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An Expression of Interest (EOI) is a document or letter submitted by a potential buyer expressing their interest in a particular property. It is the first step before entering a negotiation process or signing a formal agreement.
India is currently making impactful developments towards infrastructure, spurred by the government's dedication to align with the country's expanding economy. Mumbai, the financial capital, is one of the focal points of this surge, undergoing significant projects like the Mumbai Trans Harbour Link, Dombivli-Mankoli Bridge, Navi Mumbai International Airport and the Coastal Road. These endeavours not only aim to enhance connectivity and reduce travel times but also have a profound impact on Mumbai's real estate market, solidifying its position as a premier residential and commercial destination in India.
<p>• A residential flat spanning 1847 square feet sold in Oberoi Sky City in Borivali East on the 48th floor for INR 6.14 Crores<br /><br /> • A residential flat spanning 668 square feet sold in Drushti Sapphire in Ghatkopar East on the 3rd floor for INR 1.55 Crores<br /><br /> </p>
DLF, a leading real estate developer, is set to launch a luxury residential project in Gurugram's Sector 76, projecting revenues between Rs 8,000 crore and Rs 10,000 crore. The formal launch is anticipated in January 2024, marking DLF's significant venture into the Southern Peripheral Road (SPR) area. The project, part of the integrated 'Privana' township spanning 120 acres, is expected to offer 1,100 premium residences in the price range of Rs 17,000 to Rs 18,000 per square foot, following the success of DLF's earlier project, 'The Arbour.'
State-owned NBCC has announced the completion of the sale of 5,000 residential units valued at Rs 2,900 crore across various projects of the Amrapali Group, as part of the Supreme Court-directed initiative through Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE). This significant milestone represents over 80 percent of the available inventory, providing relief to buyers who have awaited possession for years. NBCC, committed to completing Amrapali projects, aims to finish all remaining projects by March 2025, as it actively addresses challenges and contributes to the resolution of the long-standing issue of stalled residential developments.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has achieved a significant milestone by securing over Rs 140 crore in compensation this year from developers failing to deliver apartments, marking one of the country's highest regulator successes. Issuing 1,123 warrants, MahaRERA aims to recover Rs 764 crore, freezing accounts and attaching assets as warnings. Of 459 projects, recovery occurred in 110. This success stands out amid national challenges in enforcing orders.
Delhi Lieutenant Governor VK Saxena has instructed officials to develop a time-bound plan for the regularisation of unauthorised colonies, stressing the need for a simplified process. The directive follows the recent passage of the National Capital Territory of Delhi Laws (Special Provisions) 2023. Saxena urged prompt implementation of PM-UDAY, PMAY, and the DDA's Land Pooling Policy, emphasising an expedited approach to address long-standing issues related to unauthorised colonies and slum rehabilitation.
The Punjab Agricultural University (PAU) police have filed charges against two farmers from Malakpur village for allegedly defrauding a city-based realtor of Rs 13 crore in a land deal near South City. The accused, Boota Singh and Jugraj Singh, reportedly accepted the money from the realtor but refused to transfer the land ownership after property rates surged due to the construction of a bypass. The FIR, registered under multiple sections of the IPC, highlights the complexities of real estate transactions and the need for thorough legal scrutiny to prevent fraudulent activities.
In 2023, India's major cities experienced an unprecedented surge in office leasing, reaching a record 62.3 million square feet, a 12% increase from the previous year, according to a report by Savills India. Bengaluru, Delhi-NCR, and Mumbai led, contributing to nearly 60% of gross leasing. Mumbai saw a remarkable 51% increase, totalling 10.1 million square feet, fuelled by tech and consulting occupiers. Bengaluru, despite a 10% YoY decline, dominated with 15.6 million square feet. Delhi-NCR maintained 11.3 million square feet, while Hyderabad and Chennai recorded 34% and 32% increases, respectively. Pune reported 7.1 million square feet, an 11% rise. New supply reached 53.3 million square feet, with Bengaluru and Hyderabad contributing 61%. The resilient and adaptable office market signals a promising future for India's commercial real estate.
Sachin Tendulkar's sports management company, SRT Sports Management, led by the cricket legend and his wife Anjali, has leased two apartments on Mount Mary Road in Mumbai's Bandra suburb. The lease, registered on December 7, involves monthly rentals of Rs 10.83 lakh for both 3,358 sq ft apartments located on the fifth floor of Raheja Bay. The exact lease tenure remains undisclosed. The company secured the deal directly from the developer Ferani Developers. SRT Sports Management is involved in managing the iconic cricketer's social and commercial engagements.
The Municipal Commissioner of Thane, Abhijit Bangar, has issued a "zero tolerance" directive against unauthorized construction in the city. Following the suspension of a senior official accused of protecting illegal structures, Bangar emphasized strict measures and consequences for those associated with such activities. Officials were instructed to comply with the Chief Minister's directive to demolish illegal structures, with a focus on cutting water connections to these constructions. Disciplinary actions were warned for officials involved in permitting illegal constructions, particularly those with water connections.
Prada has invested $425 million in acquiring its Fifth Avenue flagship property in New York, highlighting the brand's strategic focus on prime locations. The five-storey boutique, leased since 1997, witnessed a cash transaction, reflecting Prada's financial prowess. The move aims to secure long-term value in a prestigious locale, while the broader Americas region faces a 1.3% decline in retail sales. Prada's strategic investment aligns with its commitment to global expansion and adapting to evolving luxury retail dynamics.
Godrej Properties Ltd achieves a remarkable milestone with the sale of over 600 apartments in its upscale Gurugram project, Godrej Aristocrat, raking in an impressive Rs 2,600 crore. This exceeds the previous record set by Godrej Tropical Isle in Noida, showcasing the company's most successful launch to date. Managing Director Gaurav Pandey highlights Gurugram's strategic importance, revealing plans for four new projects in 2024. The company reports a 48% increase in sales bookings, reaching Rs 7,288 crore in April-September 2023-24, with Delhi-NCR contributing significantly. Executive Chairperson Pirojsha Godrej expresses confidence in achieving a Rs 14,000 crore sales target this fiscal year, signalling robust growth and expansion.
Maharashtra's real estate regulatory authority, MAHARERA, has effectively resolved 15,423 consumer complaints in the seven years since the enactment of the Real Estate (Regulation and Development) Act, according to a report from the Ministry of Housing and Urban Affairs (MoHUA). The state ranks among the top three, alongside UP and Haryana, in addressing homebuyers' grievances. The report also reveals that 32 states and UTs have functional real estate regulatory authorities. Maharashtra leads in project registrations under RERA, accounting for 36% nationally.
ICICI Securities, the financial services arm of ICICI Bank, secures over 188,000 square feet of office space in Mindspace Juinagar, Navi Mumbai, through a 12-year lease. The deal with Newfound Properties & Leasing entails monthly rentals of Rs 92.15 lakh, escalating 4% annually. Commencing on January 1, 2024, the lease includes exclusive access to 190 parking slots. The BFSI sector's rising office space demand, outpacing IT, is evident in this notable transaction, showcasing sustained growth in India's 2023 office sector. Despite global challenges, the year stands to surpass the 2017–2019 average in office leasing activity in India.
In the current fiscal year, global investors have exercised caution in the Indian real estate sector, with PE inflow registering a significant decline of 44% at USD 3 billion, compared to the previous year's USD 5.36 billion, according to Knight Frank's report. This trend, persisting since 2021, reflects near-record low deal volumes with only 23 transactions in 2023. Geopolitical uncertainties and a high-interest rate environment have restrained investments, notably from the US and Canada. However, Singapore has emerged as a key contributor, representing over 50% of total inflow. Office assets lead PE investments at 58%, followed by warehousing at 23%, and residential properties at 19%. Mumbai attracts the highest investments, signalling potential positive shifts with rising interest from Asian private equity players as global challenges ease.
The Bruhat Bengaluru Mahanagara Palike (BBMP) is undertaking a comprehensive initiative to revamp property tax collection in Bengaluru. Of the city's estimated 4 million properties, only 2.02 million pay taxes, with over 1.5 million lacking 'A' or 'B' khata documentation. BBMP is launching a program to integrate these unregistered properties into the system, enhancing revenue collection. The goal is to collect Rs 4,790 crore in property tax for FY 2023-24, surpassing the previous year's Rs 3,155 crore.
Skechers, the American footwear giant recently inaugurated a massive 600,000 square feet national distribution centre in Mumbai, India, at the Lodha Industrial and Logistics Park in Kalyan. Part of a broader project, this facility is designed to optimize supply chain operations, capable of dispatching 60,000 units daily. The warehouse boasts Free Movement (FM1) super flat flooring, a first in western India, enhancing shipment movement. Meeting IGBC Platinum pre-certification, it aligns with sustainability standards. Skechers executives noted India's status as one of their fastest-growing markets, expressing plans to localize production. The move reinforces Skechers' commitment to growth and sustainability, setting industry benchmarks in India.
Uttar Pradesh is set to launch India's inaugural AI city in Lucknow, spread across 40-acres in the Nadarganj Industrial Area. An Expression of Interest has been extended to real estate developers, promising financial incentives like Capex support and stamp duty exemption. The AI city aims to integrate advanced technology, research centres, and educational institutions, fostering an ecosystem conducive to AI and MedTech. The plan envisions plug-and-play infrastructure, premium Grade- A office spaces, a mix of housing options, and AI-driven internal transport, aligning with a walk-to-work model and dedicated spaces for academic collaboration.
The Chennai Metropolitan Development Authority (CMDA) is undertaking a significant five-fold expansion, encompassing areas like Gummidipoondi and Kancheepuram. The CMDA aims to develop self-sustaining neighbourhoods, floating tenders for a comprehensive 'Sustainable Economic Growth Strategic Plan in Chennai Metropolitan Area.' The 24-week study will identify locations for industries, recreational spaces, and transit corridors, with a focus on decongesting the core city. Satellite towns are in the pipeline, addressing concerns like relocating the automobile hub in Pudupet. Experts stress eco-friendly urbanization, flood-resilient structures, and efficient spatial planning for balanced growth, acknowledging the potential for increased job opportunities.
In 2023, several high-profile Hollywood celebrities made notable adjustments to their real estate portfolios. Helen Mirren and Taylor Hackford listed their long-held Los Angeles residence for just under $17 million, while Mark Wahlberg sold his 30,000-square-foot estate in North Beverly Park for $55 million. James Corden listed his Los Angeles mansion for $22 million, and Britney Spears swiftly sold her Calabasas home for $10.1 million. Oprah Winfrey doubled her investment, selling her Montecito mansion for $14.23 million. Brad Pitt offloaded his Los Feliz compound for $33 million, and Drake listed his Tuscan-style estate for $88 million. Sylvester Stallone sold his Hidden Hills equestrian abode for $17.2 million, Terry Bradshaw sold his 800-acre Oklahoma ranch, and Rod Stewart increased the asking price of his Los Angeles mega mansion to $80 million.
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Leasehold refers to the legal right given to an individual or entity, by the owner, to live in or use a building or piece of land for an agreed period of time. In India, leasehold land most commonly have tenures ranging between 30 to 99 years.
The real estate sector in India has witnessed unprecedented growth in land deals during 2023, with a focus on diverse developments across the country. According to ANAROCK Research, the surge in residential real estate and warehousing demand has led to a 50% annual increase in land transactions, exceeding 2,300 acres. Key highlights include record-breaking deals by the Wadia Group and Godrej Properties, the largest land deal in Mumbai, and Foxconn's acquisition of 300 acres in Bengaluru. The Mumbai Metropolitan Region dominates with 30% of total transactions, followed by the National Capital Region.
<p>• A residential flat spanning 973 square feet sold in Piramal Mahalaxmi in Mahalaxmi for INR 5.48 Crores<br /><br /> • A residential flat spanning 691 square feet sold in Santoor CHS in Goregaon East for INR 1.10 Crores<br /><br /> </p>
FSI, also referred to as FAR (Floor Area Ratio), is a ratio of the total built-up area to the total area of the plot. It measures the total built-up area that can be constructed on a parcel of land.
MahaRERA has taken a slew of ground breaking decisions in 2023 promising long-term benefits for the real estate sector, fostering transparency and accountability. Standardized agreements, a grievance redressal cell, and certified real estate agents empower homebuyers by ensuring fairness. MahaRERA also reigns in developers with initiatives like a micro-control room for compliance and mandatory DIN information, stringent project verification for registration and a focus on quality construction, initiated through a consultation paper. Most of the decisions emphasize a proactive approach to dispute prevention and customer protection in the construction sector. These have been deemed so impactful that RERA’s across India are starting to emulate them.
<p>• A residential flat spanning 849 square feet sold in New West Wind in Dadar West for INR 1.2 Crores<br /><br /> • A residential flat spanning 1464 square feet sold in Dosti Mezzo 22 in Sion for INR 5.76 Crores<br /><br /> </p>
Curated Living Solutions, under the Divyasree Group, launches its first Green Field project in Visakhapatnam, providing 500 beds catering to Andhra Pradesh Medtech Zone (AMTZ) employees and students. This venture, the sole housing on AMTZ grounds, marks a novel collaboration boosting industrial housing. With plans to expand to 50,000 beds in five years and a robust portfolio, the company eyes significant growth in alternative housing. Their pioneering initiatives signal a promising trajectory, drawing parallels to commercial real estate for investment potential and service standards.
Over a year after the Slum Rehabilitation Authority (SRA) suspended projects in Mumbai's koliwadas pending demarcation, a recent order rejecting slum enclave status for Worli koliwada highlights ongoing challenges. The SRA insists no projects will proceed in koliwadas until specific development rules are established or the state revenue department demarcates boundaries. This decision underscores the complexity of balancing urban development with preserving cultural identities in Mumbai's fishing villages.
The Securities and Exchange Board of India (SEBI) plans to auction 13 properties, including those of Sunheaven Agro India and RaviKiran Realty India, on January 22, 2024, to recover funds allegedly collected illegally from investors. The auction, featuring land parcels in West Bengal and Jharkhand, aims to address non-compliance with public issue norms by these companies. SEBI's initiative underscores its commitment to enforcing regulatory compliance and protecting investor interests in the capital markets.
Toro Investment Managers aims to raise Rs 1,600 crore real estate alternative investment fund (AIF) in Gujarat International Finance Technology City (GIFT City). As the first real estate AIF in GIFT City, its exclusivity in investing within the offshore hub underscores its strategic significance. With a seven-year dollar-denominated fund tenure, inclusive of two occasions of two-year extensions, the fundraising targets diverse investors. The fund is set for success with IFSCA approval and favourable regulations, notably due to a July clarification exempting non-resident investors from taxes on offshore AIF investments in IFSCs.
Sidvin Core-Tech India has secured a 10-year lease for 54,300 sq. ft. at Brigade Deccan Heights, Yeshwanthpur, Bengaluru. The environmentally conscious and technologically advanced commercial space, spanning 2.2 acres with 4.3 lakh sq. ft. of development area, reflects Brigade Enterprises' forward-thinking approach to ecological design. The move allows Sidvin Core-Tech India to boost engineering capabilities and fortify its Bengaluru presence. VP of Operations KN. Karumbaiah anticipates the exciting growth and innovation this spacious, strategically located office affords the company.
The Pune Municipal Corporation (PMC) is unlikely to increase property taxes in the upcoming fiscal year, citing it as a policy decision. With property tax being the PMC's primary revenue source at Rs 2,000 crore annually, this decision provides relief to owners of 11.3 lakh properties. The move is welcomed by activists, who emphasize the need to focus on recovering dues from significant defaulters. The decision's rationale is speculated to be influenced by upcoming elections and the absence of an elected body to ratify decisions. Despite facing a recovery target of Rs8,000 crore, the PMC aims to boost revenue by taxing Metro properties, expecting Rs20 crore annually.
The National Company Law Appellate Tribunal (NCLAT) has ruled in favour of Appu Hotels' existing promoters, restoring the Board of Directors' powers suspended during a takeover bid by MGM Healthcare's Managing Director M K Rajagopalan. Acceptance of the settlement proposal by Appu Hotels' promoter, Palani G Periasamy, led to the withdrawal of the resolution process, reinstating AHL's original board and control over assets. The decision allows the full-scale operation of Hotel Le Royal Meridien in Chennai, marking a significant step forward. The tribunal's approval of the Rs. 595 crore settlement sets a rare precedent for complete debt resolution, offering hope for industries navigating financial distress under the Insolvency and Bankruptcy Code.
HouseEazy, a proptech specializing in home resale, secured a significant $1 million seed funding from investors including Antler, India Accelerator, and industry leaders like Pirojsha Godrej and Sandeep Aggarwal. The funds will fuel HouseEazy's mission to bring trust, transparency, and efficiency to secondary real estate transactions through a data-driven technological platform. The surge in proptech funding, totaling $4 billion since 2009, reflects the industry's accelerated integration of technology. Notable proptech ventures securing funding include NoBroker.com, Reloy, Property Pistol, Landeed, and newcomers Crib and Settl., highlighting the sector's dynamic growth and transformative potential.
Nagpur's MIHAN-SEZ has requested DLF and other companies, to return over 140 acres allotted in 2007 for an IT Park, citing the company's failure to initiate construction over 15 years. DLF was expected to develop IT towers, generating employment for 1 lakh people, but no progress has been made. Notices have been issued, urging DLF to submit a development plan. MIHAN, spanning 4,300 hectares, aimed for an IT boom, but competition from other cities hindered progress. SEZ authorities reveal 20% occupancy, 68% vacant land, and inactive units. MADC leased land to major IT companies, emphasizing the need for strategic development in Nagpur.
British landlords LondonMetric Property and LXI, a London-based real estate investment trust, are contemplating a merger that could create a £3.9 billion ($4.94 billion) firm. The potential union aims to establish the UK's fourth-largest listed landlord, focusing on consistent income-driven returns. LondonMetric, with logistics platforms and grocery-related ventures, complements LXI's diverse investments, spanning healthcare, budget hotels, theme parks, and more. The combined portfolio, valued at £6.4 billion, emphasizes logistics, healthcare, convenience, entertainment, and leisure.
Bollywood celebrities, known for their influence in fashion and film, mde substantial real estate acquisitions in 2023, showcasing a blend of luxury and financial acumen. Kartik Aaryan purchased a Mumbai apartment for Rs. 17.50 crore in Juhu. Sonakshi Sinha secured a Bandra apartment for Rs 11 crore, and Preity Zinta acquired a Pali Hill residence for Rs 17.01 crore. Samantha Ruth Prabhu invested in a sea-facing Mumbai apartment worth Rs 15 crore, and Ananya Panday celebrated her first home purchase, designed by Gauri Khan. Film producer Dinesh Vijan acquires a duplex in Pali Hill for an impressive Rs 103 crore. These acquisitions signify Bollywood's foray into upscale living and real estate prominence in 2023.
MakeMyTrip's CEO, Rajesh Magow, and Genpact's CHRO, Piyush Mehta, recently acquired luxurious apartments at The Magnolias by DLF in Gurugram, each valued at around Rs 33 crore. These 6,500 sq ft residences have seen an incredible price increase since October 2022. The Golf Links projects, including the Aralias, the Magnolias and the Camellias, have become prominent addresses in the National Capital Region (NCR). The surge in luxury real estate prices reflects a growing trend, with DLF's Golf Links residences commanding top rentals and drawing comparisons to Delhi's prestigious Lutyens zone. Property transactions in the region have experienced heightened demand, contributing to a notable surge in the luxury real estate market.
<p>• A residential flat spanning 410 square feet sold in Ruparel Millennia in Lower Parel on the 39th floor for INR 1.24 Crores<br /><br /> • A residential flat spanning 492 square feet sold in Mahalaxmi Prasad in Borivali West on the 4th floor for INR 83 Lakhs<br /><br /> </p>
Raymond Realty unveiled a grand 51,000-square-foot clubhouse in Thane's Ten X Habitat, marking a major milestone in its prime real estate venture. Featuring facilities like squash and badminton courts, a movie theatre, gym, and a serene pool. It also houses a communal catering kitchen for large gatherings. Gautam Hari Singhania, Chairman of Raymond Ltd, expressed pride, highlighting the commitment to creating vibrant communities. This clubhouse, accessible to all residents, sets a new standard in communal living, offering a space for connection, recreation, and a holistic living experience. Ten X Habitat project had already made headlines for completing three of its ten towers in December 2022, 4 years of its RERA schedule.
DLF Limited, a leading real estate developer, has revealed plans to launch a commercial plotted development project, "Central 67," in Gurugram, and a low-rise residential township, "The Valley Orchard," in Panchkula, Haryana, with a combined revenue projection of over Rs 1,400 crore. "Central 67" encompasses commercial plots across 8.6 acres in Gurugram, strategically located near the Sohna Elevated Road, while "The Valley Orchard" is a 15.83-acre low-rise township offering 3BHK-plus-study and 3BHK residences with scenic views of the Shivaliks mountain range. The projects form part of DLF's ambitious growth strategy, aiming to achieve Rs 13,000 crore in sale bookings during the fiscal year, backed by a strong financial performance in Q2 2023.
The Bihar Revenue and Land Reforms Department recently launched the e-mapi portal, streamlining land measurements for transparency. Landowners can apply online, eliminating the need for physical visits to offices. The entire process can now be completed within a 30-day completion timeline. The fees for Amin are set at Rs 500 for rural and Rs 1,000 for urban plots. A 'Tatkal' service expedites measurements for individuals living outside the State. Landless individuals receive the services free of cost.
hBits, a fractional ownership platform for commercial real estate, anticipates substantial investments of Rs 1500-2000 Crore from High Net Worth Individuals (HNIs) and investors in Gujarat over the next 3 to 4 years. With Gujarat contributing almost 20 percent of hBits' investor base, the platform aims to leverage the state's versatile investors. hBits provides innovative opportunities for fractional ownership in Grade-A commercial assets across India, diversifying portfolios for Gujarat's HNIs. Founder and CEO Shiv Parekh actively targets Gujarat's HNI population to enhance and scale up their investment value amid positive sector sentiments. hBits strategically broadens its portfolio in cities like Ahmedabad, Surat, and Rajkot, reinforcing its commitment to expanding in lucrative markets and capitalizing on the positive sentiments in commercial real estate.
The Yamuna Expressway Industrial Development Authority (YEIDA) is conducting an e-auction for institutional plots near Jewar Airport in Greater Noida. The plots in Sectors 18, 20, and 22E are ideal for nursing homes, hospitals, corporate offices, and senior secondary schools. Interested parties can apply for plot acquisition until January 1, 2024, and the e-auction, involving 11 plots ranging from 1000 to 10900 square meters, will conclude by February 29, 2024. Plots will be allotted on a 90-year leasehold basis, with reserve prices ranging from Rs 4.75 crore to Rs 25.95 crore. The initiative aims to boost development and connectivity in the region, emphasizing YEIDA's commitment to Greater Noida's growth.
The Nashik Municipal Corporation (NMC) is intensifying efforts to recover property taxes, targeting defaulters with warrants to seize properties from January. Despite issuing notices to over 2 lakh defaulters in November, only Rs 30 crore has been collected out of Rs 150 crore dues. In addition to considering water connection disconnection for defaulters, NMC plans to identify untaxed properties even after receiving building completion certificates. The NMC chief has directed officials to engage with state and central government departments to ensure timely payment of property and water tax dues, emphasizing a comprehensive approach to boost revenue collection.
In Ludhiana, over 64,000 property owners are benefiting from the one-time settlement (OTS) scheme, clearing tax dues without penalties or interest by depositing property tax by December 31. The municipal corporation (MC) encourages residents to seize this opportunity, generating an impressive Rs 6.42 crore revenue since the scheme's September launch. The MC Chief has directed officials to expedite recovery, emphasizing the crucial role of funds in city development. Online payment options, a 10% rebate on water-sewer charges, and efficient tax collection underline the MC's commitment to civic progress. The successful OTS scheme implementation reflects proactive government policies promoting tax compliance and financial responsibility.
Welspun One, a major in industrial real estate, is set to invest Rs 700 crore in building a 1.2 million sq. ft. industrial and logistics hub within the Jawaharlal Nehru Port Authority (JNPA) Special Economic Zone (SEZ) near Mumbai. This strategic partnership with JNPA aims to create futuristic infrastructure leveraging their respective strengths. The project is financed through debt and equity. Welspun One is near JNPA Port, which handles 35% share of India's container cargo. The initiative reflects Welspun One's commitment to transforming India's trade landscape and socio-economic development, marking the second deployment from its Rs 2,000-crore Fund 2.
Union Minister Nitin Gadkari is set to inaugurate the second four-lane section of the Zuari bridge in Goa, along with laying the foundation stone for two major projects valued at Rs 911 crore. These include twin towers atop the new bridge and an elevated six-lane highway corridor at Porvorim. Chief Minister Pramod Sawant announced the opening of the 14km approach road and the new Zuari bridge section, costing Rs 2,500 crore, on Goa Liberation Day. Other initiatives include a revolving restaurant on the Zuari tower and a six-lane elevated corridor on NH-66. Sawant highlighted the state's commitment to environmental sustainability and outlined Goa's impressive economic growth. The government aims for zero carbon emissions by 2050 and encourages comprehensive development for continued progress.
This refers to the mechanical, electrical and plumbing services in the design and construction of the building. Builders enlist firms specialising in MEP services for the construction of their building.
Suraj Estates, a prominent Mumbai Metropolitan Region developer focused on premium areas in South-Central Mumbai like Prabhadevi and Parel, conducted a successful Initial Public Offering (IPO) of Rs. 400 crores. The IPO was oversubscribed by 15.65 times. The company, with an impressive portfolio of over 10 lakh square feet in residential and commercial developments, aims to use the proceeds to reduce debt, acquire land, and for general corporate purposes. Analysts cite the company's impressive portfolio of over 10 lakh square feet in residential and commercial developments and its consistent growth, with FY23 profits rising 20.98% YoY and revenue rising 12% to Rs 306 crore, as the reason behind the enthusiasm in the market.
<p>• A residential flat spanning 1371 square feet sold in X Bkc in Bandra East for INR 6.45 Crores<br /><br /> • A residential flat spanning 469 square feet sold in Swastik Divine in Mulund East on the 4th floor for INR 86.76 Lakhs<br /><br /> </p>
The Prestige Group is gearing up to enter the Pune real estate market in 2024, planning to launch 1 million square feet of residential units with an estimated revenue of Rs 750 crore to Rs 1,000 crore. The Bengaluru-based developer also aims to introduce 3 million square feet of property in Mumbai, projecting a top-line of Rs 15,000 crore for the next year. While currently focused on commercial projects in Pune, the Prestige Group aims to cater to IT and tech communities, mirroring its success in Bengaluru. In Mumbai, recent projects like Prestige Ocean Tower in Marine Lines and upcoming ventures underscore the company's strategic expansion plans, capitalizing on the city's lucrative real estate landscape.
As per MahaRERA data, out of 1,123 recovery warrant complaints filed with 13 district collectorates in Maharashtra over six years, only 204 have been executed. The recovery warrants issued against developers by the RERA are forwarded to district collectors for attachment of properties and recovery of dues. Only Rs 137.74 crore has been recovered out of Rs 736.66 crore. This indicates a gap between the issuance of recovery warrants and their actual implementation. Mumbai suburban leads in complaints, while Pune has the most projects facing complaints. MahaRERA has announced weekly meetings and an official has been appointed by MahaRERA specifically to expedite recovery proceedings. Homebuyers, awaiting recovery for years, find relief in MahaRERA's heightened intervention.
The Lucknow Development Authority (LDA) has revealed a comprehensive plan to address the concerns of families facing eviction from residences along the Kukrail riverbed. LDA Vice-Chairman Indramani Tripathi cited the area's designation as a floodplain since 1904 and 1920, emphasizing unauthorized construction issues. To mitigate displacement impact, LDA has offered discounted housing options, reduced registration fees, and assistance for shop relocation. Business owners can relocate to LDA-developed shops with a 15% upfront payment and a convenient 10-year payment plan. The initiative aims to balance addressing encroachment issues while minimizing the impact on affected residents.
The remarkable success of the Kanpur Development Authority (KDA) in an online auction of residential plots, showcases a 98% increase in income compared to the reserve prices set for 480 plots. The initiative, launched during the festive occasion of Diwali, aimed to reclaim land previously occupied by unauthorized individuals, marking a significant legal victory for the KDA. The overwhelming response from the public, with 4,645 applicants bidding for 405 plots, reflects a notable enthusiasm, with some bids exceeding the fixed reserve prices by up to five times.
Mira Bhayandar, a vibrant area in northern Mumbai, stands out for its diverse residential and commercial offerings, appealing to a broad demographic. With well-connected roads and railways, it provides easy access to Mumbai and neighbouring regions. In November, 41 apartments in 9 buildings changed hands, with 85% from developers and 15% resale. Kalpataru Srishti Namaah - Sector 2A led with 18 deals. The most expensive flat sold for Rs. 1.60 Crores. The locality's rate per square foot ranged from Rs. 1,300 to Rs. 19,300, with a weighted average of Rs. 15,000. Mira Bhayandar, with 70% of flats below Rs. 1 Crore, emerges as an affordable and thriving housing option.
Alder Residency, a Kalpataru Group subsidiary, has secured Rs 525 crore in debt facilities from global alternative investment firm PAG, facilitated by Asia Pragati Strategic Investment Fund. The funds, provided in two tranches as non-convertible debentures with an 18.75% internal rate of return, are earmarked to complete the construction of 10 residential towers in Mumbai suburbs under the Kalpataru Vivant project, estimated at Rs 750-800 crore. This financial injection underscores PAG's confidence in the Kalpataru Group's real estate ventures and aims to fortify the completion of the Kalpataru Vivant project.
WSB Real Estate Partners, an alternative asset manager, plans to invest Rs 1,200 Crore in the Indian warehousing sector over the next two years, covering nearly 4 million sq ft. Engaging developers in major cities, the company is eyeing projects in Mumbai, Delhi-NCR, Chennai, and Bengaluru. Collaborating with Panattoni, WSB has invested Rs 110 crore in its first 16-acre warehousing park in Delhi-NCR, targeting completion by March 2025. With 3-4 deals in the pipeline (Rs 500-700 crore), WSB aims to solidify its real estate presence. With total assets currently over Rs 2,200 crore, WSB sees promising prospects in warehousing and logistics, citing strong infrastructure and favourable government policies.
Real estate firm NILA Spaces is making a forward-looking move by investing $1 million in its innovative VisionX Program, aimed at supporting early-stage prop-tech start-ups in India. Managed by Awfficacy Capital, the 12-week rolling accelerator program provides financial backing and essential phases like business planning, strategy development, and market research. Participants receive personalized mentorship, access to the prop-tech network, and immersive sessions on business development. The program focuses on scalability and explores technological advancements in real estate. The initiative aims to shape the future of the prop-tech sector in India through comprehensive support and a focus on sustainability.
The Indian road transport ministry has proposed a National Highway Development Programme, aiming to build and widen approximately 41,000 km of national highways, including 15,000 km of high-speed corridors, by 2031-32. This ambitious plan requires an investment of Rs 19.5 lakh crore. The proposed master plan's first phase projects are set to be bid out by 2028-29, with completion slated for 2031-32. The initiative aims to almost double the average travel speed on national highways from 47 kmph to 85 kmph, enhancing logistics efficiency and reducing costs to 9-10% of GDP. Currently, logistics costs in India are around 18% of GDP.
Global online residential property search platform, Housearch, has introduced its inaugural "Housearch Investment Index," spotlighting top markets for 2024. Notably, Oman, Qatar, and the United Arab Emirates, especially Dubai, have secured leading positions, with impressive gross rental yields, ranging from 6% in Qatar to 10% in specific Dubai areas. The Index evaluates 50 countries considering factors like rental yields, stability ratings, property rights, and economic growth rates. This underscores the Gulf's pivotal role in the 2024 real estate landscape, offering stable and reliable investment havens in contrast to cooling markets in Europe and North America.
The registration fee is calculated at the rate of 1% of the agreement value of the property with a maximum cap of Rs. 30,000/-.
NBCC (India) has successfully sold approximately 2.23 lakh square feet of commercial space in New Delhi's World Trade Centre for Rs. 905.01 crore. This sale is part of a larger strategy to monetize unsold inventory. NBCC has presently sold 23.92 lakh square feet valued at Rs. 9,656.62 crore. The sale highlights NBCC's significant role in real estate, further enhanced by its recent MoU with SAIL Durgapur Steel Plant for infrastructure projects. This achievement not only demonstrates NBCC's market prowess but also boosts confidence in India's real estate sector.
<p>• A residential flat spanning 2970 square feet sold in Narain Terraces Apartment in Pali Hill for INR 19.5 Crores<br /><br /> • A residential flat spanning 1962 square feet sold in Rustomjee Crown in Prabhadevi on the 37th floor for INR 10.11 Crores</p>
The Enforcement Directorate (ED) has initiated a case against Tulsiani Builders' Chief Managing Director Anil Kumar Tulsiani and Director Mahesh Tulsiani under the Prevention of Money Laundering Act (PMLA) for allegedly securing a loan of Rs 4.63 crore with forged documents. The ED's action follows a complaint from Punjab National Bank, asserting that the directors failed to respond to requests for loan recovery. The investigation also reveals allegations of money laundering and deceptive practices, including collecting funds from homebuyers without the necessary land for construction, prompting the ED to issue summons to the firm's directors.
Efforts to improve slum areas in Pune and nearby regions are getting a boost with new rules allowing redevelopment within a larger 5 km radius, up from the previous 2 km limit. This change aims to make it easier to find suitable spaces. Despite this positive step, corruption is still a big problem, slowing down projects by the Slum Rehabilitation Authority (SRA). The SRA CEO, Nilesh Gatne, is hopeful about the new rules speeding up projects, but notices have been sent to 20 developers facing delays. While 61 projects have been completed, 46 are still in progress, and the rules now empower the SRA to enforce deadlines and penalties to ensure efficiency.
In a significant move, the Uttar Pradesh cabinet has given the green light to implement recommendations from the Amitabh Kant Committee report on real estate projects. The approved measures, aimed at providing relief to countless homebuyers in the state, include granting immediate registry and sub-lease deed rights to buyers. Additionally, developers will benefit from a 'zero period,' exempting them from penalties for COVID-19-related delays between April 1, 2020, and March 31, 2022. The decision, addressing legacy stalled housing projects, was announced by UP Cabinet Minister Suresh Kumar Khanna, who emphasized the focus on safeguarding buyers' interests.
GIFT City in Gujarat is experiencing a real estate boom, attracting local and international investors. Authorities are allocating additional land for 5,000 residential flats, with a massive 1.2 million square feet open for bidding. Despite a 30-35% rise in residential apartment prices, developers report successful pre-sales of around 80% of units, indicating a robust market. Investors are enticed by advanced infrastructure, streamlined processes, and government incentives. While optimism prevails, caution is advised due to challenges like limited social infrastructure and price disparities within and outside GIFT City, posing questions about the long-term returns on premium-priced properties.
Ahmedabad's civic bodies, AUDA, AMC, and SRFDCL, are set to auction 21 plots before the Vibrant Gujarat Global Summit 2024, with expectations of raising Rs 3,000 crore in revenue. The most expensive plot, owned by SRFDCL, is valued at Rs 3.68 lakh per sq m. The 21 plots include 8 plots by AMC, AUDA's 11 plots, and SRFDCL's 2 plots. Despite challenges in previous auctions, interest from real estate firms is prominent. The Vibrant Gujarat Global Summit, established in 2003, remains a prestigious forum for business networking and sustainable development, with the 2024 edition focusing on key themes and national priorities.
The Karnataka High Court, in response to M/s BM Habitat's petition, has ruled that property tax on a building is only applicable post-completion, emphasizing the importance of the occupancy certificate. Despite the corporation's insistence on an earlier start date, the court recognized delays in property inspection and certificate issuance. The directive mandates property tax collection from a date that aligns with the certificate's issuance, promoting fair tax application based on actual utilization rather than theoretical completion dates. This interpretation ensures a practical approach to property tax and safeguards against undue taxation during the construction phase.
The Mumbai Metropolitan Region Development Authority (MMRDA) has submitted a proposal to the state government, seeking permission to develop a sprawling 323.44 square kilometres of land in Raigad district. The proposed development, under the New Town Development Authority (NTDA), mirrors the successful model of Bandra Kurla Complex. The initiative aims to meet rising demand post the Mumbai Trans Harbour Link (MTHL) and Navi Mumbai International Airport, generating revenue amid diminishing land in BKC. The involvement of NTDA marks a strategic expansion, offering new opportunities and income for MMRDA's infrastructure projects.
Mayfair, London's prestigious district, is experiencing a surge in luxury real estate sales, with properties priced at £10 million and above doubling in the past year, reaching £313 million in 2023. The trend is attributed to affluent buyers from the U.S. and the Middle East, particularly high-net-worth individuals from Saudi Arabia and the UAE. A report by Beauchamp Estates reveals these discerning buyers contributed over £80 million towards Mayfair's residential real estate investments. Meanwhile, other global markets, like California and Manhattan, are witnessing luxury property markdowns and reduced sales momentum, showcasing Mayfair's resilience in the ultra-luxury sector.
Preferential location charge is a premium charged for superior features in a flat. These features can include but are not limited to sea views, park views, higher floors, corner flats, terrace access flats, etc. PLC charges can be calculated on a squarefoot basis or a slab rate.
The National Real Estate Development Council (NAREDCO) has submitted proposals to the finance ministry for the FY 2024-2025 budget, urging the release of the second tranche of the Special Window for Affordable and Mid-Income Housing (SWAMIH) fund with a suggested Rs 50,000 crore corpus. NAREDCO has reiterated its request for residential project developers to have the option of claiming input tax credit (ITC) with higher GST, emphasising improved accounting practices post the implementation of the RERA. The organisation's recommendations include addressing the tax burden related to notional income from unsold properties, exempting notional rental income tax, and making various amendments to foster growth in the real estate sector and support the government's vision of housing for all.
• A residential flat spanning 491 square feet sold in Crescent Nexus in Kalina on the 11th floor for INR 1.23 Crores<br /> • A residential flat spanning 400 square feet sold in My Divine Chsl in Chembur on the 12th floor for INR 89.36 Lakhs
Casagrand, a prominent South Indian real estate developer has introduced Casagrand Dior, an upscale residential community in Chennai's Kilpauk. Comprising 30 meticulously designed 3 and 4-bedroom apartments, the project offers a seamless blend of functionality and aesthetics, with prices starting from Rs.2.71 Crores. Casagrand Dior boasts contemporary architecture with features like a glass façade, grand entrance arch, and landscaped block entrances. Casagrand Dior caters to the growing demand for exclusive, well-located residences. The apartments prioritize spacious living, double balconies, and maximum ventilation. Apart from excellent connectivity and accessibility, the units are complemented by ultra-luxurious amenities, including a rooftop cabana, private barbecue station, and fitness frame.
Emaar India, a subsidiary of Emaar Properties, is set to invest Rs 900 crore in a luxury housing project in Gurugram as part of its expansion strategy. The 'Urban Oasis' project at Sector 62, Golf Course Extension Road, has already sold out its first phase, comprising 424 luxury homes, generating revenue of Rs 1,723 crore. The overwhelming response, with 10 times subscription and 4,259 expressions of interest, reflects robust demand for luxury homes in Gurugram and major cities. Emaar India, having completed legacy projects, aims to launch more residential developments in Delhi-NCR and other North Indian locations.
Maharashtra Deputy Chief Minister Devendra Fadnavis has mandated biennial inspections for high-rise structures across the state to bolster safety measures, particularly in densely populated regions like Mumbai, Pune, and Thane. The decision follows a tragic fire incident at a candle factory in Talwade, Pimpri-Chinchwad, prompting the government's commitment to public safety. Fadnavis emphasized compliance with safety regulations and revealed updated building codes necessitating refuge areas every two to three floors in high-rises. The move aims to prevent misuse and enhance emergency preparedness.
The Supreme Court has brought relief to investors in Mumbai's Palais Royale skyscraper, upholding the 2019 public auction sale by Indiabulls Housing under the Sarfaesi Act. Pune's Honest Shelters secured the property for Rs 705 crore, ending a decade-long saga of uncertainty initiated by Shree Ram Urban Infrastructure's default on Rs 900 crore loans. The Palais Royale Members' Association, representing buyers, faced a tumultuous journey. The Supreme Court clarified NCLT's inability to scrutinize Sarfaesi Act auctions, endorsing High Court and MahaRERA orders. Of the 164 apartments, 76 are booked, with the rest available. Honest Shelters aims for March 2024 handovers, addressing compliance concerns with over Rs 580 crore in additional expenses.
The Delhi Development Authority (DDA), traditionally focused on affordable housing, is venturing into luxury real estate, signalling a strategic shift to meet diverse housing demands in the city. Vice Chairman Subhasish Panda announced plans for a project featuring luxury apartments, including penthouses, offering three categories of flats. With a total of 2,093 flats available for bidding, prices range from Rs 2 crore for HIG apartments to Rs 5 crore for penthouses. The move, responsive to evolving housing needs, aligns with DDA's commitment to inclusive housing. This initiative sets a precedent for government-led luxury housing, diversifying DDA's portfolio while ensuring housing for all.
India's flexible office space market is projected to surge by 60% to over Rs 14,000 crore in the current fiscal year, driven by rising per-desk rents and portfolio expansion, reveals a report by Upflex India. The co-working market's estimated annual size, in terms of rental income, is set to reach Rs 14,227 crore, compared to Rs 8,903 crore in the previous year. The flexible workspace operators' total portfolio has expanded from 10.4 lakh to 12.66 lakh, with an increase in the average price per seat per month from Rs 9,200 to Rs 10,400 and occupancy rising to 90% from 75%.
The Bruhat Bengaluru Mahanagara Palike (BBMP) has commenced the sealing of properties belonging to individuals with overdue property tax payments in Bangalore. The measure, proposed in November, aims to recover Rs 300 crore from 8,000-10,000 defaulters. BBMP Special Commissioner Munish Moudgil revealed that 500-600 commercial properties have already been sealed, with a focus on those who ignored tax notices. The crackdown extends to residential units among the city's estimated 6 lakh defaulters, including those falsely claiming residential status for commercial purposes.
The municipal administration in Pune will reissue nearly two lakh property tax bills without a 40% discount as occupants failed to submit mandatory self-occupancy certificates. Ajit Deshmukh, head of the property tax department, stated the need for occupants to complete necessary procedures within the extended deadline. The process to finalize new bill amounts for properties deemed 'not self-occupied' is underway, with PMC expecting around Rs 50 crore in revenue. Some citizens advocate for a streamlined process to verify self-occupied properties. A citizen highlighted the reluctance of individuals due to stringent conditions, leaving over two lakh property owners outside the scheme benefits.
The National Highways Authority of India (NHAI) has achieved a significant milestone by successfully awarding Toll, Operate, and Transfer (TOT) bundles 13 and 14, covering a combined stretch of 273 km, for Rs 9,384 crores. This accomplishment brings the total TOT bundles awarded in the current fiscal year to an impressive Rs 15,968 crore, surpassing the fiscal monetization target of Rs 10,000 crores set for 2023-24. The Ministry of Road Transport and Highways highlights that the TOT model, fostering private participation in the highway sector, continues to play a pivotal role in advancing the nation's road network development.
California's once-overvalued housing market is experiencing a significant drop in home prices, reflecting a national trend of correction. Data from the California Association of Realtors reveals a median sale price of $840,360 in October, a 5.3% YoY increase. Urban areas like San Francisco witness notable declines, with downtown condo prices hitting a 10-year low. Cities across the state, including Palo Alto, Fremont, and Santa Cruz, also see drops. Despite recent Federal Reserve announcements indicating a shift in interest rates, the future remains uncertain, contingent on factors like inflation and inventory levels in California's real estate landscape.
Puzzle parking is an entirely automated system wherein the car owners give his car to a valet or parks it in a lift and the car is automatically placed into a parking slot.
<p>• A residential flat spanning 971 square feet sold in Vasant Oasis Veronica in Andheri East for INR 2.6 Crores<br /><br /> • A residential flat spanning 568 square feet sold in Sambhav Bayvue in Fort for INR 1.4 Crores</p>
Dosti Realty is making its foray into redevelopment with rights secured for a Thane project near the Eastern Express Highway. The 1 lakh sq ft land parcel promises a cumulative development potential of 3.10 lakh sq ft, with 2.10 lakh sq ft available for sale. The project has a revenue potential of over Rs 400 crores and is slated for a launch in FY 24-25. In addition to this, Dosti Realty is also said to be finalising two cluster redevelopment projects in Mumbai at an estimated investment of over Rs 1,000 crore. The company witnessed robust sales this fiscal year with sales exceed 3,000 residential units.
Chalet Hotels Ltd. and K Raheja Corp Homes have joined forces to launch Raheja Vivarea, a luxury residential project in Koramangala, Bengaluru.. Encompassing 8.25 acres, the development offers high-end gated residences and Grade A commercial space. The project comprises nine towers and a total saleable area of 8.5 lakh sq. ft., with four towers have already received Occupancy Certificates. The project offer spacious 3 & 4 BHK apartments with decks and over forty common amenities. The collaboration leverages Chalet Hotels' expertise in hospitality and asset development with K Raheja Corp Homes' marketing prowess.
The Maharashtra Housing and Area Development Authority (MHADA) has taken action to revamp 17 police colonies in Mumbai, addressing long-standing complaints about the deteriorating condition of service quarters for low-ranking police personnel. Following discussions between the housing and state home departments, MHADA is set to appoint a project management consultant for the redevelopment. Once completed, 4,725 upgraded flats, offering more space than current tenements, will be allocated to police personnel. The move aims to address the persisting issue of neglected housing for constables and head constables.
The Uttar Pradesh government has implemented new guidelines for the purchasable floor area ratio (FAR) to curb unauthorised constructions and enhance transparency in the approval process. Under the revised regulations, developers are now required to purchase FAR before commencing construction, eliminating the previous practice of buying FAR after construction, which often led to disputes. The changes aim to streamline the construction approval process, reduce violations, and ensure adherence to sanctioned layout maps from the outset of the construction phase.
In Kolkata, 18 individuals were arrested for orchestrating an elaborate real estate fraud involving the sale of 14 flats within their criminal network. The fraud scheme included identity theft, forgery, and financial fraud, with the perpetrators not only manipulating property transactions but also securing substantial loans using fabricated documents. The complex operation was exposed when the genuine owner of one flat filed a complaint, leading to a thorough investigation that uncovered a web of deception within the real estate and banking sectors.
In 2023, Bengaluru leads India's cities with a remarkable surge in rental rates, surpassing 30%, as reported by No Broker's Real Estate Report and Anarock Consulting. Seven percent of Bengaluru and Mumbai landlords opted for a significant over-30% increase. Over half of Bengaluru landlords rely solely on rental income, and 42% of residents consider property acquisition due to rising rents. Anarock's report reveals a 31% rise in Whitefield's 2BHK flat rents and a 27% increase in Sarjapur. This surge, fuelled by population growth and limited space, outpaces Delhi NCR, Mumbai, Chennai, and Kolkata, marking a broader trend of escalating urban rental costs.
The recent e-auction by the Jawaharlal Nehru Port Authority (JNPA) secured an impressive Rs 426 crore for leasing 14 plots, totalling 42 hectares, in the JNPA Special Economic Zone (SEZ). Notable industries like Welspun One and Fine Organics secured plots, marking a significant milestone in the region's socio-economic development. The JNPA SEZ, part of the Sagarmala national flagship policy, aims to enhance exports, attract investments, and generate employment. With a transparent leasing process, 31 units have been allotted SEZ plots, covering 59 hectares, fostering industrial development with strategic connectivity through water, road, rail, and air.
Gurugram faces a rampant proliferation of unauthorized guesthouses, covering 145 acres in key sectors, with approximately 1,400 operating illegally. Despite enforcement efforts by the Town and Country Planning Department, these establishments persist, often breaking seals or obtaining court stays. State policies for guesthouse construction include minimum plot sizes and sector-wise caps, but recent data reveals 70% of guesthouses operate unlawfully. Many serve as alternative accommodations for medical, IT, and industrial entities, maintaining a high 90% occupancy rate. The issue, stemming from 2010 B&B licenses, persists due to lax enforcement. Authorities face the urgent task of curbing this unchecked growth to restore order in the city's accommodations.
The Uttar Pradesh Electronics Corporation Limited (UPECL) is developing an Illegal Land Use Detection Notification System (ILDNS) for Meerut, aimed at curbing unauthorized land use. Through a common portal, ILDNS will streamline 13 processes, including property registration, lottery draws, and e-auctions. It encompasses user management, finance systems, parole management, and more, fostering transparency and digitization within the Meerut Development Authority (MDA). The ILDNS initiative, backed by cloud housing and cybersecurity measures, is set to enhance workflow management, fortify MDA's processes, and set the stage for comprehensive digitization across various modules, bringing transparency and efficiency to land-use operations in Meerut.
The Mumbai Metropolitan Region Development Authority (MMRDA) is embarking on a slum redevelopment initiative in Ramabai Ambedkar Nagar, a 75-acre slum near Ghatkopar’s Eastern Express Highway. Collaborating with the Slum Rehabilitation Authority (SRA), MMRDA aims for a mutually beneficial project, potentially acquiring slum land without freeway extension costs. According to the proposed plans, MMRDA will rehouse 16,575 slum dwellers and secure 5,000 tenements for project-affected persons (PAPs) from various projects. The project is estimated to generate Rs 1,073 crore, potentially alleviating MMRDA's financial strain amidst substantial infrastructure investments.
Mercedes-Benz is entering real estate with "Mercedes-Benz Places," a luxury residential skyscraper in Dubai developed in collaboration with Emirati developer, Binghatti. The 65-story tower, reaching 1,118 feet, is strategically located near Dubai Mall and Burj Khalifa. Beyond luxury living, it aims to redefine intelligent living, featuring community-centric spaces with mobility at its core. Inspired by Mercedes-Benz's "Sensual Purity" design philosophy, the tower's silhouette mirrors the iconic logo. The project, set to launch officially in January 2024, creates a unique space that reflects the brand's DNA and offers residents an exceptional home and lifestyle experience.
The Transfer of Property Act 1882 is an Indian legislation which regulates the transfer of property in India. It contains specific provisions regarding what constitutes a transfer and the conditions attached to it.
In 2023, the Indian residential sector achieved unprecedented heights, surpassing previous records in housing sales and overall sales value. The quarter-on-quarter growth, even before Q4, suggests the year's total home sales could exceed Rs 4.5 lakh crore, a remarkable 38% increase from 2022. The surge is attributed to increased demand for premium luxury homes, reflected in a significant rise of 8–18% in average prices across top cities. Regional variations, with Pune leading at 96%, underscore the sector's resilience. The last quarter is likely to sustain this momentum, projecting an impressive end to 2023.
<p>• A residential flat spanning 335 square feet sold in Swastik Riverview in Asangaon for INR 23.50 lakhs<br /><br /> • A residential flat spanning 693 square feet sold in Dynamix Parkwood in Kavesar for INR 1.10 crores</p>
Godrej Properties is launching the 'Godrej Aristocrat' luxury housing project in Gurugram, anticipating a revenue potential of approximately Rs 3,000 crore. With nearly 750 apartments in a 9.5-acre plot, the project at Sector 49, Gurugram, has a starting price of Rs 4 crore per unit. The company has already garnered over 1,200 expressions of interest. On the real estate performance front, Godrej Properties achieved a 48% growth in sales bookings during April-September 2023.
Mumbai police's Economic Offences Wing (EOW) has arrested developer Jayesh Tanna in connection with a housing fraud case involving 28 home buyers and Rs 40 crore. This marks Tanna's third arrest in housing fraud cases, as part of the ten FIRs he faces. The latest case involves the Goregaon Pearl Cooperative Housing Society, where Tanna allegedly diverted funds, failed to deliver promised flats, and left the project incomplete. Previous allegations include selling the same property to multiple buyers. Mumbai police's actions reflect a commitment to addressing malpractices and safeguarding homebuyers' interests.
Over the last five years, the Navi Mumbai Municipal Corporation (NMMC) has identified 3,500 illegal constructions, raising concerns about the extent of violations in the well-planned city. Data shows 534 unauthorized buildings were identified in the first ten months of this year alone, bringing the total to over 15,000. While the NMMC has taken actions, residents believe efforts remain insufficient. The surge in illegal constructions raises infrastructure strain and concerns about water scarcity. Buyers are also at risk, lured by low-priced flats lacking essential permissions.
During a committee meeting aimed at settling disputes between homebuyers and builders, the Greater Noida Authority addressed various concerns. Topics discussed included the timely completion of flats, the establishment of Apartments Owners Association (AOA), the transfer of Infrastructure Maintenance Fund (IFMS) funds, and the registry process for flats. The committee actively sought solutions to these issues, emphasizing the importance of a comprehensive resolution for the benefit of both buyers and builders involved in the dispute. The next committee meeting is scheduled for January 3.
Bengaluru Urban police have issued a legal notice to a private builder following a criminal complaint accusing them of encroaching on Hennagara Lake in Jigani. CEO of Jigani city municipal council, Rajesh, lodged the complaint, citing violations of the Karnataka Land Revenue (Amendment) Act-2007 and IPC sections 447 and 427. An FIR has been registered. The police directed the builder's representatives to appear before them, emphasizing the need for land records and measurements. The alleged encroachment involved dumping soil and materials on the lake bed without permission. Investigations are set to accelerate pending document submission.
The Income-Tax Appellate Tribunal (ITAT) in Mumbai ruled in favour of a taxpayer, Rekha Singh, who jointly purchased a flat with her husband. The ITAT held that the difference between the agreement value and stamp duty value at registration, cannot be taxed in her hands. The decision applies to Section 56(2)(x) and its predecessor, protecting taxpayers from heavy tax demands. The ITAT emphasised that, as joint property owners, payment responsibility before registration is immaterial. This case establishes a precedent against taxing such differences as income, benefiting numerous taxpayers facing similar challenges with income-tax officers.
The Yamuna Expressway Industrial Development Authority (YEIDA) plans to auction land for hotels near the upcoming Noida International Airport in Jewar. An e-auction is scheduled for December 22 which will offer three commercial plots in Sector 28, adjacent to the airport and the Yamuna Expressway. These strategically located plots aim to attract big players. Big entities like the ITC Group have already expressed interest. With applications accepted until December 14, the auction anticipates a minimum revenue of Rs 108 crore. Successful bidders will secure 90-year leases for constructing multi-storey hotels, pending clearance for structures exceeding 24 meters in height from the Airports Authority of India.
Assetmonk has introduced its latest venture, AM Whitefield, offering retail investors the chance to participate in Bengaluru's Grade A commercial property landscape. Developed by the Brigade Group, this LEED-certified property is situated within Brigade Tech Park in Whitefield, covering an entire floor, spanning 32,300 square feet, and featuring 31 leased car parking spots. The property is currently occupied by a leading American multinational. With a targeted internal rate of return (IRR) of 16%, an initial rental yield of 8.50%, and a capital multiplier of 1.8 over 4-6 years, AM Whitefield aims to be a significant investment opportunity through its fractional ownership model.
The Kanpur Development Authority (KDA) has informed private tenants about its plan to acquire their land for the development of the New Kanpur City township. KDA officials held a meeting with tenants, requesting their consent for selling the land to facilitate the scheme. The purchase will be at the prevailing Arrent DM circle rate, with payment transferred directly to farmers' accounts through RTGS. The New Kanpur City initiative spans over 150 hectares between Mainawati Marg and Kalyanpur-Bithoor Road. The state government has allocated Rs 200 crore for the effective implementation and development of new cities under the Chief Minister Urban Expansion/New Cities Promotion Scheme.
Proven Partners, specializing in upscale real estate marketing, have identified 20 desirable destinations for UK investors seeking second homes, considering factors like property prices, taxes, dining expenses, car rental rates, flight costs, and potential Airbnb revenue. Ireland tops the list as the most economically viable country, with a perfect affordability score of 10. Boasting an average cost of £453,808 for a 3-bedroom waterfront property, a tax-friendly environment, and favourable square foot prices, Ireland stands out. Proximity to the UK, affordable summer flights, and a one-hour travel time further enhance its appeal. The study encourages investors to explore exotic destinations like Mauritius and South Africa for value.
In November, new home listings in the Greater Toronto Area rose by just 16.5% compared to the previous year, signalling a notable deceleration from October’s impressive 38% surge. This data suggests a shifting trend in the real estate market, reflecting a moderation in the pace of listing. The nuanced dynamics could be influenced by various factors, including market conditions and changing economic factors. As the real estate landscape continues to evolve, these statistics provide valuable insights into the ongoing developments and trends in the Greater Toronto Area’s housing market.
REITs are listed securities that provide derived ownership of rent-yielding real estate.
MahaRERA’s strong action against projects that don't update their Quarterly Progress Reports (QPR) on the website has yielded results. In January, only 2 out of 746 projects updated their reports, but in February, 131 out of 700 projects did, and in March, 150 out of 443 projects did so. Thus, the response rose from 0.2% in January to 18.71% in February and nearly doubled to 34% in March. Developers are required by law to register and update details on the MahaRERA website, and failure to do so results in notices and, in some cases, suspension of project registration. Through these measures, MahaRERA emphasizes transparency and accountability in the real estate sector.
Kharghar, situated in Navi Mumbai, is a rapidly developing residential and commercial hub known for its well-planned infrastructure, modern amenities, and green spaces. In November, the real estate landscape in Kharghar witnessed 35 apartment transactions across 14 different buildings, with Developer Sales dominating the market. Notable projects like Mahaavir Exotique and Sai World Empire led in terms of deals, with Sai World Empire achieving the highest-priced and largest carpet area apartment at Rs. 2.17 Crores for 1,058 square feet. The rate per square foot ranged from Rs. 7,770 to Rs. 33,600, with a weighted average rate of Rs. 13,500. Kharghar remains an affordable and thriving locality, with more than 60% of flats sold below Rs. 1 Crore.
<p>• A residential flat spanning 1045 square feet sold in Indiabulls Blu in Worli on the 12th floor for INR 5.81 Crores<br /><br /> • A residential flat spanning 1075 square feet sold in Nathani Heights in Mumbai Central on the 71st floor for INR 5.10 Crores<br /><br /> </p>
In response to a petition from CNC Mangalore-Kavoor Project Pvt Ltd, Karnataka High Court has affirmed that authorities must acquire land owned by private individuals through Section 69 of the Karnataka Town and Country Planning (KTCP) Act, 1961. The ruling underscores the legal obligation for proper acquisition procedures, restricting the use of private land for public projects. The decision establishes a precedent for adherence to the statutory framework in land acquisition, emphasizing the importance of due process and regulatory compliance in such matters.
The National Company Law Tribunal (NCLT) has granted approval for IIFL Finance's claim against Satra Properties as financial debt, following an insolvency resolution dispute. IIFL Finance's claim, surpassing Rs 185 crore, includes principal amounts and interest. The loan was secured through various means, including mortgages and pledges, and later Satra Properties' defaulted on these loans. Despite a consent agreement in 2019, the resolution professional rejected IIFL's claim during insolvency proceedings. NCLT's recent decision emphasizes that Satra Property Developers had agreed to mortgage its property, prioritizing proceeds for repaying IIFL Finance, reinforcing the financial nature of the claim by IIFL Finance.
The joint venture, Digital Connexion, comprising Brookfield Infrastructure, Reliance Industries, and Digital Realty, has concluded a three-way partnership aimed at developing data centres in India. With each entity holding a one-third stake, the collaboration combines diverse expertise. Ongoing projects in Chennai and Mumbai, notably the upcoming MAA10 launch in January 2024, signify the venture's proactive approach. The Mumbai expansion, coupled with strategic locations and connectivity hubs, strategically positions Digital Connexion for success. The escalating demand for data centres in India, driven by 5G, digital service accessibility, and the adoption of data-intensive technologies, aligns with this initiative.
The Income-tax Appellate Tribunal (ITAT) ruled that failure to deposit long-term capital gains (LTCGs) in a designated account won't automatically deny tax benefits for purchasing a new house under section 54 of the Income-tax Act. Quashing a revisionary order by the Principal Commissioner of Income-tax, the ITAT emphasised that non-deposit of LTCGs into a 'capital gains account' during the interim period cannot be the sole reason to not allow deductions. This decision offers relief to taxpayers and underscores the importance of meeting Section 54's conditions for claiming deductions.
Yes Bank is actively seeking buyers for its distressed loan portfolios totalling over Rs 4,200 crore, encompassing both corporate and retail loans. The corporate portfolio comprises eight accounts, with notable entities like UK-based affiliates of Cox and Kings. The retail portfolio includes personal loans, vehicle loans, credit cards, and more. Seeking all-cash offers, this move follows Yes Bank's Rs 48,000 crore distressed loan sale last year. The bank aims to identify an anchor bidder through the auction process. The successful divestment would enhance the bank's liquidity and financial stability in the competitive banking sector.
The National Highways Authority of India (NHAI) has formalized an agreement with DC Multi Modal Park (Nagpur) to develop a Rs. 673 crore Multi-Modal Logistics Park (MMLP) in Nagpur, covering 150 acres. Aligned with the PM Gati Shakti National Master Plan, this project is a crucial component of the Bharatmala Project, aiming to enhance India's freight logistics sector. The strategic location, proximity to transportation hubs, and phased development approach underscore the significance of the Nagpur MMLP in fostering efficient multimodal connectivity and contributing to the broader vision of logistics infrastructure development in the country.
PWD Minister Ravindra Chavan has proposed upgrading poorly maintained roads in integrated townships like Palava City and Casa Rio, developed by the Lodha Group, to district roads. This effectively enables the state government to allocate funds for their reconstruction. The finance department has approved Rs18.50 crore for road reconstruction. Improving the roads has been a long-standing demand as pothole-ridden roads affect thousands of residents in the township. This decision aligns with the government's commitment to improving infrastructure in the townships, with the Kalyan-Dombivli Municipal Corporation previously granting a 66% property tax concession to flat owners in Palava City.
The Haryana Urban Development Authority completed a drone survey of 619 slums, laying the foundation for rehabilitation and addressing issues in Indira Colony, Rajiv Colony, and Kharak Mangoli. Huda Chief Administrator T. L. Satyaprakash assured prompt rehabilitation, prioritized slums, and granted Supreme Court relief. In a separate evaluation, a multi-feature park in Sector 24, Panchkula, aims for completion by June 2024. Featuring unique attractions like a maze, meditation garden, skating rink, and solar tree-based charging station, the park seeks international recognition. Superintendent Engineer A.K. Rana oversees coordination, ensuring the park meets global standards while contributing to Panchkula's cultural landscape.
Australia's Charter Hall Retail REIT has completed the sale of two major shopping centres, Southgate Square in South Australia and Rosebud Plaza in Victoria, for a total of A$225.5 million ($148 million). The sale, in line with June valuations, exceeded their mid-2022 valuations, reflecting a premium despite challenges in the real estate market, particularly in retail and office sectors. Charter Hall Retail REIT's successful transaction showcases resilience in the face of real estate challenges, reinforcing its commitment to strategic management and financial strength, garnering positive market response and confidence in its adaptability.
In downtown San Francisco, condo prices have plunged to levels not seen in over a decade, settling just above $800,000, a stark contrast to the soaring prices above $1,200,000 in other regions. The downtown area, traditionally a hub for major projects and tech employment, has been affected by the post-pandemic shift to remote work, leaving office spaces vacant and impacting the housing market. The city has witnessed a significant decline in new listings and sales, with a 28% decrease in sales in 2023 compared to the previous year. The duration and trajectory of this housing price correction in San Francisco remain uncertain, with expectations of a gradual recovery amidst evolving market conditions.
A RERA registration number is a number provided by the RERA authorities to a project upon successful registration with the body. One project may have multiple RERA registration numbers. This number can be used to view the progress of the project on the corresponding RERA website.
Pune's property market in November 2023 witnessed a 6.7% YoY increase in registrations, totalling 14,607 units. Stamp duty collections for the month reached Rs 473 crores, contributing to a cumulative property value of Rs 13,342 crores. YTD registrations showed a robust 9.2% growth, with 137,217 properties registered. The upper segment, properties valued at Rs 1 crore and above, notably increased its market share from 9% to 13%. Central Pune dominated with a 77% market share in residential transactions. Homebuyers aged 30-45 years constituted the largest segment at 52%, indicative of Pune's robust end-user market.
<p>• A residential flat spanning 1230 square feet sold in Belle Vista Apartments in CBD Belapur on the 9th floor for INR 2.47 Crores<br /><br /> • A residential flat spanning 605 square feet sold in Shapoorji Pallonji The Canvas Residences in Sewri on the 14th floor for INR 2.28 Crores</p>
DLF Group is set to re-enter Mumbai's property market with a project in Andheri West which is part of a Slum Rehabilitation Authority (SRA) initiative. The project is being developed in partnership with Trident Group. The first phase of this project encompasses 1 million sq ft, with DLF injecting Rs 400 crore as equity. DLF holds 51% of the special purpose vehicle and aims to launch before June 2024. This Andheri West project serves as a pilot and will influence DLF’s future Mumbai strategies. DLF's return follows strong financials, reporting a 29% YoY rise in Q2 net profit and targeting Rs 13,000 crore in sale bookings for the fiscal year.
The government's initiative to expedite housing society redevelopment in Mumbai and Pune by offering quick deemed conveyance for those opting for self-redevelopment faced low interest, with none of the 716 applications filed between May and October choosing this route. Deemed conveyance, a legal document facilitating land ownership transfer to cooperative housing societies, was part of a policy introduced on May 31 to streamline the process. Challenges cited include limited availability of loans for self-redevelopment, with only one bank currently offering such loans, and reluctance among elderly or retired residents in buildings to undertake the complexities of the self-redevelopment approach.
MHADA lottery flat winners, receiving possession of 4,082 flats, are struggling to complete formalities due to an alleged gap in communication concerning stamp duty, registration and metro tax payments. This has resulted in long qeues at the MHADA office. Some winners also claim to lack essential details required for the eSBTR form, preventing them from completing the online process independently. MHADA officials have informed winners that they can find the requisite information on the ‘Quick Links’ section of the MHADA website or in the draft allotment letter provided to them. They have acknowledged the problem being faced and have promised to address the communication gaps that are crucial for improving the overall experience for lottery winners.
The BBMP plans to digitize 5,100 handwritten property registers by March 2024, seeking proposals for scanning and digitization. Handwritten records are often prone to wear and illegibility. Their transition to digital format will enhance readability and longevity. The BBMP aims to complete this undertaking by March 2024, with BBMP Revenue Department officials ensuring accuracy. Outsourcing, instead of using internal teams, is now the chosen approach. The initiative, part of the Nanna Swathu program, involves door-to-door visits to digitize property records, aiming to uncover tax evasion and building violations, potentially boosting BBMP revenue. Digitizing land records curtails corruption and ensures accountability.
In a significant overhaul, Cognizant Technologies is set to sell its office properties in Hyderabad and Chennai as part of a cost-cutting strategy to save $400 million in two years. The divestment includes a 10-acre campus in Hyderabad and a 14-acre facility in Chennai. This move aligns with the company's plan to become asset-light, focusing on hybrid and flexible workspaces in the post-pandemic era. The initiative mirrors a broader industry trend, where tech giants are revaluating their physical office needs amidst evolving work dynamics.
CBRE South Asia Pvt. Ltd. analyses Hyderabad's real estate landscape, projecting a significant surge in the next 2-3 years. The city anticipates adding 35-38 million sq. ft. of premium business parks, driven by global corporations establishing operational hubs, back offices, R&D facilities, and regional headquarters. The office space demand, especially along the IT Corridor, increased by 63% since 2019, with Life Sciences, BFSI, and Technology sectors leading leasing. The residential market is stimulated by technology sector expansion, with over 130,000 units expected in the next years, concentrated in the western part near IT Corridor. Developers face challenges like rising costs and potential oversupply, emphasizing the need for strategic planning and partnerships. Overall, Hyderabad is positioned for vertical growth, attracting investors and homebuyers with generous FSI norms.
Prayagraj Municipal Corporation (PMC) is taking stringent measures against major house tax defaulters, issuing 'red notices' to 7,303 individuals with outstanding amounts exceeding Rs 50,000. Among them, 2,433 owe over Rs 1 lakh. Failure to pay within the stipulated time will result in actions such as attaching and sealing their properties. Despite collecting Rs 53.76 crore in house tax from 1,11,827 building owners in the current fiscal year, more than 1.25 lakh individuals haven't fulfilled their obligations. The PMC clarified that no compound interest is charged on house tax; instead, a simple interest rate of 1% per month is applied, seeking to dispel misconceptions about interest accumulation.
Panchkula Mayor Kulbhushan Goyal has ordered the demolition of illegal farmhouses in Billa village and the sealing of five institutions failing to pay property taxes. The decisions were made during a meeting of the Panchkula Municipal Corporation's revenue realization committee, where concerns were raised about insufficient revenue from building approval plans and development charges. The mayor emphasized the urgency of addressing these issues, including the hiring of a consultant to boost municipal revenue and the imposition of additional taxes on Vita booths and stricter measures against unregistered dogs.
ICRA projects a 14-15% growth in retail trading values for FY2024 and a 10-12% rise in FY2025, buoyed by robust consumer demand. Mall operators are expected to witness a 9-10% YoY growth in rental income for FY2024 and 8-9% in FY2025, fuelled by healthy occupancy rates and rental escalations. H1 FY2024 already saw an 8.4% YoY increase in rental income. The rebound in footfalls and trading values from FY2023 persists into H1 FY2024, with ICRA anticipating continued growth. The Indian retail sector, particularly malls, shows resilience and recovery supported by increased household spending and positive consumer sentiment.
The National Highways Authority of India (NHAI) has expanded the list of highways for monetization in the third round of Infrastructure Investment Trust (InVIT). Adding five new stretches, the total length now stands at 1,029 km, up from the initial 580 km. These highways will be offered to the National Highways Infra Trust. The move is part of NHAI's plan to achieve a monetization target of Rs 10,000 to Rs 15,000 crore for the fiscal year 2023-24 through InVIT, contributing to the overall target of Rs 45,000 crore. Notably, the revised list includes stretches initially identified for the fourth round of InVIT.
WeWork has resolved objections from landlords regarding its bankruptcy financing by agreeing to reserve a portion of any future loans for rent payments. Approved by U.S. Bankruptcy Judge John Sherwood, this agreement enables SoftBank to redirect up to $682.5 million into new credit facilities, supporting WeWork's rent obligations and preventing attempts by landlords to collect on collateral. While not borrowing new money, WeWork will reserve funds for landlords if introduced through future loans or asset sales. The resolution, commended by Judge Sherwood, signifies progress in WeWork's Chapter 11 restructuring, addressing concerns raised by landlords as the company aims to negotiate reduced rent costs and cancel leases in bankruptcy.
ROSHN Group's alliance with Saudi National Bank (SNB) for the Home Ownership Program marks a transformative step, offering SNB employees exclusive access to discounted off-plan homes in ROSHN's developments across Saudi Arabia. This pioneering collaboration echoes ROSHN's commitment to empowering Saudis with homeownership opportunities while supporting Vision 2030's objectives. The partnership with SNB signifies a strategic move toward advancing quality living standards and expanding access to high-quality residential spaces, aligning with Saudi Arabia's ambitious national goals.
Free Hold land is one which is “free from hold” of any entity besides the owner. The owner owns the building and the land upon which it has been built in perpetuity.
The real estate sector has welcomed the Reserve Bank of India's decision to keep the repo rates unchanged at 6.5%, providing relief to homebuyers. The move ensures that homebuyers can continue to enjoy low-interest rates, supporting ongoing momentum in housing registrations. While some developers expressed a preference for a rate cut, the decision is seen as beneficial for both homebuyers and developers, ensuring that EMIs don't increase and the cost of capital remains consistent. The stable repo rates are expected to contribute to a stronger 2023, with housing sales projected to be higher than 2022.
<p>• A residential flat spanning 1393 square feet sold in Seawoods Estate in Seawoods for INR 3.5 Crores<br /><br /> • A residential flat spanning 858 square feet sold in Bhavya Heights in Dadar East on the 1st floor for INR 2.1 Crores<br /><br /> </p>
Prestige Group, a prominent real estate developer, unveiled its first project in Calicut - Prestige Ocean Pearl. Spanning 6.5 acres along the beach road, the property hosts 530 finely-crafted homes in four high-rise towers, showcasing 3 and 4-bedroom units. Strategically located with excellent road connectivity, it boasts a landscaped podium, ensuring serene living. Amenities include an infinity pool, gym, clubhouse, and more, alongside a commitment to sustainability. The property's unique design offers maximum privacy, natural light, and cross ventilation. Prestige Ocean Pearl is set to redefine living in Calicut, combining luxury, strategic location, and eco-friendly features.
Shriram Properties (SPL) is set to strive for ambitious targets in FY23-24, projecting 4.8 million sq ft of pre-sales volume, valued between Rs 2,400 to Rs 2,500 crore. H1 FY24 results showcase sales volumes of 1.9 million sq ft and sales values of Rs 1,066 crore. SPL intends to deliver around 7 million sq ft in the next two years, with Pune as a focus for a 2 million sq ft project. The company is eying three new project launches in Q3 FY24. The New Delhi-based real estate firm is said to be seriously considering the fractional ownership model, anticipating market traction. The company, however, does not plan to explore Real Estate Investment Trusts (REITs) due to challenges in acquiring Grade-A assets.
Citizens, represented by the Maharashtra Society Welfare Association (MSWA), are urging the state housing minister, Atul Save, to establish a robust monitoring system for redevelopment projects. Residents in cities like Mumbai, Pune, and Thane have expressed concerns about the lack of a monitoring mechanism for redevelopment timelines, leading to delays and legal disputes. MSWA has submitted a proposal for a regulatory authority dedicated to overseeing the redevelopment of housing societies, covering private and government structures. They hope the state government addresses this issue in the upcoming housing policy, as existing regulations like RERA do not adequately cover redevelopment projects.
The Pune Municipal Corporation (PMC) conducted an anti-encroachment operation, demolishing 15 unauthorized structures covering 1.5 lakh sq ft along DP Road between Rajaram and Mhatre bridges. In line with National Green Tribunal (NGT) directives, PMC issued notices to establishments, including marriage halls and food joints. Approximately 6,000 cubic feet of sand removed during the operation will be used for riverbank reclamation. Responding to an NGT case, PMC filed an affidavit in October, denying permission for structures within the river's blue line. The demolition is part of PMC's commitment to environmental preservation and compliance with legal directives.
In a bid to safeguard consumer interests and enforce strict compliance with the RERA Act, the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has issued comprehensive directives concerning real estate project bank accounts. The guidelines explicitly prohibit promoters from creating liens on project-specific accounts and extracting interest, penalties, or assured returns from these accounts. Promoters must maintain a collection account for allottee payments, ensuring transparency. The regulations also mandate the disclosure of three bank accounts during the project's registration application, and strict control mechanisms aim to ensure timely project completion and enhance transparency in project fund management.
Toronto-Dominion (TD) Bank has set a new record in Mumbai’s real estate market, renewing its lease at Maker Maxity in Bandra-Kurla Complex (BKC) at Rs 604 per sq ft per month. This rate surpasses previous highs set by LinkedIn and Bank of China in India's most expensive office district. The deal for the 1,600-sq-ft space highlights BKC's status as a prime corporate hub, even as global trends show weaker demand. This lease renewal by the Canadian banking giant underscores the sustained appeal and strategic significance of BKC in Mumbai's growing commercial landscape.
Gurugram's real estate market continues its robust momentum, achieving record-breaking sales with a Rs 100 crore apartment sale, marking one of the city's most expensive property transactions. Square Yards' quarterly report reveals that Gurugram's top fifteen developers collectively sold 2,578 properties valued at Rs 4,374 crores in Q3 2023. DLF led in volume, selling 336 units worth Rs 1,775 crore, while Signature Global topped units sold (631) worth Rs 234 crore. Gurugram's rise in residential real estate is attributed to its cosmopolitan appeal and emerging reputation as the next Silicon Valley.
The Securities and Exchange Board of India (SEBI) is contemplating the introduction of a framework for the issuance of subordinate units by Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) to sponsors and their associates. Additionally, SEBI has proposed a framework for unit-based employee benefits (UBEB) within the context of REITs and InvITs. The regulatory body is seeking public comments on these proposals until December 29. These frameworks aim to provide clear guidelines and mechanisms for the issuance of subordinate units and unit-based employee benefits within the REIT and InvIT structures, enhancing regulatory oversight in these areas.
The Varanasi Municipal Corporation (VMC) initiated attachment proceedings against major house tax defaulters, prompting a hotel in Lahurabir to promptly settle its dues of Rs 6.25 lakh. Another defaulter paid Rs 4 lakh following the initiation of attachment proceedings, in response to notices served by the municipal commissioner, Akshat Verma. In addition to targeting defaulters, the municipal commissioner conducted inspections of sanitation and cleanliness in various localities, imposing a Rs 10,000 fine on an operator for neglecting toilet maintenance during the assessment.
Alok Kumar Singh, head of Rushmore Estates, and Prabhat Kumar Tiwary, leading YourOwnROOM, have formalized a $4 million collaboration. The partnership aims to construct studio pads in Bangalore, catering to the demand for high-quality residences for young professionals. Over the next 5-7 years, they plan to develop 8–10 projects with 7,500–10,000 units. The first project in Sarjapur, valued at Rs 200 crore, comprises 630 units and is set for phased possession in April 2025. YourOwnROOM will serve as the exclusive rental and property management partner for the project, expecting a total rental value of Rs 34 crore over 5 years.
The Maharashtra State Road Development Corporation (MSRDC) has issued tenders for leasing 50 acres near Amane in Thane to establish an international cricket stadium and coaching academy along the Mumbai-Nagpur Samruddhi Expressway. The Mumbai Cricket Association (MCA) has expressed interest, with stringent financial and expertise criteria to be met. The 99-year lease aligns with MCA's plans for new grounds in Thane and Navi Mumbai, addressing the lack of cricket coaching facilities in Thane compared to Mumbai. Additionally, MSRDC is involved in land pooling initiatives at Igatpuri, contributing to infrastructure enhancement and traffic flow improvements on the Mumbai-Nashik highway.
Abu Dhabi Housing Authority has allocated AED7.6 billion ($2.1 billion) in housing benefits, coinciding with the UAE’s 52nd Union Day. The comprehensive package covers housing loans, exempting certain individuals from repayments, and granting residential lands and houses to UAE nationals. This initiative, approved by Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, brings the total housing benefits for 2023 to AED13.44 billion, benefiting 9,292 UAE nationals. Mohamed Ali Al Shorafa, Chairman of the Department of Municipalities and Transport, commended the continuous support for the housing sector, emphasizing its role in achieving citizens’ aspirations and ensuring family and social stability.
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Adar Poonawalla, India's "vaccine prince," is set to acquire London's Aberconway House for Rs 1440 crore, marking the year's priciest home sale in London. The 25,000 sq ft Mayfair mansion near Hyde Park, owned by Dominika Kulczyk, will serve as a guest house for Serum Life Sciences, the UK subsidiary of Poonawalla's Serum Institute of India (SII). This strategic purchase aims to facilitate global opportunities and events for SII. Despite the UK's housing market challenges, high-end London properties remain attractive to international buyers. Poonawalla, CEO of the world's largest vaccine producer, adds this prestigious acquisition to the family's significant investments in vaccine research and manufacturing facilities.
Kandivali West in Mumbai is a lively neighbourhood blending homes and businesses. It offers a mix of apartments and houses, making it attractive for families and professionals. November saw a rise in home transactions with 92 sales, reflecting the festive season buzz. Sangam Emporio Towers and Skylon Suburbia led with 5 deals each. Prices ranged from Rs. 11,000 to Rs. 30,000 per square foot. Most flats sold this month were below 500 square feet. With 95 percent of sales below Rs. 2 crores, it's clear that Kandivali West is an affordable choice, ideal for first-time buyers or those looking to upgrade.
• A residential flat spanning 871 square feet sold in Pebbles Marina Apartments in Santacruz West for INR 3.10 Crores<br /> • A residential flat spanning 3236 square feet sold in Vikas Park Society in Juhu for INR 12 Crores
Mumbai police arrested Niraj Vaid, director of Srinath Builders, in connection with a cheating case where a complainant paid nearly Rs 3.3 crore for a Ghatkopar flat, facing delays in possession. Vaid has around 10 cases related to cheating and forgery, and this arrest follows a similar incident in 2020. The complainant alleged Srinath Builders failed to complete the project on time, leading to the cheating case. Vaid and his wife faced accusations of accepting bookings but selling flats to third parties in earlier cases. This highlights recurring legal issues, emphasizing the need for regulatory compliance and transparency in real estate projects.
A Delhi court has initiated proceedings to declare builder Rahul Chamola, Director of 'Nivas Promoters Pvt Ltd,' an "absconder" in a case involving alleged cheating of home buyers in a Greater Noida project. The court observed that non-bailable warrants against Chamola were returned unexecuted, citing a change of address without proper intimation. The magistrate ordered the publication of a notice in a newspaper, emphasizing concerns about the accused's attempts to avoid court appearances through frivolous grounds. The case underscores challenges faced by home buyers and raises questions about accountability in the real estate sector.
The Maharashtra settlement commissioner's office has successfully concluded an extensive drone survey covering 12,084 villages. As part of this initiative, details of residential land parcels, totalling 18.66 lakh property cards, have been uploaded on the revenue department's official website. This drone survey, initiated three years ago, has covered nearly 37,000 villages, with plans to complete the remaining 50 lakh property cards for the remaining villages by 2025. The integration of drone technology has revolutionized the surveying process, enabling precise demarcation of boundaries for various properties, including rural, private, government, and semi-government lands, and mapping of roads and canals.
In Ludhiana, the municipal corporation demolished two unauthorized colonies and labour quarters, aiming to curb illegal constructions under MC zone C. Despite prior actions, renewed construction prompted this recent crackdown. Officials stressed obtaining approved building plans before commencing construction and warned of strict penalties for illegal activities. The persistent challenge of unauthorized structures necessitates a multifaceted approach, including community awareness, stringent penalties, expedited approvals, and improved monitoring. Collaborative efforts between authorities and residents are vital to mitigate this issue and ensure planned urban development and citizen safety.
Commercial office space activity in India's top 7 cities showed a subdued first half of fiscal year 2024, with minimal growth in net absorption and new completions compared to the previous year. Rental values, however, saw a 7% rise due to increased construction costs. Chennai led with a 10% increase in average monthly office rental values, and Hyderabad followed with an 8% growth. Despite global layoffs, office activity remained steady, with a modest 5% yearly increase in new completions. The year is expected to end with 55–57 million square feet of office demand, lower than last year but higher than anticipated.
Indore and Ujjain divisions have witnessed an 11% YoY growth in property sales, with 3.5 lakh registrations in the current fiscal year until November. Despite a dip in November due to assembly elections, the income from property registrations reached Rs 2604 crore, compared to Rs 2334 crore in the previous year. Indore accounted for the highest revenue at Rs 1450 crore, reflecting an 11.6% increase. Developers attribute this surge to infrastructure development, specialty hospitals, and academic growth in the region, leading to a 30% reduction in unsold inventory. Indore's real estate market is thriving with rising demand and increased property prices in specific areas.
The Pimpri Chinchwad Municipal Corporation (PCMC) administration has enlisted the services of an external agency to conduct a comprehensive survey aimed at assigning a Unique Property Identification Code (UPIC). This initiative seeks to establish a distinct identification for every property falling under the PCMC jurisdiction. The UPIC will serve as a singular and uniform identifier, streamlining property management and enhancing administrative efficiency. The outsourcing of this survey underscores the municipality's commitment to adopting modern systems for effective governance and ensuring a systematic approach to property documentation within its administrative boundaries.
Following a state government notification revising lease rates for civic body properties, the Nashik Municipal Corporation (NMC) is set to reduce rates for its commercial and socially allocated properties. The government's directive significantly decreases lease rates from 8% to 0.7% for commercial properties and from 8% to 0.5% for properties designated for social causes, impacting 1,900 commercial galas/shops and 1,075 other properties. The revised rates will take effect after the expiration of existing lease agreements, with a committee, chaired by the civic chief, tasked with determining the new rates.
The Uttar Pradesh State Government has allocated Rs 200 crores for the development of New Kanpur City and the Bingawan Scheme. The Kanpur Development Authority (KDA) swiftly decided to formalize and implement the plan following the funds' release. Commercial plots are included in the development, with Rs 150 crores earmarked for purchasing land from farmers for the New Kanpur City Scheme. The remaining Rs 50 crores will be allocated to the Bingawan Scheme. The government's approval aids the Chief Minister’s Urban Expansion/New Cities Incentive Scheme for comprehensive city development.
Leptos Estates, a premier property developer in Cyprus and Greece, has introduced the Zeus Signature Collection, an exclusive array of luxury apartments tailored for Indian investors in Cyprus. These apartments, located in the second luxury residential tower at Limassol Blu Marine, offer stunning views of the Mediterranean Sea, high-end appliances, elegant furniture, and luxurious interiors. The Zeus Tower residents will have access to a 14,000-square-foot health and spa facility, a private beach, and other premium amenities. With strategic placement, thoughtful preservation of green space, and proximity to upscale infrastructure projects, Limassol Blu Marine aims to provide a sophisticated lifestyle and investment opportunity.
Renowned fashion label Karl Lagerfeld is expanding its residential portfolio with plans to unveil 10 luxury apartments in Lisbon, Portugal, between Rua Castilho and Avenida da Liberdade. Each unit, covering one or two entire floors, will feature communal gardens and private swimming pools. Partnering with Lisbon’s eco-conscious developer ‘Overseas’ which prioritizes environmental sustainability, the Karl Lagerfeld brand aims to create a reference in comfort and elegance. This Lisbon project follows previous ventures into branded residences, including villas in Dubai and apartments in Marbella, Spain. Karl Lagerfeld's CEO, Pier Paolo Righi, envisions a stunning addition to Lisbon's vibrant landscape.
Configuration refers to the arrangements of different elements in a particular form or combination. In real estate, configuration refers to the arrangement of different rooms in a single unit (flat).
Air India has finalized a lease agreement for 6.2 lakh sq ft in Gurgaon's E-Innovation Centre, Sector 75, at an annual rent exceeding Rs 60 crore. It has leased blocks B, C, and E for 21 years. The leases, featuring a 4% annual rent escalation, were registered on October 18, 2023. The property comes with 450 car parking spots. The developer will construct the facility, catering to Air India's pilot training needs. In the past few months, Air India leased 1,80,750 sq ft of office space in Vatika One on One in Gurugram and also has sold its Air India building at Nariman Point to the Maharashtra State Government.
<p>• A residential flat spanning 417 square feet sold in Hiranandani Regent Hill in Powai on the 1st floor for INR 1.48 Crores<br /><br /> • A residential flat spanning 1270 square feet sold in Lodha Venezia in Parel on the 55th floor for INR 4.6 Crores</p>
Kalpataru Projects International Limited (KPIL) has secured fresh orders worth Rs 2,263 crore, spanning domestic and international markets. The transmission and distribution (T&D) division obtained orders of Rs 1,564 crore, covering Indian and overseas territories. Additionally, the water division and buildings and factories sector secured orders valued at Rs 458 crore and Rs 241 crore, respectively. The company's total order inflows now stand at Rs 14,441 crore, reflecting strategic advancements in various sectors. Presently, KPIL is actively involved in executing projects across more than 30 countries, with a footprint established in over 70 nations.
The Ministry of Commerce and Industry has introduced amendments to the Special Economic Zones (SEZ) Rules-2006, allowing for the delineation of specific portions of the built-up area within an SEZ unit on a floor-by-floor basis, designating them as non-processing or non-SEZ areas. This amendment is specifically applicable to developers of Information Technology or Information Technology-enabled services SEZs, allowing them to request the demarcation of a portion of the built-up area as a non-processing area. However, certain conditions apply, including the prohibition of partial floor demarcation, and the processing area must not fall below 50% of the total area for category A, B, or C cities. This amendment aims to enhance leasing prospects and boost the attractiveness of the Indian commercial space for investors.
The Kerala Cabinet's recent approval of new regulations for industrial estate land ownership marks a pivotal step towards easing bureaucratic hurdles and simplifying title deed processes. These amendments, eliminating wait times and allowing modifications in ownership structures, respond to longstanding demands aimed at streamlining land transfers and facilitating smoother industrial ventures within the state. The changes reflect a proactive approach to aligning bureaucratic procedures with entrepreneurs' needs, potentially transforming the landscape of industrial ventures in Kerala.
Greater Noida has started a comprehensive land audit and door-to-door survey for its villages. The Greater Noida Industrial Development Authority (GNIDA) is engaging a consultant agency to conduct surveys utilizing aerial drone technology. The agency's year-long contract involves compiling data, executing door-to-door surveys, and digitizing land boundaries. This meticulous initiative aims to update land records, identify discrepancies, and ensure precision in land usage. It demonstrates a commitment to transparent and accurate records, benefiting urban planning and future development in the region.
Hindustan Construction Company (HCC) has finalized the sale of a 2,35,870 sq meter land parcel in Karnala village, Panvel, near Mumbai, for Rs 95 crore to Oak and Stone Construction. Stamp duty for the deal amounted to Rs 5.70 crore. The Board's resolution on November 9 paved the way for this strategic move. The transaction, facilitated through a 'deed of conveyance,' supports HCC's asset monetization and debt resolution plan. The sale aligns with a broader trend, as FY23 witnessed over 87 land deals covering 1,862 acres in India, emphasizing the ongoing significance of asset monetization in the real estate sector.
Maharashtra's Property Registration Department unveiled an amnesty scheme aimed at aiding 2.32 lakh stamp duty defaulters from 1980 to 2020. The initiative grants relief from penalties if dues are cleared within two months. Concentrated in Mumbai, Pune, Thane, and Nagpur, defaulters have an opportunity to rectify non-payments, potentially earning the government Rs 3,000 crore. The scheme, announced at a state cabinet meeting, offers a waiver on stamp duty and penalties in two phases from December 1 to March 31. This move aims to legitimize old documents and prevent legal disputes, benefiting citizens and societies state-wide.
The Securities and Exchange Board of India (SEBI) has introduced a standardized framework for calculating Net Distributable Cash Flow (NDCF) by Real Estate Investment Trusts (REITs), Infrastructure Investment Trusts (InvITs), and their holding companies. Effective from April 1, 2024, this move aims to enhance the ease of doing business in capital markets. The NDCF computation, applicable to REITs, InvITs, and their HoldCo/SPVs, mandates a minimum distribution of 90% at the Trust and HoldCo/SPV levels, with the option to retain 10% subject to certain provisions. SEBI emphasizes cumulative periodic compliance and excludes restricted cash from NDCF computation.
The Leela Palaces, Hotels and Resorts has ventured into Northeast India with the signing of a management agreement for Leela Sikkim, a 140-room luxury hotel set to open in December 2026. Located near Gangtok Hill, the resort, owned by the SIBIN Group, aims to redefine hospitality in the region with its Himalayan backdrop, innovative design, and signature services. Featuring independent villas, wellness facilities, diverse dining options, and a casino, Leela Sikkim promises an authentic experience, showcasing the cultural richness and natural beauty of this unexplored Himalayan destination. The expansion aligns with The Leela's strategy to grow in key leisure destinations across India.
Pune-based Naiknavare Developers, known for community-centric projects, introduces India's first tech-assisted senior living homes in Talegaon. With 60 smart home units, the Kutumb project offers 2 & 3 BHK options, duplex houses, and townhouses. Developed in partnership with Primus, it features senior-friendly smart tech, including Alexa-controlled devices. The 16-acre site provides a tranquil environment with healthcare, leisure, and entertainment services. The project caters to diverse lifestyle needs, emphasizing healthy aging. Naiknavare aims to enhance its real estate portfolio with quality, affordable, and holistic senior living homes, addressing evolving demands in the senior care category.
The recently constructed concrete road in Aarey Colony, Mumbai, has developed cracks at various locations, raising concerns about the quality of construction. The Brihanmumbai Municipal Corporation's (BMC) Road department officials have acknowledged the issue and assured residents that necessary repairs will be carried out. The construction project involved the concretization of Aarey Colony's main road from Goregaon Junction to the L & T junction of Powai. The project, initiated in 2022 and expected to be completed by 2025 with a budget of Rs. 51 crore, has a 10-year defect liability period.
The National High-Speed Rail Corporation (NHSRCL) is set to lease 580,000 sq ft of space at the Sabarmati Multi-Modal Transit Hub, a key terminal for the Mumbai-Ahmedabad High-Speed Rail Corridor. The property, in the final stages of the request for proposal process, will be leased for 35 years, extendable to 70 years. Comprising two towers and a super-built-up area of 579,980 sq ft, the hub will feature automated parking for 1,300 vehicles. As a multimodal transport hub, it will connect the high-speed rail to Indian Railways, a metro station, and a bus rapid transit system, enhancing regional connectivity.
In H1 of this year, the share of land and residences owned by international individuals in South Korea increased, with Chinese citizens dominating home ownership and Americans leading in land ownership. The Ministry of Land, Infrastructure and Transport reported a 4.6% rise in foreign individuals owning homes, totalling 85,358 by June. Chinese nationals held 54.3%, with Americans at 23.5%. In total, foreign-owned properties constitute 0.46% of South Korea's housing. The land area owned by foreigners grew by 0.6%, reaching 264.72 million sqm, while the publicly disclosed value rose to US$25.68 billion. Ethnic Koreans abroad comprised 55.8% of foreign landowners.
This is a certificate issued by the local municipal authority permitting the developer to begin construction of the project. The CC is usually granted only after the building has met with all legal requirements and obtained the relevant sanctions for the building’s plan.
Chakan in Pune, known as the 'Detroit of India,' has been the country's auto hub and has now emerged as the driver for robust residential and real estate growth. Chakan hosts major players like Tata Motors, Bajaj, Volkswagen and Mercedes-Benz. Chakan's strategic location, well-connected infrastructure, and proximity to key industrial areas contribute to its attraction for both residents and businesses. Of all properties, 58% are available in the range of Rs20Lac - Rs40Lac and the 1 BHK configuration is the most sought after. Rental properties are also growing in demand, with the rent range of 5-10K being most sought-after. As more investors recognize Chakan's potential, property prices are expected to rise, promising attractive returns in this rising economic powerhouse.
<p>• A residential flat spanning 784 square feet sold in D R Annapurna Sadan in Bhuleshwar for INR 1.36 cr<br /><br /> • A residential flat spanning 382 square feet sold in Priyanaka Paradise in Juinagar for INR 60 lakhs<br /><br /> </p>
AltF Coworking, led by founder Yogesh Arora, plans to open 14 co-working centres in FY 2023–24 and an additional 22 in FY 2024–25, investing Rs 10 crore. Seeking $1–2 million in Q1 2024 for property acquisition, the company recently launched a 50,000-square-foot space in Okhla, New Delhi. Expansion targets Hyderabad, Pune, and Delhi NCR, recognizing challenges in tier-II and tier-III cities. Two properties opened in Noida and Gurugram in June 2023, adding to the existing 11 centres with over 5 lakh square feet of workspace and 6,000 desks. AltF's philosophy emphasizes creating optimal workspaces for happiness and efficiency.
The Jharkhand State Housing Board (JSHB) has taken a decisive stance against the misuse of residential plots, announcing its intent to initiate legal proceedings against allottees who have transformed their residential plots into commercial establishments. Notices have been issued to over 500 identified defaulters who engaged in such violations, particularly in cities like Ranchi, Hazaribag, Jamshedpur, and Dhanbad. The violations involve the conversion of residential plots into commercial ventures, with areas like Harmu and Ashok Nagar in Ranchi being notable hotspots. The board is also actively conducting surveys to identify and reclaim encroached areas, demonstrating its commitment to restoring the intended use of residential plots.
The Supreme Court has directed the Bihar government to immediately halt further construction activities in the vicinity of the Ganga River, particularly in and around Patna. The court has instructed the state government to submit an affidavit detailing the removal of identified illegal structures on the floodplains of the Ganga River in Patna. The plea, filed by a Patna resident, raised concerns about illegal encroachments and constructions on the ecologically sensitive Ganga floodplains, highlighting environmental degradation, threats to residents, obstruction of the river's natural course, and adverse impacts on biodiversity. The court's directive underscores the importance of environmental conservation and compliance with regulations to protect vital ecosystems.
In a significant move, Gap Associates, SUN Realty Partnership, and BMS Projects have acquired a 42,241 sq meter plot in Dholera Special Investment Region (SIR) for Rs 17.42 crore. This joint venture, facilitated by Dholera Industrial City Development Limited's first land auction, aims to leverage the plot's high Floor Space Index (FSI) for extensive development. The deal signals a major boost in Dholera's economic growth and infrastructure, reinforcing its position as a key industrial and urban hub near Ahmedabad, and is set to transform the region's real estate and commercial landscape.
India's primary residential markets, including major cities like Kolkata, Delhi, and Mumbai, experienced a rise in property prices from July to September 2023, according to the NHB RESIDEX. All eight metros recorded increases, with Kolkata leading at 9.1 percent, while Delhi and Chennai saw the least rise at 0.8 percent. The Housing Price Index revealed an annual increase of 4.9 percent, varying across cities. Among the 50 cities, 41 saw property prices rise, and nine observed declines. On the supply side, the HPI for under-construction properties reported a 10.7 percent annual increase. This growth is attributed to factors like pent-up demand, stable interest rates, and renewed investor interest.
Actis and Mahindra Lifespace Developers are jointly orchestrating a partial exit of over Rs 120 crore from their joint venture, Mahindra Homes. This strategic move, presented to the National Company Law Tribunal (NCLT), aims to reduce equity share capital, providing a pay-out to both entities. Mahindra Homes, with steady cash flows, prioritizes repatriation of surplus funds to shareholders over immediate expansion. This follows their collaborative venture established last year for developing industrial and logistics real estate facilities in India. The proposal awaits NCLT approval, reflecting a strategic realignment for sustained growth in India's real estate sector.
The Ahmedabad Municipal Corporation (AMC) has introduced the 'GreenBlueYellow Roof' (GBY Roof) incentive program, aiming to promote eco-friendly practices among owners of independent houses such as rowhouses, bungalows, and tenements. Under this scheme, residents can avail themselves of benefits and incentives for incorporating green and sustainable features into their roofs. The initiative underscores the municipality's commitment to environmental sustainability and encourages citizens to contribute to a greener and more eco-conscious community. The GBY Roof initiative aligns with the AMC's broader vision of fostering responsible and environmentally conscious urban living.
PNB Housing Finance is poised for significant expansion, with plans to increase its loan book from the current Rs 60,000 crore to one lakh crore in the next 3-4 years. The company has reported a 12.5% year-on-year growth in its retail segment as of September 30, 2023, and aims for a 17% year-on-year growth for the financial year 2023-24. The company's overall gross non-performing assets (GNPAs) stand at 1.78%, with plans to reduce GNPAs to 1.2% within the next 3-4 quarters. PNB Housing Finance is strategically concentrating on the affordable home loan segment with its Roshni initiative, aiming for retail loans to constitute around 90% of the overall loan book in 4-5 years, with the affordable home loan segment contributing 40% to this share.
Housing.com, a prominent real estate platform in India, introduces an AI-driven price trend engine employing machine learning and artificial intelligence to furnish users with vital pricing data and insights for property transactions. Initially available in Mumbai, Gurugram, Bengaluru, and Hyderabad, the tool utilizes a proprietary algorithm to analyse current market prices and price movements over the past 2-3 years. This innovative feature enhances user decision-making by offering in-depth insights into specific neighbourhoods, facilitating informed choices in property transactions.
The Mumbai Trans Harbour Link (MTHL), envisioned in 1962, symbolizes connectivity between Mumbai Island and Navi Mumbai. Despite delays, work began in 2018 with a proposed opening on December 25, 2023. While deck work nears completion, crucial technological systems under Package 4, including toll and transport management, pose challenges. The BJP announced the bridge's opening, contrasting with the MMRDA's acknowledgment of pending works. Over 97% of the sea link is finished, yet concerns persist about traffic management. The MTHL, India's longest sea bridge, represents ambition tempered by logistical complexities in infrastructure development.
The Aqua Line Metro extension project in Greater Noida is to add eight new stations to enhance connectivity. The revised plan, proposed by the Delhi Metro Rail Corporation (DMRC), aims to link Greater Noida with the Blue and Magenta lines at Botanical Garden. This strategic expansion, seeking approval after local authorities' scrutiny, intends to streamline travel between Greater Noida, Delhi, and IGI Airport Terminal 1. The project, estimated at Rs 2,254 crore and expected to take three years for completion, aims to cater to evolving transportation needs in the booming residential and commercial sectors along the Noida Expressway.
Private capital, particularly from High NetWorth Individuals (HNIs), is set to drive the Asia-Pacific commercial real estate market in 2023, with a focus on capital preservation over chasing yields. The report from Knight Frank highlights that HNIs, equipped with substantial cash reserves, can secure assets at competitive prices without heavy reliance on debt. Despite challenges like higher financing costs and economic uncertainty, private capital is expected to persist in the market. Market volatility has led investors to prioritize stability, resulting in a conservative risk appetite and a preference for core assets in the Asia-Pacific region.
China's securities regulator, the CSRC, has granted approval for the nation's first publicly traded REITs focused on consumption-related assets. This move comes as part of broader efforts to bolster the property sector, expanding the scope of REITs to include properties associated with SCPG Holdings, Shanghai Xingxiumao Business Management, and the commercial unit of China Resources Land. Despite the approval, concerns persist within the market due to Beijing's prior crackdowns on property sector leverage and challenges faced by major developers. Investors remain cautious, with some expressing heightened scrutiny towards these newly approved financial tools.
The results of the third exam for real estate agents conducted by Maharashtra Real Estate Regulatory Authority (MahaRERA) in the immovable property sector were announced on December 7, with 89% of the 4954 candidates passing. With 4461 candidates successful, 3803 are male and 658 females. Two candidates aged 80 and above add uniqueness to the results. MahaRERA has mandated the exam to certify and train the real estate agents and keep the agents informed to bring in awareness and uniformity in the sector. The deadline for obtaining certifications for all agents is January 1, 2024.
<p>• A residential flat spanning 650 square feet sold in Darvesh Belleza on 8th floor in Khar for INR 3.55 cr<br /><br /> • A residential flat spanning 1512 square feet sold in Sheth Beaumonte in Sion for INR 5.36 cr<br /><br /> </p>
Technopark in Thiruvananthapuram is set for a new development with the introduction of a 50,000 sq ft prefabricated office facility at the main campus (Phase 1). The initiative is inspired by the success of the Taurus Downtown project and aims to redefine workspace solutions. The tender for the project is expected to be released soon. Colonel Sanjeev Nair (Retd), CEO of Park Centre at Technopark, highlighted the significance of prefabrication for accommodating parking companies, offering time-saving benefits and potentially reducing the load on the queue system. The project aligns with Technopark's focus on optimizing existing infrastructure and enhancing marketability.
Wave City's Veridia project has unveiled an additional tower, enhancing the residential experience. With possession underway in Tower 1 and Tower 2, which have received completion certificates, over 600 families have already booked their homes. The development offers world-class amenities, including the expansive Oakwood clubhouse with facilities like a swimming pool, gym, library, multipurpose halls, and more. Veridia, launched in 2021, is located along the National Highway-24. The project offers 4 BHK and 5 BHK ultra-spacious floors with charging points for electric vehicles and home automation provisions.
The Department of Town and Country Planning (DTCP) in Haryana has sealed six houses in Sushant Lok 2 for illegal commercial activities, part of a broader crackdown on unauthorized businesses in residential areas. This initiative, ongoing since October, has resulted in around 500 properties being sealed and more than 750 violators receiving notices for breaching occupation certificate (OC) rules. The department's rigorous enforcement, exemplified by recent actions in Sushant Lok 2 and DLF 1, highlights a commitment to upholding building norms, discouraging violations, and maintaining the integrity of residential neighbourhoods in Haryana.
Starting in January, the Kolkata Municipal Corporation (KMC) will introduce a streamlined process allowing owners of small plots to commence house construction within a week of submitting building plans. This departure from the previous bureaucratic approach enables plot owners with small plots, not exceeding seven cottahs, to have their plans sanctioned by engaging an architect or licensed building surveyor (LBS) without direct intervention from KMC buildings department officials. The initiative, designed to expedite approvals and enhance transparency, involves online plan submissions, swift sanctions, and subsequent inspections to ensure adherence to the approved plans.
The Flat Owners' Association of City Plaza, facing structural stability concerns, has decided to take legal action against the city corporation. The association plans to submit a petition to the Local Self Government Department (LSGD) principal director as the initial step. The civic body recently revoked 84 building numbers for both commercial and residential structures within the City Plaza building due to worries about its stability. Despite an eviction notice, residents are refusing to vacate. The association, having received a favourable structural stability certificate, is pursuing legal recourse to address concerns and hold the corporation accountable for ensuring safety.
The Gujarat High Court has mandated Snehanjali Cooperative Housing Society near Gulab Tower to deposit Rs 79 crore with AUDA by December 31 or face eviction from a 4,645 square metre plot. Failure to comply with the order will lead to transfer of the plot to Nidhi Cooperative Housing Society. This emphasises the prolonged legal battle involving land disputes and the importance of meeting legal obligations promptly to avoid contentious issues.
Oberoi Realty has concluded the acquisition of approximately 6.4 acres in Thane for Rs 196 crore, following a memorandum of understanding with NRB Bearings. This strategic move aligns with Oberoi Realty's existing land holdings and development plans near Raymond Group's property. Recently entering the Delhi-NCR market with a Rs 597 crore land purchase in Gurugram, the company launched the upscale Forestville project in Thane. Despite a 17 percent decline in Q2 sale bookings, Oberoi Realty reported a robust 43 percent rise in consolidated net profit to Rs 456.76 crore, reinforcing its position as a leading luxury real estate developer.
Mumbai's ultra-luxury real estate market, featuring homes over Rs. 40 Crore, has seen a phenomenal 247% increase in sales value in 2023 compared to the previous year. Dominating the sector, Mumbai recorded 53 of the 58 high-end transactions in top Indian cities. The market, fuelled post-COVID-19, attracted predominantly businessmen and professionals, highlighting a shift in luxury housing demand. This surge underscores a significant recovery and transformation in the luxury real estate sector, marking a new era of upscale living preferences among India's wealthy populace.
Edtech giant Byju's is reducing its real estate footprint in Bengaluru, vacating 620,000 sq ft of office space, including 550,000 sq ft in Kalyani Tech Park and 70,000 sq ft in IBC Knowledge Park between 2022 and 2023. Think and Learn, parent company of Byju's, continues to hold 350,000 sq ft in Prestige Tech Park and 150,000 sq ft in IBC Knowledge Park. The move aligns with cost-cutting measures amid various crises, including legal battles and a restructuring initiative impacting over 4,000 employees. Byju's aims to raise capital and address ongoing challenges through these measures.
Cinépolis introduces a state-of-the-art multiplex at Hyderabad's LULU Mall, boasting 5 screens and 1427 seats, setting a new standard in cinematic indulgence. With an emphasis on comfort, RealD 3D technology and Dolby Atmos, this venture elevates the movie watching experience. The multiplex features a gourmet dining counter and expands Cinépolis's footprint to 27 screens across Hyderabad and 127 screens in South India. This collaboration between Cinépolis and LULU Mall promises an immersive, culturally rich entertainment experience, blending world-class cinema with vibrant surroundings, setting a new benchmark in cinematic excellence.
Dusit Hotels and Resorts collaborates with property developer Gamuda Land for its inaugural venture in Malaysia named ASAI Gamuda Cove. It is set to open in Q1 2026. This 280-key hotel follows Dusit's unique ASAI brand and the enhanced 'ASAI Tropical' model, offering diverse amenities. Positioned strategically in Gamuda Cove, near the biodiversity-rich Paya Indah Discovery Wetlands, it seamlessly integrates with nature and community. The hotel supports eco-friendly practices, featuring a first-of-its-kind e-tram network. Anticipating a million annual visitors, this partnership aligns with Gamuda Cove's eco-tourism focus. Dusit International's global portfolio and plans for new hotels reinforce its industry prominence.
Panattoni, a prominent global industrial real estate developer, has announced its entry into the Indian market with the launch of its first project, Panattoni Park NH71, in Delhi NCR. The company is collaborating with an institutional investor and has committed an investment of INR 110 crores in the project's first phase. This marks the beginning of Panattoni's ambitious projects in India, with a total investment plan of 100 million euros over the next year. The Phase 1 launch covers 717,000 square feet and is strategically located along National Highway 352 in Delhi-NCR, close to major warehousing clusters and industrial hubs. The project underscores Panattoni's commitment to environmental, social, and governance (ESG) practices and its aim to contribute to India's industrial growth.
<p>• A residential flat spanning 384 square feet sold in Atmiya Centria in Santacruz East for INR 88.55 lacs<br /><br /> • A residential flat spanning 1332 square feet sold in SHapoorji Pallonji The Minerva in Mahalaxmi for INR 5.76 cr<br /><br /> </p>
In a major development, the Enforcement Directorate (ED) has made its second arrest in connection with the money laundering investigation linked to Shine City in Lucknow. Abhishek Kumar Singh, identified as a key figure in facilitating the laundering of illicit proceeds, was apprehended from Sitapur. The investigation originated from approximately 250 FIRs against Rasheed Naseem and Shine City Group of Companies, accused of orchestrating a financial scheme that allegedly siphoned off Rs 800-1000 crore from the public. Singh's role in aiding Naseem in collecting, concealing, and laundering the ill-gotten gains has come under scrutiny, highlighting the complex web of financial misconduct surrounding Shine City.
Brigade Enterprises unveils 'Brigade Sanctuary,' a premium residential project spanning 14 acres on Whitefield-Sarjapur Road, Bengaluru. The joint development features 1275 units with 1-, 3-, and 4-bedroom homes, boasting a gross revenue potential of Rs. 2,000 Cr. Positioned strategically for easy access to Sarjapur, Varthur, Whitefield, and the outer ring road, the project prioritizes comfort, functionality, and aesthetics. Brigade Group commits to preserving over 500 trees, maintaining 80% open spaces, and providing a 32,000 sq ft clubhouse and 35 modern amenities. The project incorporates diverse natural elements and has set a completion target for December 2028.
Nagpur Municipal Corporation's fire audit exposed serious safety lapses, identifying 1,848 high-rise and special buildings lacking firefighting measures, violating Maharashtra's fire safety laws. Among these, 1,286 were declared unsafe, prompting eviction notices. To enforce the eviction, authorities disconnected water and power to 821 buildings, with criminal cases filed against 122 building owners. The audit also revealed alarming data that of the 5,595 buildings, only 903 obtained fire compliance certificates. The police are instructed to act, while district court cases highlight violations, primarily related to missing firefighting arrangements and unauthorized constructions. The situation underscores the critical need for stringent fire safety measures.
Haryana’s Department of Town and Country Planning (DTCP) intensified checks on illegal constructions in Saraswati Kunj, Golf Course Road, demolishing eight unauthorized buildings due to the absence of permissions and ongoing litigation. Over the past two years, more than 3,000 unauthorized structures have been razed in multiple drives, yet violators persist in rebuilding. District Town Planner Manish Yadav led the recent demolitions amid police presence. Saraswati Kunj, entangled in a legal dispute since 2004, faces ongoing challenges related to plot allotments. Concerns about the area becoming a hub for illegal structures prompted the DTCP to request barricading the colony's boundaries and restricting building material entry.
The Bangalore Development Authority (BDA) contemplates raising prices of 1,700 unsold flats by 10% due to the state government's upward revision of property guidance values. With poor sales in projects in Kaniminike and Konadasapura, officials are considering the move to pose a challenge to their marketing strategy. The potential hike may also affect the Puneeth Rajkumar Housing Complex's villa project, complicating the sale of the 322 villas there. Officials indicate a possible 10-20% increase in villa prices from the base cost, impacting BDA's ambitious development plans.
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has successfully mediated and resolved disputes related to the Royal Castle project in Ghaziabad, developed by Suncity Hightech Infrastructure. The allottee, Ram Kumar Bansal, faced delays and interest accrual since the scheduled possession in 2017. Following UP-RERA's intervention, the developer agreed to allocate two plots and pay approximately Rs. 22 lakhs as delay interest. The matters were transferred to UP-RERA's Conciliation Forum, emphasizing its efficacy in resolving disputes. UP-RERA has previously directed several developers to participate in online hearings for 21 complaints, showcasing its commitment to addressing grievances in the real estate sector.
Ericsson has signed a substantial office space deal with Skootr at Gurgaon's Vatika One on One building, marking one of India's largest managed workspace agreements. Covering 525,000 square feet, Ericsson's commitment involves an immediate occupancy of 325,000 square feet, with a right of first refusal for an additional 200,000 square feet. The move highlights a growing demand for flexible office spaces in the country. The builder, Vatika, is expected to deliver the first phase in 3-6 months, with Skootr handling fit-out over the subsequent 3-4 months.
The Greater Noida Industrial Development Authority (GNIDA) aims to expedite Uttar Pradesh's economic growth by inviting applications for 22 commercial plots. The Commercial Plot Allocation Scheme (FAR-4.0) offers plots in various sectors, including Delta-2, Alpha-2, Ecotech-12, Technozone-8, Sector 12, and Sector 10. The registration deadline is December 8, with the process conducted through the State Bank of India's e-tendering portal. The earnest money deposit (EMD) ranges from Rs 2.19 crores to Rs 10.17 crores. This strategic initiative seeks to attract investment and stimulate industrial development in Greater Noida, contributing to the overall economic progress of the region.
Over the past four months, the Greater Noida Industrial Development Authority (GNIDA) has processed nearly 5,000 registries across more than 20 housing projects. This initiative, following developers settling their dues and obtaining occupation certificates, has contributed Rs 100 crore in revenue, with stamp duty payments amounting to Rs 150 crore for the state government. GNIDA's CEO, Ravi Kumar NG, highlighted the adoption of a flat-wise registration system for efficiency, ensuring smooth ownership rights for homebuyers. The Authority actively addressed homebuyer concerns through camps, and despite awaiting the state government's rehabilitation package, GNIDA remains committed to resolving builder-buyer issues within existing policies.
The Itomachi Hotel O in Saijo, Japan, designed by architect Kengo Kuma and spearheaded by semiconductor company Advantec, is drawing attention as the nation's first zero-emissions hotel. Inaugurated as part of a regional revitalization effort, the hotel achieves net-zero carbon emissions through rooftop solar panels, contributing to the city's renewal amid population decline. The multifunctional complex, featuring a market and restaurants, serves as an emergency shelter with a 140-kilowatt solar capacity. The hotel enhances this to 300 kilowatts, securing the highest green accreditation in Japan. This innovative project not only addresses environmental concerns but also exemplifies the integration of sustainability with community-driven regional development.
The BMC is actively reassessing two ambitious projects on Little Gibbs Road, Malabar Hill, situated above twin coastal road tunnels, following the Silkyara tunnel collapse. This safety review, triggered by a citizen-activist complaint, involves scrutinizing proposals for 3-4 storey basement construction by Aakar Architects and Barai Architects. Both firms, acting as liaising consultants, received no-objection certificates for high-rise buildings. Concerns arose about the potential risks to the twin tunnels and their structural integrity. Chief Engineer MM Swami emphasized adherence to the original plans for safety. Barai Architects acknowledged the BMC's letter, while Aakar Architects' response remains pending.
In a significant development in the Indian real estate market, both property buyers and sellers are now required to link their Aadhaar with their PAN card. Failure to do so can result in a substantial increase in the tax rate on property sales, jumping from 1% to 20%. The Income Tax department has initiated the process by sending notices to buyers of properties over Rs. 50 lakhs, emphasizing the importance of this digital connection. According to the Income-Tax Act, buyers in transactions exceeding Rs 50 lakhs must pay 1% TDS to the Central Government, making it crucial for both parties to ensure compliance to avoid financial penalties. The recent enforcement serves as a reminder of the evolving dynamics and financial implications of Aadhaar-PAN linkage in property transactions in India.
Knight Frank's Ski Report 2024 notes a substantial 4.4% increase in average ski chalet prices from June to June, the highest since 2014, excluding a pandemic-induced surge. The surge is attributed to a shortage of luxury chalets and robust demand, with a 56% decline in listings across major French resorts. A global survey reveals 60% of respondents anticipate further price increases in Alpine properties. The market expansion draws buyers from Asia, the Middle East, and southern Europe, attracted by low costs, currency diversification, and climate considerations. Despite challenges like climate change, Alpine resorts are adopting sustainability measures. The report underscores the enduring appeal and profitability of Alpine properties for investors amid evolving market dynamics.
A legal title report is a written analysis of the status of the title of the property, including a description of the said property, names of titleholders and how the title is held (e.g. joint tenancy). It also includes applicable taxes and encumbrances for the same.
<p>• A residential flat spanning 660 square feet sold in Amrut Angan in Kalwa for INR 49.5 lacs<br /><br /> • A residential flat spanning 199 square feet sold inSai Iccha in Taloja for INR 9 lacs<br /><br /> </p>
The Greater Noida Industrial Development Authority (GNIDA) green-lit extra construction in Amrapali Group projects supervised by NBCC, foreseeing a revenue boost of Rs 450 crore. This adjustment involves raising the floor area ratio (FAR). The Amrapali Group, which is in financial turmoil, owes GNIDA nearly Rs 5,200 crore. GNIDA stands fourth in the creditor line. The present approval is part of extensive discussions with the court receiver to benefit stakeholders, notably homebuyers. This strategic move aims to address the complexity surrounding Amrapali's projects and contribute to a comprehensive resolution process.
Birla Estates Pvt Ltd, the real estate arm of the Aditya Birla Group, has unveiled a project pipeline with a gross development value (GDV) of Rs 45,000 crore. CEO K T Jithendran announced plans, including the launch of the second phase of the Birla Niyaara project in Mumbai's Worli area, offering 8.5 to 9 lakh sq ft of saleable area. With acquisitions in Walkeshwar, Mumbai, and RR Nagar, Bengaluru, the company aims for a gross pre-booking value of Rs 3,000 crore. Birla Niyaara, priced at approximately Rs 80,000 per sq ft, emerged as the highest-selling project in the Mumbai Metropolitan Region in CY2022.
Tenants associations across Mumbai are urging the chief minister and housing minister to appoint senior counsel and a reputable solicitor firm to advocate for the Maharashtra Rent Control Act, 1999, and Chapter VIII of the MHADA Act before the Supreme Court. The Property Owners Association and other stakeholders have challenged the constitutional validity of these acts since 2000, with a crucial hearing scheduled for February 6. Tenants fear a ruling in favour of property owners could jeopardize rent control in Maharashtra, potentially allowing arbitrary rents and evictions. Political leaders, including Mumbai's guardian minister and BJP representatives, pledge to address tenant concerns and protect their interests.
The director of a Mumbai real estate company, accused in a Rs 7.5 crore fraud case involving cheating the public with promises of flats in Juhu, has reportedly been detained in Colombia following a red-corner notice. In 2017, the company allegedly sold promised flats to others during discussions about an alternate project. The accused directors, family members, had left the country before the FIR was filed. The Economic Offences Wing is investigating, and an RCN was issued against the director, her brother, mother, and company officials. Authorities are verifying her identity, signalling international cooperation in addressing financial fraud.
The Odisha Real Estate Regulatory Authority (ORERA) has cancelled a land deal near the city, alleging violations of the Odisha Real Estate (Regulation and Development) Act, 2016. The landowner in Balianta subdivided 20 plots without registering the larger plot with ORERA, breaching the requirement for plots larger than 500 square meters. ORERA responded to a complaint, directing the landowner to obtain layout plans within two months and register them within 45 days. The authority nullified sale deeds of sub-plots until proper registration and urged action against the sub-registrar. ORERA's action reinforces its commitment to regulatory compliance and transparency in real estate activities.
The Municipal Corporation of Delhi plans to lease its newly constructed office complex in Karkardooma, covering three blocks over 22,918 sq meters, for 30 years. The modern complex, equipped with amenities like air-conditioning and CCTV surveillance, is open for leasing to government departments, PSUs, and others. The minimum rent is set at Rs 115 per sq ft, with a 7% annual enhancement. Central government departments have shown interest, and the corporation will reach out to others. The lease agreement will be awarded based on the best rate exceeding the floor rate, providing a contemporary workspace solution.
hBits, a fractional ownership platform in India, has acquired 13,500 sq. ft. of prime commercial real estate in Mumbai's bustling Goregaon area, valuing at INR 27.31 crore. This strategic move opens a Grade A commercial real estate investment avenue for retail investors. The property, near Mumbai's economic hub, is leased to a prominent Indian-origin multinational tech firm for five years, ensuring a solid 3-year lock-in period. Boasting robust financial metrics with a 9% gross entry yield and a 15.49% expected internal rate of return, hBits aims for an INR 500 crore AUM by March 2024, capitalizing on Mumbai's thriving commercial real estate demand.
The Municipal Corporation of Delhi has announced the exemption of property tax collection from rural residential areas in Fural, Delhi. The move aims to provide relief to residents from property tax liabilities, with Deputy Mayor Aaley Mohammad Iqbal affirming the exemption across all 70 constituencies with rural areas. The announcement was made by Mayor Shelly Oberoi during a press conference over the weekend. Some political parties have voiced their concerns over this move while others have lauded it.
Pune Municipal Corporation contemplates an amnesty scheme to encourage property tax compliance, offering reduced penalties through Lok Adalat. PMC's administrator, Vikram Kumar, aims to motivate defaulters, despite concerns from civic activists. Records indicate a substantial Rs 4,500 crore outstanding from property owners. A Lok Adalat is scheduled for December, following PMC's successful collection of Rs 479.09 crore in 2021-22. Despite opposition, PMC targets Rs 2318.15 crore in property tax for 2023-24, emphasising its crucial role post-octroi and LBT removal, with tax payment options based on property ARV.
Peerless Hotels is set for a transformative journey, planning to double its room capacity in the next five years. Following the successful upgrade of the Peerless Kolkata property, the company eyes expansion through acquisitions or management contracts. With a focus on internal consolidation first, the 30-year-old company aims to rejuvenate existing properties over a two-year period. Collaborative ventures with partners are on the horizon to broaden market reach. Amid a post-Covid recovery and rebranding all city hotels as Peerless Hotels, the company anticipates a record-breaking fiscal year, with significant revenue growth underlining its success.
The Bangalore Metro Rail Corporation Limited (BMRCL) is gearing up for significant developments as it prepares to embark on Phase 3 of the Namma Metro project. In an upcoming initiative, the corporation will commence preliminary activities related to land acquisition, marking a crucial step forward for the ambitious expansion. The initial phase involves the identification of 100 acres of land for the construction of a depot and viaducts along specific stretches of the corridor. Anticipating progress, officials are set to initiate a joint survey of the targeted properties earmarked for acquisition.
The latest Global Real Estate Bubble Index reveals a 5% average decline in house prices across 25 major cities, signalling a sustained downward trend and reducing the risk of a real estate bubble. Zurich and Tokyo remain in the "bubble risk" category, down from nine cities the previous year, while European cities like Frankfurt and Munich shift to the "overvalued" category. Madrid, aligning with Milan and Warsaw, is now considered "fairly valued." Factors such as Russia's invasion of Ukraine and the COVID-19 pandemic contribute to the decline. Despite corrections in Paris and London, housing affordability remains a challenge, prompting UBS to predict continued price decreases if high-interest rates persist.
Bank of America is set to pay a $12 million fine for inaccurately reporting mortgage applicant data, violating the Home Mortgage Disclosure Act. Over 400 loan officers allegedly failed to inquire about race, ethnicity, and sex, according to the Consumer Financial Protection Bureau (CFPB). The bank neither admitted nor denied wrongdoing, covering conduct from 2016 to 2021. The CFPB vows additional measures to ensure compliance. In response, Bank of America claims over 99% accuracy in collecting demographic data, citing improved employee training. The bank’s consumer lending business in first mortgages also reported a 61% decline this year.
Despite fewer working days in November, property registrations in Mumbai rose 8% YoY to 9,713 units, contributing over Rs. 711 crores to the state exchequer. Factors such as rising incomes, positive homeownership outlook, festive discounts, and attractive home loan offers drove this success. While November's registrations dipped from October, the overall trend remains positive, with a 10% YoY rise, and stamp duty revenues likely to surpass Rs. 10,000 crores for the first time. Prime property prices saw a 6.5% YoY increase in Q3 2023, contributing to Mumbai's sustained housing sales momentum.
<p>• A residential flat spanning 1088 square feet sold in Pushpanjali CHS in Vile Parle East for INR 4.05 cr <br> • A residential flat spanning 839 square feet sold in Dimple La Vista in Borivali East for INR 1.4 cr</p>
Runwal Group recently reviled ambitious plans for the current financial year, aiming to acquire 10 million square feet for mixed-use development with a substantial investment of approximately Rs 1,500 crore. With an impressive land bank of nearly 55 million square feet in Mumbai, the company seeks a 20% growth from the previous year's revenue exceeding Rs 3,000 crore. Their diversified portfolio spans affordable, mid-segment, and luxury housing, alongside ventures into commercial and retail segments. Expansion plans include entry into Pune, slum rehabilitation projects, and upcoming launches in affordable and luxury housing sectors, reflecting a strategic vision for sustained growth and market responsiveness.
Magnolia Quality Development Corporation (MQDC), a Thai real estate giant, is in discussions with local builders for potential projects in the National Capital Region (NCR), eyeing a partnership announcement early next year. The focus is on luxury residential developments in Delhi and Gurugram, forming part of mixed-use projects. MQDC also plans to establish five co-working facilities in the NCR, with one operational in Greater Kailash-II and another on Golf Course Road in Gurugram. The co-working space in Gurugram started operations on November 30. MQDC, valued at over $9 billion globally, anticipates project details and investments to be finalized in early 2023.
The government is reportedly reconsidering its plan to introduce a specialized framework for the real estate sector, which would limit insolvency proceedings to individual stressed housing projects and exclude their developers, according to a reliable source. This potential revision aims to prevent unscrupulous promoters from exploiting relief measures to abandon projects for higher profits, potentially diverting funds and worsening challenges for homebuyers. The proposed project-wise insolvency is under scrutiny for its potential to allow promoters to evade responsibilities. The government is seeking stakeholder feedback to strike a balance between homebuyers and real estate sector interests.
The Delhi Development Authority (DDA) has initiated registrations for penthouses, super High-Income Group (HIG), and various other flats in its 'Diwali Special Housing Scheme 2023.' Accessible through an e-brochure, the online registration system integrates advanced technology. The scheme offers 14 penthouses, 170 super HIGs, and 946 HIGs in Dwarka's Sector-19 B, along with 316 and 647 Middle-Income Group (MIG) flats in Sector-14 and Lok Nayak Puram. Prospective buyers can register until December 29 for the e-auction, starting on January 5, 2024. The 'first come first serve' (FCFS) registration, open until March 31, has already recorded over 500 applicants, signalling high interest and anticipation.
The Everest Food Products promoter group, known for the Everest spice brand, has invested over Rs 143.50 crore in two sea-view Mumbai apartments, boosting the total deal size to exceed Rs 213 crore. Previously securing a 53rd-floor residence in Oberoi Three Sixty West for Rs 73.50 crore, they expanded with an adjacent apartment and a similar-sized one on the 50th floor. The 53rd-floor unit was directly acquired from Oberoi Realty, while the 50th-floor residence was bought from SKS Infrabuild. Registered in November, these acquisitions include exclusive access to eight parking slots each, totalling 14 parking slots within the tower.
Knight Frank's recent analysis reveals a dynamic shift in Kolkata's real estate market. With 35,467 apartments registered in 2023, October stood out with 4,441 registrations, a 2% increase from the previous month. Despite this, there's a notable 35% YoY decline. This is attributed to a robust surge experienced in 2022. The report also reveals a change in the size preferences, with 501-1,000 sq ft units dominating. Micro-market dynamics show the South Zone claiming the top spot, marking a significant shift from last year. The extension of stamp duty rebates and RBI's unchanged repo rate add optimism for future trends.
HCL Technologies Ltd. is strategically divesting its Bengaluru office assets, including a special economic zone campus spanning 27 acres valued at approximately Rs 550 crore. This move aligns with HCL Tech's broader strategy to optimize its portfolio and exit non-core assets, adapting to changing workplace dynamics. Amid the transition to hybrid work model’s post-pandemic, the real estate market in India is seeing a shift towards collaboration-centric spaces. HCL Tech's proactive response reflects the company's commitment to streamlining operations and focusing on core business areas, embodying a trend observed among IT firms reassessing their property portfolios for a flexible and collaborative future.
Gujarat RERA has introduced an advanced online portal, addressing the issue of outdated progress report photos. The platform was launched on Nov 24. It ensures compliance with the RERA Act and precise reporting to tax departments. Earlier, developers manipulated tax obligations with old photos, exploiting a loophole in the previous website. The new website mandates real-time updates, thereby curbing inaccuracies. Experts, emphasising transparency, highlight the need for developers to adopt this technology. The website streamlines tasks and accelerates the registration process, thereby meeting industry demands.
Bhutani Infra's Avenue 133, the cutting-edge high-street mall in Noida Sector 133, has made history in the local real estate scene by selling all its retail spaces within a remarkable 12 hours of its grand launch. Situated strategically along the Noida-Greater Noida Expressway, Avenue 133 offers a mix of retail shops, wellness centres, office spaces, and a vibrant food court, aiming to be the longest high-street commercial project in Delhi NCR. With metro connectivity, modern facilities, and a diverse range of brands, its swift success reflects trust in Bhutani Infra's commitment to quality, innovation, and environmental responsibility.
Construction activities in Delhi-NCR have resumed after a 26-day gap as the Commission for Air Quality Management (CAQM) revoked the third stage of its Graded Response Action Plan (GRAP-III) imposed on November 2 due to high air pollution levels. GRAP-III restrictions included a ban on construction and demolition activities. The AQI dropped from 395 to 312 on November 28, prompting the revocation. Real estate developers welcomed the move. Industry bodies urged future exemptions for real estate from GRAP restrictions, emphasizing the impact of the restrictions on project costs, delays, and job losses and highlighting pollution-mitigating measures already implemented.
Workspace, distinct from WeWork by owning its buildings, sees potential benefits from WeWork’s restructuring. Dave Benson, the finance chief, notes that WeWork’s serviced offices often funnel clients to Workspace, creating increased opportunities. Despite a unique business model, Workspace is optimistic about gaining clients after WeWork’s recent bankruptcy filing. The company provides unfurnished spaces to diverse clients, from architects to brewers. This highlights Workspace’s strategic position and adaptability amid shifts in the flexible office space Industry.
In Q3 2023, Saudi Arabia’s residential property market saw a 24% decline in total transaction value, with a substantial 37.5% drop in mortgage contracts year-to-date. Single-family homes dominated lending, comprising 69.8% of the total value, while apartments and land accounted for 24.8% and 5.4%, respectively. Despite these declines, Riyadh, Dammam, and Al-Khobar experienced positive trends in average villa prices. The market’s resilience in the face of decreased transactions is attributed to buyers’ cautious approach amid high-interest rates, awaiting the delivery of anticipated new housing stock in the short to medium term.
MahaRERA, aiming to boost real estate developer accountability, has introduced the consultation paper for robust quality assurance. As per MahaRERA, during the defect liability period, which is 5 years after possession, any structural issues must be rectified by builders at no cost. The proposed mechanism ensures that any such defect is registered by the developers, and its rectification is verified by third-party agencies selected by MahaRERA, ensuring a transparent and comprehensive project inspection. Developers adopting this benchmark will be published on MahaRERA's site, and all the reports regarding individual projects will also be available on the website. This would go a long way in addressing the issue of quality in the real estate sector.
MahaRERA's Conciliation Benches, designed to streamline homebuyers' complaint resolutions, have successfully addressed concerns from 1343 individuals. Currently, 52 state-wide benches are handling hearings for 876 cases in key locations like Mumbai, Pune, Thane, Nashik, Nagpur. Committed to prioritizing complainants' rights, these benches are gaining traction among those seeking redressal. The Conciliation Bench is recommended as an option and cases proceed to these benches upon mutual agreement. These benches decide on complaints within 60 days which extends to 90 days in some cases. The emphasis on the serviceability of the complaint resolution process and a customer-centric approach by Maharashtra RERA continues to yield positive responses from stakeholders.
The Navi Mumbai police have initiated legal action by filing an FIR against five individuals accused of coercively demanding Rs 1 crore from a builder in Panvel. The primary aggressor forcefully entered the builder's residence, physically assaulted him, and demanded the sum. Four additional individuals joined in, escalating the threat by issuing ominous warnings, including the potential harm to the builder's son if the demanded amount was not promptly paid. The situation presents a serious threat beyond financial extortion, involving the safety of a family member. The ongoing investigation aims to identify and apprehend the perpetrators while exploring the motives behind this alarming incident.
In Noida, the fate of Unitech housing projects hangs in the balance as thousands of anxious homebuyers await a crucial Supreme Court hearing. The projects, delayed for years due to the company's promoter's legal troubles, are now under a government-appointed board. The Supreme Court had earlier directed the submission of revised layout plans, emphasizing the commencement of construction without upfront payment of dues. The recent court order urged collaboration between Unitech and Noida Authority to resolve issues. Noida Authority, however, insists on clearing the realtor's Rs 10,000 crore dues before approving revised maps.
In Mudaliarkuppam, along Chennai's East Coast Road, unauthorized sea-view villas and apartments have sparked environmental concerns. Following a complaint by Thazuthali kuppam villagers, the National Green Tribunal (NGT) is investigating these constructions which allegedly lack mandatory clearances. State officials confirm some buildings violated planning permissions, while environmentalists warn of potential ecological impacts on local fisheries and erosion patterns. The issue, involving private properties, a church, and a school in restricted zones, highlights the need for stringent adherence to environmental regulations in sensitive coastal areas. The NGT is set to revisit the case next month.
According to a report by Colliers, a notable upswing in real estate investment activities is expected in the Asia Pacific region in 2024, with India emerging as a key destination for capital inflows. The report highlights India's prominence due to its robust economic growth, drawing investor interest in various real estate segments such as office spaces, logistics, private credit, residential properties, and data centres. Institutional investments in India's real estate sector saw a 27% year-on-year surge in the initial nine months of 2023, totalling $4.6 billion, with foreign inflows constituting a dominant 77% share. The report anticipates major transactions and increased investment volumes in 2024, signalling a positive outlook for the region, particularly in India.
Greater Noida West has become a hotspot for real estate investors as property prices surged by an impressive 21.6% YoY, according to a recent Magicbricks report. The study highlights a growing demand for spacious residences, with apartments exceeding 1,250 sq ft contributing to 54.5% of the total demand. The area's strategic location and affordable housing options have attracted both domestic and international investors, with NRIs from the United States, Canada, United Kingdom, and UAE constituting 85% of the international demand. This surge solidifies Greater Noida West as a thriving real estate destination.
Oyo has revived its self-operated hotels, now labelled 'Managed by Oyo,' seeking partnerships with real estate developers for 200 premium hotels across Indian metros. After closing its self-operated model in 2020, Oyo is re-entering the space, emphasizing a revenue-sharing basis for long-term management contracts. During the pilot phase, 30 realtors partnered, initiating operations in over 35 hotels across key cities. The program targets high-traffic metros and major tourist destinations, focusing on premium offerings like Townhouse. Oyo aims to create a mutually beneficial scenario for landlords, operators, and travellers, and hints at a potential increase beyond the initial 200 hotels.
Breach Candy and Jaslok hospitals in Mumbai are undergoing substantial expansions to meet rising patient demands. Breach Candy plans to operate from a new 11-storey building with upgraded facilities like ICUs, outpatient departments, and isolation wards, costing around Rs300 crores. Jaslok is reorganizing spaces for better patient movement, adding annexes with specialized units like ICUs and dialysis. Both hospitals aim to optimize functionality, improve fire safety, and create separate parking facilities. These initiatives reflect their commitment to evolving healthcare needs while ensuring top-notch care for patients in South Mumbai.
The Goa State Urban Development Agency (GSUDA) is prioritizing sustainable development through 3D-based urban planning. Addressing challenges like traffic congestion and resource mismanagement, GSUDA has invited firms to express interest in providing a 3D application for urban planning. The 3DCity Platform aims to simulate scenarios such as green energy potential, traffic solutions, new infrastructure, and security measures. GSUDA aims to integrate technology seamlessly with the urban landscape, becoming a model for sustainable development and innovation. The platform will assess air quality, flood levels, sound pollution, and security coverage, fostering efficient resource management for a smarter future.
Central Railway's (CR) harbour line in Mumbai, plagued by encroachments and hygiene issues impacting train speeds, witnessed a significant initiative. CR authorities commenced the demolition of encroachments between Chunabhatti and GTB Nagar stations on November 27 to increase speeds to 105 km per hour. Railway security forces assisted in removing 140 shops and 25 hutments, aiming to clear soft encroachments and address the challenge of garbage and excreta on the tracks. The upgrade, crucial for track improvements, seeks to enhance punctuality for the substantial commuter base. Despite ongoing efforts, challenges, including political opposition, persist, reflecting the persistent dissatisfaction with services.
In a concerning trend, a second fire occurred within a week in South Mumbai, this time at Nathani Heights, a 21-storey residential building in Agripada. Fortunately, all six families were safely evacuated, and no casualties were reported in this level 1 fire. The blaze originated in the electrical duct between the 5th and 15th floors, prompting a swift response from the Mumbai Fire Brigade. The building's upgraded inbuilt firefighting system played a crucial role in managing the situation. The incident underlines the importance of adhering to fire safety norms and regulations, emphasizing the need for residents to comply with guidelines and promote responsible electrical usage to prevent future incidents.
Tata International is expanding operations in Nigeria through a strategic partnership with the Lagos Free Zone (LFZ). The agreement involves leasing a 6000 square meter facility within LFZ, enhancing Tata International's operational capabilities. The signing ceremony, attended by key representatives, signifies a new era in the relationship, fostering economic growth and attracting investors to Nigeria. The LFZ, integrated with the Lekki Port, offers a strategic location for market access. This expansion affirms Tata International's dedication to strengthen its footprint and create positive impacts in Africa.
Land constitutes of all things permanently attached to the surface of the earth such as ground, trees, wells, rivers. etc. It is a natural resource that is the centre of all economic activities. Therefore, land is classified on the basis of its economic use, i.e., agricultural land, non-agricultural land and forest land.
Residents of Hiranandani Gardens in Powai are mobilizing to oppose Canadian real estate company Brookfield Properties' plan to replace the Citipark building with a mega mall. The proposed 18-storey tower in the bustling Central Avenue has raised concerns about increased congestion, worsened traffic during peak hours, and potential dust and noise pollution during construction. Residents also lament the diminishing green cover, signalling a broader transformation from a predominantly residential to a more commercialized neighbourhood. While Brookfield Properties claims efforts to increase green cover, residents are forming an official forum to voice concerns, even as the mall proposal awaits BMC approval.
<p>• A residential flat spanning 325 square feet sold in Jade Gardens in Palghar Town for INR 20.64 lakhs<br /> • A residential flat spanning 787 square feet sold inLodha Luxuria in majiwade for INR 1.26 cr<br /> </p>
EFC (India), the sole listed company in integrated serviced offices and co-working spaces, is set to triple its seat capacity from 32,000 to 92,000 by March 2026, capitalizing on strong institutional demand. Founder & CEO Umesh Sahay revealed the ambitious plan, funded through a mix of equity and debt, citing India's surge as the world's second-largest co-working market. The expansion aims to make EFC a major industry player. With enterprise solutions under EFC and co-working as Sprint, the company operates across seven Indian cities, offering comprehensive office space management services and anticipating significant revenue growth by FY26.
Roha Realty and Sabari Group have announced a strategic joint venture in Chembur, strengthening Roha Realty's position in the Mumbai Metropolitan Region. The collaboration aims to redefine premium living with sustainable residences covering 6 lakh sq. ft. and an estimated revenue of Rs 1000 crore. This follows Roha Realty's redevelopment agreement with MHADA for two societies in Subhash Nagar, aligning with their commitment to community enhancement. The collaboration with Sabari Group and the Subhash Nagar redevelopment anticipates generating approximately Rs. 1,500 crores, furthering Roha Realty's vision to be a leading developer prioritizing enduring value and customer-centric principles.
The state cabinet, in a recent meeting, announced a substantial 50% reduction in the flat transfer fee for slum rehabilitation units, easing the financial burden on buyers. The Slum Rehabilitation Authority (SRA), which provides flats to slum dwellers at no cost, had imposed a Rs 1 lakh transfer fee during flat transactions. This decision aims to facilitate easier access to SRA flats by cutting the transfer fee to Rs 50,000. The move builds on previous reforms, such as reducing the lock-in period for selling slum dwellings from ten to five years in 2020. The initiative aligns with a broader commitment to inclusive housing solutions.
The Patna High Court has issued a directive instructing the state's Economic Offence Unit (EOU) to expedite investigations into 61 criminal cases against the Agrani Group. Flat buyers allege the real estate giant unlawfully misappropriated Rs 100 crore intended for flat bookings. The court's order, part of the resolution of a criminal writ application by victims, mandates a swift investigation and allows victims to file pleas before EOU courts overseeing the 61 FIRs. The allegations centre on fund misappropriation for flat bookings, with victims collectively claiming Rs 100 crore in losses, emphasizing the urgency of investigations and the need for a timely resolution.
Home buying in Mumbai is undergoing a significant shift, as buyers now prioritize convenience over the traditional emphasis on location. Modern home buyers seek proximity to large retail outlets, malls and social infrastructure to align with their busy lifestyles. This shift reflects a more knowledgeable and research-oriented approach. Improved connectivity in Mumbai and the MMR region, driven by ongoing infrastructure projects, has contributed to this transformation. Areas like Goregaon, Kandivali, Borivali and Mira Road in the western suburbs are witnessing heightened demand, driven by connectivity improvements and better social infrastructure. This trend signifies a departure from the traditional focus on location, with convenience and lifestyle choices taking precedence.
<p>• A residential flat spanning 395 square feet on the 19th floor sold in Nandivardhan Avisha in Girgaon for INR 89 lakhs • A residential flat spanning 808 square feet sold in Posiedon Sukruti Samyra in Kalbadevi for INR 1.60 cr</p>
Hiranandani Group introduces Eleva, a service consultant development model providing expertise in development, construction, design, marketing, and sales solutions for landowners and developers. Founder Niranjan Hiranandani notes the potential to aid projects in the market. The initiative, requiring no new investment, focuses on utilizing existing infrastructure. The first project, Vista in Andheri West, Mumbai, spans 3.33 lakh square feet, with plans for five projects covering nearly five lakh square feet by March 2024. The model's service-fee revenue approach positions the group as consultants for landowners with clear titles and statutory approvals.
Chennai-based WorkEZ, a managed office and co-working space provider, is set to invest Rs 63 crore in its expansion across Chennai, Bengaluru, and Coimbatore. Leasing four new centres, including spaces in Velachery and Alwarpet in Chennai, Bengaluru, and Coimbatore, the company's managed office space portfolio now spans 1.1 million square feet. WorkEZ aims to achieve a six-million-square-foot overall portfolio by FY2028. With an annual growth rate exceeding 50 percent, the company reported over 90 percent occupancy across its eight operational centres in Chennai and marked profitability in FY23 with a CAGR of just over 150 percent.
Ganga Realty unveils the Nandaka 84 uber-luxury residential project in Gurugram, committing an investment of over 1000 crores for its development. Strategically located near Dwarka Expressway and NH-48, the self-funded project spans 8.33 acres, featuring 3BHKs, 4BHKs, and penthouses across four towers. Partnering with London-based firm UHA, the project emphasizes green inclusivity with Miyawaki Gardens, medicinal and air-purifying flora, EV charging stations, and various amenities. Ganga Realty aims for single-phase completion by 2028, echoing the success of their first luxury project in Gurugram. The company's symbolic focus on "pure luxury" aligns with the growing demand for high-end residences in Gurugram.
The Bombay High Court, in a landmark decision, has assured tenants of the Ismail Baug building in Malad that their tenancy rights will be preserved despite the building's demolition. The court upheld the BMC's demolition notice, citing safety concerns, but emphasized that tenants would be reinstated once the building is reconstructed. The ruling came after a detailed consideration of conflicting structural audit reports and underlines the judiciary's commitment to balancing public safety with the protection of tenants' rights in urban development scenarios.
The Maharashtra Real Estate Appellate Tribunal (MREAT) has modified a 2019 MahaRERA order, directing the promoter, Neelkamal Realtors, of a Mira Road real estate project to pay interest from 2013 on amounts paid by home buyers until possession is granted. The case involved a couple who booked a flat in Orchid Ozone in 2010, and paid 90% without a registered agreement. Although possession was to be given in 2013, the couple hasn’t received it yet. The tribunal found flaws in MahaRERA's order and instructed the promoter to execute a sale agreement promptly upon receiving the occupancy certificate. The judgment highlighted the promoter's breach of payment ceiling and obligations under real estate laws.
The Enforcement Directorate (ED) recently apprehended Shashi Bala in connection with a money-laundering probe involving a Lucknow-based company accused of defrauding investors of Rs 800-1,000 crore. Bala, an active associate of the main accused, Rasheed Naseem, in the Shine City fraud, has been taken into custody. Naseem, the primary accused, is currently at large. A special court under the Prevention of Money Laundering Act has remanded Bala to ED custody until November 30. The ED revealed that Bala played a crucial role in assisting Naseem in concealing and laundering the proceeds of the alleged crime. The case involves raids, FIRs, and investigations into the financial misconduct.
The Mayor of Kolkata, Firhad Hakim, has recently directed the buildings department to collaborate with architects or licensed building surveyors for expedited approval of building plans on plots not exceeding three cottahs. This move aligns with a new regulation allowing citizens to apply for building sanction online for smaller plots, ensuring quick approval within 15 days if the submitted documents adhere to civic regulations. The initiative aims to address delays and simplify the building plan approval process, emphasizing the Kolkata Municipal Corporation's commitment to supporting citizens in construction endeavours on smaller plots.
At a recent event, UP Chief Minister Yogi Adityanath announced that over 55 lakh underprivileged individuals in Uttar Pradesh have received free housing under state and central government initiatives during his tenure. Speaking at the inauguration of development projects in Gorakhpur, Adityanath emphasized the success of housing schemes like Pradhan Mantri Awas Yojana and Mukhyamantri Awas Yojana, transforming the lives of millions by providing homes with essential amenities. The Chief Minister highlighted the broader development initiatives in the region and outlined plans for future projects, reaffirming the commitment to improving the quality of life for residents.
Tata AutoComp Systems sells a 13.26-acre land parcel in Pune's Maan area to Titania Industrial Development for Rs 134 crore. Tata has applied for rezoning the property in the industrial zone to residential zone. The strategic move aligns with Pune's growth dynamics, particularly in areas like Hinjewadi, which is witnessing increased business activity. Pune is hailed as a top real estate investment destination, exhibiting remarkable growth in sales and value. The present land transaction reflects the current trend of developers opting for residential development on acquired or existing land parcels amid the ongoing upcycle in the housing market across key cities.
The Securities and Exchange Board of India (SEBI) board has unveiled plans to regulate online platforms offering fractional ownership of real estate assets. These platforms will now need to register under a framework designed for small and medium real estate investment trusts (REITs), part of SEBI's efforts to oversee evolving online investment platforms. Additionally, SEBI announced the implementation of electronic storage for fresh investments by alternative investment funds (AIFs) from September 2024, aiming to enhance transparency.
The Nagpur Municipal Corporation (NMC) has intensified its crackdown on property tax defaulters by attaching 225 vacant plots in the Hanuman Nagar zone, totalling Rs 45.52 lakh in defaults. The affected plots include those owned by Shewanta Co-operative Housing Society Limited, Suvikas Co-operative Housing Society Limited, and Gangotri Developers, all located in the Hudkeshwar area. This action follows earlier notices and warrants issued by the NMC to property owners, emphasizing the municipality's commitment to enforcing property tax regulations and recovering outstanding dues.
The Nashik Municipal Corporation (NMC) plans to implement Geographic Information System (GIS) mapping for all properties within the city, aiming to identify and record over 5.2 lakh properties. Each property will receive a unique index number, facilitating easy access to information on built-up area and other details. This initiative aims to bring unrecorded properties under the tax net, boosting NMC’s revenue. The NMC also intends to outsource property tax bill distribution to a private agency, allowing the civic body to focus on tax recovery. Additionally, the mapping will cover both authorized and unauthorized slums to curb illegal settlements.
Wyndham Hotels & Resorts is set to launch its European brand, Vienna House, in India by mid-next year, aiming for 100 hotels in the country by 2025. The move seeks to attract foreign tourists bound for India, leveraging the Wyndham Rewards program. The company, with over 5,333 operational rooms and 35 hotels under development in India, emphasises tier two and tier three cities for broader distribution. The strategy aligns with infrastructure development, focusing on religious and wellness tourism, including strategic locations at pilgrimage sites, highlighting a multifaceted approach for sustainable growth over the next five years.
Bengaluru is gearing up for a major upgrade in urban transport with the announcement of a 287 km circular rail network by the Ministry of Railways. Aimed at easing traffic congestion, the project will connect various peripheral areas of the city, enhancing connectivity. The government has allocated 7 crore rupees for initial studies, with plans for detailed surveys and project reports underway. This initiative is part of a broader effort to modernize Bengaluru's infrastructure, promising a more connected and accessible city in the coming years.
Hong Kong's TEC plans a substantial Rs 240 crore investment for UAE expansion, aiming to add one lakh sq ft in the Middle East. The company allocates AED 62.75 million (Rs 142.48 crore) for Dubai and Rs 98 crore for Abu Dhabi. Recently securing a lease in Abu Dhabi's Al Maryah Tower, TEC's second centre in the UAE, underscores its growth trajectory to meet escalating demand for dynamic workspace solutions. Launching in January 2024, the Abu Dhabi centre will offer 175 workstations. TEC's global performance includes over Rs 100 crore investments, agreements for eight new centres in H1 2023, and a 24% annual revenue growth in India, contributing to its $283 million global revenue across 15 markets and 33 cities.
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