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• A residential flat spanning 1,192 square feet on the 14th floor sold in Fortune Avirahi in Borivali West for INR 3.1cr <br>• A residential flat spanning 1,192 square feet sold in Meher Apartment in Altamount Road for INR 8.75cr
The Mumbai Repairs and Reconstruction Board (MRRB) has taken action against Satra Property Developers and Firstwave Developers, who are managing the redevelopment of Mahavir Building complex in Matunga. The MRRB issued a stop-work notice after the builders failed to settle outstanding rent payments to original occupants, consisting of more than 200 shopkeepers and tenants, despite a prior order to do so. Consequently, the MRRB revoked the No Objection Certificate (NOC) for the project and halted construction activities related to the property's sale component. The project is one of the largest redevelopment projects in Mumbai and aims to redevelop an area of 5560 sq.m. in Matunga East.
Shravan Kumar Chaudhary, director of Gujara Construction Pvt Ltd, was arrested at Delhi's airport over a fraudulent property deal involving over Rs 2.3 crore. The victim, Sushil Kumar of Noida, filed a complaint alleging Chaudhary duped him in a fraudulent property transaction. Chaudhary had claimed ownership of a seven-story building in Harola village, Sector 5, and promised to sell half of it for Rs. 9.50 crores. The real owner was later identified as the Noida Authority. Chaudhary is now in police custody.
The Prestige Group is embarking on a range of real estate projects across India, with a notable focus on luxury housing in Central Delhi in collaboration with TDI. They are actively seeking additional land in Delhi-NCR for more housing projects. In Aerocity, a significant commercial project featuring two large hotels is in progress, set to be completed by 2025-26. The group is also partnering with ACE Group for a mid-income housing project in Noida's Sector 150, with pending approvals related to a sports city. In Goa, the Prestige Group is working on the Prestige Ocean Towers and planning a hotel project in Morjim. Their diversification strategy spans various segments, including senior living, warehousing, retail, and office spaces, with a strong focus on the Indian market.
The Bombay High Court has criticized the BMC for inaction and permitted a tenants association to seek permission for the reconstruction of a demolished building. Chandralok building on Aarey Road, Pahadi village, was constructed in 1965. It was dubbed a C-1 category dangerous building by the BMC in 2014. In July 2019, the 103 tenants vacated the building and it was demolished. The owner - who is also lessee of the land - failed to take steps for reconstruction or redevelopment or provide alternative accommodation. The HC noted the obligation of the BMC to act when there is no owner-led proposal and upheld tenants' statutory right to reconstruction.
The Yamuna Expressway Industrial Development Authority (YEIDA) plans to launch a new residential plot scheme in January-February 2024 following the success of a recent scheme. The new scheme will offer over 2,000 residential plots near the upcoming Noida International Airport. While the exact sectors for these plots are yet to be finalized, the move comes in response to strong demand for residential plots in the region. A recent draw for 1,184 plots saw a remarkable 1.4 lakh applicants, indicating a robust demand for affordable housing options. The land acquisition process is underway, and the scheme is expected to be launched early next year, supporting housing and infrastructure development in the area.
The Ghaziabad Development Authority (GDA) has introduced an online platform to facilitate the sale of 1,629 units across various housing schemes, making property purchases more accessible. The units span a wide range, from affordable 1BHK and 2BHK apartments in Koyal Enclave and Indraprastha, to premium 2BHK, 3BHK, and 3BHK with a study in Madhuban Bapudham Pocket C. There are also 19 affordable MIG flats in Madhuban Bapudham Pocket B. Prices vary from Rs 10.8 lakh to Rs 69.4 lakh. Prospective buyers can reserve units by paying 10% of the flat’s cost online and can spread the remaining amount over 12 instalments within three years.
Embassy Office Parks REIT reported notable achievements in Q2 FY2024, leasing 2 million square feet of office space across 25 deals, resulting in a 4 percent revenue growth to Rs 889 crore. The diverse nature of these deals, with 1.2 million square feet from new leases and seven large deals over 1 lakh square feet, highlights the REIT's strong market position. Bengaluru and Mumbai drove 90 percent of leasing activity, while Embassy 247 in Mumbai achieved full occupancy. Infrastructure development included a 1 million square feet office tower in Bengaluru. The hospitality segment thrived with a 52 percent occupancy rate, 24 percent ADR growth, and an EBITDA of Rs 37 crores. The leasing pipeline for the full year is promising, leading to a revised FY2024 leasing guidance of 6.5 million square feet.
The Bank of New York Mellon Corporation (BNY Mellon), a prominent American investment banking services company, has expanded its presence in Pune, India, by leasing over 162,000 square feet of flexible workspace in Raheja Woods through a partnership with leading co-working provider 315Work Avenue. Situated in Pune's bustling Kalyani Nagar commercial hub, BNY Mellon now occupies five entire floors in this strategic location. This expansion is part of BNY Mellon's ongoing efforts to grow its presence in India, including a recent lease for a million square feet in Pune's Kharadi locality. With roots dating back to 1983 in Mumbai, BNY Mellon continues to enhance its operations across multiple Indian cities, serving its expanding client base.
Bengaluru's luxury real estate market is experiencing unprecedented demand, driven by high-net-worth individuals and start-up founders seeking opulent residences for tax-saving benefits. Exclusive properties like Adarsh Palm Retreat and Radical Rhapsody are highly sought after, resulting in surging property prices. The resale luxury home market is also flourishing, fuelled by employees cashing in their ESOPs. With the introduction of a capital gains deduction limit, HNIs are investing in luxury properties, and the future looks bright as India's population of wealthy individuals is predicted to grow significantly.
In order to reduce total debt while taking on new projects, Macrotech Developers has obtained Rs 650 crore from Standard Chartered Bank and Deutsche Bank to refinance expensive debt. The money was given out as non-convertible debentures (NCDs) with different interest rates and terms. The corporation wants to lower its net debt after making significant cuts since 2021. The company's rating was raised by Crisil, a sign that a plan to lower gross debt in fiscal 2024 is in place. This action demonstrates Macrotech Developers' deliberate attempt to streamline its debt and improve its financial structure in the midst of continuous operational growth.
Indian Bank has announced the winding up of its subsidiary, Ind Bank Housing Ltd, after the Reserve Bank of India (RBI) cancelled the certificate of registration (CoR) for the Housing Finance Company (HFC). The subsidiary, which had been non-operational for the past two decades, faced ongoing challenges, including mounting non-performing assets (NPAs). Indian Bank's Managing Director and CEO, S L Jain, emphasized that the decision to wind up the subsidiary is final, as the bank has entered the housing loan market itself, rendering the subsidiary redundant. Despite challenges, Indian Bank has reported strong financial results, including substantial growth in net profit and advances, and effective NPA management through recoveries from corporate clients.
The Panvel Municipal Corporation is proactively addressing property tax defaulters, serving pre-seizure notices to 750 individuals. These include owners of 100 industrial, 301 residential, and 349 commercial properties. The corporation has recorded its highest-ever property tax collection of Rs 200 crore in a six-month period. To encourage compliance, a 2% discount is offered for online payments via the 'PMCTAX APP.' Deputy Municipal Commissioner Ganesh Shete emphasizes including the property ID in property transactions. Teams responsible for issuing notices to high defaulters will be expanded, and the Superintendent of Taxes will lead a mobile number update initiative for seamless property tax transactions.
Two government offices in Nashik, including a central government establishment, have made headlines by clearing their property tax arrears, amounting to Rs 4.2 crore, owed to the Nashik Municipal Corporation. This follows the NMC's proactive campaign to prompt government offices to settle their property tax dues, as a collective Rs 20 crore in unpaid taxes looms over approximately 60 state and central government offices. One central government office opted for a service charge agreement, contributing Rs 1.7 crore to resolve their tax dues, while another office on Nashik Road, delinquent for nine years, paid an impressive Rs 2.5 crore in property tax. The NMC's pursuit of service charges from central government establishments aims to meet its property tax target of Rs 210 crore by year-end, and the engagement continues with various government offices to expedite tax settlements.
The Indian hotel sector is on track for a double-digit revenue growth in FY24 powered by robust domestic and international tourism, states a recent report by ICRA Limited. The growth got a boost from global events like the G20 Summit and ICC World Cup 2023 held in India. ICRA anticipates a 70-72% occupancy rate in premium hotels across India in FY24, with average room rates expected to hover around Rs 6,000 to Rs 6,200. The report highlights improved infrastructure, enhanced air connectivity, and a rise in MICE (Meetings, Incentives, Conferences, and Exhibitions) events as key drivers behind this optimistic outlook, indicating a resilient rebound for the industry post-pandemic.
The Navi Mumbai Municipal Corporation (NMMC) has been releasing 37 million litres of untreated sewage daily into Thane creek due to the shutdown of its sewage treatment plant (STP) amid a land dispute with CIDCO. The landowner claimed that he had not received compensation for the land acquired by CIDCO, leading to the dispute. The release of untreated sewage violates a Supreme Court order and could incur penalties from the National Green Tribunal. NatConnect Foundation, an NGO, raised concerns about this issue, emphasizing the threat to marine life and biodiversity in the creek. The NMMC is working to resolve the matter and reopen the STP. Swift action is essential to mitigate the ecological and public health risks posed by the untreated sewage discharge into the creek.
The Municipal Corporation of Delhi (MCD) is taking determined steps to address pollution and enforce environmental standards. Over a two-week period, they issued 24 challans with fines totalling Rs 8.2 lakh for violations related to construction and demolition guidelines. The MCD has deployed 511 surveillance teams to monitor environmental concerns, including open burning, illegal construction, waste dumping, and road dust. They've stationed anti-smog guns at high-rise buildings, landfills, and hotspot areas to combat air and dust pollution. The MCD's efforts are aimed at ensuring environmental compliance, especially in anticipation of the upcoming winter smog and pollution.
California grapples with a severe housing crisis, marked by a scarcity of affordable housing options and a substantial homeless population. Governor Gavin Newsom has responded by signing more than 50 housing-related bills, with SB 4, known as "Yes in God’s Backyard," drawing significant attention. This legislation streamlines the process for non-profit colleges, universities, and faith-based organizations to construct affordable housing on their existing land, allowing them to bypass certain environmental regulations and permitting requirements. UC Berkeley's Terner Centre for Housing Innovation has identified over 170,000 acres of underused land, presenting a significant opportunity to address housing needs, particularly for low-income and homeless individuals, through religious institutions and mission-driven organizations.
Chinese developer Country Garden Holdings Co has defaulted on a dollar bond and it has been declared for the first time. Trustee Citicorp International Ltd declared the default after the company failed to pay $15.4 millions of dollar bond interest within the grace period. This default, affecting one of China's largest developers, raises concerns about the nation's economy as the property market constitutes about 20% of its GDP. The firm has yet to officially default on any onshore bonds. Country Garden's default highlights the challenges faced by China's property sector and emphasises broader concerns in the global financial market. Experts are closely monitoring the situation for potential global economic implications.
CIDCO's 'Maha Nivas' housing scheme offers luxurious apartments to Maharashtra's legislators, judges, and bureaucrats at a fraction of the market rate, with price at about Rs. 19,500 per sqft, significantly lower than the area's market price of Rs. 30,000 to Rs. 60,000 per sqft. The scheme is part of a government initiative for specific VIPs and CIDCO is entrusted to construct and allocate the apartments on a lottery basis. It is designed by renowned architect Hafeez Contractor and encompasses 350 apartments on Palm Beach Road with carpet areas of 1270 sq ft and 1800 sq ft. CIDCO is welcoming applications till November 12 and has received 270 applications so far. While some praise the initiative, concerns have been raised within the real estate community about the pricing disparities and eligibility criteria.
Macrotech, a developer in Mumbai, has secured a Bombay High Court directive for a 50% premium rebate on the development of the Bradbury Mills plot in Byculla. The court determined that if a party or developer couldn't pay the premium due to reasons beyond their control, such as issues with the planning authority (BMC in this case), they should not be disqualified from the rebate scheme. The scheme, established to revitalize economic growth post-COVID-19, required applications to be submitted by December 31, 2021. The court upheld the developer's right to the rebate, emphasizing that they were not at fault for the delay due to BMC's misclassification of their application.
• A residential flat spanning 1,352 square feet on the 19th floor sold in One Marina in Marine Lines for INR 5.7cr <br>• A residential flat spanning 456 square feet on the 3rd floor sold in The Oasis in Belapur for INR 1.18cr
Kosmos Developers and West Avenue Realty have unveiled Eirene, an 18-storey luxury residential project in Dadar, Mumbai. The project features spacious 800 sq.ft. two-bedroom apartments, with opulent sea-view options on higher floors. Notable for its easy accessibility to key locations in Mumbai, Eirene is within walking distance of Dadar railway station and boasts proximity to landmarks like Siddhivinayak Mandir and Shivaji Park. The Bhoomi Pujan ceremony, attended by dignitaries including Deputy Chief Minister Devendra Fadnavis, marked the project's launch. Both developers expressed their commitment to delivering high-end luxury residences at affordable prices to meet market demand for modern smart living.
Roop Bansal, a promoter in the M3M group, has filed an anticipatory bail application in response to a corruption case he was implicated in earlier this year. The case involves Bansal, former CBI judge Sudhir Parmar, and Parmar's nephew, Ajay Singh Parmar, all held in Ambala jail for distinct legal issues instigated by the enforcement directorate. Bansal's legal woes began with his arrest in a 2021 money laundering case involving Ireo Realty Group's Lalit Goyal. His defence argues the case lacks credible evidence, mainly relying on WhatsApp messages and intercepted conversations. They challenge investigative procedures and emphasize the need for preliminary investigations, supported by legal precedents. This case remains a complex and high-profile legal battle with an upcoming bail application that has garnered significant attention and controversy.
In a pivotal ruling, the Bombay High Court reaffirmed the right of tenants in cessed buildings to receive 405 sq ft of carpet area for their rehabilitation flats. This decision came as a result of a writ petition filed by 59 residents of Mohamed Taibhai Chawl in Worli, contesting a developer's attempt to provide them with only 351 sq ft of carpet area under Section 33(7) of the Development Control and Promotion Regulations (DCPR) 2034. Armed with building plans obtained through the RTI Act, the residents argued for larger rehab flats, more parking space, and increased amenity open space.
The High Court of Bombay at Goa has taken a decisive stance against illegal construction in ecologically sensitive No Development Zones (NDZ). In a case involving a four-storeyed hotel built near the seashore without any necessary permissions, the court has ordered the structure's immediate sealing. The judgment emphasises the need for strict enforcement of environmental regulations and highlights the alarming prevalence of such illegal constructions near shorelines. This resolute action serves as a warning to potential violators and underscores the importance of protecting the environment and upholding regulatory compliance.
Almost 100 days after its launch, the Delhi Development Authority (DDA) has successfully sold nearly 2,300 flats. The housing scheme, which began on a 'first-come, first-served' basis in June, offered 5,600 flats in various configurations across Jasola, Rohini, Dwarka, Lok Nayak Puram, Narela, and Siraspur areas. 2BHK units in Dwarka, priced between Rs 1 crore and Rs 1.2 crore, were quickly snapped up. The surge in sales was attributed to measures like allowing the combination of two flats and physical property visits before purchase.
Justice Subodh Abhyankar of the Madhya Pradesh High Court has issued a directive to the Madhya Pradesh Housing and Infrastructure Development Board (MPHIDB), instructing them to settle their outstanding dues totalling Rs 435 crore. The court ordered the board to make the entire payment within a strict two-week timeframe upon receiving the certified copy of the order. Additionally, the order stipulates that the MPHIDB should transfer a sum of Rs 6.54 crore directly to a labour union as part of a settlement agreement. This legal action marks the end of a long standing dispute over a land where Hukumchand mills stood.
Antriksh NRI City, a Haridwar-based developer, has been ordered by the Uttarakhand state consumer commission to repay Rs 3 lakh plus 6% interest to petitioner Vikas Malik. Malik had initially paid Rs 6.4 lakh as part payment for a Rs 34 lakh plot but later wished to cancel the deal. The developer argued that the COVID-19 pandemic prevented the refund, a stance the commission rejected. They ruled in favour of Malik, emphasizing that banks and government institutions were operational during the pandemic, rendering the developer's excuse insufficient. In addition to the refund, the developer was directed to pay Rs 10,000 in litigation charges. This case underscores the importance of upholding contractual agreements even during unforeseen circumstances.
Alta Capital has secured a significant deal in India's largest student housing transaction by acquiring a 100 percent stake in Good Host Spaces for $320 million, marking the complete exit of Goldman Sachs and Warburg Pincus. Good Host Spaces operates purpose-built on-campus student housing assets at key universities. Founded in 2017, it manages an operational portfolio of around 25,000 beds across five cities, with plans for further expansion. The company partners with universities to offer specialized accommodations, enabling institutions to monetize non-core housing assets. The strong investor appetite for Indian real estate and the student housing sector is evident in this transaction.
Infibeam Projects Management, a subsidiary of Infibeam Avenues, has acquired a partially constructed Sintex Group corporate house near Vaishnodevi Circle in Ahmedabad for a reported sum of Rs 90–100 crore. The property spans 7,000 square metres with 4.20 lakh square feet of built-up area. Infibeam intends to transform it into a commercial space tailored for start-ups and IT companies. Vaishnodevi Circle is becoming a burgeoning corporate hub, drawing prominent companies to the area. Infibeam Avenues established Infibeam Projects Management to provide workspaces for fintech start-ups and IT firms, aligning with the growing appeal of Ahmedabad's cost-effective and talented IT workforce.
During the nine-day Navratri festival from October 15 to October 23, 2023, Mumbai witnessed a remarkable 37.4% year-on-year increase in property registrations. Knight Frank India, a prominent real estate consultancy firm, reported that 4,594 units were registered, up from 3,343 units in Navratri 2022. This surge generated a revenue of Rs 435 crore for the state exchequer. The daily average registration rate rose from 371 units in 2022 to 510 units in 2023. The surge was attributed to improved buyer confidence, stable interest rates, and a growing interest in larger homes.
The government of Maharashtra is actively tackling the issue of high premiums on real estate development projects in Mumbai, with plans to reduce them by 50%. This move aims to make Mumbai more affordable for homebuyers and businesses. It has garnered support from real estate developers and industry representatives. The reduction in premiums is expected to ease the financial burden on buyers and boost tax revenue for the government, ultimately promoting long-term economic growth for the city. A comparative analysis underscores the economic growth disparity between Mumbai and other major Indian cities and highlights the need for such measures to rejuvenate Mumbai's appeal as a thriving economic centre.
The Indian finance ministry has instructed state-owned banks to accelerate the development of an advanced property auction platform and mobile app. This move aims to enhance transparency in the sale of approximately 500,000 properties seized due to loan defaults. Prospective bidders will have access to property details, ownership type, photos, and videos. The new platform, an upgrade to the existing Indian Banks Auctions Mortgaged Properties Information (IBAPD) portal, is expected to go live by the end of the year. PSB Alliance Ltd. will oversee the upgrade of the IBAPD portal, further promoting transparency in property auctions.
Leasing of industrial and warehouse spaces in India's premier cities declined by 12% in Q3 2023, with a total of 6.2 million square feet leased, as per a Colliers report. While Pune dominated with a 24% share, Mumbai closely followed at 23%. Third-party logistics firms (3PLs) maintained their lead in the sector, contributing to 40% of the warehousing demand, followed by FMCG and automobiles. In terms of these substantial deals, Mumbai stood first, followed by Chennai. Despite the current dip, experts anticipate a resurgence in leasing activity in the final quarter of 2023.
The restoration of Mumbai's Haji Ali Dargah, a project initiated over 17 years ago, continues to face significant delays and challenges. Trustees and government officials, including the guardian minister and representatives from various agencies, have held multiple meetings to address the project's sluggish progress. The renovation effort is divided into two components: the restoration of the shrine complex and structures, managed by the dargah trust, and the reconstruction of the pathway leading to the shrine, overseen by the state government. The estimated costs for these components have significantly increased. The restoration aims to preserve the historical significance of the dargah, emphasizing the need for efficient project management in cultural heritage preservation.
Mumbai's present real estate construction boom has contributed to worsening air pollution. The ongoing real estate construction activity spanning approximately 3.24 crore square feet is equivalent to five times the size of Nariman Point. Since 2022, incremental construction in Mumbai has grown by 68%. This surge in construction is attributed to a government initiative in 2021 which halved premiums for developers, sparking a rush by developers to get projects approved. While this construction surge has driven housing production and the state's economy, it has come at the cost of increased pollution, with a noxious haze enveloping the city.
Lidl has become London's third-largest supermarket, claiming a staggering 91% market share. With over 100 stores in the M25 area and £9.3 billion in UK sales, their rapid rise is clear. Asda, now in fifth place, plans to counter this by opening 17 new convenience stores, having acquired 132 sites from the Co-op. Lidl's CEO, Ryan McDonnell, highlights their dedication to affordability and quality. Their vision includes 247 potential store locations in the UK and aims to reach 1,100 stores by 2025, underscoring London's evolving retail landscape.
The United States has witnessed a significant surge in the interest rate for the most popular home loan, reaching levels not seen since 2000. This is the seventh consecutive weekly increase, leading to a notable drop in mortgage applications to a 28-year low. Surprisingly, this surge is occurring despite the Federal Reserve pausing its rate-hike campaign. The rise in the 30-year fixed-rate mortgage closely follows the upward trajectory of the 10-year Treasury note yield, a key benchmark for long-term borrowing rates. This situation raises concerns about housing affordability, compounded by rising home prices and supply chain disruptions. The complex interplay of economic factors is challenging for prospective homebuyers and the real estate market. The housing sector's evolution in the coming months will be closely watched.
DNE Group, a Shanghai-based company formed through a merger in 2021, is partnering with Bain Capital in a $250 million joint venture to invest in manufacturing park assets in China. DNE specializes in smart manufacturing facilities for products like automobile parts and integrated circuits. They also develop and manage real estate in sectors such as logistics, cold chains, life sciences, and office buildings. In this joint venture, DNE will handle project management, while Bain Capital is the strategic investor. This collaboration comes as China seeks to upgrade its manufacturing sector by encouraging investment in advanced fields like chipmaking, data centres, and robotics.
Dubai’s real estate market witnessed substantial growth in the third quarter of the year. Property consultancy ValuStrat reported a 6.1% quarterly increase in the ValuStrat Price Index (VPI) for the residential market, with villa and apartment prices rising by 7.6% and 4.8%, respectively. Additionally, prime properties experienced significant gains, with prime property valuations increasing by 16.5% annually. The economic impact of Expo 2020 Dubai and higher oil prices further contributed to this growth. Off-plan property transactions also saw a surge, with a 19.1% annual increase, representing Dh36.9 billion in investments. Popular transaction areas included Jumeirah Village, Dubai Marina, Business Bay, Downtown Dubai, and International City.
Piramal Group has profitably divested Rs 531 crore in distressed loans linked to its Advantage Raheja exposure, including prominent properties like the JW Marriott in Bengaluru and Crowne Plaza in Pune, to Omkara Asset Reconstruction Co. This strategic transaction concluded at a premium, yielding a substantial gain exceeding Rs 700 crore. In addition, Piramal successfully sold an outstanding loan pool worth Rs 3,656 crore to Omkara ARC, achieving a commendable 17 percent recovery. Piramal's current focus involves building a new asset-backed wholesale portfolio called 'Wholesale 2.0,' prioritizing real estate and corporate mid-market lending while resolving stressed loans to enhance asset quality and reduce the wholesale AUM.
Jailed builder Jayesh Tanna, along with his brother Deep and son Vivek, face a ninth FIR for allegedly cheating 28 flat buyers of Rs 40 crore. Tanna, imprisoned at Arthur Road jail, is implicated in multiple cases across Mumbai, primarily involving the sale of flats to third parties. The latest complaint revolves around a 2012 redevelopment project in Goregaon, where Tanna was redeveloping a building. A buyer, Bhavin Barot, booked a flat for Rs 1.6 crore with possession due in 2013, but encountered disputes in 2016. Eventually, he found that 27 more flat buyers were affected and approached the police. The case may be transferred to the economic offenses wing.
The Indian government has announced an accelerated timeline to achieve its 'housing for all' initiative in rural India, now targeting completion by December 2023, three months ahead of the previous deadline. Under the Pradhan Mantri Awas Yojana (Gramin), the government aimed to build 29.5 million houses for rural families. As of September 30, 24.5 million houses were constructed, with the rest set to be finished by the new December target. The initiative reflects the government's proactive approach toward fulfilling housing promises, highlighting its commitment to rural development and providing housing for millions of families across the country.
Delhi's 2018 land pooling policy, designed to revamp 105 villages within P-II, K-I, L, N, and J zones, has hit a roadblock as it garners limited interest from landowners. The policy mandates that landowners form a consortia to collectively pool land, with 70% of the land required for development needing to be contiguous and free from encumbrances. Despite its potential to unlock urban development opportunities, the low uptake underscores challenges and skepticism faced by landowners, possibly due to complexities and uncertainties associated with the policy. Delhi Development Authority (DDA) continues to encourage participation, hoping to boost this redevelopment initiative.
In its ongoing investigation into Kerala's LIFE Mission, the Enforcement Directorate (ED) has confiscated assets totalling Rs 5.38 crore. LIFE Mission was meant to aid flood victims who lost their homes. The assets, linked to alleged money laundering, include properties and bank balances of Santhosh Eappen and Swapna Suresh. The probe reveals a suspected conspiracy involving officials from the UAE consulate and Kerala government to divert funds from the Red Crescent donation. Further revelations point to illicit overseas transfers and involvement of several high-profile names. The investigation continues and more details emerge.
Eight individuals have been charged by Division 8 police in Ludhiana following a nearly 8-year investigation into a property fraud in Ghumar Mandi. The accused allegedly forged documents to claim and sell a property originally owned by the complainant's maternal grandfather. The fraud came to light when Vinod Kumar, a descendant and rightful heir, raised suspicions after discovering discrepancies in property records. While charges have been filed, no arrests have been made yet.
Qualcomm is set to bolster its presence in the technology hub of Bengaluru with a significant expansion. The company has secured 600,000 square feet of office space at Bagmane Capital-Angkor, an established location for tech enterprises. This expansion will be executed in two phases, ultimately spanning the ground floor and 12 additional levels within the forthcoming facility. According to official documents, Qualcomm is committed to a lease term of 108 months, pointing to the company's commitment to the region and its mission to be part of the flourishing tech ecosystem in Bengaluru.
The state has generated a significant revenue of Rs 3,597 crore through the Metro cess, a 1 percent stamp duty imposed on property registrations in major cities. Initially introduced in 2019 to fund crucial public infrastructure projects, the cess was briefly suspended in 2020 due to the pandemic and reintroduced in 2022. Revenue is collected through stamp duty on property transactions. Mumbai's stamp duty increased from 5 percent to 6 percent, while other cities went from 6 percent to 7 percent, adding around Rs 50,000 to property costs. Despite concerns, experts believe the cess will persist as long as property sales remain robust.
PNB Housing Finance has released impressive financial results, with a striking 45.83% increase in consolidated net profit during Q2 FY24, reaching Rs 383 crore compared to the previous year. Their total income also saw robust growth, surging by 5.70%. The credit for this achievement goes to successful efforts in resolving a major corporate account, which significantly reduced their non-performing assets. With a solid financial position, boasting a strong CRAR of 30.38%, PNB Housing Finance demonstrates robust performance and a commitment to affordable housing, reflecting its unwavering dedication to financial excellence and growth.
Karma Group, led by Chairperson and CEO John Spence, is redefining luxury hospitality with its unique members-only model. They plan to invest $100 million for expansion and have partnered with EY to explore diverse financing options. Their focus on exclusivity and tailored experiences, akin to elite membership clubs, has garnered them around 85,000 members, including 25,000 from India. Recognizing evolving consumer preferences, Karma Group emphasizes the entertainment aspect of hospitality, creating memorable experiences. Their prudent financial strategy, with minimal debt exposure, and a global presence, including 15 resorts in India, mark them as pioneers in the luxury hospitality industry.
Construction of Navi Mumbai airport faces delays, with anticipated commercial operations in 2025 instead of 2024, per CAPA. The Adani Group, responsible for the project, insists it will meet the original December 2024 target. Mumbai International Airport Limited (MIAL), another Adani Group entity, is also investing in enhancing efficiency and capacity. The proximity of the Navi Mumbai Airport aims to alleviate congestion at the Mumbai Airport. The Navi Mumbai Airport is set to accommodate up to 20 million passengers initially and expand to 90 million by 2032. Mumbai Airport, even before the pandemic and Jet Airways' 2019 bankruptcy, faced infrastructure challenges, operating at near full capacity.
Ludhiana Municipal Corporation (MC) officials are anticipating the introduction of a one-time settlement (OTS) policy to regularize illegal buildings, mirroring a similar policy applied in areas outside the MC's jurisdiction, under GLADA's control. The impending municipal corporation elections are expected to prompt this move, although it has stirred criticism from city activists who accuse the government of promoting violators. An MC official stated that the policy could lead to the regularization of many illegal buildings, though the exact number remains unknown as no survey has been conducted yet.
Aurum PropTech has reported a net consolidated loss after tax of Rs 23.89 crore for the quarter ending on September 30, 2023, in contrast to a loss of Rs 10.82 crore in the corresponding quarter of the previous fiscal year. However, the company displayed robust growth in net consolidated total income, with Q2 FY24 witnessing a substantial income of Rs 57.53 crore, marking an 86.54% increase from the same quarter in the previous year. The company's Executive Director, Onkar Shetye, highlighted a significant reduction in losses incurred by NestAway, putting them on track to break even by the end of this financial year.
China's real estate market continues to face challenges as new home prices decreased for the third consecutive month in September. Data from the National Bureau of Statistics shows a 0.2% monthly drop, and there is still a 0.1% decrease year-on-year. Property sales and investment are also declining, despite government policy stimulus measures aimed at boosting the property sector. Stabilization of buyer sentiment is being observed, but the complete recovery of the property market hinges on the fourth quarter's performance. Lower-tier cities face more significant challenges due to weaker economic fundamentals and oversupply issues, highlighting the need for effective debt resolution for private developers.
The Ontario government is embarking on an ambitious plan to address the housing crisis in the Greater Toronto Area by creating vibrant transit-centred communities around upcoming transit stations. This initiative, featuring over 5,900 new housing units and enhanced public transit access, is poised to revolutionize urban living and generate more than 1,900 jobs. Minister of Infrastructure Kinga Surma underscores the need for affordable, accessible, and community-rich neighbourhoods, aimed at lightening the financial burden on taxpayers. The proposal envisions diverse transit-centred communities and underscores a commitment to public engagement for shaping sustainable, inclusive urban spaces.
The Hong Kong government's Town Planning Board has defended its decision to temporarily rezone part of the Fanling Golf Course from “residential” use to "undetermined" to facilitate a controversial public housing plan. This rezoning provides a buffer period for a review of the land's layout and development parameters. The golf club had launched a legal challenge to the government's approval of an environmental report for the housing plan, citing a lack of public consultation and ecological concerns. The court suspended the report, emphasizing environmental and cultural heritage risks. The long-term use of the site will be confirmed after reviews and legal proceedings.
"• A residential flat spanning 810 square feet on the 1st floor sold in Green Acres in Andheri West for INR 3cr. • A residential flat spanning 1,412 square feet sold in Sheth Beaumonte in Sion West for INR 5.18cr "
Bollywood actress Preity Zinta has acquired a luxurious apartment in the posh Pali Hill area in Bandra for a whopping Rs 17 crore. Located on the 11th floor of the exclusive Rustomjee Parishram residential tower, this 1,474 sq ft apartment includes two reserved parking spaces and an additional 90 sq ft of exclusive space. The property was purchased from Keystone Realtors Limited, a listed entity of the Rustomjee Group. The actress paid a stamp duty of Rs 85.07 lakh for the property. This purchase follows a trend of high-profile acquisitions by Bollywood actresses in Mumbai's thriving real estate market.
Greater Noida is leading the charge in India's residential real estate market, with a remarkable 38.9% increase in property searches during Q3 2023, positioning it as the top city out of 13 major Indian cities. This surge is attributed to rising demand and a 6.7% decrease in supply, potentially signalling a supply-demand gap. Notably, 3BHK units are in high demand, making up over 47% of all property searches, in line with the growing preference for luxury residential properties. Other cities, like Delhi and Gurugram, also saw an increase in searches and property prices. These findings reflect significant transformations in India's real estate landscape, attracting attention from industry stakeholders.
Signature Global (India) has acquired 25.75 acres of land in Gurugram for a significant group housing project, withholding deal details. The acquisition involves prime land in Gurugram, offering a vast development potential of 3.25 million sq. ft. The company is also in advanced negotiations for joint development agreements for 16.12 acres and collaboration agreements for 4.26 acres in the same vicinity. Financially, it experienced a 37.57% increase in pre-sales in H1 FY24 and reported a 64.92% growth in collections. Signature Global recently launched a successful initial public offering to raise Rs 730 crore, further solidifying its presence in real estate.
• A residential flat spanning 381 square feet on the 25th floor sold in Dynamix Avanya in Dahisar East for INR 64 lacs <br>• A residential flat spanning 585 square feet on the 19th floor sold in Address 51 in Bandra West for INR 1.92cr
The Rustomjee Group, in partnership with Keppel, has introduced the magnificent La Vie at Rustomjee Uptown Urbania. This grand project, spanning 8.5 acres within a vast township, features eight independent towers, each rising to 55 stories, designed by acclaimed architect Hafeez Contractor. La Vie offers a variety of residential options, with Tower B providing 2-bedroom apartments, and Tower C offering spacious 3-bedroom homes. The location in Thane offers easy access to major business hubs, making it a preferred choice for urban convenience and natural beauty. La Vie redefines modern living, community harmony, and the promise of a brighter future.
The Atal Apartments project in Ludhiana faces mounting discontent among its allottees due to prolonged construction delays. The ambitious initiative, with 576 flats and a budget of Rs 250 crore, has been in progress since 2008, testing the patience of homebuyers. The Ludhiana Improvement Trust (LIT) had received state government approval for the project but construction remains stagnant. Tenders for crucial amenities like a community centre and multi-storey parking have also been halted. LIT officials cite the need to renew environmental clearance, which was granted in 2017 and is valid until 2027, after project redesign. While they assure construction will begin soon, allottees are concerned that upcoming elections may further delay the project.
Arvind SmartSpaces Ltd, a leading real estate developer, is set to undertake a new residential project in Bengaluru's thriving Bannerghatta Road micro-market. This venture, acquired through HDFC Platform 2, offers an estimated 4.6 lakh square feet of saleable area and a revenue potential of around Rs 400 crore. This strategic expansion aligns with Arvind SmartSpaces' commitment to diversify its real estate offerings, addressing both horizontal and vertical developments in Bengaluru and Ahmedabad. With the buoyant real estate market and fresh investments of Rs 1,000 crore, the company aims to achieve a record-breaking year in new project additions.
In Gurugram, homebuyers in nine affordable housing projects, linked to developers Mahira Homes, Ocean Seven Buildtech (OSB), and Orris Infrastructure, may find relief from their long wait for possession of their flats within the next three to four months. The Department of Town and Country Planning (DTCP) is actively addressing these issues following complaints from around 5,000 homebuyers. They have been plagued by various problems, including financial irregularities and suspended construction. With around 15,000 affected homebuyers, they are hopeful that government intervention will bring a resolution to their prolonged anxieties and uncertainties.
In a recent development, the Madras High Court has rejected a set of petitions filed by Neomax and its subsidiary companies, including Garlando Properties, Transco Properties, Tridas Properties, and Glowmax Properties. The pleas sought the appointment of a commission, led by a retired high court judge, to address land settlements for depositors. Allegations of money fraud were raised against the companies by the Madurai EOW police in June. Deposit-holders had made advance payments for land purchases, backed by booking confirmation receipts.
The Bombay High Court has expressed deep disappointment with the police investigation into a multi-crore housing scam involving Karrm Infrastructures (Pvt) Ltd. In their written order, the justices reprimanded the investigating police and directed the Director General of Police, State of Maharashtra, to transfer the case to a police officer with the rank of Commissioner of Police. They also mandated that the inquiry report be submitted within four weeks. The court raised serious concerns about the police's inability to respond adequately to its queries and directed the initiation of mediation to devise a comprehensive scheme for the victims. The housing scam involved thousands of flat buyers who were deceived by the developer.
The Bangalore Development Authority (BDA) is facing a lack of interest from potential buyers in its auction of corner sites due to the absence of geo-tagging. The BDA presented 123 corner and middle sites for auction, but since these sites are not geo-tagged, prospective buyers are finding it challenging to locate and assess the plots using platforms like Google Maps. The absence of geo-tagging has raised concerns among buyers who fear that friends and family may have difficulty finding the plots if they decide to construct a home there. The BDA has acknowledged this issue and is working to address it. Some customers have also highlighted the challenges of locating sites in the rapidly changing Bengaluru landscape. The absence of geo-tagging has become a significant concern for both authorities and potential buyers in the region.
The Delhi Development Authority (DDA) has achieved an impressive milestone by selling approximately 40% of its previously unsold inventory of 2,236 flats in Phase 1 of its housing scheme. This accomplishment, which generated Rs 506 crore in revenue, underscores the enthusiastic response from potential homebuyers in Delhi. Despite initial concerns regarding the sale of economically weaker section (EWS) flats, the DDA has successfully sold various flat categories in different locations. The LG has set ambitious targets for the current fiscal year, aiming to sell at least 40% of the total unsold inventory. The DDA's proactive measures to enhance the appeal of certain areas have contributed to this success.
The Maharashtra state cabinet has approved various initiatives, including Rs. 25 crore for a cluster redevelopment project in Thane, focusing on providing affordable housing in underprivileged areas. The funds were allocated from the Mahatma Phule Backward Class Development Corporation, and the redevelopment will be executed by a subsidiary of the corporation. Additionally, the cabinet sanctioned government banking transactions through the state cooperative bank, aimed at supporting the cooperative sector. The cabinet also greenlit a power project in Koradi, and extended a scheme to pay interest on loans for cooperative spinning mills. Other amendments and initiatives were also passed.
The Karnataka Real Estate Regulatory Authority (KRERA) has taken an important step in addressing an issue with a housing project near Bengaluru. KRERA has ordered the developer, Shree Senior Homes, of a senior living project named Sharadindu State III, to transfer a corpus fund of Rs 62.26 lakh to the Resident Welfare Association (RWA) of the project. This directive follows the RWA's request for relief due to the developer's failure to transfer the corpus fund, despite maintaining the project since 2016. The decision highlights KRERA's commitment to protecting the rights and interests of homebuyers and RWAs in real estate developments.
Property developers in India are underutilizing available credit lines for construction finance due to their strong residential sales and substantial collections. Despite having access to low-interest construction finance, developers typically utilize only 70-80% of sanctioned limits. Robust residential sales in major Indian cities have created cash surpluses, reducing the need for external funding. The strong cash flow allows developers to sell properties at current prices without higher borrowing costs, while selectively using credit lines to pay off expensive debt and boost credit ratings. This shift in the property market reflects the current economic cycle, with developers relying less on external construction finance.
The Department of Town and Country Planning (DTCP) in Gurugram has conducted sealing drives against unauthorized construction and illegal commercial activities in licensed colonies, recovering a total of Rs 1 crore in penalties and bank guarantees from violators. Around Rs 50 lakh was collected through penalties and bank guarantees for de-sealing buildings closed citing various violations. Additionally, approximately Rs 50 lakh was collected by granting permissions to property owners for running non-nuisance commercial activities. The DTCP has issued permits for various non-nuisance activities, including those by lawyers, doctors, tax consultants, and architects, and collected revenue of around Rs 59 lakh from these permits.
Darjeeling's Gorkhaland Territorial Administration (GTA) has leased out nine tourism properties in the Sandakphu-Phalat area to private parties due to their failure to generate sufficient revenue. These properties, mostly lodges and trekking huts along the Himalayan trail, were found to be in need of repairs estimated at Rs 6.72 crore. Sandakphu, the highest point in Bengal at 12,000 feet, is renowned for its trekking trail. The leasing decision has sparked controversy, with some alleging favouritism in property selection. GTA member Noran Sherpa defended the process, noting that a committee assessed properties' financial health before leasing them.
The Mumbai Metropolitan Region Development Authority (MMRDA) has received approval from the State Board of Wildlife to cut down 122 trees in the core area and eco-sensitive zone of Sanjay Gandhi National Park (SGNP) to construct twin tunnels connecting Borivali to Thane. These tunnels, part of a project valued at Rs. 18,795.70 crore, will also involve drilling 27 holes using explosives. The decision was taken at a board meeting chaired by the forest minister but kept confidential due to fears of potential backlash. Environmentalists have expressed concerns, noting the potential harm to wildlife and the need for further clearances for the project.
Jewar, a town in Uttar Pradesh, has been experiencing significant transformation due to the construction of the Noida International Airport. The area has attracted real estate developers, investors, warehouses, hotels, universities, and even Bollywood actors and producers. The Yamuna Expressway Industrial Development Authority (YEIDA) has launched various schemes linked to the airport, including residential, commercial, industrial, education hub, and film city sectors. High-rise residential projects by renowned developers like ATS, Oasis, and the Gaur Group have already been completed, boosting the real estate market. The government aims to turn Jewar into a thriving corporate hub akin to Gurugram, driven by the airport's strategic location and connectivity.
Fashion designer Stella McCartney and her husband, Alasdhair Willis, are facing objections from local residents over plans to build a modernist home on a coastal site in the Highlands of Scotland. More than 50 objections have been raised, with critics expressing concerns about the impact on the natural environment. They urge McCartney, known for her environmental advocacy, to adopt a more eco-friendly design that blends with the surroundings and preserves the local landscape. The proposed construction aims to be site-specific, prioritizing privacy and seclusion. The plans are under review by the Highland council, and the location, known as Commando Rock, holds historical significance from World War II, with stunning views of nearby islands.
In Chicago’s Hermosa neighbourhood, Walt Disney’s childhood home recently opened to the public for the first time during the Chicago Architecture Centre’s Open House event. The tour showcased the modest cottage where Walt and his family lived, with fascinating insights into the life of his father, Elias Disney, a multifaceted man who worked as a construction worker during the 1893 World’s Columbian Exposition. Visitors explored the parlour where Elias might have played the fiddle and heard stories of the fair’s innovations. The tour also included a look at the family’s dining room, kitchen, and bedrooms, shedding light on the early years of the Disney family. Despite initial resistance to designating the property as a historical landmark, efforts are now underway to restore it to its 1901 state.
China Evergrande Group, facing a severe debt crisis, has announced plans to revise its offshore debt restructuring deal amidst challenges, including its founder's investigation for unspecified crimes and the inability to issue new debt due to ongoing investigations. The lack of specific details in the announcement has left stakeholders in a state of unease, raising concerns about the company's financial stability. Evergrande's struggles have sent shockwaves through global financial markets, prompting increased vigilance among investors and policymakers. The outcome of its restructuring attempts holds immense significance for the real estate sector and the broader Chinese economy, leaving stakeholders eagerly awaiting updates.
Maharashtra has introduced transliteration software to simplify access to land records for citizens from outside the state. This tool enables users to read and understand land records in 22 regional languages. In response to difficulties caused by linguistic barriers, this initiative aims to facilitate property transactions and legal matters across state borders. The Record of Rights (RoR), typically maintained in local languages, contains essential information about land holdings. The software allows users to transliterate RoR details into their preferred regional language, making land records more accessible and comprehensible. Further enhancements, including translation tools, are in the pipeline.
• A residential flat spanning 1,233 square feet on the 5th floor sold in Runwal Elegante in Andheri West for INR 4.65cr <br>• A residential flat spanning 1,201 square feet on the 5th floor sold in Lodha The Park in Worli for INR 5.69cr
Godrej Landmark Redevelopers, now part of Godrej Projects Development, a subsidiary of Godrej Properties, has been issued a GST demand order of Rs. 129.39 crore along with interest and a penalty of Rs 129.39 crore by the Additional Commissioner of CGST & C. Ex. in Navi Mumbai. This order is related to alleged non-payment of GST concerning a Mumbai project by GLRPL. The company intends to challenge the order through the appropriate legal channels, stating no significant impact on its operations. Recently, Godrej Redevelopers (Mumbai), another subsidiary, also faced a similar order. Furthermore, CIDCO also cancelled the allotment of plots to Godrej Properties but the company has challenged this cancellation in court.
Builder from Mumbai, Suresh Bhatade, has been placed under judicial custody in connection with the illegitimate sale of six apartments at Pioneer CHS, Panvel, for a total of Rs 4.3 crore. After eluding authorities for more than two months, Bhatade's arrest represents a major step in combating fraudulent activities in India's real estate market. The dismissal of the anticipatory bail requests of two additional builders, one of whom was a former assistant commissioner of income tax, highlights the necessity of strict regulatory measures and open property transactions in order to rebuild confidence in the real estate market.
91Springboard, a major player in India's coworking and flexible workspace industry, has launched its Platinum Hub in the prestigious DLF Cyber City of Gurugram, a prime location for businesses. This marks their sixth workspace in Gurugram and 11th in the National Capital Region, aligning with Gurugram's growth as a primary business destination. Reports from Cushman & Wakefield and Knight Frank indicate Gurugram's dominance in the Delhi-NCR workspace market. This expansion brings their total workspaces in India to 28, offering top-notch design, comfort, and customization options.
Operator of co-living spaces Settl is getting ready to open ten new locations in Chennai, which will involve a major expansion. Settl, which currently oversees 3,500 beds in Bengaluru, Gurugram, and Hyderabad, is meeting the increasing need for high-quality, completely managed rental properties. Chennai is an unexplored market with a ton of opportunity for co-living communities. By the conclusion of the fiscal year, the corporation hopes to have increased the number of beds in the city from 300 to 1,000. Their well-placed closeness to major business areas seeks to facilitate hassle-free managed living while cutting down on working professionals' commuting hours.
The Enforcement Directorate (ED) has arrested Rajpal Walia, director of Pushpanjali Realms and Infratech Limited, under the Prevention of Money Laundering Act (PMLA) for cheating flat buyers in Dehradun. The ED's intervention stemmed from an FIR filed against the company for fraudulent activities. The investigation revealed the diversion of advance payments from flat buyers for other purposes, totalling Rs 31.15 crore. The ED has attached the proceeds of the crime in the form of immovable properties. This action underscores the authorities' commitment to justice, emphasising the need for due diligence in real estate transactions.
The real estate development in Maharashtra's coastal zones is set to receive a significant boost as the state government permits local authorities to approve construction plans within certain limits without seeking permissions from the Maharashtra Coastal Zone Management Authority (MCZMA). Maharashtra is among the first states to implement this directive, allowing local authorities to grant approval for self-dwelling residential developments up to 3,229 sq ft space without MCZMA recommendations, potentially reducing approval timelines. This decision will facilitate previously stalled coastal development, promoting tourism-related activities along the shoreline. Projects like plotted developments and villa constructions, which have gained traction in recent years, will benefit from this move.
Pune's Slum Rehabilitation Authority (SRA) has issued notices to 22 developers for significant project delays, ranging from five to seven years. Developers attribute the delays to landowner resistance and commit to resolving issues through renewed negotiations. The SRA emphasises developers' responsibility for initial house repair and maintenance post-rehabilitation, actively securing insurance policies for support. With 166 ongoing projects and 61 completed, over 10,800 slum dwellers have been rehabilitated. Challenges persist due to resistance and spatial allocation concerns, but ongoing efforts underscore Pune's commitment to inclusive housing solutions and sustainable urban development.
Mumbai's real estate market has been rattled by a controversy involving fake seals. Five people were detained in August on suspicion of using fake paperwork to develop 55 residential buildings and deceiving buyers since 2015. Among the suspects were a rubber stamp manufacturer, real estate brokers, developers, and a home loan services provider. From sub-registrar offices, architects, and the Vasai Virar Municipal Corporation, among others, they had obtained 115 counterfeit seals. There are now more builders implicated in this fraudulent activity, according to additional investigations, which raises questions about the scope of this forgeries in Mumbai's real estate industry.
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The Jharkhand government has approved a Rs 16,320 crore project, 'Abua Awas Yojna (AAY),' to build 8 lakh houses for the needy by March 31, 2026, as pledged by Chief Minister Hemant Soren. The project is divided into phases, with a focus on providing clean and decent three-room houses to marginalized communities. It aims to benefit families living in inadequate housing conditions and includes criteria to prioritize the neediest while excluding certain groups, such as those with existing permanent residences or significant land holdings.
The High Court of Karnataka has ordered the Chief Commissioner of the Bruhat Bangalore Mahanagara Palike (BBMP) to digitize all property documents, including old records, and restrict access to authorized officers. The directive, prompted by a petition from Aslama Pasha regarding a building construction dispute, emphasizes that BBMP should serve as the custodian of records and coordinate access within its departments. The court encourages efficient information sharing among BBMP departments, and collaboration with the government's e-Governance Department to create a consolidated repository of property documents. This move modernizes document access, enhances transparency, and streamlines property-related matters, ultimately expediting transactions and dispute resolution.
The Calcutta High Court has instructed the Bidhannagar Municipal Corporation to demolish an unauthorized construction in Shantinagar, Salt Lake Sector V, setting a 1 pm deadline for completion, alongside the disconnection of power and water supplies. The order, issued by Justice Abhijit Gangopadhyay, came after the builder failed to comply with a previous court summons. Residents were granted the right to approach the court for rehabilitation. While the demolition process began, it faced resistance from locals, echoing previous attempts to demolish illegal structures. The court's ruling signifies a critical step in addressing safety, infrastructure, and urban development concerns associated with unauthorized constructions.
The Chennai Metropolitan Development Authority (CMDA), in partnership with Cushman and Wakefield, has initiated a comprehensive study titled 'Housing Demand and Supply within Chennai Metropolitan Area (CMA).' This study aims to address the complexities of housing development in the Chennai Metropolitan Area through data-driven decision-making. The study covers various growth corridors within the CMA and examines multiple demand drivers, including floor space index (FSI) increases and the transfer of development rights. The recent expansion of the Chennai Metropolitan Area's footprint to 5,904 square kilometres has prompted the CMDA to formulate both the third master plan for the original area and a strategic regional plan for the newly added regions.
The ASK Group, which is supported by Blackstone, has unveiled a new property fund worth Rs 1,500 crore, building on the success of their earlier real estate fund. The group intends to complete fundraising by March and make approximately 8 to 10 investments across India's top five cities. The fund manager, ASK Property Investment Advisors, has a track record of raising over Rs 6,100 crore from a diverse set of investors, including family offices, high-net-worth individuals, and institutions. They are significantly contributing to the growth of India's real estate sector, with PE investments in the sector projected to reach $5.6 billion in 2023.
Under the visionary leadership of Deputy Chief Minister and State Finance Minister Ajit Pawar, the state government is launching an award scheme to celebrate and incentivize conscientious property taxpayers. This initiative recognizes the remarkable dedication of 660,785 property owners who have diligently fulfilled their tax obligations, resulting in collections exceeding 300 crores. A total of 45 rewards amounting to Rs 1 crore will be distributed to lottery winners, fostering a culture of on-time tax payments. Pune Municipal Corporation (PMC) initiated this commendable endeavour, setting a property tax collection target of Rs 2,318.1 crore for 2023–24, with innovation and vision at its core.
Can Fin Homes report an 11.54 percent growth in net profit to Rs 158.07 crore for Q2 FY24. Total income from operations surged by 32.47 percent to reach Rs 871.03 crore, and net interest income increased by 26.1 percent to Rs 316.8 crore. An internal fraud incident in the Ambala branch resulted in a fund defalcation of Rs. 39.67 crore, prompting Can Fin Homes to file an FIR and fully provide for the amount, with a post-tax impact of Rs. 29.69 crore. As of September 30, 2023, the company showcased a strong financial position with a net worth of Rs 3,961.32 crore, a debt-equity ratio of 7.73, and NPAs.
Afcons Infrastructure has completed the 13.1 km section of India's Samruddhi Expressway between Thane and Nashik, officially called Package 14, ahead of schedule. This achievement includes constructing the nation's widest tunnels, measuring 17.6 meters in width, along the Igatpuri-Kasara Ghat route. The tunnels have modern safety features and are equipped with advanced ventilation and fire protection systems. Additionally, a 1.2 km viaduct bridge with a height of 60 meters, spanning 29 spans, was successfully constructed. The project was carried out under pandemic restrictions between March 2020 and May 2021 and despite facing significant challenges due to heavy rainfall in the region, the project has been completed ahead of schedule.
The Kopri rail overbridge (ROB) in Mumbai, intended to ease traffic congestion in Thane, has deteriorated in less than nine months since its inauguration. Cracks, uneven patches, and potholes have appeared, revealing subpar construction by the Mumbai Metropolitan Region Development Authority (MMRDA) and Central Railway authorities. The bridge, which cost over 250 crore to build, has experienced recurring issues despite repair work in July. Concerns have been raised about construction quality and the use of the Ultra-Thin White Topping (UTWT) method, which may not provide the durability required for long-lasting infrastructure. The focus on contractor-led projects over engineer-led initiatives has also been criticised.
Surinder Chawla, the MD and CEO of Paytm Payments Bank, invested Rs 20 crore in two duplex apartments within the Indiabulls 'Sky Forest' tower in Mumbai's Lower Parel. These apartments span 2516 square feet across the 42nd and 43rd floors and come with four parking spaces. The apartments are valued at over Rs 57,300 per sq. ft, including rights to 972 sq. ft of exclusive area. The transactions were completed in August, incurring a stamp duty of Rs 60 lakh each. Chawla's investment is part of a growing trend among bankers and tech leaders diversifying their wealth through substantial real estate acquisitions in Mumbai, a city with a thriving real estate market.
"• A residential flat spanning 578 square feet on the 1st floor sold in Veena Serene in Chembur for INR 1.45cr. • A residential flat spanning 1586 square feet on the 15th floor sold in L&T Seawoods in Seawoods, Navi Mumbai for INR 5.30cr "
DLF and Shapoorji Pallonji (Chinsha Property) have entered into a legal dispute with their partner, Hubtown, and Punjab National Bank Housing Finance Limited over a defaulted Rs 800-crore loan for a slum redevelopment project in Tulsiwadi, South Mumbai, valued at Rs 10,000 crore. DLF and Shapoorji Pallonji proposed to pay Rs 1,450 crore for the entire joint venture shareholding, including Chinsha and Hubtown, but received no response from Punjab National Bank Housing Finance Limited. The bank transferred the loan to Omkara Asset Reconstruction Company Ltd, which subsequently sold the pledged shares to an undisclosed third party, leading to the ongoing legal conflict between the parties involved.
Man Infraconstruction Limited (MICL) Group has increased its equity stake in Atmosphere Realty Private Limited (ARPL) by acquiring an additional 12.5 percent for Rs. 12.5 crore. As a result, MICL's equity holding in ARPL has risen from 17.5 percent to 30 percent. ARPL is overseeing two projects, Atmosphere 02 and Atmosphere Tower G, located in Mulund West, Mumbai. Atmosphere 02, comprising three 47-storey residential towers and an 18-storey commercial tower, is nearly 90 percent sold out. Atmosphere Tower G, with 3.2 lakh sq. ft. of RERA carpet area, has seen approximately 30 percent of its inventory sold.
Mindspace REIT has achieved a historic milestone by becoming the first entity in India to score a perfect 100/100 in the Global Real Estate Sustainability Benchmark (GRESB) for Office Development. This achievement earned them the title of 'Global Sector Leader.' Mindspace REIT now stands as the top company in Asia and India's commercial business development sector, surpassing nine listed competitors. GRESB, a respected independent organization in Environmental, Social, and Governance (ESG) performance data and benchmarks, has endorsed Mindspace REIT's commitment to transparency, innovation, and sustainable growth. They also received a 5-star rating for the second consecutive year and demonstrated excellence in the standing investment benchmark.
Lalit Goyal, Managing Director of Ireo Group, was granted bail on October 13 after the special PMLA court in Haryana highlighted breaches by the Enforcement Directorate (ED) during his arrest. The decision came in the wake of a recent Supreme Court ruling that granted bail to M3M directors, emphasizing adherence to the Prevention of Money Laundering Act (PMLA) provisions during arrests. Goyal's defence pinpointed ED's neglect in informing him of the grounds for his arrest, a contention backed by the court's findings. The case underlines the judiciary's stance on ensuring rights and procedures during detentions.
Thailand-based real estate developer, Magnolia Quality Development Corporation (MQDC), inaugurates its second co-working space, Whizdom Club India, in Gurugram's Golf Course Road area. Spanning 42,000 sq. ft. across multiple floors, the facility accommodates over 450 professionals, emphasizing well-being and sustainability. Featuring private cabins, meeting rooms, and an open terrace, the space incorporates advanced air-conditioning systems and emphasizes safety protocols. MQDC plans similar features in future projects. The move aligns with Gurugram's booming co-working sector, reflecting MQDC's dedication to transformative, innovative workspaces amidst rising demand for commercial real estate in India.
MahaRERA has deregistered seven real estate projects in Maharashtra, including three in Mumbai and one in Pune. Developers cited reasons such as lack of buyers, registration anomalies, and the need for fresh approvals. MahaRERA initiated the move in February 2023 to enable the deregistration of financially troubled and unviable projects. A total of 170 projects, including 63 from Pune, applied for deregistration. The decision restricts developers from advertising, selling, or inviting buyers for the affected projects. Real estate industry experts have welcomed the option, provided claims are settled transparently. This initiative demonstrates MahaRERA's adaptability and sets a precedent for dynamic real estate regulation.
The Sabarmati Riverfront Development Corporation Limited (SRFDCL) recently received approval for its "Sabarmati Riverfront Land Disposal Policy 2023." This policy marks a departure from prior norms, enabling SRFDCL to sell and lease land along the Sabarmati River, fostering a new era of development and transformation. The policy, inspired by the successful GIFT City model, divides the riverfront into eight distinct value zones, offering developers the chance to acquire land development rights. The land's value will be determined by factors like building footprint, providing flexibility to developers. The policy also allocates plots for public facilities, contributing to the city's vibrancy. Overall, it promises to bring growth and transformation to the Sabarmati Riverfront.
Mazgaon's Matharpacady village in Mumbai faces controversy over a proposed cluster redevelopment that threatens its historic charm. Residents, proud of their centuries-old neighbourhood with vintage houses, fear the irreversible loss of architectural treasures. They received a letter from Shreepati Build Infra Heritage Pvt Ltd, which they believe lacks reasonable justification for the project. Concerns are growing about the potential erasure of the neighbourhood’s historical value. While the developer has approvals and offers to residents, the community emphasizes the need to balance development with preservation of their unique heritage.
The Yamuna Expressway Industrial Development Authority (YEIDA) conducted a draw on October 18, 2023, to allocate 1,184 residential plots in three sectors, aiming to generate approximately Rs 698 crore in revenue. YEIDA witnessed a massive response to this scheme, with 1.4 lakh applicants competing for the limited plots available in sectors 16, 17, and 20. These plots were offered in seven size categories and priced at Rs 24,600 per square meter, ranging from Rs 29.5 lakh to Rs 4.92 crore. The list of allottees will be published on YEIDA's official website shortly.
The Ahmedabad Municipal Corporation (AMC) has suspended the HR Exeter-2 construction project in Ambawadi following the tragic death of a girl on-site. An immediate inspection revealed a lack of safety measures, including the absence of essential gear for workers. Engineers Chitrarth Parani and Anjana Kumari Chaudhary have had their licences revoked for not enforcing safety regulations. Developer Utsav Patel and engineer Bhargav D Patel face potential licence cancellations, with AMC seeking explanations for the glaring safety omissions. This incident underscores the vital importance of rigorous safety protocols in construction.
The Pune Metropolitan Region Development Authority (PMRDA) plans to submit the final arbitration report for the Mhalunge Maan town planning scheme to the state for approval in November 2023. The scheme, initiated in 2018, involves 510 plots and 5,800 beneficiaries receiving 50% of their land area in the township. After almost five years, PMRDA officials are progressing towards the arbitration report submission. They have presented the status of all six town planning schemes in Pune to the guardian minister, Ajit Pawar. The Centre has allocated Rs25 crore for infrastructure funding for each of these projects, while PMRDA has already allocated Rs175 cr from its own budget.
In the last 15 years, the Belagavi Urban Development Authority (BUDA) has refrained from launching any new residential layouts, resulting in a substantial escalation in land prices across the city. Notably, the Ramtirth Nagar layout was the most recent residential project initiated by BUDA, but it's underwhelming performance has since placed immense pressure on the authority to move forward with the Kanabargi project. With increasing land costs and a growing demand for housing, the forthcoming Kanabargi project is seen as a critical step for BUDA to meet the city's housing needs and alleviate the mounting cost burdens on residents.
Faering Capital has infused $30 million into Vastu Housing Finance Corporation (Vastu), a significant boost for the housing finance sector. This investment involves a secondary sale with funds managed by Multiples Alternate Asset Management and other shareholders. Vastu, a digital retail affordable housing finance company, manages around $900 million in assets across 15 Indian states and over 200 markets. It boasts advanced technology, including the PULSE platform, and an expansion into vehicle and MSME finance through Vastu Finserve. Vastu focuses on lending to the low-middle-income segment, holding top-tier ratings and strong relationships with over 40 banks. Faering Capital anticipates substantial progress in affordable housing finance.
Supreet Sachdev, a partner at BSR & Co LLP, has been hit with a significant penalty of Rs 5 lakh by the National Financial Reporting Authority (NFRA) for professional misconduct and errors in the audit of Sobha Ltd for the fiscal years 2017–18 and 2018–19. In May 2021, the Securities and Exchange Board of India (SEBI) expressed concerns, which led to this action. Sachdev was hit with this hefty fine because he neglected to disclose doubts about unsecured land advances and to adhere to auditing norms. The steps taken by the NFRA highlight how crucial it is to keep India's financial transparency and auditing standards at the highest level.
MLC Satyajeet Tambe led a delegation of Nashik's industrial leaders in discussions with Municipal Commissioner Ashok Karanjkar to address local industry concerns. Karanjkar agreed to enforce government guidelines for property tax collection within the industrial category. Industrial property tax rates are set to commence on April 1, 2024, primarily impacting industries in the Ambad and Satpur industrial estates under MIDC. The delegation also highlighted issues concerning poor road conditions and drainage infrastructure, receiving assurances of forthcoming road repairs, and the inclusion of drainage projects in Kumbh Mela preparations. The President of AIMA, Nikhil Panchal, was also part of the delegation.
Six years after launching a Geographic Information System-based building reassessment drive, the Greater Chennai Corporation (GCC) has assessed only a fraction of buildings with deviations. Out of 310,139 identified buildings, only 30,000 have been reassessed and added to property tax records, leading to a revenue loss of Rs 250–300 crore. Revenue officials attribute the delay to various tasks, such as addressing Covid-19, elections, and welfare schemes. Universities, marriage halls, and commercial buildings are among the major violators. A dedicated team and expedited reassessment are proposed solutions. Deputy Commissioner R. Lalitha pledges to resume the drive.
India's largest multiplex operator, PVR Inox, has reported a profit for the latest quarter, marking the third consecutive financial report since the merger of PVR and Inox. The profit of 166 crore for the July-September quarter was driven by the success of Hollywood movies like "Barbie" and "Oppenheimer" and popular Bollywood films, leading to higher theatre attendance. The company also expanded by opening 37 new screens during the quarter, contributing to a 53.3 percent sequential increase in consolidated revenue. The average ticket price and customer spending on food and beverages both increased, offsetting higher expenses. PVR Inox's shares rose in the September quarter.
The Brihanmumbai Municipal Corporation (BMC) has taken a proactive step in addressing the escalating concerns over air pollution in Mumbai by issuing comprehensive pollution control guidelines to approximately 6,000 construction sites within the city. These measures are aimed at curbing the dispersal of dust and pollutants during the construction process, ensuring a concerted effort to mitigate the environmental impact and prioritize the health and well-being of the residents. By implementing these guidelines, the BMC seeks to foster a cleaner and more sustainable construction environment while maintaining the city's air quality standards.
Mumbai's BMC plans to create a new plaza near the iconic Gateway of India to provide an unobstructed view of the monument and the statue of Shivaji Maharaj. Haphazard structures, such as food stalls and security cabins, will be relocated to a more organized layout. The state archaeology department will restore the heritage structure. The project, led by consultant Abha Narain Lambah, aims to improve aesthetics and visitor experience. The cost of the plaza is estimated at Rs 9.54 crore ($1.3 million), and monument restoration at Rs 7 crore ($950,000). This coordinated effort involves multiple stakeholders, including the Mumbai Port Authority and tourism department.
India is poised to invest an impressive Rs 143 lakh crore in infrastructure between 2024 and 2030, more than double the expenditure over the previous seven years. This substantial financial commitment includes Rs 36.6 lakh crore for green initiatives. Crisil anticipates a 6.7% GDP growth through 2031, driven by comprehensive infrastructure development, sustainability, and policy support. The report emphasizes the role of sectors such as roads, power, electric vehicles, renewable energy, and green hydrogen in India's development. The anticipated release of sovereign green bonds is expected to boost the domestic green bond market, aligning with global sustainability trends.
The enforcement wing of Gurugram's town and country planning department (DTCP) has taken stringent action against illegal constructions, demolishing around 50 illegal colonies spanning 550 acres in Gurugram, Sohna, Pataudi, and Farrukhnagar. District Town Planner Binesh Kumar tackled 14 illegal colonies in Sohna and Bhondsi, initiating 13 demolition drives. Similarly, DTP Sumit Malik targeted 29 colonies in Farrukhnagar-Pataudi, leading 25 demolition operations. The crackdown, involving additional District Town Planners, aims to curb illegal developments, ensuring planned urban growth as per the Gurgaon Master Plan 2031. The government's stringent stance discourages unlawful real estate activities, promoting a regulated urban landscape.
Property transactions by foreigners in Spain reached an all-time high of 21.4% in H1 2023. Nevertheless, foreign purchases of freehold housing dropped 7.5% YoY, ending a positive trend in recent years, mirroring a decline in Spanish buyers due to rising mortgage and housing costs. Among non-resident foreign buyers, Russians, Ukrainians, and Americans showed increased interest. Apartment buildings represent a third of at-risk properties, mainly due to the greater number of multifamily assets, and foreign buyers continue to pay higher prices for their properties than residents and nationals.
The amount of commercial real estate under distress in the US has risen to a decade-high levels, approaching $80 billion in Q3. Rising interest rates, the effects of remote work, and a decline in the need for office space are all factors that have contributed to this increase. Office properties make for a sizeable 41% of the total distressed assets, mostly as a result of remote employment and decreased tenant demand. Despite the fact that the distress is less severe than it was during the global financial crisis, an extra $215.7 billion in properties that could be at danger have been found.
Agra, home to the iconic Taj Mahal, is grappling with a concerning issue – 470 illegal structures, comprising restaurants, cafes, and emporiums, have mushroomed within a restricted 500-meter radius of the monument. These encroachments, some standing for decades, threaten the Taj Mahal's historical integrity and allure, drawing millions of tourists each year as a UNESCO World Heritage Site. The Archaeological Survey of India (ASI) has taken steps by filing FIRs, but local authorities have been slow to act. Allegations of collusion between these illegal businesses and authorities raise questions about the commitment to preserving India's cultural heritage. Hopefully, recent promises of swift action will translate into concrete measures to safeguard these architectural marvels for future generations.
• A residential flat spanning 346 square feet on sold in Bholanath CHS in Vile Parle East for INR 70 lacs. <br>• A residential flat spanning 772 square feet on the 13th floor sold in Kalpataru Bliss in Santacruz East for INR 2.47cr.
NeoLiv, founded by former Godrej Properties CEO Mohit Malhotra, is embarking on the development of 10 housing projects in Delhi-NCR and Mumbai. They plan to enter Joint Development Agreements (JDAs) with landlords, targeting middle-income homebuyers with units priced between Rs 1 crore to Rs 3 crore. NeoLiv has secured approval to raise $150 million, becoming one of the top 15 developers in residential real estate. Their ambitious plan includes five group housing projects and five plotted developments, with a total development potential of 10 million square feet. The company's unique asset-light development model and focus on end-to-end control set them apart.
Ajmera Realty & Infra India Ltd (ARIIL) is set to redevelop the Balkrishan Co-operative Housing Society in Versova, Mumbai, with estimated sales of Rs. 360 crore. The project, offering 3 BHK residential apartments covering approximately 90,700 sq ft carpet area, reflects ARIIL's strategic move in the booming redevelopment sector. The project's favourable location near Versova Metro Station enhances accessibility to all social infrastructure, contributing to its potential success in the dynamic Mumbai Metropolitan Region. Ajmera has been involved in other redevelopment projects recently like the SRA redevelopment project situated on LBS Marg in Bhandup.
DevX, Gujarat's leading Managed Office Space provider, has unveiled a 25,000-square-foot coworking space in Indore, accommodating 300 seats as part of its strategy to expand nationally. Founded in 2017 by the RUPaiya trio and Dev Information Technology Ltd., DevX serves as a Start-up Accelerator, offering comprehensive support and resources to innovative start-ups. The company fosters synergies and encourages collaborative growth, positioning itself as a dynamic hub for start-ups and businesses. With over 25 centres across India, DevX plans to invest Rs 60 crore for further expansion. They also provide a platform for events, seminars, and hackathons in the industry. DevX aims to solidify its nationwide reach by the end of 2023, empowering businesses in collaborative environments.
Maestro Realtek, a key player in the real estate sector, has signed agreements with prominent developers for five new residential projects in prime Pune locations, including Upper Kharadi, NIBM, Alandi Mhatobachi, Sinhagad, and Pisoli. These projects encompass a diverse range of unit configurations ranging from 1-3BHK to plot developments, totalling 1,061 units. Maestro Realtek's strategic partnership with these developers aims to enhance the Pune real estate market and leverage planned marketing campaigns.
The National Company Law Tribunal (NCLT) has admitted an insolvency petition against Supertech ORB, a luxury residential apartments developer in Delhi-NCR. Assets Care and Reconstruction Company (ACRE), an asset reconstruction company, filed the petition. Supertech ORB had taken a loan of Rs 349 crore from Altico Capital, which was later assigned to ACRE. The insolvency case could potentially delay possession for homebuyers. Supertech has faced setbacks in the past, including the demolition of its twin towers at a different project due to faulty construction. The company's promoter is also facing legal issues, further complicating the situation for Supertech.
The Bombay High Court has issued a directive to the Brihanmumbai Municipal Corporation (BMC) to provide compensation to the developer, Runwal Township, for the acquisition of setback land that occurred 54 years ago. This compensation could come in the form of floor space index (FSI), transfer of development rights (TDR), or monetary compensation and must be completed within eight weeks. The setback land was acquired by BMC in 1969 and was initially owned by Meghji Gopalji and his wife. They sought compensation in the form of FSI in 1976. The case went to court in 2019-20, with the BMC arguing against the claim. The court ruled in favour of compensation, emphasizing the right to property under the Indian Constitution. This landmark judgment could lead to similar compensation claims in land acquisition cases.
The Bombay High Court criticized the Brihanmumbai Municipal Corporation (BMC) for demanding a Rs 22.80 crore penalty from industrial and commercial tenement owners of Kamla Industrial Park at Charkop in Kandivali for unauthorized constructions. The court ruled against BMC, deeming the penalty inequitable due to the municipal inaction that allowed the violations. The court emphasized the importance of timely intervention by municipal bodies to prevent unauthorized constructions, safeguarding property owners' and buyers' interests and maintaining the integrity of the real estate market.
The Karnataka Registrar of Cooperative Society (RoCS) is taking action against Resident Welfare Associations (RWAs) registered under the Karnataka Societies Registration Act (KSRA), 1960. Notices have been issued to freeze bank accounts of RWAs, and in one case, the registration was cancelled. This crackdown follows Karnataka High Court orders deeming it unlawful for housing associations to register under this Act. Legal experts highlight that while the Act permits societies like NGOs, charities, etc., it does not allow RWAs to collect maintenance fees. The RWAs must be registered under Karnataka Cooperative Societies Act, 1959 (KCSA) for collecting fees in their bank account.
Residents in the Powai-Chandivali area of Mumbai took to the streets in protest, frustrated by the Brihanmumbai Municipal Corporation's (BMC) prolonged inaction on encroachments on the Adityavardhan Raheja Vihar Road footpath. The Chandivali Citizens Welfare Association (CCWA) and housing society members criticized BMC's indifference. Allegations arose that these encroachments were strategic moves to gain land ahead of a proposed road widening project, as part of a political ploy. CCWA had previously raised concerns about shops on the footpath, but BMC remained unresponsive until the protest. The BMC eventually responded by deploying a bulldozer to demolish a recently erected structure.
The Karnataka State Pollution Control Board (KSPCB) has reportedly collected only Rs 4 crore of the National Green Tribunal's (NGT) Rs 200 crore fine imposed on over 160 Bengaluru apartment complexes and commercial establishments since 2000 for non-compliance with sewage treatment plans. Forest Minister Eshwar B Khandre disclosed the poor enforcement, citing legal hurdles as the reason. Builders sold apartments and do not hold up to their responsibility while the new owners are unwilling to pay the fines. They have even contested the fines in court. The NGT's deadline for setting up sewage treatment plants was originally December 2023, but that too has been extended now to December 2024.
Sikkim's Chief Minister, PS Tamang, announced two housing schemes and financial aid for flood-affected residents in the northern region. The "Punarwas Awas Yojna" (Rehabilitation Housing Scheme) will provide houses to beneficiaries, while the Janta Housing Colony scheme offers rent-free housing. Additionally, provision for essential household items and financial relief measures, including interest-free loans and loan repayment extensions, aim to assist businesses and individuals impacted by the flash flood to rebuild their lives.
PropShare Capital, a SEBI-registered Category II AIF manager, is launching PropShare Real Estate Fund II (PREF II) as the sequel to their successful PREF I commercial office fund. PREF I has fully allocated its resources to four prime office properties in Bangalore and Mumbai, leased to top-tier tenants like LG, Tata Finance, and 24/7 AI. PREF II will continue its focus on fully developed Class A commercial real estate, catering to multinational and blue-chip tenants in India's tech hubs. It targets to raise Rs. 500 crores with an additional Rs. 200 crores as a green shoe option. The fund's minimum investment is Rs. 1 crore in line with AIF regulations.
Despite global economic jitters, India's commercial real estate is booming. CBRE reports an anticipated 165 million sq. ft. of new office space by 2025, outdoing the previous three years by over 20 million sq. ft. Bengaluru and Hyderabad lead the charge, contributing nearly 50% of this growth in office space. India’s competitive advantage in cost and scale would drive global corporations to establish more Global Capability Centres (GCCs) across various sectors. As global firms reduce office sizes, India's resilient leasing activity and tech investments solidify its position as the 'office of the world'.
The Asian Development Bank (ADB) has approved a $181 million loan for the Ahmedabad Peri-urban Liveability Improvement Project in Gujarat, India. The initiative focuses on enhancing urban liveability and mobility in Ahmedabad's peri-urban areas. Key components include the construction of a 166 km water distribution network, 126 km climate-resilient stormwater drainage, 300 km sewerage systems, and four sewage treatment plants. Additionally, the project supports 10 junction improvements along the Sardar Patel Ring Road for better connectivity. ADB aims to strengthen technology-based urban planning, emphasizing climate resilience, gender equality, and social inclusion. The initiative can serve as a model for controlling urban sprawl in a rapidly urbanizing India.
The Gujarat State Goods and Services Tax (GST) department has issued 20,000 notices to taxpayers, including real estate developers, for the financial year 2017-18. Notices were sent due to concerns about potential tax evasion, focusing on developers who operated under the 12% GST regime with Input Tax Credit (ITC) options. Developers suspected of using fake invoices to claim higher ITC were asked to explain or pay necessary taxes. This move reflects the government's commitment to curbing tax evasion, ensuring GST transparency, and maintaining tax compliance, emphasising the need for businesses to adhere to regulations and cooperate with authorities.
Shriram Housing Finance (SHFL), an affordable housing finance company, has entered into a co-lending agreement with Punjab and Sind Bank (PSB) to provide business loans to self-employed individuals seeking affordable homes. This partnership aligns with the Reserve Bank of India's co-lending model (CLM) framework and aims to address the credit needs of self-employed customers in India. SHFL will take on the responsibility of originating, processing, and servicing these loans, making the lending process customer-centric and efficient. As affordable housing demand continues to rise in India, this collaboration is set to make a significant impact, particularly for self-employed individuals facing hurdles in accessing housing finance.
The government is considering issuing B Khatas to owners of unauthorized properties in tier-2 and tier-3 cities, with an estimated revenue boost of Rs 2,000 crore. A cabinet sub-committee, headed by Forest Minister Eshwar Khandre, aims to recommend provisional certificates for these property owners. Although BBMP in Bengaluru already employs the B khata system, misconceptions arise among property owners, who believe tax payment regularizes their properties. The urgency lies in securing reliable revenue sources for cash-strapped urban local bodies in non-Bengaluru cities. To address fairness, the committee contemplates doubling the tax on unauthorized properties compared to their legal counterparts.
The Brihanmumbai Municipal Corporation (BMC) is considering delaying the reconstruction of the Parel TT bridge to coincide with the Mumbai Metropolitan Region Development Authority's Sewri-Worli Elevated Connector (SWEC) project. Mumbai traffic police approved bridge closures for reconstruction, but the BMC plans to synchronize Parel bridge work with the SWEC project to mitigate congestion. The Parel TT bridge, over 40 years old, is set to undergo reconstruction given its damaged condition. In parallel, Central Railway is moving swiftly to replace the 110-year-old Sion rail overbridge at an estimated cost of 50 crore.
The state Dairy Department has decided to outsource the Aarey Hospital in Mumbai's Goregaon East to a private charitable trust. The Aarey Hospital was caught in a dispute between BMC and the state Dairy Department for a long time. This decision ends BMC's hopes to gain a foothold in Aarey Colony. The move aims to revive the dilapidated facility, potentially aiding the 40,000 residents, including tribal communities, who lacked essential medical services. Concerns about potential privatization have arisen, with local activists questioning the need for a charitable trust intermediary to run the hospital. Aarey Dairy's CEO assures that the move isn't privatization but a transfer to a trust, ensuring affordability and quality in healthcare through a stringent bidding process.
The Eastern Dedicated Freight Corridor (EDFC), a monumental infrastructure project spanning 1,337 kilometres from Punjab to Bihar, has been completed ahead of the Lok Sabha elections in India. Set to commence full operations on November 1, 2023, the EDFC is positioned to revolutionize freight transportation. The project, initiated by Prime Minister Narendra Modi, offers significant benefits to thermal power plants in several states, primarily aiding coal traffic. Despite cost overruns, reaching 1.24 trillion INR, the corridor is vital for the government's plan to optimize coal transportation networks and enhance freight efficiency. Delays caused by land acquisition and other challenges have been addressed, and EDFC is expected to handle 251 million tonnes of freight by 2036-37.
Popular luxury real estate developer AHS Builders recently unveiled a $850 million Casa Canal Project. Designed by renowned architect Shaun Killa, this ambitious venture offers three to six-bedroom sky villas and mansions along the Dubai Water Canal. Even before its official launch, 70% of the properties have been sold, marking AHS Builders' third major project. AHS Developers, with a $1.5 billion portfolio, self-finance their projects and cater to the growing demand for luxury homes. The demand for luxury real estate in Dubai has spiked, driven by factors like post-pandemic recovery, government incentives, and increasing international interest, making AHS Builders a premier choice in the ultra-luxury real estate market.
David Tolley, former CFO of Intelsat, has officially been appointed as WeWork's CEO, following his interim position since May 2023. This strategic move comes as the SoftBank-backed flexible workspace provider seeks to recover from a series of challenges, including a delayed public listing and executive departures. Since its IPO in 2021, WeWork has initiated multiple reforms, and with Tolley at the helm, the company anticipates a transformative phase. WeWork shares responded positively to the announcement, registering a 2.1% uptick.
Bollywood star Aamir Khan's property in Mumbai's upscale Bandra locality is set for redevelopment. Atmosphere Realty, a collaboration of Wadhwa Group, MICL, and Chandak, won the bid for this project, which attracted interest from Kalpataru, K. Raheja, and Oberoi Realty. Aamir Khan actively drove the decision making process as he owns 9 of the 24 apartments in the two buildings of the society. The new apartments will offer 55-60% more space to its owners. Pali Hill is among Bandra's top three locations experiencing a redevelopment boom, with renowned developers like Rustomjee, K. Raheja, Prestige, and Ashar Group joining in on projects in the area.
Mahindra Lifespaces and landowner K K Bangur will jointly develop a 37-acre plot in Mumbai's Bhandup. The mixed-use project encompasses residential, retail, and office spaces and the sale value is anticipated to be between Rs 8,000 crore and Rs 11,000 crore. Bangur has been attempting to sell the land for a long time but no buyer was willing to pay the quoted price of Rs 2,500 crore. Thus, he has now opted for a joint development agreement with Mahindra Lifespaces. The developer, paying a significant deposit, is set to construct approximately 40 lakh sq ft over eight to ten years. The deal allocates space for public amenities, including a park, school, playground, and cultural theatre.
Ajmera Realty & Infra India Ltd, a leading real estate player, delivered over 1,000 homes across Mumbai and Bengaluru daily, showcasing its dedication and operational efficiency. This feat, celebrated during the festive season, emphasises the company's commitment to customer trust. With a legacy spanning five decades, Ajmera Realty & Infra India Ltd has delivered homes to 45,000 families, focusing on creating memorable experiences for its customers. This achievement reaffirms the company's position as a customer-centric real estate player, dedicated to delivering excellence and making homeownership dreams come true.
The Bombay High Court has stepped in to resolve a decade-old dispute involving Om Satyam Niwas CHS, a cooperative housing society in Borivali, and Greenfield Developers and Realtors LP. The cooperative housing society initiated arbitration proceedings, alleging the builder's failure to pay transit rent arrears of around Rs 3.5 crore. The developer in turn has sued the flat owners for 'GST dues' of Rs 5 crores. The CHS also says that though the building has been redeveloped, it has not received the occupancy certificate. The court has appointed senior advocate Rajiv Patil as the sole arbitrator, allowing both parties to present their claims.
ASBL, a prominent real estate firm, has achieved a remarkable milestone with its latest project - ASBL LOFT. In just one month, the project has secured flat bookings worth INR 500 crores inHyderabad. Ajitesh Korupulu, Founder & CEO of ASBL, emphasizes the customer-centric design's effectiveness, which draws inspiration from international mixed-use urban developments, as the reason for this success. It emphasizes walkability and provides essential "practical luxury" amenities within 100 steps of each flat. This approach has resonated with discerning homebuyers seeking 3BHK units with innovative features. They have also brought up a Pre-EMI offer that lightens the financial burden for buyers. Buyers are rushing to secure flats at the current price before prices rise on November 1, 2023.
Table Space, a leading Managed Workspace provider in India, has launched 'TS Suites,' a game-changing concept catering to the demand for high-quality, immediate office solutions. Operating in 8 premium locations across Bangalore, Pune, Gurgaon, Noida, and Chennai, TS Suites plans to expand to 25 centres in the next 18 months with an INR 500 crore investment. TS Suites offers world-class, secure, and compliant pre-built offices on short to mid-term contracts. What sets it apart is its impressive 24-hour turnaround time, allowing organizations to focus on their core activities. The emphasis on data security, adaptability, and sustainability makes TS Suites a transformative force in the evolving corporate workspace landscape, meeting the changing needs of its clients.
The Indian Railways has yet to transfer 47.5 acres of land in Dadar to the Dharavi Redevelopment Project Pvt. Ltd., the dedicated entity for the rejuvenation of the sprawling Dharavi slum. Insiders reveal that the railway still maintains goods on the mostly vacant land. This significant parcel of railway land borders the Dharavi region and holds substantial importance for the construction of the initial phase of permanent accommodations. While a physical survey of the land has been completed, discussions are actively underway between the project authorities and the Indian Railways to secure its prompt handover.
The Maharashtra Housing and Area Development Authority's (MHADA) Konkan Board has extended its application deadline for the 2023 affordable housing lottery to November 15, previously set for October 16. Over 5,300 homes in towns like Thane, Virar, and Vasai, priced between Rs 10 lakh to Rs 50 lakh, are up for grabs. Notably, more than 1,000 of these homes fall under the Pradhan Mantri Awas Yojana (PMAY), catering to low and middle-income residents. The lottery results are expected at 11 am on December 13.
Under the Prime Minister Awas Yojana (PMAY), Maharashtra Housing Development Corporation (Mahahousing) is constructing 36,000 affordable homes in tier-2 and tier-3 cities, including Solapur, Nagpur, Satara, and Titwala in the Mumbai Metropolitan Region. These 300-600 sq. ft. houses are priced from Rs 9 to Rs 17 lakh, catering to various income segments. Additionally, 2,200 flats in Titwala are in the works. The first 500 homes for Economically Weaker Sections and Low-Income Groups in Solapur will be distributed via lottery, priced at Rs 9 lakh after PMAY subsidies.
Dozens of farmhouses, sprawling across multiple acres on the Yamuna floodplains, have faced demolition by the Noida Authority. The owners had constructed concrete structures on the premises and were using them for various commercial activities. This action signals the beginning of a crackdown on unauthorized developments along the environmentally sensitive floodplain area. The Noida Authority has emphasized its commitment to preserving the floodplains and curbing illegal encroachments. Further demolitions are expected as part of a broader effort to reclaim and protect the Yamuna floodplains.
In a significant policy change in Haryana, the responsibility for constructing substations will now fall on distribution companies (discoms), according to an official notification by the Haryana Electricity Regulatory Commission (HERC). Under this new directive, developers must cover the costs of the sanctioned load for a condominium or township, and also allocate land to the discoms for substation installation. This shift in responsibility is poised to streamline power infrastructure development and distribution in the region, marking a pivotal change in the construction landscape.
Google India has secured office space in the Fintech One tower at Gujarat International Finance Tec-City (GIFT City) in Gandhinagar, Gujarat. The long-term lease, spanning a decade with an option for an additional five years, signals Google's commitment to India. Prime Minister Narendra Modi commended this move and discussed Google's plans to enhance financial inclusion in India through Unified Payments Interface (UPI) with Sundar Pichai, Google and Alphabet's CEO. Fintech One, a 20-storey tower, becomes the location for Google's fintech centre, joining global entities like IBM. This move underscores Google's proactive approach to establish a strong presence in key Indian cities, contributing to the nation's tech and economic growth.
In the first three quarters of 2023, India's top seven cities experienced a residential sales surge, reaching 196,220 units, the highest level since 2008. These sales already achieved 91% of 2022 figures and are on track to exceed 215,000 units by year-end. The upscale housing segment, homes priced over INR 1.5 crore, played a substantial role, accounting for 24.3% of Q3 sales. Mumbai and Bengaluru led the charge with a combined 46.6% of total sales. Premium real estate witnessed impressive growth, with property prices appreciating notably. Unsold inventory increased modestly but with a reduced timeline for liquidation, signalling strong sales. A robust supply pipeline and expansion into emerging markets are expected to maintain residential market buoyancy.
The BBMP in Mahadevapura has initiated the issuance of khatas for property owners after persistent delays. In response to residents' complaints, the BBMP organized "khata melas" in various wards to raise awareness and expedite the process. Over 90 khata certificates were distributed in the Hoodi subdivision and more than 70 in Whitefield, with similar plans in other sub-divisions. The delay in khatas affected tax collection. Residents, who had been struggling for years to acquire khatas, were pleasantly surprised by the efficient issuance during these melas, with more than 60 flat owners successfully obtaining khatas.
ESR Group, a major player in real estate services and investments, is embarking on an ambitious project to build a massive 1.4 million square foot logistics park in Nagpur, India. With an investment exceeding 2400 crore, this Hong Kong Stock Exchange-listed company is expanding its footprint with ESR Nagpur Logistics Park 2, its twentieth project in India. The park is designed to house ten distinct buildings, catering to various tenant requirements across sectors like e-commerce, third-party logistics (3PL), retail, and fast-moving consumer goods (FMCG). ESR's commitment to investment in Nagpur is evident from the success of its first logistics park in the city, ESR Nagpur Logistics Park 1, which has been fully occupied since its completion in 2020.
Noida's DS Group, known for its Rajnigandha pan masala, is reportedly evaluating the acquisition of the iconic Great India Place Mall (GIP) for Rs 2,000 crore. The potential move aligns with DS Group's broader strategy to deepen its foothold in the retail and hospitality sectors. The GIP Mall, once a prime shopping destination, has faced financial challenges post the pandemic. While DS Group emphasises no official bid has been made yet, their recent acquisition activities in the hospitality sector indicate a consistent expansion strategy.
The Central Railway (CR) has initiated a Rs 101 crore redevelopment project for four Mumbai stations— Parel, Byculla, Kanjurmarg, and Vikhroli —under the Amrit Bharat Scheme, citing increasing footfalls. Parel and Byculla's revamp costs are Rs 19.41 crore and Rs 35.52 crore, respectively, while Vikhroli and Kanjurmarg redevelopment costs are pegged at Rs 19.16 crore and Rs 27.01 crore. The focus is on expanding station premises for enhanced movability, including foot over bridges, lifts, escalators, and better amenities like water huts and lighting. The stations will feature improved infrastructure, signage, and accessibility. The CR aims to complete the project within a year.
Nashik Municipal Commissioner Ashok Karanjkar expressed concern over irresponsible disposal of construction waste by builders and contractors. During a meeting with the Godavari pollution prevention cell, he instructed officials to take action against erring individuals. Deputy Commissioner Vijay Kumar Mundhe emphasized strict measures, with fines for offenders. The Nashik Municipal Corporation (NMC) deployed vehicles across its divisions to lift debris, charging Rs 800 per tonne. The NMC urged residents to approach designated offices for lifting such waste or face fines. A work order was also issued to a private firm for constructing and operating a C&D waste recycling plant at Pathradi.
The Mumbai-Nagpur Expressway, India's second longest, heralds a new era of connectivity, spanning 701 km with potential to reduce travel time between Mumbai and Nagpur to 8 hours. Linking 10 vibrant districts, it enhances cultural exchange and economic growth. Executed in phases, the project showcases India's vision and determination, with Phase II inaugurated on May 26, 2023. Costing Rs. 55,332 crores, it stands as a testament to India's commitment to development. As the final stretches near completion, the nation eagerly awaits the transformative impact of this monumental expressway.
HSBC, a prominent London-based bank, extended a £60 million ($73 million) loan facility to a Reliance Industries Ltd subsidiary, shortly after the company's acquisition of the Stoke Park estate in southeast England for £57 million in 2021. This development, revealed through UK registry filings, showcases HSBC's continued involvement in financing Mukesh Ambani's luxury real estate ventures, demonstrating confidence in the business mogul's real estate strategy. The loan facility bolsters Ambani's position in the high-end real estate market, leading to potential growth and investment opportunities in this sector.
Germany's housing sector is mired in a deepening crisis, with a record number of project cancellations causing alarm among construction companies. In September, a survey by the Ifo Institute revealed that 21.4% of residential builders experienced project cancellations, surpassing the previous record set in August. Rising interest rates and inflation are driving up financial and material costs, threatening to exacerbate housing shortages. The situation is compounded by financial difficulties, regulatory hurdles, and economic uncertainties, leading to heightened pessimism in the construction industry. The lack of new construction not only impacts the sector but also has broader repercussions, affecting the overall real estate market and affordability for potential homeowners. The outlook for improvement in the short term is bleak.
According to the Office for National Statistics (ONS), 40% of persons in the UK are currently having trouble making their mortgage or rent payments. This number represents a huge increase from the 30% of the previous year. The average rent has increased to £1,278 outside of London and a startling £2,627 inside the city. High mortgage rates, rising tenant demand, and a decline in the supply of rental homes as a result of landlords selling up are some of the driving forces behind this increase. Tenants have had to give more than the asking amount to acquire accommodation due to the competitive market.
• A residential flat spanning 346 square feet on sold in Bholanath CHS in Vile Parle East for INR 70 lacs. <br>• A residential flat spanning 772 square feet on the 13th floor sold in Kalpataru Bliss in Santacruz East for INR 2.47cr.
Chandan Cinema, an iconic Mumbai landmark, has a storied history deeply intertwined with the city's cultural tapestry. Established in the mid-1970s, it became a beloved destination for diverse cinematic experiences. In 2017, the cinema ceased operations due to structural concerns, leading to a redevelopment plan. The owner faced hurdles, including defence clearance issues, and eventually took the matter to the Supreme Court. The court ruled that redevelopment of existing structures is permitted, provided they don't exceed 15.24 meters in height. The redevelopment is set to include a commercial tower, boutique offices, a premium shopping mall, and an executive-class multiplex theatre.
• A residential flat spanning 434 square feet on the 15th floor sold in Siddha CHS in Goregaon West for INR 78 lacs. <br>• A residential flat spanning 583 square feet on the 15th floor sold in Runwal Timeless in Wadala East for INR 1.4cr.
The Dynamix Group is set to make a significant impact on the real estate sector with plans to unveil four transformative projects in Mumbai and Goa. Established in the late 1970s, this renowned group is known for iconic projects that set industry standards. With a substantial investment of Rs 2,100 crore, they will focus on the residential segment, catering to diverse housing needs. These initiatives, spanning 2.4 million sq ft, aim to provide modern, well-designed living spaces, elevating urban living standards and fostering sustainable development. As they venture into new territory, Dynamix Group's legacy of excellence continues to shape the future of real estate.
A Delhi court has issued non-bailable warrants against Rahul Chamola, the Director of Nivas Promoters Pvt Ltd, in response to a case lodged against him. Chamola is accused of enticing homebuyers to invest in his project by promising flats but failing to deliver on that promise. He is also alleged to have absconded with advance payments from these buyers. Chamola purportedly used connections with cricketer Munaf Patel to lure investors with grandiose claims about his projects that ultimately went unfulfilled. Despite being granted interim bail with conditions, Chamola failed to clear dues to investors and homebuyers, leading to the issuance of non-bailable warrants. This legal action highlights the repercussions individuals in the real estate industry may face for failing to fulfil commitments to homebuyers and investors.
A Delhi court denied 'default bail' to R. K. Arora, the chairman of Supertech Group, in a money laundering case. The court rejected Arora's claim that the charge sheet was incomplete, noting that the investigation was concluded and the charges against him were valid. The case is part of an investigation into money laundering by the Supertech Group, which is accused of defrauding homebuyers. The ED found that the company collected funds meant for residential projects but diverted them to purchase land in the name of other entities, leading to loan defaults of around Rs 1,500 crore. Arora's legal battles continue.
Sunteck Realty reports a robust performance in Q2 FY24 with a 17.2% YoY growth in pre-sales, totalling approximately Rs 395 crore, while collections remained steady at Rs 214 crore. H1 FY24 also exhibited robust figures, with pre-sales marking a 16.7% YoY increase, reaching Rs 782 crore compared to Rs 670 crore in H1 FY23, and collections for the first half standing strong at approximately Rs 502 crore. In a separate development, Sunteck earned a remarkable 95-point score and a 5-star rating in the GRESB (Global Real Estate Sustainability Benchmark) Assessment, placing it among the top 20% of industry peers.
Signature Global, a prominent real estate developer in India, announced impressive financial results for Q1 FY24, reporting a substantial 113.92% growth in pre-sales, totalling INR 879.78 crore. This trend continued into H1 FY24, with pre-sales growing by 37.57% to INR 1,861.39 crore. The company's collections saw a significant increase of 64.92%, amounting to INR 1,327.45 crore in H1 FY24. Additionally, sales realization improved, reaching INR 9,800 per sq. ft. from about INR 7,425 per sq. ft. in H1 FY23. Despite a dip in revenue from operations, this performance underscores Signature Global's commitment to financial stability and growth in the real estate sector.
A three-acre urban plot in Pune, owned by the Yerawada police station, has reignited controversy 13 years after objections were raised by former Pune police commissioner. The plot was initially allotted to the police in 1979 but later became embroiled in a complex exchange proposal involving a private trust and a private developer. The controversy underscores concerns about transparency and integrity in land allocation, highlighting the nexus between politics and developers in the region. This renewed debate emphasizes the need for accountability, transparency, and adherence to legal procedures when handling public assets and resources.
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) is proactively enhancing transparency and oversight in real estate project financing. Collaborating with the State Level Bank Committee (SLBC), UP-RERA enforces compliance with RBI directives and the RERA Act. Citing legal provisions, it mandates a 70-30 percent fund allocation in real estate project bank accounts. UP-RERA's stringent directives include three separate accounts, automatic deductions, and prohibiting debit cards or check books for promoters. Banks must verify fund utilization in proportion to construction progress, reinforcing integrity and trust. This initiative revolutionizes real estate project financing, bolstering transparency and accountability in the sector.
The HMDA (Hyderabad Metropolitan Development Authority) has urged the Telangana High Court to initiate a police probe into a 49-acre Shamshabad land fraud case. The land belonged to Paigah estate connected to Nizam properties. The case involves alleged attachment of fake judgment copies from 1998 to gain land title. The case prompted the High Court bench, led by Chief Justice Alok Aradhe, to order a probe by the judicial registrar. Advocate General BS Prasad and the HMDA estate officer emphasized the need for a probe, citing instances where the Supreme Court ordered criminal investigations into similar cases of fraud on the court.
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has penalized five real estate promoters, including Attractive Nirman, Basera City Developers, Hallmark Vyapar, Rajeev Son HUF, and Lavish Buildmart, for violating Section 11 of the RERA Act. Each has been fined Rs 1 lakh for advertising real estate projects without the required RERA registration numbers and portal listings. UP-RERA enforces regulations to promote transparency and protect homebuyers' interests. The promoters must now submit affidavits detailing their violations and correct their advertisements to include RERA registration details. UP-RERA's actions aim to encourage compliance, emphasizing the importance of transparency in the real estate sector, benefiting both developers and buyers.
The West Bengal Housing Infrastructure Development Corporation (WBHIDCO) has introduced a policy change in New Town, allowing cooperative societies to transfer membership without requiring prior permission from the organization. This policy revision applies to housing societies that have been allocated freehold or leasehold plots for apartment construction. The move simplifies administrative procedures, giving cooperative societies more autonomy and reducing bureaucratic hurdles in managing their memberships in line with the West Bengal Cooperative Societies Act.
Bengaluru's Brigade Group is making significant strides in the real estate market, exemplifying their commitment to expansion with strategic land acquisitions. Their latest acquisition, a 9.71-acre parcel in Hyderabad, reflects the company's prowess and market appeal, with each acre costing a substantial Rs. 68 crores. In Bengaluru and Chennai, Brigade Enterprises has secured prime land for ambitious residential projects, totaling over one million square feet each. These acquisitions not only showcase their confidence in development capabilities but also their vision for creating vibrant and sustainable communities. As a key player in India's real estate industry, Brigade Enterprises is poised for a promising future, emphasizing quality, innovation, and customer-centric values.
In Knight Frank's Global Residential Cities Index Q2 2023, global real estate trends revealed a slowdown, with only a 1.7% YoY growth across 107 cities. However, Indian cities defied this trend, showcasing remarkable resilience and growth. Mumbai surged 76 places to secure the 19th position, Bengaluru climbed to 22nd place, and New Delhi rose to 25th globally. Chennai and Kolkata also made significant progress. Despite global challenges, Indian cities' robust performance underscores their appeal to investors. This success story highlights India's economic strength and real estate potential amidst a shifting global landscape.
Maruti Suzuki, India's top passenger car manufacturer, has secured a lease for 270,000 square feet of office space at Gurgaon's Tag Avenue. This comes after a request by Haryana's Chief Minister to relocate Maruti's headquarters to Gurgaon. Despite this, Maruti has no immediate plans to move from its current New Delhi location. The Haryana government is investing heavily in industrial and commercial development in the region. In Q1 2023, Delhi NCR saw a 4% decrease in leasing activity, with Gurugram at the forefront, accounting for 74% of the activity. Noida contributed 24%. These trends reflect the ongoing dynamics in the region's commercial real estate sector.
OYO plans to incorporate new 750 hotels within the next three months across 35 leisure markets including Goa, Jaipur, Rishikesh and Shimla. Majority of the additions would be in OYO’s premium brands like Palette, Townhouse, Townhouse Oak, and Collection O. The number of foreign tourists who arrived in India this year during January-June was 106% more than the figure for the corresponding period in 2022 and this is expected to grow further in the upcoming festive and winter season from October to January. The company aims to tap into this boom and emphasizes providing quality accommodations and creating job opportunities in local communities. OYO has also introduced a stay now pay later (SNPL) option, offering customers a credit limit of 5000 for settlement after 15 days from the stay.
The luxury hotel sector is thriving in India due to increased demand from high-income households. Leading hotel chains like Lemon Tree, Hilton, and Radisson are expanding their portfolios to cater to this trend. Lemon Tree recently opened the country's largest hotel, Aurika Mumbai Skycity, and is planning on many other projects in the next 3-5 years. Hilton is introducing its iconic Waldorf Astoria brand in Jaipur by 2027 and is considering further expansion. Radisson is debuting its Collection luxury hotel and aims to grow its footprint in India, with a focus on tier II-IV markets. Luxury properties contributed 14% of overall brand signings by keys in 2022, up from 9% in 2018.
The Brihanmumbai Municipal Corporation (BMC) has made significant progress in reconstructing the 150-year-old Carnac Bunder Bridge, issuing tenders for its approaches and initiating the girder manufacturing process. Despite initial concerns about delays, BMC officials are confident about completing the project within 12 months, costing 252 crore. Challenges, including poor coordination with railways, have caused setbacks, leading to traffic congestion and inconveniences. The BMC's dedicated efforts, along with continued stakeholder coordination, are crucial for ensuring a smooth reconstruction process, minimising disruptions for Mumbai's residents and commuters.
The BMC is moving forward with a road construction project in Chandivali, despite not having acquired the necessary land. The road was planned as part of a 30-year-old development plan. The BMC started construction of the road but got stuck at one-third of the stretch. The land for the remaining road is full of encroachments. Local residents protested, leading to eviction notices and re-initiation of tenders. Only two bids were received for the tender. The BMC extended the timeline due to a lack of response. The BMC emphasizes the work will commence after land acquisition but the DP department, responsible for land acquisition, faces criticism for delays. Citizens question the delayed acquisition process and inaction against encroachments and urge timely action for road development in Chandivali.
Adani Ports has unveiled a monumental Rs 20,000 crore investment in Kerala's Vizhinjam Transhipment Terminal by 2030, signalling a transformative shift in the state's infrastructure. The port's strategic significance lies in its natural depth of over 18 metres, making it ideal for large vessels and reducing reliance on foreign hubs. Adani Ports, a key investor, aims to handle 1 billion tonnes of cargo annually by 2030, aligning with its vision of becoming a global port leader. This initiative not only enhances Kerala's infrastructure but also amplifies India's maritime capabilities, fostering competitiveness on the global trade stage.
Singapore's historic shophouses, once symbols of the past, are now highly coveted as thriving urban assets. Their vibrant facades and intricate details have turned them into trendy establishments, from restaurants to boutiques, appealing to both locals and tourists. These structures have gained immense value, thanks to their exemption from housing regulations designed to curb costs. Sales of shophouses have surged, with Chinese investors making significant acquisitions. As Singapore has shifted towards preserving its historical heritage, areas like Joo Chiat have transformed into vibrant districts, attracting visitors and social media enthusiasts. These shophouses are now home to global brands and prestigious dining venues, exemplifying a harmonious blend of tradition and modernity.
Knight Frank, a global real estate consultancy, recently released a report highlighting the dynamic economic landscape in Africa, driven by urbanisation, agricultural expansion and technological advancements, which has resulted in massive potential in its real estate. Apart from UK's $2 billion commitment to sustainable projects in Africa and the US's $200 billion through the Partnership for Global Infrastructure and Investment (PGII) initiative, Africa's real estate market stands to gain from unlocking investment opportunities in five sectors: data centres, manufacturing, ESG (Environmental, Social, Governance), infrastructure, and agro-processing. With a diverse set of resources in its armour, Africa stands to gain from Global Sovereign Investments.
• A residential flat spanning 1,020 square feet sold in X BKC in Bandra East for INR 4.90cr. <br>• A residential flat spanning 1,562 square feet on the 26th floor sold in Raj Infinia in Malad West for INR 3.5cr.
An individual named Rajan Gulhane is facing a case filed by the Tilak Nagar police for allegedly attempting to seize a one-acre salt pan land in Vikhroli, Mumbai, by placing a signboard claiming ownership. The land's ownership is disputed between the State Government and the Central Government (Salt Department) and is awaiting resolution in the Bombay High Court. Gulhane replaced a sign indicating the ongoing dispute with his own sign, asserting ownership. However, the Salt Department alleges that he submitted fraudulent documents and confirmed their forgery with the Talati office. Salt pans play a crucial role in Mumbai's defense against flooding and provide habitat for diverse wildlife. They are subject to strict Coastal Regulation Zone (CRZ) regulations.
Hiranandani Group's Empress Hill in Powai is a luxurious residential development witnessing remarkable demand. Within a week of its launch, it has achieved sales worth Rs 1,100 crore, with half of its available properties already sold. The project, with 330 units in three towers, offers three and four-bedroom configurations and is expected to be completed by FY26, with an investment of Rs 2,000 crore. Targeting affluent homebuyers, this project reflects the growing interest in upscale housing due to the COVID-19 pandemic, increased disposable income, job opportunities, and a preference for luxurious living. It has received positive feedback from both domestic HNIs and NRIs, emphasizing punctual delivery, quality, value appreciation, and rental returns.
Godrej Properties faces a setback as CIDCO cancels the allocation of two plots in Navi Mumbai. The real estate firm has strongly opposed the cancellation, asserting that it contravenes a High Court order. Legal proceedings have been initiated by Godrej in response to this step by CIDCO. In March 2021, Godrej Properties secured these plots in Sanpada, near the sought-after Palm Beach area. In a separate development, Godrej Properties' subsidiary, Godrej Redevelopers (Mumbai), confronts a GST demand of Rs. 48.31 crore, along with interest and a penalty, which the company plans to contest legally.
A forensic audit conducted by MahaRERA on the Khar project of Highstreet Paramvir Developers has revealed multiple financial and regulatory irregularities, raising concerns about the handling of project funds and possible violations of the RERA Act by the project's promoter. The audit identified issues such as failure to deposit funds into a separate project bank account, inappropriate utilization of funds, unaccounted for loans and advances, losses from land sales, unsanctioned construction, project delays, and non-submission of essential information for the audit. This marks the first time MahaRERA has taken action against financial irregularities, underscoring the need for transparency and adherence to regulations in the real estate industry. The case has been taken up by the economic offences wing of the Mumbai Police.
The Bombay High Court has denied default bail to Sanjay Chhabriaa, a realtor embroiled in a money laundering case connected to Yes Bank. The court's decision hinged on the intricate nature of money laundering cases that necessitate in-depth investigations, and the Enforcement Directorate's (ED) ongoing inquiry. Chhabriaa had argued for default bail based on the ED's submission of its prosecution complaint within the mandated 60 days, but the ED sought permission to continue the investigation. This case underscores the complexity of money laundering and the need for comprehensive scrutiny in such matters.
The Supreme Court of India has refused bail to Mr. Surendra Kumar Hooda, a former promoter of real estate company AN Buildwell. He had sought bail while challenging the cancellation of a land allotment by the Yamuna Expressway Industrial Development Authority (YEIDA). This cancellation involved a substantial land parcel meant for a Sports City. Banks that had financed the parent company, Jaiprakash Associates Ltd (JAL), filed affidavits in support of JAL's petition to overturn YEIDA's decision. The court's decision underlines the complexity of the case, involving financial intricacies and legalities concerning land transactions, with Mr. Hooda ordered to surrender within eight weeks.
The Urban Estate Eco City-3 project by GMADA in New Chandigarh has faced setbacks due to bureaucratic hurdles and financial constraints, putting its future in uncertainty. Challenges include the Punjab government's demand for detailed land information, delaying land acquisition. The project, based on land pooling, was stalled due to fund shortages and limited landowner participation. Despite these issues, GMADA plans to launch Aerotropolis, a 1,653-acre township near the airport, showcasing its commitment to regional development. Successful resolution of hurdles will be crucial for revitalizing the Eco City-3 initiative and fostering economic growth.
MahaRERA, the Maharashtra Real Estate Regulatory Authority, is taking a proactive approach to enhance the quality of real estate construction in the region. The regulatory body is developing a comprehensive framework for quality assurance reporting, aiming to prevent defects from occurring in realty projects thereby benefiting both developers and homebuyers. MahaRERA seeks to engage all stakeholders, including developers, to create a collaborative atmosphere prioritizing quality and consumer satisfaction. By proactively enforcing rigorous standards and transparency, the regulatory authority aims to reduce defects and potential disputes in the post-possession phase.
The commencement of the model code of conduct for the upcoming assembly elections in Telangana has had a noticeable impact on property registrations, particularly within the Hyderabad Metropolitan Development Authority (HMDA) limits. Many real estate developers, buyers, and investors are choosing to postpone property transactions until after the elections due to concerns about potential risks associated with carrying large sums of cash during heightened police checks. Additionally, inauspicious days in this month have contributed to the decline in property registrations. As a result, officials have observed a drop in property registrations and revenues compared to the previous year, affecting both urban and agriculture land transactions.
In August, the Pioneer Cooperative Housing Society (CHS) located in Panvel, India, lodged a formal complaint with the local police, bringing to light a disturbing incident. They revealed that an astonishing six out of their ten flats had been fraudulently sold and registered without their knowledge or consent. This shocking revelation uncovered a major property scam, totalling a significant value of Rs 4 crore. The authorities have been diligently investigating the matter for the past two months. Recently, a prominent Mumbai builder has been apprehended in connection with this alleged scam.
The Yamuna Expressway Industrial Development Authority (YEIDA) has initiated a group housing plot scheme in Greater Noida's Sector 22-D. It plans to offer six plot categories through an e-auction on November 21. The application process, launched on September 28, requires submissions by October 27. Successful applicants will participate in e-auctions on November 21. The reserved prices for the plot, including PLC, have been fixed between Rs 61.50 crore to Rs 135.3 crore, with registration amounts between Rs 6.15 crore and Rs 13.53 crore. YEIDA's website provides details on vacant plots, including area, sector, allocation rate, and reserved prices. ICICI Bank is the exclusive banking partner for the project.
The Noida district administration is taking proactive steps to address the strain on its existing sub-registrar offices due to the surge in property transactions. The revenue department has proposed establishing two additional sub-registrar offices in Greater Noida and Dadri to expedite property registration processes. Currently, these offices are overwhelmed, with daily registrations far exceeding capacity, leading to delays and potential errors. To streamline the process, the revenue department plans to hire additional helpdesk staff to assist the public and maintain the accuracy of documentation. The move anticipates and responds to the evolving landscape of property transactions in Noida, enhancing the overall experience for registrants.
HSBC, a major multinational bank, is planning to enter India's real estate development funding sector via the Foreign Portfolio Investment (FPI) route and exploring private debt investments. They aim to invest in real estate projects ranging from 250 to 500 crore each, capitalizing on the flexibility of the FPI route. HSBC's move aligns with the growing trend of global investors in India's private credit market, driven by the influx of funds following the IL&FS crisis. This presents an opportunity in a market estimated at around Rs. 1 trillion, with an annual deployment of Rs. 2500-3000 crore by domestic fund managers.
The Securities and Exchange Board of India (SEBI) is set to auction nine properties associated with Orion Industries Ltd and the Rakhal Bharoti group of companies. This action is aimed at recovering funds raised from investors by these entities. The properties include land parcels in West Bengal and Jharkhand, with a total reserve price of around Rs 9 crore. The online auction, scheduled for November 20, is facilitated by Quikr Realty Ltd. SEBI has urged potential bidders to conduct independent investigations into encumbrances, property titles, and related claims before participating. These companies had garnered investments without complying with regulatory norms, leading to SEBI's auction decision.
As municipal corporation elections loom, Ludhiana's civic body focuses on updating voter lists, diverting attention from property tax recovery. Employees plan to send SMS reminders instead of notices for dues. Since the one-time settlement was launched, efforts have been redirected towards recovering pending house tax amounts. Officials express the city's potential for Rs 250 crore in property tax but cite improper categorization hindering accurate taxation. Plans to reassess tax slabs are underway to rectify anomalies and ensure a fair taxation system and a committee has been formed for this purpose.
The hotel industry is on the verge of significant growth in the upcoming July-September quarter (Q2) of the fiscal year 2023-24 (FY24). This growth is expected to continue into the second half (H2) of FY24, driven by both short-term and long-term factors. Major hotel companies are gearing up to report substantial growth in Q2, with revenue expected to increase by 15-30% compared to the previous year. This surge is primarily due to increased demand from the business segment. Chalet Hotels is expected to lead with a remarkable revenue growth of 30%, while other key players like Indian Hotels Company and Lemon Tree Hotels are also set for significant growth.
Metro Brands Limited is a prominent Indian footwear retail company headquartered in Mumbai. With a vast network of 766 stores spanning 182 cities in India, they house various brands like Metro, Mochi, Walkway, and Crocs. Metro Brands is focused on expansion, aiming to open 200 new stores, repositioning the FILA brand, and strengthening its e-commerce presence. They're strategically expanding in clusters and exploring new markets in Tier 2 and Tier 3 cities, recognizing the growing importance of online shopping in the post-pandemic world. Their multi-channel approach combines physical and online stores to provide a seamless shopping experience for their customers.
Blox, an AI-driven proptech firm, is in the final stages of acquiring a majority stake in Justo, a mandate brokerage company in Maharashtra valued at Rs 350 crore. The transaction will combine cash and stock. This acquisition holds great significance in India's real estate and proptech sectors, where both Blox and Justo have annual mandate businesses of around Rs 3,500 crore. The move is expected to fortify Blox's position as a premier proptech enterprise in India, propelling its consolidated gross merchandise value to nearly Rs 8,000 crore. This strategic shift showcases the transformative impact of proptech on the traditional real estate landscape.
The BMC’s Rs 1,700 crore Mumbai beautification project faces a setback as decorative lights installed since October 2022 across key areas have begun to malfunction. The decorative lights were installed on the street lights and many of them on prominent roads and flyovers have stopped working. This malfunction is blamed on the street lights' inability to cater to increased power load, unsuitable wiring, and damage from illegal political hoardings. BMC Commissioner Iqbal Singh Chahal assures resolution within two weeks. Critics question the expenditure's priority over essential facilities and advocate FIRs against illegal banners. Others blame improper planning by the BMC and suggest redirecting funds for public services.
The Brihanmumbai Municipal Corporation (BMC) is planning to address Mumbai's increasing water demand by floating tenders for a new 2,000 MLD filtration plant at Bhandup, supplementing the existing 2,800 MLD units. Mumbai draws water from seven lakes and these filtration plants make the water suitable for human consumption. Of the current infrastructure, the 1,910 MLD unit has almost completed its useful life and would soon be decommissioned. Mumbai faced water cuts due to existing filtration unit malfunctions. P. Velrasu, Additional Municipal Commissioner, cites the rise in demand along with the need to improve capacity as the reason behind the proposal for the Rs 350 crore plant in the civic budget.
Andhra Pradesh Industrial Infrastructure Corporation (APIIC) plans to establish 'I-Space Business Park' in Madhurawada, covering approximately 19 acres. This business park will focus on IT/ITeS offices, commercial office space, business centres, and various support facilities. Proposed as a public-private partnership on a joint venture basis, the estimated project cost is Rs 2,300 crore. APIIC aims for a 26% stake, with the developer holding the remaining 74%. While Vizag has existing IT/ITeS offices, attracting major IT companies has been a challenge, with past proposals for IT parks in the region seeing limited progress.
The Yamuna Expressway Industrial Development Authority (YEIDA) is set to issue a global tender for the development of an Aircraft Maintenance, Repair, and Overhaul (MRO) facility at the upcoming Noida International Airport in Jewar by the end of October. The MRO facility is part of the airport's second phase, with nearly 60% of the required land already acquired. The land allotment process is expected to commence by year-end. The MRO facility aims to meet the growing demand in India's aviation sector, anticipating a significant increase in the number of passenger aircraft in the coming years.
New York Attorney General Letitia James filed a lawsuit against Donald Trump, alleging that he inflated the value of Mar-a-Lago and other assets in financial documents provided to banks and others. Trump valued Mar-a-Lago at up to $739 million, ignoring property use restrictions that required it to be a social club, not a private residence. The lawsuit claimed that Trump misrepresented the property as a residential plot rather than a social club. Trump’s defence team denied any wrongdoing and suggested that banks may not have relied heavily on his financial statements. The case revolves around the alleged overvaluation of assets in financial documents.
The IMF has once again expressed concern about the housing shortage in the Netherlands and its impact on young people across Europe. Alfred Kammer, Director of the European Department at the IMF, stressed the urgent need for increased housing construction to address the crisis. Limited construction activity, despite rising housing prices, is a major issue. The IMF warned that the situation could lead to reduced home affordability and social problems in the Netherlands, potentially sparking resistance against necessary reforms. This issue has persisted despite some fluctuations in housing prices and mortgage rates.
Three individuals, identified as Kakasaheb Khade, Vikas Dahiphale, and Mohini Tandale, are accused of defrauding 19 Navy officers of Rs 23.13 crore by promising them land in Uran in 2019. Operating under the name Sky Garuda Developers, the accused set up an office in CBD and advertised the sale of Non-Agricultural plots. After initial payments, the accused changed the promised plot location, and when the investors demanded their money back, the trio provided a bounced cheque. The case has been transferred to the Economic Offence Wing, with investigations ongoing under sections 420, 406, and 34 of the IPC.
• A residential flat spanning 1,669 square feet sold in K Raheja Vivarea in Mahalaxmi for INR 10cr. <br>• A residential flat spanning 843 square feet on the 12th floor sold in Kalpataru CHS in Ghatkopar East for INR 1.8cr.
Kolte-Patil Developers Ltd, a prominent Pune-based real estate company, reported remarkable sales growth in H1 FY24. Their sales surged by 64%, totalling INR 1,333 crore, driven by new project launches and steady progress in ongoing developments. The strong performance, marked by a 72% increase in sales bookings for Q2 FY24, reflects the company's commitment to enhancing customer experiences and delivering quality projects. The CEO emphasized their strong foundation and strategic investments, positioning them to create significant value for stakeholders. Kolte-Patil Developers has its presence in Pune, Mumbai, and Bengaluru.
Banks supporting Jaiprakash Associates Ltd (JAL), a company under the Jaypee Group, have submitted affidavits in the Allahabad High Court, endorsing JAL's request to reverse a decision by the Yamuna Expressway Industrial Development Authority (YEIDA) to cancel the allocation of 1,000 hectares of land. YEIDA had revoked the allocation, citing unpaid land dues of Rs 3,621 crore. JAL, however, contends the outstanding amount is Rs 1,483 crore. The court had directed the banks to clarify their positions earlier. The court further directed JAL to provide an affidavit explaining their differences with YEIDA's calculations.
Several filmmakers and companies, including actors Akshay Kumar and Kangana Ranaut, have shown interest in the International Film City project in Sector 21, Noida, Uttar Pradesh. The Yamuna Expressway Industrial Development Authority (YEIDA) floated a global tender for the third time on September 30, aiming to attract investors for the project's first phase. Representatives from production houses associated with Boney Kapoor and Ajay Devgn, as well as international firms like Sony and Universal, are reportedly interested. The tender, covering 230 acres out of the total 1,000, seeks development, operation, and maintenance partners on a public-private partnership model.
Atmosphere Realty Pvt. Ltd., a consortium of The Wadhwa Group, Man InfraConstruction Limited, and Chandak Group, has obtained the Occupation Certificate (OC) for towers ‘D’ and ‘E’ in its 'Atmosphere O2' project at Mulund. The consortium has received the OC 15 months ahead of schedule. This is attributed to guidance from Japanese Conglomerate Marubeni which is also involved in the project. This achievement reflects a commitment to quality construction and customer satisfaction in the real estate sector. The 'Atmosphere O2' project spans 5.13 acres with up to 85% open spaces emphasizing on green spaces and Wadhwa’s focus on natural light and ventilation in each residence. The project offers 20+ amenities, a spacious clubhouse, and good connectivity.
The Bombay Development Directorate (BDD) chawls redevelopment project now has a revised completion date of 2026, following a recent site visit by MHADA vice-chairman Sanjeev Jaiswal. The project encompasses three locations, including NM Joshi Marg, Naigaon, and Worli, spanning 12 acres. Originally constructed by the British over a century ago, the chawls consist of 160 square feet houses with shared restroom facilities. The redevelopment plan aims to provide tenants with 500 square foot homes, attached toilets, and numerous amenities in high-rise towers. Despite challenges and criticism, this ambitious project signifies a positive step towards modernizing the historic chawls and enhancing housing conditions in the area.
In a significant development, Chief Minister Eknath Shinde has approved the allocation of ownership flats to over 4,700 government employees residing in Bandra (East), Mumbai's government colony. This decision, following a meeting chaired by Shinde, aims to optimize land use by redeveloping the sprawling 90-acre colony. Roughly 10 acres will be designated for a slum rehabilitation scheme, benefitting both slum dwellers and government employees in Class II and III categories. Additional ownership flats will be provided to Class IV employees within the 12 buildings slated for redevelopment. While facing some criticism, this proactive approach addresses Mumbai's housing challenges and promotes equitable urban development.
The Children Welfare Centre (CWC), a prominent educational institution in Mumbai's western suburbs, is facing investigation over the alleged misuse of land plots leased to them by the BrihanMumbai Municipal Corporation (BMC). Accusations include sub-leasing to a national school chain, charging excessive fees, unauthorized constructions, and Coastal Regulation Zone (CRZ) violations. An MLA has filed a complaint, urging the cancellation of permissions granted to CWC. Preliminary inspections revealed unauthorized construction and other concerns on CWC properties. CWC's principal has refuted the allegations, insisting their educational expansions adhere to lease terms.
Following two building collapses in Dombivli, the Kalyan-Dombivli Municipal Corporation (KDMC) has established a Specialized Survey Team. Tasked with identifying potentially hazardous structures, the team aims to prevent further incidents. One of the recent collapses involved a building not previously marked as dangerous, highlighting the need for this initiative. The team has been formed in all 10 KDMC wards and it comprises experts from various departments. They will conduct thorough assessments and report daily findings, ensuring the safety of Dombivli residents.
The Haryana cabinet, led by Chief Minister Manohar Lal Khattar, has approved the "Haryana Municipal Urban Built-Plan Reform Policy, 2023," allowing residential plots in planned schemes to transform into commercial properties. This policy responds to evolving urban development needs and aims to regulate commercial conversions within municipal core areas. Property owners will face various charges, including scrutiny fees, conversion fees, development charges, and composition fees. The policy also includes measures to regularize unauthorized constructions and support dependents of deceased police personnel through appointments under civil service rules.
A Delhi court has ordered an FIR against a builder for allegedly defrauding a buyer, Masud Alam, of Rs 1.3 crore under the pretence of selling a property in Bara Hindu Rao. The property, paid for between August 2019 and July 2021, was later sealed by the Municipal Corporation of Delhi. Accused Mohammad Gulfam Qureshi and Anshul Goel reportedly pressured Alam for payments, despite construction delays. The case highlights the need for vigilance in property transactions.
Delhi's Winter Action Plan, initiated by Chief Minister Arvind Kejriwal, is in full swing to combat air pollution as the city prepares for winter. At its forefront is the Anti Dust Campaign, featuring 591 teams from 13 departments, inspecting construction sites to enforce dust control guidelines. Fines for non-compliance send a stern message to violators. The Green War Room coordinates these efforts, while bio decomposer spraying and anti-smog guns are also used. This campaign, lasting from October 7 to November 7, is crucial for mitigating winter air pollution. Stricter penalties await severe violators, and public participation is encouraged through the Green Delhi App, reflecting a unified effort to create a cleaner, healthier Delhi.
India is on the cusp of a data centre expansion, set to potentially double its capacity to 23 million sq ft within three years. A recent report, "India Data Centers: Entering Quantum Growth Phase," by Colliers India and CII, unveiled this promising outlook, projecting a $10 billion investment opportunity across seven leading cities. The report covers key cities, showcasing their IT load capacity, emphasizing the pivotal role of real estate in India's economic growth, and the growing importance of ESG standards in the real estate sector. With factors like data consumption and regulatory changes, data centre capacity could reach 1,800MW by 2026, led by Mumbai, Chennai, and Hyderabad. Tier-II cities also emerge as potential data centre locations, signifying India's digital transformation and the vital role of both Tier I and Tier II cities.
In the first half of FY24, private equity investments in the Indian real estate sector experienced a notable shift. The ANAROCK Capital report "FLUX - 1H FY24" revealed an increase in the average investment size to USD 117 million, primarily driven by a massive deal involving Brookfield India Real Estate Trust REIT and Singapore's GIC. Despite subdued overall investment activity, the top 10 deals accounted for 95% of total PE investments. Office assets, especially Grade-A properties, remained a top choice for investors. Emerging trends included growing interest in data centres and continued debt investments in the luxury residential sector. Equity investments dominated, and multi-city transactions, particularly in Mumbai, surged. The sector showed resilience, with promising opportunities for both domestic and foreign investors.
In the first half of the 2023-24 fiscal year, property registrations in the Indore and Ujjain divisions surged, with 2,73,876 properties registered across 15 districts. This resulted in a revenue of Rs 1,993 crore, marking a 13% increase from the previous year. Indore alone contributed Rs 1,088 crore which is attributed to its booming IT and commercial sectors. Infrastructure developments including expanded road and metro networks, have further fuelled the property market's growth in and around Indore.
The India-Pakistan cricket rivalry took centre stage at the world's largest cricket stadium in Ahmedabad, Gujarat, on October 14, 2023. India's victory left fans ecstatic, but it wasn't just the match that had everyone talking. MakeMyTrip, one of India's leading online travel companies, released a controversial ad ahead of the game. The ad offered discounts to Pakistani fans based on the margin of their team's loss. While intended as a joke, the ad generated mixed reactions. Some found it disgraceful and insensitive, while others appreciated its light-hearted spirit. The India-Pakistan rivalry continues to evoke strong emotions, sparking creativity and debates that show no signs of slowing down. MakeMyTrip has yet to comment on the ad.
Residents of Kopri, Thane East, are vehemently opposing the construction of a three-story building at a crematorium, claiming it encroaches on the space used for children's final rites. Despite authorities insisting on renovation, the residents, demanding control be handed over to Thane Municipal Corporation, cite inadequate facilities on the grounds. Allegedly, a previous attempt at constructing a prayer hall halted in 2013 due to protests. Concerns include security lapses, with instances of guards being drunk and dogs interfering. TMC asserts the ongoing work aims to enhance cremation efficiency with additional pyres, not build a hall.
GMR is securing a INR 4,000-crore loan for the construction of a greenfield international airport in Visakhapatnam (Vizag). Led by India Infrastructure Finance Company (IIFCL), the consortium is providing a 14-year loan with an approximate interest cost of 10%. The Vizag airport, GMR's fourth major airport in India, is planned in three phases, accommodating 6 million passengers initially and scaling to 40 million once fully developed. The airport aims to boost GMR's aviation business and serve as a significant development for northern Andhra Pradesh. The loan involves moratoriums during construction and the initial operational year.
The Himachal Pradesh cabinet has made significant amendments to the Shimla Development Plan, allowing residential construction in specific green belt areas while prioritizing tree conservation. Changes to HP Town and Country Planning Rules permit construction near water bodies, balancing land use and safety. The "Van Mitra" scheme engages communities in forest conservation, and the recruitment of forest guards strengthens conservation efforts. The cabinet also approved a passenger ropeway system, promoted amateur radios for emergency communication, and streamlined traffic regulation enforcement. These decisions signify a comprehensive approach to sustainable urban development, environmental conservation, and community engagement in Himachal Pradesh.
Kaisa Group, a troubled Chinese property developer, has informed its creditors in a Hong Kong courtroom that they may recover as little as 5% of their investments in the event of a forced liquidation. This revelation came during a hearing concerning a winding-up petition related to Kaisa's failure to repay onshore bonds. Many Chinese property developers are grappling with winding-up petitions following the real estate sector's debt crisis in 2021. Kaisa's history of financial difficulties adds to concerns, as it remains uncertain about restructuring plans. The company's financial distress is evident, and the outcome of the court proceedings could have broader implications for China's economy and real estate market.
Zaha Hadid Architects has unveiled plans for a 330-meter-tall skyscraper in Saudi Arabia’s Neom development, set within the Trojena ski resort. The tower, named the Discovery Tower, will offer retail, dining, exhibitions, and observation decks. It’s set to become a symbol for Trojena, a region offering year-round skiing and adventure sports. Alongside it, an open-air museum will grace the mountain peaks. In the same Discovery Cluster, a futuristic lookout promises to showcase the mountain’s details through innovative technologies. Additionally, the Neom project includes the Cosmic Gate, a stargazing camp. This visionary project comprises four regions, each with unique characteristics, redefining urban living and tourism.
Mercedes-Benz Research and Development India Private Limited, a leading luxury car manufacturer, has extended its lease for seven floors in Bengaluru's Embassy Crest building. The five-year lease, commencing on May 1, 2023, covers 5.42 lakh square feet and involves a substantial monthly rent of Rs 2.5 crore and a security deposit of Rs 48 crore. These office premises are dedicated to research and development (R&D) and IT purposes, and the agreement includes a 5 percent annual escalation clause. This renewal highlights Mercedes-Benz's commitment to innovation and R&D, reflecting the vital role of technological advancements in the automotive industry's future. Choosing Bengaluru underscores the city's tech and innovation prominence, positioning it as a key hub for research and development in the automotive sector.
Macrotech, operating under the Lodha brand, has entered into a significant developmental agreement for a slum rehabilitation project in Mumbai's Worli district, valued at Rs 359.48 crore. As part of the state government's slum rehabilitation initiative, Macrotech will handle the free-sale component while reserving the rehabilitation segment for approximately 172 slum residents. The land spans 85,153 square feet, with a Floor Space Index (FSI) approval of 5.172. The Lodha Group and Sattadhar Constructions will equitably share net revenue from the sale of constructed flats. This reflects the surge in slum redevelopment projects in Mumbai, driven by social and economic imperatives and offering developers additional FSI rights to construct premium residential complexes within the same area.
Deepak Kesarkar, Mumbai's Guardian Minister, has unveiled an ambitious plan to transform part of the Mahalaxmi Race Course into a sprawling amusement park, coexisting with the iconic racecourse. The proposal includes a "Mumbai Eye" observation wheel and improved access via the Coastal Road. The innovative concept aims to make the area accessible to a wider audience while preserving the legacy of the racecourse. Kesarkar's vision promotes community engagement, inclusivity, and adaptability to changing urban dynamics. Additionally, plans for day care centres for senior citizens and battery-operated mini buses in the Byculla Zoo further enhance the recreational and inclusive aspects of the project, ensuring its continued relevance and vibrancy.
• A residential flat spanning 950 square feet on the 21st floor sold in Hill Park Tower in Jogeshwari West for INR 1.90cr. <br>• A residential flat spanning 817 square feet on the 2nd floor sold in Dosti Acres in Wadala East for INR 2.20cr.
Aaditya Builders, a real estate development company, is facing legal action as Borivali police pursue a case against them for alleged fraudulent activities involving chartered accountant Harshit Kadhi. Kadhi claims that despite paying Rs1.1 crore, the builders failed to deliver the promised 941 sq ft flat in a Borivali West redevelopment project. The dispute began in January 2018, with Kadhi initially presented with a promising plan. However, he faced delays and threats from the builders, prompting him to seek legal recourse. On October 9, a case was registered against Aaditya Builders for breach of trust and fraud, highlighting the importance of diligence and transparency in real estate transactions and the role of the legal system in addressing such disputes.
G Square Realtors Private Limited has launched G Square Orion, a wellness-themed plotted community in Coimbatore. This DTCP-approved and RERA-registered project covers 10.7 acres and offers 213 residential plots with over 40 world-class amenities. Positioned near Trichy Road, it enjoys excellent connectivity to key locations and upcoming developments, including a Defence park, biodiversity park, and Aerospace Industrial Park. The project aims to provide residents with a serene environment amidst rapid urbanization. Early-bird pricing starts at Rs. 9.25 lakhs per cent for the first ten bookings, making it an attractive opportunity in Coimbatore's real estate market.
The Department of Town and Country Planning (DTCP) has issued show-cause notices to 45 residential properties in South City 2, Gurugram, for alleged misuse and violations of the Haryana Urban Development Act, 1975. These properties were found to be in violation of regulations after a recent survey by the DTCP's enforcement team. The property owners have been given seven days to respond, with potential actions including restoration orders and cancellation of occupation certificates. The move emphasizes the significance of adhering to zoning and land-use regulations in urban areas to prevent conflicts, maintain neighbourhood character, and ensure sustainable development.
Hero Realty Pvt. Ltd. (HRPL), a prominent Indian real estate developer, is teaming up with Saheb Enterprise to embark on a joint venture project in Gurugram's Sector 104. Spanning four acres along the Dwarka Expressway, this venture is poised to infuse Rs. 1500 crore into HRPL's top-line earnings for the fiscal year. Hero Homes Gurugram, part of this development, promises luxury living through premium residential apartments. This expansion solidifies HRPL's position in the National Capital Region (NCR) and enhances its market share in Gurugram. With a strategic location and a commitment to exceeding customer expectations, HRPL sets its sights on a bright future and ambitious sales goals
Puravankara, a prominent Indian real estate developer, has achieved impressive sales growth, marking a significant milestone in Q2 FY24. The company reported a sale value of INR 1,600 crores, representing a remarkable 102% increase from Q2 FY23's INR 791 crores. This growth trend continued into H1 FY24, with a sale value of INR 2,725 crores, marking a remarkable 109% increase compared to H1 FY23's INR 1,304 crores. This robust performance is attributed to a promising pipeline of upcoming project launches, efficient project execution, and a strategic approach to diversification and business acquisitions. Puravankara's strong position in the real estate market is evident in its growing sales, highlighting its commitment to providing quality real estate solutions.
In Navi Mumbai, slum dwellers and Project Affected Persons (PAPs) are resisting the state's Slum Rehabilitation Authority (SRA) scheme. The scheme, aiming to provide proper housing for around 50,000 slum dwellers, faces opposition from PAPs demanding their sold lands back. Slum dwellers, like those in Ramnagar, express concerns about losing homes while PAPs say that they sold their lands for very little compensation. A biometric survey in September triggered political tensions, with Shiv Sena accusing BJP's Ganesh Naik of interference. PAPs formed the Zameen Haq Samiti, holding meetings to raise awareness and planning objections and a potential PIL.
The Maharashtra state government's delay in reclaiming a 6,063-sq-ft plot of land, allocated to the Madhya Pradesh Mitra Charitable trust (MPMCT) in Goregaon, has raised concerns. Despite the state's directive to revoke the allotment due to irregularities and subleasing, neither MHADA has taken action nor regained control of the property housing the Vibgyor High School. The housing department's inquiry in 2022 acknowledged irregularities but no progress has been made. The delay has prompted questions about the government's ability to reclaim the land and resolve the longstanding dispute surrounding the school's premises.
The Bombay High Court is set to determine the future of the iconic Mehta Mahal, a 56-year-old commercial building, as it deliberates over civic guidelines for unsafe structures. A 2021 expert panel report by BMC on the building's structural stability has sparked a legal battle. While BMC permitted repairs based on its technical advisory committee's advice, one of the property owners, Drishti Hospitality, is advocating for demolition. The case not only concerns Mehta Mahal's fate but also raises significant questions about the enforceability of local body guidelines. The next hearing is scheduled for November 2, 2023.
Noida and Greater Noida authorities have come up with alternative options like draw of lots and interviews for industrial plot allotment. This shift follows the recent decision to abandon e-auctions for increased transparency. For Noida's Phase 2 and 3 plots, a draw will be employed, while Phase 1 plots will continue to use e-auctions as the number of plots are less. Applicants must deposit 10% upfront, with options for lump-sum or instalment payments. Plots larger than 4,000 sqm require an interview assessing financial capacity and technical experience. Noida Authority plans to formalize these decisions soon.
The Nashik Metropolitan Regional Development Authority (NMRDA) is taking decisive steps to combat unauthorized constructions and encroachments across a significant region. Under the leadership of Commissioner Satish Kumar Khadke, the NMRDA is formulating a comprehensive strategy focused on revenue generation and self-sustainability. This proactive approach includes the establishment of clearly defined industrial and recreational zones to streamline construction practices and address unauthorized developments. With over 30,000 cases of encroachments, the NMRDA aims to simplify permissions processes, urging property owners to regularize their structures. This initiative reflects the authority's commitment to curbing disorganized development while fostering industrial growth.
The Brihanmumbai Municipal Corporation (BMC) is facing widespread resistance to its proposed open space adoption policy, with nearly 75 objections and suggestions from political parties, activists, and citizens. The policy, which excludes parks and gardens, has drawn criticism for being a rehashed version of old ideas. Concerns arise over the 51 privately controlled plots, with allegations of commercial exploitation, even by politicians. A contentious clause in the policy suggests BMC would compensate 'caretakers' 50% of the cost of constructions on these plots, a move fervently opposed by activists who argue the illogicality of paying for public land. Activists assert BMC's responsibility in preserving essential open spaces for Mumbai's citizens.
The Comptroller and Auditor General (CAG) of India has criticized the Tamil Nadu Urban Habitat Development Board (TNUHDB) for severe delays in implementing the Tamil Nadu Affordable Urban Housing and Habitat policy and the Housing for All Plan of Action (HFAPoA). The CAG's report revealed that this delay in housing initiatives left urban poor residents living in unhygienic conditions, as only a fraction of the approved houses were completed. The report also noted that the government's failure to seek approvals for housing beyond March 2022 deprived 6.84 lakh identified houses of intended benefits, and it emphasized the need for accountability and prompt action to address these issues.
Viacom18 Media, a division of Reliance Industries, secures a significant five-year lease for 4.1 lakh square feet of prime office space in Mumbai, with an initial monthly rent of Rs 7 crore. The company will occupy nine floors in Prabhadevi's 'One International Centre.' A noteworthy detail is a 12-month rent-free period. The monthly rent increases by 4.5% annually from the second year, reaching nearly Rs 8 crore in the final year. The lease's terms bind both landlord and tenant. A security deposit of Rs 41.8 crore further solidifies this strategic alliance.
Mahindra Lifespace Developers has acquired 5.38 acres in Pune's Wagholi, enabling a potential 1.5 million square feet of upscale residential development. The strategic acquisition aligns with Mahindra Lifespace Developers' commitment to Pune, situated in the well-planned Kharadi-Wagholi micro-market. The area enjoys proximity to major commercial centres, IT hubs, and robust infrastructure. In addition, the company plans a Rs 85 crore investment in Chennai's Lakefront Estates project. The surging real estate demand in Pune prompts developers to explore adjacent regions, driven by scarce prime land and government infrastructure initiatives.
Kolkata's real estate scene is abuzz as a prized five-acre plot adjoining two prestigious five-star hotels, near the EM Bypass, prepares to hit the auction block. HIDCO, the Housing Infrastructure Development Corporation, is orchestrating the e-auction, with the opening bid set at a staggering Rs 310.3 crore, equivalent to Rs 62 crore per acre. The highest bidder will secure a 99-year leasehold on the property, with a mandate to allocate 50% for a budget hotel and the remainder for commercial or residential use. This strategic move aims to revitalize the area and bolster tourism, with echoes of similar policies in Ahmedabad's Sabarmati riverfront project.
The Haryana State Industrial Infrastructure Development Corporation (HSIIDC) has initiated the bidding process for four mixed-use plots in Gurugram's expansive Global City project, spanning 172.76 acres. With a focus on cutting-edge technology, sustainability, and comprehensive planning, this ambitious 1,000-acre project is set to transform Gurugram's landscape. The bidding process, beginning in November 2023, offers plots for various purposes, including commercial, residential, and institutional use. The Global City project promises economic growth and serves as a model for sustainable urban living in Gurugram.
The Ahmedabad Municipal Corporation has introduced a revised policy affecting parking spaces in commercial complexes and malls. Under this new policy, these establishments charging parking fees will now be required to pay property taxes on their dedicated parking areas. However, the policy offers exemptions for residential properties, including bungalows and tenements with unauthorized parking sheds or sunshades, along with basements' access ramps and runway spaces, which collectively make up about 35% of the total parking area. This move comes after inconsistent application of property taxes for parking spaces in the city, as some properties were exempted based on unclear guidelines. The policy aims to bring uniformity and transparency to parking taxation in commercial settings.
At a recent event, Deputy Chief Minister DK Shivakumar introduced the 'Nanna Swathu' program aimed at digitally transforming property documents. This initiative involves manual property measurement to ensure accurate tax payments and minimize underreporting. 'Nanna Swathu' complements the existing Urban Property Ownership Records program but adds a comprehensive property survey and digitalization, with guidelines for tax payment. Expected to triple revenue collection for Bruhat Bengaluru Mahanagara Palike, the government also plans to overhaul the building plan approval process, establish non-political committees for park and playground oversight, and launch the "Sahayahastha" website to address public concerns at the ward level. These initiatives promote transparency, tax efficiency, and improved urban development in Bengaluru.
The National Green Tribunal (NGT) has prohibited CIDCO, the planning authority for Navi Mumbai, from leasing a 25,000 sq.m. plot near the NRI Colony at Seawoods in Nerul for development. This decision follows protests by local residents and activists opposing CIDCO's auction plans for the environmentally sensitive area. NGT's order prohibits construction in Coastal Regulation Zone (CRZ) areas so as to preserve the ecology and habitats, including mangroves and flamingo roosting sites. The ruling allowed designation of a part of the plot for a garden and social facilities.
As the South West monsoons fade, concerns rise in Margao about the neglected heritage buildings awaiting restoration. Iconic structures like the 118-year-old Margao Municipal building have suffered water seepage and decay, prompting temporary fixes. Despite assurances from authorities about renovations, the historical landmarks remain in disrepair. This issue isn't just cosmetic; it's a reflection of neglecting cultural heritage. These buildings are living remnants of history, vital for preserving the community's roots. Urgent action is needed to restore these structures, not just for aesthetics, but to honour the region's rich heritage and educate future generations.
The Bhubaneswar Development Authority (BDA) plans to conduct a pioneering real estate survey to assess various aspects of properties and enhance urban planning. The survey will evaluate components like sewerage, drainage, waste management, parking, and security. A consultant will be selected to conduct the survey, focusing on 1,800 properties, aiming to understand existing infrastructure conditions. BDA officials anticipate the survey's findings will aid inclusive city development and guide improvements for addressing the challenges posed by rapid growth. Urban planners recognize the significance of rectifying planning violations for the systematic growth of the city.
Renowned actor and comedian Adam Sandler has quietly amassed an impressive real estate portfolio in Southern California. His investments include a 3,000-square-foot Malibu home, acquired for $ 3.1 million after leasing it for 6 months, and a condo in Boca Raton, Florida acquired for $ 640,000. In 2022, they acquired a charming Pacific Palisades ranch house for $ 4.8 million and in 2004, the Sandlers purchased a sprawling 13,000-square-foot Pacific Palisades home during a New Year's Eve party at Goldie Hawn and Kurt Russell's house. Sandler's real estate choices reflect a commitment to creating secure, peaceful havens for his family away from the Hollywood limelight.
Country Garden Holdings, one of China's largest property developers, has issued a warning of its impending first-ever default and debt restructuring, underscoring the worsening crisis in China's real estate sector. The company's financial troubles reflect broader issues in the property market, despite government efforts to stabilize it. With its massive debt load, Country Garden's situation has profound economic implications, raising the urgency for Beijing to take stronger measures. The firm's stock performance has plummeted, and its struggles are mirrored in declining home sales and low confidence among potential buyers. The company is engaging advisers to navigate its financial challenges, and the outcome will significantly impact China's economy and property market.
In September, the UK’s housing market exhibited mixed signals as reported by mortgage lender Halifax. House prices experienced a 0.4% decline compared to August, which was less severe than the previous month’s 1.8% drop. On an annual basis, prices were 4.7% lower than September 2022, slightly surpassing August’s 4.5% decrease. This downward trend coincides with the Bank of England’s expected decision to maintain high interest rates, potentially constraining buyer demand in the coming year. Rival lender Nationwide also reported a 5.3% annual decrease in house prices for September, matching August’s decline, though monthly prices remained stable. Despite recent drops, prices still remained significantly higher than pre-pandemic levels, with an average home price of £278,601.
Delhi faces a colossal daily burden of 6,500 tonnes of construction debris. In response, Chief Minister Arvind Kejriwal unveiled India's largest Construction and Demolition (C&D) waste recycling facility, managed by EverEnviro Resource Management. The cutting-edge plant can process 2,000 tonnes of C&D waste daily across a sprawling 7-acre site, offering a potential solution to the city's waste woes. EverEnviro efficiently collects and transforms construction debris into high-quality recycled materials, bolstering circularity in construction and reducing environmental strain. This initiative has the potential to enhance Delhi's urban environment by curbing pollution and fostering sustainable construction practices, setting a vital example for the industry.
The Greek real estate market is experiencing a surge in demand for vacation homes, with a notable influx of buyers from the Greek diaspora and abroad. According to Elxis, a leading real estate agency in Greece, expatriates from the United States, Canada, and Germany are making a strong comeback to purchase properties in their homeland. This renewed interest is partly driven by the rapid recovery of property prices in Greece. Additionally, there is a growing trend among buyers to use these homes for both vacations and short-term rentals, further boosting the market. The return of U.S. tourists to Europe, including Greece, has contributed to this demand, with Greek expatriates among those rediscovering their homeland.
Kolkata is set to expand after a decade, incorporating three areas to provide urban services to 60,000 residents lacking essential facilities. The Kolkata Municipal Corporation (KMC) plans to include Jagadipota and Mukundapur under its jurisdiction, addressing issues like waterlogging and poor roads. Rania mouja in south Kolkata will also be under KMC, benefiting 15,000 residents. The move aims to enhance civic amenities, generate revenue, and simplify property-related processes. Residents welcome the initiative, anticipating improved infrastructure and a better quality of life. KMC's expansion signifies a significant step toward enhancing living conditions and fostering community development.
Kerala unveiled its first 3D-printed building, the 380-square-foot AMAZE-28, at the KESNIK campus. This ground breaking achievement, completed in just 28 days, heralds a new era in construction technology. Chennai-based start-up Tvasta, in collaboration with KESNIK, brought this architectural marvel to life, fusing traditional and 3D printing methods. The integration of both techniques showcases 3D printing's adaptability and opens the door to widespread implementation in construction, promising efficiency and creative design possibilities. This project is a testament to the unceasing quest for innovation in the construction industry.
Florence, Italy, has implemented strict regulations on short-term rentals like Airbnb in its historic centre due to rising prices and housing shortages. This move aims to protect housing for local residents. Landlords can receive tax incentives if they transition from short-term to long-term leases. Mayor Dario Nardella cited a 15.1% price increase this year and concerns from the 40,000 residents in the city centre. Similar housing crises affect other European countries. The central government is considering a bill that may require a minimum two-night stay in historic areas and a national identification code for tourist rentals, with penalties of up to €5,000 for non-compliance.
The Adarsh Group's commitment to invest Rs 2,000 - Rs 2,500 crore in India's real estate sector signals a significant move to bolster the country's real estate landscape. This substantial investment will encompass both residential and commercial projects across key locations, addressing the evolving demands of India's dynamic real estate market. As a crucial driver of economic growth, this venture is expected to create a substantial number of jobs and stimulate economic development in project locations. Moreover, it has the potential to contribute to responsible urban development, setting new standards for sustainability and efficient urban spaces. The Adarsh Group's strategic investment promises to leave a lasting positive impact on India's real estate sector and overall economic progress.
The Yamuna Expressway Industrial Development Authority (YEIDA) has unveiled an instrumental furniture park scheme in Greater Noida, geared towards fostering non-polluting industrial growth. The initiative offers plots of up to 4,000 square meters at competitive premium rates, creating a welcoming environment for entrepreneurship and innovation. With 63 plots dedicated to MSMEs, it not only boosts local economic development but also generates employment. Located strategically near key areas like Jewar Airport, this project ensures seamless connectivity and goods movement. YEIDA's initiative signifies a pivotal stride toward economic progress, inviting entrepreneurs to contribute to the flourishing industrial landscape of Greater Noida.
Ajmera Realty & Infra India Ltd, a prominent Indian real estate firm, unveiled its remarkable Q2 FY24 performance, showcasing a 52% YoY surge in sales. This substantial growth, totalling INR 252 crores in sales bookings, was fuelled by strong demand, including notable projects like Ajmera Eden. The company attributes its success to a thriving market, boosted by the Reserve Bank of India's rate freeze, and a 5x growth strategy focusing on untapped micro-markets. Dhaval Ajmera, Director, stressed the importance of pre-sales and business development to reach a fiscal year sales target of INR 1,000 crores. The company's dedication and stable interest rates promise continued growth in the festive season and beyond.
Godrej Properties, already grappling with legal disputes over a Rs227 crore land deal in Nagpur, now confronts a second lawsuit. The latest suit invokes the Mental Health Act, alleging that a landowner with unsound mind had their share sold without due process. This comes after an earlier case citing Muslim personal law provisions. With hearings set for October 25, the realty giant's Nagpur venture faces increasing legal complexity. Meanwhile, Godrej Properties recently struck a separate Rs350 crore land deal in the region, adding to the intrigue surrounding its operations in Nagpur.
A considerable backlog of pending registration files has built up within Gujarat's Real Estate Regulatory Authority (RERA) amid the prolonged absence of a chairperson. This significant delay has raised concerns within the real estate industry, with experts suggesting that it may take a substantial amount of time for the authority to restore its normal functioning. The extended period without a chairperson has led to an accumulation of work, leaving aspiring homeowners, developers, and stakeholders in the real estate sector grappling with uncertainties as they await the resolution of this issue.
In a Bombay High Court ruling, a builder has been directed to pay transit rent for a flat involved in an ownership dispute and subsequently vacate the property. The man's sister had contested the ownership of the flat. The court clarified that transit rent should be paid to the person being displaced from the premises and that disputes over property titles do not impact the payment of transit rent. This judgement modifies a previous order and emphasizes the importance of adhering to established legal principles regarding transit rent and property possession in redevelopment cases.
Panchkula real estate dealer, Prem Chand Singla, fell victim to a cunning land scam, losing a substantial Rs 70 lakh. Singla's complaint detailed how he was duped by three individuals, who promised him a 12.6-acre plot in August 2022. The fraudsters provided a bogus revenue patwari and sealed the deal, with Singla paying a hefty Rs 70 lakh. The ruse unravelled when Singla visited the site and discovered that the land belonged to someone else entirely. Legal action has been taken against the culprits.
The Telangana High Court has ruled for the demolition of a commercial complex constructed on a designated park space in Begumpet's Indian Airlines Employees Housing Colony. Chief Justice Alok Aradhe and Justice NV Shravan Kumar delivered this judgement in response to petitions filed by concerned citizens. The court also annulled the municipal permission for the complex. The land, originally meant for a park, was sold in 1996, leading to the complex's construction. The owners have been directed to fund the demolition, supervised by HMDA and housing board officials. This ruling underscores the importance of adhering to urban planning guidelines.
The West Bengal government's urban development and municipal affairs department has introduced a set of 19 guidelines to regulate building demolitions in congested residential areas. Under the new norms, demolition work is prohibited at night, and strict adherence to noise and air quality standards is mandated. The move comes in response to the observed lack of safety measures during building demolitions, contributing to air and noise pollution. The guidelines address concerns such as uncontrolled use of equipment, dust pollution, and unauthorized felling of trees. Additionally, the regulations prohibit demolitions during heavy storms or rain, emphasizing safety precautions for both workers and residents.
Property developers and landowners in Gurugram are urging the state government to reinstate a policy allowing the construction of four-floor buildings before Diwali, as approvals for such projects have been on hold for eight months. The suspension came following protests by residents who argued that these "builder floors" were overburdening resources and infrastructure in already densely populated areas. The Gurgaon Home Developers and Plot Owners' Association contends that these builder floors cater to individuals with limited budgets and generate substantial revenue for the state. Despite the revenue generated, the government is yet to make a decision on the policy's future.
iSprout, a prominent player in India's co-working space industry, has raised Rs 40 crore through its first secured bond offering. Vivriti Asset Management, a major credit asset manager with over Rs 3,000 crore invested in mid-market enterprises, facilitated the bond subscription. iSprout, founded in 2016, is expanding its operations and presence in Hyderabad and Bengaluru with the funds. They also plan to develop proprietary technologies for streamlining crucial processes. With an impressive growth rate of 200% in the last six quarters, iSprout aims to further expand its premium managed office space offerings in India.
Institutional investments in Indian real estate surged by an impressive 27% year-on-year to USD 4.6 billion from January to September 2023, showcasing the sector's robust growth amid global uncertainties. Foreign investments held a dominant 77% share, while domestic investments doubled year-on-year, reaching USD 1.1 billion. Notably, domestic investors took the lead in Q3, contributing to 63% of total investments for the quarter. The Indian real estate sector remains a resilient and promising investment destination, with the office sector witnessing significant growth. Industrial assets also saw a remarkable 3.5-fold increase in investment, driven by India's booming manufacturing sector.
India is set to urbanize at a rapid pace, reaching around 36% this year and an anticipated 50% by 2050. According to a report by Cushman and Wakefield released at the 21st NATCON in Egypt, tier-2 towns like Bhubaneswar, Indore, Jaipur, and others will become promising real estate destinations due to their development potential. The report identifies key indicators such as population, infrastructure, talent pool, income, ease of living, and housing affordability to select these cities. This urbanization trend is reshaping real estate dynamics, with tier-2 cities expected to play a significant role in India's growth story.
The Bombay High Court has called for granting the Slum Rehabilitation Authority (SRA) and the state government broad powers to evict unauthorized occupants from SRA flats due to concerns about illegal transfers and profiteering. The court highlights the need to protect the 10-year ownership restriction on these flats and the importance of preventing the trafficking of rehab tenements to address Mumbai's affordable housing crisis. It's also examining a case in Malad (E) where allottees are seeking rental dues, shedding light on a wider issue of unauthorised transfers and subletting.
The Bank of Baroda's board has granted approval for the issuance of long-term bonds to raise Rs 10,000 crore, which will be used to finance infrastructure and affordable housing projects. However, the RBI has temporarily halted the bank from onboarding new customers through its 'Bob World' mobile app due to supervisory concerns. This has led to a 3 percent drop in the bank's stock price. While the bank has taken corrective measures and plans to work closely with the RBI, it remains confident that the regulatory action will not significantly impact its overall business and growth plans.
• A residential flat spanning 966 square feet on the 16th floor sold in Chandak Treesourus in Malad West for INR 2.21cr. <br>• A residential flat spanning 1,006 square feet sold in Rustomjee Summit in Borivali East for INR 3.10cr.
The UT estate office has successfully recovered over Rs 527 crore in lease and rental dues, with Rs 427 crore collected in the past one and a half years, starting on April 1, 2022. In the current fiscal year, up to September 30, approximately Rs 150 crore has been collected, with another Rs 150 crore anticipated by March 31. This financial recovery initiative, led by UT Finance Secretary Vijay Namdeorao Zade, involved the issuance of more than 4,000 notices to defaulters, primarily from leasehold properties. The recovery effort highlights the importance of timely financial compliance within the organization.
Residents of Bidhannagar's wards 27, 28, 35, and 36 will start paying property tax to the Bidhannagar Municipal Corporation (BMC) from April 1, 2024. Previously, these areas paid 'khajna' or land revenue. While some express concerns about the disparity in civic services, others anticipate improvements with this change. The property tax structure for these wards will align with Rajarhat-Gopalpur, streamlining the system. Additionally, BMC has deferred penalties and interest on arrear property tax and will soon send tax bills for the third and fourth quarters. BMC continues to work towards uniform property tax structures for all wards.
Godrej Properties has unveiled the Taj The Trees hotel in Mumbai’s evolving Vikhroli neighbourhood. This luxury hotel, owned by Godrej Properties and managed by Indian Hotel Companies Limited (IHCL), spans 0.35 million square feet, offering 151 spacious rooms, dining options, a rooftop bar, pool, conference facilities, and a spa. The establishment has earned IGBC Platinum certification and offers captivating views of mangroves and an art and sculpture park. Vikhroli’s strategic location along the Eastern Express Highway connects it to various parts of Mumbai, including airports, making it an attractive destination for both business and leisure travellers.
Recent developments and transactions in India's industrial and real estate sectors provide insights into the country's economic landscape. Bajaj Auto signed a 95 lease agreement for land in Chakan, signalling its strategic entry into the electric vehicle sector. Adore Group's acquired a 15-acre plot in Faridabad reflecting changing homebuyer preferences for modern low-rise living. Godrej Properties sold a 14-acre parcel in Gurugram underlining the surging demand for housing. Hero Realty's expansion in the region showcases growth aspirations. These developments not only shape their respective sectors but also mirror changing consumer preferences in India's evolving real estate market.
• A residential flat spanning 938 square feet sold in Raymond The Address (GS West One Park) on Pokhran Road 1, Thane for INR 2.20cr. <br>• A residential flat spanning 2,765 square feet sold in Lodha Codename One & Only in Bhiwandi, for INR 1.70cr.
The Bombay High Court has lifted the Enforcement Directorate's (ED) attachment on two flats in the dilapidated Opera House building, Hari Niwas, paving the way for its redevelopment. The building owners, Kirti Hansraj Kothari and family, offered fixed deposit receipts to replace the attachment, citing the urgent need for redevelopment. The ED's money laundering case was linked to a CBI case against M/s ABC Cotspin Private Limited. The court accepted the offer, allowing the property owners to furnish fixed deposit receipts, and upon compliance, the attachment will be lifted, facilitating the redevelopment of the 5-storey structure.
Residents of Tower H in the Chintels Paradiso housing complex in Gurugram have been instructed to evacuate their flats by the District Disaster Management Authority (DDMA). The Deputy Commissioner and Chairman of DDMA, Nishant Kumar Yadav, issued the evacuation orders, citing the IIT Delhi structural audit report from July that deemed the tower unsafe for habitation. The notice demands residents to vacate within 15 days failing which legal action under relevant sections of the IPC and Disaster Management Act could be taken up. A total of 5 towers in the complex have been flagged as unsafe by IIT Delhi.
The Lucknow Development Authority (LDA) plans to construct a seven-storey apartment exclusively for senior citizens in Gomtinagar's Viraj Khand. The decision involves cancelling the allotment of 9,000 square meters of land designated for railways. The Studio flats will be designed with a focus on the needs of senior citizens featuring spacious balconies, cross ventilation, and amenities like meditation centres and a gymnasium. The flats will be allotted on lease to individuals above 60 years who are living independently. The initiative aims to provide a comfortable and nature-connected living environment, addressing the well-being and minimalistic lifestyle preferences of senior citizens.
MahaRERA, the regulatory authority for real estate projects in Maharashtra, has issued a stern warning to builders of 291 suspended projects. They must update their quarterly progress reports by November 10 or face registration cancellation. These projects are spread across regions, including 104 in the Mumbai Metropolitan Region, 63 in Pune, and 46 in Nashik. Some promoters of 72 projects have already complied by updating their reports and paying fines. Failure to do so will necessitate a fresh registration process with a Rs 50,000 fine. MahaRERA emphasizes transparency, with plans to introduce QR-code-based access to project information and project ratings in January.
The Indian government is considering amendments to the Insolvency and Bankruptcy Code (IBC) to introduce project-wise resolutions for real estate companies. These changes aim to address concerns about completed projects being dragged into insolvency proceedings and improve the efficiency of resolving distressed assets in the real estate sector, which currently has a low resolution rate. The IBC amendments are being discussed with the law ministry and could provide a more focused and balanced approach to insolvency cases in the real estate industry.
The Kerala government, led by Chief Minister Pinarayi Vijayan, plans to grant land pattas to 500 families in Kuttampuzha village, Ernakulam district, by empowering local monitoring committees. This move aims to address delays in land category conversions, where wetland or paddy land is transformed into dry land. Currently handled by revenue divisional officers, the proposed amendment will authorize local committees to assess and decide on applications, streamlining the process. This decision aligns with principles of transparency and community engagement, marking a broader initiative to reform the land category conversion process and improve efficiency while benefiting deserving families.
The Department of Town and Country Planning (DTCP) in Gurugram has intensified its efforts to curb illegal colonies and unauthorized commercial operations. In a recent operation, five illegal colonies near the Sultanpur sanctuary were demolished, and 28 commercial establishments without proper authorization in Sushant Lok 2 were sealed. The enforcement team used earthmovers and received police support to demolish structures and roads in the illegal colonies. DTCP officials advised the public against investing in unauthorized colonies and urged prospective buyers to verify the legitimacy of land or plots with the DTP office. The crackdown is part of ongoing efforts to enforce urban development laws and regulations in the region.
Haryana's Chief Minister has made a significant announcement, revealing plans to regularize an additional 303 unauthorized colonies across the state. Among these colonies, 193 fall under the jurisdiction of 39 different municipalities, while the remaining 110 are overseen by the Town and Country Planning Department. This move is expected to provide legal recognition and basic amenities to thousands of residents in these previously unauthorized settlements, improving their quality of life and facilitating infrastructural development in these areas. The decision reflects the government's commitment to addressing the needs of its growing urban population and fostering inclusive urban development.
The Lucknow Development Authority (LDA) brings relief to economically weaker sections by waiving compound interest for defaulters of EWS and LIG houses and shops up to 20 square meters. The decision, approved during the LDA board meeting, aims to ease the financial burden on allottees under EWS, LIG, and Pradhan Mantri Awas Yojana. Divisional Commissioner and LDA chairperson Roshan Jacob, highlighting the hindrance posed by compound interest on recovery of dues, said that this move would rectify the issue to a large extent. LDA has taken a slew of measures to boost demand over the last couple of years such as lowering of interest rates, extending EMI period, and even freezing the flat prices under the first-come-first-served scheme for a year.
Jharkhand Chief Minister Hemant Soren has urged the Central government to address critical issues facing the state. He called for the clearance of a significant debt owed by mining companies to Jharkhand, amounting to around Rs 1.36 lakh crore. Soren emphasized the importance of implementing the Pradhan Mantri Awas Yojna housing scheme to improve living conditions for economically disadvantaged individuals. He also raised concerns about the low credit deposit ratio in the state, calling for greater cooperation between banks and the government. Soren stressed the need for continued deployment of paramilitary forces to maintain security and prevent extremist activities.
NSDL has purchased a 68,000-square-foot office space in Mumbai's BKC Complex from IDFC First Bank for approximately Rs 198 crore. The property, located in Naman Chambers, will serve as NSDL's new headquarters starting in early 2024. This acquisition allows NSDL to expand its operational infrastructure in the competitive BKC micro-market. The BFSI sector has seen significant growth in office space demand, with major firms, both domestic and global, increasing their presence. In the first half of 2023, BFSI occupiers leased approximately 3.6 million square feet, indicating a positive outlook for the sector.
The third quarter of 2023 revealed a significant shift in India's Tier 1 city housing market. According to PropEquity, unsold housing units decreased by 11%, dropping from 5,26,497 units in Q3 2022 to 5,08,464 units in Q3 2023. This reduction marked a positive trend, reflecting increased property sales and a more balanced supply-demand equation. However, the story varied across cities. Hyderabad saw a 6% increase in unsold housing stock, while the Delhi-NCR region witnessed a 7% decline. New property launches increased by 2%, totalling 97,871 units, but rising property prices and mortgage rates led to an 11% decline in new launches. As market dynamics evolve, experts anticipate housing demand growth if interest rates remain stable or decrease in the coming months. The festive season is expected to boost new property launches and culminate in a resilient real estate market by the year-end.
The recent adjustment of property guidance values in Mysuru is poised to impact the pricing of corner and intermediate sites available for auction through the MUDA. While authorities believe the quantity of auctioned sites would not change significantly, they acknowledge a potential slight price increase. In a recent auction, approximately 100 sites were listed for sale, with real estate experts noting that market prices in the same locality are notably higher than MUDA's base prices. The revision in guidance values may subtly influence the pricing landscape, emphasizing the need for buyers and investors to stay informed during MUDA's auctions.
Centrum Capital is actively exploring the sale of its 74 percent stake in Centrum Housing Finance. RBI's directives after Centrum's acquisition of PMC Bank in 2021 are influencing this decision. The potential valuation of the housing finance business is around Rs 1,500 crore. Private equity investor Morgan Stanley PE Asia holds about 25 percent of the venture. While the deal is in its early stages, the possibility of merging the housing finance business with Unity Small Finance Bank is being considered. As of March 2023, Centrum Housing Finance's loan portfolio stood at Rs 1,140 crore, indicating robust growth.
The Postcard Hotel is set to unveil India's most expensive hotel in Ranthambore, Rajasthan, offering luxury amidst nature's beauty. The hotel, designed by architect Luca Franco, features 14 opulent rooms, each with a private heated pool, and nightly rates starting at Rs. 1.95 Lakh. The Postcard Hotel plans to expand to seven more locations in the coming year, including Tirupati, Goa, and the Himalayas. With a vision to redefine luxury in the Indian hospitality sector, the chain aims to amass $1 billion in assets over the next three years and open new properties every quarter for the next seven years. Meanwhile, the ITC Hotels Group is expanding its boutique "Storii" brand to Kolkata, adding to its collection of unique boutique hotels across India.
DS Group, a leading Indian FMCG conglomerate, has reported a 12% increase in room revenues and 75% occupancy in its hotels over the past year. Capitalizing on this success, the company is expanding its hospitality offerings to meet the growing demand. With current locations in Jaipur, Guwahati, Nainital, and Jim Corbett, DS Group plans to add 250 more rooms to its portfolio by 2025. This move aligns with India's year-round tourism growth and increasing demand for accommodations due to conferences, weddings, and weekend events. The company intends to invest Rs. 500 crore in expanding existing hotels and another Rs. 500 crore in new hotel developments.
Lemon Tree Hotels inaugurated India's largest hotel, the 669-room Aurika Mumbai Skycity, marking their third property in Mumbai and under the Aurika Hotels & Resorts brand. Positioned near Mumbai airport's terminal 2, the expansion aligns with Lemon Tree's goal of reaching 20,000+ rooms, both operational and upcoming, in the next four years. Lemon Tree Hotels Chairman Patanjali G. Keswani emphasizes on meeting the rising needs of business and leisure travellers while revealing plans to add 1300 rooms across 15 cities and hire 3000 new staff, half for expansion and half for replacements.
LogiMAT India 2024, set from February 28 to March 1 at India Expo Mart, is a pivotal event in India's logistics sector. Focused on intralogistics, transportation management, and automation, it aligns with national initiatives like the National Logistics Policy and GatiShakti. The event features innovative warehousing solutions, autonomous vehicles, RFID technology, and provides networking opportunities and expert-led seminars. Participating businesses benefit from brand exposure, industry insights, and valuable connections, making LogiMAT India 2024 a transformative platform shaping the future of logistics in India.
The Ministry of Home Affairs (MHA) in India is planning to establish a 100 km advanced smart fencing system along the Myanmar border to enhance security and address issues such as ethnic violence in Manipur. In 2022, Manipur witnessed a significant number of insurgency-related incidents, with various insurgent groups active in the state. The existence of a Free Movement Regime (FMR) between India and Myanmar has also been noted, with Manipur's Chief Minister urging its cancellation. The construction of fencing for a border length of 10.023 km at Moreh, Manipur, has been assigned to the Border Roads Organisation (BRO). The MHA report highlights the complex security situation in the north eastern states, emphasising the need for collaborative efforts to ensure peace and stability in the region.
The Karnataka State Board of Wildlife has greenlit the long-stalled Kalasa Nala Scheme, aimed at bolstering the water supply to several districts in Karnataka, including Belgavi, Bagalkot, Dharwad, and Gadag. This initiative involves the redirection of water from the Mahadayi River in Goa to the Malaprabha River in Karnataka, spanning a 67.146-hectare wildlife habitat. The project encompasses the construction of dams, a canal system, and underground transmission lines to minimize the impact on forest land. While approvals are progressing, the Supreme Court's decision on Karnataka's access to water for the scheme is pending, emphasizing the need for comprehensive permissions. Once completed, the project will alleviate the state's drinking water challenges.
In the midst of a global bond yield surge, Canadian homeowners face an unsettling reality as mortgage rates escalate. With at least 75,000 individuals receiving notices monthly, experts estimate a potential C$600 increase in payments. Brokers advise re-amortization, offering a lifeline amidst rising concerns. This financial turbulence not only tightens household budgets but compounds Canada's cost of living crisis. As the Bank of Canada contemplates further interest rate hikes, the struggle intensifies, leaving homeowners grappling with unprecedented challenges in this gripping narrative of economic uncertainty.
A Hong Kong court has granted approval for Sunac China's $9 billion offshore restructuring plan, marking a significant milestone in the property developer's debt restructuring strategy. This development sets a precedent for other financially strained Chinese property developers grappling with challenges since mid-2021. Sunac confirmed that all scheme conditions have been met, and the scheme became effective on October 5, 2023. Last week, The company's creditors had previously endorsed its debt restructuring plan, involving debt conversion and new notes. While Beijing has implemented support measures, analysts emphasize the need for further actions to facilitate a comprehensive recovery in the sector.
Egypt has gained prominence as a lucrative destination for investments from the Gulf Cooperation Council (GCC), with 94% of affluent GCC investors expressing a strong interest in acquiring property in the country, according to Knight Frank's Destination Egypt report. These investors, holding over $1 million in investable assets, are particularly drawn to the Egyptian real estate market, with 56% planning to make a purchase within the next year. The report reveals that the average budget for GCC nationals investing in Egyptian residential property is approximately $1.1 million, with some high-net-worth individuals allocating even more. Egypt's robust property market, bolstered by significant institutional commitments, continues to attract GCC investors, particularly from the UAE.
The district administration in Pune has taken strict action against individuals who did not pay the required 15% transfer fee, based on the ready reckoner rate, for changing land use from industrial to residential in various areas. Notices have been issued to 531 individuals under Section 20 of the Urban Land Ceiling and Regulation Act, 1976, allowing the state to impose a one-time premium for land use changes. Those who received notices must either pay the fee along with a penalty or face legal action. This action follows the directive of Chief Minister Eknath Shinde to address violations related to land use changes.
The Ahmedabad Urban Development Authority (AUDA) is set to auction two plots in Chandkheda Town Planning Scheme 44, attracting interest from the Dubai-based Lulu Group. One of the plots is in AUDA's possession, while the ownership of the other is unclear due to historical land disputes. These lands were originally acquired by Sardar Sarovar Nigam Ltd. (SSNL) for a canal project but later became the subject of legal disputes between the government, original landowners, and Gujarat Housing Board (GHB). AUDA's decision to auction the plot with unclear ownership has raised questions and speculations about potential legal complications.
The Union Cabinet, led by Prime Minister Narendra Modi, has approved tenancy regulations for Union territories, including Andaman and Nicobar, Dadra and Nagar Haveli, and Daman and Diu, under Article 240 of the Constitution. These regulations aim to create a transparent and fair rental property ecosystem, attracting private investment, expanding rental housing stock, and benefiting both landlords and tenants by fostering accountability and reducing disputes. This move recognizes the growing importance of rental housing and seeks to protect the rights of various tenant segments, ultimately contributing to social and economic well-being.
In Punjab, a troubling scam involving No Objection Certificates (NOCs) has emerged, revealing potential collusion with government officials. The scam relies on forged documents with Quick Response (QR) Codes that, when scanned, link to the official Punjab Government portal. Deputy Commissioner Aashika Jain's investigation verified the functionality of these QR codes, raising suspicions about their origin. In response, enhanced security measures are being implemented during document registration, and NOCs from development authorities and urban local bodies are under review. The gravity of the situation is exemplified by a police FIR against unidentified individuals.
Experion Developers, a prominent real estate developer, has acquired a six-acre land parcel in Gurgaon's Sector 53 through an auction conducted by the Haryana Shahari Vikas Pradhikaran (HSVP), the state's urban development authority. The acquisition is valued at approximately Rs 400 crore. This acquisition follows another significant HSVP auction where a two-acre plot in Sector 56 was sold for Rs 120 crore to TREVOC (The Real Estate Venture of Chawlas), a key promoter in the Spaze Group. Several leading real estate companies have actively participated in auctions by Haryana's urban development authorities, including Godrej Properties, Eldeco Group, and Ashiana Housing, highlighting the attractiveness of Gurgaon's real estate market.
HDFC Bank has made significant strides in the Indian banking sector, with a substantial increase in its home loan disbursals, marking a 14% sequential growth and a 10.5% year-over-year increase. This surge in lending follows its merger with mortgage heavyweight HDFC Ltd. HDFC Bank's retail loan book has also seen remarkable growth, with an 85% increase over the previous quarter. While non-individual loans witnessed a slight decline, the bank's total gross advances grew to 23.5 trillion rupees in the second quarter. However, there has been a shift in customer behaviour as Casa deposits have declined, with customers moving towards term deposits for higher interest rates. This change poses a challenge to banks in maintaining profitability while catering to customer preferences.
The Reserve Bank of India (RBI) has decided to keep the policy rate unchanged for the fourth consecutive time, with the repo rate remaining at 6.5 percent. This decision, made by the Monetary Policy Committee (MPC), underscores the RBI's commitment to closely monitoring inflation. The central bank has maintained its growth projection for the current fiscal year at 6.5 percent, with balanced risks. This decision reflects the RBI's cautious optimism amid ongoing economic challenges. The central bank's previous series of rate hikes was aimed at curbing inflation, and this pause indicates their belief that these measures have had an impact on inflation.
Joy Alukkas, a well-known name in the jewellery industry, is planning to go public after previous attempts in 2011 and 2022 were hindered by market conditions and regulatory delays. The family-run business aims to fund its expansion plans using internal accruals and bank loans. They expect a 22% increase in net profit, projecting it to reach Rs. 1,100 crore, and anticipate a 25 to 30% surge in revenue due to declining gold prices. Joy Alukkas is also eyeing international markets, with plans to achieve a revenue of Rs. 7,500 crore in 2024 and expand its presence in North India, Canada, and Australia.
Costa Coffee, a British coffee chain owned by Coca Cola, has identified India as one of its top 10 priority markets and plans to open 40-50 specialty coffee stores annually in the country. Since its establishment in India in 2005 through franchise partner Devyani International, Costa Coffee has steadily grown and recently celebrated the inauguration of its 150th store in New Delhi. The company is strategically partnering with entities like PVR-INOX multiplex chains and leveraging associations with events like the ICC Men’s World Cup to expand its reach. Costa Coffee sources all its coffee from the Chikmagalur and Coorg regions in Karnataka, emphasizing sustainability and local connections in its operations.
Colliers, a renowned real estate advisory services company, is making significant strides in the technology sector with its AI-enabled platform, CoGence. This innovative tool is designed to identify construction site anomalies and generate precise quality reports, delivering impressive results such as a 79% reduction in project delays, 91% early defect detection, and a remarkable 91% reduction in on-site visits and monitoring costs. CoGence's accuracy rate of 99.9% sets it apart, allowing users to integrate as-built models with Autodesk products like AutoCAD and Revit. Colliers' commitment to innovation is evident in its investment in tech platforms, making CoGence a gamechanger in the construction industry, increasing efficiency, and driving progress in real estate.
The Brihanmumbai Municipal Corporation (BMC) and Larsen & Toubro (L&T) are engaged in arbitration over a Rs 200 crore cost escalation dispute in Mumbai's Coastal Road (South) project. L&T is involved in the construction of package 1 and package 4 of the project and it is seeking an additional Rs 100 crore for each of the two construction packages. This is due to disagreements over base index to be referred for cost calculation. The Coastal Road project is an ambitious project of the BMC and it aims for completion by May 2024.
In September 2023, Dubai's property market trends, as reported by Property Finder, reveal that 57% of potential buyers are interested in apartments, while 43% explore villas and townhouses. For rentals, 81% are searching for apartments, with 19% seeking villas. Notably, the demand for villas has increased from the previous year. Among renters, two-bedroom apartments are the most sought-after. Furnished apartments are preferred by nearly 70% of tenants. Dubai Marina, Business Bay, and Dubai Hills Estate are among the top areas of interest for both buying and renting properties. These insights reflect the evolving preferences of Dubai's property market.
Pune Metro is leveraging property assets to fund its expansion, allocating 9.7 hectares of land to Tata Group along a new 23 km elevated Metro line. This land allocation offers real estate development opportunities, with a portion already assigned to Pune IT City Metro Rail Limited. Real estate developers see potential for upscale properties along all three Metro lines, encouraged by increased Floor Space Index (FSI) and transit-oriented development. The Metro aims to significantly reduce commuting times, completing its journey in under 40 minutes. Delays have pushed the project's operational start to March 2025.
The Karnataka Housing Board (KHB) has proposed the construction of a world-class integrated township near Kempegowda International Airport, Bengaluru. It involves residential and commercial complexes alongside the integrated township. The project is set to be built on 95.23 acres of land in Chikkajala-Meenukunte village and the consent for transferring 65 acres of land for the project has already been received. It is a joint collaboration between KHB and landowners and aims to enhance connectivity and infrastructure in the vicinity of Kempegowda International Airport.
Residents of the Melavasal Housing Board complex in Madurai have staged a protest, expressing their dissatisfaction with the maintenance of the housing complex by the Madurai Corporation. The complex, home to around 4,500 residents, has been facing issues like a leaky underground drainage system, foul odours, and accumulating garbage. The residents handed over the maintenance responsibility to the Madurai Corporation in 2016-17. However, they complain of poor sanitation and inadequate cleaning efforts. Tensions are rising, and the Viduthalai Chiruthaigal Katchi (VCK) party has threatened road picketing if the issues are not resolved, highlighting the urgency of addressing residents' concerns.
EOW investigates Rahul Yadav and his wife for Rs 288 crore fraud The Mumbai Police's Economic Offences Wing (EOW) is investigating Rahul Yadav, the founder of a property start up, for alleged mismanagement of Rs 288 crore ($38 million) of investor funds, leading to the company's collapse in just three years. Info Edge, owner of Naukri.com, had invested heavily in Yadav's startup, 4B Network Pvt. Ltd., and filed a complaint with the EOW outlining suspicious transactions, including loans to former employees during financial difficulties and the diversion of funds to other family-owned businesses. Yadav launched 4B Network in 2020, aiming to provide a tech-driven platform for real estate agents. His firm denies wrongdoing, attributing issues to Info Edge's lengthy approval processes.
Reliance Retail Ventures is set to raise approximately Rs 4,966.80 crore from an Abu Dhabi Investment Authority (ADIA) subsidiary, marking a significant investment at a pre-money equity value of around Rs 8.38 trillion. This move propels Reliance Retail Ventures among the top four companies in India by equity value. ADIA, having participated in the retailer's 2020 fundraising round, will secure an additional 0.59% equity stake through this investment. The support from ADIA, along with recent funds from Qatar Investment Authority and KKR, reinforces confidence in Reliance Retail Ventures' growth trajectory and its role in transforming India's retail sector.
Bollywood star Manoj Bajpayee and his wife, Shabana Bajpayee, have acquired four office units spanning 7,620 sq ft in Mumbai's Oshiwara area for a total of Rs 32.94 crore. These luxurious spaces, located in the Signature Building, come complete with nine car parking slots. Their purchase follows a trend of Bollywood celebrities investing in the same project, including Amitabh Bachchan, Ajay Devgan, Kajol, Kartik Aryan, and Sara Ali Khan. The Bajpayees' acquisition adds to the city's thriving real estate market, cementing Mumbai's enduring appeal to Bollywood stars.
(1) A residential flat spanning 896square feet sold in X BKC in Bandra East, Mumbai for INR 4.25cr.<br>(2) A residential flat spanning 679 square feet sold in Lodha Palava Marvella in Dombivli East, Dombivili Kalyan for INR 67.40 lacs.
Prestige Group, a prominent realty firm, has experienced a substantial surge in its sales bookings during the second quarter of the fiscal year 2024. Their sales reached a remarkable INR 7,092 crore, marking an impressive 102% increase compared to the previous year. This surge is attributed to strong demand for residential properties. In addition, the company achieved an average realization of INR 10,369 per square foot for apartments/villas, further enhancing their performance. Overall, Prestige Group has achieved remarkable sales figures, closely approaching its total sales for the entire fiscal year 2023 in just the first half of FY24.
Hero Realty Pvt. Ltd. (HRPL), a prominent Indian real estate developer, has achieved an extraordinary feat in the realty market by securing two single-day sell-outs within a single quarter. The first occurred with the launch of Hero Earth, a plotted development project, and the second with Hero Homes Gurugram Tower-8. Both projects have collectively contributed INR 350 crore to HRPL's revenue. This accomplishment underscores the robust demand for high-quality real estate in India and Hero Realty's ability to deliver projects aligned with the preferences of modern homebuyers and investors, setting new industry standards.
The Bombay High Court has lifted a stay on the demolition of a shop within a housing society compound, emphasizing the worrying trend of people viewing the regularization of unauthorized structures as a fundamental right. Justices Gautam Patel and Kamal Khata expressed concern that many believe planning laws are irrelevant and they can construct unauthorized buildings, and then seek regularization. The dispute emerged when the shop owner contested the BMC's demolition notice, which the court had temporarily stayed. The judges clarified that mere existence for "many years" held no legal weight and questioned the habit of applying for regularization after unauthorized construction.
Indian proptech startup Alt Drx has introduced the First Square Feet Opportunity (FSO), offering fractional property ownership. This platform allows users to invest in fractional shares of residential real estate, starting from as little as one square foot, with a minimum investment of Rs 7,500 (about $90 US). FSO aligns with the Reserve Bank of India's (RBI) Know Your Customer (KYC) compliance regulations and leverages blockchain technology for security and transparency. Alt Drx also plans to launch TradeX, providing an exit route for investors. This innovative approach opens up real estate investment opportunities to a wider range of investors in India.
Seven people, including two minors, were killed and 51 were injured in a fire that broke out in a seven-storey residential Slum Rehabilitation Authority (SRA) building in Mumbai’s Goregaon West early on Friday. The incident has prompted the chief minister to order a fire audit of all SRA buildings. The BMC commissioner has set up a committee to inquire into the fire incident. Experts have highlighted the lack of fire safety in most slum rehab buildings in Mumbai and have called for the establishment of a dedicated authority within the BMC to conduct audits and ensure compliance with fire safety measures.
Bombay Dyeing is set to make significant strides in the real estate sector following the sale of its Worli land parcel for a whopping Rs 5,200 crore. The company is eyeing diversification into warehousing and holiday homes, with plans to embark on marquee projects in collaboration with landowners and group companies. This strategic shift underscores Bombay Dyeing's ambition to establish itself as a prominent player in the listed real estate arena, leveraging its recent landmark sale and the potential of emerging market opportunities.
TVS Emerald, a subsidiary of TVS Holdings Ltd, has unveiled 'The Estate,' its maiden plotted development project in Bagalur, near Bangalore. This 33-acre project is the group's first venture into plotted development near Bangalore and has already witnessed remarkable success, with 442 out of 461 plots sold on the launch day. 'The Estate' offers a unique feature with every plot adorned with fruit-bearing orchard trees. It comprises three phases, each offering modern amenities. Additionally, a 15,000 sq.ft clubhouse is planned. TVS Emerald plans to expand its presence in Bangalore with upcoming projects.
TRIOS, a co-working company, has expanded its presence in Pune, Maharashtra, by launching three new spaces in prime locations, totalling 82,000 square feet. The company secured agreements for these properties with prominent real estate entities, aiming to provide collaborative coworking spaces to established companies and professionals. TRIOS plans to enhance the coworking experience with new amenities like collaborative lounges, breakout spaces, gaming zones, and more. They also focus on sustainability by establishing these centres as zero-plastic zones. The expansion in Pune is part of TRIOS' broader strategy to meet the growing demand for co-working spaces in various Indian cities.
Lodha Group, India's leading real estate developer, achieved its best-ever quarterly pre-sales at INR 3,534 crores, reflecting strong demand for branded homes. Despite it being a traditionally weak quarter and no new locations launched, collections also grew by 16% year-on-year to INR 2,752 crores. The company aims to reach its full-year pre-sales target of INR 14,500 crores with upcoming launches. Furthermore, the company's commitment to sustainability earned it top scores in the Global Real Estate Sustainability Benchmark (GRESB).
The Bombay High Court has issued a significant judgment directing the Brihanmumbai Municipal Corporation (BMC) to process permissions for the redevelopment of a property near the INS Trata naval missile battery base in Worli, Mumbai, without the need for prior approval from naval authorities. The court's decision emphasized that a structure of the same height and location should not pose a security threat merely by undergoing reconstruction. The ruling has far-reaching implications, as it quashed defence ministry circulars and established the importance of adhering to established legal procedures when imposing construction restrictions near defence installations, striking a balance between security and property rights.
The Enforcement Directorate (ED) has provisionally attached properties worth Rs 17.92 crore belonging to Shine City Properties Ltd under the Prevention of Money Laundering Act (PMLA), 2002. The attached assets include 47 parcels of land spanning 10.27 hectares in Rajatalab Tehsil, Varanasi. The ED had registered a case under PMLA against Shine City Properties in 2021 and the investigation uncovered alleged financial irregularities wherein funds collected from the public were diverted by the accused, leading to investor fraud. The total attachment in the case by the ED has reached approximately Rs.128.54 crore.
The assessment and compensation process for properties damaged in Nagpur's recent flash floods faced challenges as the extended deadline wasn't met, leaving several areas unexplored. Deputy Chief Minister Devendra Fadnavis had announced financial assistance for affected property owners, but concerns arose about the sufficiency of compensation amounts. Disparities in estimations and demands for including more affected areas highlighted the need for comprehensive assessments. Despite these challenges, the administration aimed to conclude the process efficiently to provide meaningful support to flood-affected residents and businesses. This situation underscores the importance of an effective response and preparedness for natural disasters.
In a significant move to improve the living conditions of sanitation workers, Chief Minister Himanta Biswa Sarma announced a housing initiative to construct 2,000 new houses exclusively for these essential workers. This Rs 500 crore project is a testament to the state's commitment to providing dignified housing for sanitation workers who serve municipal corporations and bodies. The announcement followed CM Sarma's active participation in the 'Shramdaan for Swachhta' campaign, highlighting the government's recognition of the invaluable contributions made by these workers. The initiative not only addresses housing needs but also signifies a shift in societal attitudes, affirming the importance of sanitation workers.
Union Bank of India has objected to the loan-default resolution plan for Lavasa Corp, alleging collusion between the resolution professional and the winning bidder, Darwin Platform Infrastructure (DPIL), to undervalue Lavasa's assets, causing losses to creditors. Union Bank is seeking the withdrawal of NCLT approval and a fresh valuation of assets. Lavasa, once India's first privately built city, went bust in 2018 after defaulting on payments to creditors, and DPIL's resolution plan, approved in 2021, is now facing scrutiny.
The demand for real estate in Goa’s Pernem has boomed exponentially due to the Manohar International Airport at Mopa. Goa’s town and country planning (TCP) department has initiated a shift to zoning plan for each taluka instead of region based planning. This has facilitated the conversion of Goa's green cover for luxury projects like hotels and villas. Pernem is about to lose 21% of its green cover due to this change in planning approach. Locals in Pernem have initiated protests against the substantial land conversion driven by external builders and property owners.
SMFG India Credit Co. Ltd., formerly known as Fullerton India Credit Company, has entered into a strategic partnership with Fullerton Financial Holdings (FFH) to lease 194,000 square feet of prime office space in Mumbai. This move consolidates SMFG India Credit's offices in Powai and Andheri into a centralized workspace for over 2000 employees, focusing on back and mid-office functions. The office space is located in Embassy 247, a premium Grade-A office park in Vikhroli, Mumbai, known for attracting prestigious names in the BFSI sector. The initiative aims to provide an advanced work environment and foster growth in the Indian market. SMFG India Credit's corporate headquarters will remain in Bandra-Kurla Complex (BKC) in Mumbai.
Office leasing activity in nine major Indian cities rose by 33 percent year-on-year, reaching 15.8 million sq. ft. in Q3 2023, according to CBRE South Asia Pvt. Ltd. The BFSI sector accounted for 29 percent of total office leasing during the quarter. Major cities like Mumbai, Bangalore, and Hyderabad led the leasing activity, representing 60 percent of transactions. The share of BFSI firms in leasing increased from 16 percent in Q2 2023 to 29 percent in Q3 2023. The tech sector accounted for 23 percent of leasing, while engineering and manufacturing comprised 10 percent. Office space supply rose 94 percent YoY to 19.3 million sq. ft.
Justo Realfintech, led by Pushpmitra Das, plans to launch an Alternative Investment Fund (AIF) to support property developers, aiming to raise up to $80 million. The company intends to partner with an experienced entity for project cash flow management and fund deployment. This initiative aligns with a growing trend in the market, with various firms raising property funds to aid developers, totalling approximately Rs 6,000 crore. Justo Realfintech aims to file the necessary paperwork with SEBI by December 2023 for regulatory approval, with the AIF expected to provide financial assistance ranging from Rs 20 crore to Rs 40 crore per project, specifically targeting mid-sized developers.
InterGlobe Hotels, a joint venture between InterGlobe Enterprises Pvt Ltd and Accor Asia Pacific, is expanding its presence in India with two new properties in Mumbai and Bengaluru by 2025, investing around Rs 550 crore. The 'Ibis’ Styles hotel is already open, and an 'Ibis' property in Mumbai will follow in 2023, with a Novotel-branded hotel in Bengaluru slated for early 2025. The company sees India's growth potential with a 2030 plan and an ambitious revenue target of Rs 1,100 crore for 2023, affirming its long-term commitment to India's growth over the next few decades.
Kishore Hospitality Group has brilliantly transformed a historic 1850s villa in Dalhousie into the luxurious boutique hotel, Elgin Hall. The property boasts seven uniquely designed rooms, each with its own distinctive character, adorned with soft pastel hues and Victorian-inspired furnishings. Elgin Hall also offers a curated culinary experience that combines traditional North Indian flavours with global influences. Guests can enjoy the timeless British tradition of high tea in the charming tearoom. This transformation provides an immersive and unforgettable experience, preserving history while delivering contemporary luxury in the heart of Dalhousie.
The YEIDA has issued a third global tender, focusing on the initial phase of the International Film City project in Sector 21. This 230-acre phase is part of a broader 1,000-acre project and aims to attract investors through a public-private partnership. Previous attempts to solicit interest for the entire 1,000-acre project faced challenges due to its substantial investment requirements. The project will include film studios, a film institute, post-production facilities, and commercial aspects like hospitality and an amusement park. YEIDA has extended the concession period and eased revenue-sharing terms to attract bidders.
The Telangana government has announced the construction of the Rs 700 crore 'iTEK Nucleus' IT tower in Malakpet, Hyderabad's Old City. This ambitious project will cover 11 acres and provide approximately 15 lakh square feet of built-up space, with plans to create 50,000 job opportunities. The 30-story tower will feature a panoramic sky lounge offering a 360-degree view of Hyderabad and is designed to achieve a gold rating from the Indian Green Building Council. The project is a collaboration between the Telangana State Industrial Infrastructure Corporation (TSIIC) and the Finczars consortium, with an expected completion time of 36 months. This initiative reflects the government's commitment to enhancing the tech ecosystem of the Old City and bolstering Hyderabad's infrastructure and transportation.
DAMAC Properties has introduced DAMAC Casa, a luxury real estate venture in Dubai's Al Sufouh region. This aquatic-themed tower features opulent lodgings and offers one of Dubai's first scuba simulators with virtual reality adventures, including underwater and outer space experiences. The tower design is inspired by the lotus flower and offers sweeping water views. It includes circular outdoor terraces, retreats inspired by oases, a spa, children's play area, and a chill-out lounge. DAMAC Casa offers various apartment options, from 1 to 5 bedrooms, and ultra-luxury units with private pools. The project aims to provide residents with a unique and immersive underwater living experience.
China SCE Group, a major property developer, has defaulted on its offshore debt, joining a growing list of Chinese real estate firms in financial turmoil. The company, based in Xiamen, announced that a non-payment incident triggered a default on its dollar-denominated bonds. This default highlights the continued challenges faced by China's property sector, which has seen declining investor confidence since a 2021 crackdown on credit accumulation by developers. Despite recent measures to support the sector, such as easing borrowing rules, uncertainties linger, making the outcomes of restructuring efforts by these companies crucial for China's economic stability.
The Himachal Pradesh High Court has made a significant ruling regarding a tenant's right to re-enter a property under the Himachal Pradesh Urban Rent Control Act of 1987. The court emphasized that this right is not absolute and must be evaluated on a case-by-case basis, taking into account factors such as the purpose of reconstruction and the landlord's genuine requirements. The judgment highlighted scenarios where tenants may not have a valid claim for re-entry, such as when a property is converted for commercial use or when a landlord intends to use it exclusively for personal residential purposes. This ruling underscores the need for a nuanced and context-specific approach when adjudicating tenant re-entry rights.
The Maharashtra State Housing Federation is championing amendments to the 1970 Apartment Ownership Act, aiming to expedite the redevelopment of older cooperative society apartments. A 15-member committee has already submitted recommendations to the state government, focusing on clearer definitions of common areas and empowering self-redevelopment. With 100,000 buildings under the Act and recent state cabinet approvals to tackle redevelopment obstructions, these changes could redefine urban housing in Maharashtra. The government's response is eagerly awaited.
Larsen & Toubro (L&T) is experiencing significant growth in its order book, reaching around Rs 4.12 trillion as of June, with West Asia contributing 25% of this total. This surge in orders is largely attributed to a construction boom in Saudi Arabia. L&T's hydrocarbon division has also conducted a major recruitment drive in India, highlighting the strategic importance of the West Asian market for the company. L&T's proactive approach includes localizing offices, staff, and forming strategic partnerships in the region. This expansion and strengthened foothold in West Asia showcase L&T's commitment to serving the dynamic construction market in the region.
Noida-based Nivas Promoters has amicably settled disputes with allottees of its residential project, One Leaf Troy, following orders from Uttar Pradesh RERA (UP-RERA). In collaboration with Renowned Buildtech, a mutual settlement resulted in the payment of Rs. 62.11 lakh to all allottees, facilitating the withdrawal of their complaints. This resolution comes after the construction and development work of One Leaf Troy, situated in Greater Noida West's Sector 10, faced prolonged delays. UP-RERA had previously issued orders to ensure unit possession within a specified timeframe or the return of deposited amounts with interest for the delay period.
Raheja Developers, a prominent real estate firm, plans to invest INR 2,000 crore in its various projects over the financial years 2024, 2025, and 2026. This substantial commitment aims to expedite construction processes and ensure the timely delivery of residential and commercial properties. Raheja Developers has a well-established track record of delivering around 30 million square feet of real estate across various segments. Currently, they have 20 million square feet in progress, with the majority of projects scheduled for possession between fiscal years 2024 and 2026. This investment reflects the company's commitment to delivering innovative spaces and fulfilling its legacy in the industry.
Ashiana Housing is set to redefine the real estate landscape in western India with an ambitious growth plan. This expansion includes residential and senior living projects such as Ashiana Malhar and Ashiana Amogh, located in Pune. Covering a total area of 23.26 acres, these projects represent a significant investment of approximately Rs 550 crore. Ashiana Housing's focus on delivering exceptional projects with a commitment to quality and innovation is driving its rapid expansion in the western region. With a presence in nine Indian cities and a track record of delivering millions of square feet, the company is gaining trust and recognition.
Private housing societies in Maharashtra now have the authority to forcibly evict members obstructing redevelopment. The state cabinet has approved an amendment to the Maharashtra Apartment Ownership Act, introducing Section 6B. This new provision mandates apartment owners to vacate their premises when the association of apartment owners passes a resolution for redevelopment under Section 6A. In cases of non-compliance, the planning authority can involve the police to enforce eviction. This move addresses ambiguities and resistance in redevelopment projects and mirrors provisions in the MHADA Act. Over 40% of buildings in Pune and substantial percentages in other cities fall under this act.
The Uttar Pradesh government is considering a rehabilitation package for stalled real estate projects, following recommendations from an expert committee led by Amitabh Kant. The package includes a four-year "zero period" during which interest on land dues and penalties for default would be waived. This zero period covers specific phases due to COVID-19 disruptions and environmental considerations. The committee also suggests granting additional floor area ratios (FAR) to projects on payment of extra charges to bridge funding gaps. Developers collectively owe over Rs 47,000 crore to development authorities in the region. This move aims to revive the real estate sector in Uttar Pradesh.
The special PMLA court in Mumbai denied bail to HDIL promoters Rakesh and Sarang Wadhawan, who have been in jail since 2019 in connection with the Punjab and Maharashtra Co-operative (PMC) Bank case. The court emphasized their deep-rooted involvement in money laundering, citing the total proceeds of crime amounting to Rs 6,117.9 crore. Despite the promoters invoking Section 436-A of the Criminal Procedure Code, which allows bail for undertrials detained for over half of the prescribed sentence, the judge rejected the plea, noting their suppression of facts regarding the time spent on various legal proceedings.
The SVAMITVA scheme, introduced by the Ministry of Panchayati Raj in April 2021, aims to establish property ownership in rural areas by mapping land plots using drone technology and providing property owners with their 'Record of Rights.' Union Minister Kapil Moreshwar Patil announced a collaboration between the Survey of India and the Arunachal Pradesh government to implement the SVAMITVA scheme's objectives. The Survey of India will lead the effort to map and create a comprehensive spatial database of rural areas in Arunachal Pradesh. The initiative aims to provide property cards to residents of the state within the next five years, promoting clear land ownership in rural India. Patil also praised the successful rollout of the Pradhan Mantri Awas Yojana and recommended empowering women's self-help groups in agriculture ventures.
Arkade Developers, a prominent player in the real estate sector, has successfully acquired a prime industrial plot spanning approximately three acres in Bhandup West, Mumbai, from Copper Rollers for a total value of Rs. 103.88 crore. The company has also received a letter of intent for forthcoming redevelopment projects in the Mumbai Metropolitan Region. Arkade Developers is actively working on five ongoing projects covering approximately 1.8 million square feet and plans to launch two upcoming projects in Vile Parle East and Malad West. Additionally, the company has submitted a draft red herring prospectus (DRHP) to SEBI for an IPO to raise up to Rs. 430 crore, signalling its strategic efforts for growth and expansion in the real estate market.
Capri Global Holdings has recently sold a significant stake in Indiabulls Housing Finance Ltd, as per data from the National Stock Exchange (NSE). The transaction involved the sale of 25 lakh shares, equivalent to a 0.53 percent ownership interest in the company. This move signals Capri Global Holdings' strategic realignment of its investment portfolio, with the value of the shares sold amounting to a substantial sum. The sale underscores the dynamic nature of the financial markets and the strategic decisions being made by prominent players in the industry.
In a significant shift in India's real estate market, sales of premium homes priced above Rs 1 crore have surpassed those in the affordable segment below Rs 50 lakh for the first time, according to Knight Frank's Q3 2023 report. The quarter saw a six-year high in sales with 82,612 units sold, a 12% increase compared to the same period last year. The mid-income range, priced between Rs 50 lakh and Rs 1 crore, dominated with 29,827 units sold, constituting 36% of the market share, while the high-end segment above Rs 1 crore experienced a 39% surge to reach 28,642 units. This shift is attributed to rising interest rates and prices impacting the affordable housing sector, prompting the need for interventions to boost demand and viability.
Raymond, the prominent textile and apparel company, is set to invest up to Rs. 301 crore in Ten X Realty (TXRL), its wholly-owned subsidiary. This investment includes Rs. 125 crore in redeemable preference shares and Rs. 176 crore via an Inter Corporate Deposit (ICD). TXRL is currently involved in redeveloping a housing society in Mumbai's Bandra locality under a joint development agreement. This strategic investment reflects Raymond's commitment to its real estate ventures.
The Ahmedabad real estate market is witnessing a resurgence in redevelopment deals following a significant increase in jantri rates. Over 30 redevelopment agreements have been finalized in the past three months, with approximately 500 housing societies in active negotiations with developers. What's intriguing is that even relatively young societies are exploring redevelopment options. However, developers are grappling with floor space index (FSI) limitations that make many projects economically unfeasible. Despite these challenges, the drive to rejuvenate older societies remains strong, with hope for more feasible solutions in Transit Oriented Zones (TOZs).
Reliance Retail, India's largest retailer, has secured significant investments from global partners, including the Qatar Investment Authority and KKR, among others. These investments have more than doubled the company's valuation and resulted in a 30% surge in profits. With an extensive expansion plan, Reliance aims to open 55 new stores and grow its retail footprint across India. These strategic partnerships and funding injections are part of Reliance's strategy to bolster its presence in the Indian market and strengthen its position as one of the top retailers globally. The company has also partnered with international brands such as Burberry, Pret a Manger, and Tiffany & Co to enhance its offerings in India.
Mumbai Metropolitan Region Development Authority (MMRDA) is forging ahead with plans to establish six expansive growth centres across Bhiwandi, Alibaug, Kalyan, and Thane, aiming to lure investment by capitalizing on proximity to major infrastructure projects. The Kharbav centre, near Bhiwandi, is poised to become a magnet for investors due to its strategic location along the Virar-Alibaug multi-modal project, Mumbai-Ahmedabad high-speed rail, and dedicated freight corridors. Meanwhile, the Poynad centre in Alibaug gains appeal from its proximity to the Mumbai Trans Harbour Link, Virar-Alibaug multimodal corridor, and the upcoming second international airport in Navi Mumbai.
The Urban Planning Department in Chandigarh has raised concerns regarding the draft conversion policy for changing land use in industrial areas. They recommend assessing the demand for such conversions through an audit or survey. Concerns include incomplete conversions from industrial to commercial use and issues raised in the Chandigarh Master Plan regarding the compatibility of new land uses with old ones, urban design, infrastructure, and traffic bottlenecks. The department suggests implementing the MSME Act as an alternative, eliminating the need for a new conversion policy. Other challenges include addressing building violations and property misuse resulting from unauthorized conversions, possibly through one-time regularization.
Hotel rates in Paris during the 2024 Olympics have surged, with prices far exceeding typical summer rates. Travelers heading to the French capital should expect to pay approximately $685 per night for a three-star hotel, compared to the usual $178 for a typical July stay. Four-star hotels have seen prices rise to around $953 during the Olympics, up from the usual $266. Luxury five-star hotels have experienced relatively smaller price increases, with rates reaching approximately $1,607 per night. The city is anticipating over 11 million visitors during the Olympics, leading to high demand for accommodations and resulting in elevated prices.
In the first three quarters of 2023, Al Barari in Dubai witnessed an astonishing 400% increase in property investments and a 35% rise in residential prices, outperforming other prestigious districts. This affluent enclave, known for its luxurious villas and upscale apartments, attracts more billionaires per square foot than many other sought-after areas, mainly from Europe. While esteemed areas like Palm Jumeirah and Emirates Hills saw lower growth rates, Al Barari solidified its status as Dubai's most coveted location for super-luxury and eco-friendly living. European investors, particularly from the UK and the Netherlands, dominate the high-calibre buyers in Al Barari's super-luxury real estate market.
Florida's real estate market has experienced significant growth during the COVID-19 pandemic, making it the second-highest valued real estate market in the United States. With a market worth of $3.85 trillion, Florida has surpassed New York ($3.69 trillion) and Texas ($3.39 trillion). California maintains its top position with a market value of $10.18 trillion. Florida's rise in the rankings is attributed to its population growth, with 655,000 new residents relocating to the state since the beginning of the pandemic. Housing prices have also seen substantial increases in several Florida cities, driven by increased demand and competition for existing inventory. Factors like no personal income tax, abundant sunshine, and beautiful beaches contribute to Florida's appeal.
In a significant development, the Supreme Court has granted bail to Basant Bansal and Pankaj Bansal, directors of the Gurugram-based real estate conglomerate M3M. This decision comes in the midst of an ongoing money laundering investigation involving the Bansal brothers. The case originated from allegations of bribery and money laundering, which led to their arrest by the Enforcement Directorate (ED). The bail plea was initially rejected by the Punjab and Haryana High Court, but the Supreme Court's decision to grant bail adds another layer of complexity to the legal proceedings. The case is expected to continue drawing attention due to its implications for the real estate and judiciary sectors.
Ajmera Realty & Infra India Ltd (ARIIL) has bolstered its real estate portfolio by securing two residential projects in Mumbai and Bengaluru. The combined Gross Development Value (GDV) for these projects is estimated at INR 470 crores. In Mumbai, the project on LBS Marg in Bhandup spans 6.8 acres, targeting the sub-1 crore segment, while in Bengaluru's Electronic City Phase 2, the project aims to contribute INR 150 crores to the top line. These developments align with ARIIL's growth strategy, reinforcing its presence in key markets and catering to the evolving needs of homebuyers.
The Department of Town and Country Planning imposed a ban on the registry and conveyance of Ansal properties due to the builder's failure to renew its license for the Sushant Lok 2 residential colony. The ban created hardships for property owners who couldn't buy or sell their properties or obtain conveyance deeds. However, after proactive efforts by the Gurugram Resident Forum and discussions with town planning authorities, the ban was partially lifted. Conveyance deeds were allowed for properties held by allottees, bringing relief to investors and allowing property transactions to proceed without unnecessary obstacles. This decision benefited those who had invested in Ansal properties.
The latest deadline for the Dhauli Heights housing project in Bhubaneswar, India, was extended to March 2024 due to several delays. Homebuyers are unhappy by these continued delays because they had originally anticipated having their flats by 2016. The project's partners, Odisha Cooperative Housing Corporation Limited (OCHC) and Odisha Police Housing and Welfare Corporation Limited (OPHWC), have an unpaid balance of Rs 3.12 crore, which is the cause of the delays. To settle this amount, OCHC has asked for an additional six months. The Indian real estate sector needs better project management and accountability as a result of these ongoing delays.
A controversial advertisement for luxury flats in Mira Road (East), Mumbai, featuring the tagline "Preferred for Marwari and Gujarati families" has sparked controversy. While not explicitly refusing to sell flats to Maharashtrians, activists argue that it shows a clear preference for Marwaris and Gujaratis. The advertisement was linked to Sonam Builders, owned by Mira Road MLA Geeta Jain's family, although Jain denies any connection to the advertised properties. Maharashtra Navnirman Sena (MNS) activists posed as customers and reported discussions about selling flats to a specific community, raising concerns about housing discrimination.
The Bhubaneswar Development Authority (BDA) has temporarily suspended a slum redevelopment housing project in Mahisakhal, Badagada. Initiated in 2013 under the Rajiv Awas Yojana (RAY), the project aimed to construct a G+4-storied building with 19 blocks, providing nearly 700 dwelling units for slum dwellers. While approximately 15 blocks were completed initially, the remaining four faced delays due to land acquisition and funding issues. Eligible slum dwellers were allotted homes in the completed blocks, leaving some without housing. The BDA estimates it needs Rs 20.75 crore to complete the remaining blocks, raising concerns about the fate of those still awaiting housing.
Developer Jayesh Tanna's properties in various Mumbai neighbourhoods have come under symbolic possession due to a loan default exceeding Rs 200 crore. A court-appointed commissioner oversaw this action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Symbolic possession, a tactic exerting psychological pressure on the debtor, is used without physical occupation by the bank. Tanna faces numerous offences, including alleged flat sales to third parties, and ACRE initiated the legal proceedings. Despite challenges, the court-appointed legal team successfully completed the symbolic possession process, showcasing innovative legal strategies in Mumbai's dynamic real estate scene.
According to GLADA (Greater Ludhiana Area Development Authority) Chief Administrator Sagar Setia, builders must adhere to guidelines mandating the acquisition of licenses from the authority after registering with RERA (Real Estate Regulatory Authority). In a bid to regulate real estate activities effectively, GLADA has issued notices to builders who have displayed advertisements without the required licenses. This move underscores GLADA's commitment to upholding legal and regulatory standards in the development sector. Setia emphasized the importance of builders complying with these procedures to ensure transparency and accountability in the real estate industry.
JSW Infrastructure Limited's Rs. 2800 crore Initial Public Offering (IPO) has set industry records, drawing over 20 lakh bids from diverse investors. The IPO, guided by eight Merchant Bankers, notably listed on the 2nd working day of the month, a distinctive feature. KFintech, serving as the registrar, played a crucial role in this success. The historic IPO, marked by its exceptional response and innovative approach, underscores KFintech's adaptability to market changes and commitment to streamlined processes, reducing allotment timelines to T+3. This marks a transformative moment for JSW Infrastructure Limited and the financial industry at large.
The Expenditure Finance Committee (EFC) has approved a new Rs 60,000 crore interest subsidy scheme proposed by the Ministry of Housing and Urban Affairs. The scheme, spanning five years, aims to provide interest subvention of 3-6% per annum on home loans up to Rs 50,00,000 for the urban poor and middle class. The proposed scheme is expected to replace the existing Credit Linked Subsidy Scheme (CLSS) under the Pradhan Mantri Awas Yojana-Urban (PMAY-U), potentially boosting the construction sector. The approval aligns with the government's push for affordable housing, with potential positive impacts on economic growth and the real estate industry.
Salem Municipal Corporation (SMC) in India has introduced a 5% incentive or a Rs 5,000 discount for property taxpayers who pay their dues on or before October 31, as announced by Commissioner S Balachander. The deduction applies differently based on the property tax amount: those exceeding Rs 1 lakh receive a flat Rs 5,000 deduction, while those below Rs 1 lakh enjoy a 5% reduction. This move aligns with the state government's initiative to encourage timely tax payments, promoting financial compliance and municipal revenue collection for the latter half of the 2023-24 fiscal year.
DLF, India's largest real estate company, is expanding its footprint in the retail sector with the construction of the eagerly anticipated Mall of India in Gurugram. With a projected investment of approximately Rs. 1,700 crores, this ambitious project will result in a massive 25 lakh square feet shopping mall. DLF already owns the land for this development, and the construction is set to begin this year. Despite the challenges posed by the COVID-19 pandemic, DLF sees potential in the resurgence of gyms, cinemas, malls, and shopping centers, and is well-positioned to meet the demand for organized retail shopping with its strategic land investments.
Shakuntalam Landcraft, a real estate firm, plans to invest Rs 1,500 crore to develop an industrial park on a 204-acre plot in Surajpur, Greater Noida, formerly occupied by Daewoo Motors. This project is expected to accommodate over 600 micro, small, and medium-sized enterprises (MSMEs) and create approximately 25,000 jobs. Director Pallavi Gupta revealed that these MSMEs are estimated to generate goods worth Rs 50,000 crore. The plot had a history of failed auctions before Shakuntalam Landcraft’s acquisition, and Gupta acknowledged the government’s and debt recovery tribunal courts’ role in revitalizing the dormant asset after 22 years.
Gruhas Fund, DLF Family Office, and Anthill Ventures have unveiled the second cohort of their proptech accelerator program, Gruhas Aspire. This initiative supports six selected startups poised to revolutionize the construction and real estate industry. These startups will receive strategic investments, expert guidance, and market access opportunities to drive innovation and sustainability in the sector. The program builds on the success of its inaugural cohort, which facilitated over INR 22 crore in capital, and aims to empower startups to navigate challenges, seize opportunities, and contribute to the growth and transformation of the proptech landscape.
Residents in Sector Alpha 2 of Noida are facing escalating issues concerning unattended construction and demolition (C&D) waste, compounded by ineffective waste management practices and inadequate waste segregation. Despite decisions made in a meeting convened by the Greater Noida Industrial Development Authority (GNIDA) to handle C&D waste, residents have reported a worsening situation, with garbage accumulating in various areas. The irregularity of door-to-door waste collection services has exacerbated the problem, leading to concerns about public health, including the potential spread of diseases like dengue and malaria. Residents have urged officials to conduct surprise inspections, prompting GNIDA to promise a response.
The Goa State Urban Development Agency (GSUDA) is initiating GIS mapping for urban areas in South Goa, appointing an agency to conduct a detailed survey for tax assessment, property mapping, and QR code generation. With an estimated cost of Rs 17 crore, the project targets municipalities like Canacona, Cuncolim, Sanguem, and others. GSUDA plans a door-to-door survey, assigning a Unique Property Identification Code (UPIC), integrating spatial data for tax assessment, and solid waste management. Urban development minister Vishwajit Rane assures similar mapping in South Goa, addressing revenue losses. The agency aids in database creation, linking photographs, and tax assessment.
KKR, a global investment firm with assets exceeding $64 billion, is making strategic moves in the U.S. real estate market, particularly in the industrial estate sector. Their recent sale of 50 industrial buildings in high-growth markets, valued at approximately $8 billion, highlights their focus on prime properties in strategic locations. KKR owns and manages over 40 million square feet of industrial real estate properties in major metropolitan cities. With strong demand for quality assets in supply-constrained locations due to the growth in online shopping, KKR is emerging as a significant player in the warehouse and logistics facility real estate market, offering promising investment opportunities worldwide.
Amancio Ortega, the billionaire founder of Zara and primary shareholder of Inditex, has rekindled his real estate investments in the United States by acquiring the luxury residential tower, 727 West Madison, in Chicago for $232 million through his investment entity, Pontegadea. This mirrors a growing trend among affluent individuals who are shifting their focus from traditional office property investments to the US rental market. The pandemic has underscored the significance of rental housing due to remote work and higher office vacancies all this coupled with challenges in the commercial property sector shows that ultra-wealthy individuals and their companies have substantially increased their involvement in multifamily housing investments over the past decade.
Japan’s real estate market is emerging as a global hotspot, attracting significant investments in 2023. This surge is attributed to factors such as a stable political climate and the depreciation of the yen, making it an attractive choice over China. Tokyo, in particular, witnessed a remarkable rise in global rankings for real estate investments, surpassing major cities like New York and London. Notably, investors are diversifying their strategies, targeting growth sectors like logistics and the hospitality industry, which were adversely affected by the pandemic but are now rebounding alongside the recovery of international tourism. This transformation signals a promising outlook for Japan’s real estate market.
Peyush Bansal, co-founder of Lenskart, recently grabbed headlines with his acquisition of a luxurious property in Delhi's prestigious Neeti Bagh area for Rs. 18 crore, which includes both the basement and ground floor of an opulent bungalow, spanning a total area of 939.4 sq m on a 680 sq m plot. In a parallel move, directors Meghna Dilip Bhanushali and Tummala Vipul Reddy of Metamor Software Solutions invested a substantial Rs. 48 crore in a residential property in Hyderabad's coveted Jubilee Hills, while Monish Darda, co-founder of Icertis, joined the trend by purchasing a lavish apartment in Mumbai's Juhu for Rs. 38 crore. These acquisitions mirror a growing pattern among billionaire tech entrepreneurs who are increasingly turning to significant real estate investments as a means to diversify their portfolios.
Arvind Smartspaces Limited (ASL) has successfully pre-launched Arvind Uplands 2.0, a golf-themed plotted development in Adroda, South Ahmedabad. The first phase, covering around 4 million sq. ft. with a booking value exceeding Rs. 300 Crore, sold out in just three days. As part of a joint development project spread over approximately 100 acres, the initiative offers world-class infrastructure. Buyers of Arvind Uplands 2.0 will receive membership to Monogram Resort, providing access to amenities like a golf course. South Ahmedabad, with robust connectivity and proximity to industrial hubs, is emerging as a promising micro-market for plotted development and weekend homes.
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has greenlit Elegant Infracon, the Elegant Ville project's promoter, to resume and complete construction in Gautam Buddha Nagar. In collaboration with Floral Realtech, this move aims to rehabilitate the project and secure an Occupancy Certificate (OC) within a year. Delays had left allottees uncertain, prompting UP-RERA to invoke section 8 of the RERA Act, allowing construction to proceed with the majority of allottees' consent. The project, with 761 units, has already sold 686, and financial projections estimate a revenue of Rs. 120.01 crore upon completion.
An implementation and monitoring committee led by the CEO of Suraksha Group is seeking approval from the National Company Law Appellate Tribunal (NCLAT) to restart construction at six long-stalled Jaypee Wish Town projects, dormant since 2014. These projects, comprising 9,320 flats in 82 towers, reached just over 50% completion a decade ago before abruptly halting. If the NCLAT approves, construction tenders will be issued with the aim of completing most of the flats within two years. Suraksha Group and the committee, including an Insolvency Resolution Professional and representatives of financial creditors and homebuyers, are overseeing the revival efforts.
MahaRERA is actively enhancing transparency and accountability in the real estate sector. It has issued show-cause notices to 74 real estate projects, predominantly in Pune, for failing to adhere to MahaRERA's essential mandate. As of August 1st, MahaRERA has mandated QR codes in property developers' advertising, granting potential homebuyers’ convenient access to crucial project details. These QR codes provide insights into project timelines, complaints, approvals, and plan modifications. MahaRERA has also imposed substantial fines on six developers in the MMR for not including QR codes, reinforcing its commitment to regulatory compliance and consumer empowerment.
Art Nirman Ltd, tasked with redeveloping Nidhi Apartments in Shastrinagar, Ahmedabad, faces legal challenges as a dissenter files an FIR against three partners. The company, having obtained over 75% consent from the society, began demolition. However, a member, Chandrakant Shah, objected to the redevelopment due to the inclusion of commercial units. Despite a civil court dismissing his protest, Shah filed an FIR, accusing the builders of causing Rs 1.75 crore damage by demolishing his house without proper notice. The partners argue compliance with the tripartite agreement. The Gujarat high court is set to adjudicate on the matter.
In Greater Noida West, the Greater Noida Industrial Development Authority (GNIDA) encountered resistance while attempting to demolish an unauthorized staircase in Gaur City 2's White Orchid Society. The demolition was prompted by the builder's failure to comply with previous notices. Residents were disappointed when the GNIDA's demolition team left without executing the demolition. Allegations arose that officials engaged in private discussions with the responsible party, causing delays. A two-day extension was ultimately granted, postponing the demolition. This incident underscores the challenges of dealing with unauthorized construction and non-compliance, impacting resident safety and adherence to approved building plans, raising questions about how authorities will handle such issues in the future.
A government advisory in Maharashtra aims to address issues of administrators in housing societies overstepping their authority. To improve accountability and transparency, the advisory recommends the formation of an administrative panel consisting of three members, including two from within the society. This response comes after numerous complaints about administrators making unilateral decisions without consulting residents. The circular, issued by the state cooperatives department, restricts administrators from making policy decisions or handling major repairs independently. The circular also encourages periodic changes in auditors and emphasises computerisation of society information.
The Mumbai Metropolitan Region (MMR) has witnessed property transactions surpassing $1.5 billion in 2023, marking the highest in the country. Mumbai dominated the transactions with deals valued at Rs 7,956 crore, while Thane district, although having over three times the number of deals, had a lower transacted value at Rs 2,778 crore. The trend is driven by significant land transactions, including Sumitomo's subsidiary acquiring a 22-acre parcel for Rs 4,674 crore and Prestige Estates Projects purchasing a central Mumbai property for Rs 704 crore. Redevelopment projects, land monetization, and increased construction activity contribute to the robust real estate market in MMR.
Leading commercial real estate firm, RMZ Corp, reports a surge in demand for premium office spaces in India, attributing it to the rise of Global Capabilities Centres (GCC). Major global players have recently leased 5 million sq ft for their GCCs in the country. RMZ Corp, eyeing expansion in Gurgaon, has plans for a vast development project, underscoring India's appeal as a preferred destination for businesses. The company's strategic growth is evident through partnerships and a robust project pipeline, forecasting a bright future for India's commercial real estate landscape.
India's luxury housing segment has recorded a significant 130% increase in sales during the first half of 2023, driven largely by Non-Resident Indian (NRI) investments. Major cities, including Delhi-NCR, Mumbai, and Hyderabad, accounted for nearly 90% of the sales. Developers attribute this boom to urbanization, enhanced lifestyles, and rising disposable incomes, particularly in urban centres. The trend reflects a shift in consumer preferences towards properties that offer a superior living experience post-pandemic.
LOTTE India, a leading chocolate manufacturer, has invested INR 185 crore to expand its production facility in Tamil Nadu. The expansion will increase the production capacity for the company's Choco Pie range and reinforce its position in the Indian confectionery market. The facility expansion has created 200 new jobs, contributing to local employment opportunities. With an increased capacity of 1,420 tonnes per month, LOTTE India aims to meet growing domestic demand and explore potential export opportunities. This expansion highlights the company's commitment to maintaining safety, hygiene, and product quality standards while supporting its growth in the Indian market.
Saya Status, located in Noida, is on track to become India's tallest mall, standing at an impressive 250 feet. Developed by the esteemed Saya Group, this iconic structure in Sector 129 showcases innovative architectural design across its nine floors and vast 1.1 million square feet of rentable space. With a budget of Rs. 2000 crore, the mall is set to be completed by January 2025. Already, it has secured leases with 30 leading brands, filling half of its retail space. The Saya Group's track record in quality construction is well-established, and Saya Status aims to revolutionize the retail industry, offering an unmatched shopping experience in India's tallest mall.
To counter a slowdown in property tax collection, the civic administration in Pune plans to auction sealed properties owned by non-compliant taxpayers, aiming to generate approximately Rs 245 crore in revenue. The administration set a target of Rs 2,300 crore for property tax collection in the current fiscal year, but collections lagged in August and September. Critics argue that an amnesty scheme for tax defaulters sends the wrong message, disadvantaging diligent taxpayers. Additionally, PMC aims to impose property taxes on Metro rail properties, potentially yielding around Rs 20 crore annually. The civic administration faces the challenge of recovering Rs 8,000 crore from tax defaulters, including mobile towers and major businesses.
Sources have revealed that Chandigarh officials are gearing up to dispatch notices to 750 property tax defaulters in the coming week. Following the issuance of these notices, property owners will be granted a defined window to settle their overdue tax bills. Failure to comply within the specified timeframe may result in punitive measures being taken against them, according to the same sources. This move is part of the city's efforts to address property tax evasion and ensure that all residents contribute their fair share to municipal finances.
Apeejay Real Estate is in talks with potential investors to secure funds ranging from Rs 400 crore to Rs 500 crore for expanding its logistics park operations. The company plans to utilize these funds primarily for acquiring land for warehouse development. The investment is expected to grant the new investor ownership of around 35-40 percent of the logistics park platform. Apeejay aims to expand its warehouse operations from 3 million square feet to 10 million square feet in the next 3-5 years. The company has identified potential land plots in various locations, and it manages logistics parks in four areas, with plans for expansion and diversification within the logistics sector.
The Uttarakhand Government has signed Memorandums of Understanding (MoUs) worth Rs. 8,000 crore to develop ski destinations and ropeways, a move that is expected to boost the state's infrastructure and tourism sector. These MoUs were finalized during Chief Minister Pushkar Singh Dhami's visit to London. The agreements include investments from Kyan Jet for a skiing resort and cable car project, Usha Breco for ropeway systems in Haridwar and other districts, the Poma group of France for Dehradun-Mussoorie and Yamunotri ropeways, and Mahindra Holiday and Resort India Limited for resorts. These investments total Rs. 11,000 crore and are expected to significantly increase tourist footfall while ensuring eco-friendly and sustainable development in the region.
After a three-year delay, the construction and demolition waste plant in Ludhiana is set to be constructed, with a tender of Rs 7.45 crore allocated. Civic officials have issued work orders and are expediting the necessary approvals to make the plant operational promptly. The project, initially under the smart city mission, faced obstacles and was later shifted to the Swachh Bharat Mission. The plant aims to address the city's construction waste issue, and officials anticipate a VIP inauguration soon. The construction is expected to take 3-4 months, with a toll-free number for waste disposal requests to be introduced.
New renderings have been unveiled for The Giorgio Armani Residences, a 12-story mixed-use development on Madison Avenue, Manhattan. Designed by COOKFOX and developed by SL Green Realty in collaboration with Giorgio Armani Corp, the building offers 10 luxurious condos and a flagship Armani boutique. Aerial views showcase private terraces, lush greenery, and stunning cityscape vistas. The interior boasts high-end finishes, Gagganeau appliances, and Armani-inspired design elements. Amenities include a gym, spa, tea room, lounge, and library. With convenient subway access and a completion date set for summer 2024, 760 Madison Avenue promises to be a luxurious addition to the neighbourhood.
WeWork, backed by SoftBank, has chosen to withhold interest payments of around $95 million on certain notes as part of its capital restructuring efforts. The company faces a 30-day grace period before these missed payments could trigger an “event of default.” WeWork maintains that it has the liquidity to cover these payments and may choose to do so in the future. This decision comes after a turbulent period for the flexible workspace provider, which had previously expressed doubt about its operational continuity and executed a reverse stock split to maintain its NYSE listing. Its stock declined by about 2% in after-hours trading.
Mumbai based builder Vikas Oberoi and his wife Gayatri Oberoi were victims of a terrible road accident earlier this week, in Sardinia, Italy. Multiple publications have confirmed that both are safe and have not sustained any major injuries. Mr Oberoi was said to be driving with his wife in the passenger seat of a rented blue Lamborgini (Huracan Spider), which collided with a white camper van and a red Ferrari. They were partaking in the multi-day “Sardinia Supercar Experience” event when the incident occurred. A Swiss couple in the red Ferrari lost their lives, while the couple in the camper van are fine and recuperating in a nearby hospital.
Goregaon West, a thriving Mumbai suburb in the Mumbai Metropolitan Region (MMR), is a prime choice for professionals and families due to its strategic location along the Western Express Highway, offering excellent citywide connectivity. The area provides a diverse range of housing options, from upscale apartments to more budget-friendly residences. In a week spanning from September 25th to October 1st, 2023, Goregaon West recorded 16 transactions, highlighting its popularity. Leading the way, Chandak 34 Park Estate accounted for six deals, with Sunteck City 4th Avenue hosting the most expensive transaction at Rs 3.06 Crores. The area's real estate market is robust, attracting both homebuyers and investors.
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 2,873 square foot carpet area residential apartment located on the 8th floor of the luxurious K Raheja Vivarea exchanged hands at a deal value of about Rs 18 crores at an approximate rate per square foot of Rs 62,400/-, a 713 square feet carpet area residential apartment on the 3rd floor of L&T Seawoods Residencies found a new buyer for Rs 1.68 crores at an approximate rate per square foot of Rs 23,600/- and a 366 square feet carpet area residential apartment was sold in Shraddha Palladium on the 8th floor of the building for a deal value of Rs 57.79 lakhs at an approximate rate per square foot of Rs 15,800/-
In a significant legal ruling, the Bombay High Court found Pravin Satra, the head of Darshan Developers, guilty of contempt for failing to fulfil promises made before the court regarding the delivery of flats booked almost two decades ago. Despite commitments made in a consent agreement filed before the High Court, the builder failed to deliver possession of two flats within the stipulated time frame. Justice Manish Pitale sentenced Satra to three months in civil prison and ordered him to pay Rs 4 crore to the buyer, Achyut Godbole, an esteemed individual and prolific Marathi author. The court's decision highlights the importance of respecting court orders and the serious consequences of non-compliance.
Co-working firm EFC India is considering various funding options, including a Follow-on Public Offer (FPO), to support its expansion plans, aiming to increase its capacity to 60,000 seats by the end of the fiscal year. The company recently secured Rs 90 crore in a fundraising round through a preferential issue. EFC, which started operations in 2012, has experienced significant growth, with revenues reaching Rs 104 crore in FY23. The firm is actively expanding its presence in Pune, Noida, Hyderabad, and Kolkata, capitalizing on the growing demand for flexible and managed workspaces in India.
Ikaria Easy Living, a partnership between Collated Ventures and Adani Realty, has teamed up with Sodexo India and Northstar Diagnostics to provide senior living communities with all-inclusive lifestyle services. Food, housekeeping, facility management, and social interaction will be handled by Sodexo, whereas Northstar will handle emergency medical coordination, doctor visits, physiotherapy, and nursing. These collaborations are meant to improve senior citizens' comfort and well-being. With an emphasis on providing seniors with an extraordinary living experience, the move underscores the growing demand for high-quality senior living options in India.
Residents of Ambika Florence Park in New Chandigarh have secured a significant victory against builder Ambika Realcon Pvt Ltd. The Chandigarh State Consumer Redressal Commission ruled in favour of eleven flat-owners, directing compensation for delayed possession and a 30% refund of maintenance charges due to unmet promises. The builder must pay 9% interest for possession delays and a lump sum for mental distress. The maintenance agency, Shri Vishnu Facilities Management LLP, must refund charges with interest and ensure essential services until promised amenities are delivered. The builder faces penalties if amenities aren't fulfilled within three months.
Following a recent controversy, Maharashtra's Minister has announced forthcoming regulations governing property rentals. This announcement comes in the wake of a 35-year-old woman filing a police complaint against a man and his son for allegedly denying her a rental property due to her Marathi-speaking background. The new rules aim to address such discrimination issues and ensure fair access to rental premises in the state. The government's decision to tackle rental discrimination is seen as a step towards promoting inclusivity and preventing discrimination based on language or ethnicity in property rentals within Maharashtra.
The Delhi Pollution Control Committee (DPCC) has mandated construction companies in Delhi to register on a designated web portal before the Graded Response Action Plan (GRAP) takes effect on October 1. The updated GRAP focuses on mitigating dust pollution, requiring adherence to a 14-point dust mitigation measure and a 27-point checklist for projects over 500 sqm. DPCC has introduced an online self-assessment portal, urging construction agencies to register for monitoring and assessment purposes. Failure to register may lead to a halt in construction activities. The move aims to enhance air quality in Delhi by enforcing strict dust control measures.
The Chennai Metropolitan Development Authority (CMDA) sealed a commercial building on Usman Road, T Nagar, following its unauthorized construction. Located at old no. 94, new door no. 162, the building was previously flagged in the T Nagar survey by GCC and CMDA. Despite receiving prior notices and a failed regularization attempt in 1999, the owner did not comply with directives. Consequently, the CMDA took firm action last week by locking and sealing the premises to uphold urban planning regulations.
In a recent policy change, the Gujarat Real Estate Regulatory Authority (RERA) has exempted Ahmedabad Municipal Corporation (AMC) from seeking its counsel on real estate project cost assessments for construction cess calculations. This comes after concerns over developers understating costs, leading to revenue losses. The updated directive mandates officials to cross-check cost figures provided by developers in both building use (BU) and RERA applications. Officials are now also required to obtain a verified project cost from developers, eliminating the need for RERA consultations.
The urban development authority's plan to auction 14 bulk land parcels in Visakhapatnam on September 29 and 30 has encountered a disappointing lack of interest. Despite high hopes for robust bidding and revenue generation, potential buyers have shown little enthusiasm for these prime properties. The VMRDA's inability to attract participants raises concerns about the region's real estate market and economic prospects. The fate of these valuable land parcels now hangs in the balance as officials contemplate alternative strategies to spur interest and revitalize the auction process.
Schneider Electric India, a branch of the French multinational, has leased a vast 4.8 lakh square feet of office space in Bengaluru's Outer Ring Road. The new facility, located in the Bagmane Solarium business park, will accommodate over 4,800 employees. This move is part of Schneider's expansion strategy, with the lease spanning 10 years. The deal underscores a growing trend in 2023 of major corporations securing large office spaces in key commercial areas, reflecting renewed confidence in India's commercial real estate market.
Fortis Healthcare has seen a boost in its shares after the board approved acquiring Kolkata-based Artistery Properties for an enterprise value of Rs 32 crore. The acquisition involves a 99.9% stake purchase through a share agreement, granting Fortis Healthcare ownership of a building adjacent to Fortis Hospital in Kolkata. The acquired building could potentially house outpatient, diagnostic, and day care services. Fortis Healthcare, operating hospitals and diagnostic centers, reported an 11.35% YoY increase in Q1 revenue, reaching Rs 1,657 crore. The move reflects strategic expansion and diversification within the healthcare company's portfolio.
Karnataka's property market is set for a significant shift as the state government raises guidance values by 15–30 percent, effective October 1st. These values determine property transaction costs, including stamp duty and registration fees. Buyers will face a 5.6 percent stamp duty and a 1 percent fixed registration fee. This change, after a five-year hiatus due to COVID-19 and assembly polls, aims to boost government revenue and property market values. Over the past few weeks, a rush of property transactions has prompted extended working hours at sub-registrar offices. The impact will vary by locality, with some areas potentially experiencing up to a 50 percent increase in guidance values.
The West Bengal government has extended its stamp duty concessions until June 30, 2024, in a bid to boost the real estate sector. This extension includes a 2% reduction in stamp duty and a 10% decrease in circle rates for property transactions. Initially introduced in response to the challenges posed by the COVID-19 pandemic, these concessions were set to expire in phases. However, the government has decided to continue these benefits to provide relief to prospective homeowners. Despite pandemic-related hurdles and rising construction costs, the real estate industry has persevered, and this move aims to rejuvenate the sector, benefiting both buyers and state revenue.
The NFRA has penalized and debarred 18 auditors for lapses in auditing branches of DHFL, a housing finance company. Fines totalling Rs 18 lakh, with Rs 1 lakh imposed on each auditor, have been levied for professional misconduct. The auditors are also barred from roles as auditors, internal auditors, or conducting relevant audits for periods ranging from six months to one year. This action follows reports of alleged financial improprieties involving DHFL. The SEBI simultaneously imposed Rs 6 crore in penalties on 15 entities, including former DHFL promoters, for disclosure norm violations.
Abu Dhabi Investment Authority (ADIA) is reportedly considering a substantial investment of $600 million in Reliance Retail, owned by Mukesh Ambani's Reliance Industries. ADIA already holds a 1.2% stake in Reliance Retail Ventures since October 2020. Recently, global investment firm KKR increased its stake in RRVL after a full subscription amount of Rs 2,069.50 crore. Earlier in September, Qatar Investment Authority invested Rs 8,278 crore for a 1% stake. Reliance Retail raised significant funds in 2020, with a 10.09% stake valued at Rs 47,265 crore. Reliance Retail, expanding aggressively, achieved over a billion transactions and a user base of 249 million, contributing 18% to FY23 revenue.
Wave Group, a real estate developer, has announced plans to invest approximately Rs 100 crore in adding 35 cinema screens across seven to eight new properties. This expansion comes after the recent launch of Wave Cinemas, a premium 7-screen multiplex in Gurgaon. With these new screens, Wave Group will operate a total of 10 multiplexes and 42 screens. The move into the cinema industry aligns with the trend of real estate developers diversifying into entertainment and hospitality sectors to create comprehensive lifestyle destinations for customers. It also reflects the growing demand for high-quality cinematic experiences in India.
IHG Hotels & Resorts and Saryu Properties & Hotels Pvt. Ltd. will work together to increase IHG's footprint in Mumbai. Voco Mumbai Powai Hotel & Convention Centre and Holiday Inn Express & Suites - Mumbai Powai are the two hotels in Mumbai that will be transformed into IHG-branded establishments. These hotels will open in the upcoming years to serve Mumbai's expanding hospitality industry. The action demonstrates IHG's dedication to offering a variety of lodging alternatives and supporting Mumbai's burgeoning hospitality sector. Additionally, it shows how optimistic the firm is about the city's future as a destination for tourists and business meetings.
Hyatt' brand-affiliated Juniper Hotels has started the process of raising Rs 1,800 crore through an IPO. The company, which is jointly controlled by Saraf Hotels Ltd and Two Seas Holdings Ltd, intends to use the funds to pay off current debts as well as for basic business needs. The rise of Juniper Hotels and the belief in India's hotel industry are both highlighted by its IPO, which consists of new equity shares. In light of the rising demand for high-quality lodging in India's booming tourism sector, the company's position in the market will be strengthened by the IPO's success and will help its expansion plans.
Two-thirds of houses in Joshimath, Uttarakhand, need reconstruction due to land subsidence, reveals a report by a National Disaster Management Authority (NDMA)-led panel. The study found that 65% of homes have been affected, resulting in damage worth ?565 crore. Out of 2,152 houses, 1,403 require immediate attention. The report cites weak building material, inadequate reinforcement, and structural deficiencies as causes. The total cost of reconstruction is projected to be Rs 422 crore. The report advises a comprehensive construction ban until the end of the monsoon, with a post-monsoon assessment before allowing construction for lightweight structures.
Indore, renowned for being the cleanest city multiple times, clinched the title of 'Best Smart City' at the National Smart Cities Conclave 2023. The event celebrated achievements in urban development, awarding Gujarat's Surat the second position and Agra in Uttar Pradesh securing the third spot. Madhya Pradesh was recognized as the Best State, followed by Tamil Nadu, with Rajasthan and Uttar Pradesh jointly securing the third position. President Droupadi Murmu commended the Smart Cities Mission for contributing to urban development. The Smart Cities Mission, promoting innovation and infrastructure development, has been a transformative initiative fostering global collaboration.
Marta Kauffman, co-creator of "Friends," has purchased a stunning oceanfront property on Malibu's Broad Beach for $23.6 million. The expansive 1-acre property includes a basketball court and a guesthouse, a rare find in the area. This acquisition complements her adjacent $16 million property, giving her nearly 1.3 acres of beachfront land and over 7,000 square feet of living space. The property was previously owned by Mark Attanasio, owner of the Milwaukee Brewers, who extensively renovated it before listing it for sale earlier this year. With these two adjacent properties, Kauffman now owns one of the most remarkable beachfront compounds in Malibu.
London's office market is facing a significant downturn in rentals, with the highest level of vacant office space in three decades, according to investment bank Jefferies. The historic financial district of the City of London has a 10% vacancy rate, while central London's West End stands at 7%. Canary Wharf, a newer financial district, has vacant units exceeding 20%. This situation is attributed to the sustained prevalence of remote work, which has reduced office space utilization by 20% since the end of 2019. The increasing number of vacant offices is putting downward pressure on rents, raising concerns about potential financial impacts.
Asha Mukul Agarwal, a director at Param Capital, has reportedly purchased three luxury apartments in Malabar Hill for a total sum of Rs 260 crores. These apartments are located in a project being developed by Macrotech Developers.. The combined area of the three flats is said to be over 20,000 square feet, with two apartments on the 25th floor and one on the 24th floor. A stamp duty of approximately Rs 13 crores was paid for the registration of the agreements last month. The Lodha Malabar project is expected to be completed in June 2026. Other notable purchases in the same project include Niraj Bajaj's and the JP Taparia family's acquisitions. The demand for luxury residential properties in Mumbai remains strong, with the city leading in luxury transactions 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 Metropolitan Region this week: A residential flat in Paradigm Antalya was sold for Rs 87.3 lacs. The flat was located on the 8th floor and its carpet area is approximately 411 square feet. The rate per square foot for the deal was approximately Rs 21,000/-, a residential flat spanning 844 square feet, situated on the 15th floor of a tower in Godrej Platinum complex was sold for Rs 2,85 crores, at an approximate rate per square foot of Rs 33,800/- and a 574 square foot residential apartment situated on the 27th floor of a tower in Arihant Clan Aalishan was sold for a sum of Rs 1.09 crores at an approximate rate per square foot of Rs 18,900/-.
Panvel, situated in Maharashtra's Raigad district, is emerging as a prime residential and commercial hub within the Mumbai Metropolitan Region (MMR). Its proximity to the proposed Navi Mumbai International Airport fuels its growth. With well-planned infrastructure, educational institutions, healthcare facilities, and excellent connectivity via road and rail networks, Pavel attracts residents from diverse backgrounds. In a bustling week from September 18 to 24, 2023, the real estate market saw 24 transactions. Notable projects like Hiranandani Fortune City Phase 1 and Wadhwa Wise City led the way. The area offers a range of affordable housing options, making it appealing to first-time buyers.
The Greater Noida Authority (GNIDA) has issued its third notice to Supertech, a real estate developer, following complaints from residents of Ecovillage 1 regarding around 100 unauthorized shops within the society. The notices highlight violations of regulations and demand the removal of these establishments within 15 days. GNIDA had previously directed the removal of an unauthorized gate and encroachment on a green belt. Supertech faces potential legal action if they fail to comply. As tensions escalate, residents seek accountability for the alleged violations, while Supertech claims it has not received communication from GNIDA.
The Sanfran Group, a prominent real estate and infrastructure company in India, has transformed the economically backward region of Jhansi, Bundelkhand, into a flourishing area with over 1000 crores in construction development. Over the past seven years, the group has not only developed residential properties but also hospitals, clubs, resorts, and international-level schools. The once isolated area, now known as "New Jhansi," has become the most sought-after and developed location in Bundelkhand, offering investors an impressive return on investment (ROI) of nearly 400%. Despite industry challenges, the group has successfully delivered projects ahead of RERA timelines, attracting buyers through positive word-of-mouth.
The Andhra Pradesh State Housing Corporation Limited is launching the "Navaratnalu Pedalandariki Illu" Scheme, aimed at benefiting economically disadvantaged sections of the state. This initiative involves allocating 30.65 lakh housing plots spanning 71,811 acres with an investment of Rs. 56,102 crores. Ownership titles are granted to women beneficiaries, with a focus on backward classes, scheduled castes, scheduled tribes, and other castes. Additionally, 2.62 lakh houses are being constructed for urban poor across 163 locations. The government is providing energy-efficient infrastructure, including LED bulbs and fans, resulting in significant energy savings. This initiative reflects the state's commitment to improving living conditions and promoting equality.
The state government of Uttar Pradesh has introduced amendments to the UP Urban Planning and Development Act, making it mandatory for individuals and organizations to pay special amenity fees and urban use charges for land use within the state. These changes aim to drive urban development and provide additional revenue for improved facilities and services. Under the new regulations, authorities can collect charges for elevated land use and land use changes, with the funds deposited into the Special Amenities Development Fund of the respective authority. A committee has been established to calculate these fees and charges, marking a significant shift in land use regulations in Uttar Pradesh.
The High Court of Himachal Pradesh has expressed dissatisfaction with the director of urban development for submitting inadequate compliance affidavits. The court has warned against accepting incomplete submissions and given the director three weeks to provide a comprehensive affidavit regarding the status of land transfer for construction waste dumping sites. Other respondents in the case must also submit their responses. The court found the previous affidavit to be lacking in details about land transfer progress and implementation of relevant laws. It emphasized the need for more informative and detailed affidavits in the future.
The Gurugram district administration has issued directives to the builders of 23 high-rise buildings for structural safety audits. The builders have been instructed to submit their building plans to auditing agencies within a week. The administration has made it clear that if structural defects are found during the audit and repairs are needed, the cost will be shared equally between the Resident Welfare Association (RWA) and the builder. This initiative comes after visual inspections of 55 societies in Gurugram revealed 23 buildings with structural issues. The district administration is prioritizing the safety of residents in multi-story buildings and taking proactive steps to address potential risks.
Bureaucratic hurdles have been causing delays in the approval process for high-rise construction projects in the city, leading the Confederation of Real Estate Developers Association of India (CREDAI) to request Chief Minister M K Stalin's intervention. CREDAI expressed concern over the increasing number of pending files in the housing department, despite certain files being cleared during a high-rise building panel meeting in May 2023. These delays have created financial setbacks for developers, impacted the real estate sector's growth, and eroded investor confidence. The real estate industry has urged the Chief Minister to direct the housing department to expedite approvals and establish a system to prevent future delays. The housing department has acknowledged the issue and promised to investigate and expedite the approval process.
To protect homebuyers in Gujarat, the Gujarat Real Estate Regulatory Authority (RERA) will take action against builders conducting soft launches or marketing before obtaining RERA registration. This proactive measure seeks to prevent developers from selling units at discounted rates before securing RERA approval, ensuring buyers are not left vulnerable without legal protection. RERA officials are monitoring social media for such activities and imposing penalties for violations.
A major fire broke out at a Mukherjee Nagar PG facility in northwest Delhi, allegedly due to faulty electrical wiring ignored by the building owner despite multiple complaints. Thirty-five individuals were rescued, and a case has been registered against the owner. A police probe is underway to determine if fire safety protocols were violated. The Municipal Corporation of Delhi (MCD) has ordered a survey of all PG facilities in the area. Survivors claim repeated pleas to fix wiring issues were ignored. This incident follows the MCD's recent sealing drive against coaching centres without NOCs after a similar fire left 61 students injured.
The Karnataka Stamps and Registration Department achieved a historic milestone by recording a remarkable revenue of Rs 311 crore in a single day through the registration of 26,058 documents. This accomplishment follows significant revenue collections on other days, highlighting the department's efficiency. The surge in registrations and revenue is partly attributed to the introduction of the Kaveri2 software, which has streamlined property registration processes. Additionally, the impending increase in property guidance values from October 1 has likely spurred higher demand for registrations. This achievement underscores the department's dedication to service and the positive impact of technological advancements on administrative processes and state revenue.
The Nagpur Municipal Corporation (NMC) has identified 1,664 properties, including private hospitals, clubs, lawns, and theatres, with overdue property tax totalling Rs66.38 crore. Private hospitals lead the list with 722 of them owing Rs27.29 crore. Seven clubs owe Rs 28.68 lakh, 322 marriage halls and lawns owe Rs18.83 crore, and 19 theatres owe Rs2.95 crore. NMC plans coercive actions, including property attachment and auction, against these defaulters. Hanuman Nagar zone tops the list with 159 properties, including hospitals and hotels, owing Rs21.12 crore, followed by Dhantoli and Laxmi Nagar zones. NMC aims to ensure regular tax payments from commercial properties.
Godrej Properties (GPL) has acquired a 49% equity stake in Godrei Skyline Developers (GSDPL) for Rs 37.64 crore from an existing shareholder. With this acquisition, along with its subsidiary Godrej Projects Development (GPDL), GPL now holds a commanding 93% equity share capital of GSDPL. Additionally, GPL has acquired approximately 109 acres of land near Samrudhhi Mahamarg, Nagpur, where it plans to develop primarily plotted residential units, offering an estimated saleable area of 2.2 million sq ft. GSDPL reported a turnover of Rs 230.72 crore in FY23, as disclosed in regulatory filings.
IndoSpace, a leading developer of industrial real estate and logistics parks in India, is embarking on a major expansion plan to meet the rising demand in the e-commerce and manufacturing sectors. The company plans to invest approximately $3 billion in assets across key Indian markets, including Delhi/NCR, Mumbai, Pune, Bengaluru, and others. Over the next three years, IndoSpace aims to add 22 million square feet of industrial and warehousing space, with around $1 billion allocated for acquiring new properties. This expansion aligns with IndoSpace's goal to nearly double its operational space from 30 million to 58 million square feet in the coming years, supported by the recent fundraising efforts and the IndoSpace Logistics Parks IV (ILP IV) fund.
Dusit International has expanded its presence in China with the opening of Dusit Thani Mogan Mountain, Huzhou. This luxury resort is Dusit's 11th property in China and is located in the Zhejiang, Jiangsu, and Shanghai economic region, offering a tranquil retreat for both business and leisure travellers. The resort is set amidst the natural beauty of Mogan Mountain, known for its pristine landscapes and tea plantations. The property features eco-friendly design, wellness facilities, Thai-inspired spa treatments, and a focus on well-being. Guests can enjoy activities like hiking, biking, and paddleboarding in this serene environment.
TIDEL Park Limited, a joint venture in Tamil Nadu, is fast-tracking the construction of a mega IT and ITES office space in Trichy, aiming to replicate the success of its Chennai counterpart. A consulting firm will be selected within a month to provide design and project management consultancy for the ambitious project, which will consist of two phases of premium office space near an integrated bus terminus. The project, supported by a significant government investment, is set to commence construction by March 2024 and is expected to address the growing demand for office spaces in the region.
In the 56th meeting of the Network Planning Group (NPG) under PM Gati Shakti, six infrastructure projects, totalling approximately 52,000 crore, were assessed, including four from road transport and two from Railways. The projects, part of the ongoing initiative, bring the total number assessed to 112, with a cumulative value of around 11.53 lakh crore since the launch of PM Gati Shakti. The Ministry of Road Transport and Highways presented four road projects, while two railway projects were evaluated. Adherence to Gati Shakti principles and emphasis on multi-modality and socio-economic development were highlighted.
The iconic Upper East Side townhouse, known for its role as Miranda Priestly's residence in "The Devil Wears Prada," has been sold for $26.5 million to an undisclosed buyer. Despite selling for a million dollars less than its initial listing price, this marks a significant increase from the $8.8 million the Effron family paid for it two decades ago. The Neo-Italian Renaissance building, designed by architect Henry Allan Jacobs in the early 1900s, spans 12,000 square feet across five levels, with seven bedrooms, ten bathrooms, and luxurious amenities, including a rooftop terrace with a hot tub.
In the UK, house sellers are increasingly reducing their prices to attract buyers during the autumn selling season, according to data from property platform Zoopla. Over the past four weeks, discounts have risen to 4.2% from the original asking price, averaging £12,125 per property, the highest level of discounts since March 2019. This comes as the Bank of England pauses its interest rate increases, but analysts believe that due to the expectation of continued high interest rates, further house price declines may be needed before market activity rebounds. Some areas, like London and the southeast, are seeing the most significant discounts.
SBB, a Swedish real estate company facing financial difficulties, is considering selling a majority share in its residential division, which owns 23,000 apartments. This move is part of the company's efforts to restructure its operations to address upcoming debt obligations. SBB recently sold a portion of its school property business to Canadian investor Brookfield as the initial step in its restructuring plan. The company aims to focus on its community-focused division, which includes care homes, government facilities, hospitals, and more.
NEOM, the futuristic city in Saudi Arabia, is preparing to host its first W Hotel and a JW Marriott property. Marriott International is finalizing plans for these luxury accommodations in the Trojena ski resort within the NEOM mountains. The JW Marriott is expected to become a hub for global conferences and events, while the W Hotel will cater to visitors enjoying the snowy mountain. Trojena is set for completion in late 2026, with Marriott's properties anticipated to open around that time, coinciding with the Asian Winter Games in 2029. These hotels are part of NEOM's ambitious development plans for the region.
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