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Godrej Properties Limited (GPL), the real estate arm of the Godrej Group, is set to launch a luxurious residential project in Mumbai following the strategic acquisition of Raj Kapoor's bungalow in Chembur. The project, with an estimated sales booking value of Rs 500 crore, promises state-of-the-art amenities and green spaces. GPL aims to further expand its presence in the real estate market, with a particular focus on Hyderabad. The company's strategic vision includes group housing and plotted development in key markets, exemplified by the successful launch of 18 projects with a cumulative future booking value exceeding Rs 32,000 crore.
<p>• A residential flat spanning 653 square feet on the 2nd floor sold in Sai mahima Lake View in CBD Belapur for INR 80 lakhs<br /> • A residential flat spanning 313 square feet sold on the 7th floor in Laxmi Galaxy in Diva for INR 30 lacs<br /> </p>
The Rustomjee Group, also known as Keystone Realtors Ltd. (KRL), is in negotiations with landowners for joint ventures and joint development initiatives for projects near the Mumbai-Ahmedabad Bullet Train Project. Boman Irani, the Chairman and Managing Director of KRL, shared this strategy during the Q2FY24 earnings conference call. The company is also eyeing opportunities around the Mumbai Trans Harbour Link (MTHL). With an anticipated completion date of 2027 for the bullet train project, KRL is positioning itself for future cash flow in areas adjacent to major infrastructure projects. The company aims to launch projects with a revenue potential of Rs 4,000 crore in the current fiscal year, focusing on redevelopment and projects in the Mumbai Metropolitan Region.
Flexible office space provider IndiQube, supported by WestBridge Capital, reported a net profit in the last fiscal year, ending four years of consecutive losses. With a 70 percent year-on-year revenue increase, reaching Rs 595 crore, it anticipates a 40 percent rise in the current fiscal. IndiQube targets Rs 850 crore in revenue, planning to add 3–4 million square feet to its portfolio. Founded in 2015, the Bengaluru-based company caters to over 450 customers in 13 cities. Boasting over 90 percent occupancy, it earns 75–80 percent of revenue from rentals, with stable cash flows and a strategic focus on profitability.
UAE-based real estate firm Emaar Properties PJSC and its Indian subsidiary, Emaar India, along with 13 others, have been booked by the police following allegations of cheating from their former business partner, MGF, involving undervaluation of land and other offenses. The complaint suggests that Emaar manipulated valuation reports through an independent valuer, Jones Lang Laselle (JLL), leading to significant undervaluation of land in Gurugram sectors. Emaar India strongly denies any wrongdoing, labelling the accusations as another attempt by MGF to harass the company and its employees, emphasizing prior investigations that found no criminality in similar claims.
In a recent ruling, the Gujarat State Consumer Dispute Redressal Commission has instructed Sambhav Infrastructure Pvt Ltd and its directors, Mihir Desai and Toshal Desai, to deliver possession of flats to five customers who booked housing units in the Stavan Parishray scheme in Gota. The Commission has ordered compensation of Rs 3.80 lakh or a refund for these 5 customers. The directive also follows a case where the builder failed to fulfil its commitment made in 2012, leading to a legal intervention.
Haryana Shahari Vikas Pradhikaran (HSVP) has served notices to 150 property owners in Sector 110A, demanding a "enhancement amount" of Rs 409 crore. Residents must pay between Rs 30 lakh to Rs 1 crore, based on plot size, within 30 days or face interest penalties. The notices follow a Punjab and Haryana High Court directive for enhanced compensation to landowners affected by the 2015 demolition of homes in New Palam Vihar for Dwarka Expressway construction. Allotted alternative plots in Sector 110A in 2017, affected families now grapple with the unexpected demand, prompting protests and appeals.
The Chandigarh Housing Board (CHB) has been facing challenges in generating interest from potential buyers for its auctioned properties. Despite efforts, including significant price reductions, the response to both residential and commercial properties has been lacklustre. The most recent auction, held in November, saw only three out of 116 residential properties finding buyers, and none of the 88 commercial properties were taken. Previous auctions have also witnessed limited success, raising concerns about the effectiveness of CHB's auction strategies and the overall market conditions for property transactions in the region.
Aamor Inox Limited, a stainless steel bars manufacturer, has acquired 12 bighas of farmland with a farmhouse in South Delhi's Rangpuri for Rs 87.5 crore. The deal, completed in September, involved a stamp duty of Rs 6.12 crore. This transaction is part of a trend of significant real estate deals in Delhi this year. The move reflects a growing interest in farmhouses, with wealthy individuals seeking spacious residences after pandemic-related restrictions. The surge in farmhouse investments extends beyond Delhi, with locations near Mumbai and Rishikesh gaining popularity among high net worth individuals and celebrities.
Luxury housing sales in India, particularly those priced over Rs 4 crore, have doubled, according to CBRE. The festive season from October to December is expected to witness further growth in this sector, with rising aspirations, economic growth, and smart home technologies contributing to the surge. The post-pandemic need for larger spaces has intensified the demand for luxury homes, attracting high-net-worth individuals (HNIs) and non-resident Indians (NRIs). CBRE forecasts a potential 10-year high in premium and luxury residential sales in 2023, emphasizing evolving lifestyle preferences and a robust Indian economy.
Magicbricks, a prominent real estate platform, has observed a significant uptick in property rents across major Indian cities, recording a robust 22.4 percent YoY and 4.6 percent QoQ surge in July–September 2023. Thane, Gurugram, and Greater Noida witnessed the highest increases. Millennials constituted 67 percent of rental demand. Thane led with 57.3 percent YoY growth, followed by Gurugram (41.4 percent), Greater Noida (28.7 percent), Noida (25.2 percent), and Hyderabad (24.2 percent). The report also highlighted tenant preferences for mid-segment rentals and semi-furnished units.
SEBI, India's securities regulator, unveiled a set of decisions to boost investment through Small and Medium Real Estate Investment Trusts (SM REITs), strengthen investor protection in Alternative Investment Funds (AIFs), and establish regulatory measures for index providers. The move aims to broaden market participation and transparency while introducing flexibility for not-for-profit organizations in fundraising through social stock exchanges. SEBI's regulatory framework includes a shift to demat form for AIF investments and changes to social stock exchange parameters to encourage wider participation and positive impact assessment.
The municipal administration in Ludhiana is intensifying efforts to optimize property tax revenue by targeting longstanding arrears from government entities. The Municipal Corporation (MC) is engaging with various departments, offering settlement opportunities without additional penalties. Notices have been dispatched to entities, including the police department, with an estimated sum of Rs 15 crore. The MC, aiming for Rs 130 crore in the current fiscal year, has already recovered over Rs 105 crore. Municipal Commissioner Sandeep Rishi emphasizes the duty of government entities to clear outstanding dues promptly. Persistent efforts include notices to the DC office, court complex, and other departments, reflecting a commitment to financial transparency and civic welfare.
Sarovar Hotels & Resorts is embarking on a bold expansion plan, aiming to launch 70 new hotels across India and key international markets within the next five years, contributing around 5,000 rooms to its portfolio. With a current total of 105 hotels and approximately 7,500 keys, the hotel chain has already inaugurated properties in various Indian cities this year. Sarovar's strategic growth includes international ventures in Africa and Nepal, showcasing its commitment to catering to the escalating demand in the hospitality sector. The company plans to hire 6,000 employees to support this ambitious expansion, reinforcing its position in the competitive hotel industry.
The Mumbai Metropolitan Region Development Authority (MMRDA) plans to construct a Rs 700-crore, 2.5 km elevated road in Kalyan, aiming to alleviate traffic for commuters from Ulhasnagar, Ambernath, and Badlapur heading towards Thane and Mumbai. The project, set to float a tender soon, begins near Vithalwadi, crossing key railway lines and terminating at Kalyan-Ahmednagar National Highway. Traffic police anticipate relief on Waldhuni Bridge and Kalyan station road, while local residents are also happy with the impending solution to persistent traffic issues.
Pune residents can soon enjoy a faster Metro route to the airport as Maharashtra Metro Rail Corporation Limited (Maha Metro) plans to operationalize the Ruby Hall Clinic to Ramwadi stretch next month. The extended line introduces four stations – Bund Garden, Yerawada, Kalyaninagar, and Ramwadi, offering city centre residents a convenient route to Nagar Road. While safety inspection details are pending confirmation, Maha Metro is well-prepared for a December completion, ensuring at least one entry-exit point at each station. Efforts to enhance last-mile connectivity, especially in Yerawada and Ramwadi, are underway, promising a seamless travel experience for Pune's metro commuters with improved feeder services and designated pick-up/drop-off points for cab aggregators.
Vietnam’s listed property developers, grappling with mounting debts, face challenges as profits decline and cash reserves hit a five-year low. Moody’s co-owned rating agency reported a deterioration in debt ratios and a credit crunch in the real estate sector. No Va Land, amid missed payments, is discussing debt restructuring. Despite some improvement due to increased bank credit, the Asian Development Bank (ADB) warns of potential spillover into the banking sector. The agency anticipates subdued sales in H1 2024 due to a low property supply and slow recovery in homebuyers’ sentiment but expects a gradual recovery in developers’ performance from H2 2024.
Bollywood icon Amitabh Bachchan has gifted his Juhu bungalow, "Prateeksha," to his daughter Shweta Nanda. The property, divided into two plots totalling 16,840 sq ft, was officially transferred through two gift deeds on November 8th this year. Amitabh Bachchan and Jaya Bachchan owned the larger plot, while the smaller plot was solely owned by Amitabh Bachchan. The stamp duty paid for both gift deeds was Rs 50.65 lakh. The Bachchans own several other properties in the notable Juhu area, including the bungalows ‘Jalsa’ their primary residence and ‘Janak’ which is said to be used as an office.
<p>• A residential flat spanning 823 square feet on the 14th floor sold in 49 Elina in Tilak Nagar for INR 2.02cr<br /> • A residential flat spanning 486 square feet sold in Shyam Shreeji Neelkanth in Ulwe for INR 45 lacs<br /> </p>
India's prominent real estate advisory firm, The Guardians Real Estate Advisory, has introduced two verticals – The Guardians Cavalry and The Guardians Luxury. The Guardians Cavalry targets emerging developers with projects under Rs 100 crore, offering strategic guidance and transformative solutions, even for smaller-scale initiatives. Simultaneously, The Guardians Luxury caters to high-net-worth individuals, providing an exclusive platform for high-value residences and projects priced between Rs 10 crore and Rs 100 crore, ensuring a personalized and refined experience. This strategic move aligns with the firm's ethos of innovation, client-centricity, and a commitment to setting industry standards.
Ludhiana Improvement Trust is set to resume construction of Atal Apartments on Pakhowal Road after multiple stalled attempts. The project, initiated over a decade ago, faced delays, dropouts, and multiple inaugurations. The latest effort, backed by the current government, plans to start construction after the formal inauguration at the end of the month, possibly attended by Punjab Chief Minister Bhagwant Mann or Local Bodies Minister Balkar Singh. The project, marked by a tumultuous history of allotments, withdrawals, and changing political climates, aims to provide 576 flats with modern amenities on 8.8 acres of land.
Brigade Group has expanded its BuzzWorks flexible office brand by opening a premium workspace in Brigade Towers. This move is part of BuzzWorks' strategy to reach over 5000 seats in its portfolio by FY24, including the establishment of new centres in key locations like Hyderabad, Chennai, and Ahmedabad GIFT City. BuzzWorks strategically positions its centres within Brigade Group's Grade A tech parks, providing access to top-notch amenities. The workspaces feature biophilic design, collaborative spaces, and a plug-and-play model, reducing overall costs for users. Brigade Towers, the first commercial venture by the group, remains an iconic landmark in the city.
Vaishnavi Group, a leading real estate developer, has expanded its collaboration with Manipal Hospitals to construct a built-to-suit hospital in South Bengaluru. This strategic partnership responds to evolving healthcare needs and quality medical infrastructure, heightened by the COVID-19 pandemic. The Vaishnavi Sushrutha project, spanning 3.3 lakh square feet, will house a world-class tertiary care hospital with 250 beds, offering comprehensive healthcare services. Construction on Kanakapura Main Road commenced in March 2022, aiming for completion by December 2024. The move aligns with India's growing demand for healthcare infrastructure, emphasizing a shift towards prevention and wellness, along with its popularity in the medical tourism sector.
The Maharashtra Housing and Area Development Authority (MHADA) has unveiled a comprehensive policy to sell 11,184 unsold flats across divisional circles. Directed by MHADA's Vice Chairman & CEO, Sanjeev Jaiswal, the move follows recommendations from a committee reviewing unsold inventory. The policy offers various avenues, including bulk discounts, instalment sales, leasing to institutions, and auctions. It aims to optimize the sales process, unlocking funds stagnant for a decade. This strategic decision is expected to rejuvenate MHADA's finances, facilitating new housing projects and addressing the persistent challenge of unsold flats in the market.
The Bombay High Court's ban on open carrying of construction debris, implemented to combat rising pollution, has lapsed, potentially bringing relief to 9,000 construction sites in Mumbai. Initially imposed on November 6 and extended until November 19, the ban aimed to curb pollution caused by the transportation of debris. The BMC is now likely to permit the uncovered transport of construction debris by trucks, addressing concerns raised by project proponents about the inconvenience caused by debris accumulation. The Union environment ministry had directed stringent measures against debris transport due to its significant contribution to air pollution in the Mumbai Metropolitan Region.
A recent RTI revelation exposed a critical gap in India's hillside development: the lack of a dedicated regulatory body. This oversight, brought to light by environmental activist B N Kumar, has sparked concerns among experts about the potential risks of uncontrolled development in these ecologically sensitive areas. Kumar's plea to the Ministry of Environment for regulatory measures follows recent disasters in hilly regions, emphasizing the need for a comprehensive framework to balance development with environmental integrity. The situation demands immediate action to establish a regulatory authority for sustainable hill development.
The insolvency proceedings for Lavasa Corporation have taken a new turn as the National Company Law Appellate Tribunal (NCLAT) granted State Bank of India (SBI) permission to challenge the lower court's approval of the resolution plan submitted by Darwin Platform Infrastructure (DPIL). This marks the second objection by a bank to Lavasa Corporation's loan default resolution. SBI contends that DPIL did not adhere to the waterfall mechanism of the Insolvency and Bankruptcy Code (IBC). The case is scheduled for a hearing on January 10, 2024. Despite the ongoing legal developments, DPIL has not implemented its resolution plan, raising doubts about its intentions and the future of Lavasa Corporation.
The Delhi Development Authority (DDA) has initiated the registration process for 5,000 newly constructed Economically Weaker Section (EWS) and Low-Income Group (LIG) flats in Lok Nayak Puram, Narela, and Dwarka. This is part of the Festival Special Housing Scheme 2023, which includes a total of 27,000 EWS and LIG flats. The registration process is online, and applicants can visit the official DDA website to fill out the application form. The flats will be allocated on a first-come-first-serve basis, and applicants are encouraged to ensure they have all necessary documentation for a smooth application process. The scheme aims to address the demand for affordable housing in Delhi and cater to the housing needs of economically vulnerable sections of society.
In the latest high-profile real estate transaction in Delhi, Laxmi Devi Agarwal, wife of GR Infraprojects Limited's key promoter, Devkinandan Agarwal, acquired a luxurious Vasant Vihar bungalow for a staggering Rs 86 crore. The expansive property, spanning 1,003.32 square meters, comes with a hefty stamp duty of Rs 4.36 crore and e-registration charges of Rs 86 lakh. This acquisition aligns with a broader pattern of substantial real estate deals in Delhi, showcasing the enduring demand for high-end properties among the city's affluent elite.
In anticipation of the upcoming general elections, key players in India's financial sector, including the National Bank for Financing Infrastructure and Development (NABFID) and major public sector banks like Bank of Baroda and Canara Bank, are gearing up for substantial bond issuances, eyeing a cumulative raise of about Rs 30,000 crore. Timed amidst a decline in government bond yields, the strategy involves diverse maturities, with NABFID opting for a 15-year term. The Delhi-Mumbai Expressway is also set to mobilize funds. State-owned banks, following SBI's lead, are actively issuing infrastructure bonds, reflecting robust investor interest and fortifying essential development initiatives.
Fortune Hotels has entered southern India's textile powerhouse Tiruppur. The all-new Fortune Park Tiruppur, strategically nestled in the heart of the knitwear hub, is Fortune’s sixth in Tamil Nadu, amplifying the brand's presence in the region. The hotel epitomizes modern luxury, offering stylish rooms, eclectic dining experiences, and rejuvenating wellness facilities. Managed by KPK Hotels Private Limited, this alliance bridges Fortune's luxury hospitality with KPK's regional expertise. Fortune had recently unveiled two hotels in Tamil Nadu, and another one in Aligarh, Uttar Pradesh, as part of its expansion spree.
The reopening of the Delisle Bridge in Mumbai after a five-year closure is a significant relief for commuters heading to South Mumbai. The bridge, closed in 2018 due to structural concerns, underwent reconstruction as a collaborative effort between the BMC and Western Railway. Despite facing challenges, such as shortages of oxygen and gravel during the pandemic, and missing multiple deadlines, the bridge has finally reopened to traffic. The Delisle Bridge is a vital link for pedestrians and commuters accessing commercial and office complexes in Lower Parel, providing essential connectivity in the region.
BMC is set to revamp Mumbai's Eastern Freeway with a Rs 33.66 crore project, calling for tenders to address crucial upgrades. The 16.8-kilometer elevated road, linking Mankhurd to P D'Mello Road, has been operational since 2014 under BMC's jurisdiction. Identified issues include potholes and joints affecting traffic flow, prompting comprehensive repairs. The project covers bridge bearing changes, pothole fixes, and utility management over 18 months. Once completed, it promises smoother and safer commuting, representing a key stride in BMC's commitment to Mumbai's transportation infrastructure.
Khan Market in Delhi has been identified by real estate consultancy firm Cushman & Wakefield as India's priciest retail market, ranking 22nd globally among top main street markets. Despite a minor slip in global standings, the market exhibited a notable 3 percent year-on-year rental growth, maintaining its esteemed position. The report highlights the resilience of Khan Market, showcasing a remarkable 7 percent rental growth from pre-pandemic levels, reaching an annual rent of $217 per square foot. With 16 Indian main streets among the Asia-Pacific region's top 51, the report delves into the evolving dynamics influenced by supply, demand, and premium brands.
Yamuna Expressway Industrial Development Authority (YEIDA) is reportedly planning a new residential sector, likely named Sector 5, near the upcoming Noida International Airport. YEIDA aims to acquire 1,100 hectares of land for this purpose, anticipating strong buyer interest. The proposal includes dedicating 50% of the land for a residential plots scheme, with the remaining portion allocated for group housing societies. The acquisition process is expected to start soon, with completion anticipated by December 2023 or January 2024. YEIDA plans direct connectivity between Yamuna Expressway and Chola Railway Station through the new sector, enhancing overall accessibility and appeal.
NAREDCO Maharashtra is advocating for a reduction in premiums for affordable and other categories of housing in the state. President of NAREDCO Maharashtra, Sandeep Runwal, emphasized that such a move would support the government's "Housing for All" initiative by making home ownership more accessible to a broader segment of the population. Dr. Niranjan Hiranandani, Chairman of NAREDCO, acknowledged the challenges, particularly in Mumbai, where there is a cap of Rs 45 lakh for affordable housing. He urged the state government to consider re-pricing the affordable housing segment and increasing the cap to align with market rates.
The Maharashtra State Housing Minister, Shri Atul Save, recently announced plans to amend the Housing Policy, aligning with the 'Housing for All' vision. The objective is to ensure every citizen owns a home, utilizing initiatives like MHADA, SRA, and others. This initiative echoes the PM Awaas Yojana, focusing on affordable housing. The government prioritizes the real estate sector, aiming for increased investment and housing development in Mumbai and the state. The upcoming Housing Policy will address pending issues, streamline approvals through a one-window clearance, and encourage developer participation. The government is committed to providing ten lakh houses for the Low-Income Group (LIG) in the OBC category.
At the recent NAREDCO Maharashtra HOMETHON Property Expo 2023 in Mumbai, Deputy Chief Minister Shri Devendra Fadnavis addressed various real estate issues, including the high interest rate of 18% compounded annually charged by MHADA to developers. He acknowledged the industry's demand for reducing premiums and assured that the state government is working to address these concerns, emphasizing the government's commitment to improving conditions in the real estate sector. Fadnavis also praised the impact of MahaRERA in transforming the real estate industry and increasing buyers' faith by creating a genuine market with level-playing field conditions for developers following MahaRERA rules.
<p>"• A residential flat spanning 614 square feet on the 3rd floor sold in Sanghvi Infenia in Kalina for INR 1.92cr <br>• A residential flat spanning 572 square feet sold on the 3rd floor in Sao Balaji Atlanta Edenworld in Bhiwandi for INR 29.5 lacs "</p>
The National Company Law Tribunal (NCLT) has sanctioned an extraordinary exclusion of 936 days in the Corporate Insolvency Resolution Process (CIRP) for realty developer Lok Housing and Constructions, marking one of the lengthiest extensions in insolvency cases. Under bankruptcy regulations, the resolution process must be completed within 270 days, or the company faces mandatory liquidation. This significant exclusion is expected to defer Lok Housing's liquidation, granting approximately two and a half years to finalize the resolution. The decision followed a plea from the interim resolution professional.
Praneeth Group launches IXORA, a luxurious residential project spanning 8.31 acres in Hyderabad's JNTU area. With 1,504 modern residences ranging from 1305 to 3130 square feet, the development offers 2, 2.5, 3, and 3.5 BHK configurations, all designed according to vastu principles. Amenities include a children’s play area, walking spaces, swimming pool, amphitheatre, pet park, and diverse indoor-outdoor facilities. This upscale project epitomizes opulent living, strategically situated for easy access to amenities, educational institutions, and commercial hubs. IXORA showcases Praneeth Group's commitment to crafting sophisticated living spaces with meticulous design and top-notch amenities, redefining Hyderabad's real estate landscape.
Navin’s, a reputable Tamil Nadu-based real estate developer, has entered Bengaluru's residential market with a Rs. 250 Crores investment. The project would be its first luxury residential apartment project located at JP Nagar, 4th stage. It has also launched its new office at Infantry Road, Bengaluru. Navin’s aims to build upon their strengths, viz. ethical business practices, customer centricity and adherence to rules and regulations that are proved over three decades through 125+ projects delivered on time in Chennai. The proposed luxury project, set for early 2024, features a biophilic theme, integrating green spaces for a harmonious 'Being within the Landscape' experience.
The National Consumer Disputes Redressal Commission (NCDRC) has taken significant steps to address consumer concerns by compelling Parsvnath Developers to disburse approximately Rs 80 lakh in compensation to a flat buyer in Delhi. This intervention comes after the real estate company failed to fulfil its obligations, including refunding payments and compensating for project delays, as directed by the NCDRC over three years ago. The commission has warned of daily penalties if the developer fails to honour cheques totalling Rs 15 lakh. The matter is set for a hearing on November 29, with the commission emphasizing compliance with its directives.
Chheda Nagar, a 156-acre residential cluster in Mumbai with a 50-year history, faces a new twist in its land dispute. A court stayed the suburban collector's 2022 order declaring the area as state government land. The collector's decision canceled titles, recognized housing societies' rights, and restricted BMC's authority. The Salt Commissioner, Government of India, Chheda family, and Maharashtra government are key claimants. Legal battles, dating back to the 1970s, continue, impacting redevelopment plans. Residents sought relief through land conversion, but the court's stay, pending final decision, has left the fate of Chheda Nagar in limbo.
The District Town Planner Enforcement (DTPE) in Gurugram took action by sealing 21 floors across two apartment buildings in response to alleged violations of occupation certificate norms. The move is part of a crackdown on unauthorized commercial activities within residential premises. Malibu Town Club also faced closure due to complaints about illicit construction within its premises. The authorities issued show cause notices and restoration orders, emphasizing their commitment to curbing unauthorized developments in the region. The enforcement action aims to deter illegal construction and commercial activities within residential spaces, highlighting the importance of adhering to occupation certificate norms for planned development in Gurugram.
The Ludhiana Municipal Corporation has abandoned plans to designate a road in Sarabha Nagar as commercial after facing backlash from residents who deemed it illegal, emphasizing that the area was meant to be purely residential. An MLA had recommended converting one of the roads into a commercial zone citing commercial activity in the region, but this was met with resistance. Following complaints about illegal commercial activities, the municipal corporation will now issue notices to those establishments. The Ludhiana Improvement Trust, responsible for developing Sarabha Nagar, questioned the deviation from the original residential plan and urged the Municipal Corporation to obtain an NOC before approving building plans.
The Gujarat government has initiated the creation of special town planning schemes around Ahmedabad-Mumbai bullet train stations. The focus is initially on Sabarmati and Surat stations, aiming for harmonious development in proximity. It targets land currently occupied by slums or owned by railways. The officials studied Japanese bullet train stations which work as comprehensive utility hubs integrated with transport, malls, and residential blocks. The proposed redevelopment at Gujarat is to be on these lines with the aim to give the bullet train stations in India an international appearance by using the town planning schemes. The ongoing Ahmedabad-Mumbai high-speed rail project is set to become India's first bullet train route.
Land speculation in Navi Mumbai surged as small developers, aided by brokers, acquired CIDCO plots at inflated prices and then started selling unregistered apartments without allotment letters from CIDCO. Despite lacking permissions, buyers were attracted by offering significant discounts. MahaRERA has intervened against these practices and started issuing notices and orders to developers. Recent actions emphasise regulatory compliance and transparency in real estate dealings. Upholding standards, authorities aim to create a secure and transparent real estate environment, safeguarding the interests of homebuyers and investors.
Bengaluru-based RMZ Corporation, a leading real estate developer, has unveiled an ambitious $7 billion investment plan for the next five years. The company, led by Raj Menda and Manoj Menda, plans to develop 125 million square feet in projects valued at $25 billion. This diversification strategy includes luxury residences, mixed-use developments, industrial and logistics spaces, office facilities, and forays into the hospitality sector. The projects will unfold across major cities, including Mumbai, Bengaluru, Delhi, and Hyderabad. RMZ aims to fund this substantial investment through internal accruals and by establishing an investment platform in collaboration with global institutional investors.
Hanto Workspaces, a leading provider of managed commercial real estate solutions, has secured a significant infusion of Rs 15 crore in seed funding. Anurag Jain, founder of KredX, led the capital infusion, supplemented by other angel investors. The funds, a mix of equity and debt, aim to propel Hanto's ambitious expansion across major Indian cities. Focused on metropolises and Tier 2 cities like Hyderabad and Pune, Hanto targets a revenue exceeding Rs 700 crore by 2028. The funds will be allocated for team expansion, acquiring new spaces, and anticipating a doubling of revenue in the next fiscal year. Hanto employs a unique "pod"-based model, integrating various commercial real estate solutions with IoT technology.
The Nagpur Municipal Corporation (NMC) is undertaking an extensive recovery drive to address financial challenges exacerbated by defaults in property tax payments. The corporation aims to earn Rs 300 crore in property taxes for the current financial year and has already added Rs 150 crore to its exchequer as of November 20. To boost collection efforts, the NMC has initiated property attachments and public auctions, utilizing legal provisions to recover outstanding arrears. The proactive approach underscores the municipality's commitment to achieving revenue targets and addressing financial constraints. Zone assistant commissioners have been directed to expedite proceedings for property tax recovery warrants issued to defaulters.
Last week, Home First Finance Company witnessed substantial share transactions as its promoters, True North Fund V LLP and Aether Mauritius Ltd, along with Warburg Pincus affiliate Orange Clove Investments BV, engaged in open-market sales totalling Rs 753 crore. Following these transactions, the combined shareholding of the promoters diminished from 30.19 percent to 23.69 percent, and Orange Clove Investments BV's equity decreased from 26.43 percent to 23.16 percent. Simultaneously, SmallCap World Fund Inc. and Fidelity Global Investment Fund Asia Pacific Equity Fund collectively acquired 28.71 lakh shares. The repercussions of these activities manifested in a 3.99 percent decline in Home First Finance Company India's shares.
Construction has commenced on a 3,747-meter-long boundary wall in Mumbai's Aarey Milk Colony for safeguarding 812 acres of designated forested area. The Public Works Department (PWD) is overseeing the project. Allegations of tree damage by locals prompted forest department investigations, finding no evidence of harm. While wildlife enthusiasts welcome the protective measure, green activists criticizes the construction, citing hindrance to animal movement and the fact that walls or any such construction is not allowed in an Ecologically Sensitive Zone (ESZ)/Forest area.
The Uttar Pradesh government has sanctioned a Rs 1,779 crore interest-free loan to the Yamuna Expressway Industrial Development Authority (YEIDA) for land acquisition. This funding will support the development of five industrial parks, including a logistics park and an electronic manufacturing cluster, covering over 1220 hectares near the Noida International Airport and along the expressway. YEIDA will match the state's contribution and is aiming to repay the loan over 25 years. This move marks a significant step in boosting industrial growth and infrastructure development in the region.
The struggling Chinese real estate sector, marked by defaults and economic challenges, faces another setback as Shimao Group’s auction of valuable land plots in Shenzhen fails for the second time due to lack of bidders. The assets, part of Shimao’s attempt to raise funds after defaulting on $11.8 billion in offshore debt, highlight the ongoing challenges in the Chinese property market. Despite government measures to support the real estate sector, including relaxing home purchase restrictions and lowering borrowing costs, the industry continues to grapple with a bleak economic outlook and declining sales, as evidenced by recent data.
NAREDCO Maharashtra is gearing up for the second edition of the HOMETHON Property Expo 2023, India's largest real estate event at the JIO World Convention Centre, Bandra-Kurla Complex (BKC), Mumbai, from November 24 to 26, 2023. Following the remarkable success of last year's inaugural expo, this edition boasts an even greater developer presence. With prominent developers and leading housing finance companies giving attractive offers, the expo anticipates a revenue generation of Rs. 1000 crore for the finance companies, leveraging the post-Diwali surge in homebuyer sentiments.
<p>• A residential flat spanning 639 square feet sold in Shubham Trident in Chembur for INR 1.99 cr<br /> • A residential flat spanning 420 square feet sold in Lodha Palava Lakeshore Greens in Airoli for INR 41.55 Lacs</p>" with "• A residential flat spanning 639 square feet sold in Shubham Trident in Chembur for INR 1.99 cr • A residential flat spanning 420 square feet sold in Lodha Palava Lakeshore Greens in Airoli for INR 41.55 Lacs"
Siddha Group, in collaboration with Sejal Group, celebrates the receipt of the Occupational Certificate for 'Siddha Seabrook,' their first premier 57-storied residential project in Mumbai. Located in Kandivali (W), this iconic tower stands as the tallest in the area. Despite Covid-related delays, the project, with 282 well-designed units, including 2 BHK Smart & Premium and 3 BHK Premium + Sky Garden apartments, was completed in 60 months. Boasting luxurious amenities, scenic views, and strategic connectivity in Kandivali, the project signifies Siddha Group's commitment to quality and timely delivery
The Allahabad High Court has overturned a local development authority's 2021 order restraining real estate developer Ace Infracity in connection with its Noida Sports City project, nullifying a demand for Rs 79 crore due to the developer's inability to complete work amid land possession issues. The court deemed the restrictions imposed by the Noida Authority unwarranted, highlighting that Ace Infracity had deposited more than the required premium amount. Consequently, the court granted the developer the benefit of the 'Zero Period' and directed the authority not to collect lease premium and rent while instructing a reconsideration of the revised building plan for the project in Sector 150 of Noida.
Draper Start-Up House inaugurates its largest co-living and co-working space in Hyderabad, marking a pivotal moment in global entrepreneurship. With a capacity of 108 beds, the space aims to foster collaboration among start-ups, digital nomads, and entrepreneurs. The launch event, attended by key industry figures, highlights Hyderabad's thriving start-up ecosystem with over 8,000 start-ups and 75+ incubators. This expansion solidifies Draper Start-Up House's commitment to nurturing innovative ventures, providing not just physical spaces but also educational support, venture capital, and technology assistance, all aimed at empowering entrepreneurs on their journey to global success.
Bengaluru-based real estate firm MANA is making strategic moves in East Bengaluru with its latest project, MANA Dale. Positioned in the premium segment, MANA Dale, located in Kodathi off Sarjapur Road, follows the success of MANA Verdant. With the tagline 'Live Brilliantly,' MANA aims to cater to older millennials and their families, offering a lifestyle of luxury and convenience. MANA Dale features apartments, villas, and townhouses, with a clubhouse for community gatherings, dedicated play areas for children, and abundant green spaces. This expansion reflects MANA's commitment to redefining modern living standards and delivering a tranquil oasis in the bustling city.
Property registration in the city has been halted following the Real Estate Regulatory Authority's (RERA) directive to sub-registrars not to register new properties exceeding permitted dwelling units on a plot, as outlined in Delhi's building laws. RERA's order, impacting both sanctioned building plans and sale deeds, requires clear documentation of approved dwelling units, prompting a pause in registrations and sparking controversy over perceived biases in the regulations. The delayed receipt of RERA's order by sub-registrars adds uncertainty to the real estate landscape, with political parties engaging in a dispute over its implications.
The Trichy district administration is inviting qualified professionals such as civil engineers and architects to seek temporary recognition for expediting the plan approval process for residential and commercial constructions in rural areas. The initiative aligns with the Tamil Nadu government's online service for plan approvals, allowing eligible professionals to play a vital role in the issuance of building plans. The call is open to architects, engineers, structural engineers, construction engineers, quality auditors, town planners, and developers. Applications can be submitted through email or in person, and the deadline is November 24. The recognition granted is temporary, subject to the collector's approval.
The Bruhat Bengaluru Mahanagara Palike (BBMP) has taken decisive action in Whitefield, serving self-demolition notices to 26 structures, including completed and under-construction buildings, in the White Rose Layout of the Mahadevapura zone. A total of 70 buildings were scrutinized, and 26 were identified for violations such as unauthorized floors and setback non-compliance. Owners have been given a 15-day window for voluntary demolition; otherwise, the BBMP may proceed with forced demolition after issuing two additional notices, each with a 15-day grace period. Owners of 40 buildings are yet to submit their plans, facing potential legal consequences for unauthorized construction.
After an 11-year legal battle, the Usha Sadan Housing Society has won its case against the BMC regarding the demolition of an 'unauthorized' structure in one of its wings. The city civil court dismissed the municipal order, criticizing the BMC for initiating proceedings without an approved building plan. The society argued that the structure in question had existed since the building's construction in 1958 and was used for storing old files. The court questioned the basis for deeming the structure unauthorized and emphasized the lack of examination of the complainant resident. This victory highlights the importance of due process in such matters.
The Yamuna Expressway Industrial Development Authority (YEIDA) has conducted a draw for the allocation of 109 industrial plots in Sectors 28, 29, 32, and 33 along the Yamuna Expressway. The move aims to stimulate industrial growth and economic development in the region. The industrial plots, available through a scheme launched in October 2023, cover sectors such as toy parks, handicrafts, furniture manufacturing, and micro, small, and medium enterprises (MSMEs). The initiative is expected to generate significant revenue for YEIDA, with an estimated investment of Rs 16,498 crore and the creation of around 5,132 jobs.
In October, Mumbai Central's real estate market experienced robust activity with 35 high-end deals. The luxury segment saw significant transactions, with Lodha Bellevue and K Raheja Modern Vivarea leading in the number of flats sold. K Raheja Modern Vivarea also recorded the highest sale value for a flat at Rs. 21.76 Crores, with a substantial per square foot rate of Rs. 75,761. Shelaji Avenues led in the affordable segment with 5 deals. The weighted average rate per square foot settled around Rs. 31,000, showcasing the diverse range of housing options in the area. Mumbai Central's allure is evident in the diverse aspirations of its residents, ranging from luxury to affordability, solidifying its status as a sought-after locale.
The property market in Mumbai's south and central regions, known for luxury apartments and high prices, has witnessed a significant decrease in unsold luxury apartment inventory. This decline, the lowest in the past 15 years, is attributed to an increase in the pace of sales outstripping the number of new property launches. Over the last 12 months, more than 722 luxury apartments priced at Rs 10 crore and above were sold, compared to the introduction of 532 new apartments, according to Liases Foras Real Estate Rating & Research. The market has experienced a surge in prices, maintaining a weighted average price at approximately Rs 65,500 per sq ft, positioning it as one of the costliest globally.
The Bruhat Bengaluru Mahanagara Palike (BBMP) has identified a significant challenge in its revenue collection efforts, estimating that around 15 lakh properties in Bangalore lack 'A' or 'B' Khata documentation. This means that these properties are currently not contributing any amount towards property tax. In response to this, BBMP is launching a comprehensive initiative to locate and integrate these properties into the Khata system, a move that aims to not only streamline property documentation but also boost the city's overall revenue. BBMP's initiatives reflect a proactive approach to streamline property documentation, enhance revenue collection, and regulate construction in a manner that aligns with the city's development goals and financial targets.
CBRE South Asia Pvt. Ltd reports that Kolkata's Industrial and Logistics (I&L) sector is poised for a 5-year high supply in 2023, reaching approximately 5.2 million sq. ft. The completion of pent-up projects in the city and its peripheries contributed to this surge. Kolkata's strategic location as an entry point to the east and access to land-locked countries enhances the I&L sector, with leasing expected to reach 3.5 million sq. ft. in 2023. The city's potential for industrial and commercial development is concentrated in NH-2, NH-6, and Taratala regions, particularly in Dankuni, Singur, and evolving areas like Uluberia.
Fortune Hotels, an ITC group member, unveiled its latest additions: a brownfield resort in Uthandi, Chennai, and a 100+ room conversion hotel in Hosur, Bangalore. These hotels are set to open in a few months, enhancing Fortune Hotels' portfolio with 64 alliances in 54 Indian cities. Managing Director Mr. Samir MC expressed excitement about the growth potential of the Hosur and Chennai properties. The Fortune Beach Resort ECH Chennai offers aesthetically designed rooms, multiple dining options, banquet facilities, and modern amenities suited for a suitable getaway. Meanwhile, Fortune Hosur, catering to business travellers, is undergoing refurbishment and will feature stylish rooms, dining outlets, a spa, and banquet venues.
The Ministry of Statistics and Programme Implementation (MoSPI) has revealed that 411 major infrastructure projects in India, each with an investment of Rs 150 crore or more, are facing cost overruns exceeding Rs 4.31 lakh crore as of October 2023. The original cost of these projects was projected at Rs 24,78,446.60 crore, but the estimated completion cost has risen to Rs 29,09,526.63 crore, indicating an overall cost overrun of approximately 17.39%. The report also notes delays in 837 projects, with an average delay of 36.94 months. Timely clearances, improved project management, and coordination among stakeholders are essential to address these challenges.
Kochi Metro Rail Limited (KMRL) is set to begin the Phase III expansion of its network, focusing on an essential airport line. The work is expected to begin at the start of next year. This follows the completion of a comprehensive mobility plan by a Delhi-based consultancy. The project includes two proposed lines, enhancing connectivity to Cochin International Airport. The revised detailed project report (DPR), reflecting updated population and passenger flow data, will be submitted to the state government soon. This expansion is expected to significantly boost ridership and profitability for the metro system.
The Surat Municipal Corporation's ambitious conventional barrage project, spanning the Tapi River near Rundh-Bhatha, has received formal approval from the Coastal Regulation Zone (CRZ). Valued at Rs 706 crore, the project aims to enhance water supply to Surat city and meet the industrial needs along the Tapi's right bank. The barrage includes an adjoining flyover bridge and a freshwater storage reservoir. Designed with ecological preservation in mind, it ensures a minimum water flow of 300 cusecs, aligning with regional water resource management strategies. The project's phased implementation involves land acquisition and funding from the state and central governments, marking a significant milestone.
Nikki Beach Residences, a new development by Aldar Properties on Al Marjan Island in Ras Al Khaimah, promises a unique beach living experience. The community, strategically located between Rixos Bab Al Bahr and Doubletree by Hilton, offers one- to five-bedroom serviced apartments with expansive balconies and smart living features. Residents will enjoy exclusive services, amenities, and access to Little Nikki Kids Club. The development aims for LEED Silver certification and adheres to Fitwel standards. Al Marjan Island, a prominent leisure destination, provides a serene escape with ocean views, running and cycling routes, and proximity to key attractions and natural landscape.
Real estate couple Pronit Prem Nath and Amisha face allegations of defrauding actor Karishma Tanna's husband and TV host Samir Kochhar, along with real estate businessman Varun Bangera, of Rs 1.03 crore. The duo promised flats in Bandra, but after receiving payments, Nath reportedly concealed a bank loan on the property. Despite assurances, he reneged on the deal, prompting legal action. Nath allegedly sold the flats to a third party, leading to a police complaint and High Court involvement. Kochhar's legal efforts resulted in injunctive relief against Nath's attempts to create third-party rights.
<p>&bull; A residential flat spanning 756 square feet sold in Silver Melody in Santacruz West for INR 2.85cr<br /> &bull; A residential flat spanning 1,234 square feet sold in NN Tower in Khar for INR 6.2cr<br /> &nbsp;</p>
Oberoi Realty has unveiled Forestville, an expansive residential project spanning 18 acres in Thane's Kolshet area near Mumbai. Comprising five towers, the development offers 3 BHK apartments starting at 1,090 square feet and a base price of Rs 1.87 crore. Inspired by biophilic design principles, Forestville aims to seamlessly integrate nature with urban living, incorporating green spaces, water features, and eco-conscious design. Oberoi Realty strategically focuses on the 3 BHK segment, aligning with market demands in Kolshet. Forestville reflects Oberoi Realty's commitment to innovation and meeting the evolving preferences of discerning homebuyers.
The National Company Law Tribunal (NCLT) in Kolkata has initiated insolvency proceedings against Fort Projects following a complaint from Emami Realty, with claims totalling Rs 91 crore. Emami Realty, a part of Emami Group, accused Fort Projects of defaulting on a principal amount of Rs 82 crore, plus over Rs 9 crore in interest. The decision underscores financial challenges in the real estate sector, appointing an interim resolution professional to oversee the Corporate Insolvency Resolution Process for Fort Projects.
The Dakshina Kannada District Consumer Disputes Redressal Commission has sentenced city-based builders Naveen Cardoza and Ujwal D'Souza, along with landowners William Saldanha, B Gayathri Pai, and Lucy Saldanha, to three years in prison and a Rs 1 lakh fine for their failure to comply with the commission's orders. The charges originated from a complaint filed by Dr Laveena Noronha, who alleged a deficiency in service by Marian Infrastructures, developers of the Lake View project. Despite previous orders, the developers failed to provide allocated parking space and compensation to Dr Laveena, leading to the sentencing. The court revoked their bail and imposed additional penalties for non-payment.
The Building and Construction Department (BMC) has decided to lower the initially proposed height requirement for tin sheets at construction sites from 35 feet to 25 feet. This decision follows concerns raised by developers and architects about the structural stability of taller tin sheets. While a formal order confirming the change is pending, the BMC is recommending the use of a green cloth above 25 feet. Experts have highlighted the on-site challenges posed by the original guidelines, emphasizing the importance of sturdy sheets to prevent life-threatening incidents. The BMC is also urging other authorities to establish flying squads to monitor compliance with air pollution guidelines.
The Gujarat government plans to integrate 80 Narmada dam project resettlement colonies into nearby villages, per an official statement. These colonies, built by the Sardar Sarovar Punarvasvat Agency, aimed at rehabilitating families affected by dam-induced displacement. The inclusion involves merging nine colonies in Bharuch, 14 in Chhota Udepur, 13 in Narmada, 38 in Vadodara, five in Panchmahal, and one in Kheda districts with their closest villages. This move allows residents access to village services and involvement in local decision-making. The decision follows representations to panchayats and housing departments for the incorporation of these colonies into village limits.
Tamil Nadu Chief Minister M K Stalin inaugurated 4,272 flats constructed by the Tamil Nadu Urban Habitat Development Board across nine districts, costing Rs 453.67 crore. A newly built multi-storeyed apartment housing with 32 units in Palayamkottai, Tirunelveli district, worth Rs 31.26 crore, was also unveiled under the 'Housing For All' scheme. These flats measure 400 square feet each and cost Rs 9.77 lakh, with a contribution of Rs 1.65 lakh from each beneficiary. The Chief Minister also inaugurated Cooperative department warehouses and distributed sanction orders to 100 differently-abled individuals, commemorating M Karunanidhi's birth centenary. Pattas were given to those affected by Neyveli Lignite Corporation's expansion. The F-Line online service was also launched to modernise land measurement.
Slum dwellers in Bhubaneswar are hesitant to move into the affordable housing projects, newly constructed for them in Chandrasekharpur and Saheed Nagar. BDA officials express the aim to provide quality housing for those affected by slum redevelopment. The apartments, with a built-up area of 300 to 320 square feet, are deemed too small for even a small family to live comfortably. Residents cite inadequate parking space, security, and the absence of service elevators as concerns. With the project ready for inauguration, and the allotment process set to commence in phases post-inauguration, it remains to be seen how things would proceed.
In the wake of significant amendments to the Unlawful Activities (Prevention) Act in 2019, the National Investigation Agency (NIA) has been actively seizing properties linked to terror suspects, with a notable surge in such actions observed in 2023. Since the amendments, which conferred the Director General of NIA with the authority to approve property seizures in relevant cases, the agency has confiscated over 350 properties, attaching 215 of them in the current year. This marks a substantial increase in comparison to the period preceding the legislative changes.
DLF Building and Services Private Ltd has acquired a 31,254-square-foot office property in Gurugram for Rs 81.04 crore, previously leased to WeWork India. Located at Two Horizon Centre, Sector 43, Gurugram, the office is among the city's premium office parks. DLF had constructed the Two Horizon Centre skyscraper. The seller, a non-resident Indian (NRI) with a Singaporean address, initially purchased the property in 2018 from DLF and leased it to WeWork for ten years. Despite global uncertainties, CRISIL projects stable net leasing in India's commercial office space in the mid-term.
Crisil Ratings reports a stagnation in India's office space leasing at 32-34 million sq ft this fiscal due to global uncertainties. Despite this, the market's strength and a shift towards office work are expected to drive future growth. The slowdown faced by the IT/ITeS sector, a major occupant, is impacting demand. However, resilience in domestic sectors like BFSI, consulting, and e-commerce, is likely to maintain leasing levels. With companies increasingly advocating for physical office presence, a recovery in leasing activity is anticipated in the medium term.
In response to its new hybrid work policy, Wipro, India's fourth-largest IT firm, is strategically selling parts of its office assets in Bengaluru and Hyderabad. This move aims to streamline operations and optimize real estate holdings. The sale includes significant portions of their campuses in Gachibowli, Hyderabad, and Electronic City, Bengaluru. The decision aligns with the company's shift to a minimum three-day office work week, reflecting broader changes in workspace utilization and operational efficiency in India's evolving IT and commercial real estate sectors.
The Haryana Government is addressing an oversight, offering refunds to 1588 property owners who mistakenly paid development fees. Errors were identified across various categories, including HSVP, HSIIDC, licensed colonies, CLU acquired properties, Lal-Dora residential properties, and agricultural properties. The Urban Local Bodies Department notified affected owners via SMS, urging them to claim refunds through the NDC portal. A dedicated fund of Rs 5.19 crore has been allocated. While 51 applications are processed efficiently, 1537 property holders are urged to expedite their claims, demonstrating the government's commitment to a prompt resolution.
The Thrikkakara municipality has issued an eviction notice to the residents of the Apple Heights apartment complex in Vazhakkala, alleging non-payment of taxes. The notice, sent on October 27, claims that the municipality incurred losses due to non-receipt of permit fees and taxes from the 85 families residing in the complex. The municipality asserts that the building is "illegal" and lacks necessary No Objection Certificates (NOCs). The eviction notice warns of potential issues if residents continue to stay without proper documentation and calls for steps to vacate them. The matter stems from an ongoing dispute over land acquisition for metro route development.
The Imperial, a historic hotel in the heart of New Delhi, is undergoing a comprehensive refurbishment led by Louis Sailer, the senior executive vice president. Instead of a conventional renovation, the project focuses on preserving the hotel's historical essence while introducing modern amenities. The refurbishment spans accommodations, food and beverage areas, grounds, wellness facilities, and service philosophies. Notable changes include individualized bar menus, a bespoke Imperial boutique showcasing handcrafted items, and technological upgrades in accommodations. The approach reflects a commitment to retaining the hotel's historic charm while providing guests with a unique, culturally immersive experience.
Belagavi Airport in Karnataka is set for a major expansion with the acquisition of an additional 57 acres. The state government's move builds on the 2017 upgrade, which saw a new terminal and runway extension. Authorities, emphasizing fair compensation, are addressing local farmers' concerns regarding land acquisition. The Airports Authority of India plans to invest Rs 229.5 crore for a new terminal spanning 20,000 square meters, aimed at boosting regional connectivity and economic growth. The expansion underscores the balance between development and community interests.
Matharpacady, a compact area within Mazgaon, is witnessing tug-of-war between progress and heritage in the village. Locals wrestle with a pivotal choice – to cherish their historic haven or embrace redevelopment. The struggle pits those yearning for better living against owners anxious about losing their distinct identity. Shreepati Build Infra Heritage emphasises urgent redevelopment, citing compromised infrastructure. Amid legal complexities, the village stands at a crucial juncture, its fate hanging in the balance of collective desires and legal intricacies, leaving the community in suspense about what lies ahead.
JSW Infrastructure has secured a Rs 4,119 crore contract from the Karnataka Maritime Board to develop the Keni Port in Karnataka. The greenfield port, one of two planned by the state government, is set to have an initial cargo-handling capacity of 30 million tonnes per annum (MTPA). JSW Infrastructure emerged as the winning bidder, with plans to address the logistics demand in the rapidly growing state and the region's economy. The Keni Port will be strategically located between Mormugao Port in the north and New Mangalore Port in the south, catering to various industries in the region.
Bank of Spain Governor Pablo Hernandez de Cos has stated that there is no need for banks to extend mortgage relief measures for vulnerable households in the country. He noted that there has been limited uptake by citizens, with only 42,000 requests submitted in the first seven months of 2023, despite the government granting mortgage relief support to over a million households in November 2022. The Spanish government had announced plans to raise the annual income threshold for mortgage relief support to 38,000 euros. The governor mentioned that the economy has been performing reasonably well, and there is no immediate need for modifications.
NAREDCO Maharashtra is set to host the second edition of the HOMETHON Property Expo 2023, India's largest real estate event at the JIO World Convention Centre, BKC Mumbai, from November 24 to 26, 2023. Following last year's success, this edition will feature an even larger developer presence, with Riteish and Genelia Deshmukh as brand ambassadors. The three-day event will showcase 500 projects from 150+ developers, offering properties ranging from affordable to luxury housing with prices will range from Rs 20 lakhs to 15 crores. Leading developers like Hiranandani, Godrej, L&T, and finance companies including ICICI Bank and HDFC will participate, offering attractive home loan incentives.
Former district judge Mr. Ravindra Padmakar Rao Deshpande is appointed as the judicial member of MahaRERA. The decision for appointment was taken by the Maharashtra government and the oath was administered by Chairman Mr. Ajoy Mehta. With a career starting in 1995, Mr. Deshpande, residing in Ambajogai, Marathwada, has a B.Com from Ambajogai and an LL.B. from Ch. Sambhaji Nagar. He served at various judicial positions throughout his career and retired in March last year as the district judge-2 in Bhoom, Osmanabad. The judicial member's inclusion enhances MahaRERA's judicial perspective, now functioning at full capacity.
<p>&bull; A residential flat spanning 1,197 square feet on the 35th floor sold in Raheja Imperia II in Lower Parel for INR 5.88cr<br /> &bull; A residential flat spanning 805 square feet sold on the 17th floor in Sheth Auris Serenity in Malad West for INR 2cr<br /> &nbsp;</p>
Man Infraconstruction Limited (MICL) anticipates revenue exceeding Rs 8,000 crore from three Mumbai real estate projects, including the Tardeo project, touted as one of India's tallest buildings. Aaradhya Avaan, MICL's ultra-luxury venture in Tardeo, envisions revenue surpassing Rs 3,000 crore. Collaborating with stakeholders, MICL employs a nuanced revenue-sharing model for the Tardeo project. Additionally, strategic projects in Goregaon and Ghatkopar contribute to MICL's expansive real estate portfolio. Sales achievements for H1 2023 showcase robust performance, while a confident stance prevails amid rising interest costs, reflecting the evolving dynamics of the real estate landscape.
Bengaluru-based Shriram Properties aims to deliver 2.5 million sq ft (msf) of residential space worth Rs 1,500 crore by FY24, with 50% of the units in the mid-market segment and affordable range. Locations include Bengaluru, Chennai, Kolkata, Coimbatore, and Vizag. The company plans to launch 5,000 units, which is about 5.3 msf, primarily in Electronic City, Yelahanka, and Jalahalli. Despite rising land prices, Shriram Properties aims to manage debt, currently at Rs 430 crore, through asset liquidation and debt reduction strategies including joint investments.
Provident Housing, a Puravankara Group subsidiary, is set to launch its inaugural themed villament project, Provident Deansgate, in Bengaluru. Priced at over Rs 1.9 crore per villa, the project spans 15 acres in North Bengaluru's IVC Road and comprises 288 duplex villaments themed in Manchester architectural style. With pre-sales already accounting for 30%, the CEO anticipates a robust response to the December 10 launch. The company aims for a top line of Rs 600 crore and plans to expand its total launched space to 3.3 million square feet by the end of FY24, investing Rs 1,150 crore across Bengaluru, Chennai, and Kochi.
Real estate developer Omaxe is set to invest approximately Rs 4,000 crore in the next four years primarily focusing on Tier II and Tier III cities. The projects, spanning 1,200 acres, will be in Uttar Pradesh, Madhya Pradesh, and Punjab. Omaxe plans to launch residential and commercial ventures in cities like Indore, Ujjain, Amritsar, Chandigarh, Gorakhpur, and more. In Uttar Pradesh alone, the investment is expected to reach Rs 2,500 crore. The company is diversifying its portfolio with townships, plotted projects, and mid-segment developments, aiming for higher returns in these burgeoning markets.
On Monday, the BMC's K-West ward filed an FIR against a private developer for non-compliance with air pollution mitigation measures at a construction site in Vile Parle (West). Despite receiving guidelines and a subsequent stop-work notice, the developer allegedly failed to implement a 25-ft tall sheet fencing around the site. The FIR, filed under IPC Section 291, reflects the BMC's strict approach to enforcing environmental regulations. The formation of specialized squads and the legal action underscore the municipality's commitment to monitoring and ensuring compliance with air pollution guidelines in construction projects, setting a precedent for developers to adhere to mandated measures.
Odisha Chief Minister Naveen Patnaik is set to inaugurate 1,700 housing units for the urban poor, a result of the 2015 Housing for All in Urban Areas policy. Constructed through a public-private partnership by the Bhubaneswar Development Authority, these projects integrate social infrastructure. Buddha Vihar, a greenfield initiative, targets 2,600 housing units for the economically weaker sections. The EWS houses, ranging from 23 to 30 square meters, aim to ease financial burdens through bank loans. Keshari Residency pioneers slum redevelopment, symbolising a commitment to inclusive and sustainable urban development.
Despite a two-year delay, Ludhiana's Municipal Corporation has launched the installation of Unique Identity Number (UID) plates, funded by the Smart City Mission. This transformative project aims to enhance civic services and modernise the city. The UID plates, featuring QR codes, facilitate seamless access to property details. While residents benefit from streamlined services, concerns arise in areas like Dhandhari, reflecting the hesitation to providing such amount of transparency nevertheless MC Commissioner Sandeep Rishi expresses confidence in achieving technological advancements and urban development through projects completion.
Kochi is advancing the construction of two housing complexes designed for slum dwellers in West Kochi. The Thuruthy complex, led by the Kochi Corporation and financially supported by Cochin Smart Mission Ltd (CSML), is utilizing approximately Rs 18 crore from Rajiv Awas Yojana (RAY) and Rs 21 crore from CSML. The Mattancherry complex, overseen by CSML, is a ground-plus-13-floor development costing Rs 44 crore. Despite delays in approvals from the Kerala Coastal Zone Management Authority for the Mattancherry project, the set completion date remains steadfast at February 2024. The timely commissioning of these complexes is crucial for urban development and addressing housing challenges in Kochi, underscoring the need for efficient project management and adherence to deadlines.
The Gujarat High Court has responded to a petition by Valibhai Vajibhai, probing Bhuj Wind Energy Pvt Ltd's installation of windmills on government land. Alleged breaches include disregarding local laws, encroachment on the petitioner's farm, and environmental disruption. The petitioner seeks cancellation of the lease, compensation, and stricter adherence to regulations. The case highlights corporate responsibility, environmental impact, and agricultural welfare. This legal battle holds implications for renewable energy policies, emphasizing the need for transparent practices and sustainable development.
Mumbai-based Oberoi Realty is making its debut in the NCR market by acquiring 14.8 acres in Gurugram for Rs 597 crore. The land, purchased from Ireo Residences, will be used for a luxury group housing project, marking Oberoi's foray outside Mumbai Metropolitan Region. The deal, involving event/ time-linked payments up to Rs. 597 crore, allows existing owners to retain a portion of the project area. Oberoi's entitlement from the project is estimated at 2.6 million sq ft. The move aligns with Oberoi's expansion plans, which include entering Thane, Bengaluru, and Pune, while focusing on premium luxury residences.
Macrotech Developers, under the Lodha brand, plans to invest Rs 800 crore into two Bengaluru housing projects amid strong demand. The first project launched this month, with the second targeted for Q4 or Q1 of the next financial year. Construction costs are estimated at Rs 800 crore, anticipating a sales value of Rs 2,500 crore. The company plans to sell apartments in the range of Rs 1.5–2.5 crore. With Rs 6,890 crore in sales bookings in H1 and a robust launch pipeline, Macrotech aims to surpass the Rs 14,500 crore sales target for the fiscal year.
To recover outstanding taxes, the Pune Municipal Corporation (PMC) plans to auction 202 properties whose owners have not settled their dues. The online auction is scheduled for December, and if defaulters do not comply by the extended deadline of December 20, the auction will proceed. The PMC aims to generate around Rs 60 crore through this auction, considering it a last resort for tax recovery. The administration has already sealed over 1,300 properties due to tax defaults, and the remaining 1,100 are set to be auctioned in phases over the coming months. The PMC has set a property tax collection target of Rs 2,318.15 crore for the fiscal year 2023-24.
In a recent move, the Nagpur Municipal Corporation (NMC) has taken stringent action against property tax defaulters in the Mangalwari zone. The NMC has attached five open plots in Gorewada, Hazaripahad, and Borgaon to recover Rs 28 lakh in unpaid property taxes. Assistant Municipal Commissioner Prakash Warade issued seizure warrants against 15 property tax defaulters, prompting 10 property owners to settle their dues promptly. However, five property owners who owed a cumulative amount of Rs 28 lakh had their properties collectively attached. The seized properties will be auctioned to recover the outstanding tax amount, reinforcing the municipality's commitment to enforcing tax compliance.
In response to numerous grievances lodged by resident welfare organizations and citizen groups, the Bruhat Bengaluru Mahanagara Palike (BBMP) has taken decisive action to regulate paying guest accommodations. This initiative addresses concerns voiced by the community, highlighting the transformation of residential neighbourhoods into burgeoning commercial zones due to the increasing prevalence of PG accommodations. The move by the civic body aims to strike a balance between residential and commercial interests, safeguarding the character of local communities amidst a surge in the number of paying guests in the city.
The Brihanmumbai Municipal Corporation (BMC) has floated a Rs 42 crore tender for a long-delayed project - a Y-shaped vehicular bridge connecting Yari Road and Lokhandwala in Mumbai's western suburbs. Initially proposed in 2002, the project faced legal hurdles, causing significant cost escalation. The 100-meter-wide bridge over Kavathe Creek aims to reduce travel time from 30-45 minutes to just five minutes. Concerns were raised over destruction of mangroves for the bridge, but the Supreme Court quashed the stay after BMCs assurance regarding replanting. With a proposed completion by 2025, locals anticipate relief from the lengthy commute, while the BMC emphasizes environmental friendliness and improved connectivity.
Despite enforcement efforts and issuing fines, construction activities in Gurugram persist in violation of Graded Response Action Plan (GRAP) norms. Haryana Shahri Vikas Parishad (HSVP) and Municipal Corporation of Gurugram (MCG) have struggled to curb these activities, leading to dust pollution. Construction work and uncovered building materials are observed in sectors 27, 28, 42, 43, 51, 52, 56, 57, and 46. Despite the authority's power to penalize, strict implementation is lacking. The sectors' maintenance falls under MCG, while HSVP handles property approvals. MCG has issued 195 challans totalling Rs 23 lakh, predominantly targeting construction sites for non-compliance.
In October, there was a slight increase in U.S. single-family homebuilding, despite a decline in homebuilder confidence to an 11-month low in November. The Commerce Department's report revealed a surge in permits for future single-family homebuilding to the highest level in nearly 1 1/2 years. This suggests a supportive environment for new construction amid a severe shortage of available houses. The third-quarter uptick in residential investment, following a nine-quarter decline, indicates a positive trend. Economists anticipate potential declines in building activity during the winter due to rising loan rates for builders, but there's optimism for increased demand if mortgage rates decrease in the latter half of the following year.
The increased occupancy of top-tier offices in Seoul, with over 98% currently filled, signals a return to the office for white-collar workers post-pandemic. This surge in demand has led to a 15% rise in rental prices over the past year. The trend is attributed to cultural factors, with Koreans more willing to return to the office when asked. The shift is notable, considering that in the summer of 2021, a survey indicated that 91.5% of major firms implemented a work-from-home policy. Now, less than 60% allow remote work, and the scarcity of office space is expected to persist until ongoing construction projects are completed, potentially easing by 2025. South Korea's economic growth and consistent investments contribute to sustained demand for office space. This contrasts with the Western scenario, where office spaces are being reduced, and property prices are declining.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has suspended the registration of 248 real estate projects for non-compliance with quarterly progress reports (QPRs). Out of the 700 projects registered in February 2023, 452 complied, while the rest faced suspension, with their bank accounts frozen. Prohibited from marketing and selling, these projects also risk agreement cancellations. MahaRERA has also issued notices to 224 projects registered in March, with a 30-day deadline for compliance. This regulatory move was initiated in January and it emphasizes quarterly reporting so as to ensure transparency. The stern action against non-compliance shows MahaRERA's commitment to customer empowerment and regulatory adherence in real estate.
Everest Food Products Pvt Ltd, renowned as Everest Spices, a leading Indian spice brand for over 52 years, spices-up its portfolio with its promoter acquiring a Rs 73.50 crore apartment in Mumbai's luxurious Three Sixty West project by Oberoi Realty. The high-rise project registered on October 30, is a part of Oberoi's 60-plus acquisitions in the luxurious development, previously making headlines for India's largest property deal in 2023.
• A residential flat spanning 721 square feet on the 7th floor in Lodha Amara in Balkum for INR 1.17cr • A residential flat spanning 610 square feet on the 20th floor sold in Bhagwati Greens 1 in Kharghar for INR 2.05cr
The Bombay High Court has ruled against the Thane Municipal Corporation's (TMC) refusal to grant Sheth Developers additional space, calling it "manifestly arbitrary." The court found the TMC's decision violated legal principles, including legitimate expectations and the doctrine of promissory estoppel. The dispute centred on the TMC's suspension of its Buy-Back Policy (BBP), which Sheth Developers contested, citing principles of legitimate expectations and promissory estoppel. The ruling underscores the court's commitment to preventing arbitrary actions by authorities and upholding fairness in administrative decisions, promoting transparency and adherence to commitments made by governmental bodies.
Brigade Group, Krishna Priya Estates, and Micro Labs have entered into a joint development agreement (JDA) to develop over 14 acres of land in Yelahanka, Bengaluru. The estimated revenue for the project is Rs 2,000 crores, with around two million sq ft dedicated to residential housing. Brigade Group's recent land acquisitions in key locations like Bengaluru, Hyderabad, and Chennai provide a significant development potential of 7 million sq ft and a gross development value (GDV) of Rs. 7,700 crores. The company plans to launch approximately 13 million sq ft in the next four quarters, with a focus on aggressive growth.
Delhi-based realty firm Eldeco Group is set to invest Rs 300 crore in constructing an ultra-luxury housing project with 80 villas in Himachal Pradesh. Acquiring a 30-acre land parcel in Sirmaur district, the project is part of a new subsidiary, 'Terra Garden,' dedicated to developing high-end projects across tourist destinations. CEO Amar Kapoor stated that 35 villas have been launched for sale, starting at Rs 5.5 crore. The seven-year project aligns with rising demand for luxury villas, and Eldeco is exploring opportunities in states like Uttarakhand and Goa, open to joint ventures for expansion.
MahaRERA gears up for its third real estate agent exam, drawing 5,592 candidates statewide. Mumbai leads with 2,732 participants. The focus remains on ensuring agents possess a thorough understanding of real estate transactions. 3,217 have successfully passed the exam so far. It is important to note that 13000 real estate agents have not renewed their registration which brings the number of active agents down. Recognising the importance, MahaRERA extends the certification deadline to January 1, 2024, underlining its commitment to industry competence and professionalism.
Former mill workers queued at Mumbai's Samaj Mandir Hall to prove work history for Maharashtra Housing and Area Development Authority (MHADA) subsidized housing eligibility. The three-month verification process, ongoing since September 15, sparked concerns due to uncertainty about the lottery. Although an online option exists, many found it ineffective. MHADA recently allotted keys to 100 eligible mill workers from the 2020 lottery, emphasizing ongoing efforts to determine eligibility for the total 1,50,484 applicants. These developments highlight the challenges and aspirations tied to subsidized housing initiatives in Mumbai, emphasizing the need for efficient and timely eligibility processes.
Delhi's State Environmental Impact Assessment Authority (SEIAA) is set to scrutinize the compliance of projects granted environmental clearance (EC) in the last two years. Concerned about potential air quality impacts due to non-compliance, SEIAA aims to assess whether project proponents adhere to specified conditions. In response to citizen complaints and acknowledging a lack of current monitoring processes, the authority emphasizes the importance of ensuring compliance with EC conditions. SEIAA directs the Delhi Pollution Control Committee (DPCC) to ascertain the mandate for overseeing compliance and requests data submission within two weeks. Legal opinion will be sought before the next SEIAA meeting.
The Sinhagad Road police have charged two real estate agents accused of defrauding a 66-year-old client out of Rs57 lakh. The victim alleged he was enticed into investing in two apartments and a shop in a Vadgaon Budruk project in January 2021. The realtors presented him with an occupancy rights certificate, asserting the legality of the building. However, the complainant later discovered that one of the booked flats was sold to a third party, and the PMRDA had not issued an occupancy certificate. The case underscores the importance of transparency in real estate transactions and authorities' efforts to address fraudulent practices.
The CBRE report outlines India's booming Global Capability Centres (GCCs) landscape, projecting a 60-62 million sq. ft. office space lease between 2023-25. Key sectors like tech and BFSI drive this expansion, with North American firms leading the charge. Emerging micro markets in major cities signal new hubs for GCC operations, with Bangalore, Chennai, and Hyderabad taking the lead. The GCC trajectory in India showcases the nation's appeal, driven by talent, cost advantages, and government support, promising a diverse and innovative future.
Religare Enterprises is going through a tough time, facing legal battles and regulatory scrutiny, especially from the influential Burman family. The parent company, Religare Finvest, is seeking a change in ownership, waiting for regulatory approval to transfer its stake to Religare Enterprises. Despite these challenges, Religare Housing, a subsidiary, is showing resilience, experiencing growth in affordable housing disbursements. A significant settlement with lenders brought some financial relief. With plans for further expansion and profitability, Religare Housing is navigating the complex financial landscape with determination and strategic vision.
In a move that promises to reshape the landscape of industrial and logistical infrastructure, TVS Industrial and Logistics Parks Pvt Limited (TVS ILP) has proudly unveiled a transformative strategic partnership with Lingotto, a distinguished investment management company under the esteemed Exor N.V. umbrella. This significant collaboration has been set into motion through a secondary stake sale, marking a pivotal moment in TVS ILP's journey towards excellence in the logistics sector.
Mumbai Metro Rail Corporation (MMRC) has finalized the Detailed Project Report (DPR) for extending underground Metro Line 3 up to Navy Nagar, covering a five-kilometre stretch. The DPR awaits state government approval following the 2022-23 budget announcement. The expansion aims to benefit densely populated areas, including central government residential quarters. Construction is slated for a 2025 start, post the existing Metro Line 3's commercial operations. MMRC acquired nine train sets for Phase 1, delayed to early next year, while Phase 2 operations begin in 2024. Recent trials and ongoing track installations mark progress for the extensive metro network.
The Odisha cabinet, led by Chief Minister Naveen Patnaik, has given the green light to the Bhubaneswar Metro Rail Project (BMRC) Phase I. The Delhi Metro Rail Corporation (DMRC) will spearhead the Rs 5,929.38 crore turn-key project, spanning 26 km with 20 stations from Biju Patnaik International Airport to Trisulia Square near Cuttack. The infrastructure, part of the Greater Capital Region metropolitan city plan, aims to serve around 50 lakh people. The first phase, focusing on Bhubaneswar, Khurda, Cuttack, and Puri regions, is slated for completion in four years, featuring elevated viaducts, modern coaches, and advanced systems.
A historic New Orleans mansion, once owned by Angelina Jolie and Brad Pitt, is set for auction with a starting bid of $1 million, managed by Interluxe Auctions. The 7,703-square-foot property, built in the 1830s, boasts private balconies and a storied past, including ownership by Microsoft co-founder Paul Allen. The interiors showcase modern design elements, with seven bedrooms, five bathrooms, and a two-story guest house. Amenities feature a home gym, elevator, workshop, and a gated driveway, complemented by a private courtyard with a pool and fountain. The property, initially listed at $5.35 million, underwent price reductions before reaching its current.
Denmark's iPAVE technology, mounted on trucks, is revolutionizing road assessment in South Australia. Using lasers and cameras, iPAVE swiftly gathers data on road texture, condition, and bearing capacity at highway speeds, covering 400 state-maintained roads without traffic control. This innovation aids in prioritizing road repairs and upgrades, offering insights into surface and structural conditions. The Minister for Regional Roads plans to leverage iPAVE data for a comprehensive regional road audit. With 2,500 km already surveyed, the project aims to complete 18,000 km by April, showcasing a promising leap in road infrastructure management.
October marked a 25.4% YoY contraction in China's government land sales revenue, alarms caution among property developers amid financial constraints. From January to October, a substantial 20.5% YoY revenue drop unfolded, reflecting a ten-month financial downturn with broader economic implications. The diminishing revenue from land sales poses a risk to local governments, entwined with debt and project hurdles. Beijing responds proactively, instructing state-owned banks to extend local government debt maturity, showcasing strategic financial adaptation to address economic concerns amid the evolving challenges.
The Greater Noida Industrial Development Authority (GNIDA) is set to allocate land for the establishment of shopping malls, hotels, and commercial complexes. Under the scheme, 22 plots of varying sizes will be auctioned, with registration closing on December 1 and fee submission deadline on December 5, 2023. Plots, strategically located in six sectors, offer proximity to major corridors and the upcoming Noida International Airport. Prices range from Rs 21.94 crore to Rs 109.1 crore, with a 10% earnest money deposit.
Bollywood star Priyanka Chopra Jonas recently completed the sale of two penthouses spanning 2,292 square feet in Mumbai's Oshiwara area. The properties, located on the 9th floor of Karan Apartment Tower in Lokhandwala, Andheri, were sold for a total of Rs 6 crore. The smaller penthouse, covering 860 sq ft, was sold for Rs 2.25 crore, while the larger one, measuring 1,432 sq ft, fetched Rs 3.75 crore. Bollywood director, producer, and screenwriter Abhishek Choubey acquired these properties. The transactions were facilitated by Priyanka's mother, Madhu Chopra, and were registered on October 23 and 25. Priyanka and several other Bollywood stars have been actively involved in real estate dealings in the Oshiwara region.
<p>&bull; A residential flat spanning 333 square feet on the 14th floor sold in Raheja Exotica in Madh for INR 66 lacs<br /> &bull; A residential flat spanning 555 square feet sold in LK Vivanta in Kamothe for INR 70 lacs<br /> &nbsp;</p>
Nexus Select Trust reported a 27.18% decline in net consolidated profit for Q2 FY 24, amounting to Rs 251.46 crore. The total income also dropped by 34.38%, reaching Rs 557.32 crore. Despite the profit decrease, the trust declared distributions of Rs 452.07 crore for the quarter, emphasizing robust consumption growth and resilient net operating income. CEO Dalip Sehgal announced the signing of a non-binding term sheet for the acquisition of three malls in southern India, showcasing strategic expansion amid market challenges. Nexus Select Trust maintained strong performance indicators, including 97% leased occupancy in the retail segment and 18% YoY growth in tenant sales.
Prestige Estates Projects achieved a remarkable 512.58% YoY growth in net profit, reaching Rs 910.3 crore in Q2 FY 24, compared to Rs 148.6 crore in the same period last year. The company's net consolidated total income surged by 120.79%, reaching Rs 3,256 crore. Notably, strategic acquisitions, including stakes in Dashanya Tech Parkz and Techzone Technologies, exemplify Prestige Estates Projects' commitment to diversification and expansion. These robust financials and strategic initiatives position the company for sustained success in India's real estate sector.
A level-II fire erupted in Byculla West, Mumbai, damaging structures including the Jubali building and Dhobighat chawl. The fire, covering 5,000 to 6,000 square feet, was extinguished by 12:03 p.m. Nine people were rescued, and no injuries were reported. The affected area housed manufacturing units for leather goods, causing significant losses. While the cause is under investigation, a short circuit is suspected. The incident highlights vulnerabilities due to limited ventilation and the use of inflammable materials. Residents escaped unharmed, but the economic impact on workers and business owners is substantial, emphasizing the need for fire safety measures.
The Bombay High Court has rejected interim relief in response to a petition by slum dwellers seeking over Rs 15 crore in transit rent arrears or the cancellation of a developer's appointment in a significant Slum Rehabilitation Authority (SRA) project at Jerbai Wadia Road, Parel. The court stayed the proceedings before the Apex Grievance Redressal Committee (AGRC) and questioned the spectrum of rights claimed by the slum societies. The court highlighted the issue of enormous inequity in the city and emphasized the need for statutory interpretation in the case. The next hearing is scheduled for January 29, 2024.
The Real Estate Regulatory Authority (RERA) has issued notices to several real estate firms, including Neemsboro Group, Excellence Properties, Prestige Group, Urban Yards, Happy Dream Homes, Seven Hills, Kavuri Hills, Rivendell Farms, and Sumadhura Infra Projects, for advertising projects and pre-launches without obtaining RERA registration. This crackdown extends to real estate agents involved in selling open plots on behalf of infrastructure companies without proper registration. The notices demand responses within 15 days, emphasizing RERA's commitment to enforcing regulatory compliance in the real estate sector. This action reinforces the importance of adherence to regulatory procedures and transparency within the industry.
The New Okhla Industrial Development Authority (Noida) has introduced two plot allocation schemes to boost industrial and commercial activities in the region. The registration process for commercial builder plots, ranging from 812.73 sq m to 51,417.25 sq m, has begun. The Commercial Plots Scheme targets sectors 32, 35, 40, 50, 94, 96, 97, 98, 105, 108, 124, 132, and 135 in Noida. These plots will be allocated through an e-auction process, with the bidding date to be announced after a pre-bid meeting on November 21. Additionally, an open-ended scheme for plot allocation in Noida Industrial Area Phase 1 and 2 will commence registration on November 21.
The Odisha Cabinet, chaired by Chief Minister Naveen Patnaik, has approved amendments to existing legislation, allowing Scheduled Tribe (ST) members to sell land to non-tribals in scheduled areas, with certain restrictions to prevent landlessness. The move, based on recommendations from the Scheduled Tribes Advisory Council, aims to address concerns raised by the ST community and boost industrialization. The amendment is to the Odisha Scheduled Areas Transfer of Immovable Property (by STs) Regulation, 1956, and follows 2002 amendments that restricted ST-category citizens to transfer property only to other tribals. The decision is expected to provide economic opportunities and support development in the state.
The Madras High Court directed authorities to compensate 39 individuals with Rs 5,000 each for land parcels earmarked for acquisition but left undeveloped, citing a lack of implementation of development plans by the state government. Justice B Pugalendhi expressed dissatisfaction with the government's failure to acquire properties within the stipulated five-year period, deeming them lapsed reservations. The judge ordered the release of petitioners' lands from the respective development plans and mandated the Director of Town and Country Planning to pay compensation within a month, highlighting broader concerns about the government's commitment to plan implementation and the need for just compensation.
WeWork India continues its strategic expansion with the finalization of lease agreements for two new properties—Manyata Redwood in Bengaluru and RMZ Spire in Hyderabad. Manyata Redwood, spanning 117,000 sq ft, is located in Bengaluru's Manyata Tech Park, while RMZ Spire in Hyderabad's HITEC City covers 154,000 sq ft. Both properties offer modern amenities and showcase WeWork India's resilience and growth, unaffected by the SoftBank Group-backed parent company's recent Chapter 11 filing. WeWork India operates over 6.5 million sq ft across 50 locations in major Indian cities.
Edelweiss Alternatives plans to raise Rs 5,000 crore for its rental yield plus fund, targeting high-quality commercial properties in major Indian metros. Subahoo Chordia leads the fund, focusing on southern markets and aiming to build a 10-million-square-foot portfolio in three years. It will invest Rs 400 crore to Rs 2,000 crore per transaction, emphasizing core office assets and value-added older buildings. The second phase explores data centres and warehousing. Chordia highlights a decade of experience, stressing the appeal of the Indian market for private debt and real assets, expecting it to reach $5 trillion by 2027 with evolving regulations benefiting alternative asset managers.
Hyderabad's property market experienced a robust 25% YoY growth in residential property registrations in October 2023, totalling 5,787 properties valued at Rs. 3,170 crore. Notably, higher-value homes saw increased sales, with the Rs. 25 – 50 lakh range dominating registrations. The shift was evident in the reduced share of properties below Rs. 25 lakh. The Hyderabad residential market includes four districts namely Hyderabad, Medchal-Malkajgiri, Rangareddy, and Sangareddy. Medchal-Malkajgiri led in registrations, comprising 43%, followed closely by Rangareddy at 42%. The weighted average prices witnessed a 6.8% YoY increase, and developers prioritized 3 BHK units, reflecting evolving homebuyer preferences for larger living spaces in Hyderabad's real estate landscape.
The Kerela government is facing a financial setback as lease arrears totalling Rs 436 crore remain unrecovered due to legal complications, with 88.90% currently under court-ordered stay. Thrissur, Ernakulam, and Thiruvananthapuram contribute to over 85% of the outstanding amount. An audit by the Comptroller and Auditor General (CAG) revealed irregularities in land assignments and leasing practices, including non-compliance with rules, non-maintenance of land lists, lapses in monitoring leased and assigned land, and a significant monetary loss due to the waiver of lease rent for certain entities. Resolving legal hurdles and streamlining land management practices are crucial for revenue recovery.
Indian Hotels Company (IHCL), renowned for the Taj brand, is set to expand its affordable brand Ginger hotels with 24 new properties. The expansion responds to robust travel demand, targeting cities like Agra, Ahmedabad, and Goa. IHCL plans to enhance Ginger's footprint from 40 to 60 cities, adding 10 hotels annually. Post expansion, Ginger would have 86 hotels driven by a lease model spanning 10-30 years. Despite a decrease in net revenue, Ginger's enterprise revenue surged to INR 360 crores in FY23. The hotel chain remains focused on domestic growth, excluding international ventures as of now.
Kochi Metro Rail Limited (KMRL) is taking a proactive approach to the construction of Chembumukku and Padamugal stations along the Phase II line. If there are delays in land acquisition for these stations, KMRL plans to proceed with the construction of the other eight stations. The government has provided administrative sanction for land acquisition, but opposition from residents may delay decisions for Chembumukku and Padamugal. KMRL is exploring vacant government land as an alternative. The consideration to start construction on other stations while awaiting decisions reflects KMRL's commitment, with a focus on innovative solutions to mitigate potential challenges and streamline the process.
In the third quarter of 2023, Indian investors surpassed the British to become the top real estate investors in Dubai, according to Betterhomes Real Estate. The surge in Indian investments is attributed to factors such as the Golden Visa program and increased interest in diversifying investment portfolios. Russia, a consistent top player, dropped out of the top three rankings due to economic turmoil. Dubai's real estate sector recorded 28,249 deals in Q3, a 23% YoY increase. Indian investors' interest has impacted luxury real estate prices, which surged 50% over the year. This shift underscores the evolving landscape of Dubai's real estate market.
D.R. Horton, a major U.S. homebuilder, anticipates a decline in home prices in the future due to affordability concerns. The current prices are high as there is a gap in supply of houses for sale. A reluctance among homeowners with lower fixed mortgage rates to re-sell and upgrade at higher interest rates is cited as the key reason behind this shortage. In Q4, D.R. Horton’s net income fell 4.71% to $4.45 per share but exceeded analysts’ estimates. Meanwhile, revenue surged 8.96% to $10.50 billion, surpassing expectations of $10.01 billion, fuelled by increased demand driven by incentives. The builder plans to sustain higher incentives in fiscal 2024, including rate buydowns, aiming to sell 86,000 to 89,000 units, up from 82,917 the previous year.
China is planning to allocate at least 1 trillion yuan ($137 billion) in low-cost financing to support urban village renovation and affordable housing programs. This move aims to bolster the struggling property market, with funds to be injected in phases through policy banks. The People's Bank of China is considering options like Pledged Supplemental Lending and special loans, signalling a significant effort to stabilize the property market amid its most significant downturn in decades. The initiative follows Beijing's recent announcement of fiscal stimulus measures and underscores China's commitment to supporting economic recovery and stabilizing consumer confidence.
Paresh Parekh and Vijay Parekh, directors at Suraksha Realty, recently acquired two luxury sea-facing apartments in Mumbai's Worli area for a combined Rs 100 crore. The high-end residences, located on the 26th and 27th floors of Naman Xena, offer 6,458 sq ft each. Despite elevated mortgage rates and property prices, Mumbai witnessed a staggering October with 10,566 property registrations, reflecting a strong demand and increased sales during the festive season.
<p>• A residential flat spanning 354 square feet on the 12th floor sold in Gulmohar CHS in Pali Hill for INR 75 lacs<br /> • A residential flat spanning 372 square feet in Goodwill Unity in Sanpada for INR 17.58 lacs</p>
The Supreme Court has issued an interim order directing Mantri Castles Private Ltd (now Castles Vista Pvt Ltd), also known as Mantri Developers, to hand over possession of the delayed Mantri Serenity project to 48 homebuyers in Bengaluru. Despite full or nearly full payment, the buyers faced prolonged delays, prompting legal action. The court mandates possession within a week, adhering to the agreement terms, with completion before the next hearing on February 14. The National Consumer Disputes Redressal Commission had earlier disposed of the case, leading the homebuyers to appeal to the Supreme Court for resolution.
Bengaluru's Brigade Group reported stellar financials in Q2 FY24, achieving a net profit of Rs 134 crore, a substantial increase from the previous year. Total revenue reached Rs 1,408 crore, with collections of Rs 1,439 crore and EBITDA at Rs 366 crore. The real estate segment saw bookings of 1.67 million sq ft valued at Rs 1,249 crore. The residential sector contributed significantly, with revenue at Rs 1,063 crore and EBITDA of Rs 155 crore. The commercial and hospitality segments also exhibited robust growth, underlining Brigade Group's diversified and resilient approach to real estate.
Piramal Enterprises Limited has reported a remarkable recovery with a net profit of Rs 48.19 crore in Q2 FY24, compared to a loss in the same quarter last year. The company's total income rose to Rs 2,205.21 crore, marking a 12.73% increase year-on-year. Additionally, PEL announced a buyback of equity shares worth Rs 1,750 crore. The firm's strong performance is further emphasized by a robust growth in its total assets under management and a significant increase in retail lending disbursements, indicating a positive trajectory in its financial services sector.
Indiabulls Housing Finance reported a 2.94% increase in net consolidated profit at Rs 297.98 crore for Q2 FY24. The company's net consolidated total income rose by 0.49% to Rs 2,242.30 crore. The board approved the issuance of nonconvertible debentures up to Rs 5,000 crore. Additionally, 79,34,267 equity shares were allotted upon stock option exercise. Securities issuance included 1,013,259 NCDs worth Rs 101.32 crore and 1,131,783 NCDs worth Rs 113.17 crore. As of September 30, 2023, net worth was Rs 16,736.92 crore, debt-equity ratio at 2.59, net profit margin at 13.32%, gross NPAs at 3.72%, and net NPAs at 2.22%.
The Bombay High Court has intervened in a dispute between Swashray CHS in Borivali (West) and developer Shanti Enterprises, emphasizing that a housing society should not be bound by a development agreement if the developer consistently defaults, leaving the project incomplete. The court restrained the builder from obstructing construction either through self-development or a new appointee. Swashray CHS terminated its 2018 agreement with Shanti Enterprises in March 2023, citing a lack of faith in completion and outstanding transit rent of Rs 90 lakh.
The Telangana High Court has ruled in favour of 320 Telangana Housing Board employees, putting an end to a 25-year legal battle over house plots. The court dismissed government and housing board arguments, directing the registration of plots for all allottees who make the specified payments within four months. The decision also nullified Government Order (GO) 32, which had restricted genuine allottees, providing relief to employees who had been entangled in the dispute since 1986. The verdict addresses concerns over the conversion of allotted plots into flats and marks a significant resolution to a prolonged legal conflict.
The Punjab and Haryana High Court has instructed the Haryana government to address the alleged seizure of 100 square yard plots in Gurugram, designated for disadvantaged communities by the state, by the 'land mafia'. The court's directive to the state government emphasizes the urgency of addressing these illicit transactions and upholding the rightful allocation of plots meant for the underprivileged. There is a need for prompt legal action to prevent further encroachments and ensure justice for the intended beneficiaries.
Triveni Developers, led by Ashok Jethwa and Mihir Jethwa, face legal action for alleged fraud involving delays and deception in housing transactions, particularly impacting an 82-year-old buyer. Rameshchand Joshi filed a case against the developers, accusing them of failing to deliver a promised flat despite receiving payments. Multiple assurances and missed deadlines led to a case citing breach of trust and cheating. The complaint, now expanded by Joshi's daughter, reveals a wider pattern of fraudulent practices, including selling the same flats to multiple buyers without necessary permissions, emphasizing the importance of vigilance in real estate transactions.
A JLL report published recently reveals that India's senior living market, currently at less than 1% penetration, offers substantial growth potential. Southern cities dominate with a 68% share, driven by factors like nuclear families, career mobility, and evolving perceptions. Independent living units hold an 84% market share, with 2 BHK units comprising 43% of current supply. Senior living projects command a 10-15% premium due to tailored amenities. The aging population is expected to double by 2050, making government support vital for market expansion. Key operators include Columbia Pacific, Vedaanta, Ashiana, and few others collectively holding over 50% market share.
Curated Living Solutions (CLSPL) has acquired a 766-bed student housing facility in Durgapur, West Bengal, marking its entry into brownfield ventures in student housing. Facilitated by real estate consultancy firm JLL, the acquisition adds substantial capacity, bringing CLSPL's portfolio to around 10,000 beds. The strategic move aligns with their growth strategy, combining greenfield developments and brownfield acquisitions across India. CLSPL's partnerships with educational institutions underscore their commitment to tailored student housing solutions, addressing the country's pressing demand, estimated at around 12 million students in need of hostel facilities.
Residential rental values are surging in India's top 7 cities, particularly in IT hubs like Bengaluru, Hyderabad, and Pune, according to ANAROCK Research. Bengaluru's Whitefield witnessed a remarkable 31% growth in rents for a standard 2BHK flat in the first nine months of 2023, leading the trend. Hyderabad and Pune followed with up to 24% and 17% growth, respectively, in key localities. However, rental values may stabilize in the current quarter before potentially rising again in early 2024. Bengaluru boasts the highest rental yield at 4.35%, drawing renewed interest from investors in the housing market.
Panjab University (PU) has contested a municipal corporation (MC) demand for Rs 25 crore in property tax, arguing that certain campus areas categorized as commercial actually fall under the residential segment. A meeting has been scheduled by the civic body to address PU's objections, considering records and surveys. The outcome of this case may set a precedent for how similar matters are handled in the future, impacting the financial dynamics between municipal bodies and autonomous entities. As the meeting approaches, stakeholders eagerly await a resolution that balances the financial interests of the municipal corporation and the perceived tax obligations of Panjab University.
The Sahara Group is embroiled in a protracted legal battle, primarily centred around its Aamby Valley City, a sprawling property near Mumbai and Pune. The legal disputes stem from financial complexities involving Optionally Fully Convertible Bonds (OFCBs) and resulted in the Supreme Court's intervention, leading to attempts to auction Aamby Valley. However, numerous hurdles, including title issues, complicated the liquidation process. The Bombay High Court is currently the focal point for resolution. Despite these challenges, Sahara Group asserts control over its real estate assets, emphasizing its commitment to navigate legal complexities and safeguard its valuable holdings.
The BMC, in response to a structural audit, will undertake both minor and major repairs on 51 bridges from Malad to Andheri, costing Rs 41 crore. M/s CE Infra (India) secured the contract at 23.40% below the estimated cost of Rs 35 crore. M/s SGS Consultancy Services conducted a survey, making recommendations that the initiative follow. This survey covered P/South (Goregaon), P/North (Malad), and K/West (Andheri West) wards. The proactive approach arises from the 2019 Himalaya Bridge collapse, signalling a commitment to safety. The repairs aim for completion within 12 months, navigating the challenges posed by the monsoon.
Ghatkopar station in Mumbai is undergoing a Rs 130 crore makeover, featuring a new middle foot over bridge (FOB) and an elevated deck on the east side. The 12-meter-wide middle FOB will incorporate modern technology and escalators on key platforms, ensuring efficient vertical movement for passengers. The elevated deck, spanning 15 meters in width and 47 meters in length, will connect with the existing Metro FOB and house a booking office with five counters. The project is headed by the Mumbai Rail Vikas Corporation (MRVC) and is expected to be completed in two phases. The upgrade aims to enhance connectivity, streamline passenger movement, and alleviate congestion at the station.
UK home-builder Persimmon experienced a significant uptick in sales rates since October. Analysts from Investec suggest that this improvement may be attributed to increased marketing efforts and additional selling incentives. The housing market faces challenges, with elevated mortgage rates impacting sales and builders issuing profit warnings. Persimmon remains cautiously optimistic, reporting stable overall pricing but acknowledging a slight decline in private average selling prices within its order book. The company anticipates a reduction in headcount as part of a group-wide recruitment.
The festive season in India, spanning Navratri to Diwali, brought a surge in property registrations in Mumbai, with a 30% YoY increase totalling 12,600 registrations and Rs 1,257 crores in revenue. Maharashtra Real Estate Regulatory Authority approved 823 projects, addressing challenges and ensuring a less than 4% customer complaint rate, emphasizing commitment to a stringent registration process. The impact highlights the positive influence of festivities on India's real estate market.
• A residential flat spanning 532 square feet on the 4th floor sold in Swaminarayan Dham in Asalpha for INR 1.02crs. • A residential flat spanning 1,151 square feet on the 34th floor in Earth Enclave in Girgaon for INR 3.15cr
Mahindra Lifespace Developers, the real estate arm of Mahindra Group, has terminated the joint development of a 4.8-acre land parcel in Dahisar East, Mumbai, citing significant delays in regulatory clearances. The project, initially announced in October 2021, aimed to provide approximately 5 lakh sq. ft. of carpet area. Additionally, the company faces a Rs. 4.6 lakh penalty from Pimpri Chinchwad Municipal Corporation for alleged violations related to air pollution control at its Pune construction site, as per the Air (Prevention and Control of Pollution) Act 1981 and state regulations.
Risland India achieves a milestone as Sky Mansion, its South Delhi skyscraper, receives an advanced Occupancy Certificate, signalling readiness for immediate move-in. The subsidiary of Singapore-based Risland boasts a global residential portfolio of Rs 1 lakh crores and aims to apply a 5% price hike this month following the project's completion before the scheduled date. With top-notch amenities, infinite views, and a strategic location, Sky Mansion positions itself as a premium residential choice, with notable neighbours including celebrities like Yuvraj Singh who owns a penthouse in the building.
Eldeco Housing and Industries reported a significant 27.82% decrease in its consolidated net profit for the quarter ending September 30, 2023, with profit after tax at Rs 6.41 crore. The company's total income also dipped by 48.02% to Rs 18.65 crore. Chairman Pankaj Bajaj highlighted their successful land acquisitions, a 6% increase in bookings, and the delivery of 96,546 sq.ft during H1 FY24. Eldeco saw a booking value of Rs. 24.7 crore in Q2 FY24 and secured a capital infusion of Rs. 160 crores. Despite the profit decline, the company remains focused on expansion and development initiatives.
State registration officials in Maharashtra have highlighted the need to relocate 143 out of 519 property registration offices to ground floors for improved accessibility, particularly targeting offices without lifts and currently situated on the first floor. Pune alone has earmarked 16 out of its 27 offices for potential relocation due to these accessibility issues. This initiative aims not only to address physical accessibility but also to ensure that essential amenities are available to all visitors, emphasizing inclusivity and a citizen-centric approach.
The Delhi High Court has addressed a significant issue involving the alleged fraudulent allotment of 128 properties in Delhi based on forged recommendation letters. The court raised concerns about the lack of follow-up actions by relevant authorities and directed the Delhi Development Authority (DDA) to prevent any further third-party interests or sales related to the properties in question. The court expressed dissatisfaction with the lax approach of the Land and Building Department (L&BD) and other authorities involved, emphasizing the importance of holding officials and beneficiaries accountable for their actions. The court called for a thorough investigation, considering the gravity of the situation.
The Uttar Pradesh Housing Board, in a strategic move, has decided to offer a 35 percent discount on around 5,000 unsold flats in Siddharth Vihar, Mandola, and Vasundhara. This initiative, aimed at revitalizing the housing market and providing affordable housing solutions, follows a lukewarm response to a previous 20 percent discount. Online registrations for the discounted properties opened on Diwali, with specific allocations for each location. The housing schemes include approximately 4,700 unsold units, and awareness campaigns are planned to boost their popularity. The move aligns with the board's commitment to affordable housing, potentially addressing the demand surge in Ghaziabad.
The Kolkata Municipal Corporation's (KMC) water supply department has taken a significant step to address water wastage by implementing water meters in upcoming constructions. This initiative aims to gauge neighbourhood water consumption patterns and minimize the significant loss of treated water. Following a survey in the Dum Dum-Cossipore region, the program is being expanded to other parts of the city, starting with the Mukundapur area. The KMC plans to install water meters in all new constructions, including individual apartments and housing complexes. The move comes after alarming figures revealed high water consumption in certain households, prompting officials to take measures to curb wastage and promote responsible water use in Kolkata.
WeWork India, resilient amid WeWork Inc.'s global challenges, seeks to repurchase its 27% stake held by the parent company after the latter filed for bankruptcy. The Embassy Group, the majority owner of WeWork India, remains in talks with WeWork Inc. despite the initial rejection by WeWork. WeWork India, valued at over $500 million in 2020, reported robust financials, targeting a Rs 1,800 crore revenue in FY24. The flexible office space sector, witnessing a resurgence, reflects the changing dynamics of workspace preferences. WeWork India's growth plans include adding 1.5-2 million sq ft annually, emphasizing its independent trajectory in India's co-working landscape.
Warburg Pincus, a global private equity major, has exited its joint realty development platform with Runwal Group, with over Rs 600 crore. The joint venture, initiated in 2019 for retail-led mixed-use properties, involved the development of shopping malls in key Indian cities. Warburg Pincus, which had infused Rs 250 crore in equity capital, achieved superior returns through the exit. Runwal Group has now taken full ownership, acquiring the 50% stake held by Warburg Pincus. The joint platform has commenced projects in Mumbai and Pune, and Runwal is expected to proceed independently with their construction.
In Q3 2023, India's industrial and logistics sector experienced robust growth, with 11.4 million sq. ft. absorption and 17.8 million sq. ft. supply. Tier I cities dominated absorption at 78%, driven by manufacturing, 3PL, and retail demand. Tier I cities supplied 79% of the total space, emphasizing the shift to grade A structures. This reflects the rising importance of Environmental, Health, and Safety (EHS) standards in warehousing. The manufacturing sector led absorption at 33%, supported by incentives, while 3PL closely followed at 32%. Delhi-NCR topped both supply (31%) and absorption (14%), reflecting the sector's dynamic landscape.
Livsyt, a real estate platform in India, has secured $2.5 million in funding from Silicon Valley Quad and Inventus Cap. Livsyt simplifies the home buying and selling process using artificial intelligence, providing users with an integrated platform for exploring homes, negotiating, and handling paperwork. The funding is seen as a significant boost, indicating confidence in Livsyt's approach to revolutionizing the real estate market in India. The platform collaborates with top developers and brokers, aiming to expand its presence in Indian cities. The investment serves as a vote of confidence in Livsyt's potential to bring positive change to the real estate sector.
Dumping of construction materials on Nagpur's footpaths and roads has more than doubled in the last six years, signalling increased encroachment on public spaces. In 2018, Nagpur Municipal Corporation fined 4,747 people (individuals and builders) Rs 77.46 lakh for such violations. By October 2023, this surged to 8,428 people penalized, with fines totalling Rs 1.92 crore. Concerns were raised by the Commissioner of Police, noting risks to motorists. Ashi Nagar zone experienced the highest violations. Despite regulations mandating permission from the municipal department, these practices persist.
The enforcement wing of the Town and Country Planning Department (DTCP) in Gurugram has taken a proactive approach to penalize developers violating Graded Response Action Plan (GRAP) norms. Residents can now use helpline numbers to report any violations, leading to site inspections and appropriate actions. The department has issued challans and warnings to developers, emphasizing adherence to GRAP norms. Penalties are set to be collected before the issuance of occupation certificates, and strict actions are promised against non-compliance. Monitoring teams and field staff have been deployed for continuous site inspections, underscoring the commitment to upholding environmental standards and ensuring sustainable urban development in Gurugram.
In the first nine months of the year, Spain’s Inmobiliaria Colonial faced a net loss of 299 million euros due to declining asset values amid tightened central bank policies. The valuation of assets until June impacted the nine-month results. Despite market challenges, the real estate group reported an 8% rise in operating profit to 129 million euros, driven by lease adjustments and increased occupancy. Colonial adjusted its full-year earnings forecast to 0.31 euros per share. The company’s net debt decreased to 5.12 billion euros, as a result of divestments totalling 574 million euros. However, Colonial’s shares saw a 5.3% decline year-to-date.
IHG Hotels & Resorts, a leading global hotel company, has inked a management agreement with NK Sharma Hospitality Pvt Ltd for the development of two new hotels in the Chandigarh tri-city area - Crowne Plaza Chandigarh Zirakpur in the premium segment with 150 keys and Holiday Inn & Suites Chandigarh Zirakpur from the essentials collection with 200 keys. The hotels are set to open in January 2027 and are strategically located adjacent to National Highway 22 for easy accessibility. The hotels will offer extensive banqueting facilities with approximately 100,000 sq ft of meeting space, poised to cater to weddings, conferences, and events. Guests of both hotels will enjoy benefits from IHG’s loyalty program - IHG One Rewards.
The Hindujas, renowned for their diverse business ventures, made a significant mark in hospitality with the acquisition and transformation of the OWO (old war office) building into the prestigious Raffles Hotel. Their strategic vision and commitment to preserving heritage led to a meticulous seven-year project resulting in a luxurious blend of heritage and modernity. While not aggressively expanding, the Hindujas remain open to unique opportunities globally, emphasizing quality and distinctiveness. Sanjay Hinduja and Shalini Hinduja's hands-on approach underscores the family's dedication to unparalleled luxury experiences, positioning them as pioneers in the hospitality industry.
Beauty and wellness giant VLCC is set to invest approximately Rs 100 crore in revamping existing clinics and expanding its outlets, focusing on both physical and e-commerce channels. The company, boosted by a strong financial performance, has witnessed over 100% growth in customer acquisition. With recent acquisitions like men's grooming brand Ustraa and a strategic investment by Carlyle, VLCC aims to strengthen its position in the beauty and personal care sector, betting on sustained growth and product innovation. The company is open to additional inorganic growth opportunities, eyeing a diverse and dynamic market.
The recent USD 400 million policy-based loan deal between the Central Government and the Asian Development Bank (ADB) in Manila is a significant step toward enhancing India's urban infrastructure, service delivery, and governance systems. This loan, part of the Sustainable Urban Development and Service Delivery Programme, focuses on supporting investment planning and reform actions at the state and urban local body levels. It aligns with the government's urban sector strategy, emphasizing reforms to create liveable cities that foster economic growth through inclusive, resilient, and sustainable infrastructure. The program aims to support reforms for the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) 2.0, addressing universal access to water supply and sanitation, urban planning, legal and regulatory reforms, and more.
The Charkop lake in Mumbai, once a 4.5-acre wetland, is now reduced to 1,000 sq ft due to alleged collusion between the land mafia and government officials. Encroachers have built garages, go downs, restaurants, and stalls, leading to civic demolitions with limited impact. Activists claim the land mafia, with officials' support, filled the lake with debris. In 2013, the Bombay High Court ordered protection for identified wetland areas, but enforcement remains lax. Residents emphasize the ecological role of the wetland, urging officials to act. Despite ongoing environmental studies and complaints, effective conservation measures are yet to be implemented.
The Brihanmumbai Municipal Corporation (BMC) is cracking down on gold and silver smelting units emitting harmful gases during metal melting in South Mumbai. The move addresses public health threats and extends to foundries in Kurla, aiming to curb poor air quality in neighbourhoods like Chembur and Colaba. The BMC has dismantled chimneys in Kalbadevi and imposed strict regulations on industrial facilities for particulate matter emissions, with non-compliance risking legal action. Stop-work notices and warnings have been issued to ready-mix concrete plants. Civic officials are actively notifying construction sites, aligning with BMC's pollution control guidelines released on October 25.
The Abu Dhabi Department of Municipalities and Transport (DMT) has launched the Abu Dhabi Real Estate Centre (ADREC), aiming to enhance the emirate’s real estate sector. ADREC seeks to unify and strengthen the sector through comprehensive regulations, increasing efficiency, transparency, and support for residents, investors, and professionals. It focuses on strategic planning, promotion, regulation, and transaction management. The centre will oversee development projects, participate in real estate events, and promote the Abu Dhabi market globally.
Savills predicts that the UK housing market has passed its lowest point, with prices expected to stabilize by next summer. Despite a 4% decline in 2023, the agency forecasts a 3% drop in average house prices in 2024, followed by a recovery in subsequent years. Savills anticipates Bank of England interest rate cuts in 2024, contributing to the market's revival. London and the south-east may experience further price declines, while Wales and the north-east are projected to see robust growth. Cash buyers remain resilient, but overall property transactions are expected to decrease by 20% in 2023.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has achieved a significant milestone by recovering over Rs 133.56 crore in compensation from real estate developers who failed to deliver possession of apartments to homebuyers. Out of 1,053 warrants issued to recover Rs 627.70 crore, MahaRERA initiated recovery against 190 developers, marking one of the highest recoveries by any real estate regulator in the country. The authority's proactive approach in executing recovery orders sets a template for faster enforcement of Real Estate (Regulation & Development) Act, 2016 mandates, addressing concerns raised by homebuyers and their associations. MahaRERA is also proposing amendments for enhanced regulatory effectiveness.
• A residential flat spanning 425 square feet on the 11th floor sold in Blumen in Vikhroli West for INR 1 cr • A residential flat spanning 1,507 square feet in Cassias Apartment in Bandra for INR 9.59cr
Bengaluru's Prestige Group recently unveiled its largest township, The Prestige City, in Hyderabad on November 9, anticipating sales exceeding Rs 8,000 crore. Spanning 64 acres in Rajendranagar, the project comprises 4,647 apartments, 119 luxury villas, and a retail mall, with a total investment of around Rs 5,000 crore. The development is expected to be delivered in 2027, offering apartments ranging from Rs 79 lakh to over Rs 2.5 crore. Leveraging Hyderabad's unrestricted floor area ratio policy, the project features 13 towers with unrestricted height. Prestige Group aims to generate Rs 5,000 crore annual revenue from Hyderabad real estate.
The Thiruvananthapuram City Corporation is taking action to cancel building numbers and trade licenses for residents and shop owners in City Plaza, a residential-cum-commercial building in Ulloor. Concerns over structural stability arose after a portion of the building's retaining wall collapsed during heavy October showers. The civic body issued an eviction notice, directing residents to vacate within three days. Despite reminders to reconstruct the retaining wall, there was no concrete response. Residents cite the corporation's failure to address unauthorized constructions, urging temporary accommodation. The corporation cancelled building numbers and trade licenses, awaiting a stability assessment report from the public works department.
The state government launched a unified, single-window portal for housing and urban affairs services, promoting digital governance. Residents in 103 urban local bodies can now access municipal and departmental services online. The portal facilitates tasks like property tax payment, trade license approval, and complaint filing, enhancing transparency and citizen engagement. Offering comprehensive information about municipal bodies, it extends beyond ULBs to include services from various entities. The move represents a notable stride towards providing accessible, transparent, and efficient public services, aligning with the government's dedication to digital governance.
The Securities and Exchange Board of India (SEBI) has announced the auction of 13 properties linked to Bishal Group of companies and NVD Solar as part of the recovery proceedings against these companies. The auction, scheduled for December 12, will feature properties with a reserve price exceeding Rs 17 crore. Eight properties are associated with Bishal Group of companies, and the remaining five belong to NVD Solar. The regulatory action is in response to the mobilization of funds through the issuance of Redeemable Preference Shares, allegedly violating public issue norms. The auction will be conducted online, and SEBI urges potential bidders to conduct due diligence.
IndiQube, a leading co-working space provider, has entered into a leasing arrangement to allocate a 1,037-seater managed workspace to Ninjacart, a Bengaluru-based agritech startup. The transaction, advised by Colliers India, supports Ninjacart's expansion into various sectors, including commerce and fintech. The leasing decision aligns with Ninjacart's goal of empowering stakeholders in the agricultural value chain. The company plans to expand its workforce and operations, operating across 70 locations and aiming for a presence in 200 cities and towns in the coming year. The choice of a managed office space, facilitated by Colliers, offers Ninjacart flexibility and cost-effectiveness in its expansion plans.
Peak XV Partners, previously known as Sequoia Capital India & SEA, divested a 1.5 percent stake in Aptus Value Housing Finance India for Rs 213 crore through open market transactions. This strategic move on the National Stock Exchange involved selling 74,35,937 shares at a median price of Rs 287, reducing Peak XV Partners' shareholding from 2.61 percent to 1.11 percent. Concurrently, SBI Mutual Fund and Blue Diamond Properties acquired shares, contributing to a 1.2 percent and 0.3 percent stake, respectively. The shares' identical purchase price led to a 5.98 percent surge in Aptus Value Housing Finance India's stock, closing at Rs 303.20 per share.
CapitaLand India Trust (CLINT) secures a significant INR 13 billion loan from J.P. Morgan for its Navi Mumbai data centre project, signalling a turning point in India's digital evolution. The move reflects CLINT's commitment to astute capital management and diversification. With a robust real estate portfolio and proactive entry into the data centre sector, CLINT emerges as a key player shaping India's digital and real estate future. Stakeholders anticipate how these strategic moves will contribute to the evolving narrative of India's transformation.
The recent disclosure that over 60% of Thane's total property tax collections come from just three affluent wards—Majiwada, Vartak Nagar, and Naupada-Kopri—raises concerns about the city's economic disparities. The underdeveloped suburbs like Mumbra, Diva, and Wagle Estate contribute the least, with experts attributing delayed payments to municipal neglect in these areas. Residents in both affluent and neglected zones face various challenges, from traffic congestion to poor infrastructure. The situation calls for a re-evaluation of municipal priorities to ensure equitable development across all parts of the city.
The Kolkata Municipal Corporation (KMC) has increased the cleaning fees for vacant plots by 75% to curb mosquito breeding and dengue spread. This decision, targeting all 144 city wards, aims to motivate property owners to maintain their plots. The move follows challenges faced by KMC in managing plot cleanliness, especially in dengue-prone areas. The increased fees are expected to reduce the reliance on KMC’s services, encouraging owners to take direct responsibility for their properties' upkeep, thus aiding in the city's public health efforts against dengue.
Phoenix Mills, a leading retail mall developer and operator in India, has acquired 11 acres of land in Thane from Huhtamaki's Indian arm for Rs 429 crores. The acquisition, facilitated by Phoenix Mills' subsidiary Sparkle Two Mall Developers, is part of a strategic move for the development of a commercial project with office spaces in the Majiwada locality. Phoenix Mills has reported a 36% increase in net profit and a 34% growth in income from operations in the fiscal year 2023-24. The company is actively expanding retail destinations across major Indian cities and has a growing commercial office portfolio.
"• A residential flat spanning 1,056 square feet sold on the 25th floor in Marathon Monte South in Byculla for INR 3.74cr • A residential flat spanning 601 square feet on the 20th floor sold in Pearl Residency in Dharavi for INR 92 lacs "
Peninsula Land Limited reported a 112 percent YoY growth in PAT for H1FY24, attributing it to a 57 percent reduction in debt as of September '23. The company's focus on efficient project execution and debt reduction has led to consistent growth, with over 850 apartments delivered in the current fiscal year. Vice Chairman Rajeev Piramal expresses gratitude to stakeholders and envisions robust future growth with over 90 percent debt reduction and a proven track record of delivering multiple projects across cities. The company remains confident in meeting its current liabilities through operational cash flows and planned initiatives.
The Supreme Court has granted interim bail for three months to Rakesh Wadhawan, the promoter of Housing Development Infrastructure Ltd (HDIL), in the Rs 4,300-crore Punjab and Maharashtra Cooperative (PMC) Bank scam case, citing medical reasons. The court considered Wadhawan's health condition and specified that he would be allowed to stay at his residence under police custody at his own expense. The bench delegated the determination of the required police presence and related expenses to the state government. Wadhawan faces charges related to an alleged Rs 200-crore loan fraud from Yes Bank and is under investigation for an alleged Rs 4,300 crore loan fraud at PMC Bank.
A total of 370 construction projects in the state of Maharashtra have been served with show-cause notices and fined a cumulative sum of Rs 33 lakh for their failure to display MahaRERA (Maharashtra Real Estate Regulatory Authority) registration numbers and QR codes. The regulatory measure, implemented in August, mandates the prominent display of QR codes on advertisements to provide potential buyers with essential project information. This move reinforces the commitment to enforcing compliance, curbing misleading advertising practices, and enhancing transparency in the real estate market. A total sum of Rs 22 lakhs have been recovered through such penalties so far.
The Delhi High Court has invalidated a demolition notice issued by the Delhi Development Authority (DDA) targeting "unauthorized" constructions near the Mehrauli Archaeological Park. The court directed the DDA to restart the process, emphasizing the importance of granting a fair hearing to the affected parties before taking further action on alleged encroachments. The court highlighted procedural lapses, stating that no intimation was issued to the petitioners before the demolition notice, and quashed the notice issued in December 2022. The ruling underscores the need for administrative actions to adhere to statutory procedures and principles of natural justice.
Uttar Pradesh Real Estate Regulatory Authority (UPRERA) has taken strict action against promoters of real estate projects, penalizing over a thousand projects for failing to submit Quarterly Progress Reports (QPR) as required. Among these projects, promoters of 732 have neglected to provide any target and completion date details, while 356 projects have not updated their progress targets on the UPRERA portal. The penalties imposed by UPRERA amount to Rs 2 lakh per project for the former and Rs 1 lakh per project for the latter. These penalized projects encompass various categories, including residential, commercial, and plotted developments, and are predominantly situated in regions like Gautam Budh Nagar, Ghaziabad, Lucknow, Meerut, Varanasi, and Agra.
In Greater Noida, a newly formed nine-member committee, led by additional CEO Saumya Srivastava, aims to address and resolve disputes between builders and buyers. This committee, established to expedite conflict resolution, will focus on issues such as the issuance of No Objection Certificates (NOCs), the formation of Apartment Owners Associations (AOAs), and the transfer of interest-free maintenance security (IFMS) funds. The panel comprises officials from various GNIDA departments, including legal representation, and includes two members nominated by the Confederation of Real Estate Developers' Associations of India (CREDAI) to represent builders. This initiative seeks to streamline conflict resolution and improve communication between stakeholders
The City and Industrial Development Corporation (CIDCO) has extended the deadline for payments under the Mass Housing Scheme 2018-19 to January 10, 2024. This extension provides relief to applicants who have been struggling to meet the initial payment deadlines for their housing tenements. CIDCO's decision aims to assist citizens in securing their dream homes, acknowledging the financial challenges faced by many. The extension applies to defaulting applicants who received allotment letters between 2019 and 2022, requiring them to pay the remaining instalments along with any delayed payment charges by the new deadline to avoid cancellation of allotments.
The Karnataka government is deliberating the development of the Knowledge, Healthcare, Innovation, and Research (KHIR) City near Bengaluru, seeking a substantial Rs 40,000 crore investment. Aimed at fostering healthcare, innovation, and knowledge sectors, the project envisions creating 80,000 jobs across 2,000 acres. Phased development within a 60-kilometer radius of Bengaluru signifies a transformative urban expansion. Shri M. B. Patil, Minister for Large and Medium Industries, highlighted the diverse gathering's potential to create a hub of excellence. The initiative engages key figures from the government, research centres, private enterprises, medical institutions, academia, and Karnataka's Strategic Investment Committee.
The Knight Frank-NAREDCO Real Estate Sentiment Index for Q3 2023 reports a decrease in the Current Sentiment Score from 63 to 59, attributed to Middle East conflicts and regional tensions. Despite concerns about a global economic slowdown, the overall sentiment remains optimistic (above 50). The Future Sentiment Index slightly increased to 65, driven by optimism about India's ongoing economic growth. The residential market outlook is strong, with confidence in higher sales and pricing. The office market also shows optimism in leasing, supply, and rental rates. The Developer Future Sentiment score increased to 66, while non-developers achieved their highest score in six quarters at 64.
Star Housing Finance Limited (Star HFL) announced a significant Rs 60 crore capital injection, pending shareholder approval, to accelerate growth and expansion. The company reported a 110% year-on-year increase in Assets Under Management, reaching Rs 319.43 crore. This fiscal strength, marked by a 49% hike in disbursements during H1 FY24, underlines its robust performance. The funds, raised through convertible warrants, will enhance market presence, diversify loan portfolios, and invest in technology. The appointment of Chinnathambi Ilango as a non-executive independent director further strengthens Star HFL's governance.
The Municipal Corporation of Delhi (MCD) has issued new guidelines to address low property tax returns. In cases where tax arrears exceed Rs 25 lakh, punitive actions, including prosecution under the Delhi Municipal Corporation (DMC) Act, will be taken against defaulters. Despite previous measures, such as attaching bank accounts and properties, proving insufficient, the MCD will now initiate prosecution under sections 152A and 467 of the DMC Act for tax amounts exceeding Rs 25 lakh. Assessing officers are mandated to file complaints and commence prosecution proceedings against individuals who have wilfully defaulted on payment or attempted to evade tax.
Knight Frank India has been designated as a Knowledge Partner for the sale of land parcels owned by the Central Warehousing Corporation (CWC), part of the Government of India's initiative. These parcels, located in 54 prime locations across India, cover an estimated total land area of approximately 572 acres. The CWC is monetizing and modernizing its warehouses as part of the National Monetisation plan, involving public-private partnerships under the Design Build Finance Operate and Transfer model. With a concession period of 45 years, the CWC has partnered with Knight Frank India to guide the monetization process and contribute to the nation's vision of reducing logistics costs.
Over the past three decades, Mumbai's Bandra-Kurla Complex (BKC) has undergone a remarkable transformation from an empty marshland into one of the city's most coveted commercial districts. BKC has evolved into a thriving hub for offices, retail, food, entertainment, and luxury living. Notable brands like Apple, Louis Vuitton, Gucci, and others have established their presence in BKC, contributing to its status as a prime location. The area has become more than a business district, offering amenities like restaurants, bars, multiplexes, high-end residential projects, cultural centres, hospitals, schools, and five-star hotels. BKC stands as a symbol of Mumbai's dynamic urban progress.
The Mumbai Metropolitan Region Development Authority (MMRDA) is collaborating with expert consultants to extend the Versova-Virar Sea Link to Palghar, aiming to alleviate Mumbai's traffic issues. With the assistance of consultants, a detailed project report and peer review are in the works, ensuring the project meets industry standards. Once completed, the extended route will link Nariman Point to Palghar, reducing congestion, fostering tourism, and bolstering the economy. By 2026, it's anticipated to handle 60,000 vehicles daily, marking a significant step towards a more accessible and prosperous Mumbai.
The BMC (Brihanmumbai Municipal Corporation) in South Mumbai has terminated its contract with Roadway Solutions India Infra Ltd (RSIIL) due to the contractor's 10-month delay in starting road work. RSIIL now faces a penalty of Rs 52 crores. The decision came after complaints from local officials and politicians about the lack of progress and mismanagement of the road project. This move signifies the BMC's commitment to holding contractors accountable for delays and ensuring the timely completion of infrastructure projects in the region.
Turkey, facing the aftermath of a devastating earthquake, imposed a 25% cap on property rent increases, spurring tensions. Landlords, aiming to sidestep the cap, resorted to illegal means, resulting in 47,000 eviction cases and 100,000 instances of unauthorized rent hikes in the first half of 2023—double the figures from the same period in 2022. Turkey's housing market, ranked as the least affordable globally, has witnessed a surge in rental rates, up by an average of 121% in the past year, leading to violent conflicts and raising concerns about housing affordability and social stability.
In the third quarter of 2023, the Asia-Pacific commercial real estate market investment activity declined by 53.4% year-on-year due to high-interest rates, causing negative risk premiums in some markets. Canada attracted the largest share of outbound investments from the Asia-Pacific region for the first time, surpassing the United States. Canada secured 42% of APAC outbound investments, with the United Kingdom at 26% and Germany at 10%. This shift was accompanied by an eighteen fold increase in deal volumes from APAC to Canada, primarily driven by investments in data centres.
The prefabricated housing market is experiencing a rebound in the U.S. as Americans, priced out of traditional real estate options, turn to more affordable alternatives. Census Bureau data reveals a consistent increase in manufactured home shipments for five consecutive months until August. Elevated mortgage interest rates and soaring home prices have made traditional homeownership challenging for many, leading to increased interest in prefabricated homes. Despite past stigma, these factory-built homes offer cost advantages, with the average price of a prefabricated home, according to May data, at $129,900—about 40% more economical than new or existing site-built homes, even when factoring in land costs.
Group 108's latest venture, "ONE FNG," is set to revolutionize Noida's commercial sphere with a massive investment of around Rs. 1000 crore. Comprising high-rise office towers and a substantial retail area, the project is strategically located near the FNG Expressway. Emphasizing sustainability, wellness, and innovation, ONE FNG aligns with Group 108's commitment to redefine the city's economic landscape. With its Platinum-rated green building certification, registered under RERA, and an estimated completion within five years, this project embodies a visionary approach, indicating a transformative future for Noida's commercial real estate.
Several apartment residents in Bengaluru are facing a dilemma as they are forced to pay significant sanitary charges by the Bangalore Water Supply and Sewerage Board (BWSSB) despite treating their sewage on their own. According to BWSSB rules introduced in 2014, apartments with over 20 flats must establish sewage treatment plants (STPs). Residents argue that they are being charged unjustly, as they are bearing the expenses of STPs. They have raised this issue with BWSSB, stating that they are not receiving services in return for these charges. BWSSB claims they don't impose sanitary charges on apartments complying with sewage treatment norms set by the National Green Tribunal.
In Ladakh, concerns have arisen regarding the Ladakh Industrial Land Allotment policy. The Kargil Democratic Alliance (KDA) and the Leh Apex Body (LAB) have sounded the alarm, highlighting a lack of transparency and local engagement in the policy's development. There are fears that the policy may deprive the people of Ladakh of their land and job opportunities while potentially altering the region's demographics. LAB plans to submit a comprehensive response, emphasising the importance of inclusive governance and the need for transparent policymaking in Ladakh's development.
The Insolvency and Bankruptcy Board of India (IBBI) has proposed significant amendments to enhance the insolvency resolution process for real estate projects. These changes include mandatory project registration with the Real Estate Regulatory Authority (RERA), the exclusion of properties in the possession of homebuyers from liquidation, segregated bank accounts for each project, compliance with RERA Act provisions, streamlined handover processes for units available 'as is, where is,' and the facilitation of separate resolution plans for specific projects. These reforms aim to provide substantial relief to homebuyers and improve transparency, efficiency, and compliance within the real estate insolvency resolution framework.
The Khed district court in Mumbai greenlights the demolition of Sai Resort in Dapoli, Ratnagiri, overturning a trial court's restraining order. Originally owned by Shiv Sena leader Anil Parab, later transferred to Sadanand Kadam, the resort faced legal scrutiny for violating Coastal Regulation Zone (CRZ) guidelines. The Ratnagiri collector's demolition order, challenged in the trial court, was contested by Kadam. However, the district court, citing unauthorized construction exceeding sanctioned plans, emphasizes the importance of upholding environmental regulations. The ruling sets a precedent, reinforcing the necessity of adhering to construction guidelines in ecologically sensitive areas and maintaining the rule of law.
Yamuna Expressway Industrial Development Authority (YEIDA) has allocated two out of five data centre plots in Delhi's Sector 28, generating revenue of Rs 59 crore. These two plots, promising a proposed investment of Rs 1,757 crore, are set to create around 775 jobs. The allocation process was based on thorough evaluations and interviews, with Sify Infinite Spaces Limited and Jackson Limited emerging as the deserving recipients of data centre plots D10 and D9, respectively. These strategic steps align with YEIDA's vision of fostering data centre industry growth, marking a pivotal move in the region's digital transformation and economic development.
Pokhran Road, situated in Thane district, is a burgeoning locale in Mumbai's Metropolitan Region, offering a harmonious mix of residential and commercial developments. The area, with diverse housing options and ongoing infrastructure enhancements, attracted 21 transactions in October. Tata Housing Serein led with 8 transactions, while Raymond The Address showcased the highest-priced flat at Rs. 3.15 Crores. The carpet area ranged from 335 to 1,396 square feet, reflecting varied preferences. With an average rate per square foot of Rs. 20,000, Pokhran Road signifies steady growth and maturation, making it a promising hub in Mumbai's real estate landscape.
The Bruhat Bengaluru Mahanagara Palike (BBMP) is actively digitizing over 40 lakh properties in an effort to combat property tax evasion and boost revenue collection. Four specific wards, including Kodigehalli, CV Raman Nagar, Horamavu, and Arakere, have already initiated the digitization process, with a goal to complete this task for all wards within three months. This move comes in response to Deputy Chief Minister DK Shivakumar's "Nanna Swathu" (My Property) initiative, aimed at improving property tax collection. Digitizing property documents will provide accurate details online, reducing misrepresentation and potentially increasing tax collection, currently at Rs 3,000 to Rs 4,000 crore annually. Defaulters are being sent reminders and may face penalties if dues are not settled by November 30.
Indian real estate developers are embracing the electric vehicle (EV) wave by incorporating EV charging stations in new residential projects. With only 435 EVs per public charger in India, developers like Sobha Ltd and Prestige Group see an opportunity to attract eco-conscious buyers amid a surge in EV sales. The disparity between EVs and public chargers, 2.4% of total vehicle sales being electric in H1 2023, signals a consumer shift. Sobha Ltd's projects in Bengaluru offer EV charging for all parking spots, and other major developers follow suit. As states implement pro-EV measures, this trend not only adds property value but aligns with India's green goals, anticipating over 10 million EVs sold annually by 2030.
Mother Dairy is set to invest Rs 500 crore in establishing a dairy and value-added dairy plant in Nagpur, Maharashtra, as part of its Rs 700 crore capital expenditure plan. The move aims to expand the company's presence beyond North India. The plant will also apply for the production-linked incentive scheme for food processing. It is expected to help Mother Dairy extend its dominance in North India's dairy, edible oil, and frozen vegetable markets while strengthening its position in South India. The company has already expanded its manufacturing capacity and plans to introduce 100 new products over the next three years.
Larsen and Toubro (L&T) subsidiary, L&T Construction, has secured a substantial contract for the Bhogapuram International Airport project in Andhra Pradesh. The greenfield venture, valued between Rs 2,500 to Rs 5,000 crore, will initially handle 6 million passengers per annum, expandable to 12 MPA. Awarded by GMR Visakhapatnam International Airport Limited, the project includes terminal construction, air traffic control tower, runway development, and landside facilities. L&T's expertise in airport construction strengthens its position in the sector and underscores its commitment to enhancing India's aviation infrastructure.
Mira Road's enduring quest for a dedicated court complex, stretching over a decade, is finally approaching fruition. Despite numerous setbacks, including missed deadlines and budget constraints, the community's optimism remains unwavering. Recent inspections of the nearly completed three-story complex offer a ray of hope, with occupancy certificates on the horizon. However, bureaucratic challenges, including pending no-objection certificates and staffing issues, persist. The imminent court operation promises improved access to justice and streamlined legal processes for Mira Road's residents.
Australia is experiencing an unprecedented surge in foreign property investments, particularly from mainland China, Hong Kong, Taiwan, and Vietnam. Inquiries have risen by 400%, with Chinese buyers leading the trend. Government approvals have increased by 40%, especially in major cities like Sydney and Melbourne. Median house prices attracting Chinese investors have risen by over 25% since 2019. This surge aligns with China's post-COVID economic resurgence and increased migration, with Australian net overseas migration reaching a record 500,000 people. Chinese buyers are now inclined toward family homes, indicating a shift in their investment approach.
Germany's residential construction sector faces a crisis with a record number of project cancellations, reaching 22% in October, up from 21% the previous month. Rising interest rates and construction costs have created a challenging environment, leading to a lack of orders reported by 48% of companies. This downturn contrasts sharply with the previous market stability, causing disruptions, insolvencies, and stalled deals. Industry leaders remain hopeful, emphasizing adaptation and financial planning to navigate these challenges, shaping the future trajectory of Germany's real estate sector.
Bollywood actor Ranveer Singh has reportedly sold two residential apartments in Oberoi Realty’s Goregaon project, Oberoi Exquisite, for an alleged sum of Rs 15 crores. The properties, located on the 43rd floor, have a combined area of 2,600 square feet and were sold along with six parking slots. Singh is said to have purchased these apartments in 2014 with his mother. Bollywood actors, including Singh, often make headlines for their real estate purchases, reflecting the industry's trend of investing in real estate as a substantial part of their wealth management strategy.
The Maharashtra government approved the acquisition of Mumbai's iconic Air India building at Nariman Point for Rs 1,601 crore. The decision, made during a cabinet meeting, includes waiving around Rs 250 crore in unrealized income and interest on the property. With the government owning the land, the move aims to transform the building into the state's new office space, addressing space constraints following the 2012 fire at Mantralaya. The 23-storey building, designed by architect John Burgee, will provide essential office space for various departments, showcasing a forward-thinking approach to repurposing iconic structures and utilizing Mumbai's architectural legacy strategically.
• A residential flat spanning 354 square feet on the 12th floor sold in Gulmohar CHS in Pali Hill for INR 75 lacs <br> • A residential flat spanning 372 square feet in Goodwill Unity in Sanpada for INR 17.58 lacs
Man Infraconstruction Limited (MICL), headquartered in Mumbai, declared its Q2FY24 and H1FY24 results, showcasing impressive growth. Notably, MICL launched the iconic 'Aaradhya Avaan' residential tower in Tardeo, Mumbai, adding 21 lakh sq. ft. to its real estate portfolio with a revenue potential of Rs. 5,200 crore. The company secured a significant Rs. 680 crore EPC order from BMCT for the Fourth Container Terminal of JNPT. Despite a dip in Q2 operating revenue, H1FY24 reported steady total income, 8% YoY EBITDA growth, and a substantial 65% YoY surge in net profit. MICL remains optimistic about Mumbai's real estate market and anticipates strong performance with upcoming project launches.
Between January and September 2023, Greater Noida witnessed a surge in flat registrations, with 5,741 flats registered—a notable 30.5% increase compared to the same period in the previous year. On average, 21 flats were registered daily during this timeframe. The Greater Noida Industrial Development Authority (GNIDA) attributes this rise to measures like special registration camps and notices to developers. Currently, 80,000 to 90,000 registries are pending due to various reasons, including builder dues. The GNIDA plans special camps before Diwali to expedite more registries. However, stakeholders emphasize the need for swift resolution of builder dues to address the larger issue.
SEBI has introduced detailed procedures effective March 1, 2024, to address unclaimed funds in entities with listed non-convertible securities, REITs, and InvITs. The move aims to establish a uniform and streamlined process for investors to claim unclaimed amounts. SEBI has defined the handling of such funds, including their transfer to the IPEF and the claiming process for investors. The circulars standardize procedures for listed entities, REITs, and InvITs, ensuring minimal disruptions for investors seeking to claim their unclaimed amounts. Any unclaimed amount in escrow accounts for seven years will be transferred to IEPF.
Reliance Retail has introduced Swadesh, a premium-to-luxury store in Hyderabad, dedicated to promoting India's traditional arts and crafts. Spanning 20,000 to 30,000 sq.ft., Swadesh offers handmade textiles, handicrafts, agricultural products, jewellery, and more. The store emphasizes preserving India's artistic heritage and plans to collaborate with a million artisans by 2025. Swadesh aims to establish ten stores in Indian cities and expand internationally to the US and Europe, integrating with JioMart. As the ethnic handicrafts market grows, Swadesh's entry provides consumers with a unique, upscale shopping experience, celebrating India's diverse artistic traditions.
Anant Raj Limited, a prominent real estate developer, unveils an ambitious expansion plan encompassing residential, commercial, and industrial projects, estimated to generate a collective revenue of nearly Rs 4,000 crore. The flagship project is a luxury housing venture in Gurgaon, spanning five acres with a revenue potential of Rs 1,800 crore. Other initiatives include converting a South Delhi hotel into a versatile office and service apartment centre, expanding the Anant Raj Estate in Gurgaon, and developing the Anant Raj Centre in South Delhi. Additionally, a Tirupati affordable housing project is underway. With diverse offerings, Anant Raj Limited positions itself as a forward-thinking player in the real estate landscape.
The Airports Authority of India (AAI) has retracted its plan to build a restaurant-cum-hangout space at the Juhu parking lot in Mumbai. The decision came after strong opposition from residents and local authorities who emphasized that the area was designated for parking in the city's development plan. The proposed project by AAI was met with resistance, and local officials clarified that current regulations only allow for a security booth (chowky) to be constructed on land reserved for parking. The rollback is seen as a positive step, with hopes for the parking lot to be optimally utilized to address Juhu's parking issues.
The Belagavi Urban Development Authority (BUDA) has called for tenders to create a new master plan for the city that will remain in effect for the next 17 years. The existing 2014 master plan covers Belagavi and 27 surrounding villages. With 28 additional villages set to be included in the new plan, BUDA's jurisdiction now extends to encompass 55 villages. A GPS-based survey, costing ?1.8 crore, will be conducted to gather detailed data in accordance with specified guidelines. The consultancy firm has eight months to submit the new master plan report. This move has sparked opposition from some organizations and farmers concerned about the inclusion of the additional villages.
The State Higher and Technical Education Department has approved Rs. 90 crore for the renovation of the Savitribai Phule girls' hostel at Charni Road following a tragic incident in June. The proposed redevelopment involves an eight-storey building to replace the deteriorating hostel. Two committees were formed to investigate the incident and evaluate security measures in 40 state-wide hostels. The government, responding to recommendations, mandated stringent security measures, including a secure boundary wall, CCTV surveillance, and trained personnel. The reforms reflect a commitment to female students' safety and mark a significant response to the tragic event.
The Gujarat Industrial Development Corporation (GIDC) in Surat is facing a surge in unauthorized construction activities within its industrial estates, prompting the GIDC to seek police intervention. Despite opposition from some industrial unit owners and allegations of external influence, GIDC has requested police assistance to combat these illegal structures. This unauthorized construction issue threatens regulatory compliance, safety, and environmental concerns within Surat's industrial zones. GIDC's efforts to restore order and address the problem signify a crucial step in upholding established norms and ensuring the integrity of the region's industrial landscape.
Kochi and Thiruvananthapuram in Kerala stand out with a cumulative 14 million sq. ft. office space, marking substantial potential in the state's real estate. A report, by CREDAI Kerala and Cushman & Wakefield, outlines the cities' advantageous features like robust infrastructure, income levels, and housing affordability. The state is positioned to attract corporate interest beyond primary markets due to policies, skilled diaspora, and improving infrastructure. While Kerala shows promise, limitations in land availability and high land conversion charges post as challenges, presenting the need for strategic solutions to foster sustained real estate growth.
Panvel Municipal Corporation (PMC) is intensifying property tax collection efforts by deploying 10 teams to issue pre-seizure notices to the highest defaulters within its jurisdiction. This expansion follows instructions from PMC's civic chief, Ganesh Deshmukh, with additional staff appointed since November 1 for this purpose. PMC issued notices to 750 defaulters, including 100 industrial, 301 residential, and 349 commercial properties across Kharghar, Kalamboli, Kamothe, and Panvel. Defaulters may face property attachment and future auctions if they don't settle their tax dues. The current fiscal year has already seen substantial tax collection, with Rs 210 crores collected by November 1, incentivized by a 2% monthly penalty for non-payment and a 2% online payment discount.
Repco Home Finance has recorded a 37.88% surge in net profit for Q2 FY24, reaching Rs 98.10 crore alongside a 20.89% increase in total income. The board has sanctioned fundraising through NCDs and CPs totalling Rs 450 crore. Loan sanctions and disbursements grew by 4% and 7%, respectively, with a stable loan spread of 3.4%. GNPA and NNPA ratios improved significantly, and the capital adequacy ratio stood at a strong 35.8%, signalling a robust financial standing and a confident stride forward in the housing finance market.
Mumbai's iconic Dhobi Ghat witnessed a historic moment as the Slum Rehabilitation Authority (SRA) and Omkar Realtors allocated 1,000 homes in the world's tallest rehabilitation towers. This milestone project, developed under Maharashtra's slum rehabilitation scheme, has already provided shelter to 900 families. With a vision to house 16,000 slum residents, the project covers 12 acres in Mahalaxmi, offering luxury homes with scenic views. Omkar has delivered over 17,000 units in Mumbai. This achievement marks a significant step in improving living conditions for the city's slum dwellers.
Mindspace Business Parks REIT is revolutionising commercial real estate with the launch of its Infrastructure Monitoring & Operations Centre (IMOC). IMOC offers centralised control and real-time analytics for Mechanical, Electrical, and Plumbing (MEP) utilities, enhancing energy and water efficiency while improving occupant experience. Implemented in key projects in Mumbai, Pune, and Hyderabad, IMOC streamlines operations, optimises man-hours, reduces downtime, and extends infrastructure life cycles. This aligns with Mindspace Business Park REIT's sustainability goals, already meeting global Green Building standards, further emphasising the importance of operational energy efficiency in commercial real estate.
Mumbai's suburban railway network has expanded with the inauguration of its sixth line, aimed at improving capacity, connectivity, and passenger comfort. The project, initiated on October 7, 2023, successfully rehabilitated approximately 607 Project Affected People (PAPS) and relocated nearly 1,000 trees. It also provided independent connectivity to both the 5th and 6th lines at Bandra Terminus Yard by modifying existing tracks and dismantling obstacles. The project involved land acquisition, upgrading 27 foot overbridges, constructing new railway structures, including flats, electronic Interlocking buildings, traction substations, and booking offices. All previously cancelled and rescheduled services were fully restored by November 6.
The Brihanmumbai Municipal Corporation (BMC) has successfully installed the second girder of the Vidyavihar Railway Over-Bridge (ROB) in Mumbai, with each girder weighing 1,100 metric tonnes and measuring 100 meters in length and 9.5 meters in width. This marks a critical step in a project aimed at easing traffic congestion between Ghatkopar and Vidyavihar in the eastern suburbs while providing direct connectivity between Lal Bahadur Shastri (LBS) Marg and Ramkrishna Chemburkar Marg. The completion of both girders, among the longest in India without pillars for support, brings the project closer to its goal of full operation by December 2024, with an estimated cost of Rs 178 crore.
The Public Works Department (PWD) of Goa faces a budget shortfall, bringing state road repairs to a standstill. Having already spent its Rs 90 crore budget on the Western bypass project due to an order by the National Highway Authority, the PWD now seeks additional funds. PWD Minister Nilesh Cabral acknowledges the urgency for road maintenance and anticipates discussions with the Chief Minister for financial reinforcement. As the department awaits a post-National Games resolution, road repairs are slated to begin by December, conditional upon the release of consolidated fund allocations.
Google, owned by Alphabet, is facing significant cutbacks and uncertainty surrounding its ambitious Downtown West campus project in San Jose. Once envisioned as a sprawling urban development with housing units and public parks, the project is now mostly a demolition site, raising concerns about its long-term impact. Google's downsizing efforts, which began earlier this year, have included reducing its San Jose development team. While the company had made commitments to the San Jose community, offering a substantial community benefits package, the fate of the project remains uncertain. San Jose Mayor Matt Mahan maintains confidence in Google's commitment, but the situation reflects the challenges and adjustments tech giants like Google are making in their real estate ventures.
China saw a 32.3% increase in property foreclosures in the first nine months of the year, with 584,000 homes being seized due to owners struggling with debt amid a property market downturn and an uncertain economic recovery. The survey by China Index Academy highlighted a rise in residential foreclosures and a decrease in properties being bought at auctions. The province of Sichuan experienced the highest number of foreclosures. Despite better-than-expected economic growth in Q3, the troubled property sector, facing a liquidity crisis, remains a major concern that could impact the financial sector both domestically and internationally.
DB Realty Limited has finalized the sale of its subsidiary, Real Gem Buildtech Private Limited (RGBPL), to Kingmaker Developers Private Limited for approximately Rs 231.42 crores. This strategic move allows DB Realty to optimize assets and fund expansion plans. The transaction includes RGBPL's luxury project, 'Rustomjee Crown,' enhancing Kingmaker Developers' position in Mumbai's real estate market. This all-cash deal demonstrates DB Realty's adaptability to evolving regulations and signifies strategic industry collaborations, reflecting the dynamic nature of the real estate sector.
Mumbai's Food and Drug Administration (FDA) has intensified inspections, leading to the closure of 18 restaurants, including Burn-Bar and Kitchen, for hygiene violations. The FDA's crackdown highlights the importance of adhering to food safety regulations for public health. Violations at Burn-Bar and Kitchen included expired goods, synthetic food colour use, and inadequate segregation of vegetarian and non-vegetarian items. The FDA's vigilance, despite manpower challenges, emphasizes the city's commitment to stringent food safety standards. In a separate operation, the FDA collaborated with the police to dismantle a milk adulteration racket, reinforcing the agency's dedication to food integrity.
NDTV has secured a lease for 1,28,000 sq ft in Max Square, a project by Max Estates Limited. Max Square has already leased out 50% of its office space within six months of its completion. Located on Noida Expressway, the development has a total leasable area of 700,000 sq ft, with New York Life Insurance Company as a 49% partner. The high demand for this premium space has led to a rental premium of 25%-30% over the prevailing market rate. Despite challenging financials in H1 FY24, Max Estates has strategically acquired land parcels, signaling its intent for potential future developments in the Delhi-NCR region.
• A residential flat spanning 609 square feet on the 22nd floor sold in Godrej Nirvaan in Thane West for INR 66cr • A residential flat spanning 829 square feet on the 8th floor sold in L&T Seawoods Residences in Seawoods for INR 2.14cr
In the heart of Manhattan's Nolita, a 2,900 sq ft, three-bedroom haven once owned by Joe Jonas and Sophie Turner hits the market for $5,999,999, embodying the intersection of love, divorce, and celebrity real estate. Purchased in 2018 for $5.6 million, the upscale condo underwent price reductions from $6.5 million to $5.4 million before being taken off the market in 2021. In an exclusive boutique building, the residence showcases the couple's sophisticated lifestyle with an open-concept space, oak flooring, a stylish kitchen, and a private terrace. This real estate chapter adds to their ventures, including homes in Encino, CA, and Miami, revealing a tale of love and property in the world of celebrity real estate.
• A residential flat spanning 385 square feet sold on the 8th floor in Greenstone Heritage in Fort for INR 1cr • A residential flat spanning 744 square feet sold in Sai World Empire in Kharghar for INR 1.51cr
The Delhi Development Authority (DDA) is soliciting bids for a consulting firm to oversee the demolition of the structurally troubled Signature View Apartments in Mukherjee Nagar. A study by the Indian Institute of Technology Delhi in 2021-2022 confirmed the building's unsound condition. The DDA is seeking an experienced consultant to manage the demolition, waste removal, and recycling, with a potential six-month engagement. A pre-bid meeting has been scheduled to address potential bidders' questions and concerns. Meanwhile, residents are requesting a reduction in the 100% evacuation requirement to 75% to facilitate a smoother transition to temporary accommodations. This initiative aims to ensure a safe and efficient demolition process.
Godrej Properties, the real estate arm of the renowned Godrej Group, has announced outstanding financial performance for Q2 ending on September 30, 2023, signalling a promising future in India's real estate market. The company is set to surpass its projected new bookings of Rs. 14,000 crores, achieve record cash collections, and complete projects at an all-time high in the current fiscal year. The company plans to launch 14 new projects and expand 10 existing projects. Q2 saw their highest quarterly sales, a 48% increase in half-yearly sales, and an impressive 29% increase in collections, highlighting financial stability. The company's net profit increased by 22%, reflecting strong growth in total income and effective cost management.
Golden I's IT/ITES project, 'Blue-Signature Suites', in Greater Noida West has achieved an unprecedented milestone, selling out on its launch day. This success highlights the intense demand for contemporary commercial spaces in the area. With an IGBC certification, the project comprises 210 corporate suites and 850 square feet of saleable area. The star attraction of the project is the iconic Blue Sky Tower with luxurious corporate suites featuring low density rooftop spaces with unique and exclusive features. This pioneering development aims to set new industry standards in the realm of luxury and innovation within Greater Noida West.
Two brothers, Vasant Sham Gulhane and Sajan Sham Gulhane, were arrested for attempting to illegally claim and sell government-owned land in Chembur allotted to the Mumbai police. They erected a signboard warning trespassers and submitted forged property documents, including a 7/12 extract with their father's name as the owner. The police suspect they were manipulated by developers seeking financial gain. The brothers have not revealed the extent of their involvement with the developers. An FIR was registered against them for cheating, criminal trespass, and forgery. Further investigations are underway to identify additional suspects involved in this land-grabbing scheme.
The state government of Andhra Pradesh is in the process of refining its proposed land allotment policy for industries to attract potential investors. This follows the recent approval of the new policy by the state cabinet, led by Chief Minister YS Jagan Mohan Reddy. The cabinet has directed the industries department to prepare a comprehensive plan for further discussion, particularly regarding land allotment options. While no decisions have been made on the third option, which involves executing a sale deed for projects executed in phases, the cabinet did deliberate on the prospect of allotting land based on sale agreements or sale deeds instead of the current lease-based model. These efforts aim to create a more investor-friendly environment and foster economic growth.
A proposal is in motion to establish an overseeing authority for housing societies in Gujarat, addressing the inadequacies of the current cooperative registrar's manpower. The move comes in response to the growing complexities and challenges faced by housing societies. Many residential societies have faced prolonged delays in auditing their accounts, resulting in a pressing need for a more efficient regulatory body. The new authority aims to ensure better management, accountability, and governance within these societies, ultimately benefiting residents and stakeholders alike.
The Karnataka Real Estate Regulatory Authority (K-RERA) has issued an interim order instructing the Bangalore Development Authority (BDA) to promptly register its Arkavathy Layout project, following a complaint by a site allottee regarding project delays and lack of amenities. The K-RERA panel noted the BDA's absence during proceedings from September 2022 to September 2023 and has directed the BDA commissioner to complete the project's registration under Section 3 of the Real Estate (Regulation and Development) Act, 2016, within two weeks. Additionally, the BDA has three weeks to justify why penalty proceedings should not be initiated under Section 59(1) of the Act.
According to a survey by Localcircles, cash transactions in property deals have risen, with 24 percent of respondents stating they did not need to use cash for property purchases, compared to 30 percent two years ago. While digital transactions have seen growth, the survey revealed that 82 percent used cash for daily purchases such as groceries and dining out over the past year. The survey, involving 44,000 individuals from 363 districts, noted that a significant portion of property transactions involved cash payments, despite efforts to reduce reliance on cash in the economy, particularly following demonetization in 2016.
Borivali East, a thriving Mumbai suburb, offers diverse housing options and robust infrastructure, making it a sought-after living destination. In October, the real estate market witnessed 57 transactions, with CCI Rivali Park leading with 20 deals. The carpet area varied from Ambrosia Tower's generous 1,518 sq ft to Chandak Nishchay's snug 368 sq ft. Oberoi Sky City set a record with a luxury apartment selling for Rs. 4.4 Crores, surpassing the average rate per sq ft. Borivali East's real estate narrative highlights demand for spacious homes and a growing attraction for high-value investments.
The Bruhat Bengaluru Mahanagara Palike (BBMP) is taking robust measures to compel property tax compliance. Defaulters now face severe consequences, including vehicle seizures, bank account freezes, and property sealing. BBMP aims to collect Rs 4,790 crore in property tax and related cess for the fiscal year 2023-24. BBMP is intensifying reminders, sending text messages to defaulters with online payment links and warnings of legal actions under the BBMP Act-2020. A proactive physical verification process is also in place to ensure accurate property data. BBMP's comprehensive approach and digital initiatives set a positive precedent for efficient tax administration and equitable resource allocation.
Fortune Hotels, a part of ITC's hotel group, has inaugurated Fortune Park in Aligarh, marking its fourth establishment in Uttar Pradesh. The hotel boasts 65 well-designed rooms with modern interiors and top-notch amenities. The hotel features spacious banquet areas, cutting-edge facilities, and gourmet options, catering to diverse events. Located conveniently near key landmarks, the hotel ensures easy access to prominent attractions and business centres. With this launch, Fortune Hotels expands its presence in Uttar Pradesh, complementing its existing hotels in Lucknow, Noida, and Ghaziabad.
Square Yards, a prominent real estate platform, celebrates a significant milestone as its asset management division, PropsAMC, which has successfully helped over 300 homebuyers reclaim Rs 100 crore in contentious legal battles with developers. This achievement underscores Square Yards' dedication to safeguarding their clients' investments. Recognizing the challenges faced by homebuyers in complex legal disputes, PropsAMC established legal services to address these issues, along with property tax conflicts and owner disputes. The division's impact extends to digitizing 20 million property registration records, empowering users with valuable information for informed real estate decisions.
The Brihanmumbai Municipal Corporation (BMC) faces challenges in its ambitious road concreting project, with penalties exceeding Rs 82 crore imposed on contractors due to delays. Roadway Solutions India Infra bears the largest share of Rs 54.1 crore in penalties for roadwork in the island city. The project, covering 890 stretches on 110 roads, totalling 397 kilometres, lacks clear completion percentages, raising concerns. BMC plans to deduct fines from ongoing invoices, with contractors holding a 1% security deposit to offset penalties. Following a termination notice to Roadway Solutions, the BMC may consider an ex-parte termination order. The project's future is uncertain, sparking political debates and concerns.
A new Foot Over Bridge (FOB) was inaugurated at Kurla Station on November 4, 2023, marking the sixth addition to Kurla's FOB network. Costing approximately Rs 10.62 crore, this bridge boasts a width of 8.00m and a length of 79.85m with 44 columns and 4 spans to accommodate a large number of passengers. The FOB features five strategically located staircases, a Skywalk of 13.61 x 4.00m, and is expected to alleviate overcrowding and enhance passenger flow at Kurla Station. This development aims to improve Mumbai's public transportation network and enhance the daily commute experience for thousands of passengers.
India and Bhutan have agreed to enhance regional connectivity, focusing on projects like a 58-km cross-border rail link connecting Gelephu and Kokrajhar in Assam and an 18-km rail link between Samtse in Bhutan and Banarhat in West Bengal. This collaboration aligns with Bhutan's plan for a smart city at Gelephu, boosting trade and tourism between the two countries. Additionally, the Darranga-Samdrup Jongkhar border crossing was designated as an immigration check post, promoting smoother travel and facilitating exchanges with Bangladesh. These initiatives are expected to support Bhutan's economic growth and create employment opportunities.
Skanska, a Swedish construction company, reported disappointing third-quarter earnings due to property market challenges, resulting in asset write-downs and goodwill impairment charges. Skanska’s shares dropped by 12% as the operating profit fell from 1.52 billion crowns to 549 million crowns, missing the estimated 1.58 billion crowns. The company attributed these issues to changing property values and interest rate hikes globally. They expect weak property markets in the Nordics but anticipate strong construction activity in the U.S. Despite concerns about a recovery in the development businesses, Skanska’s CEO, Anders Danielsson, emphasized the need for stability in inflation and interest rates.
A recent report by JLL, reveals that Mumbai and Hong Kong, the lowest-ranked cities in sustainable office spaces, are expected to face a severe shortage of 62% and 68% in high-quality eco-friendly office spaces, respectively. Singapore, Melbourne, and Delhi are also projected to experience undersupply, with deficits of 56%, 43%, and 44%. This scarcity is driven by businesses' ambitions to achieve net-zero carbon (NZC) goals, causing tenants to prioritize building-specific sustainability criteria, like energy efficiency and renewable energy sourcing. The report underscores the need for retrofitting in the Asia Pacific region to align with impending regulations and meet the rising demand for sustainable office spaces, encouraging investors and property owners to make gradual improvements to gain a competitive edge and reduce the risk of financial penalties or rental losses. Some governments are actively supporting these efforts through incentives and regulations.
Canada's Liberal government has announced plans to maintain its immigration targets at 465,000 new residents for this year, rising to 485,000 in 2024 and 500,000 in 2025. The levels are set to be sustained in 2026. This decision aims to balance economic and population growth while considering impacts on critical systems like housing and infrastructure. However, experts, including the Royal Bank of Canada, suggest that a higher immigration rate might be necessary for long-term stability. The delicate balance between attracting immigrants for growth and managing associated challenges remains a significant concern for Canada.
Kinnteisto LLP, led by accomplished investor Rekha Jhunjhunwala, completes a significant real estate transaction in Mumbai. The acquisition includes over 1.94 lakh square feet of commercial office space in the prominent business areas of Bandra Kurla Complex (BKC) and Chandivali, valued at approximately 740 crore rupees. This comprises 1.26 lakh square feet in BKC's 'The Capital' and 68,195 square feet in Chandivali's Boomerang building. The properties were purchased from Wadhwa Group Holdings Pvt Ltd and Kanakia Spaces Realty Pvt Ltd, respectively. The acquisitions, part of Jhunjhunwala's long-term investment strategy, also provide access to 234 parking slots, enhancing their overall value.
Macrotech Developers reported a net consolidated profit of Rs 202.8 crore, a substantial shift from the loss of Rs 932.9 crore in the corresponding quarter of the previous fiscal. Their total income marginally decreased to Rs 1,755.1 crore from Rs 1,761.2 crore it recorded in the similar quarter last year. Notably, the company achieved impressive pre-sales of Rs 3,530 crore, marked by a 12% year-on-year growth, and recorded a 16% increase in customer collections, reaching Rs 2,750 crore. The firm's present focus is on reducing debt, trimming it by Rs 540 crore to Rs 6,730 crore. The company remains on track to meet its set financial targets amid steady development in the real estate sector.
The Bombay High Court has accepted a Public Interest Litigation (PIL) concerning the Panel City Municipal Corporation's (PCMC) handling of a slum rehabilitation project in Panvel. The PIL alleges that the PCMC divided a flood-prone plot without environmental clearances for a slum rehabilitation building. This plot falls under the Coastal Regulation Zone (CRZ), where construction is prohibited due to flood risks. The PCMC is accused of failing to obtain a technical report, potentially impacting the environment. The PIL also questions the PCMC's transparency and eviction of slum residents without adequate alternative housing. The PCMC denies the allegations, stating that all necessary formalities were completed before commencement of work.
The Delhi Development Authority (DDA) is set to light up this Diwali with a major housing scheme, offering over 30,000 apartments across prime locations including Dwarka, Narela, and Vasant Kunj. The festive rollout caters to various income brackets, with luxurious penthouses and budget-friendly options. Prospective buyers are advised to register promptly, as the scheme operates on a first-come basis. Prices are likely to range from Rs 11 lakh for EWS flats to Rs 3 crore for premium SHIG units, subject to final revisions at launch.
The Yamuna Authority is set to launch an industrial township on 500 acres in sectors 10 and 32 off the Yamuna Expressway, aimed at attracting Japanese companies in the field of electronics, chips, semiconductors, and AI sectors. It allows multiple land uses, including industrial, residential, commercial, and institutional spaces. The state cabinet's new FDI policy, offering exemptions in land costs and stamp duties, is expected to entice more companies to establish factories. Companies have to invest at least Rs 100 crore to qualify for these FDI benefits, including GST exemptions and financial support for worker accommodations. The proposed township will provide all essential facilities for Japanese nationals, creating a self-sufficient unit.
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The Odisha Apartment (Ownership and Management) Act, 2023 has been officially announced by the Housing And Urban Development Department in Odisha. This legislation aims to provide clarity and structure to apartment ownership in multi-unit housing complexes. It outlines the rights and responsibilities of apartment owners, developers, and apartment associations. Key provisions include defining exclusive apartment ownership, transferring ownership of common areas and facilities to apartment associations, and specifying the responsibilities of developers and apartment owners. This Act is expected to bring transparency and accountability to the apartment ownership landscape in Odisha, benefiting both developers and apartment owners.
Air India, owned by the Tata Group, has signed a lease agreement for seven floors, spanning 1,80,750 square feet of office space, at Gurugram's Vatika One on One building. The five-year lease, with an annual rent of Rs 24.05 crore, commenced on September 29, 2023. Air India paid an interest-free refundable security deposit of Rs 11.34 crore and a rent-free fit-out period is granted until March 2024. The rent would be hiked by 15% after three years. Vatika One on One is a 12-acre office complex located just six kilometres from Indira Gandhi International Airport, offering signal-free connectivity.
In the first half of the current fiscal year, India's listed Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) have collectively raised Rs 18,658 crore. During the entire 2022-23 fiscal year, InvITs gathered Rs 2,596 crore, while listed REITs did not mobilize any funds, according to data from the Securities and Exchange Board of India (SEBI). The surge in fundraising can be attributed to strong demand for infrastructure investments, appealing returns, and favourable government policies. Experts predict these trends will continue in the second half of the year, with a focus on infrastructure development.
Brookfield Properties, a subsidiary of Brookfield Asset Management, has successfully refinanced a Rs 2,100 crore debt associated with Equinox Business Park in Mumbai. This strategic move, facilitated by Punjab National Bank, replaces prior loans from Housing Development Finance Corporation (HDFC). The new debt offers improved terms with an 8.60% interest rate, extending until September 2038. High occupancy rates and a strong client base led to this refinancing, reflecting the property's exceptional performance since its acquisition in 2018. The recent leasing success highlights Brookfield's prudent financial approach and commitment to enhancing commercial real estate.
The Pune Municipal Corporation (PMC) is aggressively addressing property tax defaulters to bolster its financial stability. In just four days, they've taken action against 40 delinquent property owners, owing a total of approximately Rs 8 crore in arrears. After issuing notices and warnings, PMC has begun sealing these properties and has already collected Rs 1.8 crore. They plan to auction around 200 sealed properties, potentially adding Rs 60 crore to their coffers. However, critics raise concerns about amnesty schemes for defaulters, underscoring the need to balance fiscal responsibility and fairness for diligent taxpayers. PMC's efforts are crucial for sustaining essential city services.
GIC Housing Finance, a prominent player in India's housing finance sector, reported a 46.39 percent decrease in its net consolidated profit in Q2 FY24, with a profit after tax of Rs 30.19 crore, down from Rs 56.31 crore in the previous year. The company's net consolidated total income also dipped by 3.81 percent to Rs 270.19 crore from Rs 280.89 crore in the previous year. Factors contributing to this decline include stagnation in the Indian real estate sector, rising costs of funds, and increasing competition from banks and NBFCs. GIC Housing Finance is actively pursuing cost optimization and diversification to overcome these challenges.
Kamat Hotels India Ltd has recently launched a new addition to their upper mid-segment hotel chain, 'IRA by Orchid Hotels,' in Nashik. This strategic expansion follows the successful establishment of two IRA hotels in Mumbai and Bhubaneswar. The new Nashik hotel is ideally situated along the bustling Nashik highway, offering 32 well-appointed rooms with modern amenities. It features two restaurants, 'Makeba' for outdoor dining and 'Crossroads' for formal dining, serving a variety of Indian and continental cuisine. It also provides electric vehicle (EV) charging stations for eco-conscious guests.
The Brihanmumbai Municipal Corporation (BMC) has sent a strong message to more than 100 contractors and real estate firms in Mumbai, warning them to strictly adhere to dust mitigation norms or face punitive measures. As the city grapples with deteriorating air quality, the BMC issued a new set of guidelines, giving builders and contractors one month to acquire essential equipment to combat air pollution. The move is part of a comprehensive effort to enhance Mumbai's Air Quality Index (AQI).
The BMC's K west ward in Mumbai demolished 45 unauthorised structures, allowing the Metro 6 project to progress. This initiative not only promises to enhance connectivity but also addresses traffic congestion and waterlogging issues. The Mumbai Metropolitan Region Development Authority (MMRDA) is set to further improve civic amenities, facilitating urban planning. With these infrastructure projects, Mumbai is determined to overcome challenges, enhance public transportation, and elevate the quality of life for its residents. This progress sets an inspiring precedent for cities globally.
The revenue department in Kochi has issued an 11(1) notification for land acquisition for five metro stations on the Phase II line of the Kochi Metro, with two more notifications expected soon. The proposed stations at Palarivattom Junction, Kakkanad, Cochin SEZ, Chittethukara, and Kinfra will require the acquisition of 0.9544 hectares of land from Edappally South and Kakkanad villages. KMRL aims to create eco-friendly, modern architectural designs for the stations. Construction work is planned to be expedited, with a precast method for station construction. There are some concerns about the proximity of the St Michael's Church to the metro alignment which had earlier led to protests.
In Q3 2023, Dubai’s housing real estate market showed mixed trends. Housing prices surged by 27.2% year-on-year and 2.1% quarter-on-quarter, with villa rentals experiencing a substantial 38.7% annual increase. Average annual rents for various villa sizes ranged from Dh312,000 to Dh492,000, while apartment asking rents increased by 19.1% annually. Residential occupancy reached 88.9% in Dubai. Despite the strong demand, the rental market witnessed a gradual slowdown with a 20.6% annual growth, slightly lower than the previous year. The market also saw a significant increase in transactions and market value, underscoring Dubai's enduring appeal as a dynamic real estate hub.
• A residential flat spanning 1,218 square feet on the 3rd floor sold in Kalpataru Imperia in Santacruz West for INR 4.86cr • A residential flat spanning 422 square feet on the 30th floor sold in Supremeo Salvia in Mulund East for INR 78 lacs
The Adani Group is considering investing a substantial Rs 12,000 crore for the redevelopment of Dharavi, Asia's largest slum. Adani owns 80% of the Special Purpose Vehicle (SPV), while the Maharashtra government holds the remaining 20%. The project aims to enhance living conditions, promote sustainable development, and stimulate economic growth. It is expected to serve as a model for slum redevelopment on a global scale. Additionally, the transformation of Dharavi includes a Metro rail project linking it to Mumbai and a new road connecting it to the Bandra-Worli Sea Link. The first round of additional funding is expected in 2024.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has upheld the suspension of registration for 182 real estate projects due to their failure to meet the mandated conditions for updating quarterly progress reports. This decision comes after promoters of 222 projects sought to have the suspension lifted, claiming to have paid penalties and provided updated reports. However, MahaRERA found that only 40 projects met all necessary conditions, leading to a directive for the remaining 182 to resubmit required information. The regulatory body also identified deficiencies in the reports. MahaRERA's commitment to transparency, accountability, and protecting homebuyers is evident, underscoring the importance of complying with reporting and regulatory obligations in the real estate sector.
WeWork, supported by SoftBank, has filed for U.S. bankruptcy protection due to its struggling business model, with shares plummeting by about 98.5 percent in a year. The company, which maintained office spaces at 777 locations worldwide as of June, acknowledged its inability to survive without restructuring costly leases. About 92 percent of WeWork's lenders have agreed to convert their debt into equity, reducing the debt load by $3 billion. Expensive leases and the shift of corporate clients to remote work challenged WeWork's profitability, with space costs accounting for 74 percent of Q2 2023 revenue. SoftBank hopes the restructuring agreement will pave the way for WeWork's revival.
Ipsita Dasgupta, the Managing Director of HP India, recently purchased a luxury apartment in Mumbai's prestigious Worli locality for over Rs 22.50 crore. She acquired the 2,964 sq ft flat on the 4th floor of the super-premium project, Raheja Artesia, from K Raheja Corp Homes. The deal, completed on October 26, includes exclusive access to three car parking slots. Notably, the same building has seen other high-value transactions with prices averaging around Rs. 1.25 lakh per sq.ft. Mumbai's property market remains robust, with over 1.04 lakh property registrations in the first ten months of 2023.
• A residential flat spanning 350 square feet on the 1st floor sold in DB Orchid Heights in Mumbai Central for INR 63.40 lacs<br>• A residential flat spanning 402 square feet on the 20th floor sold in AIM Paradise in Jogeshwari East for INR 61.15 lacs
Arvind SmartSpaces reported a remarkable upswing in its financial performance for Q2 FY24, with a net profit of Rs 10.83 crore, marking a substantial increase from the Rs 4.89 crore recorded in the same quarter of the previous fiscal. The company's net consolidated total income also demonstrated robust growth, reaching Rs 75.27 crore, a 45.82% expansion from the previous year. Sales value for the quarter was Rs 369 crore, with a 95% year-on-year growth, and collections reached Rs 263 crore, growing by 133%. Net debt decreased to Rs.141 crore, primarily due to strong internal accruals, leading to a net debt to equity ratio of 0.30.
State-owned NBCC has made substantial progress in completing Amrapali's stalled housing projects in Noida and Greater Noida. Around 13,500 homes have been completed, with 5,100 units already handed over. Acting as a Project Management Consultant (PMC), NBCC is overseeing the completion of 38,159 units and pending facilities in 25 projects. Funding support, including Rs 1,496.45 crore from a consortium of banks, has facilitated this progress. NBCC's dedication to fulfilling homebuyers' dreams is evident, with a commitment to completing all projects by March 2025. This progress marks a significant achievement in the real estate sector.
Mumbai's urban landscape is set for a transformation as the state's urban development department has proposed a minimum area of 405 square feet for all BMC and MHADA rehabilitation homes. The move aims to enhance living conditions for residents in these housing complexes. Notably, a key provision in the proposal mandates that the fungible compensatory area should be granted to existing tenants without a premium charge, ensuring additional living space beyond the minimum requirements. This change, which puts an end to developer objections, marks a significant shift in urban development. The notification also facilitates the demolition of 19 BMC-owned buildings to make way for the Bandra-Sewri connector, boosting connectivity in the city.
The Yamuna Expressway Industrial Development Authority (YEIDA) has introduced a plot allotment scheme aimed at promoting the establishment of hotels in Greater Noida's Sector 28. These hotel plots come in three different categories and will be allocated through e-auctions. With their proximity to Jewar Airport, these plots are in an attractive location for both budget and premium hotels. The application deadline for plot allotment is November 20. The Uttar Pradesh Government will lease the plots for 90 years to selected bidders.
Realtors in Hyderabad are calling for revisions to the Real Estate Regulation and Development (RERA) Act of 2016 and the TS RERA portal to boost transparency and expedite project approvals. Their demands, raised at a RERA conclave organized by the National Association of Realtors (NAR), include reducing penalties for non-registration under RERA, making government agencies stakeholders to streamline processes, implementing a title guarantee scheme, and enhancing title insurance. These changes aim to create a more transparent and accountable real estate environment, ensuring the interests of both buyers and developers are safeguarded. If implemented, they could significantly improve the sector's efficiency and trustworthiness.
Eight builders in the Tricity region are facing fraud allegations for allegedly obtaining a loan of Rs 6.07 crore from a private firm and failing to repay it. The accused individuals, who presented themselves as established builders with multiple construction companies, secured the loan in July 2016 but later stopped making loan payments, despite initial instalments. The private firm took legal action, and the police registered a case under various sections of the Indian Penal Code. This case highlights the importance of due diligence in financial transactions and may impact the lending and financial sector's practices. The investigation will determine the veracity of the allegations and whether there was deliberate fraud.
India's commercial real estate sector experienced a 7% surge in ready supply and a 20% increase in net occupancy during Q3 2023, reaching 12.31 million square feet. The demand was driven by global captive centres, attracted by skilled labour, cost-efficiency, and favourable exchange rates. While vacancy rates increased by 2% in top Tier-1 cities, the sector remains dynamic. The trend highlights the sector's adaptability, but stakeholders must maintain flexibility to navigate evolving market dynamics effectively. India's commercial real estate continues to offer promising opportunities amid changing business needs.
The recent proposal to merge Kanakapura with Bengaluru by Karnataka's Deputy Chief Minister has sparked a surge in the local real estate market. Property prices in Kanakapura and adjacent regions have witnessed significant appreciation due to the prospect of integration with the capital city. The new Namma Metro line and the Bengaluru-Mysuru Expressway have contributed to the area's growth. However, real estate professionals emphasize that sustained interest and investments depend on the successful implementation of this merger, reminding us of the past's transient real estate boom in Ramanagara caused by the Bollywood classic "Sholay." The future transformation depends on infrastructure development becoming a reality.
Bajaj Finserv Health has secured a five-year lease for 97,000 square feet of office space in Pune's Trion IT Park, Kargil Vijay Nagar, Wadgaon Sheri. The deal with Mindspace Business Parks is valued at Rs 72.26 lakh per month starting from December, with a rental increase of 5% every year. The lease began on November 1, 2023, with a lock-in period of three years. In a similar context, co-working spaces have seen significant growth in Pune's office leasing market, accounting for 40% of transactions in FY23, with demand expected to grow 15-20% over the next few years.
The Nashik Municipal Corporation has experienced a significant uptick in property tax payments, with over 27,000 individuals settling their dues amounting to Rs 16 crore following notices to defaulters. The municipal body has served notices to 2.37 lakh people who owe property tax totalling Rs 470 crore, granting them a 15-day ultimatum to pay. Failure to comply will initiate the process of issuing warrants for tax recovery. The NMC aims to achieve its Rs 210 crore property tax collection target for the current fiscal year by the end of the calendar year and is actively pursuing payments from government offices to bolster revenues.
Accor, a global hospitality leader, has strengthened its foothold in India with the launch of the Novotel Jaipur Convention Centre (NJCC), its 24th property in the country. NJCC serves as a pivotal milestone in Accor's expansion strategy, catering to the booming business and conference travel market. The hotel, strategically located near Jaipur International Airport and major attractions, offers 226 modern rooms and exceptional amenities. It distinguishes itself as a versatile MICE facility, spanning 42 acres with 13 meeting rooms, a grand ballroom, and a vast lawn for events. This move enhances Accor's presence in India's hospitality sector and elevates Jaipur as a prime destination for large-scale events and conventions.
Housing.com, a prominent digital real estate platform in India, is set to invest in EASILOAN, a fintech start-up specializing in digitizing the home loan process. While the exact investment amount remains undisclosed, this collaboration aims to establish India's largest digital home loan origination platform. Housing.com, owned by REA India, intends to leverage its extensive digital presence and expand the reach of mortgage products through this partnership. EASILOAN has previously secured seed funding from Tomorrow Capital and has shown strong growth in customer acquisition and loan disbursement. This partnership is expected to play a pivotal role in both the fintech and real estate sectors' evolution in India.
The Pune metro extension to Nigdi, a project worth over Rs 900 crore, has received the Union government's approval and is set to begin work in February. The extension, covering 4.4 km, will connect Chinchwad, Akurdi, and Nigdi. The project does not require any major land parcel, except for the stations, due to its alignment along the existing Pune-Mumbai highway median. The viaduct will extend from PCMC station to Chinchwad, with discussions to determine station locations and land requirements in coordination with the PCMC. This extension will benefit industrial workers in Chinchwad and Akurdi, as well as students traveling to Nigdi and Akurdi. Some commuters express disappointment at the three-year wait for these metro services.
The Gautam Buddh Nagar administration in Noida will enforce GRAP III as invoked by CAQM amid deteriorating air quality, implementing a strict ban on construction activities across Noida and Greater Noida. The ban excludes essential works but covers all others, following CAQM guidelines. Violations recorded in October led to penalties of approximately Rs 89 lakh. The main contributors to pollution in Noida are construction and road-side dust, along with vehicular emissions. The Air Quality Index (AQI) fluctuated between "very poor" and "severe". Measures like an odd-even scheme and road rationing have been proposed to combat the issue.
Hong Kong's potential supply of new private homes has reached a record 107,000 units, reflecting a cautious approach by buyers due to economic factors and borrowing costs. However, this surge doesn't guarantee immediate completion. Developers completed 10,100 units in the first nine months, half of the yearly forecast. Construction slowed, with 3,200 units started in Q3, yet 11,500 commenced in the first three quarters. Despite market uncertainties, Chief Executive John Lee Ka-Chiu relaxed property curbs to stimulate sales, potentially influencing buyer behaviour. The impact of these changes on the market remains uncertain.
Australia’s rental housing market is currently facing skyrocketing prices and limited supply, with rents increasing significantly, leading to affordability challenges. A record influx of 500,000 people through net migration has worsened the situation. The construction industry struggles with high borrowing costs, labour shortages, and soaring raw material prices, leaving a substantial gap in housing supply. Data shows that servicing new rentals now demands a record 31.4% of income, impacting low-income households even more at 52%. Many individuals are seeking shared accommodations as the middle class’s traditional stability becomes increasingly elusive.
The Maharashtra government is aiming to improve the accuracy of Ready Reckoner (RR) rates in 2024 by implementing Geographic Information System (GIS) mapping for all land parcels. The GIS data, integrated with the registration website, will enhance the assessment of value zones before announcing RR rates. The mapping work, in collaboration with the Maharashtra Remote Sensing Application Centre (MRSAC), is in progress, covering 19 districts already. This geospatial technology will enable the administration to scientifically estimate RR value zones based on accurate property locations. Citizens will have access to RR rates and property information through a geoportal.
DB Realty has sold its complete stake in Real Gem Buildtech (RGBPL) to Kingmaker Developers for about Rs 231.42 crore, ceasing RGBPL as its subsidiary. Simultaneously, DB Realty sold its Siddhivinayak Realties (SRPL) for Rs 376.18 crore to Reliance Commercial Finance. These divestments indicate a strategic move, focusing on core operations, streamlining the balance sheet, and optimizing financial structures, particularly by settling a part of the company's liabilities. DB Realty aims to enhance flexibility, strengthen its financial position, and possibly reshape its trajectory within the real estate market through these deliberate divestment actions.
Trehan Iris introduces OMEGA, a high-rise office tower in Iris Broadway Greno West, Noida, aiming to redefine workspaces. With a unique focus on lockable offices and the exclusive Omega Corporate Lounge, it offers a sophisticated environment for meetings and collaboration. Boasting exceptional features like rooftop access, conference facilities, and a strategic location near the Aqua Metro line, it signifies a shift in commercial real estate. Strategically positioned to accommodate the region's rapid growth, OMEGA is set to emerge as a pioneering project set to elevate work-life balance and set new standards in Noida's commercial landscape.
Netflix's Indian subsidiary has extended its lease for a 137,000-square-foot office space in Mumbai's Bandra-Kurla Complex for five years, with a total value exceeding Rs 280 crore. The lease covers the 11th and 12th floors of Godrej BKC's commercial tower. Rental fees will be nearly Rs 4.30 crore per month, with a provision for annual rental increases of 5 percent. Netflix had originally leased the space in 2019 from D Decor Properties LLP. India has become a vital content hub for Netflix, with substantial investments in the Indian market. In Q3 2022, India's office space leasing market reached a six-quarter high, absorbing 10.37 million sq. ft.
• A residential flat spanning 710 square feet on the 3rd floor sold in Jamuna Sagar in Colaba for INR 2.6cr <br>• A residential flat spanning 472 square feet sold in Shree Ganesh Krupa in Vashi for INR 49.85 lacs
Ajmera Realty & Infra India Ltd (ARIIL) reported a 34.08% decline in its net consolidated profit for Q2 FY24, with a profit after tax of Rs 22.53 crore, down from Rs 34.18 crore in the same quarter the previous year. Their net consolidated total income also decreased by 21.13%, reaching Rs 147.59 crore in Q2 FY24. Despite ongoing business activities, the company maintained a stable debt-to-equity ratio of 0.97x. The board approved the re-appointment of K. G. Krishnamurthy as an independent director. ARIIL highlighted an expansive launch pipeline and substantial sales growth, with a net worth of Rs 807.40 crore as of September 30, 2023.
Sunteck Crescent Park (Phase 1) is a luxurious residential project spanning 7 acres in Kalyan, Mumbai. It boasts stunning towers with a 360-degree panoramic view of 80% open spaces, a 1.4-acre open podium, and an elevated infinity pool. This development redefines high-end living, seamlessly blending luxury residences, amenities, retail, and fine dining. Sustainability is a core focus, with green building features, solar energy, and waste recycling. Sunteck Realty aims to transform Kalyan into a premier residential destination, with potential top-line revenue of Rs 9,000 crore over 7-8 years. Kalyan's real estate market is growing due to infrastructure development, making it a promising investment destination. Sunteck Crescent Park is a testament to luxury and sustainability, reshaping Kalyan's real estate landscape.
DLF, a major real estate company, reported a strong financial performance in Q2 FY24. Their net consolidated total income rose to Rs 1,476.42 crore, an 8.52% increase from the previous year. Notably, the net consolidated profit surged by 30.32% to Rs 621.89 crore. DLF declared a dividend of Rs 4 per share, totaling Rs 990.12 crore. The company underwent corporate changes, with a subsidiary, Pegeen Builders & Developers, forming a joint venture by ceding a 49% stake to Trident Buildtech. New sales bookings for the quarter were Rs 2,228 crore, and DLF Cyber City Developers showed a 7% YoY revenue increase, reaching Rs 1,463 crore. The consolidated profit for the quarter notably climbed by 17% to Rs 416 crore.
Raymond Limited's subsidiary, Ten X Realty, recently unveiled plans to redevelop the Navjivan Society in Mumbai's Mahim area, projecting a revenue potential of Rs 1,700 crore. This move aligns with Raymond's real estate expansion strategy within the Mumbai Metropolitan Region. The company emphasized leveraging its vast land assets, aiming for substantial growth through joint ventures and development projects. This strategic step reflects Raymond's commitment to advancing real estate initiatives, diversifying its portfolio, and solidifying its position in Mumbai's real estate market.
In a recent verdict, the Ernakulam District Consumer Disputes Redressal Commission has ordered Holy Faith Builders and Developers to reimburse a couple over Rs 20 lakh. The couple had purchased a flat in Maradu, later demolished on Supreme Court orders due to violations of coastal zone regulations. The reimbursement includes over Rs 17 lakh for the flat's balance consideration and Rs five lakh as compensation for the deficient service and unfair trade practice. The builder must also pay Rs 25,000 for litigation costs.
The Ahmedabad Municipal Corporation (AMC) is set to provide relief to plot owners who lost portions of their land due to errors in town planning schemes. Landowners will receive TDR certificates, which can be sold to developers in their designated areas. This initiative is pending approval and will initially benefit plot owners within Naranpura Town Planning Scheme 29, who have been in a 25-year dispute with the AMC over the error that occurred in 1973 when a smaller area was allocated than expected. The compensation is valued at Rs 3.35 crore, aiming to rectify the long-standing issue.
The recent arrest of contractor Nitin Subhash Sharma in a case involving alleged fraudulent activities against the National Project Construction Co-operative Limited (NPCC) has raised significant concerns in the industry. Sharma is accused of engaging in fraudulent practices related to a contractual agreement with NPCC, amounting to over Rs 10 crore. The investigation revealed that Sharma had provided counterfeit Performance Bank Guarantees as part of the contract. This case underscores the importance of strong oversight and regulatory measures to prevent fraud in the construction industry. It also highlights the need for organizations to enhance due diligence processes and scrutiny of contractor guarantees to maintain transparency and integrity in the sector.
In 1976, a 2,500-square-foot plot of land was granted to a Project-Affected Person (PAP). After nearly four decades, a complaint emerged, alleging a violation of the allocation's terms, which mandated the construction of a dwelling on the land within a year. As a result of this alleged non-compliance with the stipulated condition, the state authorities took the decision to cancel the land allotment. This move has ignited a debate surrounding the legality and fairness of revoking an allocation made many years ago, raising questions about the rights and responsibilities of land beneficiaries in long-standing cases of land distribution.
In Mumbai, over 56% of properties sold between January and October 2023 were priced above Rs 1 crore. Rising property prices and a 250 basis point increase in the policy repo rate over the past two years have affected registrations for properties below Rs 1 crore. However, higher-value properties have seen minimal impact with a consistent increase in their share. Mumbai achieved a total registration count of 104,832 units in this period, with 58,706 priced above Rs 1 crore. The Central and Western Suburbs have seen a surge in launches and strong demand, driven by factors like metro connectivity. This trend reflects the shifting preference towards more upscale accommodations, signifying buyers' capability and willingness for long-term commitments in the Mumbai residential real estate market.
Provident Housing Ltd., a subsidiary of Puravankara Ltd., is in discussions with HDFC Capital Advisors for a substantial equity investment exceeding Rs 1,000 crore. The aim is to finance the construction of mid-income residential properties in Bangalore, Chennai, and Hyderabad and to expand into new markets. These discussions are anticipated to result in the creation of a dedicated platform for the acquisition and development of residential assets. Provident plans to double its residential portfolio to over 20 million square feet by entering cities like Mumbai and Pune. The company is actively involved in over 11.32 million square feet of ongoing projects in multiple locations.
CapitaLand Investment has inaugurated the first phase of its International Tech Park in Chennai, covering 1.3 million square feet and marking a significant economic boost for the region. The entire project, valued at Rs 1600 crore, is set to accommodate 50,000 IT engineers, aligning with the government's vision for Chennai as a tech hub. Securing international investments, including $262.5 million from Mitsubishi Estate Co. Ltd, demonstrates the project's appeal. CapitaLand Investment's substantial commitment underscores its dedication to Chennai's infrastructure development, supporting the city's progress and growth.
In response to increased property taxes, revised electricity rates, and heightened water charges, the Greater Chennai Corporation has doubled company taxes and building permit fees, imposing these changes through a recently approved resolution. While residential buildings under 100 square meters remain unaffected, larger structures will see increased fees, with commercial buildings and industrial properties also subject to higher charges. Simultaneously, company taxes have tripled, with varying rates based on annual investments. Additionally, the cost of demolition permits has doubled. These changes aim to enhance revenue collection and transparency while ensuring fairness in property and company taxation in Chennai.
The Chandigarh Municipal Corporation (MC) is set to initiate attachment proceedings against the top 2,000 property tax defaulters, including both commercial and residential entities. Many have failed to settle their dues within the stipulated timeframe. Section 138 of the Municipal Act empowers the MC to recover overdue taxes and associated recovery costs by attaching and selling the immovable properties of defaulters. A considerable sum, approximately Rs 150 crore, is pending in property tax dues, with Rs 8 crore attributed to residential properties. Despite offering incentives, the MC now faces no alternative but to resort to attachment proceedings due to persistent non-compliance.
Olive by Embassy, a leading multi-brand hospitality management firm, is excited to announce its entry into the realm of hybrid hospitality and leisure, driven by the changing landscape of hospitality. Olive introduces four distinct brands aimed at meeting the diverse requirements of today's travelers. This approach is built on a "hospitality first" ethos and integrates various elements like hotels, co-living, coworking spaces, members' clubs, wellness amenities, and dining options within one location. Olive aims to expand its presence across India, with plans for premium resorts and luxury stays in key leisure destinations, along with an employment boost for various cities.
In Trichy, a resolution was passed to allocate 14.1 acres of land in Panjapur near the Trichy-Madurai national highway for the construction of Tidel Park. The previous allotment of 8.9 acres was cancelled to accommodate the Tidel management's request for a larger land parcel to build a mega office space for IT and ITES companies near the upcoming integrated bus terminus (IBT). The Trichy corporation has agreed to transfer ownership of the land to Tidel Park Limited at a cost of Rs. 282 per sqft. The construction is expected to begin in March 2024. Additionally, the council approved road improvements at the Central bus stand.
Global real estate fundraising significantly declined in the third quarter of the year, dropping by 71% compared to the previous quarter. A total of $18.2 billion was raised by 61 funds. Property markets worldwide have been affected by central banks' interest rate hikes, resulting in increased borrowing costs and reduced property valuations, particularly for offices due to the growth of remote work. This reduced investor risk appetite. North America-focused funds remained dominant but saw a decline in their proportion, while Asia-Pacific funds increased their share. Funds focused on Europe and the rest of the world raised just 6% of the total capital. Uncertainty surrounding interest rates is expected to continue impacting real estate fundraising and transactions, keeping investment sentiment subdued.
The Hong Kong High Court has postponed the hearing to wind up Evergrande, the troubled Chinese real estate giant, to December 4. This hearing is pivotal, as it's the final opportunity for Evergrande to present a concrete restructuring proposal before the court considers liquidation. Evergrande, struggling with massive debt, defaulted on its offshore debt in 2021 and had been working on a restructuring plan. However, the recent investigation of its founder and regulatory restrictions on issuing new bonds have complicated the process. The court's decision has added immense pressure on the company, emphasizing the need for a viable restructuring plan. A liquidation could have broader implications on China's real estate sector, and its ongoing projects would continue without immediate impact.
Akshara Haasan, daughter of actor Kamal Haasan, recently acquired a luxurious 2,354-square-foot apartment in Khar, Mumbai, for a staggering Rs15.75 crore. The apartment, located in the high-end Ekta Verve tower on 16th Road, offers opulent living with three parking spaces and a range of amenities. Ekta Verve, developed by Ekta World, boasts 18 apartments and a duplex, featuring 4, 5, and 7-bedroom luxury residences. Akshara Haasan, a Bollywood actress herself, is following in her family's footsteps. Khar, a rapidly growing neighbourhood near Bandra, remains a hotspot for celebrity real estate investments, further enhancing its appeal.
Shapoorji Pallonji Real Estate (SPRE) launches 'Wildernest' and 'Joyville Celestia' in its 200-acre Pune township, 'SP Kingstown,' with expectations of approximately Rs 1,500 crore in revenue. 'Wildernest' is a low-density luxury residential project emphasizing biophilic design principles, offering 3 and 4 BHK luxurious residences. 'Joyville Celestia' under the Joyville brand features 2 and 3 BHK configurations and over 40 wellness amenities. SP Kingstown enjoys strategic placement along the Pune-Solapur Highway, with proximity to prominent areas and upcoming infrastructure developments, showcasing growth potential. SPRE's commitment to excellence aligns with Pune's rapidly expanding real estate market, reflecting a promising future.
Unitech, a real estate developer in India, has seen prolonged periods of project stagnation with no progress on its 74 residential and twelve commercial projects, leaving 15,000 homebuyers waiting for over a decade. The company's troubles began when its promoters, the Chandras, became embroiled in the 2G scam in 2011. In 2020, a new board was appointed, but progress remains elusive. Unitech's financials have also suffered, with significant losses and almost no revenues. While the management is working to complete projects and raise funds, buyers continue to face uncertainty, delays, and financial stress. The situation remains complex and challenging.
Indiabulls Real Estate has reported a significant shift in its financial performance for the quarter ending on September 30, 2023, compared to the same period in the previous fiscal year. The company registered a net consolidated loss of Rs 18.23 crore, a departure from the net consolidated profit of Rs 56.73 crore in the previous year. The decline in net consolidated total income, revenue from operations, pre-sales, and EBITDA further underscores the challenges faced in the evolving real estate sector. The increase in net debt and the voluntary dissolution of a subsidiary reflect the company's strategic adjustments to adapt to market conditions.
Macrotech Developers, formerly Lodha Group, is on track to exceed its Gross Development Value (GDV) guidance for the fiscal year. The company had set a full-year GDV target of Rs 17,500 crore and has already added projects worth Rs 14,300 crore in the first half of the fiscal year. Macrotech will continue its strategy of developing projects every 3-5 kilometres in key property markets, particularly in Mumbai and Pune. Despite not launching new locations, the company achieved its best-ever first-half pre-sales of Rs 6,890 crore. Macrotech is also focused on reducing leverage and is actively pursuing business development opportunities.
• A residential flat spanning 1,247 square feet on the 11th floor sold in L&T Crescent Bay in Parel for INR 4cr <br>• A residential flat spanning 1,325 square feet on the 24th floor sold in Oberoi Exquisite in Goregaon East for INR 5.2cr
In a significant shift, the Maharashtra Housing Area Development Authority (MHADA) has revoked its decision to impose an annual fee of Rs 10 lakh for the renewal of its no objection certificate (NOC), benefiting developers. The fee hike, initiated in September to deter builders from delaying old building redevelopment, faced backlash. MHADA has now introduced a six-month amnesty scheme for NOC revalidation at a flat fee of Rs 1 lakh, regardless of plot size. After the amnesty period, renewal costs Rs 5 lakh per year, with fees based on plot area, ranging from Rs 50,000 to Rs 6 lakh.
Maharashtra's Housing Minister, Atul Save, has announced a plan to review and revive 7,500 stalled realty projects in the state, based on recommendations from a committee led by former NITI Aayog CEO Amitabh Kant. The government aims to expedite the approval process for new developers to take over stalled projects, ensuring that homebuyers' investments are protected and lapsed plans are revitalized. This proactive approach addresses the concerns of both homebuyers and the real estate industry, reflecting the government's commitment to economic growth and timely project revival.
The second phase of the Jaga Mission, launched in 2018, is set to provide land rights certificates (LRCs) to eligible slum residents, part of a government initiative to eliminate slums and empower urban poor. The first phase achieved a significant milestone by granting LRCs to 51,000 slum dwellers, with 75,000 more identified beneficiaries. In August, 65,000 homeless families in 875 slums across five cities received LRCs, providing stability and recognition. BMC's preparation to distribute 5,500 LRCs in three zones highlights efficient execution. The mission operates within legal frameworks to grant homestead land, creating inclusive and equitable cities.
Uttar Pradesh RERA Authority implements measures for real estate transparency
Standard Chartered Bank is seeking to sell loans totalling Rs 569 crore given to the troubled real estate developer, Radius Sumers Developers. Radius Sumers Developers is a joint venture, between Sanjay Chabaria promoted Radius Group and Sumer Buildcorp, for developing the 'Harbour Heights' luxury residential project in South Mumbai. Loan sales occur when the lender and the company are negotiating a deal. The bank has invited asset reconstruction companies (ARCs) to bid on the debt, setting a reserve price of Rs 230 crore. The developer has defaulted on loans, and the case is currently under consideration by the Mumbai National Company Law Tribunal (NCLT), with negotiations for a settlement ongoing.
Mumbai, New Delhi, and Bengaluru have seen an uptick in annual prime residential property prices in Q3 2023, according to the 'Prime Global Cities Index Q3 2023' by Knight Frank. Mumbai surged by 6.5 percent, elevating it to the fourth position, compared to the 22nd rank in Q3 2022. New Delhi leaped from the 36th rank to secure the 10th spot with a 4.1 percent year-on-year growth, while Bengaluru moved from 27th to 17th with a 2.2 percent year-on-year rise. A 2.1 percent average growth was reported across 46 global markets in prime residential prices over the year ending September 2023.
Approximately 26,000 residents of Palava township in Dombivali, the first integrated township project in Maharashtra, received significant relief as the state government decided to grant them a 66% property tax rebate just before Diwali. Previously, residents were burdened with double property taxes, paying both the township's Palava City Management Association (PCMA) and the Kalyan-Dombivli Municipal Corporation (KDMC). This adjustment aims to reduce property tax from Rs 6,000 to Rs 2,000 per flat per year for Palava township residents. The demand was based on a 2016 circular from the state’s Urban Development (UD) department which said that Integrated townships that provide common amenities and infrastructure are entitled to this rebate.
The Municipal Corporation of Delhi (MCD) is introducing a compensatory regulatory charge to support civic infrastructure development across the city. This charge, previously applicable only in areas under the north corporation, will now apply citywide, including south and east Delhi. The fee is based on the prevailing circle rate in each colony and will be charged when seeking building plan approvals. The funds collected will contribute to the maintenance and development of civic infrastructure in MCD areas, including regularized colonies and village abadis. The decision comes in response to changing population densities and increased demand for infrastructure development.
Adani Logistics Ltd, a wholly owned subsidiary of the Adani Group, has acquired a 50% stake in Veracity Supply Chain Private Ltd (VSCPL) for Rs. 5 lakh. VSCPL, a newly incorporated entity with authorized and paid-up share capital of Rs 10,00,000, aims to offer last-mile connectivity to customers from in-land container depots through a digital transport management system. The acquisition signifies Adani's commitment to enhancing its logistics capabilities and expanding its presence in the supply chain sector, contributing to its comprehensive logistics infrastructure.
Roostels India, the master licensee for Roadies Rostel, plans expansion into diverse travel segments, including backpackers and co-living accommodations. With the flagship Roadies Rostel Leisure brand expanding to holiday destinations, Roadies Rostel Backpackers targets budget-conscious backpackers, and Roadies Rostel Co-living caters to short and long-term stays, including corporate guests. Roostels India's strong social media presence, coupled with its franchise model and strategic approach, positions it as a significant player in the evolving hospitality landscape, with plans for expansion in key cities and holiday destinations.
Nagpur District Collector Vipin Itankar conducted a meeting to expedite the land acquisition process for the second phase of the Nagpur Metro project. The meeting addressed several pending land acquisition proposals and emphasised the need for timely planning to avoid delays. Itankar instructed the revenue department to ensure prompt disposal of all acquisition proposals and encouraged better coordination between the revenue department and the Metro for quicker results. Additionally, discussions with the defence department about land issues on Wardha Road were urged. The Metro project aims for completion by 2024 but has been hindered by lingering land acquisition proposals.
Indian Prime Minister Narendra Modi and Bangladesh Prime Minister Sheikh Hasina jointly inaugurated three significant development projects, further enhancing the bilateral ties between the two nations. The projects include the historic Agartala-Akhaura cross-border rail link, the Khulna-Mongla Port Rail Line, and Unit 2 of the Maitree Super Thermal Power Plant in Bangladesh's Rampal. The rail link is crucial for improving cross-border trade, reducing travel time, and expanding connectivity between India’s Northeast and Bangladesh. These projects reflect the strong collaboration and friendship between the two countries, ultimately contributing to regional development and cooperation. India has played a vital role as Bangladesh's largest development partner.
A transformation is underway in London's real estate market as Indian investors, traditionally drawn from the ranks of industrialists and Bollywood stars, shift their focus to the city. Their motivations include affordability and the desire to provide accommodations for their children's education in the metropolis. Old brownfield sites, reminiscent of Mumbai's mill projects, are being revitalized to meet the increasing demand. Barratt London, a key player, is leading the charge with eight projects and ambitious plans for more. This marks a turning point as London becomes an attractive destination for first-time investors and a global education hub.
The FIAT House, a new collaboration between FIAT and UNLMTD Real Estate, is poised to redefine luxury living In New Jersey. Located strategically near the iconic George Washington Bridge in Fort Lee, New Jersey, this visionary project offers over 300 rental residences with an emphasis on hospitality and premium amenities. What makes this development truly exceptional is its innovative car-sharing program featuring electric FIAT 500e vehicles, aligning perfectly with the project's sustainability goals. The FIAT House represents a bold step towards the future of urban living, enhancing connectivity, community, and elegance.
"• A residential flat spanning 659 square feet on the 5h floor sold in Arkade Prime in Marol for INR 1.63cr • A residential flat spanning 500 square feet sold in Rajlaxmi Tower on Vasai Road for INR 35 lacs "
Popular real estate developer Casagrand recently launched Casagrand Palm Springs, a posh residential complex in Medavakkam Extension in Chennai. The project consists of 352 well-designed 2 and 3 BHK apartments with over 75 amenities. The price starts at just Rs. 4099 per sq. ft., which is much less than Medavakkam's normal pricing at Rs. 6500 per sq. ft. Medavakkam, a popular destination, is just 5 minutes away from the property, thus offering easy access to a number of social amenities. With a focus on open areas, the property features a 6,200 sq. ft. swimming pool, a 13,000 sq. ft. clubhouse, and a variety of amenities suitable for all age groups. Casagrand's dedication to offering reasonably priced luxury living alternatives in a prime Chennai location is reaffirmed with this launch.
Urban Vault, a leading managed office space provider, is set to augment Bengaluru's co-working landscape by adding 10,000 desks across key micro-markets. This move comes amid rising demand for flexible workspaces, propelling Urban Vault's total desk count in the city to 25,000. The new seats will be distributed among prime locations including Sarjapur Road, Hebbal, Koramangala and HSR Layout. This expansion marks a significant stride in Urban Vault's journey, aligning with its future plans of venturing into market space in Delhi, Hyderabad, and Pune.
Mahindra Lifespace Developers (MLDL) has reported a significant increase in consolidated net loss after tax, with a loss of Rs 18.93 crore for the quarter ending on September 30, 2023, compared to a loss of Rs 7.51 crore in the corresponding quarter of the previous fiscal year. The company also saw a substantial decline of 63.83 percent in net consolidated total income, falling from Rs 73.82 crore to Rs 26.70 crore. Despite these challenging financial results, the company achieved pre-sales of Rs 455 crore in its residential business, launched additional saleable area, and reported collections of Rs 311 crore. The company's allotment of shares under the Employee Stock Ownership Scheme (ESOS) demonstrates its commitment to its workforce. The future performance of MLDL will depend on market conditions and its ability to adapt to the evolving real estate and infrastructure development sectors.
The New Delhi bankruptcy court has admitted the insolvency case of the Serene Residency Group Housing Project, a subsidiary of Anal Properties and Infrastructure Ltd, due to its default on financial obligations of around Rs 257 crore. The National Company Law Tribunal (NCLT) has acknowledged Indian Bank's insolvency resolution application and appointed Navneet Kumar Gupta as the interim resolution professional (IRP). The case dates back to 2013 when the company secured a loan for the project. The NCLT's decision to restart the limitation period from the date of payment represents a significant juncture for the project, and the insolvency proceedings will unfold in the future.
Haryana has become the first Indian state to implement the property ID system, receiving praise from Prime Minister Narendra Modi. Dr. Kamal Gupta, the Minister of Urban Local Bodies, announced this milestone, highlighting the integration of 34 lakh properties into the Property ID system for automated data entry from property registries. Furthermore, significant progress has been made in regularizing unauthorized colonies and granting ownership rights to long-standing shopkeepers. The government has also introduced SMS services for property-related updates and offered temporary tax relief. Additionally, an automated system for property registration will enhance efficiency, making Haryana a trailblazer in urban development and property management.
A three-member panel, appointed by the Jharkhand High Court, conducted a surprise inspection of residential and commercial buildings within the Jamshedpur Notified Area Committee (INAC) limits. The inspection aims to determine whether the Jharkhand Municipal Act rules and Building Bylaws 2016 have been adhered to. The panel, consisting of Raj Nandan Sahay, Sudarshan Shrivastava, and Neeraj Pandey, scrutinized several structures in Bistupur, Sakchi, and other areas. The findings will be presented to the court, with the inspection continuing in the following days.
Property sale registrations in Mumbai achieved a remarkable 25% year-on-year increase, with over 10,000 units registered for the fifth consecutive month in 2023, generating Rs 831 crore in revenue during October. In the first ten months of the year, total registrations in Mumbai surpassed 1.04 lakh, marking a decade-high record. The increase in luxury housing is evident, with properties valued at Rs1 crore or more accounting for about 56% of registrations in the first ten months of 2023, indicating a growing preference for spacious and upscale accommodations. The Mumbai residential real estate market has shown impressive resilience, driven by a stable economic environment and favourable interest rates. The strong demand is attributed to factors such as consumers' willingness to buy larger homes and a stable lending environment.
WSB Real Estate Partners, formerly known as Walton Street BlackSoil, has revealed plans to launch a new fund within the next two months. Following the successful deployment of its Rs 700-crore second fund, the firm will target the burgeoning southern Indian growth markets, with a particular focus on Bengaluru, Hyderabad, and Chennai. Two-thirds of the fund's capital will be invested in these areas through structured debt in mid-income residential real estate projects. The company aims to partner with developers known for their execution and delivery track records.
Vridhi Home Finance, a tech-enabled housing service provider, has secured Rs 150 crore in a Series A funding round led by Elevation Capital. The company, headquartered in Bengaluru, plans to use the funds for geographical expansion in North Karnataka and Andhra Pradesh, strengthening its technology infrastructure, hiring, and building a liability franchise. Vridhi received its NBFC-HFC license earlier this year and has opened twenty branches in Karnataka and Andhra Pradesh. The company aims to address the underpenetrated housing finance market in India and provide accessible housing solutions to semi-urban and rural areas, emphasizing financial inclusion and digital processes.
Home First Finance Company has reported robust financial results for Q2 2023-24, showing a 36.91% increase in net consolidated profit and a 46.77% growth in total income compared to the previous year. The company's efficient financial management, expansion strategy, and responsible borrowing were highlighted in the results. With Assets under management (AUM) of Rs 8,365 crore and disbursements reaching Rs 959 crore, the company demonstrated its commitment to meeting housing finance needs. Home First Finance's strong performance reaffirms its position as a key player in the housing finance sector, capable of impacting individuals and families nationwide.
Reliance Industries Ltd (RIL) recently transferred Rs 5,150 crore to its warehouse Infrastructure Investment Trust (InvIT). This move allows RIL to monetize its warehousing and logistics assets through the InvIT. The funds raised will be utilized for further acquisitions in this domain. Reliance Retail, a subsidiary of RIL, is expanding aggressively and focusing on enhancing its backend infrastructure, including warehousing and logistics. As of September 30, 2023, Reliance Retail operated 18,650 stores covering 71.5 million square feet. This strategic financial step enables RIL to strengthen its position in the retail market while capitalizing on its logistical assets.
Beyond Green, a global hotel portfolio focused on sustainability, has added two palace hotels from The Leela Group: The Leela Palace Bengaluru and The Leela Palace Udaipur. Beyond Green, by Preferred Hotels & Resorts, focuses on aligning with the Sustainable Development Goals related to nature, culture, and community. Currently comprising 38 hotels, mostly upper upscale and luxury properties, Beyond Green plans to expand to 42 by year-end. Around 50% of Beyond Green member hotels are not Preferred Hotel members, indicating its growth beyond the Preferred brand. This initiative aims to set higher sustainability standards beyond typical green practices.
In the midst of a wave of urban beautification projects sweeping through the city, the Brihanmumbai Municipal Corporation (BMC) has now turned its attention to the iconic Shivaji Park in Dadar. This latest development was spurred by a recent visit from Member of Parliament Rahul Shewale, during which he unveiled a comprehensive plan to revamp the beloved park. The proposed enhancements encompass a wide range of changes, including measures to combat pollution and dust, the installation of smog towers, and the addition of impressive new features like the country's tallest tricolour flag. However, these beautification plans have not been without controversy, as concerns arise regarding their impact on the park's historical and recreational significance.
The Uttar Pradesh government has approved an additional Rs. 880 crore as compensation for the second phase of the Noida International Airport, bringing the total pay out to landowners to Rs 4,780 crore. Approximately 70% of the 1,181 hectares of land required across six villages in Jewar has been acquired, with Rs 2,800 crore already distributed to farmers. The remaining land will be used for a maintenance, repair, and overhauling (MRO) hub. NIAL plans to attract international investments for the MRO centre, positioning the region as an aviation hub in India. The first phase of the airport is set to commission in October 2024, with future phases expanding its capacity and facilities. NIAL would be India’s largest airport once completed.
A federal jury has ruled against the National Association of Realtors (N.A.R.) and major brokerages, ordering them to pay approximately $1.8 billion in damages and potentially up to $5 billion. The verdict addresses the practice of home sellers covering commissions for buyers' agents, a controversial practice criticized for imposing high fees on sellers. The significant change is that sellers will no longer be required to pay commissions to buyers' agents, giving real estate agents the freedom to set their own rates. This ruling could transform agent commissions, lead to industry changes, and prompt further legal action, potentially reshaping the U.S. real estate market.
Singapore's luxury housing market is experiencing a significant downturn, primarily due to a major money-laundering scandal involving Chinese individuals. High-end bungalow sales have hit a nearly decade-low, with just eight properties sold by the end of September. Investigations into money laundering, higher taxes on foreign buyers, and rising interest rates have all contributed to this decline. Sellers and agents are becoming more cautious, conducting rigorous background checks and in some cases rejecting potential clients. Foreign investors are adopting a wait-and-see approach, further impacting the market.
The Central Board of Indirect Taxes and Customs (CBIC) has clarified that rent, including electricity charges, collected by real estate companies, malls, airport operators, and others from occupants will attract GST, except when they act as agents of state electricity boards. In a circular, the CBIC stated that when electricity is supplied bundled with renting of immovable property or maintenance, it forms a composite supply. In such cases, the rate of GST applicable to the principal supply (renting or maintenance) will be levied on the entire supply, including electricity. If these entities charge for electricity at actual rates, they are deemed pure agents, excluding electricity charges from the value of supply. Some experts raised questions regarding this clarification, particularly in cases where electricity supply is exempt from GST.
The Brihanmumbai Municipal Corporation (BMC) has demolished six unauthorized structures within the privately-run Marine Aqua Zoo in Dadar, following concerns over unauthorized development within the zoo. The structures included unapproved brick buildings and sheds made of bamboo, tarpaulin, and leaves. Despite a 15-day notice to remove these structures, the zoo management did not comply, leading to their demolition. The zoo had already been under scrutiny due to animals appearing in the nearby civic-run swimming pool. The BMC's actions emphasize the importance of adhering to regulations and ensuring responsible management practices within the zoo.
Mumbai's property tax billing for the 2023-24 fiscal year has been delayed due to the BMC's retrospective tax assessment. To address the issue, the civic body plans to send provisional bills with a 10% hike to taxpayers next month. The problem arose from the BMC's adoption of the capital value system for property tax calculations, retrospectively from 2010. In 2019, the Bombay High Court invalidated certain rules related to retrospective taxation. Though the BMC approached the Supreme Court, it got no relief and was asked to create new rules and issue fresh bills. BMC would need to refund significant amounts to affected taxpayers.
Tata Motors has won a significant compensation award of Rs 766 crore plus 11% annual interest from an arbitration tribunal for its losses in the halted Singur manufacturing plant. The West Bengal Industrial Development Corporation Ltd (WBIDC) has been directed to pay the compensation. Government sources hint at challenging the tribunal's decision in the High Court. The Singur case, a pivotal test case for Indian land acquisition and industrial development, traces back to 2006 when Tata planned to build the "people's car," Nano. Protests led to the project's abandonment and the relocation of the plant to Sanand in Gujarat. Subsequent legal battles culminated in the recent arbitration verdict in Tata's favour. This case underscores the need to protect industrial projects from populist politics and work in a manner beneficial to all stakeholders.
• A residential flat spanning 1,990 square feet on the 28th floor sold in Hubtown 25 South in Prabhadevi for INR 19cr <br>• A residential flat spanning 585 square feet on the 14th floor sold in Raj Legacy in Vikhroli for INR 1.65cr
The Maharashtra Real Estate Regulatory Authority (MahaRERA) Appellate Tribunal has imposed restrictions on the sale of flats within 'THE NEST,' a luxury residential project in Mumbai's Andheri West, jointly developed by the Sai Group and the Wadhwa Group. This decision follows a decade-long delay and numerous complaints from homebuyers. The tribunal's actions came in response to the plight of Vijay Choksi, a buyer who had paid in full but had not received his property. The tribunal's injunction halts flat sales. Legal proceedings are ongoing. The case highlights challenges and conflicts in the real estate sector concerning property delivery and consumer rights.
Residents of Gurugram's Chintels Paradiso rallied at Jantar Mantar, protesting against the developer for leaving them stranded. Claiming the building is unsafe due to inferior materials and that it still received an occupancy certificate from DTCP, residents have started protesting against the district administration. They demand either proper reconstruction or fair market compensation. The residents have sought intervention from the Prime Minister's Office and the Ministry of Housing and Urban Affairs demanding ‘Ghar Ke Badle Ghar'. Allegations also arise about potential misuse of the disaster management act by the administration to favour the developer.
CRC Group has announced three major projects in Noida, aiming for a top revenue of Rs 3500 crore. The projects include a Grade-A IT/ITES commercial hub ‘The Flagship’, a luxurious residential complex in collaboration with Jaypee, and the second phase of CRC Sublimis housing project. With a combined area of 72 lakh square feet under construction, these projects signify a significant stride in Noida's real estate landscape. The substantial investments underscore CRC Group’s confidence in the region’s thriving real estate and economic potential, promising a blend of luxury living and commercial vibrancy.
Co-working firm Innov8 has announced its plans for aggressive expansion in the ongoing financial year 2023-2024. The company is set to invest over Rs 100 crore to add 8,000 seats across 300,000 square feet of co-working space in major Indian cities, including Delhi NCR, Mumbai, Pune, Bengaluru, and Chennai. Innov8 has already opened five new centres earlier in the year and plans to inaugurate five more centres in the current quarter. This strategic expansion demonstrates Innov8's commitment to staying at the forefront of the dynamic co-working sector in India. The company's growth is driven by increasing demand for flexible office spaces.
The BMC in Mumbai has initiated stop-work notices for builders who fail to adhere to recent anti-air pollution guidelines. Multiple construction sites, including one in Mulund and Santacruz, received these notices. The Prestige City site in Mulund was found in violation of 13 conditions, leading to the notice. The guidelines cover various aspects, including the use of metal sheets, wet cloth, enclosed areas for certain tasks, and protective equipment for workers. Compliance is required within 15-30 days. However, some in the construction industry argue that these guidelines may lead to safety issues, and many of the required equipment are not readily available in the market.
The state of Maharashtra is struggling to get construction workers to register. Out of an estimated workforce of 70 lakh laborers employed across various construction sites, a mere 14 lakh are officially registered with the Maharashtra Labour Welfare Board. The sluggish pace of registration is primarily due to challenges in meeting registration criteria. This leaves unregistered workers and their families ineligible for essential welfare programs, such as health and accident insurance. Statistics show that accidents involving unregistered workers are alarmingly high on sites, making registration all the more imperative. To address this issue, the labour department is said to be streamlining the registration process and reducing the number of documents required for registration.
Residents of HRBR Layout in Bengaluru have identified 130 illegal buildings, a mix of commercial and residential, that violate zoning regulations and lack adequate parking space. People expressed concern about the congestion and deteriorating living conditions due to the commercialization of the area. Despite premium charges for residential land, commercial buildings have been constructed, often with more than three floors and insufficient parking. Vehicles of employees and customers are being parked on roads, footpaths, and in front of other residential houses and gates, making it a nuisance to the people. Frustrated with the BBMP's inaction, residents petitioned the BBMP Chief Commissioner and Deputy Chief Minister, urging the cancellation of licenses for commercial buildings on residential plots.
Maharashtra is set to introduce a revolutionary housing policy, emphasizing the "walk to work" concept in industrial zones. The policy is expected to come into effect next financial year. The new policy comes after 17 years and aims to enhance land availability for developers and streamline project approvals. Key features include rental housing for migrant workers, and specialized colonies for seniors. While there were proposed policies in 2015 and 2021, they were never approved. The present policy, shaped through consultations with developers and consumer groups, seeks to address Maharashtra's evolving housing demands in industrial cities like Nashik, Aurangabad, and parts of Mumbai Metropolitan Region (MMR).
Mindspace Business Park REIT, supported by K Raheja Corp, is expanding with an 800,000 sq. ft. mixed-use project in Airoli, featuring commercial office spaces and a luxury hotel in collaboration with Chalet Hotels. Mindspace REIT also reported a 17.7% increase in net operating income and a 72.2% growth in consolidated profit for the quarter ending on September 30, 2023. Mindspace's total leasing portfolio amounts to 32.3 million sq.ft., including 26.1 million sq.ft. of completed area, 2.9 million sq.ft. under construction, and 3.3 million sq.ft. of future development. Their strong leasing activity and robust financial position underscore their status as a leading player in India's office space market, ready to meet the evolving needs of businesses.
Delhi-NCR is the sixth most expensive office space rental market in Asia Pacific (APAC) for Q3 2023, with Hong Kong SAR topping the list. Strong demand from Global Capability Centres (GCC) has offset slower demand from flexible workspace providers. Prime office rentals in Delhi-NCR, Mumbai, and Bengaluru are steady and expected to remain so for the next year. Region-wide rental rates show quarter-on-quarter stability, with rental growth in developed markets counterbalancing declines in Chinese mainland markets. Delhi-NCR's prime office rent is Rs 340 per sq. ft per month, securing the sixth position in the APAC, while Mumbai ranks ninth at Rs 302 per sq. ft per month.
percent discount, reinstated this year after being revoked in 2019, requires residents to prove eligibility by November 15. Keskar is requesting an extension until December 20 due to the festival season. The discount was introduced in 1970 to assist residents in maintaining properties damaged during the 1961 Mutha River flood. Activists and residents support the extension, relieving the burden during the festive season. The PMC originally withdrew the discount after objections from the state audit department.
Sundaram Home Finance has demonstrated strong financial performance in the second quarter with an 18% increase in its net profit, at Rs 59.33 crore, for the second quarter. This success is attributed to its strategic expansion in Tier II and III towns and a customer-centric approach. With a significant increase in disbursements, the company has strengthened its lending portfolio and ventured into the affordable housing segment. Its focus on smaller towns aligns with India's urbanisation trend. The company's commitment to fulfilling housing aspirations not only reflects market demand but also contributes to the government's 'Housing for All' initiative, positioning Sundaram Home Finance as a key player in the housing finance sector.
Mahindra Lifespaces Developers Limited (MLDL) has revolutionised the real estate industry by launching India's first home-buying experience in the Metaverse. This pioneering initiative was introduced through a spectacular drone show in Pune, unveiling Mahindra Citadel's Phase 2, Bastion. The immersive Metaverse experience allows prospective buyers to explore, interact and customise their future homes, marking a significant leap in real estate innovation. MLDL's commitment to pushing technological boundaries and enhancing customer experience positions it as a trailblazer in the real estate sector.
Suburban Guardian Minister Mangal Prabhat Lodha has responded to local opposition to the reconstruction of the Malabar Hill Water Reservoir by instructing the Brihanmumbai Municipal Corporation (BMC) to establish a technical assessment committee. This committee will include professors from IIT (Bombay), BMC engineers, and local residents with technical expertise. Its primary task is to evaluate the reservoir and decide whether it should be repaired or demolished. The controversy arose due to the reconstruction plan's potential impact on trees and opposition from residents. This committee's diverse composition and its technical assessment will play a crucial role in determining the reservoir's fate, balancing historical preservation with contemporary needs.
Amid worsening air quality in the National Capital Region (NCR), real estate developers have requested that the government not impose bans on construction activities that don't contribute to pollution. The revised graded response action plan (GRAP) mandates construction bans during "severe" air quality conditions. Developers argue that not all construction activities cause pollution and have urged authorities to allow non-polluting work to continue to meet project deadlines. They emphasize the impact on laborers, who often return home due to frequent bans, causing delays in apartment deliveries and then hefty RERA fines for delivery delays.
Junagadh Municipal Corporation's pioneering rainwater harvesting initiative has earned them the distinction of being the first Indian civic body to accumulate water credits, as endorsed by the United Nations Framework Convention on Climate Change. With a substantial 9 million water credits secured for conserving 100 million litres of water in their Hasnapur reservoir, JuMC sets an example for sustainable water management. This innovative endeavour, overseen by UN-designated agencies and supported by voluntary collaboration, promises both a water-secure future and financial prospects for civic bodies.
In a pivotal move, China witnesses the initiation of publicly-traded Real Estate Investment Trusts (REITs) backed by consumer-related commercial properties, signalling a shift in the nation's real estate market dynamics. Asset managers including China Asset Management, Harvest Fund Management, and CICC Fund have submitted applications, diversifying REITs from infrastructure to shopping malls and department stores. This strategic expansion aligns with China's efforts to revive its real estate sector, offering diverse investment avenues and fostering market resilience. The move signifies a progressive step in adapting to market demands, potentially reshaping China's real estate landscape.
In Q3, Singapore's property market defied expectations, rebounding strongly. Private residential values made a notable comeback after a brief dip. This resilience contrasts with Hong Kong's housing tax reduction. Analysts foresee moderate growth amid economic uncertainties. Home sales dipped but are set to rise with new projects. Affordability concerns linger, and government restrictions persist. Meanwhile, rental rates are showing signs of easing. Navigating Singapore's dynamic real estate market requires vigilance and adaptability for investors and enthusiasts.
HDFC Bank has acquired a ten-floor office tower spanning 2,84,567 square feet in South Delhi's Nauroji Nagar for Rs 1,130 crore from NBCC (India) Ltd. This was NBCCs 21st auction for the sale of commercial space in the World Trade Centre. This marks the highest single auction sale since the launch of the World Trade Centre (WTC) in New Delhi in 2017. The WTC, which covers 3.4 million sq ft of saleable area including 12 commercial towers, is part of Nauroji Nagar redevelopment. The government had announced redevelopment of seven housing colonies in Delhi, of which three—Nauroji Nagar, Netaji Nagar and Sarojini Nagar—were assigned to NBCC. NBCC funds this redevelopment from the sale of commercial units at WTC.
• A residential flat spanning 587 square feet on the 30th floor in Sunbeam Apartment in Santacruz West for INR 1.88cr <br> • A residential flat spanning 748 square feet sold in Safal Park in Nerul for INR 1.4cr
The Bombay High Court has taken a decisive stance by ordering the Director General of Police (DGP) to launch a thorough investigation into a prominent builder accused of defrauding over 11,500 flat buyers in Thane. Expressing strong disapproval of the lacklustre investigative approach, the court emphasized the need to prioritize the victims' interests over the accused. The case involves allegations against Karam Infrastructure Private Limited and its directors. The DGP has been given four weeks to complete the inquiry, highlighting the urgency of addressing this alleged fraud and delivering justice to the victims.
Mumbai's BMC has terminated a contract with DBS Realty for a project to construct 4,000 tenements for project-affected people (PAPs) due to the developer's failure to transfer land titles as required under the "credit note" policy. Under the "credit note" policy, the BMC wanted developers to buy land, construct houses and give them to the BMC in exchange for a credit note which can be sold in the market or to settle BMC dues. The BMC was to pay DBS Realty Rs 1,584 crore for this project. The PAP scheme was introduced to construct over 35,000 flats for rehabilitating people whose homes might be demolished for various civic infrastructure projects. BMC has already issued credit notes worth about Rs 350 crore to developers though actual construction work hadn’t started in most of them.
Former M3M Group promoter Roop Bansal has withdrawn his application for anticipatory bail following an FIR filed against him by the anti-corruption bureau (ACB) in April. Notably, the ACB had prepared a response to the bail application but did not file it due to the withdrawal. The case involves charges under the IPC and the Prevention of Corruption Act and also involves former CBI judge Sudhir Parmar and his nephew Ajay Parmar, who are in judicial custody for their involvement in a PMLA case. Roop Bansal faces allegations related to the misappropriation of funds from investors of the Ireo Group. This strategic withdrawal keeps the legal proceedings open-ended, leaving room for further developments in this intricate legal puzzle.
Oberoi Realty (ORL) has divested its 31.67% stake in Sangam City Township to Balewadi Techpark for Rs 3.60 crore. This move follows a 17% decline in sales bookings for ORL in the quarter ending September 30, 2023. However, the company maintains a strong financial position, reporting a significant increase in profit after tax and net consolidated total income. ORL's strategic divestment decisions and ongoing real estate developments, including a project in Tardeo, Mumbai, showcase its resilience and adaptability in the face of market challenges, reaffirming its position as a key player in the real estate sector.
The Maharashtra government's plan to redevelop 290 slum clusters along the coastline, potentially freeing up around 188 hectares of prime land, awaits approval from the central government under Coastal Regulation Zone (CRZ)-2 regulations. The Ministry of Environment, Forest and Climate Change (MoEFCC) is considering the proposal pending a comprehensive environmental analysis. The redevelopment initiative, if approved, could transform Mumbai's urban landscape, offering opportunities for luxury housing projects. Although landward side slums can be redeveloped, challenges related to seaward-side slums remain till the MoEFCC approval.
Despite a proposal from the revenue department introduced a year ago, the state government has yet to grant approval for the introduction of vertical property cards for flat owners, according to senior revenue officials. These proposed cards aim to contain crucial details like ownership information, carpet area, and bank loans, with the broader goal of mapping vertical urban and rural expansion. This initiative would serve to establish an independent record of rights and registrations for individual residential apartments, improving ownership documentation. Currently, there's no specific document proving ownership for flat owners in residential buildings, making this approval crucial to streamlining property transactions and reducing legal disputes in the real estate market.
The Delhi government's revenue department has digitized various property records and integrated them into a central server, accessible through the Delhi Online Registration Information System (DORIS) portal. This enables the public to easily verify property status and ownership details, ensuring they are not disputed or prohibited. Sub-registrar offices categorize properties, simplifying property searches. Sub-registrars can swiftly authenticate property records, eliminating the need for time-consuming no-objection certificates. This initiative seeks to prevent fraudulent property transactions, reduce corruption, and streamline property registration in Delhi, marking a significant leap in transparency and efficiency.
The Karnataka High Court has quashed an FIR and vacated Enforcement Directorate (ED) attachments worth about Rs 285 crore in a case involving the real estate firm Mantri Group. The ED had attached assets under the Prevention of Money Laundering Act after homebuyers filed an FIR against the Mantri group for diverting funds collected from homebuyers and not completing the projects. But the court ruled that a breach of contract or agreement does not fall under criminal law. The court stated that if the FIR is quashed, the ED attachment becomes invalid.
Kolkata Metropolitan Area (KMA) reported 4,347 apartment registrations in September 2023, a 25 percent YoY decline. However, there have been 31,026 registrations since the beginning of 2023. In September, 14 percent of the year's registrations occurred, marking a 21 percent increase from August. The drop in YoY registrations is attributed to a base effect, as the previous year saw a surge due to strong consumer sentiment and stamp duty rebates. The extension of stamp duty reduction by the West Bengal government is expected to maintain a positive trend in property purchases and registrations.
The Indian real estate sector saw a substantial boost in institutional investments, reaching $679.9 million in the third quarter of 2023, marking 82 percent growth compared to the same period last year. Residential assets dominated the investments, accounting for $298.3 million, a 71 percent increase year-on-year. Domestic investors led the way with 71 percent of the institutional investments, while foreign investors' share dropped from 55 percent in Q3 2022 to 27 percent in Q3 2023. Commercial assets' share decreased from 40 percent to 24 percent. Despite a slowdown attributed to foreign investors' limited interest, prospects for increased office space investments are expected as companies recall employees to offices.
The Nashik Municipal Corporation (NMC) has issued notices to a staggering 2.4 lakh property tax defaulters with accumulated dues of almost Rs 470 crore. These defaulters have been given a 15-day ultimatum to clear their outstanding dues, failing which, the NMC will proceed to issue warrants. With a property tax collection target of Rs 210 crore for the current fiscal year, the NMC is cracking down on non-compliance. Panchavati division has the highest number of defaulters, with 59,961 individuals and businesses owing a total of Rs 124.11 crore. The NMC aims to secure government grants by meeting its collection target.
" The Pune Metropolitan Region Development Authority (PMRDA) has proposed changes in development charges associated with the third Metro line, aiming to fund urban transport projects. These changes include a 100% increase in development charges for areas near the Metro, while interior areas may see a 75% or 50% increase based on their growth potential. The PMRDA is implementing the third Metro line, and the proposal is under consideration. However, there are concerns about the need for region-specific charges and potential amendments to the Maharashtra Regional Town Planning Act. Balancing infrastructure funding and affordability for homebuyers is crucial as the proposal progresses."
Reliance Industries is set to unveil Jio World Plaza, India's largest luxury shopping destination, on November 1. Located in Mumbai's Bandra Kurla Complex, the 750,000 square feet mall will host prestigious luxury brands like Bulgari, Cartier, Louis Vuitton, and many more. Notably, Bulgari will make its debut in the Indian market through this venture. The mall will provide exclusive services such as personal shoppers, VIP concierge, wedding concierge, and porter service, enhancing the luxury shopping experience in India. With the country's evolving luxury retail landscape and increased demand, this launch marks a new era in luxury retailing.
The Indian hospitality industry is witnessing a surge in investments from family offices and high net worth individuals (HNIs). In the first nine months of 2023, family offices have invested Rs 900 crore in hotels, which is two-thirds of the total investments of Rs 1,400 crore made in the industry. This marks a substantial increase compared to 2022 when family offices invested Rs 190 crore out of the total Rs 600 crore in the hotel sector. The investment momentum is expected to continue, reaching Rs 2,000 crore in 2023, driven by robust average daily rates (ADR) and occupancy levels in hotels across the country. Emerging markets like Ayodhya, Varanasi, Haridwar, and Rishikesh are also attracting investment.
Qdesq, an innovative coworking start-up, has secured undisclosed funding from venture capital firm Gruhas amid rising demand for flexible office spaces in India. Qdesq stands out with its tech-enabled coworking solutions and introduced Qudify, a cutting-edge SaaS platform, further enhancing its appeal. With a vast network spanning 4,300 centres across 100 cities and a monthly run rate of 6,500 desk reservations, Qdesq is a key player in India's coworking landscape. The recent funding will fuel its growth, enabling the company to expand its team and enhance its technological capabilities.
Ganesh Housing Corporation is partnering with US real estate firm Tishman Speyer to develop a massive IT Special Economic Zone (SEZ) called "Million Minds Tech City" in Ahmedabad, Gujarat, with an investment of Rs 8,000 crore. Spanning 65 acres near Chharodi village along SG Road, this SEZ will offer office space for IT and ITes companies, along with dedicated residential, commercial, and hospitality areas. The project will encompass 80 lakh sq.ft. of IT office space, 53 lakh sq.ft. of residential space, and more. It is expected to create direct employment for 1.6 lakh people and attract major tech companies like Apple, IBM, Google, and Amazon. The project will commence by 2026 and is aimed at positioning Ahmedabad as a hub for the IT sector.
The National Green Tribunal (NGT) has issued a crucial directive to the Haryana government, demanding a comprehensive review of stone-crushing units in Mahendragarh and Charkhi Dadri districts within eight weeks. This decision follows a report by the Haryana government, revealing that 49 out of 133 units in Mahendragarh violated environmental regulations, posing a significant threat to air and water quality. The NGT's action was prompted by a petition filed by a concerned resident, Vinod Kumar Jangra. The government has already closed non-compliant units, initiated air quality monitoring projects, and taken steps to address violations. The NGT's commitment to environmental and public health is evident, and the upcoming November 23rd review will be pivotal in addressing these environmental concerns.
European real estate stocks have plummeted to their lowest levels in nearly 12 years due to mounting concerns over financing issues triggered by rising interest rates. The Stoxx 600 Real Estate Index, which tracks major companies like Vonovia SE, British Land Co., and Unibail-Rodamco-Westfield, witnessed a 2.0% drop, poised for its lowest closing point since January 2012. This decline is adding to worries of declining asset values and escalating debt costs, which could necessitate raising capital for some companies. Lack of transactions are further impacting property prices in the region.
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