leased his luxurious apartment in Pune's Trump Towers for an impressive monthly rent of Rs. 4 lakhs. The apartment was leased to Duroshox, a leading company in suspension solutions, for a 36-month period. The lease agreement includes an annual rent escalation. This move reflects a growing trend among celebrities to invest in premium real estate, with stars like Shahid Kapoor and others, making real estate investment a prominent choice in the industry.
A level-2 fire incident occurred at Benreez Apartment in Mumbai's upscale Worli locality, specifically in the basement area. The incident, reported around 10:39 pm, was quickly categorized as Level 2 at 10:46 pm. Fortunately, there were no casualties, and six individuals were safely evacuated from the building's basement. The Mumbai Fire Brigade (MFB) deployed seven fire engines and eight jumbo tankers to combat the blaze, which was confined to an area of around 4,000 square feet. The presence of plastic items in the basement contributed to the fire's intensity. Investigations are ongoing to determine the cause of the fire, which was extinguished around 1 am after about two hours of firefighting efforts.
Manipal Hospitals has acquired an 84 percent controlling stake in AMRI Hospitals, bolstering its presence in eastern India. This strategic move enhances Manipal's bed capacity, with plans to expand from 9,500 to 12,000 beds within three years. The deal, estimated at around Rs 2,300 crore, aligns with Manipal's goal of becoming the dominant healthcare chain in the region. For the Emami Group, divesting the majority of its AMRI Hospitals stake allows a sharper focus on core businesses. The deal faced complexities and legal disputes but underscored Manipal Hospitals' growth ambitions and commitment to addressing the healthcare needs of eastern India.
India Sotheby’s International Realty has secured an exclusive sales and marketing mandate for The Residency, an ultra-luxurious residential project in Worli, Mumbai. The project comprises 19 ultra-luxury residences, each occupying an entire floor and offering stunning views of iconic landmarks in Mumbai. The Residency features flexible living spaces with customizable configurations of up to 5 bedrooms, making it a highly sought-after address for Ultra High Net Worth Individuals (UHNIs). With Mumbai's rising wealth and increasing demand for high-end properties, this project represents a significant opportunity for UHNIs to own luxury residences in a prime location in the city.
In India's IT corridor, CapitaLand Investment Limited (CLI) has begun construction on Phase I of the renovated International Tech Park Hyderabad (ITPH). This Madhapur business park has a 100% lease agreement from major firms for its Block A office building. Over the course of seven to ten years, CapitaLand India Trust (CLINT) will invest in the substantial renovation of ITPH, resulting in the provision of more than 4.9 million square feet of Grade A+ office space. At ITPH, a 40-megawatt data centre will also be built. The initiative intends to boost Hyderabad's expanding information technology industry and meet the demands of major international businesses.
FF21, a prominent co-living operator, is set to expand in Bengaluru, aiming to introduce 2000 new beds across 3-4 strategic locations in the current fiscal year. With six properties in Bengaluru already, FF21 caters to young working professionals by offering dynamic and community-focused co-living spaces. The demand for co-living spaces is growing due to hybrid work models, prompting FF21 to pursue ambitious expansion plans. CEO Ajay Nemani emphasizes their commitment to top-tier co-living spaces with excellent design, community integration, and advanced technology, ensuring a comfortable and secure living environment.
The dreams of over 6,000 Mumbai policemen to own homes have been thwarted due to alleged mismanagement in the housing society created for this purpose. Policemen have taken the matter to the Bombay High Court, seeking a halt to the scheduled October elections for the housing society. The turmoil revolves around irregularities in the formation of the voter list, including the alleged expulsion of the chief promoter and subsequent approval of the voter list by an assistant registrar. The civil writ petition also calls for an investigation into malpractices and illegalities within the housing society. This situation has raised concerns about the functioning and trust of the society.
SEBI, the market regulator in India, has announced an auction of Saradha Group properties in West Bengal with a reserve price of over Rs 3 crore to recover funds raised through alleged illicit schemes. The auction, scheduled for October 17, 2023, follows a directive from the Calcutta High Court and aims to compensate depositors who suffered losses when the Saradha Group collapsed in 2013 after raising around Rs 4,000 crore from 1.7 million investors. Potential bidders are required to conduct independent due diligence, and the successful bidder will bear transfer charges and taxes associated with the property.
Chief Minister Pushkar Singh Dhami marked Prime Minister Narendra Modi's birthday by distributing housing approval letters, keys, and financial assistance of Rs 5,000 each to beneficiaries of the Pradhan Mantri Awas Yojana-Rural, aimed at providing rural homes. Additionally, he handed out financial support to self-help groups under the National Rural Livelihood Mission. Dhami's actions were lauded for empowering the marginalized, especially women, and he expressed gratitude to the Prime Minister for providing permanent homes to those in need. This heartfelt gesture extended to celebrating Modi's birthday with underprivileged children.
A joint committee comprising officials from the Haryana State Pollution Control Board, Charkhi Dadri administration, and Central Pollution Control Board has successfully recovered Rs 4.01 crore as environmental compensation from 44 stone crushers in Charkhi Dadri, Haryana. They have also lodged 70 criminal cases and attached 47 properties for non-compliance with environmental norms. This initiative follows a case filed in 2017 against stone crushers operating in Charkhi Dadri, which were causing air and water pollution. The National Green Tribunal had been monitoring and reviewing the efforts of the HSPCB and the state government to control this pollution.
Under Chief Minister Manohar Lal Khattar's leadership, the Haryana government is taking comprehensive measures to address the issue of unauthorized commercial establishments encroaching on residential areas. These initiatives include the establishment of an Integrated Command and Control Centre in Ambala to enhance security and traffic management, and the formulation of a policy to designate areas with commercial establishments within residential zones as official commercial areas. The government is also conducting a city-wide survey to identify locations in need of CCTV surveillance integration into the Police Integrated Command and Control Centre. These proactive steps reflect the government's commitment to responsible urban development and efficient governance in Haryana.
The Delhi Development Authority (DDA) has approved an annual 8% increase in charges for obtaining property rights in unauthorized colonies under the Pradhan Mantri-Unauthorized Colony in Delhi Awas Adhikar Yojana (PM-Uday scheme). This revision, effective from April 1, 2022, follows an amendment to the National Capital Territory of Delhi (Recognition of Property Rights of Residents in Unauthorized Colonies) Regulations, 2019, in compliance with Section 57 of the Delhi Development Act, 1957. The charges for property rights will increase by 8% each year. While this move aims to regularize unauthorized colonies, it may pose challenges for applicants seeking legal recognition of their properties in these areas.
The Uttar Pradesh government plans to amend property tax rules, effective in the next financial year, with a focus on relaxing tax rates for starred hotel properties to encourage tourism and employment growth in the state. The amendments are driven by the need to distinguish between bed and breakfast accommodations, homestays, and other budget hotels, ensuring they adhere to tax norms. Eight out of nine objections to the draft amendments came from stakeholders in Agra, a major tourist destination in Uttar Pradesh. The changes aim to harmonize tax structures for star and budget properties while addressing concerns about fairness and revenue balance.
Emirates NBD, a prominent banking group in the MENAT region, has partnered with CoriolisESG by TradeSun, a pioneer in automated ESG scoring solutions. This collaboration aims to enhance the bank's sustainability-linked transaction banking products and advisory services by leveraging CoriolisESG's extensive ESG rating framework. The partnership will provide corporate and institutional clients access to ESG scores of their supply chain partners, encouraging sustainable practices. Additionally, it enables clients to mitigate ESG-related risks that could impact profitability. CoriolisESG's AI-driven solution aligns with global sustainability frameworks and enhances enterprise intelligence, making it a valuable tool in fostering sustainable business practices.
Godrej Properties has successfully raised Rs 1,160 crore through the issuance of non-convertible debentures (NCDs) on a private placement basis. This fundraising initiative demonstrates the company's commitment to bolstering its financial position and supporting its growth plans in the real estate sector. The NCDs, which come with fixed coupon rates and distinct maturity dates, were offered to identified investors. They received strong credit ratings from agencies like ICRA and India Ratings, indicating a high degree of creditworthiness and stability. This capital infusion will enable Godrej Properties to expand its presence and contribute to innovative and sustainable real estate projects in India.
A recent report by Colliers highlights the unprecedented growth in India's real estate sector, presenting significant investment opportunities. As the real estate market gains momentum and experiences rapid infrastructure development, several micro-markets in major Indian cities are evolving into prime investment areas. Notably, investing in land and monetizing it through rental properties is yielding returns up to 10 times higher than ready apartments. Eco-friendly locations and tourist destinations are particularly popular for land investments, with Maharashtra-Neral-Matheran, known for its prominent developers, infrastructure projects, and amenities, emerging as a leading investment corridor. This trend is expected to continue, driven by ongoing infrastructure projects and heightened real estate investments.
Burger King, the second-largest burger chain in India, is in negotiations to establish an exclusive partnership with Coca-Cola, ending its decade-long association with PepsiCo. Coca-Cola's "COKE WITH MEALS" campaign, in collaboration with food delivery giants like Zomato and Swiggy, has prompted Burger King's interest in partnering to expand its reach. This move is expected to boost sales for both Burger King and Coca-Cola in dining and home deliveries. While the two brands have partnered in the United States, this marks a significant shift in India's fast-food landscape. The collaboration aims to offer a global fusion of burgers and beverages in 54 countries.
Visakhapatnam Metropolitan Region Development Authority (VMRDA) is embarking on a significant project, constructing 46 reconstituted (RC) layouts over approximately 1,215 acres for farmers who participated in the land pooling process for one-cent layouts. The initiative comes at a cost of around Rs 200 crore. This follows the pooling of 5,000 acres for one-cent layouts in the combined Visakhapatnam district, with VMRDA undertaking the responsibility to create these layouts. Notably, VMRDA has already developed 83 one-cent layouts, covering over 4,800 acres, benefiting around 1.42 lakh homeless individuals.
The Bhubaneswar Development Authority (BDA) is embarking on six new town planning schemes in Chandaka and Pahala areas to facilitate the holistic development of the city. Previously, BDA completed four similar schemes in Tamando and Chandaka, involving the acquisition of private plots from landowners and their subsequent development in an organized manner. These initiatives covered multiple villages and spanned approximately 1,596 acres. The BDA has a larger vision, with plans to execute 45 town planning schemes across 58 revenue villages, covering a total area of 9,171 acres, signifying a commitment to urban development and infrastructure enhancement.
Housing.com, India’s top digital real estate firm, has launched its latest brand campaign for the upcoming festive season, building on the success of its 2022 "Parr.. se Perfect" campaign. The new campaign focuses on property owners' needs and challenges in finding genuine buyers or tenants. Housing.com introduces the Housing Assist service to simplify the process by providing verified, price-matched, and ready buyers and tenants. With four new ads and a targeted reach of over 100 million, the campaign employs humour and impactful storytelling across TV, digital, and OTT platforms.
In response to the affordable housing crisis in the UK, Cornwall Council has made a strategic decision. They opted to sell Grade II listed flats, valued at £640,000, for just £1 in order to ensure continued affordability in Looe. The move aims to counteract the impact of second home ownership and holiday rentals on the county’s housing shortage. The council believes that this unconventional sale would prevent the loss of affordable housing in the area and alleviate the need for temporary accommodation. Additionally, a community-led redevelopment project promises to maintain the flats for affordable housing use. The UK’s housing crisis remains dire, with a backlog of 4.3 million homes needed to accommodate the growing population, particularly in high-demand areas like London and the South East.
In Germany, apartment building permits plummeted by 31.5% in July compared to the previous year, revealing a severe decline in demand within the construction and real estate industry. Factors contributing to this downturn include high building costs and difficulties in securing financing. Germany's goal of constructing 400,000 apartments annually is struggling to materialize. Low-interest rates had previously fuelled interest in German property, but rising rates led to a freeze in deals and falling prices. Industry leaders are urging government intervention, proposing measures like reducing property sales tax and expanding low-interest rate credit programs to support new residential construction.
In August, Canadian home sales decreased by 4.1% compared to July, following the Bank of Canada’s interest rate hike in July. Despite this decline, annual home sales were up by 5.3%. New property listings increased by 0.8% from July, bringing them closer to average levels after starting the year at a 20-year low. The Home Price Index showed a 0.4% month-to-month increase and a corresponding 0.4% annual increase, while the national average selling price rose by 2.1% year-over-year. To address housing affordability concerns, Canadian Prime Minister Justin Trudeau announced the removal of the federal 5% sales tax on new rental property construction.
Amidst financial challenges, Chinese developer Country Garden has successfully obtained an extension for the last of eight onshore bonds, breathing relief into its precarious situation. This final bond, valued at 492 million yuan ($67 million), had faced multiple delays in the voting process before creditors finally voted in favour of extending its maturity by three years. The agreement also includes a significant guarantee of no less than 200 million yuan from the bond issuer, Guangdong Giant Leap Construction Co. Country Garden's efforts to extend the maturities of these bonds reflect the ongoing turbulence in the Chinese property sector.
Mumbai's housing market remains robust, contributing 40% to India's residential sales. After a strong recovery in 2022, residential unit launches surged by 183%. The trend is set to continue, with projections of residential sales exceeding INR 1 lakh crore in 2023 and potentially reaching INR 2 lakh crore by 2030. While mid-segment housing dominates, there's a growing interest in upper mid and premium segments. Infrastructure developments are set to improve connectivity and public transportation, reducing travel times by 50% in the next five years. These efforts also aim to increase public transport usage from 65% in 2016 to 75% in 2030, promoting sustainability.
The iconic bungalow in Mumbai's Juhu neighborhood, which belonged to the late Bollywood actor Dev Anand, is set to make way for a 22-storey tower. After over 40 years of housing the actor's family, the property was reportedly sold to a real estate firm for an estimated Rs 350-400 crores. Dev Anand's children, who have settled in various locations, found it challenging to maintain the large property, leading to the decision to sell. The family has a history of investing in real estate, with the proceeds from the sale of Anand Studios and other properties being reinvested in residential flats in Mumbai. Mumbai's real estate market has long attracted Bollywood celebrities for investment purposes, making it a lucrative choice for wealth preservation.
Uttar Pradesh's housing department is enforcing mandatory accessibility measures for all apartments and residential societies. Following guidelines from the Central government, they are ensuring that public information shared with residents is easily accessible to individuals with disabilities. This includes using multimedia formats, such as smartphones and email, and implementing public announcement systems. Non-compliance may result in notices being issued. These measures align with international standards for inclusivity and accessibility. This initiative recognizes that access to information is a fundamental right and is taking proactive steps to make it available to everyone, regardless of physical abilities.
Supreme Universal, a renowned real estate company known for its luxury developments in Mumbai and Pune, proudly announces the possession of Supreme Estia - Phase 1, a prestigious residential project located in Pune's upscale Baner neighbourhood. This achievement reflects Supreme Universal's commitment to creating exceptional living spaces for its customers. The possession event, which spanned two weeks starting from August 15th, celebrated the welcoming of over 260 families into the Supreme Community. It was a vibrant and memorable event, emphasizing Supreme Universal's dedication to customer satisfaction and creating lasting memories.
Tulip Infratech, a prominent real estate developer, is injecting Rs 280 crore into phase 2 of the Tulip Monsella project in Gurgaon's Golf Course Road. This investment aims to develop 350,000 square feet of residential space. Tulip Infratech acquired the property from PNB Housing Finance in 2020 after the project's original borrower, Vipul Ltd., defaulted on a Rs 412-crore loan. The comprehensive project, spanning 20 acres, is valued at over Rs 5,000 crore. Tulip plans to build ten luxurious residential buildings, a 600,000-square-foot commercial tower, and an 80,000-square-foot commercial tower. This initiative also helps 200 stuck homebuyers.
Income-tax officials have conducted five days of raids at 28 locations, uncovering an alleged tax evasion scheme by five prominent real estate developers in India. These developers, some of whom are affiliated with hotel chains and schools, are suspected of marking substantial transactions as informal receipts rather than official bills, allowing them to evade taxes. The raids, involving 200 officials, have so far led to the seizure of Rs 4 crore in cash and jewellery worth Rs 10 crore. The income-tax department will scrutinize seized documents to determine the extent of tax evasion, imposing penalties if necessary. Security forces are providing protection to ensure uninterrupted investigations.
Karnataka's Revenue Minister, Krishna Byre Gowda, has revealed plans to implement revised "guidance values" for properties starting October 1, with an anticipated average increase of 25 to 30 percent. The guidance value represents the government-mandated minimum selling price for properties, and its annual revision has been neglected for five years. The adjustments aim to bring guidance values in line with market rates, ensuring fairness and curbing black-market transactions. Specific increments will vary depending on market-to-guidance value ratios, with flexibility for region-specific adjustments. The first phase begins in Bengaluru, with a district-wise rollout planned and provisions for objections to the new values.
The local bodies department has reintroduced a one-time settlement scheme for property tax defaulters, granting them the opportunity to settle dues without incurring penalties and interest if they pay by December 31. This move presents possible revenue challenges for the MC. The scheme targets individuals who missed payments by March 31, 2023, granting a complete waiver for prompt payments and a 50 percent waiver for payments until March 31, 2024. The move has left MC officials concerned about reduced tax revenue and potential repercussions for diligent taxpayers. Despite this, the scheme aims to strike a balance between leniency and fiscal prudence.
The MahaRERA has suspended the registration of 388 real estate projects because developers have not complied with the mandatory quarterly information updates mandated by the Real Estate (Regulation & Development) Act of 2016. This suspension prevents developers from marketing or selling apartments in these projects and also freezes their bank accounts. MahaRERA's stringent measures are aimed at enforcing legal compliance among property developers and ensuring homebuyers have access to consistently updated project information. This decision is expected to benefit homebuyers by providing them with reliable project details, including progress and costs, accessible through the regulator's portal.
CIDCO (City and Industrial Development Corporation) is implementing its Inclusive Housing Scheme (IHS) in the NAINA region to provide housing opportunities for economically weaker sections (EWS) and lower-income groups (LIG) through private developers. This initiative follows the Development Control and Promotion Regulations (DCPR) of the NAINA project, reserving 20% of the total plot area for EWS and LIG housing. A total of 171 tenements are being introduced, with a lottery system facilitating the selection process for eligible candidates. CIDCO's user-friendly online application process and social media outreach ensure wider awareness and accessibility, aligning with its mission of creating inclusive and equitable communities.
The National Company Law Tribunal (NCLT) has dismissed an insolvency plea against Orris Infrastructure, emphasizing that the Insolvency & Bankruptcy Code (IBC) should not be used as a tool for mere recovery. The case involved buyers of office spaces who had already received payments exceeding the alleged default amount as per their agreement. The NCLT stressed the importance of honouring contractual agreements and settling disputes through mutual agreements. The ruling highlights the principle that the IBC should not be employed for recovery when disputes have already been resolved through settlements between the parties involved.
The Dehradun city police have initiated two cases against unidentified individuals for alleged forgery, fraud, and involvement in a criminal conspiracy related to land registry records. These cases stem from complaints lodged by assistant inspector general Sandeep Srivastava at the deputy registrar's office. The complaints allege that land records for two properties, dating back to 1979 and 1989, were forged. In one instance, a property's documents were falsely transferred to another individual, while a similar irregularity was discovered in the records of another property. This development highlights concerns of fraudulent land transactions in Dehradun.
The MSRDC is set to monetize 24 land parcels along the Pune-Mumbai expressway to fund major infrastructure projects like the Samruddhi expressway, Pune Ring Road, and others. These 450 hectares of land will be leased for 99 years, offering a sustainable revenue source. MSRDC possesses 189 hectares in Pune and 262 hectares in Raigad, with some land parcels owned by the corporation and others designated by the government. Tenders have already been floated, providing opportunities for developers to create amenities or residential complexes near the expressway, aligning with the growing trend of wayside investments.
Sunac China Holdings Ltd has received approval from creditors for its $9 billion offshore debt restructuring plan, marking a significant development for a major Chinese property developer. Sunac, like many other Chinese property firms, faced defaults on offshore debt payments amidst a liquidity crisis in the sector since 2021. The approval, with 98.3% of bondholders in favour, paves the way for a Hong Kong court hearing on October 5. The plan involves exchanging a portion of debt into convertible bonds backed by Hong Kong-listed shares. Sunac's revenue increased in the first half of the year, but its Hong Kong shares have declined substantially in 2023.
In the heart of Egypt, a remarkable housing transformation is unfolding. Prime Minister Mostafa Madbouly's visionary decision to shift management and supervision of low-return initiatives from the Central Bank to the Ministry of Finance has ignited a mortgage financing revolution. With EGP 100 billion allocated for low- and middle-income individuals, interest rates have plummeted to 3%, empowering countless families to secure homes. Leading the charge is Contact Mortgage, touching the lives of 6,167 customers with EGP 838.728 million in financing. This story paints a portrait of Egypt's housing evolution, where dreams of homeownership are no longer out of reach.
A record-breaking land deal has taken place in Ahmedabad, with a plot of approximately 4,000 square yards situated between Iskcon Circle and Prahladnagar selling for a remarkable Rs 3.25 lakh per square yard. An investor acquired the plot and is currently in discussions with a prominent developer for a joint venture project on the land. This transaction is considered the highest in the city to date and is notable as the first major land deal following the jantri revision in mid-April. While such high land prices are impacting project viability, positive sentiments about Ahmedabad's infrastructure development and economic growth persist.
Real estate developer Signature Global has secured Rs 318.5 crore from anchor investors, including Nomura, ahead of its IPO. The company's offering, which runs until September 22, seeks to raise Rs 730 crore. The IPO's price range is set at Rs 366 to Rs 385 per share. Proceeds will be primarily used to reduce debt. Signature Global, which focuses on affordable and mid-income housing, has seen a 32 percent growth in sales bookings, reaching Rs 3,430.58 crore in the last fiscal year due to strong housing demand. It will offer 112 residential units in its upcoming phase two.
Samhi Hotels' IPO witnessed robust demand, being oversubscribed 5.33 times. The IPO, valued at Rs 1,370 crore, attracted bids for 33,30,05,911 shares against the available 6,25,29,831 shares. Qualified institutional buyers dominated the demand, oversubscribed by 8.82 times, while non-institutional investors subscribed 1.22 times and retail individual investors subscribed 1.11 times. Samhi Hotels, known for acquiring, developing, and operating hotels, holds a portfolio of 4,801 keys across 31 operational hotels. The IPO proceeds will be used for debt repayment and general corporate purposes. JM Financial and Kotak Mahindra Capital Company managed the offering.
Two new hotel brand names, Dusit Collection and Devarana - Dusit Retreats, have been introduced by Dusit International, a well-known Thai hotel and real estate development company. The Dusit Collection offers distinctive hotels in well-known locations with an emphasis on the upper affluent and luxury categories. Unique properties can now become a part of the Dusit family without requiring extensive repairs. A redesigned luxury brand called Devarana - Dusit Retreats provides ultra-luxurious experiences with a focus on holistic wellbeing and sustainability. These additions help Dusit achieve its worldwide expansion ambitions and meet changing consumer demands by providing Thai-inspired hospitality in a range of market categories.
The state of Maharashtra in India is integrating all maps generated from new land measurement surveys conducted with rover machines with the Unique Land Parcel Identification Number (ULPIN). Rovers are signal-receiving and transmitting devices that expedite land measurement and survey applications. Approximately 1,000 rovers are currently in use across the state. This initiative, which began as a pilot project eight months ago, is expanding to cover 33 talukas in 32 districts, including Mumbai city and suburban areas. The integration of rover-generated maps with ULPIN is expected to benefit citizens by providing precise boundary demarcations in property records and 7/12 extracts.
The Municipal Corporation of Delhi (MCD) is taking steps to make the city free of construction and demolition (C&D) waste and has identified 158 sites for dumping such waste. Out of these, 125 sites have been designated in and around civic wards. The MCD currently operates five C&D waste processing plants with a daily capacity of 5,500 tonnes and a monthly capacity of about 1.5 lakh tonnes. These plants can collectively process 18 lakh tonnes of C&D waste in a year. The MCD aims to not only eliminate garbage but also make Delhi free of C&D waste while implementing measures to prevent pollution at these dump sites.
The Hinduja Group, a prominent Indian conglomerate, plans to transform its iconic Mumbai headquarters, Hinduja House, into a 32-story tower over the next 3-4 years. This redevelopment aims to accommodate the group's expansion, featuring sustainable and green building elements. The existing building, built in the 1980s overlooking the Arabian Sea, will be demolished, and the new design will incorporate agile workspaces with thematic floors. During the transition, group offices will temporarily relocate to the Bandra-Kurla Complex. Hinduja Group, with diverse interests in mobility, finance, technology, and more, has a century-old history, starting in 1914 in Sindh, now part of Pakistan.
Kolte Patil Developers has launched 24K Espada, a luxurious residential project near Pune's Hinjawadi. This development offers 4 & 5-bedroom row houses in a sought-after location, close to major IT companies, educational institutions, and entertainment hubs. The row houses are designed with a focus on privacy and spacious living, featuring gardens and terraces for relaxation and gatherings. Residents can enjoy premium amenities like yoga lawns, an aroma garden, and Club Yacht. 24K Espada is part of the Life Republic township, enhancing its connectivity and lifestyle offerings, making it an appealing choice for upscale living in Pune.
L&T Realty's debut residential project in Chennai, Avinya Enclave, Phase-1, has achieved a complete sell-out within a short time of its launch. Situated in Manapakkam, Chennai, this premium development spans seven acres and comprises four towers with a total of 500 apartments ranging from 2 to 4 BHK units. With prices starting at Rs 90 lakh, the project incorporates state-of-the-art amenities and is designed to provide a holistic living experience. It's part of the upcoming L&T Innovation Campus, offering excellent connectivity, including proximity to the Manapakkam Metro station.
The Noida Aerotropolis, a massive project adjacent to the Noida airport, is set to become a versatile development catering to residential and industrial needs. Led by Arun Vir Singh, CEO of the Yamuna Expressway Industrial Development Authority (YEIDA), this ambitious venture encompasses specialized zones including innovation and tech hubs, commercial centres, logistics facilities, hospitality offerings, and recreational areas. With a strong focus on hospitality, it will feature hotels, service apartments, and offices, creating a dynamic environment. The innovation hub will house biotech parks and tech zones, aligning with global trends in innovation-driven growth. The project emphasizes adaptability, sustainable land use, and comprehensive urban amenities, making it a promising addition to the region's development.
Eldeco Group has acquired 8.5 acres of land in Gurugram's Sector 80 for ?165 crore through an auction by Haryana State Industrial & Infrastructure Development Corporation (HSIIDC). They plan to invest an additional ?400 crore in constructing an 850,000-square-foot luxury residential development with an Aravali view. The project is expected to generate ?1,000 crore in revenue. Eldeco, having completed 175 projects covering 30 million square feet, aims to start construction this financial year. The Haryana government's active land auctions are expected to boost housing launches in the second half of the financial year, driven by rising demand.
Uttar Pradesh is planning an expansive Olympic Park near the upcoming Noida International Airport, a move that aligns with India's ambitions to host major sporting events like the 2036 Olympics. The 1,100-acre park includes an Olympic City with 29 sports arenas and an Olympic Village with 5,000 housing units, designed primarily for athletes and sports-related personnel. This development also envisions sports clubs, training centres, convention spaces, malls, and theme parks. While the project may not be ready for 2036, it aims to become a world-class sports facility for future international events, underlining India's growing presence in sports.
Last week tax authorities expanded their investigation into potential tax evasion by Orris Group, conducting searches at multiple locations, including Noida, Greater Noida, and Gurugram. The Income Tax Department officials intensified their efforts to uncover any irregularities, suspecting that the real estate firm may have engaged in activities that contravene tax regulations. These raids mark a significant development in the ongoing probe into Orris Group's financial practices, shedding light on the authorities' determination to ensure tax compliance across various regions. The company's financial transactions and records are under scrutiny as the investigation continues to unfold.
The Delhi government, led by the Aam Aadmi Party, is set to launch mobile registration vans to register construction workers at labour sites across the city. This initiative aims to enable workers to access government welfare schemes more easily. Delhi Labour Minister Raaj Kumar Anand announced this plan after a meeting with department officials. Additionally, a skill development program tailored for construction workers will be introduced, offering them opportunities to enhance their skills and find new job prospects. The labour department will also raise awareness about welfare schemes by distributing newsletters at construction sites, demonstrating the government's commitment to workers' well-being.
The Supreme Court of India has expressed serious concerns about alleged widespread corruption within the Noida Authority, suspecting officials of embezzling significant public funds through wrongful approval of excess compensation in land acquisition cases over several years. The Court has called for an independent agency to conduct a comprehensive investigation in response to these allegations. Justices This decision follows revelations that the case is part of a broader pattern involving questionable compensation disbursements by the New Okla Industrial Development Authority. The Supreme Court expects a detailed response from the Uttar Pradesh government during the next hearing on October 5.
The Bombay High Court has issued a significant directive ordering the Brihanmumbai Municipal Corporation (BMC) to grant a Transferable Development Rights (TDR) certificate to a private builder. This decision was prompted by the builder's land ownership and subsequent surrender for the construction of the Sahar Elevated Ring Road, a crucial project leading to Mumbai's International Airport Terminal 2. The ruling, delivered by a bench comprising Justices Gautam Patel and Kamal Khata, followed an affidavit from the Mumbai Metropolitan Region Development Authority (MMRDA) disclaiming jurisdiction over the road's segment on the builder's land.
The Property Federation Chandigarh has called upon the UT administration to reconsider the Heritage Committee's decision regarding re-densification in Phase-I (Sector 1 to 30) of Chandigarh. During their annual meeting, members requested the administration to reinstate share-wise registries in sectors beyond Sector 30, potentially increasing revenue through stamp duty. They urged the adviser to review the Heritage Committee's verdict and propose amendments to the heritage status of Sectors 1 to 30 to the ministry of home affairs. The meeting also highlighted operational challenges at the Estate Office, prompting plans for a delegation to meet with Chandigarh's finance secretary to address these issues.
The Delhi Development Authority (DDA) is set to launch a housing scheme offering 3,000 premium properties, including penthouses, Super HIG, HIG, MIG, and EWS flats in various locations. These properties, some of which are under construction, will be allocated through a draw of lots. DDA aims to improve sales and has engaged a real estate consultant to suggest strategies. They may also introduce changes like allowing amalgamation of adjoining flats and preferential location charges based on factors like floor and sun-facing. Another scheme offering 23,000 newly-constructed flats, mainly LIGs, is planned for the Narela sub-city in the near future.
The Kerala assembly has passed amendments to the Kerala Land Assignment Act of 1960, paving the way for the regularization of numerous illegal commercial constructions in the ecologically sensitive region of Munnar. The move is in response to the discovery of 226 illegal constructions in eight villages in Munnar, which have been reported to the high court. The Kerala Land Assignment (Amendment) Bill of 2023 introduces a new section, granting the government authority to regularize illegal constructions and land misuse. While it aims to address the issue of unchecked illegal constructions, the decision has generated both support and controversy within Kerala, as it marks a significant shift in land-use policies in the region.
The Delhi High Court has upheld its ban on granting tree felling permissions for residential construction, reiterating its commitment to protect the city's green cover. The court has given the Delhi government two weeks to provide a report on the status of transplanted trees and whether these efforts have been successful. This decision stems from a petition seeking contempt action against officials who continued to grant tree felling permissions despite court orders for transparency in such decisions.
Mumbai bid a bittersweet farewell to its iconic red double-decker buses on September 16, 2023. These beloved vehicles, which had graced the city's streets for over 80 years, were not just a means of transport but had also become cultural symbols featured in Bollywood films and songs. Their open-top design offered passengers panoramic views of Mumbai. Although outdated and inefficient, they held a special place in the hearts of residents. In their stead, 25 modern battery-powered double-decker buses have been introduced to enhance transportation and reduce emissions. The retired red double-decker buses will be remembered as a cherished part of Mumbai's history.
DevX, a managed office space provider in Gujarat, is partnering with Nila Infrastructure to construct Deakin University's India campus in GIFT City. The 25,000-square-foot futuristic campus will be designed and built by DevX with support from JLL India, which facilitated the transaction. Deakin University aims to deepen its engagement with India by opening this campus, marking a historic opportunity to provide world-class education to one of the fastest-growing economies. The collaboration showcases DevX's capabilities and highlights the potential for increased demand for various property offerings, including student housing, retail, commercial spaces, and amenities tailored to the student community.
Singapore has been designated as the world's sixth Blue Zone, a region renowned for long and healthy lives. In contrast to natural Blue Zones, Singapore is a "manufactured city," known for its high-rise public housing, fostering community interaction. Government policies like the proximity housing grant encourage families to live near each other. Singapore's excellent public transport system and high car prices promote physical activity, and hawker centres offer nutritious meals. The recognition showcases Singapore's dedication to enhancing the longevity and well-being of its residents.
Amber Student, a Pune-based global student housing solutions provider, is in advanced talks to secure its first institutional funding round of $15–20 million from a venture capital firm. The start-up, founded by Saurabh Goel and Madhur Gujar, has experienced substantial growth in recent years, serving over 340 student housing operators in seven countries. Its platform simplifies the student housing process, helping students discover, compare, and book accommodations near universities. In 2022, Amber Student achieved a gross booking value of $600 million, with a positive financial outlook for 2023. The student housing market is projected to exceed $25 billion by 2025.
India's Reliance Retail is in discussions with existing investors, including Singapore's sovereign wealth fund GIC, Abu Dhabi Investment Authority ADIA, and Saudi Arabia's PIF, to secure combined investments totalling around $1.5 billion. These talks are part of Reliance Retail's goal to raise $3.5 billion by the end of September. GIC, ADIA, and PIF are considering investments of at least $500 million each, valuing Reliance Retail at $100 billion. The company sold a 10.09 percent stake in 2020 for $76.8 billion, with GIC, ADIA, and PIF among the investors. Reliance Industries, its parent company, may also participate in the fundraising round.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) is taking a significant step to enhance housing project quality in the state. They are set to introduce comprehensive quality guidelines for realty projects, with a strong focus on safeguarding homebuyers' interests. With 1.6 crore citizens waiting for homes and 14 lakh homes under construction in Maharashtra, these guidelines aim to ensure timely construction and uncompromising quality. Additionally, MahaRERA plans to introduce an Act dedicated to monitoring construction quality and resolving disputes. In parallel, the RealTech Fund (RTF), with an initial corpus of Rs 50 crore, seeks to drive technological innovations in the real estate sector. These initiatives align with the goal of providing high-quality, accessible housing for all residents.
A fire occurred in a 12-story SRA building in Kurla, Mumbai, housing residents who were relocated from the Tansa pipeline area in 2017. This marks the third fire incident in a year, with a previous one causing a fatality. The recent fire was attributed to a faulty electric circuit, worsened by a malfunctioning fire system. Residents had previously warned the fire brigade about the circuit's condition. Now, they face a lack of electricity for over two months and financial challenges for repairs. This unfortunate situation highlights the residents' precarious living conditions and the urgent need for safety measures and support.
Environmental activists in Pune have voiced concerns over the dumping of construction debris along a 3.7km stretch of the Mula-Mutha river, earmarked for the Pune Municipal Corporation's (PMC) riverfront development project. The debris accumulation on the river's left bank has resulted in uprooted trees, loosened roots, and the demise of plants and shrubs. Activists argue that PMC is disregarding their objections and pre-emptively planning to cut trees without proper permissions. They highlight that this practice threatens the environment and the river's water quality. PMC claims it hasn't violated any orders and will address the issue once complaints are received.
The Odisha government anticipates a massive Rs. 10,000 crore investment over the next 5-10 years in the 300-acre stainless park being developed by Jindal Stainless. The industrial park, strategically located for easy access to highways and the Paradip port, aims to create jobs for approximately 10,000 people, with 75-80 MSMEs planning to establish factories. The project seeks to convert a substantial portion of the 20 lakh tonnes of stainless steel manufactured in the state into value-added products. Jindal Stainless is awaiting final approvals for infrastructure before approaching MSMEs.
Speaker Gian Chand Gupta of the Haryana Assembly issued a stern warning to Panchkula's administration and police officials regarding the issue of illegal encroachments in the city. During a meeting with local authorities, he emphasized the urgent need for decisive action to address this problem. Panchkula's Deputy Commissioner pledged to launch a special anti-encroachment drive with visible results expected within one month. An administrative committee was formed to tackle encroachments, including representatives from various departments. The Speaker also stressed the importance of providing designated vending zones for small-scale workers while addressing the issue of illegal slums in the city.
Macrotech Developers, renowned for its Lodha brand, anticipates a substantial cash surplus this fiscal year. The company seeks investor feedback on allocating it for debt reduction or business expansion. Their goal is to achieve a debt-to-equity ratio below 0.5 by FY24's end. Despite this, they expect a Rs 2,000 crore surplus. The net debt was Rs 7,260 crore in the June quarter, a slight increase from March as expansion-related debt propelled the rise. FY23 pre-sales exceeded Rs 12,000 crore. Management targets Rs 14,500 crore in bookings this fiscal, with projects worth Rs 18,000 crore, emphasizing quality and margins. Premium housing outperforms affordable segments, reflecting market trends.
Signature Global, a real estate developer in Delhi-NCR, is planning a significant expansion of its residential projects, aiming to develop around 21 million square feet of real estate in the next six to seven years. Their focus will primarily be on creating 19 affordable and mid-income housing projects in Gurugram and nearby areas like Sohna Elevated Road and Manesar. These projects will cover approximately 21.29 million square feet across 379.07 acres of land. Signature Global specializes in affordable group housing for the mid-income segment, adhering to Haryana's Affordable Housing Policy. Their upcoming IPO is set to raise funds for further expansion and development of these projects.
House of Abhinandan Lodha (HOABL), a prominent real estate developer specializing in plotted development, is set to launch an ambitious 25-acre residential plotted development project in Uttar Pradesh's Ayodhya district in January 2024, just a short drive from the forthcoming Ram Temple. This project entails a substantial investment of around Rs 300 crore and is part of HOABL's larger commitment of Rs 1,200 crore to Ayodhya. The development will offer 200 to 220 units, with prices starting at Rs 1.50 crore for a 1,250 sq ft plot, featuring luxurious amenities like a seven-star hotel, clubhouses, and gyms. With Ayodhya's growing prominence and the impending Ram Temple inauguration, HOABL anticipates strong demand from both domestic and international buyers, bolstering its expansion plans across India.
The Maharashtra Housing and Area Development Authority (MHADA) has announced a lottery for 5,311 affordable homes in satellite towns near Mumbai, including Thane, Palghar, and Raigad districts. These homes will range in price from Rs 9 to 49 lakh and will be available in micro-markets near Mumbai such as Vasai, Virar, Titwala, Thane, Kalyan, and Mumbra. The apartments will vary in size from 258 to 667 sq ft carpet area. Over 1,000 homes are being sold under the Pradhan Mantri Aawas Yojana (PMAY), with MHADA expecting increased applications due to revised income criteria. The lottery results will be announced on November 7, 2023.
The Kolkata Municipal Corporation (KMC) buildings department has adopted a proactive approach to combat deforestation associated with construction projects. They will withhold the issuance of completion certificates (CC) for housing projects or individual buildings if developers or landowners have felled trees without the necessary permissions. The CC is essential for obtaining utilities like water supply and drainage connections. Officials will visit construction sites during the plan submission phase to compare planned tree numbers with actual ones. Developers must secure permissions from the state forest department and the KMC parks department to cut trees. Any unauthorized tree cutting will result in FIRs and withheld CCs.
Haryana's Chief Minister, Manohar Lal Khattar, launched the e-Bhoomi portal to streamline land acquisition for government projects. Both farmers and registered aggregators can now list land offers, subject to specific criteria. Parallelly, the No-Litigation Policy-2023 portal has been introduced to resolve historic land disputes in the Manesar Tehsil region. Additionally, the Mukhyamantri Shehri Awas Yojana portal aims to provide housing to economically vulnerable families. The series of digital initiatives highlight Haryana's drive towards transparency and swift governance.
The Goa State Pollution Control Board (GSPCB) has introduced a new requirement for builders constructing more than 25 units in housing complexes. They must now provide bank guarantees, the amounts of which depend on the project's cost, ranging from Rs 5 lakh to Rs 40 lakh. This move is in response to numerous complaints from the public regarding faulty sewage treatment plants (STPs) in housing complexes. If an STP is found to be malfunctioning, the builder will forfeit the bank guarantee, which will be used to repair the STP. However, if the STP functions correctly, the bank guarantee will be returned to the builder, promoting environmental compliance in construction projects.
The Capital Region Development Authority (CRDA) in Andhra Pradesh is taking significant steps to expand housing options for citizens and reduce the influence of private real estate developers. They plan to auction 415 residential and commercial plots in Guntur and NTR districts. To make these plots more accessible, the CRDA will collect registration and stamp duty for only 60% of the total cost, categorizing the remaining 40% as a development cost. Buyers will also have the option to pay the total cost in instalments within a year of purchase. This move aligns with the government's efforts to provide affordable housing and promote horizontal urban growth while empowering potential homeowners.
Monin, the renowned French syrup manufacturer, is investing Rs 300 crore in a new facility in Telangana, India, to expand production and cater to the local market. This move, first announced in 2018, is a strategic effort to localize production and reduce dependence on imports from Malaysia. The initial two-year phase of investment will focus on local sourcing of materials, with a broader plan to establish India as a production hub for exports to Southeast Asia by 2027. Monin sees India's vast potential and aims to become a local brand, aligning with the nation's diverse, innovative, and youthful demographic.
India's first Real Estate Portfolio Management Services (PMS), known as the CREAM Portfolio, was introduced by WiseX and Integrow Asset Management. This real estate-focused sector-specific PMS seeks to offer investors alpha and risk-adjusted returns through a multi-cap portfolio. It uses WiseX technology to actively manage assets and covers a variety of real estate market categories. With the potential for growth in the Indian real estate sector, our partnership aims to present enticing investment prospects. By selecting top-notch investment opportunities and taking advantage of synergies within the Aurum PropTech ecosystem, WiseX hopes to establish itself as a major Neo-Realty platform.
Post-pandemic interest in luxury holiday homes has soared, with fractional ownership becoming a favoured investment choice. Rental yields have jumped from pre-pandemic levels of 6-7% to a notable 9-10%. Industry experts attribute this to increased domestic travel and demand for premium accommodations. The market, currently valued between $1.5-2 billion, is projected to reach up to $10 billion in the coming years. Start-ups like YOURS and ALYF are poised for significant expansion, tapping into this lucrative trend. The shift emphasizes the evolving investment preferences away from traditional avenues.
The DFC has approved a $20 million long-term loan for Ummeed Housing Finance in Gurgaon, India. This funding aims to support affordable housing for economically disadvantaged and middle-income groups. The DFC will provide the loan at a fixed interest rate of 4.25 percent over 15 years. Ummeed plans to utilize the loan to offer extended-term credit for home purchases, construction, and extensions, diversifying its liability portfolio. The cost of borrowing, including hedging expenses over five years, is estimated at 8–9 percent. The company intends to finance around 2,000 low-value mortgages with this funding, promoting affordable housing access in India.
The Maharashtra government has approved the leasing of an 8,000-square-foot office space in a Nariman Point high-rise for Mitra, a state think tank, at a monthly rent of Rs 21 lakh. This decision comes after Mitra officials expressed the need for more spacious accommodations than their initial 1,200 square feet in the New Administrative Building. The move aims to facilitate the organization's comprehensive data analysis and informed decision-making. Meanwhile, controversy surrounds the allocation of a Malabar Hill bungalow to Mitra's CEO, Praveen Pardeshi, amid rising debt concerns for the state.
The KMC is set to increase property tax rates for residential buildings and flats due to a recent revision of unit area values under the Unit Area Assessment scheme. Approximately 35 percent of taxpayers have already transitioned to the UAA system. The mayor-in-council has approved the revision, which will affect nearly 9 lakh property owners. The KMC's initial proposal for steep tax hikes was reconsidered at the request of the state government. The revised rates will be discussed at an upcoming KMC house meeting. The changes aim to establish equitable and sustainable property tax policies while providing relief to refugee rehabilitation zones.
ESR Group Limited has acquired 57 acres of land in Cuttack, committing approximately Rs 360 crore for the development of ESR Cuttack Logistics Park, an institutional-grade facility. This strategic move strengthens ESR's presence in Odisha, addressing the rising demand for logistics facilities in the region. The park, situated in North Cuttack, complements the economic growth of Odisha's twin cities, Cuttack and Bhubaneswar. ESR India aims to revolutionize warehousing by integrating green building features and digital management tools. With a significant development portfolio and achievements, ESR continues to lead in APAC's industrial and logistics real estate sectors.
Mahindra Holidays & Resorts is embarking on a significant investment in Uttarakhand, signing an MOU with the state government to build 4-5 marquee resorts with a whopping INR 1000 crore investment. This move aims to boost tourism while offering exceptional holiday experiences. It marks the company's largest investment in the region, promising eco-friendly resorts that align with their carbon neutrality vision by 2040. These resorts will set sustainability benchmarks, targeting net-zero energy, water, and waste. The CEO commended the government's support for tourism infrastructure. This initiative in "Devbhoomi" is set to drive prosperity, employment, and sustainable tourism while creating lasting vacation memories.
Dubai’s real estate market experienced robust growth, with sale prices surging by more than 19 percent and rents rising over 21 percent in the past year, according to CBRE analysis. August 2023 marked the second-highest monthly transaction volume ever recorded, with off-plan sales soaring by 58.7 percent. In contrast, secondary market sales declined by 10.2 percent. Average apartment prices increased by 20 percent, reaching AED1,344 per square foot, while villa prices rose by 17.3 percent to AED1,571 per square foot. Rental rates also climbed, with the highest rates in Palm Jumeirah. The market continues to exhibit substantial growth.
In Japan, Serendix, a pioneering startup, has harnessed 3D-printing technology to revolutionize the cost of new homes, bringing it down to the level of a brand-new car. They've achieved this by using a cement mixture with a quick-hardening additive, a common approach in 3D-printed home construction. This 527-square-foot single-story house includes a bedroom, bathroom, and kitchen-equipped living room, with the wooden roof crafted using CNC technology. Most of the dwelling's key components were automated, significantly reducing both time and expenses. Serendix's mission is to eliminate the burden of a 30-year mortgage, aiming to make homes affordable within 24 hours through construction 3D printers, ushering in a new era of digital housing independence.
A recent research project commissioned by Austria's Ombud for Equal Treatment has exposed concerning racism and discrimination in the country's real estate market. The study, conducted by SORA, revealed that individuals with foreign-sounding names or accents face significant barriers when trying to access housing opportunities compared to those with more "local" names. In a controlled experiment, one individual with a foreign name was offered a viewing appointment only half the time, while another with a typical Austrian name received appointments consistently. This discrimination extends to municipal and cooperative housing sectors and particularly impacts families with children. The study highlights the need for stronger legal protections and industry standards to ensure equal housing opportunities for all.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has reported that only 7% of registered real estate agents have obtained certification by the September 1 deadline. Out of nearly 45,000 registered agents, only 3,217 have successfully completed the certification process. The low turnout has raised questions about the necessity and value of the certification, with many experienced agents finding it redundant, given the transparency of project details on the MahaRERA website. The authority may need to reconsider the deadline and address concerns within the real estate community to ensure a smoother transition for all stakeholders.
GE Healthcare is expanding its manufacturing operations in India through a strategic joint venture with Wipro under the name "GE Wipro." This venture, operating within the government's Production Linked Incentive (PLI) scheme, will produce critical medical equipment, addressing local and global health challenges. GE Healthcare aims to manufacture 80% of the medical devices locally, aligning with the "Make In India" initiative and fostering self-reliance while creating employment opportunities. This collaboration combines GE Healthcare's expertise in healthcare technology with Wipro's technological prowess, promising to improve patient well-being and enhance India's position in the global healthcare arena. The PLI scheme has approved significant investments in this sector, revolutionizing healthcare in India and beyond.
ICRA forecasts a decline in Hyderabad's Grade A office occupancy by approximately 500 basis points to 81.0%-81.5% by March 2024, down from 86.0% in March 2023. This expected drop is attributed to a record supply addition of about 21.5 million square feet for FY2024. Despite this, ICRA remains optimistic about India's overall commercial office sector, citing the country's appeal as a hub for global capability centres and its attractive blend of skilled talent and competitive rental rates.
GLADA (Greater Ludhiana Area Development Authority) has launched a crackdown on illegal colonies, demolishing infrastructure in five unauthorized settlements. The targeted action took place in Bholapur, Tajpur, Bhamian Kalan, and Kulianwal villages. Developers who disregarded notices faced the demolition drive, carried out with the cooperation of police, PSPCL officials, and the revenue department. GLADA warned against purchasing property in unauthorized colonies, emphasizing their lack of government-sanctioned amenities. They have also recommended against plot registration and electricity connections in such areas. This initiative aims to curb the growth of illegal colonies and protect prospective buyers from fraudulent schemes.
Andhra Pradesh has achieved a historic feat by becoming the first Indian state to complete land survey operations in 4,000 villages through the 'YSR Jagananna Saswata Bhu Hakku, Bhu Raksha Scheme.' This initiative ensures digital land records with precise coordinates, tamper-proof documents, and the use of advanced technologies like drones and CORS networks. Over 95% of the targeted villages have already been covered, resolving border disputes and setting up boundary stones. Remote participation options for landowners are also available. This scheme marks a significant step towards modernizing land records and protecting landowners' rights in the state.
A representative from the Pune Metropolitan Region Development Authority (PMRDA) recently disclosed that they have concluded the selection of approximately 510 plots and identified 5,800 beneficiaries for their town planning scheme. Under the scheme, beneficiaries will receive 50% of their land back at the same site. This marks a significant step forward in their urban development efforts, demonstrating the organization's commitment to planned growth and efficient land allocation within the Pune region. The scheme's progress showcases PMRDA's dedication to enhancing the infrastructure and quality of life for the local population.
In a recent judgment, the Bombay High Court rejected a tenant's plea for additional commercial space in a contentious redevelopment dispute involving a cessed building in Byculla. The tenant, Raj Bucket Factory (RBF), had sought additional carpet area within the new building. The High Court expressed incredulity that a tenant in space-constrained Mumbai could claim ignorance about the extent of the area they were occupying. The court noted previous legal battles and orders related to the property and emphasized that RBF appeared unwilling to vacate the transit building despite previous orders. This decision has implications for similar disputes in Mumbai's real estate market.
The Punjab and Haryana High Court has issued a notice to the Haryana government, Samalakha MLA Dharam Singh Chhokar, his two sons, and Mahira Buildwell Private Limited (formerly known as M/s Czar Buildwell) in response to a plea requesting an investigation into FIRs (First Information Reports) filed against Chhokar on charges of cheating. The petitioners argue that despite multiple FIRs against Chhokar, local law enforcement has been reluctant to take action. Chhokar's family company, Mahira Buildwell Private Limited, is implicated in this complex legal dispute. The respondents have until December 18 to respond to the allegations related to land development and forgery.
The Employees State Insurance Corporation (ESIC) has filed a complaint in Gujarat's High Court, alleging that the state government hastily approved Town Planning Scheme 99 in Naroda-Chiloda and acquired land without consulting ESIC during the peak of the Covid-19 pandemic. The court has now demanded an explanation from the state government in response to these allegations. ESIC contends that their resources and attention were consumed by the pandemic's challenges, making it impossible for them to participate in consultations related to the scheme. This legal action raises questions about due process and governance during critical health crises.
Mumbai is experiencing a surge in cooperative housing society (CHS) redevelopment projects, but complex Goods and Services Tax (GST) issues are leading to legal disputes. CHS redevelopment involves transferring development rights to a builder, who provides new flats to members in exchange for their old ones. However, GST complexities add to project costs. GST is levied on the transfer of development rights and during construction, impacting the project's viability. Developers are also liable for GST on new flats provided to CHS members, which is calculated on the market value, effectively resulting in double taxation. Calls are being made to simplify the GST mechanism for these projects.
The Organisation for Economic Cooperation and Development (OECD) has proposed measures to enhance tax transparency and combat tax evasion and money laundering related to offshore real estate holdings. These proposals, presented to G20 leaders at the New Delhi summit, aim to establish real-time data sharing among national authorities. The OECD suggests both traditional data-sharing models and a novel "direct access-based model" that relies on interconnected digital ownership registers. This initiative is seen as a crucial tool for ensuring tax compliance and addressing the lack of visibility into residents' foreign real estate holdings by tax authorities. Implementing these measures will enhance global tax transparency and potentially influence investor behaviour regarding offshore real estate assets.
The Reserve Bank of India (RBI) has issued a directive to financial institutions, including banks, housing finance firms, and others, to ensure the timely release of property documents to borrowers. These institutions are now required to return all original movable and immovable property documents to borrowers within 30 days of complete loan repayment. The RBI's move aims to standardize practices and reduce customer grievances related to the release of property documents. Borrowers will have the flexibility to choose where to collect their documents, and clear procedures will be established for handling document release in case of a borrower's death. Penalties will be imposed for delays or losses of documents, ensuring accountability. The directive will be effective from December 1, 2023.
Indian real estate firm Signature Global has reduced the size of its initial public offering (IPO) from 10 billion rupees to 7.3 billion rupees ($88 million) amid concerns about high borrowing costs. The IPO includes a fresh issue of shares worth 6.03 billion rupees and 1.27 billion rupees worth of shares offered by existing shareholder International Finance Corporation, a World Bank Group member. Signature Global primarily develops residential, commercial, and retail projects in northern Indian cities. The move comes as benchmark index Nifty 50 reaches record highs, driven by both foreign and domestic investments.
Defence Minister Rajnath Singh inaugurated 90 border infrastructure projects worth Rs 2,900 crore by the Border Roads Organisation (BRO) across 11 states and Union Territories in northern and north-eastern regions. These projects encompass 22 roads, 63 bridges, a tunnel, two airstrips, and two helipads, including the vital Nechiphu Tunnel in Arunachal Pradesh and airfields in West Bengal. Since 2021, a total of 295 projects valued at around Rs 8,000 crore have been dedicated to the nation. Rajnath Singh praised the BRO's swift construction using advanced technology, highlighting their role in securing borders and fostering socio-economic development in remote areas.
In a major development, National miner Coal India Ltd (CIL) has unveiled plans to invest a whopping Rs 224,750 crore in 61 first-mile connectivity (FMC) projects, a move aimed at bolstering eco-friendly coal transportation. These projects, organized into three phases, are projected to have a combined coal-handling capacity of 765 million tonnes per annum (mtpa). FMCs, recognized for their safety and environmental benefits over conventional truck-based coal transportation, are at the forefront of CIL's strategy. This substantial investment is part of the Rs.20 trillion Aatmanirbhar Bharat Abhiyan package, with CIL making substantial strides toward full mechanization by 2027-28.
The Calcutta High Court has issued a stern call to action directed at Mayor Firhad Hakim, urging him to take decisive measures against "erring officers" who neglected their responsibilities regarding the construction of an illegal high-rise building on Canning Street. The court emphasized that if such officers are not held accountable and penalized, illegal construction will continue unchecked, potentially outnumbering authorized constructions in the city. The issue originated from a citizen's complaint during the 'Talk to Mayor' program, revealing that the illegal construction had been ongoing since 2020, yet proper action had not been taken. The court ruled that a proper hearing should be provided to all concerned parties before making any demolition order.
The Bhubaneswar Municipal Corporation (BMC) has introduced a pioneering initiative aimed at expediting various development endeavours. This innovative approach promises to streamline operations across multiple domains, including sanitation, urban beautification, the establishment of vibrant public spaces, as well as the construction of much-needed parking facilities and public restrooms. By creating a dedicated land bank, the BMC intends to ensure efficient allocation of land resources, thereby facilitating the swift execution of essential infrastructure projects. This strategic move is expected to significantly enhance the city's overall urban development.
Prestige Estates is gearing up for an extensive mall expansion strategy, with plans for 11 malls totalling a massive 9 million square feet of leasable area. Over the past nine months, three malls have already opened, and several more are under construction. These upcoming malls aim to provide visitors with a comprehensive entertainment and cultural experience. Located in various Indian cities, including Goa, Kochi, Chennai, Hyderabad, Mumbai, and Bengaluru, these malls are strategically positioned to diversify Prestige Estates' real estate portfolio. With a growing trend of malls evolving into dining and entertainment destinations, these larger malls reflect changing dynamics in the retail industry, catering to evolving customer preferences. The malls are designed to offer a diverse range of entertainment and cultural experiences for visitors and customers, including a performing arts centre in Bengaluru.
Soccer superstar Lionel Messi's recent purchase of a $10.75 million estate in Fort Lauderdale has sparked interest not only in Miami but across the United States. After joining Inter Miami CF, Messi's popularity, known as "Messi Mania," has grown in the area, drawing both long-time fans and newcomers to the sport. While the real estate market may not experience the same frenzy, it has certainly garnered attention. Messi's acquisition in Bay Colony, a neighbourhood with waterfront mansions and 24-hour security, has the potential to set a new standard for property sales and generate increased interest in the community. However, experts note that celebrity neighbours may not significantly impact property prices, emphasizing the broader popularity of the Fort Lauderdale region.
Churchill's Old War Office, a historic landmark in Whitehall, is undergoing a transformation into a luxurious hotel through a collaboration between the Hinduja Group, which has owned the building for over eight years, and Raffles Hotels. Scheduled to open on September 26, the project aims to restore the building's grandeur while infusing it with new life. Originally designed by British architect William Young and completed in 1906, the Old War Office has a rich history, serving as the site of the original Palace of Whitehall and hosting influential leaders. The meticulous restoration process has resulted in a luxurious hotel with 120 guest rooms and suites, entertainment spaces, and culinary experiences.
DLF, a significant player in the Indian real estate market, projects a strong 19–20% increase in retail rental income from its malls in FY24. This prediction is supported by rising mall consumer spending and higher lease rental fees. With growth ambitions, DLF's retail portfolio could expand to 9.5 million square feet (msf) from its existing size of 4.5 msf. In order to take advantage of shifting retail dynamics, the company's strategy focus includes luring premium businesses and gourmet groceries to its malls. The revival of malls, which provide a variety of experiences beyond shopping, is consistent with larger trends in India's retail industry.
MERED, the international real estate developer, is making its mark in Dubai, unveiling its flagship project in the thriving Dubai Internet City. This luxurious development is set in a vibrant area, conveniently linked to Dubai’s major attractions. The project boasts world-class architecture designed by Pininfarina, renowned for their legendary work in the automotive and architectural realms. MERED aims to merge technology and beauty, creating a remarkable addition to Dubai’s skyline. This venture aligns with Dubai’s 2040 Urban Master Plan, reflecting the city’s continuous growth on the global stage. Stay tuned for more details on this architectural icon in the making.
Christian Dior has leased retail space in Mumbai's Bandra Kurla Complex for 9.5 years, according to a leave and license agreement. The deal, signed between Reliance Industries Limited and Christian Dior Trading India Private Limited, grants Dior 3,317 sq. ft. of space with rent escalation provisions. Christian Dior entered the Indian market in 2006 and has a store in Mumbai. As India becomes a significant destination for international retail, luxury brands like Dior are drawn to the growing spending power of urban consumers and the expanding retail market.
In a bid to revitalize its economy, several major Chinese cities have recently relaxed restrictions on home buying, signalling a gradual reversal of the government's stringent measures within the property sector. Cities like Dalian and Shenyang in Liaoning province have lifted limits on the number of properties residents can purchase and introduced incentives for buyers, along with tax relief for sellers. Additionally, Nanjing in Jiangsu province has eased eligibility requirements for purchasing flats in certain districts. These moves align with nationwide efforts to stimulate growth in various sectors, including real estate, amidst concerns over the property sector's significant debt issues.
DP World has expanded its presence in India with a new 380,000-square-foot warehouse in Bhiwandi, Maharashtra. The facility, operational since September 1, 2023, can store both chemicals and non-chemicals, increasing DP World's Indian warehousing capacity to over 5 million square feet. The warehouse is divided into sections for hazardous chemicals and non-chemical storage, with advanced safety features, including temperature-controlled zones and fireproof partitions. Sustainability measures, such as a solar system, are also incorporated. This facility is expected to benefit various sectors, including agriculture, pharmaceuticals, electric vehicles, and chemical trading, and strengthen Bhiwandi's position as a warehousing hub.
HotelYaari, a fractional ownership platform for premium holiday homes and hotel suites, has secured $2.17 million in seed funding from Alios Ventures. The funds will be allocated towards platform development and expanding personnel to meet growing demand. Founded by Janardan Tiwari, the platform enables individuals to invest in luxurious accommodations with as little as Rs 5 lakh, following a concept akin to successful start-ups like Pacasso and Kocomo.
A fire incident occurred at the Saki Cooperative Housing Society in Andheri East, Mumbai. The fire erupted in the electric meter box, prompting residents to contact the fire brigade. Firefighters swiftly responded, disconnecting the power supply and rescuing 33 people from the building. The cause of the fire is under investigation. Another fire incident affected a city slum, while a cooking gas leak resulted in injuries in Bandra. These incidents emphasize the importance of fire safety and preparedness in densely populated urban areas. Investigations continue to determine the causes, underscoring the need for vigilance and safety measures.
Ajmera Realty has secured a lucrative redevelopment project in Borivali's Yogi Nagar, Mumbai, comprising four societies. With an estimated sales value of Rs 330 crore, the project will feature 2 and 3 BHK residential apartments across a carpet area of 1,07,000 sq. ft. Expected to launch in H1 2024, it will take approximately three and a half years to complete. Yogi Nagar, in Borivali West, offers convenient access to numerous amenities, making it an attractive location. Ajmera Realty's focus on modern living in well-established neighbourhoods aligns with their commitment to enhancing the quality of urban life.
Noida Extension, also known as Greater Noida West, is becoming a top choice for IT professionals and first-time homebuyers due to its affordability, proximity to economic hubs, and wide roads. It has a dedicated sector for tech companies and is well-connected to IT hubs along the Noida-Greater Noida Expressway. Affordable property prices, new project launches, and improving infrastructure have attracted middle-class buyers. Property prices in the region have risen steadily, with rental demand increasing as well. However, challenges such as traffic congestion and limited public transport options exist but are expected to improve with planned infrastructure developments.
Chandigarh's UT administration is set to realize the vision of two "iconic" buildings along Madhya Marg, covering approximately 2.5 acres each. Proposed in the Chandigarh Master Plan (CMP-2031), the finalized volumetric plans are awaiting approval from the Chandigarh Heritage Conservation Committee. These international-standard structures will host commercial and office spaces, along with facilities for international conferences and tourism-related activities. A consultant has meticulously crafted their exterior appearance and floor layouts. This initiative aims to make a significant entry statement to the City Centre, aligning with Le Corbusier's architectural vision for Sector 17.
Despite rising property prices and interest rate challenges, the ANAROCK Consumer Sentiment Survey reveals a strong 59% preference for mid-range and premium homes in H1 2023. The study, which surveyed 5,218 participants, noted a 10% increase in sentiment for this housing category since H1 2020. Larger 3 BHK homes are gaining popularity, especially in cities like Bangalore and Chennai. However, high inflation and potential interest rate hikes loom as potential threats to the housing market's momentum.
Godrej Properties has made a significant impact in the real estate sector, achieving an annual booking value of over Rs 2,000 crore in major markets, including NCR, Mumbai Metropolitan Region, Bengaluru, and Pune. The company reported impressive sales bookings of Rs 12,232 crore, a 56% increase from the previous year, driven by substantial volume growth and the sale of over 12,500 homes. Sustenance sales grew by 25%, new project launches soared by over 100%, and the company added 18 new projects with an estimated revenue potential of Rs 32,000 crore. With ambitious goals for the future, Godrej Properties aims to continue its strong performance in the real estate sector.
In a bid to prevent subversive activities and enhance security in residential areas, the Mumbai police have issued a notice requiring homeowners to provide details about their tenants. This order, effective for 60 days until November 7, aims to deter individuals with malicious intent from using residential areas for illegal activities. Landlords and homeowners within Mumbai's jurisdiction must submit tenant information through the citizen portal, including details of foreign nationals if applicable. This proactive measure underscores the importance of community safety and will be closely monitored for its impact on deterring subversive activities.
Mumbai's Economic Offences Wing (EOW) has charged a prominent builder and five associates for allegedly defrauding 139 homebuyers of Rs 45 crore. Funds were collected for the 'Maredian Heights' project in Jogeshwari (W), which remains incomplete. Initiated by a complaint from investor Moinuddin Bora, the EOW found that the developer began accepting payments in January 2008 but consistently missed delivery deadlines. The accused now face charges under the Indian Penal Code and the Maharashtra Ownership of Flats Act. Homebuyers eagerly await a resolution.
The Yamuna Expressway Industrial Development Authority (YEIDA) in Noida, which oversees the Apparel Park Cluster, is attracting more industrial firms' attention, according to the Uttar Pradesh government. Out of the 89 available plots, 81 have already been allocated, and 70 more units want plots. With government approval, YEIDA intends to increase the floor area ratio (FAR) for industrial plots from 1.5 to 2.0 in order to promote industrial expansion. Additionally, these plots' ground coverage will rise to 60%. This development includes proposals for improved connectivity and infrastructure, as well as a designated cargo facility at the Noida International Airport.
The Madurai City Corporation has significantly improved its ranking in property tax collection, moving from 16th to 11th place among 20 corporations in the state during the first half of the year. Officials report that the monthly average of total tax and non-tax revenue collection has increased from '32 crore in 2022-23 to '38 crore this year, with '138 crore collected by August. Notably, '90 crores have been collected as property tax in the first five months of the financial year, surpassing the previous year's total of '156 crore. The tax incentives and collection drives have contributed to this positive trend.
Lenders to Bansi Mall Management Co Pvt Ltd, the owner of SOBO Central Mall in Mumbai's Haji Ali area, have initiated Sarfaesi proceedings to recover Rs 571 crore in dues. Canara Bank and Punjab National Bank (PNB) are the primary charge holders. PNB, along with Union Bank of India, also has a secondary charge over the company's assets. While the current valuation of the property is Rs 400 crore, there is potential for redevelopment and sale for over Rs 1,000 crore, offering hope for recovery amidst Future Group's financial struggles. Crisil had previously downgraded BMMCPL's credit rating due to weak liquidity.
Retail space stock in India's top seven cities experienced a 2% decline, falling from 90.6 million sq ft in June 2022 to 89.2 million sq ft in June 2023, according to property consultancy JLL. While 2.63 million sq ft of mall space was added during this period, around 4 million sq ft of organized shopping malls were either downgraded or closed. Delhi NCR and Mumbai account for more than 50% of the operational mall stock. However, the report predicts a 43% increase in shopping mall stock to reach 127 million sq ft by the end of 2027. The launch of India's first retail REIT, Nexus Select Trust REIT, backed by Blackstone, has attracted retail investors, offering significant potential for REIT-worthy retail assets across cities. Institutional investors are also showing interest, particularly in tier II and tier III cities.
The National Buildings Construction Corporation (NBCC) has secured a significant Rs 20 billion contract from the Kerala State Housing Board (KSBH). This project involves developing a 17.9-acre land parcel in Marine Drive, Kochi, Kerala. While the timeline for execution is yet to be determined, NBCC has also recently obtained a Rs 200 million contract from the Indian government for renovation and construction work at the Mint in Mumbai. This contract encompasses structural and non-structural repairs, renovations, and the construction of a transit camp in Mumbai's Mint colony, operating under Project Management Consultancy (PMC) regulations.
The Thane depot, a crucial component of the Mumbai-Ahmedabad bullet train project in Maharashtra, is set to be constructed according to Japan's Shinkansen depots' high standards. This 57-hectare depot will feature state-of-the-art infrastructure for safe train maintenance, including inspection bays, washing plants, and stabling lines. To address Thane's heavy rainfall, advanced drainage systems will be implemented, collecting and storing rainwater for various purposes. Additionally, the depot will recycle sewage and effluent, providing 70% of its water needs, and handle garbage with mechanized facilities. The project aligns with the bullet train's modernity and efficiency, incorporating eco-friendly and energy-efficient elements.
The Petitions Committee of the Karnataka State Assembly has given the Bangalore Development Authority (BDA) a one-year extension to complete the Nadaprabhu Kempegowda Layout (NPKL) project due to ongoing land acquisition cases. This decision came after the BDA explained its need for additional time to provide essential infrastructure. However, the committee expressed dissatisfaction with the BDA's repeated delays and the impact on the 10,000 allottees waiting to build homes. This case highlights the challenges of urban development and the importance of timely infrastructure provision. It also underscores the need for adherence to environmental guidelines in urban planning.
Chennai Metro Rail Limited (CMRL) is seeking a ?150 crore loan to purchase ticketing gates for a section of its phase II project, abandoning a public-private partnership plan. The project with an estimated cost of ?61,843 crore will receive financial assistance from various sources, including Japanese International Cooperation Agency (JICA), Asian Development Bank (ADB), and Asian Infrastructure Investment Bank (AIIB). Construction is underway for the 116-km phase II project in different parts of Chennai.
Recently presented at the G20 conference in New Delhi, the India-Middle East-Europe Economic Corridor (IMEC) holds great potential for Indian rail and infrastructure firms. The ambitious proposal for this corridor to improve connectivity between India, the Gulf area, and Europe stands to benefit businesses including Iron International, Rail Vikas Nigam Ltd, and Larsen & Toubro, as well as important ports. The IMEC seeks to lessen India's reliance on importing crude oil from West Asia and is considered as a rival to China's Belt and Road Initiative. In India's railway and infrastructure sectors, this development has sparked hope, indicating possible growth and prospects.
Enventure, a leading engineering design services company, has launched the Enventure Centre for Advanced Digital Construction in Shivamogga. This centre aims to train around 100 engineers over the course of a year in 3D digital technologies crucial to the construction industry. It will collaborate with faculty members to enhance 3D design technology skills. Anil Sivadas, President of Enventure, highlighted the importance of tapping into the talent pool in tier II and III cities, with plans to open similar centres in other cities. The initiative offers mentorship to fresh graduates and employment opportunities for those who returned home during the pandemic.
Melbourne's housing market faces a mounting crisis as rental vacancies plummet to record lows. In various Melbourne neighbourhoods, including the outer east, south east, and northwest suburbs, fewer than one in 100 rental homes are available. Citywide, there's been a staggering 50 percent reduction in available homes compared to pre-pandemic levels. Regional Victoria is not spared either, with a vacancy rate as low as 1.07 percent. Factors contributing to this housing turmoil include government tax changes, worsening affordability, and a slow-down in residential development. As housing affordability declines, more would-be homeowners are opting to rent.
Saudi Arabia is set to experience a housing and development boom, with projects worth $17.3 billion announced by the government. These initiatives span futuristic cities like NEOM and heritage preservation in AlUla, to tourism enhancements in Makkah and Jeddah. The Red Sea and AMAALA projects aim to establish sustainable tourism sectors. Riyadh is also seeing development with projects like the Sports Boulevard. Moreover, residential suburbs will expand countrywide with global real estate developers' involvement. The National Housing Company is launching projects to provide 86,000 housing units, including the massive Al-Forsan project in Khuzam. These endeavors aim to improve citizens' quality of life.
Vistry, a UK home construction company, is shifting its focus to affordable housing due to a slowdown in the broader UK housing market, driven in part by 14 consecutive interest rate hikes by the Bank of England. This strategic shift led to an 11% increase in Vistry's shares. Various indicators, including mortgage approvals and housing prices, have shown declines, with house prices dropping 4.6% year-over-year. Vistry's Partnerships division, which focuses on affordable housing, has outperformed its Housebuilding unit. The company plans to combine these divisions to prioritize the affordable housing model, which is seen as less volatile and in high demand.
Dubai's property market is experiencing a significant surge in apartment values, marking the most substantial increase in nearly a decade. Apartment prices have recorded an average increase of 20 percent in the year leading up to August, outpacing the 17.3 percent price increase in single-family homes. This surge is part of a broader property rally in Dubai, driven by an influx of newcomers, government reforms, and increased demand for more affordable housing options. Dubai's real estate market is rebounding following a seven-year downturn, with apartment prices still below their 2014 peak but showing strong growth potential.
The World Bank has announced a major initiative, the HOPE Project, aimed at assisting over 100,000 Ukrainian households in repairing homes damaged by Russia’s invasion. This effort, led by Ukraine’s Ministry for Communities, Territories, and Infrastructure Development, will address minor repairs and offer funds to multifamily residential buildings with moderate damage. The project, with an initial funding of $232 million, will provide retroactive compensation for verified repairs. Ukraine’s housing sector sustained over $50 billion in damage due to the conflict, impacting 1.4 million residential units and 3.5 million people. The World Bank has now contributed more than $37 billion in emergency financing to support Ukraine, with numerous donor commitments. Additionally, future efforts will focus on key sectors such as energy, health, social protection, education, housing, and agriculture.
The Mumbai Metropolitan Region Development Authority (MMRDA) is facing another alleged land encroachment case, marking the second incident in less than 10 days. The police have registered a case against two individuals accused of attempting to encroach upon a 7,000 square meter plot owned by the MMRDA in the Bandra Kurla Complex (BKC). They are accused of illegally dumping construction debris on this valuable property. This comes after a similar case on September 2 involving encroachment on another MMRDA space in Kurla. Both cases highlight the challenges faced by the MMRDA in securing valuable plots in Mumbai's urban landscape, emphasizing the need for stringent security measures and enforcement of land regulations.
The Yamuna Expressway Industrial Development Authority (YEIDA) has made significant decisions in its recent board meeting. They eliminated e-auctions for industrial plots, introduced a One-Time Settlement (OTS) policy for real estate developers, and revised the payment plan for group housing plots, allowing extended payment periods. The board also approved the Master Plan 2041, focusing on industrial and commercial growth, especially around the Noida International Airport area. Additionally, the Vrindavan-Raya Heritage City project's development area has been expanded to 1,500 acres along the Yamuna in Mathura, including a riverfront development. These measures aim to facilitate regional development and ease dues for developers.
The Securities and Exchange Board of India (SEBI) has levied a penalty of Rs 21.5 lakh on Reliance Home Finance Ltd (RHFL) and its top executives for non-disclosures and concealing adverse information uncovered in a forensic audit report. The penalty affects RHFL's CEO Ravindra Sudhalkar, CFO Pinkesh Shah, and compliance officer Parul Jain. SEBI found that RHFL failed to disclose deviations in proceeds from debt non-convertible debentures (NCDs) and concealed crucial information, impacting the company's image negatively. Despite RHFL's claims, the forensic audit revealed substantial loans disbursed to potentially indirectly linked entities and deviations from the NCDs' intended use. The penalties imposed range from Rs 2 lakh to Rs 15 lakh.
The Municipal Corporation of the City of Gurgaon (MCG) Taxation Wing has issued a stern warning to a private agency responsible for distributing property tax documents. A complaint alleged that the agency left tax bills on the road instead of delivering them directly to the recipients. The agency had been contracted by the MCG to distribute these documents, but it failed to follow proper procedures, including obtaining acknowledgment from recipients. This oversight has hindered the maintenance of accurate property tax records, impacting property owners and the efficient functioning of the MCG's taxation processes. The MCG is taking corrective measures to rectify these issues.
ASK Property Fund, part of the ASK Group, has invested Rs 225 crore in Pune through its ASK Real Estate Special Opportunities Fund IV. The project primarily consists of residential units, and Kumar Realty is the developer behind the integrated Megapolis township in Hinjewadi. The area's proximity to IT firms and multinationals has fuelled a demand for residential properties, with over 9,000 units sold in the past two years and a 6-8 percent year-on-year price increase. ASK Property Fund has invested in 15 projects in Pune, focusing on mid-segment and affordable housing near job centres.
Smartworks, India's foremost provider of managed workspaces, has expanded its presence in Chennai with the launch of Olympia Pinnacle, adding 2 lakh sq. ft. to its portfolio and bringing its total Chennai presence to 5 lakh sq. ft. Situated in the prime location of Perungudi-Thoraipakkam Road, the centre is well connected via rail, road, and the upcoming Metro corridor. With a focus on productivity and collaboration, it offers easy access to luxury hotels, diverse eateries, retail stores, and public amenities. Smartworks' commitment to delivering tailored office solutions and excellence has earned it a prominent place in India's workspace industry.
The MP Public Assets Management Department is boldly auctioning prime land in Indore's Malharganj area for a remarkable Rs 8.19 crore. This innovative move aligns with the Madhya Pradesh government's strategy to monetize underused or encroached government properties, generating much-needed revenue. The department's portal currently showcases 11 Indore properties for monetization, seven of which are already sold, with more properties under review. A 13,560-square-metre piece of land in Gadrakhedi is up for auction between September 8 and 29, promising transformation and reshaping Indore's real estate landscape. This visionary initiative reflects the state's commitment to innovation and prosperity.
The Chennai Corporation has fined several construction contractors for failing to ensure safety measures during stormwater drain projects, including open pits. The corporation has formed specialized teams to ensure proper safety barriers are in place. Five contractors were fined Rs 20,000 each for inadequate site security. Activists argue that the fines should be stricter, including blacklisting repeat violators. The corporation aims to complete pending storm drain work by September 30, prioritizing missing links. Official data shows substantial progress in storm drain projects, with minor repairs and desilting ongoing.
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A division bench of Chief Justice Vipin Sanghi and Justice Alok Verma has ordered the government to enforce compliance with land use laws following a PIL challenging construction on agricultural land without proper authorization. The petitioner, Atul Chauhan from Haridwar, raised concerns about a group housing project on 50 acres of agricultural land in Laksar, highlighting violations of land use regulations and the misuse of a natural water body. The court has directed the state government to submit an affidavit within four weeks and scheduled the next hearing for January 2, 2024, emphasizing the importance of upholding environmental and land use laws.
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The government of Sikkim, a Himalayan state in India, has issued an advisory banning homestay owners from leasing or renting their properties to third parties. This directive, in accordance with the Sikkim Registration of Homestay Establishment Rules of 2013, requires that homestays be exclusively operated by the local entrepreneurs who own them. The move aims to promote local entrepreneurship and ensure compliance with established regulations. Any violations will be strictly addressed by the authorities. The Homestay Association of Sikkim had previously advocated for such a ban, and the state government also provides subsidized loans to encourage local participation in the tourism industry.
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Bank of Baroda is set to offer discounts of up to 80 bps on personal and home loans starting at 8.4 percent to attract more business during the festive season. BoB expects 25 percent Y-o-Y growth in its retail loan portfolio. The bank has officially launched its festival campaign, titled 'BoB Ke Sang Tyohaar Ki Umang,' running until December 31, 2023. BoB's retail loan book had expanded by 24.8 percent Y-o-Y to reach Rs 1.84 trillion as of June. The home loan book, which makes up half of the retail portfolio, grew by 18.4 percent Y-o-Y to Rs 99,976 crore by June.
The real estate sector has solidified its role as a primary revenue source for India's states and UTs, contributing Rs 2 trillion in FY 2022-23, which is 5.4% of total state revenues. A NAREDCO-Knight Frank India report forecasts the sector's value to skyrocket to USD 5.8 trillion by 2047, up from USD 477 billion last year. This growth signifies real estate's expanding influence on India's economy and its potential in funding infrastructure projects.
The Municipal Corporation of Delhi (MCD) has discovered nearly 10 lakh cases of individuals falling short in fulfilling their tax obligations over the past one or two years. In response, the MCD has initiated direct communication with these tax defaulters through messages, urging them to respond promptly. If they fail to do so within the designated timeframe, formal notices will be sent. The MCD aims to address tax evasion and strengthen the tax base with various initiatives, including geotagging non-residential properties and taking action against long-term defaulters. These measures align with the MCD's commitment to equitable taxation and holding defaulters accountable.
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India's Banking, Financial Services, and Insurance (BFSI) sector has seen a remarkable resurgence, with leasing activities doubling since 2020. By mid-2023, the sector's leasing share rebounded to 15% from pandemic lows. Mumbai remains a major player, but Bengaluru is quickly emerging as a key hub, outpacing Mumbai in BFSI leasing by mid-2023. This growth is attributed to the return to physical offices, an optimistic economic outlook, and the sector's digital transformation drive. The trend indicates a promising future for BFSI leasing in India.
Hyatt Hotels, a prominent player in the hospitality industry, is set for substantial growth in the Indian market. The company plans to expand its current portfolio of 43 properties to a total of 50 by year-end, with a long-term goal of reaching 100 properties in the next five years. In the past year, Hyatt successfully opened nine new hotels and is preparing to add 10 more to achieve its target of 10,000 rooms in India. The expansion includes introducing new brands like Hyatt Centric and Hyatt Place in various locations, focusing on experiential packages to enhance guest experiences, and positioning itself as the preferred choice for travellers in the region.
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Lulu Group, a prominent UAE-based retail conglomerate, is set to construct a massive shopping mall in Ahmedabad, India, as part of its strategic expansion plans. This ambitious project, one of the largest in the region, aims to offer modern amenities and generate significant employment opportunities in the area. In addition to Ahmedabad, Lulu Group is planning another substantial shopping mall in Chennai and is about to inaugurate one in Hyderabad. This move underscores the group's commitment to enhancing India's retail landscape, boosting the local economy, and providing a world-class shopping experience while reaffirming India's appeal for international investment.
The Maharashtra State Road Development Corporation (MSRDC) intends to lease two plots, one in Pune's Mangalwar Peth area and another in Lodhivali, Raigad district, both spanning around 87 acres, for a 60-year contract. They anticipate raising over Rs 358 crore through lease rent and a one-time premium. The Pune plot, conveniently located near the airport and railway station, is 8,900 sq mts, with expected lease rent of Rs 53.40 crore and a one-time premium of Rs 120 crore. The Lodhivali plot, close to industrial zones, spans 345,950 sq mts and aims for Rs 20.75 crore lease rent and a one-time premium of Rs 164 crore.
Frustrated by the Pune Municipal Corporation's (PMC) delay in opening a bridge connecting Baner, Balewadi, Wakad, and Kaspate Vasti over the Mula River, residents filed a PIL in the Bombay High Court. The bridge, which cost over ?31 crore, was completed in the 2018-19 fiscal year but has remained closed. This has inconvenienced residents who are forced to take a longer route via the busy Mumbai-Bengaluru Highway to reach their destinations. PMC cites land acquisition issues as the reason for the delay, but residents seek court intervention to open the bridge promptly.
The Kolkata Municipal Corporation (KMC) has initiated a road repair drive, starting with some of the most deteriorated sections of central Kolkata roads. Roads like S N Banerjee Road, Rafi Ahmed Kidwai Road, and Bowbazar Street are part of the first phase of repairs. Additionally, the KMC is focusing on roads alongside tram tracks to address safety concerns for motorists and bikers due to abandoned tram tracks following tram service suspension. Mayor Firhad Hakim identified vulnerable stretches in various areas of the city. In the next phase, road repairs will extend to other parts of Kolkata, including the northern and southern regions.
The Public Works Department (PWD) is planning an international convention centre in Chennai, named after former Chief Minister M. Karunanidhi, with the goal of making Chennai a prime destination for major events. The 30-acre site near Dakshina Chitra on the East Coast Road has been chosen for this purpose. The PWD will engage a consultant to design the centre, covering aspects like seating, hotels, landscaping, and parking. The project is expected to start in three months and aims to create a world-class facility for conferences, meetings, exhibitions, and other events, adding to Chennai's cultural heritage.
HSBC Holdings is set to increase mortgage rates in Hong Kong by up to 50 basis points to 4.125%, effective September 18th. This decision aims to safeguard the bank's profit margins amid rising interest rates. The adjustment is linked to the Hong Kong Interbank Offered Rate (HIBOR) and follows a review considering various factors, including market competitiveness. This move had a notable impact on Hong Kong's property developer stocks, with the real estate gauge dropping 3.28%. Hong Kong's monetary policy aligns with the U.S., as its currency is pegged to the U.S. dollar, resulting in increasing interest rates and a challenging property market.
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In a significant political development, the Australian government's central housing bill is on the verge of success, thanks to support from the Greens party. The bill, aiming to establish a A$10 billion fund, is set to pass the parliament as the Greens pledged their backing in exchange for increased investments in community housing projects. Prime Minister Anthony Albanese expressed his satisfaction with this crucial step towards addressing Australia's housing crisis. However, this progress comes after previous delays and threats of an early election. The nation now anticipates a positive impact on housing availability and affordability as the bill moves forward.
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Nigeria faces a massive housing shortage of 28 million homes, requiring an investment of N21 trillion to address, according to Vice President Kashim Shettima. He commended efforts in Sokoto State, where 500 homes are being built at a cost of N7.3 billion, aimed at benefiting civil servants. Shettima called on other states to follow this example. In Lagos State, the government is seeking private sector partnerships to tackle its housing needs, acknowledging the need for collaboration to bridge the estimated three million-home gap. The Rabbanire crowdfunding initiative by Tobykemsworth Investment Limited aims to make housing more accessible to Nigerians.
Bollywood actress Sonakshi Sinha has acquired another upscale apartment in Mumbai's Bandra suburb, valued at Rs 11 crore. Located in the prestigious 81 Aureate tower, this is her second purchase in the building, following a Rs 14 crore investment in March 2020. As Bollywood celebrities like Amitabh Bachchan, Kartik Aryan, and Sara Ali Khan continue to invest in Mumbai's luxury real estate, the market sees a surge in high-profile transactions, underscoring the city's allure for the film industry's elite.
Mumbai's iconic Ajantha bungalow in Malabar Hill is set for demolition to make way for 12 luxury sea-view apartments. Aimed at providing dedicated residences for key legislative members, six of these apartments will house top officials, while the rest will serve as guest houses for visiting dignitaries. Speaker Rahul Narwekar confirmed the in-principle approval for the project, emphasizing the efficiency of the new construction over maintaining older structures. This initiative seeks to address the accommodation challenges often faced by opposition leaders and other officials.
In a heart-wrenching incident, a scaffolding collapse at an under-construction building in Hyderabad leads to the loss of three lives, including two young women, and leaves two others seriously injured. The workers, hailing from Odisha, were labouring on an allegedly unauthorized floor of the multi-story building when the catastrophe occurred. The collapsed scaffolding sent debris raining down, shaking local residents. As investigations continue, authorities are working to identify the building's owner to hold them accountable. The tragic event underscores the dangers faced by migrant laborers and raises questions about construction site safety measures.
Residents of Jagdamba Nagar Extension in Jaipur, a relatively new residential area, are facing numerous challenges due to ongoing construction activities. Over 50% of the plots in the colony are under construction, with builders indiscriminately dumping building materials and parking large vehicles on the colony's roads. This has severely limited the available space and created safety concerns, especially in the absence of streetlights. Additionally, the lack of a proper sewerage system exacerbates the situation, particularly during the rainy season. Local authorities, including the Jaipur Development Authority, are struggling to address these issues due to limited resources and voter representation.
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Four builders involved in a tragic construction accident in Naroda, resulting in the deaths of three workers, were arrested and later released on bail. The incident, which occurred at the Fortune Empire construction site, prompted charges under IPC sections 304 (A) and 114 for negligence and abetment. The Bandhakam Majdoor Sangathan has called for strict action against the builders, citing a rising trend in construction accidents due to inadequate safety measures.
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Kochra Realty, a real estate firm, has taken over a long-delayed residential project in Mumbai's Dahisar suburb worth Rs 700 crore. The company plans to revive and complete the project by early 2025, bringing relief to nearly 600 homebuyers. Ashapura Housing previously managed the project but encountered financial difficulties. Kochra Realty has assumed the project's debt and ownership, with the aim of delivering 384 apartments by the end of this year, while the rest will be ready by early 2025. This move aligns with the trend of established developers rescuing stalled projects to ensure their completion.
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A luxury residential project will be built in Lutyens' Delhi by the Bengaluru-based Prestige Group in a joint development venture with TDI Infratech. The property is held by TDI Infratech and is valued at between INR 325 and 350 crore ($43 and $46 million), with an estimated INR 700 crore ($93 million) in potential revenue. Prestige Group plans to build eight to nine boutique apartments in an area where high-rises are often prohibited, though specifics are still being worked out. This action represents Prestige Group's desire to enter the residential sector in Delhi.
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Birla Estates Private Limited, a subsidiary of Century Textiles and Industries Limited, has unveiled a real estate project in Bengaluru's Devanahalli area with a potential revenue of Rs 3,000 crore. The project, called Birla Trimaya, is being launched in phases, offering 1, 2, and 3BHK apartments and duplexes across eight towers. Located near the upcoming BIAL IT Investment Region, it aims to attract a diverse range of investors. Birla Estates' CEO, KT Jithendran, highlighted the growing business hub in North Bengaluru, making it an attractive destination for skilled professionals seeking an opulent lifestyle. The project is in collaboration with Ramaiah Realty LLP.
Near Pune, 23 amalgamated villages' residents and local authorities are pleading with the state government to put the Unified Development Control and Promotion Regulations (UDCPR) into effect. Due to difficulties obtaining building permits brought on by the lack of Development Plan (DP) regulations, real estate development in these areas has halted. Construction is being hampered by this delay, which is also having an effect on developers and small property owners who need building permits. Given the anticipated population expansion, implementing the UDCPR could simplify this procedure and encourage development in certain areas. However, as the Pune Metropolitan Region Development Authority (PMRDA) currently possesses these rights, specific consent from the state government is required.
SEBI has introduced a framework enabling eligible unitholders, those holding 10 percent or more of a REIT's or InvIT's outstanding units, to exercise board nomination rights. Unitholders must inform the trust's investment manager in writing about their proposed candidate for nominee director, providing details such as name, director identification number, and a brief profile. If found ineligible, the manager must inform the unitholders, who can then submit an alternative candidate. The manager must also regularly review the unitholders' eligibility. This framework enhances governance and transparency in REITs and InvITs by allowing major unitholders to nominate directors.
In a devastating incident in Balkum, Thane, six construction workers were killed and one critically injured when an elevator collapsed from the 13th floor of a 40-storey building. The project, managed by Dhruva Woollen Mills Pvt Ltd, is under scrutiny as investigations begin. The company stated that the elevator underwent regular maintenance, with the last check on August 23. Thane's municipal commissioner confirmed an FIR against the builder and emphasized the ongoing investigation. The incident serves as a stark reminder of the importance of safety measures in construction zones.
A 22-year-old man, Akash Jadhav, tragically lost his life after a pothole accident in Thane, Maharashtra. The Thane rural police have registered an offence against Jijau Construction Road Build Private Ltd, the company tasked with the road's upkeep. The incident highlights the firm's alleged negligence, with the road being a hotspot for accidents due to multiple potholes. In a separate event in Nashik, an old house's collapse claimed two lives, emphasising the urgent need for regular infrastructure maintenance.
The upcoming five-day special Parliament session in New Delhi will see the old Parliament building bid farewell, with the inauguration of the new structure set for Ganesh Chaturthi on September 19. Both Houses will reflect on the historical significance of the old building on the first day, and Parliamentarians will share their memories. A joint sitting of Parliament is expected. A new dress code, designed by NIFT, is being introduced for staff, while marshals will wear Manipuri or Kannada turbans.
With plans to construct 11 new campuses, flexible workspace provider Awfis is growing its presence in South India. With the addition of over 8,000 seats, these locations will be ideally positioned in Bengaluru, Hyderabad, Chennai, and Kochi. Each property is picked in accordance with the particular market dynamics of the city in which it is located. This growth demonstrates Awfis' dedication to addressing the changing workspace requirements in the southern area. Modern infrastructure will be present in the new centres, which will serve a wide range of professionals, business owners, and organizations from numerous industries.
The Sports City project in Noida's Sector 79 is mired in challenges, with residents and stakeholders expressing concerns about its delayed progress and encroachments. The project, initially designed to integrate sports infrastructure with housing, has faced setbacks due to non-compliance with basic licensing requirements. Unauthorized activities by local sports academies and vendors have further complicated the situation. Despite complaints, authorities have struggled to curb encroachments effectively. The delays and encroachments have not only affected the project itself but also left thousands of flat owners in nearby projects in uncertainty. Legal intervention from the Allahabad High Court is now seeking resolution to these ongoing disputes.
The Brisk Lumbini project in Sector 109 of Gurugram is facing discord between the Resident Welfare Association (RWA) and the developer following a structural audit. The RWA is demanding greater transparency and involvement in the repair process due to concerns about the quality of work, while the developer remains unresponsive. District authorities have intervened, and the dispute centres on communication, repair standards, and conflicting interests between the RWA and the developer.
The Bombay High Court has expressed deep concern over the proliferation of illegal constructions and urged the Maharashtra government to present solutions to address this issue. The court, which initiated action against an unauthorized building in Navi Mumbai, emphasized the need to end the era of tolerating such developments and send a strong message that they won't be tolerated. It noted that individuals often obtain stays against actions by civic authorities through civil courts, calling for an immediate halt to such manoeuvres. The court sought answers from the government and instructed the court receiver to take possession of the illegal building.
The Delhi High Court has ordered the state government, MCD, and DDA to provide a detailed explanation for permitting new constructions in the ecologically sensitive Southern Ridge forest area, including the controversial 'Risland-Sky Mansion' housing project. The court's directive follows revelations of illegal construction activities in the Chattarpur area within the Southern Ridge. This action stems from PILs addressing poor air quality in Delhi, with an appointed amicus curiae offering expert insights.
The upcoming board meeting of the Yamuna Authority scheduled for today will address several crucial proposals. One of these proposals aims to provide relief to around 1,600 allottees affected by the cancellation of two housing schemes. They will be charged only for the period of their transition to the new scheme, reducing penalties for delayed payments. The board will also consider offering successful flat scheme allottees the option to participate in the plot scheme and plans for a 150-bed old-age home, with 50 beds for the sick and disabled. Changes to the group housing scheme, modifications to data centre park plots, and a one-time settlement for certain allottees will also be discussed. Additionally, a revised detailed project report for the proposed heritage city in Mathura-Raya is on the agenda.
The Orissa High Court has issued new orders to the additional district magistrate (ADM) in Cuttack under the Odisha Protection of Interest of Depositors (OPID) Act. These orders are related to initiating refunds for investors who deposited up to Rs 8,000 with GLP Developers Limited and Golden Land Developers Limited. These two companies faced controversy over allegedly collecting Rs 590.68 crore through their branch offices. The recent order, issued on September 1st, modifies a previous one from May 20, 2022, focusing on small investors. The court's decision comes after ongoing legal battles and protests by discontented depositors, seeking timely refunds of their investments. The modified order seeks to provide relief to these investors by ensuring the release of at least Rs. 8,000 each to identified investors within two months.
The Ministry of Home Affairs (MHA) has deferred its decision on the conversion of leasehold commercial and industrial properties in Chandigarh, citing the need for more information. In an affidavit presented to the Supreme Court, the MHA emphasized the importance of making the decision "at the right juncture" and highlighted the lack of specific details in the Chandigarh administration's proposal. The MHA also mentioned ongoing inter-departmental discussions regarding penalties for building violations and misuse of premises in Chandigarh. The delay, which has been ongoing for months, leaves Chandigarh residents waiting for a resolution on these crucial issues, despite previous assurances of progress.
Commercial real estate developers leasing properties are grappling with blocked credit eligibility notices under sections 17(5) C and 17(5) D, even as the issue is debated in the Supreme Court. Developers can claim credit when selling buildings before obtaining occupancy certificates but face restrictions if leasing. This discrepancy impacts India's appeal as a prime location for MNCs seeking office spaces. Experts urge a re-evaluation of the GST regime for leasing, emphasizing the need for equitable tax treatment. The industry keenly awaits the court's decision, hoping for a favourable outcome.
The Municipal Corporation of Gurgaon (MCG) has made significant strides in revenue generation, amassing Rs 150 crore in property tax since April 1 this year, achieving 30% of its annual target. The MCG has set an ambitious goal to reach Rs 500 crore in property tax revenue for the fiscal year 2023–24. In a recent review meeting, Commissioner PC Meena emphasized the need to accelerate property tax income and address complaints efficiently. The MCG also faces challenges with streetlight issues and road repairs. Meena sternly warned officials against unresolved complaints, pledging stringent action if necessary.
Kochi Corporation is contemplating reclassifying property tax categories based on road width. The existing system, in place since 1995, categorizes properties as primary, secondary, or tertiary. Primary properties have access to roads over five metres wide, secondary properties to narrower roads, and tertiary properties to pathways or no access. The re-evaluation is prompted by the city's development and aims to increase revenue. Kochi Corporation seeks to generate more income through tax avenues and collect funds owed by the state government. The move is essential as the corporation currently relies on central and state government funds for projects.
The renowned jewellery brand Tanishq, a part of the Tata Group, has celebrated the grand reopening of its store at Shivranjani Cross Road in Ahmedabad. The event was attended by C K Venkataraman and Niraj Bhakare, Regional Business Head (West) of Titan Company Limited. Tanishq is known as India's beloved jewellery brand, offering a wide range of gold, diamond, solitaire, and bridal collections, including a High-Value Studded Zone from Rivaah, their wedding jewellery sub-brand. The revamped 14,000 sq ft store in Ahmedabad features iconic designs and unique sub-brands, and to mark its reopening, it offers special promotions like free gold coins and discounts on jewellery purchases.
Haldirams, renowned for its healthy home-based snacks, is capitalizing on the rising demand for restaurants in South and West India. Haldiram Foods International is set to expand its restaurant business in these regions, adding approximately 200 outlets to its existing network of 250 across India over the next two years. This strategic move aims to bolster Haldirams' presence in the country's restaurant industry, catering to the growing appetite for both healthy snacks and quick-service restaurants. With foreign snack companies holding a dominant market share, Haldirams is determined to compete, actively seeking partners and engaging in research and development to expand its footprint in India's snack and restaurant spaces.
A sinkhole, measuring 1.5 meters in depth and diameter, appeared on Durgabai Deshmukh Road due to underground Chennai Metro Rail construction. The incident occurred during the construction of an underground network as part of the Chennai Metro Rail's Phase II project. This phase aims to connect Kellys to Taramani, part of corridor 3 within the project, with an estimated cost of 61,843 crore. The sinkhole developed during tunnel construction between Greenways Road and Adyar, affecting traffic and leading to efforts to fill and repair the hole. Similar incidents have occurred in the past during Chennai's metro construction projects.
The Bengaluru-Mysuru National Highway, previously infamous as the "Highway of Death," has undergone a remarkable transformation, significantly reducing accidents and fatalities. Thanks to stringent measures implemented by law enforcement agencies, the highway has become safer for commuters. Fatalities have seen a substantial decline, with only 6 recorded in August compared to 29 in May. The comprehensive approach included measures like banning two-wheelers, strategic diversions, improved signage, and advanced CCTV cameras. While improvements are evident, rural areas and Tumkur still face higher accident rates, emphasizing the need for ongoing safety efforts.
The East-West Metro project in Kolkata, spanning from Howrah Maklan to Esplanade, overcame multiple obstacles and is now slated for a December completion, following which the metro will become fully operational by 2024. Trials are underway for the Howrah Maidan and Esplanade section, with temporary rakes in use until the Esplanade-Sealdah stretch is finished. Persistent water seepages have plagued the Bowbazar area since 2019. Upon completion, the metro will run every 12 minutes, linking the eastern and western parts of Kolkata. Despite construction challenges, the 16 km metro line aims to be fully operational by June 2024, with India's first under-river metro section.
In a recent meeting of the Belagavi Urban Development Authority (Buda), PWD minister Satish Jarkiholi emphasized the importance of adhering to regulations in the development of roads, gardens, underground drainage, and public spaces for layouts. He sternly warned against permitting illegal layouts, stressing the need for comprehensive inspections before granting permissions. The meeting also approved the preparation of the 3rd revised master plan to include 28 villages within Buda's jurisdiction, as authorized by the government. Minister Jarkiholi additionally directed officials to rectify any inadvertent omissions in the village inclusion process.
Minister Dinesh Gundu Rao has announced that the Request for Proposal (RFP) for a new IT park in Derebail, Dakshina Kannada, will be unveiled within the next two months. This ambitious project, set to be executed under a public-private-partnership (PPP) model on a three-acre plot owned by KEONICS, has received government approval. There are considerations to extend the contract period for the park's developer from 30 to 60 years. Furthermore, revisions to zonal regulations for the Mangaluru Master Plan are underway. Dredging activities at the Old Port and construction of a jetty for country boats at Ullal Kodi are also in the works, along with subsidies for fishermen upgrading their boat engines.
Square Yards, a prominent proptech platform, has successfully filed 18 international patents in India and the USA, focusing on virtual reality, augmented reality, extended reality, artificial intelligence, and data applications in real estate. Of these, three patents have already been granted, showcasing Square Yards' leadership in pioneering real estate technology innovations. These patents cover various areas, including immersive 3D experiences, real estate asset analysis, agent ranking algorithms, and more. Square Yards aims to revolutionize the real estate industry by integrating cutting-edge technologies and enhancing the home-buying experience for consumers and professionals.
Saudi Arabia’s ambitious development agenda is in full swing, with over $1.25 trillion invested in real estate and infrastructure projects, including the high-profile NEOM super city. Notably, 45% of these projects are already completed. Alongside these massive endeavours, there’s a growing focus on improving residents’ quality of life. Initiatives like Qiddiya’s $266 million theme park in Jeddah, the $500 million Riyadh Sports Boulevard, and the $23 billion ‘Green Riyadh’ transformation, with 7.5 million trees, aim to create world-class urban environments. Dammam’s Amanat Al Sharqiya project will revitalize the city’s corniche, reflecting Saudi Arabia’s commitment to holistic development.
The story highlights the challenges in Canada’s housing sector. While the country’s economy is slowing down, the housing market is contracting at an even faster pace. Residential investment has dropped to 6.1% of GDP in Q2 2023, a significant decline from the previous year. This rapid decrease, the sharpest since 2001, raises concerns reminiscent of the late 1980s housing bubble. Stimulative population policies are preventing a complete collapse, but a painful adjustment is looming. Canada’s housing investment remains high compared to its trade partners, like the US at 4.6% of GDP, but the need for a rebalancing of capital allocation is evident.
The Hong Kong government is embarking on a transformative housing renovation project aimed at improving the well-being and community bonds of its public rental estate residents. Housing Secretary Winnie Ho Wing-yin revealed that the scheme involves extensive refurbishments, including repainting buildings, repositioning amenities, and promoting outdoor space usage. These upgrades align with 'well-being' design principles and will be conducted in consultation with residents. While some regulations, like pet ownership, remain unchanged, the project seeks to elevate living conditions for thousands of households. The initiative also anticipates influencing future housing designs and public-private partnerships.
Bollywood icons Amitabh Bachchan, Kartik Aryan, and Sara Ali Khan, along with Amrita Singh, have made significant property acquisitions in a Mumbai commercial project in Andheri's Oshiwara locality. Bachchan purchased four offices spanning nearly 8,400 sq ft for approximately Rs 29 crore. Kartik Aryan acquired an office of around 2,100 sq ft for Rs 10 crore, while Sara Ali Khan and Amrita Singh bought a similar-sized office for Rs 9 crore. Interestingly, Ajay Devgan and Kajol had previously acquired offices in the same project. The real estate project, with 28 upper floors, is set to be completed by June 2025, and real estate remains a favoured investment among high-net-worth individuals and Bollywood celebrities.
Residents of South Nagpur have been waiting for the construction of an internal road for 17 years, but the Nagpur Improvement Trust (NIT) has done nothing. Despite the NIT having approved the layout in 2006, encroachments and illegal buildings have impeded the completion of the road. Encroachments were earlier ordered to be removed by the Bombay High Court, but they have since returned. As this road is essential for their safety and convenience, residents are now requesting that the NIT solve the situation.
The Mumbai City police's Economic Offences Wing has closed a 2012 case against Nirmal Lifestyle directors and others, including Videocon's founder, for allegedly cheating 28 home buyers of nearly Rs 12.7 crore. The closure comes after a thorough investigation revealed that the homebuyers had received refunds, interest, and settled their grievances, leading to the case being deemed civil rather than criminal in nature. The Nirmal Lifestyle group had been facing financial constraints, and this case was one of several registered against them in 2022.
The Maharashtra government's directorate of municipal administration has requested clarity from the Deolali Cantonment Board regarding various crucial matters in the plan to exclude civilian areas from the cantonment and merge them with a neighbouring civic body. Issues include geographical continuity, floor space index (FSI), salary and pension burdens of employees, taxation rates, infrastructure values, and revenue matters. The directorate will make its final recommendation on the merger once these issues are clarified, and the state government will then communicate it to the Ministry of Defence. This process may also apply to Aurangabad Cantonment.
The Yamuna Expressway Industrial Development Authority (YEIDA) is considering a policy shift to benefit real estate developers. In an upcoming board meeting, they may eliminate penal interest on financial dues for housing projects along the Yamuna Expressway and introduce a 'zero period' for projects mired in legal disputes with local farmers. The one-time settlement (OTS) policy under discussion could exempt realtors from accumulated penal interest, providing relief to developers and around 7,000 homebuyers awaiting project completion. YEIDA's move responds to appeals from developers and aims to recover an estimated ?9,000 crore in outstanding financial dues, although partial payments may be required to qualify for the interest waiver.
The Telangana High Court has issued a significant stay order against a state revenue secretary's memo, allowing apartment associations to register under the Telangana Societies Registration Act, side lining the Cooperatives Societies Act. The decision followed a petition by a resident, Madamanchi Ramesh Babu, who argued that the memo favoured real estate developers over apartment residents and lacked transparency. The memo's impact raised concerns about financial mismanagement and neglect of residents' welfare. The court's move is a pivotal step in safeguarding apartment residents' rights and interests, emphasizing the need for a balanced regulatory framework. It remains to be seen how this decision will shape the future of apartment association registration in Telangana.
In a complex administrative and legal development, the Estate Officer of the Union Territory (UT) has issued directives to address building violations and misuse concerns related to Plot No. 24 in the Industrial Area, Phase 1, owned by Berkeley Realtech Ltd. The situation began with an inspection directive and later took a turn when Berkeley Realtech's advocate cited a Punjab and Haryana High Court order from August 28, seeking an extension and consolidated resolution for notices. In response, the Estate Officer instructed Berkeley Realtech to provide a comprehensive reply by September 11 and mandated a building inspection, emphasizing transparency. This ongoing saga involves property sealing and environmental compensation, marking a critical phase of scrutiny and resolution.
The Hubballi-Dharwad Municipal Corporation (HDMC) is cracking down on unregistered paying guest (PG) facilities operating without permissions and evading taxes. With the rise of educational institutions in the twin cities, PG accommodations have surged. Many operate without the necessary civic approvals. HDMC Commissioner Ishwar Ullagaddi has initiated a ward-wise survey to assess these facilities. The move aims to ensure tax compliance, adherence to civic norms, and boost HDMC's revenue. Non-compliant PGs will face strict action, emphasizing the importance of legal operations in the growing educational hubs.
The City and Industrial Development Corporation (CIDCO) is embarking on an ambitious project to create the International Corporate Park (ICP) in Kharghar, Navi Mumbai. Spanning 140 hectares, the ICP aims to rival Mumbai's prestigious Bandra-Kurla Complex (BKC) and is strategically located near the upcoming Navi Mumbai International Airport. CIDCO is currently addressing encroachments and constructing a protective compound wall around the ICP area, signalling the start of significant development. The project will include various sectors, offering corporate offices, hospitality facilities, media and entertainment infrastructure, IT company offices, residential housing, educational institutions, and healthcare facilities. Kharghar is set to become a thriving business hub, with the ICP at its core, enhancing the region's appeal.
The Government of Telangana has joined forces with Tabreed, a global cooling utilities leader, to create Asia's largest district cooling project. This ground breaking initiative begins with a substantial Public-Private Partnership (PPP) project for Hyderabad Pharma City, involving the development of 125,000 RT of district cooling infrastructure, with an investment of up to $200 million. This utility cooling-as-a-service model aims to provide sustainable cooling solutions for industrial units. The project is set to yield significant benefits, including massive power and water savings, a substantial reduction in greenhouse gas emissions, and a more environmentally friendly approach to cooling in the pharmaceutical industry.
Hotel stocks are reaching new highs, driven by upcoming events like the G20 Summit, ICC Men's Cricket World Cup, and the wedding season. Despite a weak second quarter due to the monsoon, experts remain optimistic, expecting a surge in demand, especially from international tourists returning to pre-COVID levels. Leading hotel chains have posted strong financial performances, with occupancy rates set to improve. Room rates are also seen in an upward trend. The Indian hotel sector is showing resilience and potential for growth, making it an attractive investment amid positive market sentiment.
LP Logiscience, the warehousing and contract logistics division of the renowned Liladhar Pasoo legacy brand, is embarking on a significant expansion in the Delhi NCR region. The move comes amidst a booming Indian warehousing sector, with LP Logiscience already operating a Grade A compliant, multi-user warehouse in Noida-Ghaziabad. They currently serve top clients in the specialty chemicals sector, leveraging specialized licenses like CTE and Fire NOC. LP Logiscience aims to double its growth in the next two years, capitalizing on a surge in warehousing transactions, reduced vacancy rates, and a shift towards third-party logistics providers in FY 2023.
NoBroker, India's proptech unicorn, has introduced a ground breaking metro-based property search feature in response to imbalanced real estate demand and supply post-pandemic. This innovation allows users to explore homes along metro lines, reducing commute times, carbon emissions, and rental costs. By widening options beyond the immediate vicinity of workplaces, NoBroker aims to ease the rental property search, addressing the 40% surge in rental rates near tech hubs. This initiative promises rent rationalization, closing the demand-supply gap, and reducing resource strain. Available in key Indian cities, it signifies a significant positive change in the real estate market, especially for tenants.
A new report by Feantsa, the European Federation of National Organisations Working with the Homeless, reveals that almost 900,000 people are homeless across Europe on any given night. The report, which defines six categories of homelessness, highlights the failure of European countries to make housing a fundamental right. Only Finland and Denmark showed demonstrable progress in combating homelessness, with Denmark reducing homelessness by 10% between 2019 and 2022 through a "housing first" strategy. The report also emphasizes the need for better housing conditions, as significant numbers of people across the EU live in substandard homes with issues like dampness, overcrowding, and inadequate sanitation.
Chinese Vice Premier He Lifeng has called for stricter control measures in the management of affordable housing in China, including a proposed ban on trading such properties. The goal is to ensure a stable and sustained supply of low-cost homes, as high housing costs have made it difficult for many young people to buy homes in major cities. China had previously planned to introduce 6.5 million additional affordable rental units in 40 major cities between 2021 and 2025. However, economic challenges, job market issues, and the resale of low-cost housing have impacted the availability of affordable homes. Despite declining property prices in some areas, China's real estate sector continues to face difficulties, including diminished consumer confidence and youth unemployment concerns.
A $92 million condo in New York City’s 432 Park Avenue, originally priced at $132 million, finally found a buyer after two years on the market. The lavish residence, spanning 8,000 square feet on the 79th floor, offers stunning views of Central Park and the city skyline. The seller had purchased it for $59.14 million in 2016. Meanwhile, the second-highest contract signed that week was for an $18.3 million penthouse on Hudson Street, featuring four bedrooms, over 5,000 square feet of interior space, and an additional 2,500 square feet of outdoor space. The luxury real estate market in Manhattan showed resilience.
Downtown Ottawa is grappling with its highest-ever office vacancy rates, hitting 15.1%, per a report by CBRE. Despite this record, Louis Karam, CBRE Ottawa's managing director, suggests it's not an immediate concern, noting that Ottawa still fares better than many Canadian cities. The national average vacancy rate is 18.9%, with Toronto at 15.8% and Calgary at 31.5%. The report attributes this trend to businesses downsizing their downtown office spaces due to recent economic shifts. Ottawa's unique challenge lies in the role of Public Services and Procurement Canada (PSPC), which manages significant government real estate and is in the midst of a 10-year plan to reduce office space.
India's Proptech sector is booming, securing $4 billion in investments between 2009 and 2022 with a CAGR of 49%. Co-living and co-working platforms dominate, followed by construction technology. Major players like NAREDCO Maharashtra are launching dedicated funds to accelerate innovation in real estate and support start-ups. Brigade REAP, backed by Brigade Enterprises Limited, has mentored 62 start-ups with a 40% success rate in securing external funding. HDFC Capital's HeART Platform and Gruhas Aspire are also actively fostering Proptech innovation through accelerator programs, further driving growth in this dynamic sector.
Citizens and political activists in Pune are urging the city police and civic administration to allocate dedicated parking spaces during the upcoming 10-day Ganesh festival. Nitin Kadam, representing the Rashtravadi Urban Cell, has written to the city police commissioner proposing the use of school and college grounds in central areas as parking lots to alleviate the strain on roads. Kadam also suggested exploring the possibility of altering school timings during the festival. He proposed that schools could extend their hours until 4 pm, after which their infrastructure, such as grounds and open spaces, could be utilized for parking. This would not only help students avoid traffic chaos but also provide space for devotees to park their vehicles.
According to data from the Haryana State Pollution Control Board, only 34% of the necessary anti-smog guns have been placed at large building sites in Gurugram, with 66% still pending. These tools aid in reducing air pollution, particularly in the winter. For building sites between 5,000 and 10,000 square meters, the standards call for at least one anti-smog gun, with bigger sites needing several. Gurugram now has a decent air quality, but experts predict that it will get worse. If anti-smog guns are not installed after a week's notice, environmental officials intend to fine violators. These tools are crucial for combating the pollution in the area.
The National Consumer Disputes Redressal Commission (NCDRC) has ruled against the developers of the World One project in 'Upper Worli,' finding them responsible for unfair trade practices and a deficiency in service. The NCDRC has ordered refunds with interest to three flat buyers, totalling approximately Rs 33 crore, with a maximum pay out of Rs 13 crore. The project faced significant delays due to the Airports Authority of India withholding a No Objection Certificate. The NCDRC rejected the developers' argument that the flat purchasers should have terminated their agreements, emphasizing the developers' responsibility for the project's delays and lack of necessary approvals. This ruling sets a precedent for consumer rights in real estate disputes.
Sumadhura Infracon, a prominent real estate developer, intends to invest Rs 5,000 crore to double its property portfolio in the next three years. The company recently acquired 45 acres along Bengaluru's Outer Ring Road for a commercial project and plans to construct three million square feet of residences and develop two million square feet of land in 2023. Chairman G. Madhusudhan highlighted that internal accruals and strong financial institution partnerships would fund most of the projects. The company also ventures into plotted development with nearly 100 acres in Devanahalli, aiming for a total of five million square feet of construction.
ASBL, a forward-thinking real estate company, has launched its latest project, ASBL Loft—a high-rise residential community designed to address modern homebuyers' needs. The project, located in the financial district, offers exclusive 3BHK units with outdoor living balconies and aims for accelerated completion by December 2026, thanks to innovative 'digital twin' technology, Inncircles Arena. ASBL Loft goes beyond traditional housing, offering premium services like childcare facilities, fitness and wellness spaces, and work-from-home (WFH) convenience. The design is the result of extensive research into customer lifestyles, emphasizing biophilic design principles and a strong sense of community with urban corridors.
The Bombay High Court has rejected a plea by Shiv Sena (UBT) leader and MLA Ravindra Waikar, along with his wife Manisha and three others, challenging the Brihanmumbai Municipal Corporation's (BMC) decision to cancel permission for the development of land designated for a five-star hotel in Jogeshwari (East). The court questioned the initial permission granted by BMC officials and why no action was taken against those officials when the permission was later revoked. The dispute arose from an agreement made in 2004, and the court found that the petitioners had concealed key clauses, leading to the rejection of their plea.
The recent decision by the High Court regarding the Jilling Estate in Nainital has granted permission for third-party landowners to engage in construction activities within the 36-acre area. However, this permission comes with stringent conditions, closely aligned with environmental guidelines. The Court emphasized the role of the State Environment Impact Assessment Authority (SEIAA) in monitoring and ensuring compliance with commitments, including a strict limit on the total built-up area. The government is tasked with reporting violations, highlighting the commitment to environmental safeguarding. Moreover, the decision underscores that the construction permit does not exempt developers from obtaining necessary legal permissions, emphasizing adherence to the rule of law and responsible development.
The registration department's 27 offices in the Pune swiftly processed over 90% of 13,500 pending leave-and-license applications in just four days, addressing citizens' concerns about delays. This efficiency followed a directive from the joint district registrar to reduce document pendency to 50 at each office, resulting in a significant reduction in backlogs. The issue of delays in online document registration, previously attributed to software glitches, has been largely resolved, bringing relief to citizens and highlighting the importance of streamlined administrative processes and technology in governance.
Motilal Oswal Financial Services has made a strategic acquisition by procuring a standalone commercial tower in Ahmedabad's financial district, spanning 12 floors and nearly 110,000 square feet. The undisclosed transaction with Claris Life Sciences heralds the creation of the Motilal Oswal Tower, their third independent commercial property alongside Mumbai and Bengaluru. This brownfield project on Sindhu Bhavan Road is set for completion by September 2024.
The migration of financiers to Miami, driven by factors such as lower taxes and quality of life, has caused a shortage of high-end homes in affluent neighbourhoods. Hedge Fund Citadel's relocation from Chicago to Florida, has played a significant role in this trend. Real estate agents have noted a surge in demand, with many high-value homes being purchased by hedge fund investors, including Citadel employees. This rush to acquire properties has been particularly pronounced in the early spring, timed with school enrolment deadlines. Despite challenges like the construction workforce deficit, Miami's real estate market is experiencing substantial growth, impacting luxury home availability.
Oman's Greater Salalah masterplan introduces an innovative sustainable city project to the east of Al Dahariz. Spanning 5 kilometers, this development aims to house up to 40,000 residents and includes six hotels with 1,100 rooms. Emphasizing renewable energy sources, rainwater harvesting, and efficient resource management, the city aligns with Oman's Vision 2040 for sustainability. It reflects Oman's leadership in sustainable urban planning, exemplified by the Yiti Sustainable City. These projects showcase Oman's commitment to reducing its environmental impact, fostering economic growth, and enhancing citizens' quality of life. They stand as inspiring models for global sustainable urban development.
The Chinese government is taking decisive actions to address the debt crisis in the country's housing loan sector. Key measures include the removal of home purchase restrictions in non-core districts of major cities, the lifting of price caps on new homes, and providing preferential loans to first-time homebuyers regardless of their credit history. This move aims to stimulate home buying, boost consumer demand, and prevent the housing sector's debt issues from spilling over into the broader financial sector. China's property sector plays a significant role in its economy, making it crucial to stabilize and support for overall economic growth and stability.
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The Mumbai Municipal Corporation (BMC) and the Maharashtra government have been directed by the Supreme Court to retain the current housing status for conservancy workers who have long yearned for home ownership. Due to BMC intentions to revamp the colonies as part of the Ashray Yojana Program, many workers who reside in BMC colonies have received eviction notices. The workers' union requests owning apartments in accordance with government directives, but the BMC has not implemented these suggestions. While the greater housing issue for conservancy employees is yet unresolved, the Supreme Court's interim injunction offers transient relief.
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The Greater Noida Authority has introduced a One Time Settlement (OTS) scheme for multi-storey building allottees to clear outstanding dues. Over 2,200 homebuyers who haven't executed lease deeds stand to benefit, with potential collections of Rs 468 crore in dues and premiums. Applicants can apply for the scheme from September 5 to December 31, receiving discounts of 20-80% on penal interests based on flat size. Eligibility is for those who haven't benefited from similar schemes earlier, and applicants must pay a processing fee and 50% of dues by December 31. The property department aims to process applications within 15 days.
A Vadodara-based builder, Manish Patel, faced jail time and homelessness for failing to deliver possession of properties to buyers in his schemes for over six years. The Gujarat High Court temporarily stayed the Gujarat Real Estate Regulatory Authority's (GujRERA) property attachment and sealing order, providing relief to Patel's family. The court intervened after Patel assured he would deposit the Rs 1.48 crore compensation demanded by RERA for delayed possessions. Patel's house was spared from auction, but he must deposit 30% of the compensation within four weeks and the full amount in seven to eight months. Further hearings are scheduled in a month.
The Mumbai Police's Economic Offences Wing (EOW) has arrested builder Kinnar Nayak for his alleged involvement in a case of fraud related to a redevelopment project in Mumbai. Nayak, the director of Taksha Spaces, had approached the complainant, Amjad Shaikh, and his father in 2015, requesting a substantial sum of Rs 35 crore for a redevelopment project at the Govardhan Cooperative Housing Society in Goregaon. Shaikh transferred Rs 30 crore to Nayak's accounts but, despite promises, Nayak failed to fulfill his commitments. The case underscores the importance of due diligence and legally binding agreements in real estate transactions to prevent fraudulent activities.
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Brookfield Asset Management has committed over Rs.1,500 crore to The Leela Palaces, Hotels and Resorts, following an initial Rs.4,500 crore investment, marking the largest-ever foreign investment in India's hospitality sector. The brand is experiencing its best performance in three decades, driven by strong profit margins and ambitious expansion plans, including introducing the Leela Palace brand to Mumbai's Central Business District. Brookfield's global investments are propelling The Leela into international markets, with sustainability initiatives and significant room additions on the horizon, ensuring the brand's promising trajectory.
India's alternative asset investment landscape has transformed with cumulative investments of approximately USD 2.0 billion between 2019 and H1 2023, driven primarily by foreign investors seeking diversification and attractive returns. Institutional investors are venturing into non-core assets, including data centers, life sciences, and co-living, due to factors like the shared economy's rise and government support. Foreign contributions comprised 78% of these investments, with data centers standing out as a preferred asset class. India's robust economic growth, projected at 6.6% by the IMF for 2023, further enhances its appeal. Data centers have witnessed significant investments, thanks to rising data consumption and partnerships with global hyperscale companies.
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The Enforcement Directorate (ED) has attached properties worth approximately Rs 19.67 crore in connection with a loan fraud case allegedly involving builder Uma Shankar Patro and three former bank officials in Bhubaneswar dating back to 2017. The case, which originated from three FIRs registered by the Central Bureau of Investigation (CBI), revolves around the alleged misappropriation of Rs 18.79 crore through multiple housing loans. The attached properties include movable assets like bank balances and mutual fund balances, as well as immovable assets such as land and buildings in Puri and Bhubaneswar. The accused allegedly used forged documents to secure loans and misappropriate public funds.
Garbage collection in Crossings Republik, with 14,000 flats, has been halted due to a lack of waste processing facilities, in line with Solid Waste Management Rules. The housing societies and commercial units generate a significant amount of waste daily. The Federation of Crossings Republik AOA may request a two-month extension to establish processing facilities. The Municipal Commissioner has not received such requests and emphasizes holding builders accountable. Compliance with waste management rules is being verified in integrated townships, highlighting the importance of responsible waste management in growing urban areas. The outcome will impact residents and the environment.
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SS Group has unveiled its luxury project, SS Cendana Residences, in Sector 83 of Gurgaon. The opulent complex spans 8 acres and includes 10 high-rise towers designed by renowned architect ARCOP. It offers a wide range of amenities, catering to various interests and age groups. The project aims to provide a self-contained luxury living experience and reflects SS Group's commitment to delivering upscale homes in prime locations. With its thoughtfully planned design and amenities, SS Cendana Residences is set to redefine modern luxury living in Gurgaon, making it an attractive option for premium homebuyers in the area.
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In the wake of implementing new tax regulations, a city with around 4.8 lakh property taxpayers received just one complaint during the objection period. This singular complaint, submitted via email, expressed general concerns about increased tax rates. The revised tax structures primarily affect larger residential properties, commercial establishments, shopping complexes, and other entities. The state government mandated a five percent annual property tax increase for five years, along with adjustments based on revised foundational tax rates. Notably, government office buildings witnessed a significant reduction in basic tax rates, while commercial real estate faced varying adjustments. This comprehensive revision marks an increase in the city's annual property tax demand.
WeWork is in the process of renegotiating the majority of its global leases following concerns about its financial stability. The company aims to reduce lease costs it deems out of sync with current market conditions. As of June, WeWork operated in 777 locations across 39 countries, with long-term lease commitments exceeding $13 billion. This move poses challenges to the commercial real estate sector, which is already grappling with excess capacity due to remote work trends. WeWork's shares have plummeted by 98 percent over the past year, raising doubts about its future. Despite this, the company insists it is here to stay, albeit with revised lease agreements.
Star Housing Finance Ltd. (Star HFL) has strengthened its presence in the Mumbai region by inaugurating a new office in Vashi. This strategic move aligns with their mission to provide credit access to first-time homebuyers offering long-term housing finance solutions for affordable housing purchases. The Vashi branch, staffed by a team of housing finance experts will serve areas including Panvel, Belapur, Airoli, Ulwe, Taloja and Dronagiri. Star HFL aims to further expand its physical presence in key locations across the Mumbai region recognizing the diverse micro markets within this vast territory and the growing demand for housing solutions.
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Ashiana Housing, a renowned real estate developer listed on NSE and BSE, is embarking on an ambitious expansion in Western India. Their diverse portfolio includes residential and senior living projects, with a substantial investment of approximately Rs 550 crore. Notable projects like Ashiana Malhar and Ashiana Amodh in Pune exemplify their commitment to quality and innovation. With successful ventures in nine Indian cities and millions of square feet developed and managed, Ashiana Housing is rapidly becoming a trailblazer in the Western Indian real estate sector, reshaping the region's housing landscape.
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The Bombay High Court has approved the demolition of a 150-year-old structure on Malvani church land in Malad, Mumbai, to widen a congested road. However, the court has raised concerns regarding compensation and the relocation of the structure. The court noted that the structure, known as Parochial House, was not of significant heritage value, according to the Mumbai Heritage Conservation Committee. The church is willing to cooperate with the removal but seeks compensation and permission to relocate the house on the property. The judges have called for clarity on the actual area, compensation, and potential relocation.
Welspun One Logistics Parks (WOLP) plans to invest over Rs.600 crore in developing a Grade-A, in-city warehousing facility near Mumbai. This investment is through their Welspun One Logistics Parks Fund 2, which has already secured Rs.1,500 crore out of a Rs.2,000 crore target. The 6 lakh sq ft facility, situated on a 3.25-acre land parcel in Thane's Wagle Industrial Estate, will support urban last-mile delivery and cater to the surging demand for in-city warehousing driven by e-commerce and quick commerce services. WOLP aims to create a portfolio of 16-18 million sq ft across tier 1 and 2 cities, with an overall investment of over Rs.8,000 crore.
Avenue Supermarts continues its real estate expansion with the purchase of 50,000 sq ft of commercial space in Mumbai's Kandivali suburb for over Rs 88.74 crore, aiming to establish a hypermarket store. The company recently opened a new store in Morbi, Gujarat, reaching a total of 333 supermarket outlets. During the 2022-23 fiscal year, it added 1.9 million sq ft of retail space and achieved impressive sales per sq ft of Rs. 31,000. Additionally, Reliance Retail is opening Metro Cash & Carry stores to all customers after acquiring a 100% stake in the company. These developments underscore the resilience and adaptability of India's business landscape and signal a positive outlook for the future of the retail and real estate sectors in the country.
Amid concerns over China's property sector and economic slowdown, Chinese banks are making strategic moves to cut interest rates on existing mortgages. These rate reductions, ranging from 10 to 25 basis points, are designed to ease the pressure on homeowners and stimulate spending. However, experts warn that these measures could further squeeze banks' net interest margins (NIM) and profitability. While it's an attempt to address mortgage prepayments, this move poses challenges to the banking sector's financial health. Banks are also contemplating reductions in interest rates on fixed-term deposits to strike a balance between maintaining NIM and offering more affordable mortgages.
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Women's investments in the UAE's real estate sector have surged, contributing over $16 billion, with a 51% increase in female investors in 2022. Women's ownership of properties in Dubai now stands at 30%. They are diversifying their portfolios, with real estate, technology, and healthcare sectors at the forefront. The 'Invest'HER' initiative has played a significant role in educating and mentoring women in investment. This trend signifies growing financial independence and empowerment among women, actively shaping the UAE's economic landscape.
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Queensland-based Voltin, a leader in building defect detection technology, has entered into a strategic partnership with International Real Estate Partners (IREP), a global real estate management organization. This collaboration extends Voltin's reach to more than 80 international markets, including India, while giving IREP early access to Voltin's cutting-edge technology. Voltin specializes in visual data capture and AI-driven photogrammetry modelling software for precise building defect identification. Their system offers an automated and efficient approach to building façade defect detection, capable of identifying over 50 types of defects on various surfaces. This partnership is set to transform real estate inspection technology globally.
Israel's housing market faces a challenging landscape in 2022, with soaring home prices making it one of Europe's costliest places to buy property. Deloitte's report highlights Israel's top position in construction starts but also reveals its second-lowest housing stock per capita. Rising interest rates are putting pressure on mortgage borrowers, while the affordability gap continues to widen. A 70-square-meter home in Israel costs an average of 10.2 years' gross annual salaries. This report sheds light on how these housing market dynamics impact the economy and the quality of life in the country, providing insights into Israel's unique real estate situation.
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In response to rising competition and vast unoccupied spaces in its IT parks, Kerala's government is enlisting international property consultants (IPCs). Aimed at matching the marketing strategies of private developers, the move seeks to promote 20 million sq ft of ready space across three main IT hubs, with an additional 10 million sq ft underway. The strategy mirrors private sector successes in drawing multinational tech giants through IPCs, ensuring Kerala remains a competitive global IT hotspot.
The Tamil Nadu state government has allocated Rs 79.28 crore to construct 1,500 homes for the Scheduled Tribes (ST) and Narikuravar communities. This initiative aims to provide housing for 1,000 homeless ST members and 500 Narikuravars across 19 districts in the state. The housing grant was formalized through a government order (G.O.), reflecting the government's commitment to providing homes to eligible recipients. Originally budgeted at Rs 45 crore, the project's cost was increased to Rs 79 crore after a comprehensive assessment. This initiative is part of a broader strategy to transition these communities into settled lifestyles, including providing land rights and support for employment and entrepreneurship.
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In a significant push for affordable housing, 11,700 two-bedroom flats were allotted to beneficiaries in Hyderabad recently. This allocation by the Greater Hyderabad Municipal Corporation (GHMC) responds to the 7 lakh applications received since the scheme's announcement. Minister Talasani Srinivas Yadav, who stepped in for the absent MA&UD Minister KT Rama Rao, emphasized the scheme's transparency and assured further allotments for eligible candidates. The move signals the Telangana government's dedication to enhancing the city's housing infrastructure.
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Despite the impending winter air quality crisis in Delhi-NCR, only 220 out of 3,000 construction sites in Gurugram have registered on the dust portal. Launched by the Haryana government in response to air quality concerns, the portal monitors pollution levels at construction sites and enforces compliance with emission reduction rules. Haryana State Pollution Control Board officials have vowed to take strict action against non-compliant sites. However, construction agencies cite the high costs involved in compliance, particularly for smaller projects. This highlights the need for a more concerted effort to combat air pollution in the region.
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The Belagavi Urban Development Authority (BUDA) has expanded its jurisdiction to encompass an additional 28 villages surrounding the city, following government directives. This extension, made under the authority of Section 4(A)(1) of the Karnataka Urban and Rural Planning Act 1961, aims to promote systematic growth, connectivity, industries, and residential development. A fresh master plan, expected to be prepared by a selected firm, will cover these newly included villages, supplementing the 2014 plan that initially covered 15 villages. Despite a two-year delay, this decision empowers BUDA to oversee infrastructure-related projects in all 41 villages, fostering coordinated development in the region.
The Enforcement Directorate (ED) has attached three land parcels worth over Rs 161 crore in Ranchi as part of a money laundering investigation related to land grabbing and fraud in Jharkhand. A fresh charge sheet has been filed in Ranchi, with previous action taken on June 12. Jharkhand Chief Minister Hemant Soren has been summoned for questioning but has not appeared, reportedly filing a petition against the ED's actions in the Supreme Court. These land parcels were allegedly fraudulently mutated in favour of land mafias with the complicity of land revenue department officers. The total attachment of properties now stands at Rs 236 crore in this case.
The Greater Noida Industrial Development Authority (GNIDA) is advancing its Master Plan 2041, aiming to allocate more land for industrial use and capitalize on its proximity to the Noida International Airport by establishing a commercial hub. Currently, 25.4% of the proposed 40,000-hectare Phase 2 area is designated for industries, a share the state government seeks to increase. Although preliminary approval has been granted, final authorization awaits stakeholder discussions and public input. This initiative also promotes mixed land-use near the upcoming Noida International Airport, with plans for road extensions, hospitality hubs, and enhanced transportation infrastructure, including metro and green corridors.
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Residents of Aayakar Nagar in Sanganer, Jaipur, are facing difficulties due to heaps of road construction materials blocking the roads in their colonies. Approximately 150 to 160 families are affected as the construction materials cover the breadth of several roads and block entrances to buildings. Local authorities are unsure about the source of these materials, and residents are left inconvenienced and puzzled by their sudden appearance in the area. The situation has prompted residents to resort to walking as vehicles cannot navigate through the blocked roads.
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WSB, a significant player in India's real estate investment sector, has exceeded its initial target by raising over Rs 850 crore through Fund Plus co-invest, reflecting strong investor confidence. The company's strategy focuses on partnering with reputable developers to contribute to India's real estate growth. The WSBREDF II fund has deployed most of its capital across 12 transactions, achieving two exits with a 23 percent gross IRR. Distinguished developer partners include Bollineni Group, Shapoorji Pallonji, and Jain Housing. The fund has attracted diverse investors, underscoring its appeal in the Indian residential real estate market by aiming to provide quality housing solutions and attractive returns.
SHFL, a subsidiary of Sundaram Finance, plans to venture into the affordable housing sector, targeting Tier 2 and Tier 3 towns in Tamil Nadu and Andhra Pradesh. This decision is in accordance with the government's "housing for all" initiative. The company intends to open around 10 branches in smaller towns and hire 50–75 employees exclusively for affordable housing by March 2024. With assets under management of Rs 11,200 crore and a net profit of Rs 215 crore in the last fiscal year, SHFL aims to contribute to housing accessibility while expanding its customer base.
Banks in India have approached the RBI with a proposal to include stamp duty and registration charges in the project cost when calculating home loans, potentially allowing borrowers to access larger loans. Currently, these charges are not included in the home loan amount. If approved, this could raise loan amounts for homebuyers, particularly in projects where such charges are significant. The RBI had previously directed lenders not to include these charges in the total property value to uphold the effectiveness of loan-to-value norms. This move aims to encourage affordable housing for borrowers.
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The Mumbai Metropolitan Region Development Authority (MMRDA) is set to receive a 71.04-hectare plot of land in Thane for the construction of car sheds for four metro routes. This move, approved by the state cabinet, is expected to accelerate the progress of various metro projects, including the vital Metro 4 route, which has faced delays due to the lack of a car shed. The allocation of this land is seen as a crucial step in improving Mumbai's public transportation infrastructure and connectivity across the region, benefiting commuters and easing congestion in the city.
Global asset management firm Mirae Asset has continued its strategic investments in India's logistics and industrial real estate by acquiring an income-producing warehousing property in Bhiwandi near Mumbai. Mirae Asset Investment Managers (India) made the purchase through the Mirae Asset Credit Opportunities Fund, securing a logistics facility in BGR Logistics Park spanning 11 acres with over 5 lakh sq ft of leasable space. This marks Mirae Asset's second transaction in Bhiwandi within six months, bringing its total investment in the area to over Rs 300 crore.
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A prime 13.59-acre land parcel adjacent to Visakhapatnam's RK Beach area, previously earmarked for the UAE-based LuLu Group, is set to hit the auction block. Recently transferred to the Visakhapatnam Metropolitan Region Development Authority (VMRDA), the urban development body is preparing to initiate the sale proceedings, with an expected revenue in the hundreds of crores. Originally designated for a multi-billion rupee project by LuLu Group, the land was reclaimed by the YSRCP government in 2019. With a reserve price of around ?1,452 crore, the auction is poised to attract attention due to its strategic location and road access.
In Chhattisgarh, ahead of the assembly elections, the state government has approved housing for 6,99,439 eligible beneficiaries who were on the permanent wait list of the Pradhan Mantri Awas Yojana (Gramin). The government is also implementing the Gramin Awas Nyay Yojna-Rural (GANY) to address housing needs for those excluded from the 2011 census. This initiative aims to provide durable homes, with 100% state funding allocated for construction, and a budget provision of Rs 100 crore for the fiscal year 2023-24.
The Bhubaneswar Development Authority (BDA) is shifting its focus to provide affordable housing options for economically weaker sections (EWS) and lower-income groups (LIG). Private real estate developers undertaking projects on government-owned land will now be required to allocate 10% of housing units for EWS and LIG beneficiaries at a subsidized rate of Rs 1,780 per square foot. The BDA has already allocated land for this purpose and plans to expand this initiative. Additionally, the BDA is working on housing projects for the middle-income group and comprehensive development plans for newly added villages. Their vision includes creating a New City on government-owned land for economic development.
The Telangana Real Estate Regulatory Authority (TS-RERA) has taken a significant step forward by introducing virtual hearings for complaints against builders and developers. This initiative aims to expedite the resolution process and provide convenience to complainants, regardless of their location. Within just 40 days of its establishment, TS-RERA has implemented this technology-driven approach, making it easier for individuals from around the world or those facing accessibility challenges to participate in hearings. The move emphasizes TS-RERA's commitment to leveraging technology for the benefit of the public, increasing transparency, and holding unscrupulous developers accountable.
The Kolkata Metro Rail Corporation (KMRC) has pledged to construct new homes for the residents displaced by the land subsidence incident in Bowbazar, Kolkata. The incident, which occurred during tunnelling work for the East West Metro, resulted in the collapse of multiple houses and left many residents homeless. KMRC's General Manager of Administration, A.K. Nandy, assured that construction of new structures would begin by April 2024 and estimated completion by December 2025. However, some residents remain skeptical, and the incident highlights the challenges and impact of urban infrastructure projects on local communities.
Following a collective request from 28 unit holders invested in the Gurugram-based 'Imperia Mindscape' project, the National Company Law Tribunal (NCLT) has ruled in favour of initiating insolvency proceedings against Imperia Structures. The tribunal's decision is grounded in a thorough review of financial records, revealing an outstanding debt of Rs 36.79 crore due to Imperia Structures' inability to fulfil promised assured returns. This development highlights the growing concerns surrounding the realty firm's financial obligations and underscores the urgency of addressing these issues through the insolvency process.
Nashik Municipal Corporation (NMC) has reversed its previous ban on building projects exceeding 70 meters in height. The decision, which had stirred controversy among builders, was initially made due to the unavailability of a 90-meter ladder for the fire department. With the inability of a company to fulfil the ladder order, the town planning department imposed a two-year moratorium on high-rise projects. However, NMC Commissioner Ashok Karanjkar has now directed the withdrawal of this restriction. Over the past two years, more than 100 projects over 70 meters have received approval.
Economists and property analysts, surveyed by Reuters ahead of Nationwide’s data release, predict a 4% decline in British house prices for 2023 compared to 2022, a slight increase from the 3% estimate in a previous survey. The most pessimistic forecast foresees a 10% drop. The outlook for 2024 suggests stable prices, with a modest 3% rise anticipated for 2025. This shift reflects growing concerns about the housing market’s trajectory, with factors like rising interest rates and weakening demand causing experts to revise their expectations. The housing market, once on a rapid ascent driven by the pandemic, now appears to be facing a period of adjustment.
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CIBC, the Canadian Imperial Bank of Commerce, is planning to reduce its focus on U.S. office real estate due to underperformance in that sector. The bank cited challenges in the U.S. real estate and construction sectors, along with elevated interest rates, as reasons for a significant increase in provisions for bad loans, which tripled to C$736 million ($544 million). This decision follows a trend among Canadian banks, as others like TD Bank, Bank of Montreal, Bank of Nova Scotia, and National Bank also fell short of profit expectations due to increased provisions. Concerns about an uncertain macroeconomic landscape, including elevated interest rates, inflation, and economic growth deceleration, are weighing on the sector.
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Swire Properties Group, a Hong Kong-based developer, has made headlines with a bold move to invest $1.34 billion in China. The company's strategic bid focuses on acquiring 40% stakes in two Chinese firms holding prime land assets in Shanghai's Pudong district. These coveted properties are slated for retail, office, and residential development, aligning perfectly with Swire's vision of expanding its footprint in mainland China. However, the deal is not without hurdles, as it awaits approval from Shanghai Lujiazui Finance & Trade Zone Development shareholders, a subsidiary of Shanghai Lujiazui Group.
EPACK Prefab, India's leading pre-engineering structure manufacturer, has achieved a significant milestone by successfully constructing 10 million square feet of industrial and warehouse buildings, valued at INR 700 crores. This accomplishment highlights the company's expertise and the booming potential of India's industrial warehouse sector. Sanjay Singhania, Managing Director of EPACK Prefab, attributes this growth to the "Make in India" campaign and increased manufacturing demand, particularly in tier 2 and tier 3 cities. With streamlined prefabricated structures, the company has gained projects from major players like Coca-Cola and more, facilitating rapid expansion in the retail and e-commerce sectors.
The Hubballi-Dharwad Municipal Corporation (HDMC) is taking a proactive approach to enhance revenue collection by establishing a dedicated task force and implementing a Geographic Information System (GIS) survey. This initiative aims to identify untaxed properties and bridge the gap between actual revenue and the projected budget. The decision was made during a recent general body meeting, where concerns were raised about the municipality's revenue generation efforts. The formation of a specialized task force, the auctioning of leased properties, and the use of private agencies for the GIS survey are among the strategies to bolster revenue. The HDMC is committed to optimizing resource mobilization.
Hyderabad's rental market has experienced a significant increase in rent prices in the first half of 2023, driven by a growing demand for residences near workplaces as businesses return to regular operations. Employees are seeking housing options close to their offices, particularly around tech parks and commercial areas. This shift has created a competitive housing market with a supply-demand imbalance, prompting landlords to raise rents by over 20%. About two-thirds of tenants in Hyderabad have expanded their rental budgets to adapt to the changing real estate landscape, with many desiring more spacious living arrangements. Additionally, the demand for standalone buildings has increased due to the shortage of gated communities.
Amidst unprecedented environmental challenges during this year's monsoon season, Himachal Pradesh has imposed a two-week ban on hill cutting and halted fresh construction permits, except for disaster-related rebuilding. The decision, in effect until September 16, comes as the state grapples with catastrophic landslides, erosion, and significant loss of life and property. The government's priority is safeguarding human lives, infrastructure, and the fragile ecological balance. With over 250 lives lost and massive economic losses, this move underscores Himachal Pradesh's commitment to environmental preservation and safety in the face of ongoing environmental crises.
Naiknavare Developers, known for their community-centric projects in Pune, Mumbai, and Goa, have launched "Avasa Grassland," a premium plotted development in Chakan, Pune. This project is part of the larger Dwarka Township, offering plots ranging from 1836 sq ft to 3298 sq ft. Situated amidst a thriving community with excellent amenities and infrastructure, it's strategically located near major industrial zones and business centres. Residents will also enjoy a Forest Park, and the development includes various amenities like a Senior Citizen Sitting Area, Vegetable Garden, and more. This expansion reflects Naiknavare Developers' commitment to offering diverse real estate solutions.
Haryana Chief Minister Manohar Lal Khattar has unveiled an ambitious master plan for the comprehensive development of the urban area in Faridabad. Developed in collaboration with IIT Delhi and IIT Roorkee, the plan aims to systematically improve infrastructure and public services within the Faridabad Metropolitan Development Authority's jurisdiction. Khattar emphasized the need for a corruption-free government and swift action against illegal construction and encroachments. Additionally, Khattar highlighted the importance of water conservation and celebrated the successful launch of India's solar mission Aditya-L1 by ISRO, expressing optimism for its success.
EFC (I) Limited, an integrated office infrastructure and design company in India, has expanded into the Delhi NCR region by opening a 65,000 sq. ft. managed office space in Noida's Sector 62, with an option for an additional 65,000 sq. ft. The facility will host prestigious brands like Tata Capital and Virtuous Transactional Analyst, along with EFC's own regional operations teams in a 25,000 sq. ft. office. EFC aims to tap into Delhi NCR's thriving office leasing market, with plans to significantly increase its total capacity to 60,000 seats by March 2024, as it reported strong financial performance in Q1FY24.
Bombay Dyeing, a prominent Indian textile company, is reportedly in talks to sell around 18 acres of its mill land in the prestigious Pandurang Budhkar Marg area in Worli, Mumbai, to the Japanese conglomerate Sumitomo for an estimated sum of approximately Rs. 5,000 crore. This potential transaction follows a recent public notice, issued by the law firm Wadia Ghandy on behalf of an undisclosed client, expressing interest in exploring the legal rights, ownership, and interests associated with a large land parcel owned by Bombay Dyeing and Manufacturing Co Limited. If realized, this deal could mark a significant entry or expansion into Mumbai's real estate market by Sumitomo.
Uttar Pradesh Chief Minister Yogi Adityanath has announced plans to establish colonies for flood-affected residents in embankment areas who wish to relocate to safer regions. He conducted surveys in Barabanki and Gonda districts, assuring government support and relief efforts for those affected. Additionally, he emphasized the need for a permanent solution to address recurring floods and pledged compensation for farmers whose crops were damaged.
Mangal Prabhat Lodha, the guardian minister of Mumbai's suburbs, has unveiled an ambitious plan to transform Gilbert Hill in Andheri (West) into a tourist attraction comparable to Dubai's Burj Khalifa. This geological marvel, made of black basalt rock, has faced issues like landslides and slum encroachments. Lodha's plan involves making Gilbert Hill a prominent tourist destination, drawing inspiration from the iconic Burj Khalifa. The proposal includes an elevator for easier access to the hill's temple, among other enhancements. This transformation aims to boost Mumbai's tourism sector and provide a unique attraction for both locals and visitors.
Prestige Group is embarking on a transformative venture in Hyderabad with Prestige City Hyderabad, a sprawling 64-acre mixed-use township. This ambitious project, requiring a substantial investment of Rs 5,000 crore, promises to reshape the city's urban landscape. Set for completion in four years, it anticipates a remarkable gross development value of Rs 8,000 crore. Featuring a diverse range of residential units, including villas and a massive retail mall, this development aims to cater to a wide spectrum of residents and stimulate economic growth in the region. Prestige Group's track record of excellence adds credibility to this visionary undertaking.
Whiteland Corporation, a Gurugram-based real estate developer, has announced a strategic collaboration with Shapoorji Pallonji E&C for their residential projects, The Aspen & Aspen Iconic. Located in Gurugram's sector 76, these projects encompass 3.3 million square feet of construction area and feature 11 towers ranging from 30 to 43 stories. Shapoorji Pallonji E&C, known for its construction expertise, will contribute to the projects' execution. Whiteland aims to set new standards in the real estate industry through this partnership, which has been carefully crafted to ensure the successful delivery of these prestigious developments.
The Bombay High Court has issued a notice to the Central government regarding objections raised against a residential project in Kandivali. The dispute revolves around the requirement for a No Objection Certificate (NOC) from officers at the Central Ordnance Depot (COD) for the project's approval. The petitioner argues that their project is almost 80 meters away from the defence establishment, well beyond the 10-meter restriction mentioned in the Centre's 2016 circular. They allege unequal treatment compared to other developers and claim that this violates the right to equality. The HC has set a date for a response from relevant parties, including the Defence Ministry and SRA.
The Yamuna Expressway Industrial Development Authority (YEIDA) has witnessed an overwhelming response to its residential plot scheme near the upcoming Noida International Airport. The scheme, launched on August 8, offers 1,184 plots in various sizes, and it has garnered massive interest with 1.73 lakh users registering and 1.1 lakh applications submitted. The plots are situated in Sectors 16, 17, and 20, with prices set at Rs 24,600 per square meter. YEIDA plans to allocate the plots through a draw of lots on October 18, giving preference to those who have paid the 10% earnest money deposit. This surge in interest is attributed to the rapid development of the Noida International Airport and associated infrastructure projects.
Authorities in Gandhinagar face complications as errors in the beneficiary list have emerged during the planned relocation of P&T Colony residents to a new apartment complex. At least five renters were mistakenly included among the 83 beneficiaries, prompting the need for a fresh list and potential investigations into property dynamics. Despite these challenges, the Greater Cochin Development Authority remains committed to completing the relocation within a fortnight, with substantial government funding supporting the project.
The Chief Minister of West Bengal, Mamata Banerjee, has invited the Confederation of Real Estate Developers' Associations of India (CREDAI) to take advantage of the state's new land policy, which now focuses on freehold land. She aims to facilitate property development and streamline clearance processes. Banerjee emphasized that the state has a substantial land bank, encouraging CREDAI to participate in logistics and manufacturing cluster projects, as well as affordable housing for economically weaker sections. She also urged CREDAI to take action against developers who fail to deliver on promises and suggested the possibility of blacklisting such developers.
The National Consumer Disputes Redressal Commission (NCDRC) has ordered ICICI Bank to pay Rs 25 lakh in compensation for losing a customer's original property documents deposited as collateral for a housing loan. The bank's negligence in safeguarding these documents, which were lost in transit, led to the ruling, with the NCDRC rejecting the bank's attempt to shift responsibility to a courier company. The decision highlights the importance of responsible document management by financial institutions and underscores the consequences of service lapses.
Chandigarh's municipal corporation has resolved a long-standing property tax dispute by transferring the responsibility for tax payments from shopkeepers to PU. The municipal body has recalculated the tax liability at Rs 25.22 crore, now exclusively designated for PU to settle. Previously, recovery notices were issued to shopkeepers, but they contended that they were tenants, not owners. This matter was discussed within the MC's general house, leading to the unequivocal decision that PU, as the lessee of the shops, bears the sole responsibility for property tax payment. The prolonged dispute between PU and MC has endured for months.
Mindspace Business Parks REIT, known as Mindspace REIT, has strategically acquired 2,41,694 square feet of leasable space in Chennai's Commerzone Porur, consolidating its ownership of the project and expanding its presence in the Chennai market. This acquisition, valued at Rs 181.60 crore, was accomplished through debt financing with no service fees. The property boasts contemporary architecture and serves as an attractive commercial space. Mindspace REIT now commands 100% ownership of this venture, enhancing its leasing potential and adding value to its extensive portfolio, which spans multiple business hubs in India.
Medi Assist Healthcare Services, a key player in India's healthcare sector, has initiated its IPO journey by submitting its draft red herring prospectus to SEBI. In an unconventional move, the IPO will exclusively consist of an offer-for-sale, with existing shareholders and promoters offering up to 2.80 crore equity shares. This unique structure means the company itself won't receive proceeds from the IPO. Medi Assist is a significant healthcare benefits administrator, boasting substantial market shares in both retail and group health insurance. The IPO will involve various investor categories, signalling an exciting phase in the company's evolution.
The Border Roads Organisation (BRO) is nearing completion of the Sela tunnel in Arunachal Pradesh, which will be the world's longest twin-lane tunnel above an altitude of 13,000 feet. The tunnel, part of India's infrastructure development along the China border, will significantly improve troop and weapon deployment in the strategically important Tawang region. Delays caused by cloudbursts and landslides during the rainy season are being overcome, and the tunnel is expected to be operational within four weeks. Additionally, the Nechiphu tunnel in the same region is set for inauguration soon. These projects aim to enhance India's infrastructure along the China border.
Saudi Arabia's Roshn Group is spearheading the ambitious Marafy megaproject near Jeddah, featuring an 11-kilometer navigable canal at its core. Expected to accommodate over 130,000 residents, Marafy's standout feature is the 100-meter-wide canal, set to become Saudi Arabia's first of its kind. It will offer scenic promenades and connect various residential and commercial zones. With water taxis and a direct link to King Abdulaziz International Airport, the canal aims to rival waterfronts in global cities like Chicago, Hamburg, and London. Marafy's cost and completion date remain undisclosed, but it promises to elevate Jeddah's status as a world-class destination.
In 2023, Singapore has secured its position as the third richest nation globally, boasting an impressive GDP per capita of $133,895, according to the Global Finance Richest Countries ranking. This achievement places it behind only Ireland and Luxembourg in wealth. Additionally, Singapore has retained its status as the world's leading international financial centre for the second consecutive year, surpassing Hong Kong in the Global Financial Centres Index. Often referred to as "the Switzerland of Asia," Singapore's success in attracting top-tier business owners and high-net-worth individuals has been a key driver of its economic growth, supported by initiatives like the Global Investor Programme.
Mindspace Business Parks REIT has launched a cutting-edge Bio-Sonification Zone at its Airoli West campus. Employees can now unwind to calming soundscapes generated from the rhythms of 15 diverse plant species. This innovation, a part of Mindspace's commitment to sustainable ecosystems, not only offers a unique relaxation method but has also shown to stabilize listeners' blood pressure levels. This meld of nature, technology, and well-being redefines workplace relaxation paradigms.
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The revenue department in Delhi has initiated a pilot project for digital property registration and lease agreements. The National Generic Document Registration System (NGDRS) allows users to complete initial registration steps online, reducing the need for in-person visits. The system is currently operational at two sub-registrar offices and will expand to 20 more across the city. Help desks and tutorial videos are available to assist applicants, and public feedback will be collected to improve the system. Additionally, efforts are underway to digitize old documents and integrate data on prohibited properties for verification. The NGDRS aims to enhance efficiency, transparency, and citizen convenience in property-related procedures.
In a bid to counter monsoon waterlogging, Trichy's Corporation Council proposes filling vacant sites and low-lying areas with construction debris. Mayor Mu Anbalagan called on councillors to identify such plots in their wards, with a focus on eco-friendly waste material utilisation. Initiatives also include accelerated desilting of major drains and timely road work completion under the Tamil Nadu Urban Road Infrastructure Fund (TURIF) before monsoon onset. The Council's integrated approach aims for a safer rainy season for residents.
The Bombay High Court has issued a directive to the Maharashtra Housing and Area Development Authority (MHADA) to bypass the requirement of obtaining a No Objection Certificate (NOC) from any prior developer or architect for a collapsed building in Kherwadi Bandra (East). The building, known as "Govinda Tower," collapsed 25 years ago, claiming 33 lives. Justices Gautam Patel and Kamal Khata expressed their dismay over the extended delay in addressing the matter and instructed MHADA to determine a new developer and present a proposal for reconstruction. The court emphasized the importance of the society itself selecting the developer and directed the society to be joined as a respondent. The case will reconvene on October 3 to address other related petitions seeking an investigation into the building's collapse, liability assignment, and compensation.
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Jarnail Singh Bajwa, the managing director of Bajwa Developers, has been arrested by the Crime Investigating Agency (CIA) of Mohali police on charges of allegedly cheating customers. This arrest follows a complaint by a customer who accused Bajwa of engaging in fraudulent activities related to the sale of a plot in Kharar, Punjab. The customer alleged that despite making full payment, Bajwa failed to deliver the promised plot and engaged in misleading practices. Bajwa had faced legal troubles in the past, including arrests and being declared a proclaimed offender in cheque bounce cases. Customers who have invested in Bajwa Developers' projects will be closely watching the legal proceedings.
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The Bruhat Bengaluru Mahanagara Palike (BBMP) in Bangalore is cracking down on unauthorized flex banners, particularly those outside under-construction real estate properties, as part of a broader campaign against illegal signage. During this effort, BBMP officials have filed numerous complaints and FIRs against violators, including real estate developers. While penalties for banner violations are in place, activists argue that political will is necessary to address this issue effectively. They suggest considering stricter measures, like temporarily revoking advertising rights, and exploring alternative methods such as electronic displays for advertisements to combat the persistent problem of unauthorized banners.
Tata Steel Utility and Infrastructure Services Ltd. (TSUISL) is making significant progress in providing essential infrastructure to over one lakh residents in several slums in Jamshedpur East. These initiatives include installing electricity and water connections. Local MLA Saryu Roy commended TSUISL's efforts, particularly in addressing water supply issues and upcoming tap water provisions for residents. Discussions with the company's Managing Director revealed plans for drainage system construction and drain cleaning in different areas, improving living conditions. TSUISL has also agreed to issue a no objection certificate for the construction of an elevated corridor and flyover, promising enhanced transportation infrastructure.
The Bombay High Court has criticized the Brihanmumbai Municipal Corporation (BMC) for its lack of organized oversight in the redevelopment of its properties and called for the establishment of clear guidelines or regulations to address this issue. The court's comments came during a hearing on petitions filed by former residents of a BMC-owned property, highlighting issues like non-payment of transit rent and significant delays in redevelopment. The judges emphasized the need for a structured development supervision system, similar to those used by other authorities, to ensure transparency and efficiency in BMC-owned building redevelopment projects. The court's recommendations aim to improve governance and accountability in urban development initiatives.
Dubai's iconic Deira Clock Tower, a symbol of the city since the 1960s, has undergone a stunning Dh10 million transformation. Completed by the Dubai Municipality, this project blends history with modernity, revitalizing the area with meticulous attention to detail. The Clock Tower roundabout, a significant landmark, features a magnificent new water fountain with a contemporary design, alongside structural enhancements, sustainable landscaping, and innovative lighting systems. This makeover reflects Dubai's commitment to preserving its heritage while embracing modernity, ensuring that the Clock Tower remains a cherished symbol of the city for generations to come.
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Chinese property developer China Vanke, known for its financial stability, reported a 19.4% YoY drop in net profit to 9.9 billion yuan for H1 2023 amid a market downturn. China's real estate sector, a significant part of its economy, is grappling with a debt crisis causing global market concerns. To adapt to the market slowdown, Vanke has reduced land investments, maintaining smooth financing channels through bonds and loans. It has also completed significant offshore refinancing and plans to decrease offshore debt due to rising U.S. dollar interest rates. Company chairman Yu Liang believes the market has "overcorrected" and hopes for swift government easing policies.
WeWork India has partnered with CommScope to deploy RUCKUS Wi-Fi 6 technology across nearly 50 locations in India, aiming to enhance Wi-Fi connectivity and network performance. This collaboration aligns with India's digital transformation and the growing demand for flexible workspaces, supporting the thriving start-up ecosystem and remote working trends. The deployment includes 2000 ICX switches, 5000 R650 access points, and cloud-based RUCKUS Analytics powered by AI and machine learning. This technology ensures fast, secure, and reliable connectivity, enabling WeWork India to provide an optimal workspace experience for its members while keeping up with India's evolving digital workforce.
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Mumbai's property market continues to thrive, registering over 10,000 property transactions for the third consecutive month in August 2023. Despite a 7% decline in government revenue compared to July 2023, it marked a substantial 21% increase from August 2022. Analysis of new property launches between April and June 2023 indicates a shift towards high-end and ultra-luxury segments, with properties priced above INR 2.5 crore gaining prominence. The Western Suburbs have seen a surge in new launches, thanks in part to new metro lines, while the Eastern Suburbs' share declined due to various factors. With the festive season approaching, Mumbai's property market remains positive and is expected to see increased activity in the coming months.
Arkade Developers Ltd., a burgeoning real estate player, seeks to raise Rs 430 crore through an IPO, as per its preliminary filing with SEBI. The IPO consists solely of fresh equity shares, as detailed in its Draft Red Herring Prospectus. Funds will fuel ongoing projects, future acquisitions, and corporate needs. With a stronghold in Mumbai, the company has developed 1.8 million sq. ft. of residential property and launched 1,040 residential units from 2017 to June 2023. Notable projects include Arkade Nest, Arkade Crown, and others. The firm's revenue grew at a CAGR of 26.69% from 2021 to 2023. Unistone Capital leads the IPO, set to list on both the BSE and NSE, with Bigshare Services as registrar.
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A SIT in Dehradun has exposed a complex 'white-collar syndicate' involving lawyers, government officials, and property dealers engaged in fraudulent property registrations. The estimated value of the properties involved in this fake registry scandal stands at Rs 400 crore, with the potential for even more extensive ramifications. The scam, which surfaced after a surprise visit by the Chief Minister to the registrar's office, revealed multiple forgeries in documents. The SIT is diligently investigating and has made several arrests, intending to prosecute the accused under the Gangster Act due to their organized operations. They are also examining links to past thefts of crucial land records.
TPREL has joined forces with SSMI to establish a robust 28.12-megawatt green energy plant in Maharashtra. This strategic partnership, conducted via TP Alpha Limited, represents TPREL's commitment to sustainable energy. The venture centres around a 28.125 MW AC captive solar plant in Aachegaon, Solapur district, expected to generate 61.875 million units of electricity annually for SSMI's steel manufacturing unit. The project will substantially reduce SSMI's carbon footprint by 42,534 metric tonnes a year, aligning with their green steel production goals. TPREL continues to expand its renewable energy portfolio, reaffirming its pioneering status.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) is set to introduce a pioneering grading system for real estate projects in India. Developers will receive grades based on technical, legal, financial, and general project features, offering buyers a transparent way to compare projects and make informed investments. This initiative, mandated by the Bombay High Court, aims to minimize buyer risk and enhance accountability. MahaRERA has been proactive in implementing the RERA Act 2016, including launching a counseling center, using QR codes for transparency, certifying real estate agents, and more. This innovative grading system underscores MahaRERA's commitment to enhancing the real estate sector's transparency and accountability.
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The Bombay High Court has issued directives to newly appointed Slum Rehabilitation Authority (SRA) nodal officers to ensure prompt action on complaints related to the non-payment of transit rent during the redevelopment process. These directives come in response to Public Interest Litigations (PILs) filed in 2019 regarding the non-payment of transit rent to eligible slum-dwellers, particularly in projects by Omkar Realtors and Developers Pvt Ltd. The court has mandated transparency, requiring the SRA to report on the number of complaints received and resolved. The court's intervention aims to expedite the resolution of transit rent disputes and hold relevant parties accountable, including developers and the SRA.
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The Forum For People's Collective Efforts (FPCE) has raised concerns and put forth recommendations regarding concessions to real estate developers and the revival of stalled housing projects. In a letter addressed to Union Housing and Urban Affairs Minister Hardeep Singh Puri, FPCE President Abhay Upadhyay expressed worries about certain suggestions made by the committee, which proposed changes in insolvency laws and a scheme offering subsidized interest rates to revive stalled housing units. FPCE emphasized the need for safeguards to prevent misuse of concessions, individualized project extensions, blacklisting of builders with prolonged delays, and a RERA Monitoring Committee to ensure regulatory compliance.
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A joint civil judge in Nagpur has rejected an application from Godrej Properties and a local Agrawal family, who raised concerns about the validity of a lawsuit challenging a Rs 227 crore land deal between them. The challenge is rooted in the provisions of Muslim law, specifically regarding the role of a mother as a natural guardian. While both parties contested the validity of the lawsuit, citing a limitation period, the court rejected their plea, citing principles of Muslim law as the basis for its decision. This case will continue to be heard in court, with a focus on the land deal and Muslim law considerations.
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The Indian government is set to launch an interest subsidy scheme for the urban poor and the middle class, with a focus on aiding homebuyers. Similar to the credit-linked subsidy scheme (CLSS) of the PM Awas Yojna, this initiative follows Prime Minister Narendra Modi's announcement of support for those living in rented accommodations, slums, or chawls and intending to build their own homes. The new scheme extends PM Awas Yojna's framework and broadens eligibility for interest subsidies. In addition, the government aims to deploy 10,000 electric buses in 100 cities within six months to improve urban transportation, following recent Cabinet approval.
The NMC is launching inspections of all commercial properties within its jurisdiction to ensure property tax compliance. Some commercial property owners have been avoiding tax payments by operating without civic body registration. This move aims to identify unregistered properties and increase revenue. The NMC also plans citywide property surveys to uncover underutilized properties and unauthorized construction. Currently, property tax collection begins after property owners obtain building completion certificates, but many properties operate without them. The NMC intends to extend taxation to these cases. This proactive approach enhances revenue and promotes equitable property tax compliance.
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Lenders in India have urged the RBI to double the threshold for housing loans to qualify as priority sector lending. Presently, a housing loan of Rs 35 lakh in metropolitan areas qualifies for this status, obliging banks to fulfil priority sector targets. However, bankers argue that this figure does not reflect current real estate prices. They propose raising the threshold to Rs 75 lakh for metropolitan areas and Rs 45 lakh for non-metropolitan areas. If approved, this change could significantly stimulate housing sector lending and provide a broader boost to the economy by aligning regulations with market realities.
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The Department of Town and Country Planning (DTCP) has issued a notice to Vatika Group regarding issues raised by allottees of the Vatika India Next residential project in Gurugram's Sector 82. Allottees, represented by the Senior Citizen Federation of New Gurgaon (SCFNG), have complained about a lack of zoning plans for plots allocated more than five years ago, hindering construction. They also report delays in obtaining conveyance deeds and occupation certificates for floors constructed a decade ago. Allegations include illegal booths, excessive fees, and demands for mutations. The DTCP has directed Vatika Group's MD to respond within seven days or face potential action.
The Enforcement Directorate (ED) has arrested Abhay Narendra Lodha, the promoter and managing director of a Mumbai-based steel and power company, in connection with a money laundering case linked to an alleged bank fraud. Lodha is associated with Topworth Steels and Power Private Limited (TSPPL), which is currently undergoing insolvency proceedings. The ED's investigation, stemming from a Central Bureau of Investigation (CBI) case, uncovered fraudulent activities related to IDBI Bank, resulting in a loss of Rs 63.10 crore. The agency alleges that the Topworth Group, under Lodha's control, generated illicit funds of around Rs 3,000 crore. This case exemplifies the collaborative efforts of law enforcement agencies to combat financial crimes.
Three sites in the M East ward have been approved by the Brihanmumbai Municipal Corporation (BMC) for new cemeteries, while three more have been set aside for prospective revisions to reservations in the development plan (DP). This choice comes after a Bombay High Court hearing that was brought on by a PIL that residents of Govandi filed asking for more burial space. The proposed cemeteries consist of an addition to the Rafi Nagar cemetery in Govandi, a new plot in Anik Village at Vashi Naka, and the Deonar cemetery. The BMC is putting the finishing touches on the procedures for acquiring these lands, and it intends to give landowners Transfer of Development Rights (TDR) and FSI benefits in exchange for their plots.
The inauguration of two apartment complexes in Mundamveli marks a significant step towards addressing the long-pending issue of rehabilitating 82 families residing on poramboke land in Gandhinagar, Kochi. The project, initiated as part of the Life Mission, faced multiple delays. These apartments aim to improve the living conditions of families who previously faced issues like flooding during the monsoon and lacked access to proper toilet facilities. This initiative highlights the importance of collaborative efforts between government bodies and officials to uplift marginalized communities and provide essential amenities for a better quality of life.
IOI Properties Group, led by Malaysian billionaire siblings Lee Yeow Chor and Lee Yeow Seng, is set to launch the Marina View Residences, a luxury residential tower in Singapore's Marina Bay financial district. The project, featuring 683 condominium units with a total value of $1.8 billion, is scheduled to go on sale within the company's current fiscal year ending on June 30, 2024. Despite a recent moderation in home prices in Singapore and increased stamp duty for foreign buyers, IOI Properties is pushing ahead with its expansion in the city-state, including the completion of office towers and investments in various assets.
China's leading property developer, Country Garden, grapples with a financial crisis as it battles the downturn in the country's real estate sector. The company is seeking to extend the repayment deadlines for its onshore bonds while also hiring financial advisors for potential restructuring. With 60% of its onshore bonds set to mature this year, the company's cash flow and operational stability hang in the balance. As investors await the first-half results, the real estate giant confronts immense challenges to navigate the evolving economic landscape.
91Springboard, a prominent player in India's co-working space industry, has unveiled its latest Platinum Hub in Pune's bustling Baner neighbourhood. This 32,000-square-foot facility, the company's 27th hub nationwide, marks a significant achievement in its expansion strategy. The Baner Platinum Hub, capable of accommodating over 800 members, is strategically located in Pune's business district, making it an attractive destination for businesses of all sizes. Known for its superior design, comfort, lighting, sound control, and hospitality, the hub offers an innovative concept called 'Team Rooms' to cater to businesses' specific needs. This expansion reinforces Pune's appeal for start-ups and enterprises.
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has made significant progress in assisting distressed homebuyers. Since its establishment in 2017, UP-RERA has issued recovery certificates (RCs) totalling Rs 3,105 crore in favour of 8,575 homebuyers due to developers' failure to deliver homes as promised. However, only around Rs 630.70 crore has been recovered so far, benefiting 3,421 complainants. UP-RERA introduced e-courts in 2020, helping over 20,700 cases get resolved out of 27,100 filed. The authority plans to integrate AI and ML technologies into its website to streamline complaint resolution. UP-RERA has registered over 3,470 real estate projects, with a significant number located in the NCR region.
The collapse of buildings in the Mumbai Metropolitan Region is a growing concern, leading to tragic loss of lives and injuries. Many of these incidents have been attributed to structural weaknesses, water seepage, and buildings being declared unsafe by authorities. Despite warnings and evacuation notices, some residents continue to live in such risky conditions. The local authorities, including the Brihanmumbai Municipal Corporation (BMC), have been actively trying to address this issue, issuing lists of unsafe buildings and urging residents to relocate. However, more coordinated efforts and collaboration between authorities and residents are needed to find sustainable solutions and provide alternative accommodations, especially as the city faces the challenges of the monsoon season.
The Mumbai luxury housing market has seen a remarkable surge of nearly 50% in sales, with figures jumping from ?4,524 crore in H1 2022 to ?8,817 crore in the corresponding period this year. A recent report by India Sotheby's International Realty and CRE Matrix highlights this growth and identifies Worli as a favoured luxury destination. In H1 2023, 533 units were sold, a rise from 419 units in H1 2022. Primary market sales reached 388 units worth ?8,817 crore in H1 2023 compared to 267 units worth ?4,816 crore in H1 2022. Notably, the market witnessed larger luxury apartment sales, with 63 homes sold in 2023 compared to 18 in 2018, and a surge in 2,000-4,000 sq ft apartment sales.
Mumbai-based industrial and logistics real estate developer, Prakhhyat Group, has joined forces with Morgan Stanley Real Estate Investing (MSREI) in a strategic collaboration to construct a cutting-edge Class A warehousing complex near Mumbai spanning 0.7 million sq. ft. The venture, in which MSREI will hold a 95% stake, is projected to attract an investment ranging between INR 300-350 crore. This initiative marks MSREI's inaugural foray into Mumbai's Bhiwandi sub-market. The 25-acre K Square Logistics Park will feature state-of-the-art facilities catering to diverse sectors such as e-commerce, third-party logistics, FMCG, and FMCD.
Noida Authority has granted a month-end deadline, expiring on August 31, for 14 defaulting developers to create escrow accounts in a bid to recover outstanding dues. Six developers have already complied by initiating such accounts. This initiative, enforced after 59 developers owing a combined Rs 7,000 crore were asked to establish escrow accounts two months earlier, aims to prevent funds diversion. CEO Lokesh M underlined efforts to address builder-buyer concerns and warned of recovery certificates if dues aren't cleared. Additionally, the Authority seeks to oversee the Ganga Jal project, introduce electric buses, and advance elevated road plans.
The Ghaziabad civic body is considering taking strict actions against integrated societies that violate waste management norms. They might communicate with the Ghaziabad Development Authority (GDA) to potentially revoke the completion certificates of such societies. This move highlights the seriousness of waste management regulations and the commitment to enforcing them. The potential cancellation of completion certificates serves as a deterrent to encourage integrated societies to adhere to proper waste disposal practices and contribute to a cleaner environment. About 66 Vaishali and Vasundhara societies now manage waste independently.
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The Mangaluru Urban Development Authority (Muda) has revealed that the draft of the revised master plan for Mangaluru city is expected to be completed within three months. This update was shared during a council meeting held by the Mangaluru City Corporation (MCC). The MCC Commissioner stressed the importance of transparency and collaboration, urging Muda officials to engage with corporators to ensure diverse perspectives are considered in the master plan. The meeting also addressed issues related to water scarcity and property assessments. It marked the conclusion of the current mayor's term and set the stage for upcoming mayoral elections.
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Housing prices in Turkey, particularly in the provinces of Ankara, Izmir, and Istanbul, have experienced substantial growth in the first quarter of 2023, according to the Global Housing Price Index by Knight Frank. Compared to the same period in 2022, housing prices in Turkey as a whole surged by 132.8 percent. Ankara saw the highest increase at 135.3 percent, followed by Izmir at 133 percent, and Istanbul at 127.3 percent. This growth in housing prices is accompanied by rising rent prices, which have increased significantly in recent years, posing challenges for affordability and the cost of living in the country.
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The Maharashtra government has defended the transparency of the 2022 tender process for the Dharavi slum redevelopment project, stating that no undue favour was shown to Adani Group. The government's response came in reply to a petition by Seclink Technologies Corporation challenging the project's award to Adani Properties. The government asserted that the cancellation of the old tender was justified, and the new process attracted more bidders. The government emphasized the project's importance and inclusivity in accommodating non-eligible slum tenements. The Adani Group had won the bid, prompting the legal challenge, while the government maintained the legitimacy of the new tender.
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The Department of Town and Country Planning (DTCP) in Haryana is investigating instances of architects allegedly flouting norms while issuing occupation certificates (OCs) for buildings. Architects were granted the authority to issue OCs under a self-certification policy issued in November. However, complaints arose that some architects did not follow the proper procedure of submitting files to the district town planner's office after granting OCs. The DTCP has now initiated checks on OCs issued by architects after August 1, and a list of compliant buildings will be sent to tehsildars for registration. Violations will result in show cause notices and registration holds.
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Table Space Technologies, a pioneering managed workspace provider, plans to invest Rs 1,000 crore in FY23–24 for a 4.5 million-square-foot expansion. CEO Amit Banerji reveals the company's strong growth, having added 3.2 million square feet in 2022–23 with an investment of Rs 800 crore. The innovative 'TS Suites' will offer premium pre-built offices on short-term contracts, backed by cutting-edge technology. A recent capital infusion of over $325 million aids expansion in key Indian office markets. Table Space aims to exceed 8 million square feet by 2023's end. Its robust portfolio includes clients like Google, Apple, AMD, and Mastercard.
The AMC is embarking on a sophisticated venture to digitize and enhance its property tax reassessment procedure through a specialized mobile application. Spearheaded by the Revenue Committee, this innovation aims to expedite the reassessment process, eliminate errors, and ensure meticulous property visits. Linked with Google Maps, the app operates through the registered mobile devices of assessment officers, facilitating photo uploads and real-time verification. AMC envisions concluding the entire process within 75–90 days, promising accuracy and efficiency. Additionally, the corporation plans to introduce QR code-based online property tax payments, further simplifying the taxpayer experience.
Seven Mumbai police officials, including a sub-inspector, have been suspended following a TV expose that revealed DHFL promoters, Kapil and Dheeraj Wadhawan, receiving undue privileges during their hospital visits. Currently held at Taloja prison for their involvement in a bank loan scam, the brothers were allegedly granted special treatments under the guise of medical check-ups. This incident has sparked concerns over maintaining integrity in high-profile cases.
The first quarter of FY23 saw a surge in housing prices across 42 of 50 analysed cities, as per the National Housing Bank's Residex report. Major cities like Ahmedabad, Chennai, and Hyderabad experienced notable growth, with a consistent upward trend observed since June 2021. Though some cities, such as Indore, faced a contraction, the prevailing rise indicates a healthy real estate market, providing optimism for homeowners and financiers. The increase, attributed in part to rising construction costs, underscores sustained property demand in India.
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Haryana's Chief Minister, Manohar Lal Khattar, has announced that every village in the state is now free from "Lal Dora" areas. The initiative, launched by the government in December 2019, aimed to establish definite property ownership in rural areas using drone technology to map land plots and provide households with a 'Record of Rights.' This initiative has resulted in the issuance of legal ownership cards. Over 2.5 million property cards have been completed in 6,260 villages, with over 2.4 million cards distributed to their rightful owners. This move eliminates the longstanding "Lal Dora" designation, ensuring property owners have official records and access to bank loans.
A tragic fire outbreak at the Galaxy Hotel near Mumbai's Chhatrapati Shivaji Maharaj International Airport has claimed the lives of three individuals and left two others injured. The victims were passengers in transit, and the fire occurred due to a suspected short circuit. The hotel lacked integrated firefighting systems, and the presence of combustible materials intensified the flames. This incident underscores the critical importance of stringent fire safety measures, especially in older establishments. It serves as a sombre reminder of the need for comprehensive fire safety regulations and their strict implementation to prevent such tragedies in the future.
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The Nashik Municipal Corporation is responding to concerns regarding buildings constructed within the Godavari River's blue line areas. The blue line demarcates a boundary aimed at preventing flooding and water-related issues. Unauthorized construction within this zone can disrupt natural river flow, leading to flooding during heavy rains. To address this, the municipal corporation is identifying such buildings and is likely to take actions like relocation and demolition to ensure the city's safety and sustainability. This directive underscores the importance of adhering to regulations for well-planned urban development and environmental protection. It also emphasizes the need to prioritize safety and environmental safeguards in urban expansion efforts.
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Aparna Constructions and Estates Private Limited, a leading real estate developer in South India, has launched Aparna Synergy, a luxurious gated community in Hyderabad. The community spans 27.5 acres and offers 3345 high-end apartments with 2, 2.5, and 3-BHK layouts. Situated in Gandi Maisamma, the project combines natural landscapes with modern living spaces and offers exceptional connectivity to key areas of Hyderabad. The project features 24-hour power backup, security, water supply, and a range of amenities. Aparna Constructions' commitment to quality, sustainability, and customer satisfaction is reflected in this project, addressing the demand for upscale residential properties in Hyderabad.
In a transformative move, 315Work Avenue has secured a substantial 1.62 lakh square feet of office space in Pune's Raheja Woods through a five-year lease, expanding their total tower footprint to 2 lakh square feet. With escalating rentals and strategic expansion plans, this pioneering coworking provider showcases Pune's significance as they manage 2 million square feet across prime Indian locations. The firm's upfront deposit of Rs 4 crore emphasizes commitment. This comes amid India's surging flexible office space market, which has grown by 75 percent post-pandemic to 53 million square feet, with flexible providers capitalizing on the evolving hybrid work model.
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Aggrieved homebuyers of the Kharavela Enclave housing project by the Odisha State Housing Board (OSHB) staged a protest outside the OSHB office, demanding the immediate handover of the purchased residences. Despite full payment for their flats, the buyers have faced years of delay in possession, extending far beyond the original completion timeline. Around 100 allottees participated in the demonstration, expressing frustration over the lack of resolution despite attempts to engage with the housing board and even lodging a formal complaint with the Chief Minister. The situation highlights the importance of timely execution in real estate projects to prevent such issues in the future.
Odisha Chief Minister Naveen Patnaik distributed land rights certificates to 65,000 families in urban slums across five cities, aiming to empower vulnerable communities and improve living conditions. The initiative, part of the 'Jaga Mission,' grants property ownership and basic amenities to uplift slum dwellers. While criticized by opposition parties for political motives, the program signifies a substantial stride towards inclusive development and stability.
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Residents of the Omaxe housing society in New Chandigarh held a massive protest, highlighting grievances such as inadequate power backup, subpar facilities, and lack of response from the developer, Omaxe. The residents have taken legal action against both Omaxe and the Punjab State Power Corporation for electricity supply issues. Concerns also extend to non-functional lifts, water scarcity, and property-related complications.
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During the first four months of the fiscal year 2023-24, the Indian Railways has exceeded the milestone of one lakh crore rupees in investment for ongoing infrastructure and safety projects. This rapid progress is a first for the Railways, with nearly 40% of the gross budgetary support for the year already utilized. The investments encompass various crucial areas, including network expansion, electrification, safety measures, and passenger experience enhancement.
The reconstruction of Mumbai's Gokhale Bridge has faced a setback as the BMC's bridges department seeks the demolition of 13 structures on the Andheri East side to accommodate a crane necessary for assembling the bridge girder. While the structures hinder construction, concerns arise due to monsoon-related court orders preventing demolitions and evictions. The contractor requires more space to manoeuvre the crane, but only nine encroached structures can be demolished in October post-monsoon. The bridge, previously marred by delays, must meet a deadline for one side's completion by October. The project reflects challenges in urban infrastructure development amidst regulatory constraints.
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Under the Pradhan Mantri Awas Yojana- Gramin (PMAY-G) scheme, Punjab's rural development and panchayats department has sanctioned 40,326 houses. Minister Laljit Singh Bhullar reported that 34,784 houses have already been allotted to needy families, while Rs 21.23 crore was released for constructing the remaining 5,559 houses, with completion expected by December. The disbursement includes Rs 30,000, Rs 72,000, and Rs 18,000 instalments for different beneficiaries. The initiative not only aims to provide pucca houses but also ensures essential amenities, electricity, water, gas, and employment opportunities under MGNREGA, alongside provisions for animals and environmental sustainability.
Union Living unveils Varsity, a premium student housing in Mumbai's prime Santacruz-Juhu area, boasting a swift 90% occupancy rate post-launch. Besides offering 221 beds with modern amenities, Varsity fosters a unique sense of community through curated workshops and a mind-enhancing app subscription. Located near top educational and medical facilities, Varsity blends luxury with affordability, catering to various housing preferences. Founded in 2020 by Parth Soni and Rishabh Soni, Union Living is revolutionizing student accommodations, with ambitious expansion plans in the pipeline.
Shriram Housing Finance Limited (SHFL) and the International Finance Corporation (IFC) have announced a collaboration to introduce a green housing finance solution for self-built homes. Harnessing IFC's Excellence in Design for Greater Efficiency (EDGE) certification, the partnership aims to promote eco-friendly construction in the affordable housing sector. The initiative, funded by the European Union, anticipates a potential $1.4 trillion green housing market by 2030, emphasizing India's commitment to sustainable urbanization.
PropTechBuzz has unveiled a ground breaking platform for the Proptech industry, aiming to globally connect and inspire. This innovative solution addresses challenges faced by Proptech companies, offering them worldwide visibility and scalability. With a focus on empowering smaller enterprises, PropTechBuzz fosters collaboration and innovation. The platform's features include a launch feed for product introductions, community engagement, product spotlights, reviews, forums, and educational resources. PropTechBuzz's early adoption in India and the Middle East showcases its potential to level the playing field and transform Proptech, fuelling growth and progress in a dynamic industry.
Gujarat's inaugural privately-owned public Hospitality and Convention Centre, named "The World," is set to open its doors, coinciding with Prime Minister Narendra Modi's birthday. Developed by Hindva Group, the centre signifies Surat's evolution into a thriving hub for hospitality, business, and culture. This innovative project offers high-end facilities, including furnished apartment rooms, meeting spaces, and a co-work area. The centre aims to address the shortage of hospitality space and foster national and global connections. Hindva Group's visionary approach, FinTech initiatives, and expansion into IT and hospitality exemplify their commitment to innovation and excellence.
Self-redevelopment is becoming a popular choice among housing societies in Maharashtra, especially in Mumbai, where many old and dilapidated buildings are in need of restoration. Approximately 580 housing societies are moving toward self-redevelopment, where residents take charge of revamping their societies instead of relying on developers. This approach offers greater control, mitigates delays, and ensures proper fund utilization. The Maharashtra government has recognized this trend and introduced policies to streamline the process, including faster approvals within three months and tax benefits. This initiative aims to empower housing societies to improve their infrastructure and provide a better living experience for residents.
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The Pune Municipal Corporation is considering extending its gunthewari regularization scheme by three months due to a lacklustre response. Since its reintroduction last year, only 21 out of 856 proposals have been approved, with high costs and complex processes deterring property owners. The scheme aims to regularize unauthorized subdivisions of privately owned land, but limited geographic applicability and documentation hurdles have hindered its success.
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The NCLT's Kolkata bench has made a significant decision in real estate, granting authority to flat buyers to revive an abandoned project by three developers near Baruipur. These buyers, left with financial losses from unfulfilled promises, filed a petition with the NCLT. The case involved substantial amounts, exacerbated by Supreme Court's 8% interest rate directive. After a meticulous process involving expression of interest, three resolution plans, and evaluations, the proposal from Baruipur Bloomfield Project was approved. This plan involves gathering outstanding payments from plot buyers, leveraging surplus land assets, and prudent fund utilization for project completion.
The Noida and Greater Noida authorities have announced a comprehensive six-point plan to resolve delays in housing projects and recover outstanding dues. Key measures include cancelling inactive project allotments and integrating co-developers to complete viable stalled projects. With builders owing over Rs 41,000 crore collectively to both regions, the new strategy also offers flexibility in payments and innovative solutions for projects nearing completion but hindered by liabilities. These actions were derived from discussions during the chief minister's recent Noida visit and a central government committee's recommendations.
Two senior citizens have appealed to the Bombay High Court to take action against those encroaching upon refuge areas in Kingston Tower, Mumbai, and restore them to their approved plans. The building, constructed under a SRA scheme, received an Occupancy Certificate up to the 26th floor in April 2013. Subsequently, violations emerged as flats were sold above this level, incorporating refuge areas into higher floors and blocking access to common terraces. Despite reporting violations to the BMC and the fire officer, no action was taken. The High Court directed BMC to address the complaint within two weeks, underscoring the importance of adhering to plans and safety regulations in construction projects. This intervention highlights the commitment to safety in the face of unforeseen events.
Avadi Municipal Corporation in Chennai has introduced QR code-enabled identity cards for residents to streamline property tax collection and address grievances efficiently. These plastic cards feature a QR code and property ID, allowing residents to scan and use it for property tax payment, accessing services, and reporting issues like garbage or water supply concerns. Around 11,000 cards have been distributed among the 87,000 assessed properties. This initiative aims to enhance citizen services through QR codes, simplifying tax payment processes and reducing the need for physical visits to government offices. However, residents have reported a lack of awareness about its functionalities.
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Eqaro Guarantees has joined forces with Maxemo Capital, an NBFC-ND firm specializing in customized MSME loans and working capital financing, marking a transformative moment in India's co-living sector. This partnership enables small co-living operators to access short-term liquidity through advanced capital against rent receivables backed by guarantees. Collateral-free loans are also extended, boosting operators' expansion efforts. The innovative alliance aims to bridge the credit gap in the co-living landscape, redefining growth prospects and financial stability while empowering underserved segments. This strategic synergy propels the co-living industry into a new era of agility and success.
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The Pune Municipal Corporation (PMC) has made significant progress in waste management by removing 2.34 lakh metric tonnes of construction and demolition debris using its dedicated transport service this year. This effort prevents improper disposal of debris in public spaces and riverbeds, with a focus on environmental preservation. Civic activists commend this initiative and call for stricter measures against illegal dumping, urging the PMC to expand the service and establish specialized disposal centres.
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The completion of Goa's Coastal Zone Management Plan (CZMP) by October is crucial for the future of development projects along its picturesque coastal belt. Failure to meet this deadline could lead to a halt in considering new projects seeking Coastal Regulation Zone (CRZ) clearance, both private and public. The National Coastal Zone Management Authority (NCZMA) has set a two-month window for coastal states and union territories to align their CZMPs with the 2019 CRZ notification. Goa's state government, however, aims to have its CZMP ready by November, raising concerns about meeting the Union government's deadline. The completion of CZMPs is essential for regulating future coastal projects according to updated guidelines.
Madhya Pradesh Industrial Development Corporation (MPIDC) is embarking on a significant initiative to establish an industrial-residential township across 2,200+ hectares in Pithampur Sector-7, Indore district. The three-phase plan includes land acquisition, compensations, and construction. Rs 80 crore disbursed for 400 hectares of private land acquisition. The township will have industrial and residential zones, accommodating laborers. With a 2–3 year completion timeline, the project aims to set a benchmark for industrial development, featuring modern amenities and catering to both industrial and residential needs.
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Housing.com, a prominent player in the Indian PropTech space, has partnered with international Insurtech leader BOXX to introduce 'Cyber Protect,' a digital security plan for homebuyers. In response to a concerning 18% rise in cyber-attacks in India during Q1 2023, the plan offers comprehensive protection against digital fraud and scams. With support from Bajaj Allianz General Insurance, customers can acquire this safeguard for an affordable monthly premium of INR 199. The partnership emphasizes Housing.com's commitment to simplifying housing processes while prioritizing customer data safety and well-being in an increasingly digital world. The collaboration reflects Housing.com's dedication to offering seamless and secure experiences to its users.
Inverclyde, Scotland, offers the UK's most affordable housing, at 2.9 times the average earnings, while Westminster and City of London top the expensive list, reaching 16 times. House prices in London's priciest areas stand at £915,000, compared to Inverclyde's £134,000. Portsmouth provides value at 5.2 times earnings, while Mole Valley hits 13.2. Barking and Dagenham is London's least expensive, with prices 5.4 times earnings. West Midlands residents choose between Cotswolds (11.1 times) and Stoke-on-Trent (3.9). In Yorkshire, Hull offers affordability at 3.3 times, with Harrogate at 9.6 times, emphasizing regional disparities in housing costs.
Hawelia Group, a Delhi-NCR-based real estate developer, is seeking approval from the Uttar Pradesh government to act as a co-developer for the completion of the stalled Shri Radha Sky Garden housing project in Greater Noida. The project, launched in 2011, has faced delays, prompting Hawelia Group to invest approximately Rs 750 crore to finalize it. The group has partnered with the current promoter, SJP Infracon, and plans to complete the 22-acre project with around 2,800 apartments, 800 of which are already sold. This move aligns with the proposed co-developer policy by the UP state government and Noida authorities, aiming to expedite stalled projects and restore confidence among homebuyers.
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Morgan Stanley Advantage Services has extended its lease for 136,000 square feet of commercial office space in Bengaluru's Ecoworld. The property, leased from RMZ Corp. for 120 months, includes a 15 percent rent escalation every three years. The lease, signed with Artiga Ecoworld Infrastructure, requires a security deposit of Rs 9.4 crore. Additionally, Morgan Stanley plans to relocate its India headquarters to an 86,000-square-foot office space in Mumbai's Altimus Worli. Amidst a 12 percent YoY absorption dip in H1 2023, India saw a 12 percent QoQ office leasing increase. RMZ Corp. had earlier sold 12.5 million square feet of assets to Brookfield for $2 billion.
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Two government-owned plots of land in Nagpur have been encroached upon by private parties who built structures without proper permits. The Nagpur Improvement Trust issued demolition notices for these unauthorized constructions in the Dwarkapuri Cooperative Housing Society. The plots were originally designated for the Inner Ring Road. Although the private parties obtained a status quo order from the Minister of State for Urban Development, the removal of these encroachments is necessary for the construction of the Inner Ring Road. Society members have raised concerns about officials protecting illegal activities and have appealed for government intervention. A Public Interest Litigation has been filed to challenge regularization permits under the Gunthewari Act for these plots. The completion of the Inner Ring Road will greatly benefit citizens as part of the National Highway system.
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In September last year, Maharashtra pioneered e-registrations for primary property sales, utilizing blockchain for document security and verification. A self-help portal aided buyers and developers, streamlining the process. Maharashtra's move follows its successful implementation of e-registrations for rental agreements in 2014. With nearly 9,000 documents registered online within a year and around 300 developers adopting e-registration, the convenience and efficiency have been embraced. This method allows buyers to complete registrations and stamp duty payments online, reducing foot traffic at registration offices. Positive reception from buyers and developer bodies showcases the potential to transform property registration, benefiting the real estate sector and homeowners.
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