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Sole ownership can be characterized as ownership by an individual or entity legally capable of holding the title. The most common sole ownership is held by single men and women, and married men or women who hold property apart from their spouse, and businesses that have a corporate structure allowing them to invest in or hold interest in real estate.
Real estate giant Arihant Superstructures Limited is diversifying into hospitality with its project "World Villas," spanning 30 lakh sq. ft near Mumbai Trans Harbour Link and Navi Mumbai International Airport with an estimated revenue of Rs 3000 crore. With a focus on the Panvel area, the project includes a 221-key hotel, a sports club, and a gymkhana on 10.5 acres. The company aims for a diverse revenue stream, including membership fees, and plans for weddings, events, and accommodation in the hotel. This Rs 250 crore investment aligns with Arihant's commitment to meeting evolving customer needs. The trend of real estate giants diversifying into the hospitality sector is expected to continue growing due to rising demand and industry partnerships.
<p>&bull; A residential flat spanning 418 square feet sold in Kalpataru Srishti Tower H in Mira Road for INR 69 lakhs<br /><br /> &bull; A residential flat spanning 401 square feet sold in Greenspace Royale in Kamothe for INR 45 lakhs</p>
Thane's Vihang Group recently achieved a milestone with Thane Municipal Corporation's approval for a massive three million square feet, marking one of the largest single approvals for non-township development. The group also secured Occupancy Certificates for 2.5 million square feet across Ghodbunder Road projects in the same fiscal year. With plans for four projects, including "Capital of Thane," the group anticipates a revenue potential of Rs 2,000 crore. Funding these endeavours through equity, bank loans, and customer advances, Vihang Group has earmarked Rs 2,500 Crore for the next five years, focusing on Kasarvadavli and Bhayander micro markets.
Keystone Realtors is gearing up to redevelop Veena Nagar Co-operative Housing Society and NeelKamal Ghruh Cooperative Housing Society in Malad (West), Mumbai, covering 12,120 sq meters and boasting an estimated Gross Development Value (GDV) of Rs.1200 crore. The project, set to commence next year, not only accommodates 342 existing society members but also presents a sale potential of about 3,42,000 sq ft, contributing to the anticipated GDV. This initiative aligns with Rustomjee's commitment to a diversified portfolio in Mumbai's western suburbs, showcasing its proven expertise in redevelopment. Amidst substantial expansion, including eight new projects this fiscal year with a cumulative GDV of approximately Rs. 7,000 crore, Rustomjee emphasizes innovation, sustainability, and transformative urban development.
The Ahmedabad Municipal Corporation (AMC) is set to conduct a fresh round of auctions for approximately 150 plots measuring less than 2,000 square meters. This decision comes after the lukewarm response to larger plot auctions in February 2023. Potential buyers have shown a preference for smaller plots suitable for bungalows or compact corporate offices. In response, the AMC's standing committee has directed officials to assess and prepare 10 to 15 smaller plots for sale in the western parts of the city. This adjustment in approach aims to cater to evolving buyer preferences and maximize participation in future auctions, aligning with current market demands.
The Greater Noida Authority has successfully implemented 84% of its ambitious Rs 60,000 crore investment target set by the Uttar Pradesh government. Country Group leads with a Rs 2,000 crore investment, followed by Eldeco and Iris committing Rs 1,000 crore each, and Purvanchal contributing Rs 800 crore among the builders. This robust financial infusion underscores their confidence in the project's potential and aligns with a broader trend of huge investments in the real estate sector. These strategic allocations fortify the industry's growth trajectory and contribute significantly to the overall economic landscape.
The 2024 Luxury Outlook Survey by India Sotheby’s International Realty has revealed 79% economic optimism among High-Net-Worth and Ultra High-Net-Worth Individuals. Despite a 40% rise in property prices, 71% plan to invest in real estate in the next 12-24 months, focusing on capital appreciation. India's confident economic trajectory, projected to be the world's third-largest economy by 2027, fuels this trend. With 83% owning multiple luxury properties and diverse assets, the elite showcase confidence in the market's resilience. Digital trends and shifting preferences, like interest in Coorg and the Himalayas, hint at evolving investment ideals. 2024 anticipates unprecedented growth in luxury real estate.
Real estate developers urge increased tax benefits, proposing a higher deduction for home loan principal repayment and revisions to affordable housing definitions. Ahead of the Union Budget, CREDAI seeks the reintroduction of credit-linked subsidy schemes, reduced stamp duty, and streamlined approvals. Boman Irani, CREDAI president, emphasises the sector's importance and advocates for collaboration with the government. Recommendations address issues hindering both demand and supply. CREDAI proposes revisions to the definition of affordable housing, adjusting unit size and cost limits. Additionally, it calls for changes in interest deduction limits on rental income, suggesting exemptions or an increase to Rs 5 lakh.
In recent months, several real estate entities in India have collectively remitted over INR 1,500 crore as Goods and Services Tax (GST) linked to intra-group transactions, specifically related to royalty payments for utilizing brand names. Notices were sent to entities that defaulted on GST obligations concerning their parent entities' brand names. Tax authorities argue that using a brand, including its name and logo, by Special Purpose Vehicles (SPVs) incurs an 18% GST levy. Notable contributors include Tata Realty and Infrastructure, Tata Housing, Jindal Realty, DLF, and Vatika Group. The Directorate General of GST Intelligence issued notices, emphasizing mandatory GST payments for such transactions. The developments highlight increased GST scrutiny in India's real estate sector, emphasizing the need for compliance and financial prudence.
The Brihanmumbai Municipal Corporation (BMC) is set to revitalize a neglected 400-meter stretch beneath the Seepz flyover and the adjacent area on Jogeshwari-Vikhroli Link Road (JVLR) at Seepz Gate-3 with a project costing INR 2.9 crore. The comprehensive plan aims to transform the space into a vibrant hub, featuring walkways, gardens, amphitheatre-like seating, captivating murals, and a vertical garden. Tenders have been invited for this initiative, recognizing the strategic location's high visibility and heavy traffic. The project intends to create a recreational haven for nearby industrial workers, with marked lanes, thermoplastic paint, and artistic elements paying homage to the area's industrial heritage. While residents applaud the initiative, concerns about surrounding areas are raised, and BMC's broader vision includes similar revamps in other locations, promising a greener, more vibrant urban experience for Mumbai.
The Canadian government has implemented measures to regulate the intake of international students, introducing a two-year cap on study permits. The 2024 cap is set at 360,000, representing a 35% decrease. The move follows increased scrutiny, with new financial eligibility criteria and restrictions on postgraduate work permits. While current study permit holders are unaffected, these measures aim to balance the influx of students with Canada’s infrastructure capacities. The Canadian government's proactive stance seeks to address housing and healthcare challenges and would shape the future of international education in the country.
China's real estate crisis has been deepening with a 6% decline in 2023 home sales and an 11-14% drop in secondhand home prices in major cities. Developers initiate fewer projects, homeowners repay mortgages early, and property companies face defaults on USD 125 billion of overseas bonds. Desperate marketing strategies, including unusual promotions, reflect the urgency to stimulate the sluggish market. Economists predict a prolonged downturn, echoing concerns of a Japan-like real estate slump. The Chinese central bank’s intervention and decisive government assistance are urged to address the crisis and mitigate potential defaults, underscoring the urgency for comprehensive measures.
The Maharashtra state government is seeking approval from the Central government for the proposed amendments to the Registration Act 1908. The amendments seek to empower sub-registrars to scrutinize documents for violations of laws during registration. The amendments aim to address violations of real estate laws in registration of property documents. A circular issued earlier on the same lines was struck down by the Aurangabad bench of Mumbai High Court. The state has thus sought to amend the law itself. Critics, including the Avdhoot Law Foundation, express concerns about potential misuse of the additional powers. The proposal aligns with broader efforts to modernize real estate practices and regulatory standards in Maharashtra.
<p>&bull; A residential flat spanning 724 square feet sold in DSS Mahavir Universe &ndash; Astral in Bhandup West for INR 1.50 crores<br /><br /> &bull; A residential flat spanning 746 square feet sold Shatrunjay in Kurla for INR 95.25 lakhs</p>
Shapoorji Pallonji Real Estate (SPRE) has unveiled the second phase of Golfland at VANAHA near Bavdhan, West Pune, following the success of its flagship project. Having sold over 1800 apartments worth Rs. 1500 crores, the new phase targets a revenue potential of Rs 600 crores, addressing the demand for upscale residences in Pune. With configurations ranging from 2BHKs to townhouses, it has 276 homes starting at Rs.1.48 crore. VANAHA is a 1000-acre township and offers luxury living with amenities, including an 18-hole private golf course. SPRE aims to redefine Pune's skyline and lifestyle, anticipating growth in the city's real estate market in 2024.
Purva Land, the plotted development arm of Puravankara Limited, recently unveiled Purva Soukhyam, a wellness-themed plotted project in Guduvancheri, Chennai. Covering 120 acres, it boasts 2,200 plots with sizes ranging from 600 sq. ft. to 5,000 sq. ft., accompanied by 35+ amenities, a 30,000 sq. ft. clubhouse, and a focus on wellness. Reflecting post-pandemic preferences, Puravankara anticipates heightened demand for plotted developments, providing buyers with the freedom to construct personalized homes. Purva Soukhyam's strategic location, 10 minutes from Grand Southern Trunk Road, excellent connectivity, and proximity to key facilities enhance its appeal.
Four individuals, including one impersonating an Enforcement Directorate (ED) official, were arrested in Mumbai for attempting to extort Rs. 164 crore ($22 million) from a prominent developer. Involved in real estate, the suspects threatened the victim with an ED case, captured on CCTV at a Bandra coffee shop. A FIR has been filed against seven individuals, with two more suspects sought by the police. The extortion attempt stemmed from an alleged monetary dispute between the victim and one of the wanted suspects. The complainant reported the incident to the police, leading to the arrest of the accused.
The Greater Hyderabad Municipal Corporation (GHMC) is currently facing uncertainty in completing the construction of 30,000 2-BHK houses in the city. These 2-BHK homes, initiated in 2015 by the previous government, are aimed at providing dignified and fully subsidized housing for underprivileged families. While 68,800 2-BHKs have already been distributed in various localities, the remaining 31,000 units are at a standstill awaiting the government's budgetary approval of Rs 1,500 crore for funding. The construction has been on hold for the last one and a half years, and GHMC plans to resume work once the required funds are released by the government.
The National Capital Region's real estate sector has recorded a remarkable 46% year-on-year growth in sales area for FY2023. As per ICRA's report, total launches nearly doubled, reaching 64 million square feet. The years to sell (YTS) metric impressively shrank to 0.7 years, indicating a robust and stable market. The trend shows a shift towards luxury housing, with significant reductions in unsold inventory. ICRA maintains a positive outlook, forecasting sustained growth and stable leverage ratios, underlining the NCR real estate market's resilience and upward trajectory.
Union Living, founded in 2020, is injecting Rs 10 crore to expand its co-living spaces in Mumbai, unveiling plans for 1,000 beds with customised features. Presently operating 1,050 beds across Mumbai, Pune, and Ahmedabad, the startup's strategic investment aims to meet diverse tenant preferences. The expansion includes properties in Mahalakshmi, Juhu, Khar/Santacruz, Goregaon/Malad, Chembur, and Navi Mumbai, with three of them set as Built-to-Suit (BTS) spaces. Union Living's commitment to quality co-living aligns with the rising demand, signalling positive impacts on Mumbai's real estate scene.
In the past week, the Assessment and Collection department seized 74 commercial and industrial properties, amounting to Rs 23.81 crore. Among the properties confiscated is that of M/s Parsvnath Developer Pvt Ltd situated at Khyber Pass, according to an official statement. The action is part of intensified efforts to address non-payment of property taxes and reflects the civic body's commitment to enforcing financial compliance and revenue collection. Online notices have also been issued to over five lakh taxpayers, urging them to file their outstanding taxes within 15 days or face coercive action under the Delhi Municipal Corporation Act.
In 2023, the Mumbai Metropolitan Region (MMR) achieved a historic milestone with an all-time high of 9.9 million square feet in Industrial & Logistics (I&L) leasing, fueled by robust activities in the second half. Dominated by third-party logistics (3PL) players at 73%, the MMR leasing dynamics showcased remarkable growth. Nationally, the I&L sector recorded a peak of 38.8 million square feet in leasing activity across eight cities, driven by structured operational models and increased demand for last-mile delivery solutions. The sector's resilience and strategic realignment has set the stage for continued growth.
ITC Hotels, a leading luxury hotel chain in India, is set to launch its first international luxury hotel in Colombo, Sri Lanka, under the subsidiary WelcomHotels Lanka. The property, named ITC Ratnadipa, represents an investment of approximately Rs 3,000 crores and is expected to have 352 rooms. The company plans to inaugurate the hotel within the next two months. Zubin Songadwala, Vice President of Operations (South & East) at ITC Hotels, highlighted the robust pipeline of projects in different geographical locations within India, with the goal of opening 25 hotels in the next two years and reaching a total of 200 hotels over the next five years.
Maharashtra's Samruddhi Mahamarg expressway is set to undergo a transformative upgrade as Apco Infratech Pvt Ltd takes charge of developing enhanced wayside amenities. The bid was secured through a competitive bidding process. MSRDC leased the land to Apco for a 60-year period and secured Rs 275 crore in lease fees, which is to be paid in phases. Apco Infratech, known for its involvement in the Versova-Bandra Sea Link project, is set to invest Rs 8-10 crore at each of the 16 key locations. This development comes as an essential step to address past criticisms and enhance the travel experience along the expressway.
The 7/12 extract is a document that displays details about a said piece of land such as survey number, total area, boundaries, and ownership history. It is a combination of two forms; Form 7 which contains details of the land owners and his rights and Form 12 which lists specifics about the land type and usage.
Fractional ownership is when the cost of procuring an asset is divided amongst multiple individuals, each getting a share. All the benefits derived from the asset such as income and usage rights are divided pro rata between all shareholders. Fractional ownership is common in the purchase of high value purchases such as private jets, vacation homes, luxury cars, etc. When considering an investment opportunity involving fractional ownership it is important to take note of factors such as the management company's reputation, specifications of the asset, and the potential appreciation.
Samsung has inaugurated its premium store, Samsung BKC, in Mumbai's Bandra Kurla Complex, marking the company's first Online-to-Offline (O2O) store in India. Spanning 8,000 sq. ft, the store features eight lifestyle zones showcasing how Samsung products integrate into daily life. Samsung BKC offers over 1,200 product choices from an online digital catalogue, allowing exploration and pre-booking of the latest Galaxy S24 series. Beyond product displays, Samsung BKC will host Learn @ Samsung workshops and a Creator's Workshop for customization. This move positions Samsung as a strong contender in Mumbai's competitive tech retail landscape, challenging its biggest competitor Apple in Bandra Kurla Complex.
<p>• A residential flat spanning 1134 square feet sold in Lodha Luxuria - Priva in Majiwade for INR 1.98 crores<br /> • A residential flat spanning 388 square feet sold in Bhoomi Park in Kandivali East for INR 54.50 lakhs</p>
Real estate giant Gulshan Homz has acquired a substantial 2.5-acre plot in Sector 129, Noida, in a Rs 150 crore deal with a prominent bank. The prime location in the National Capital Region will be developed into a one-million-square-foot commercial project. The land parcels were part of Jaypee townships and attracted various developers following financial institutions' takeover due to loan defaults and insolvency issues. Despite challenges, companies like Gulshan Homz have collectively invested over Rs 3,000 crore, initiating projects with a revenue potential exceeding Rs 10,000 crore. The strategic expansion in Noida and venture into Moradabad positions Gulshan Homz as a key player in the dynamic real estate landscape.
Ajmera Luxe Realty Private Limited (ALRPL), a joint venture between Ajmera Realty & Infra India Limited (ARIIL) and Keystone Realtors Limited (Rustomjee), is set to redevelop a housing society in Bandra West, Mumbai. With both entities will hold a 50% stake. The joint project anticipates a Gross Development Value (GDV) of Rs 760 crores. The objective is to deliver high-end residential apartments in Bandra with a distinctive offering, aiming for a carpet area of 130,000 sq. ft. This collaboration leverages the strengths of Ajmera Realty and Rustomjee to contribute to urban rejuvenation and cater to the demand for premium housing in Mumbai's competitive real estate market.
Andhra Pradesh Chief Minister Y.S. Jagan Mohan Reddy has disbursed nearly Rs 47 crore in interest reimbursement to over four lakh beneficiaries as part of the Navaratnalu-Pedalandariki Illu Scheme. The biannual disbursement targets easing the financial burden on those who availed housing loans. Beneficiaries are entitled to interest reimbursement exceeding 3% on a bank loan of Rs 35,000, allowing them to pay minimal interest on housing loans for houses constructed in Jagananna Colonies. Chief Minister Reddy highlighted the scheme's strategic move to make homeownership financially viable, aligning with the government's commitment to affordable housing and inclusive development in Andhra Pradesh.
Santacruz West, a vibrant and well-connected suburb in Mumbai's western region, experienced significant real estate activity in December. With 32 apartments changing hands across 15 buildings, the area showcased a mix of high-end residential properties. Developer Sales dominated the market, capturing 62.5% of total sales. Sunbeam Apartment led with the highest number of deals, closing 9 transactions, followed by Ruparel Panache with 4 deals. The most expensive apartment, priced at Rs. 16.17 Crores, was in 81 Crest, while the most affordable option, at Rs. 45 Lakhs, was in Mehta Jaising Sanjeevani. The rate per square foot ranged from Rs. 10,000 to Rs. 60,000, with a weighted average of Rs. 35,506. About 75% of the flats were sold below 1,000 square feet, and around 67% were priced between Rs. 1 Crore and Rs. 5 Crores, reflecting the diverse real estate landscape in Santacruz West.
Homefirst Finance, a key player in affordable housing finance, reported robust financials for the December quarter with a notable 34.2% surge in net income, reaching Rs 79 crore. The increase was driven by heightened loan sales, leading to a substantial 29% expansion in quarterly disbursement to Rs 1,007 crore. The total loan book saw a robust 33.5% increase, reaching Rs 9,014 crore. Despite a 40-basis point decline in net interest margin, the CEO, Manoj Viswanathan, emphasized the company's resilience. The gross non-performing assets (NPA) declined to 1.7%, showcasing the company's strong performance amidst regulatory impacts.
In the past week, the Assessment and Collection department seized 74 commercial and industrial properties, amounting to Rs 23.81 crore. Among the properties confiscated is that of M/s Parsvnath Developer Pvt Ltd situated at Khyber Pass, according to an official statement. The action is part of intensified efforts to address non-payment of property taxes and reflects the civic body's commitment to enforcing financial compliance and revenue collection. Online notices have also been issued to over five lakh taxpayers, urging them to file their outstanding taxes within 15 days or face coercive action under the Delhi Municipal Corporation Act.
Anant Raj Ltd raised Rs 500 crore through QIP for debt reduction and working capital. The oversubscribed issue attracted over three times the applications. The company plans to invest Rs 1,000 crore in projects across Gurugram, Delhi, and Tirupati, including luxury and affordable housing. They aim to launch these projects in the next 6-9 months, anticipating Rs 4,500-5,000 crore in revenue over 3-4 years. Additionally, Anant Raj will invest Rs 10,000 crore in developing 300 MW data centre buildings, converting existing IT structures in Haryana.
Mahindra Holidays & Resorts India Ltd (MHRIL) is set to invest Rs 800 crore in building three greenfield resorts in Tamil Nadu over the next five to six years, doubling its presence in the state. The resorts aim for net-zero energy, water, and waste, showcasing their commitment to sustainability. This strategic expansion aligns with MHRIL's vision to achieve 10,000 room inventory by 2030 and carbon neutrality by 2040. The project is expected to generate around 1,500 job opportunities, emphasising both economic growth and environmental responsibility.
Prime Minister Narendra Modi inaugurated three key infrastructure projects in Kochi, Kerala, collectively valued at over Rs 4,000 crore. The projects, including the New Dry Dock at Cochin Shipyard, the International Ship Repair Facility, and the LPG Import Terminal, align with Modi's vision to revolutionize India's ports, shipping, and waterways. The Prime Minister celebrated the positive impact on Kerala's development, anticipating significant boosts to shipbuilding, repairing, and the LPG sector. Modi acknowledged the transformative reforms in the sector over the past decade, foreseeing Asia's largest ship repair centre in Kochi and extended wishes for Kerala's continued rapid development.
Chinese developer Country Garden is divesting a portion of its stake in the Australian residential venture as part of a strategic shift, indicating a potential withdrawal from the Australian market. The sale, conducted by its Australian subsidiary Risland, involves a partial interest in the Wilton Greens development near Sydney, covering about 330 hectares. The sale, valued at USD 157 million to Avantaus, is part of Country Garden's efforts to address its financial challenges and restructure offshore debt. The move follows a series of sales, including the Windermere residential site, highlighting the developer's focus on financial recovery and restructuring.
CREDAI-MCHI, the apex body of the real estate industry in the Mumbai Metropolitan Region (MMR), will host the 31st edition of India's Largest Property Expo this weekend. The event, held from January 26th to 28th, 2024, at the Jio World Convention Centre in BKC, features the theme "Zero is our Hero," highlighting the initiative of zero registration fees and zero stamp duty on home purchases. With over 1000 properties showcased by 100+ developers, the expo aims to make homeownership more accessible and affordable. Developers like Piramal Realty, Adani Realty, Raymond Realty, Dosti Realty, Rustomjee Group, Ajmera Realty & Infra India, L&T, and others will participate, along with financial institutions such as HDFC, SBI, Tata Capital, Bank of Baroda, ICICI Bank, Axis Bank, and more.
<p>• A residential flat spanning 458 square feet sold in Patil Divine Heights in Diva for INR 27.18 lakhs<br /> • A residential flat spanning 642 square feet sold in Aurum Q Islands R7 in Ghansoli for INR 1.7 crores</p>
Tridhaatu Morya, a flagship project by Tridhaatu Realty in Mumbai, is offering an exclusive Republic Day deal for the first 26 customers on January 26, 2024. Buyers of luxury 2 BHK homes can avail a unique Rs 26 lakh discount within the 26-hour window, bringing the starting price down to Rs 1.83 crores from Rs 2.09 crores. Mr. Pritam Chivukula, Co-Founder & Director of Tridhaatu Realty, emphasizes the limited-time nature of the offer, urging prospective buyers to act quickly. Conveniently located in Chembur, Tridhaatu Morya offers easy access to major transportation routes, providing a blend of luxury living and strategic connectivity. The project features 1, 2, and 3 BHK units across two phases, offering options for various preferences and needs.
Bengaluru's Century Real Estate plans to invest Rs 1,700 crore in developing 4.5 million sq ft of residential space by FY25, creating a Rs 5,000 crore pipeline. The company surpassed FY23 sales in the first six months of the current fiscal year and aims to launch six projects in FY25. Projects include luxury residences in Indira Nagar, mid-segment apartments in Yelahanka, and mixed-use developments in East Bengaluru. Plotted development is on the rise, with a 25-acre project in Devanahalli. Additionally, 2.5 million sq ft of commercial space with Prestige group and 7 million sq ft of business parks are in the pipeline.
Delhi Development Authority (DDA) achieved a milestone by disbursing over Rs 460 crore to 2,300+ bidders in its recent housing scheme, showcasing a positive shift in work culture. Lt Governor VK Saxena's directive ensured prompt crediting of Earnest Money Deposits (EMDs) within 15 days, reducing bureaucracy for applicants. The DDA's efficient handling surpasses many private builders, with EMDs already credited for most bidders. Under Saxena's strategy, the DDA sold over 8,000 units in the past year, reflecting commitment to responsive governance. Ongoing housing schemes include penthouses, HIG, and MIG flats, setting a standard for public administration in Delhi.
Table Space secured a long-term lease for 1.31 lakh sq ft from Runwal in Mumbai's Andheri suburb, with a cumulative rental payout exceeding Rs 333 crore. The agreement included an option to lease an additional 1.97 lakh sq ft, expanding the deal size to nearly 3.30 lakh sq ft. The estimated total rental value, reaching around Rs 800 crore, positions it among India's largest co-working office space lease deals. This strategic move reflects Table Space's significant role in the evolving workspace landscape, contributing to India's office space market.
In 2023, India's real estate sector witnessed a remarkable surge with 97 land deals covering over 2707 acres, surpassing the momentum from 2022, as per ANAROCK's latest data. Ahmedabad led in transaction size with three deals totaling 739+ acres, highlighting its attractiveness for both commercial and residential development. Mumbai Metropolitan Region, despite securing the highest number of deals, focused on smaller parcels, while NCR saw 22 deals covering 190+ acres. Hyderabad and Bengaluru were focal points with 9 and 11 deals, respectively. Tier 2 & 3 cities also played a significant role in this surge, showcasing the sector's resilience and adaptability.
The Rajasthan bench of the Authority for Advance Rulings has shed light on the intricate intersection of residential properties and Goods and Services Tax (GST). A recent ruling highlighted the evolving GST landscape for residential properties repurposed for business. Since July 18, 2022, residential dwellings face GST implications when leased for residential purposes to registered individuals, introducing a reverse charge mechanism. The case of Deepak Jain exemplifies the complexity, where despite local authorities classifying the property as residential, a lease agreement specifying exclusive commercial use triggered an 18% tax. The ruling underscores the importance of property use in determining GST implications, prompting caution in lease agreements.
In 2023, the industrial and warehousing sector in India's top five cities demonstrated resilience with a 2% annual growth, reaching 25 million sq ft of gross leasing. Pune led with a 25% share, followed by Mumbai at 22%. Bhiwandi and Chakan-Talegaon were the most active micro markets. Third-party logistics players (3PL) constituted 40% of warehousing demand. Leasing by FMCG players tripled compared to 2022. Pune led in consecutive years of growth, while new supply reached 23.2 million sq ft. The sector is poised for continued momentum, driven by factors like EVs and increased retail consumption.
Oyo, the budget hospitality chain, is set to introduce 400 new hotels in prominent spiritual hubs across India, capitalizing on the increasing interest in spiritual tourism and a surge in domestic travel. The properties will be located in destinations like Ayodhya, Puri, Shirdi, Varanasi, Amritsar, Tirupati, Haridwar, Katra-Vaishno Devi, and the Char Dham route, aiming to be operational by the end of December. Oyo attributes this expansion to a 350% increase in searches for Ayodhya properties, driven by the opening of the Ram temple. The company plans to strategically position these properties near significant landmarks to facilitate convenient access to religious sites and tourist spots. Oyo has partnered with local authorities to address the rising demand for accommodation in Ayodhya.
The Noida Metro's Blue Line extension faces a cost increase from the estimated Rs 1,517 crore in 2018 to Rs 1,873 crore. The revised project report proposes the state government covering 80% of the cost, approximately Rs 1,225.34 crore, with additional contributions from Uttar Pradesh. The central government is expected to fund 15.3%, around Rs 235 crore, with concerns about land acquisition costs, taxes, and financial complexities challenging the project's viability.
Blackstone has acquired Canadian real estate firm Tricon Residential for USD 3.5 billion, making it private and boosting Tricon's shares by 28% in the US market. The deal, closing in Q2, sees Blackstone buying all Tricon shares at USD 11.25 each, a 30.35% premium. Tricon, known for single-family rentals, plans to finish a USD 1 billion U.S. development and a USD 2.5 billion Canadian apartment pipeline. Amid Canada's housing crisis, the government removed a 5% tax on new rental building construction last year. Tricon's shares will delist but remain Toronto-based, focusing on affordable housing in the U.S. Sun Belt and Canada under Blackstone.
Adverse possession is a term used in the Indian legal system to describe a situation wherein an individual or group of individuals acquire a right to ownership of an immovable property by virtue of continuous use of it. The Limitation Act of 1963, functions on the principle that ‘limitation extinguishes the remedy, but not the right’, meaning that in the case of an adverse possession the original owner may continue to have the title over the property but he loses the right to claim such a right in a court of law.
A contract of sale or an agreement to sell is a document prepared by both parties which entails the mutually agreed upon terms by which the sale will take place. As per the Transfer of Property Act 1882, a contract of sale or an agreement to sell in itself does not create any interest in or charge on the property mentioned in the contract. Therefore, an actual sale and an agreement to sell are two distinct concepts.
Global financial services firm BNY Mellon has finalized a pre-lease agreement with Prestige Group, securing nearly a million square feet of office space at Prestige Alphatech in Pune. The move is part of BNY Mellon's strategy to consolidate its multiple offices across the city into a single location. Spread over 16 floors, the office is expected to be operational by Q4 2024, enhancing BNY Mellon's real estate footprint in India to over 1.4 million square feet. The 15-year lease agreement, with a lock-in period, reflects BNY Mellon's commitment to elevating employee experience. The partnership with Prestige Group aligns with Pune's growing prominence in the BFSI sector, emphasizing the strategic significance of this real estate development.
<p>&bull; A residential flat spanning 1112 square feet sold in The New Sunita CHS in Colaba for INR 5.51 crores<br /><br /> &bull; A residential flat spanning 1668 square feet sold in Kabra Centroid A Redevelopment of GOP CHS in Kalina for INR 4.52 crores</p>
Concorde, a prominent real estate developer in Bangalore, has unveiled its latest project, Concorde Antares, a high-rise apartment complex in the lakeside surroundings of Yelahanka, Vidyaranyapura. With a projected development value of Rs 525 crore, the 7-acre property features 592 units, including 2, 3, and 4 BHK apartments and duplex penthouses. Comprising five towers with 16 floors each, the development prioritizes community-oriented living with over 60 amenities, including a 19,000 sq. ft. smart clubhouse, Evolve. The project emphasizes smart living, sustainability, and modern design, offering tech-enabled features like Alexa control. With a focus on open spaces, indigenous plants, and picturesque views, Concorde Antares is set to redefine the living experience in North Bangalore.
Integrow Asset Management has partnered with Pune-based developer Paranjape Schemes, committing a substantial Rs 100 crore investment in their new Thane project. With over three decades of experience, Paranjape Schemes is known for quality and innovation, having completed 200 projects across 9 Indian cities. With incredible views of Yeoor Hills, the massive 1.5 million square foot Thane project is expected to generate an astounding revenue of Rs 1000 crores. With a focus on technology and customer-focused strategies, the executives convey enthusiasm for reinventing urban living. This partnership, which combines creativity, excellence, and client satisfaction, is expected to have a long-lasting effect on Thane's real estate market.
India's rural landscape is witnessing transformation through initiatives like Pradhan Mantri Awas Yojana-Gramin (PMAY-G 2.0) and Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM JANMAN). The upcoming interim Budget 2024-25 is set to prioritize the holistic development of the poor, youth, women, and farmers, with an 85% boost in financial aid for PMAY-G, aiming at Rs 2.39 lakh per rural pucca house. PMAY-G has achieved significant progress, completing 25.4 million houses out of the targeted 29.5 million. A revamped urban affordable housing scheme and the PM JANMAN initiative, benefiting tribal communities, align with Prime Minister Modi's commitment to uplift marginalized sections and bridge the rural-urban gap.
The Maharashtra state government is enticing major tech companies to invest in its IT sector by easing regulations and offering incentives. It allows a higher Floor Space Index (FSI) of 3 within industrial estates for IT townships, fostering vibrant tech hubs. Additional FSI of 3-5, based on road width, is granted for data centers and IT offices. IT/ITES industries are now permitted in Mumbai's No Development Zones to spur employment. The minimum required area for Integrated IT Townships is reduced from 25 acres to 10 acres. The strategy, anchored in the 2023 IT/ITES policy revision, aims to attract investments and boost economic development in Maharashtra.
Global investors express heightened confidence in India's real estate, driven by government initiatives and improved sector transparency. In 2023, the sector attracted over USD 5.8 billion institutional investments, a 14% YoY increase. Equity investments dominated at an 81% share, showcasing growing risk appetite. Foreign institutional investors contributed 63%, while domestic investors surged to 37%. Despite global economic uncertainties, India's resilience remains evident. Policy reforms, including REITs and RERA, played a pivotal role. The Americas' contribution dipped to 23%, but was compensated by Asia Pacific investments. The office sector led at 52%, with promising prospects for diverse segments like warehousing and data centers in 2024.
Mumbai-based TVS Industrial & Logistics Parks Pvt Ltd, a part of the TVS Mobility Group, plans to invest Rs 1,500 crores in the upcoming financial year to expand its presence in smaller cities like Siliguri, Guwahati, and Indore. The company aims to increase its current warehousing space from 10 million sq ft to 13 million sq ft by the end of the next fiscal year. With a strategy to establish a warehouse every 400 km in the eastern region, the company anticipates robust growth in emerging markets. In southern India, the company plans to invest over Rs 2900 crores to develop a 3-million-square-foot portfolio over the next two years. These strategic investments reflect the company's commitment to fortifying its presence in emerging markets and catering to evolving demands across different regions.
Ivanhoe Cambridge and LOGOS, a global real estate firm and logistics specialist, are set to invest a record-breaking Rs 21,100 crore in a logistics park in Chakan, Pune, marking India's largest foreign direct investment (FDI)-driven integrated private industrial and logistics development. LOGOS' fifth project in India, covering over 143 acres, aligns with the Chakan Industrial Estate's 1,000 manufacturing enterprises. The investment reflects confidence in India's industrial landscape, especially in Pune, recognized as a key growth centre. The project, exceeding 3.5 million sq ft, signifies the demand for modern, responsible infrastructure supporting India's manufacturing growth and emphasizes long-term commitment to the sector.
From January to September 2023, 35 major retail brands expanded into 14 Tier-II cities, according to a report by CBRE South Asia Pvt. Ltd. Cities such as Chandigarh, Jaipur, Indore, Goa, attracted brands like Croma, Armani Exchange, Malabar Gold & Diamonds, H&M, Marks & Spencer, and Starbucks. The total retail stock in these cities reached 29 million sq. ft. Retail development included a mix of high streets and malls, totalling 2.4 million sq. ft. Key contributors were Chandigarh, Jaipur, and Lucknow. Chandigarh evolved into a prominent retail market, attracting brands like Zara and Uniqlo, while Jaipur experienced growth in Malviya Nagar and M.I. Road. Lucknow's retail market saw robust growth in Gomti Nagar and Hazratganj. Indore, a commercial hub, witnessed growth in AB Road and Central Indore, and Goa, known for tourism, attracted brands like Levi's and Puma, with upcoming supply from the DLF Mall in Panjim.
A study by the Indian Institute of Technology (IIT) Bombay has helped the Brihanmumbai Municipal Corporation (BMC) tackle longstanding traffic congestion on Swami Vivekananda Road (SV Road) in Malad, Mumbai. The economic impact analysis conducted by IIT Bombay demonstrated that the economic toll of traffic congestion outweighed the costs of removing structures impeding road-widening efforts. This justification empowered the BMC to expedite the removal of 328 structures obstructing a crucial 2.4 km stretch of SV Road, thereby providing relief to commuters in the Goregaon-Kandivali belt. The positive outcomes include improved average speeds and successful relocation or compensation for affected parties.
Italy experienced a notable decline in the average cost of new home mortgages, dropping to 4.42% in December from November's 4.50%, as reported by the banking association ABI. This represents the first significant decrease in 24 months, attributed to the prevalence of fixed-rate mortgages for households. Meanwhile, corporate loan rates continued to rise, reaching 5.69% in December compared to the previous month's 5.59%. The disparity is explained by the higher Euribor rate for floating-rate debt compared to the IRS rate for fixed-rate loans. The shift in rates reflects contrasting borrowing patterns, benefitting households but increasing costs for businesses.
Joint Tenancy occurs when two or more people hold title to real estate jointly, with equal rights to enjoy the property during their lives. If one of the partners dies, their rights of ownership pass to the surviving tenant(s) through a legal relationship known as a right of survivorship. Tenants can enter into a joint tenancy at the same time. This usually occurs through a deed.
Stock market investors Halan family has secured eight luxury apartments totalling 15,996 sq ft in Mumbai's Worli for Rs 103.98 crore. Purchased from K Raheja Corp's Raheja Modern Vivarea, the deal includes 16 parking spaces. The Halan family, with diverse holdings, paid over Rs 6 crore in stamp duty for the properties. Raheja Modern Vivarea is an under-construction project and offers unobstructed views of Mahalaxmi Racecourse and the Arabian Sea, drawing high-profile buyers in a vibrant real estate market. This transaction adds to the vibrant real estate landscape of Mumbai, and Raheja Modern Vivarea continues to be a sought-after address for high-profile buyers.
<p>• A residential flat spanning 438 square feet sold in Shapoorji Pallonji Joyville Virar Phase 3 in Virar West for INR 35 lakhs<br> • A residential flat spanning 276 square feet sold in Mahavir Villa in Kamothe for INR 30 lakhs</p>
Macrotech Developers, anticipates Palava City, to become an annual revenue powerhouse surpassing USD 1 billion. Established in 2010, the 5,000-acre Palava City has evolved into a self-sustaining ecosystem, showcasing urban progress. With Phase 1's success and ongoing Phase 2 expansion, it accommodates residential and commercial spaces, including offices, life sciences hubs, and industrial areas. Palava's strategic location has attracted diverse businesses, joint ventures with Morgan Stanley Real Estate Investing and partnerships with Bain Capital and Ivanhoe Cambridge. The development's economic vibrancy is set to contribute 15% to Lodha's sales exceeding Rs 14,500 crore in the current fiscal year. Beyond being a residential hub, Palava City stands as a testament to sustainable growth and economic vitality, with smart technology ensuring efficiency and green practices.
Suraksha Group, a leading Mumbai-based real estate firm, proudly unveils Suraksha Smart City, a highly anticipated township initiative in Vasai. Recently honoured by the Maharashtra Chamber of Housing Industry for the Best Affordable Project, this sprawling 300-acre integrated township is positioned as one of the largest greenfield developments in Vasai-Virar. Offering well-designed apartments with a focus on natural light and ventilation, the mega township is strategically located just a short walk from Vasai Station. Suraksha Smart City offers lifestyle amenities and essential social infrastructure, including schools, colleges, hospitals, playgrounds, markets, and community centres.
In a recent development, the Enforcement Directorate (ED) has seized 62 immovable properties linked to Heera Construction Company, its managing director Abdul Rasheed, Heera Educational and Charitable Trust, and sister company Hera Summer Holiday Homes. The assets, valued under the Prevention of Money Laundering Act (PMLA), include properties owned by Rasheed's trust and associated businesses. The central agency confirmed the attachment in a statement, marking a significant move in their efforts to curb financial irregularities and money laundering activities associated with Heera Construction and its affiliated entities.
Omaxe Group has successfully closed a Rs 440 crore loan from Varde Partners, originally secured in 2022 for the Omaxe Chowk project. The company, expressing financial discipline, fully repaid the loan along with accrued interest. Simultaneously, Omaxe secured a new Rs 450 crore financial assistance from Kotak Mahindra Bank. Out of this, Rs 290 crore was used to settle the Varde Partners loan, with the remaining Rs 160 crore allocated for project development. Omaxe aims for sustained growth, emphasizing its commitment to financial resilience. The company continues its successful real estate ventures, with several ongoing projects and expansion plans across Tier II and III cities.
Indian real estate developers, including Bagmane Developers, DLF, and Prestige Estates Projects, are delaying or abandoning their Real Estate Investment Trusts (REITs) plans due to market challenges and regulatory hurdles. Despite existing REITs showing modest returns, factors such as high interest rates, slow office uptake, and regulatory norms have deterred developers. Nuvama Research indicates office REITs yielded 5.9% to 8.9% last year, with limited improvement expected. Existing REITs, largely subscribed to by institutional investors, underperformed until recently, impacting some investors. Vacancy rates in the office sector, at 18%, and regulatory changes, like sponsors' perpetual involvement, contribute to developers' cautious approach, waiting for favourable conditions.
Edelweiss Special Opportunities Fund has reportedly provided a Rs 350 crore debt facility to Shreshta Infra Projects Pvt Ltd, an entity associated with Bengaluru's Adarsh Developers. The financial support will be utilized to repay ongoing loans and complete two under-construction projects. The debt facility comprises listed, secured, and rated non-convertible bonds, featuring a 41-month and 24-day tenor with a 20.5% annual interest rate. Shreshta Infra, a special purpose vehicle of Adarsh Developers, plans to infuse Rs 200 crore through convertible debentures into affiliate companies for debt settlement and allocate the remaining Rs 150 crore for specific projects and general corporate purposes. Acuite Ratings assigned a 'Acuite B Stable' rating to the bonds on December 29, 2023. As of December 31, 2023, Adarsh Group had total sales receivables of Rs 1,034 crore and a cash balance of Rs 54.8 crore.
The Shriram Group is in discussions with Warburg Pincus and Bain Capital for the sale of its housing subsidiary, Shriram Housing Finance Ltd., at an estimated value of Rs 5,000 crore. This move, part of a Chennai-based growth strategy restructuring, involves Shriram Finance holding an 85% stake and engaging reputable investment banks like Barclays, JM Financial, and Avendus Capital. Talks suggest potential deal closure by the end of the upcoming June quarter. The market has responded positively, with bids in the Rs 5,0000-5,500 crore range, indicating high valuation and credibility of potential acquirers. Proceeds from the sale will fortify the group's financial services portfolio and support new ventures.
Boeing, the prominent US aircraft manufacturer, has unveiled its cutting-edge warehousing facility, the India Distribution Centre, in Khurja, Uttar Pradesh. Spanning 36,000 square feet and operated in collaboration with DB Schenker, the centre is a key hub among Boeing's global distribution network, focused on shipping spare parts for its commercial clients. This strategic move aims to enhance support for regional aviation customers, optimizing fleet utilization and providing swift responses to emergent spare parts requirements in India. Positioned strategically along the Eastern Freight Corridor, near Delhi and the upcoming Jewar airport, the facility symbolizes Boeing's commitment to efficient customer service and marks a significant advancement in its global logistics strategy.
Juniper Hotels, set for a late January or early February IPO, is strategically shifting towards developing large-scale luxury hotels in key metros like Delhi, Mumbai, and Bengaluru, departing from the mid-market segment. The CMD, Arun K. Saraf, anticipates robust growth in the luxury category due to a limited projected increase in supply over the next five years. The company aims to leverage its strong partnership with Hyatt and maintain brand agnosticism. The IPO, contributing Rs 1,800 crore, seeks to deleverage and fuel future expansion while maintaining ownership structures.
KKR's Highways Infrastructure Trust (HIT) has revealed its acquisition of 12 road projects from PNC Infratech and PNC Infra Holdings, constituting one of India's most substantial transactions in the road and highways sector, valued at Rs 9,005.7 crore. Pending approval from regulatory authorities and banks, the portfolio includes 11 hybrid annuity concessions from the National Highways Authority of India and one toll road concession from the Uttar Pradesh State Highways Authority. Encompassing around 3,800 lane kilometres across multiple states, this move significantly expands HIT's infrastructure footprint, emphasizing a strategic commitment to India's growing infrastructure sector and fostering expectations of improved connectivity and economic growth in the regions involved.
A property Index II document is automatically generated on the registration of transfer documents pertaining to immovable properties. It is issued and maintained by the Sub registrar’s office and the Stamp Duty & Registration Department. It contains a short description of the registered documents and details of the immoveable property. It is a public document, certified by the government and available to any member of the public.
Apple is solidifying its presence in India with the inauguration of a 15-floor office in Bengaluru's Minsk Square, emphasizing its commitment to the market. The eco-friendly building, powered by renewable energy, accommodates 1,200 employees and features dedicated labs, collaboration spaces, and wellness areas. Apple's growth in India includes a 6% smartphone market share, surpassing Samsung globally, and a reported revenue of 50,000 crore rupees in FY 23. The company aims to boost iPhone production, targeting 50 million units in the next 2-3 years. Apple's FY 23 exports exceeded $5 billion, paving the way for potential expansion in manufacturing units in India.
<p>&bull; A residential flat spanning 723 square feet sold in Alag Ashtapad in Ghatkopar East for INR 1.21 crores<br /><br /> &bull; A residential flat spanning 612 square feet sold in Suraj Heights in Goregaon East for INR 1 crore</p>
Mumbai-based Keystone Realtors, operating under the 'Rustomjee' brand, witnessed a robust 26% annual growth in sales bookings, totaling Rs 1,423 crore during April-December 2023. The company, focusing on Mumbai Metropolitan Region housing projects, reported a 9% rise in sales bookings volume, reaching 0.82 million sq ft. Customer collections surged by 32% to Rs 1,533 crore during this period. Keystone Realtors launched four projects in the first nine months of the fiscal, with an estimated sales value of Rs 2,238 crore. With a completed area of 23 million sq ft and a pipeline exceeding 39 million sq ft, the firm maintains a substantial project portfolio.
Bangalore-based real estate developer Sobha Ltd has completed a Rs 121 crore payment to Gurgaon-based Chintels India Pvt Ltd for land within their joint venture project, Sobha International City. This involves two separate land parcels, 2 acres and 5.8 acres, with a stamp duty payment of approximately Rs 8.5 crore. The transaction follows Sobha's record-breaking performance in Q2 2023. The deal includes the transfer of a commercial portion of the licensed land and a plot initially allocated for the clubhouse. Despite controversies surrounding Chintels India's Chintels Paradiso project, the recent land transfer is unrelated, emphasizing the continued collaboration in real estate development in the National Capital Region.
The Securities and Exchange Board of India (SEBI) is set to auction 30 properties on February 13, targeting six companies that illegally collected funds from investors. The move aims to recover money from entities that violated regulatory norms. The companies facing auction include Mangalam Agro Products, Bishal Group, Purusattam Infotech Industries, NVD Solar Ltd, Sun Plant Business, and Jivan Sathi Dream Projects. SEBI has set a reserve price of nearly Rs 30 crore for properties, including land parcels and flats in West Bengal and Odisha. This proactive effort by SEBI not only emphasizes financial recovery but also underscores the importance of regulatory compliance to safeguard investors in the financial market.
The Bureau of Indian Standards (BIS) has introduced the Standardized Development and Building Regulations 2023, aiming to unify and simplify building norms across India. The 350-page model building regulation, a result of studying the National Building Code 2016 and international standards, covers areas like fire safety and plumbing. The regulations provide flexibility for states to align their norms with the model, addressing variations across regions. Designed for clarity, the document includes visual aids and standardized numbering for multilingual understanding. Particularly beneficial for tier II and III cities, the model regulation addresses potential oversights in the extensive NBC-2016, emphasizing the need for nationwide adoption for enhanced safety and modern concepts integration.
The Indian real estate market experienced a robust uptick in the October-December 2023 period, with property prices surging by 18.8 percent year-on-year across 13 major cities, according to the Magicbricks PropIndex report. Gurugram, Greater Noida, Noida, and Hyderabad witnessed the highest appreciation in property prices, with Gurugram leading at 32.1 percent year-on-year. Despite a quarter-on-quarter decline in demand due to escalating property prices, the report remains optimistic about the sector's medium to long-term prospects, anticipating a rebound in supply and a moderation in residential prices.
The Adani Group has formalized a Memorandum of Understanding (MoU) with the Maharashtra government during the World Economic Forum in Davos. The agreement outlines a substantial Rs 50,000 crore investment over the next decade to establish a 1 GW capacity hyperscale data center infrastructure. These data centers, set to be located in Pune and Mumbai or Navi Mumbai, will prioritize renewable energy sources. The project aims to generate direct and indirect employment for 20,000 individuals. Adani Group also commits to deemed distribution investment to power the infrastructure, aligning with Maharashtra's recent focus on attracting data center investments.
Pixxel, a spacetech startup supported by Google, has inaugurated Megapixxel, its cutting-edge manufacturing facility in Bengaluru. Spanning 30,000 sq ft with a clean room and testing area, the facility will support the integration and testing of Pixxel's hyperspectral imaging satellites, starting with the Fireflies constellation in 2024. The facility, capable of producing up to 25 satellites simultaneously, positions Pixxel for substantial manufacturing needs over the next two years. The company plans to launch the Fireflies constellation in June and October 2024, with a target of manufacturing 75 satellites annually at full capacity. Pixxel's collaborations span industries like mining, oil and gas, agriculture, and technology, cementing its role in the spacetech sector.
Realty firm Migsun Group has successfully sold 47,000 square feet of retail space in its commercial project in Delhi's sector 22, Rohini, to Dmart for a significant Rs 108 crore. The strategic acquisition involves lower ground and first floors, now designated for a hypermarket store by Dmart. Migsun Group, known for its extensive real estate portfolio, sees this as an exceptional investment opportunity, given the prime location's proximity to Rohini West metro station and a substantial catchment area of high-spending families. Dmart's move aligns with its retail expansion strategy in the thriving Delhi commercial landscape.
The Uttar Pradesh government plans a 1,000-acre 'New Ayodhya' township, blending contemporary and traditional architecture, making it India's first vastu-based township. Set to be river-centric and sustainable, it has already secured land and is attracting developers due to the upcoming inauguration of Ram Mandir. Land prices in Ayodhya have surged 50%, and the township aims to address demand for commercial and residential spaces. Hotel chains like IHCL, Marriott, Sarovar, and Wyndham have future hotel plans for Ayodhya. The 'New Ayodhya City' aligns with PM Modi's vision for holistic development and socio-economic growth in the region.
In 2007, the Delhi State Industrial and Infrastructure Development Corporation (DSIIDC) acquired 147 acres of land in Rani Khera from the Delhi Development Authority (DDA). The recent approval from the Lieutenant Governor (LG) paves the way for notifying this land for industrial development. The transfer of land ownership from DDA to DSIIDC established the groundwork for potential industrial initiatives, marking a significant step in Delhi's ongoing efforts to boost industrial infrastructure. Following legal clearance, the Industries department sought Saxena's approval on January 3, citing provisions in the Delhi Industrial Development Operation and Maintenance Act, 2010.
The Malmatta Patrak or the Property Index Card is an extract obtained from the urban land records register of the Government of Maharashtra. It is recognised as a record-of-right, certified by the government and is considered an important proof of ownership. It contains details of the history of ownership of the land and the encumbrances attached to it. This card can be obtained from the city survey officer or downloaded from the official government website for land records.
The Dharavi Redevelopment Project Pvt Ltd (DRPPL), a joint venture between Adani Group and the Maharashtra Government, recently announced its eligibility criteria for free housing under the scheme. All those who can prove to be residents of Dharavi slums prior to 1 January, are eligible for free housing with a minimum size of 350 square feet, featuring independent kitchens and attached toilets. The rest of the residents will be accommodated across multiple land parcels across the city under the Navi Dharavi plan. Adani Group won the bid for the project in November 2023 and has since enlisted the likes of renowned architect Hafiz Contractor and international companies Sasaki and Buro Happold to executive the project.
<p>&bull; A residential flat spanning 455 square feet sold in Reliable Unique Heights in Vikhroli East for INR 75 lakhs<br /><br /> &bull; A residential flat spanning 502 square feet sold in Sunder Shree Madhuvandham in Borivali West for INR 95 crores<br /><br /> &nbsp;</p>
Delhi NCR-based real estate developer TARC Ltd plans a Rs 1,200 crore investment in "TARC Kailasa," a luxury housing project spanning 1.7 million sq ft in central-west Delhi's Kirti Nagar. CEO Amar Sarin unveiled the prestigious venture, featuring 411 apartments with ticket prices of Rs 9 crore and Rs 12 crore for 3.5 BHK and 4.5 BHK units, respectively. Designed by Andy Fisher Workshop, the project will occupy six acres, boasting five towers of 30-35 floors. Construction funding will be internal, backed by robust sales, with 30% already sold within days. TARC Ltd targets 65% sales within the next month, eyeing a combined revenue of Rs 7,500 crore from three major projects, including one in Gurugram.
The Bombay High Court has granted permission for the City and Industrial Development Corporation (CIDCO) to clear 3,728 mangroves, enabling the construction of the 5.8 km Ulwe Coastal Road connecting the Mumbai Trans Harbour Link (MTHL) to Navi Mumbai and the upcoming Navi Mumbai International Airport. The decision followed CIDCO's adherence to environmental clearances, including compensatory plantations. While acknowledging the importance of the project, the court urged expeditious compensation processes for affected parties under the 2013 Act.
The Phoenix Mills, a prominent retail-led mixed-use asset developer, plans to expand its commercial offices portfolio by adding 5.1 million square feet of assets across five key Indian cities over the next three years. It aims to increase the operational office projects portfolio to 7 million square feet by 2027. Of the 5.1 million sq.ft, Pune leads with 1.2 million sq.ft., followed by Mumbai (1.1 million sq ft), Bengaluru will see 2 projects of 1.2 million sq ft each, and Chennai (400,000 sq ft). Managing Director Shishir Shrivastava highlighted India's robust economic and social recovery, emphasizing increased demand for quality office spaces. The company is said to rely on internal accruals for this ambitious expansion, reinforcing confidence in India's commercial real estate market.
In 2023, India's real estate investment landscape underwent a significant shift, as per Vestian's report. Institutional investments declined by 12% annually to USD 4.3 billion, while domestic investors doubled contributions, reaching USD 1.5 billion. Domestic confidence surged, with a 120% growth in funds from USD 687 million in 2022 to USD 1.5 billion in 2023, increasing domestic investors' share from 14% to 35%. Conversely, foreign investments fell from 79% in 2022 to 65% (USD 2.73 billion) due to macroeconomic slowdown. Commercial assets dominated foreign investments. RBI data indicated a 38% increase in commercial real estate lending, showcasing sector resilience. Although overall investments hit a five-year low, optimism for a 2024 resurgence prevails, driven by India's economic performance and planned infrastructure developments.
IndoSpace, India's leading industrial real estate developer, signs a Rs 2000 crore Memorandum of Understanding with the Tamil Nadu Government, demonstrating a robust commitment to the state's industrial growth. The agreement, announced at the Tamil Nadu Global Investors Meet 2024, aims to generate 15,000 jobs. With an existing 600-acre land bank and 14 Grade A industrial parks in the region, IndoSpace's investment contributes to the state's economic development. The MoU outlines plans for an additional 5 million sq. ft. of land, reinforcing IndoSpace's pivotal role in Tamil Nadu's industrial landscape.
Fortune Hotels, a mid-segment chain under ITC Hotels, is poised for significant expansion in the fiscal year 2024. Samir MC, the Managing Director, outlined plans to add 10 new properties and sign agreements for another 10, capitalizing on the company's successful performance in the current fiscal year. With a focus on tier-2 markets and the leisure segment, Fortune Hotels aims for a balanced 50:50 mix between business and leisure hotels. Samir highlighted the recent acceleration in growth, signing contracts for around 20 hotels in the last two years and opening 13 during that period, signalling a proactive approach to capitalize on emerging opportunities.
The National Highways Authority of India (NHAI) has reintroduced the Build Operate Transfer (BOT) model for highway construction, inviting bids for eight key projects with a combined investment of Rs 31,000 crore. After years of dormancy due to private investor risk aversion, the BOT model aims to rejuvenate private participation in building and operating highways. The NHAI's decision, part of a broader strategy, reflects an effort to diversify funding sources, reduce government reliance on the budget, and enhance the quality of construction through long-term private sector involvement.
Housing and Urban Development Corporation (HUDCO) plans to borrow funds from Japan to cut down on costs. It is aiming for a 6.5-7% rate, which is lower than the current rate of 7.5%. The move is part of HUDCO's strategy to expand its loan book to Rs 1.5 lakh crore by 2026. The corporation is actively studying state plans and budgets while appealing to the government for favorable financing status. HUDCO remains optimistic about meeting its fiscal targets and is engaging in MoUs with states for efficient expansion.
Danube Properties, a prominent UAE real estate developer, has revealed its most ambitious project yet – Bayz101, a 101-level skyscraper in Business Bay, near Dubai's Burj Khalifa. Celebrating a decade in business, this iconic development aims to strengthen Dubai's City of Skyscrapers status, attracting global attention. With heightened interest from international investors, particularly 32% from India, the project features a popular 1% monthly payment plan. Bayz101, Danube's 28th venture, offers 1,346 homes, diverse housing options, and competitive pricing, reflecting the company's commitment to exceptional living spaces.
Vratika Gupta, CEO and Founder of luxury home décor company Maison Sia, recently acquired a lavish home in Mumbai's renowned "Three Sixty West" skyscraper for Rs 116.4 crore. The condo spans 12,138 square feet and includes eight dedicated parking slots, with a stamp duty of Rs 5.82 crore. Gupta's new neighbours include actors Shahid Kapoor and Akshay Kumar. In 2023, the project made headlines for India's largest property deal when family members and associates of D'Mart founder Radhakrishna Damani purchased 28 units for a staggering Rs 1,238 crore. Other notable deals in the complex include Niraj Bajaj, the MD and Chairman of Mukand who paid Rs 120 crore for an apartment, the promoter of Everest Food Products Private Limited who invested Rs 73.50 crore in an apartment in October 2023 and Avener Capital and Bajaj Consultants acquired a duplex for around Rs 100 crore in March 2023.
<p>&bull; A residential flat spanning 654 square feet sold in VP Om Dhanalaxmi Heights in Chembur for INR 1.27 crores<br /><br /> &bull; A residential flat spanning 451 square feet sold in Ruparel Millenia in Parel for INR 1.20 crores<br /><br /> &nbsp;</p>
Bengaluru's Brigade Group aims to develop 15 million sq ft in Chennai by FY27, focusing on 80% residential launches. With an investment of Rs 3,400 crore, it plans to add 4 msf residential and 1 msf commercial space in the next two years. The company is set to launch a mixed-use project at Mount Road, including one of the tallest towers in Chennai. Additional projects include a 3.5 msf residential development in Sholinganallur and an office park. Amidst Chennai's real estate resurgence, 2023 witnessed increased apartment and housing unit sales, while office transactions saw a remarkable 92% growth.
Puravankara Limited, a leading real estate developer in India, reported achieving a sales value of Rs 3,967 crores in the 9 months of FY24, marking an 89% YoY increase. Customer collections also surged to Rs 2,515 crores, indicating a 57% YoY jump. Q3FY24 alone witnessed sales of Rs 1,241 crores, a 56% YoY growth, with customer collections at Rs 941 crores. The success is attributed to strategic construction progress, quality commitment, and the launch of two new projects. Positive economic conditions in India, with a GDP growth of 7.6%, are contributing to the unprecedented demand for quality residential real estate.
Prime Minister Narendra Modi is set to release the first installment of the Pradhan Mantri Awas Yojana - Gramin scheme under the Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM-JANMAN). Launched in November, this initiative focuses on holistic development for 75 particularly vulnerable tribal groups with a budget of Rs 24,104 crore. Over Rs 4,700 crore worth of projects, spanning housing, roads, anganwadis, hostels, and electrification, have been approved within two months. The outreach, ahead of the 2024 Lok Sabha polls, aims to address the socio-economic needs of these tribal communities through 11 critical interventions across nine ministries.
The Bombay High Court has dismissed Maharashtra Housing and Area Development Authority's (MHADA) plea for relaxed height restrictions on a proposed 40-storey building near Mumbai's International Airport. Citing the paramount importance of civil aviation safety, Justices Gautam Patel and Kamal Khata emphasized concerns raised by the civil aviation ministry's appellate authority regarding the building's height. MHADA sought to construct 560 low-cost housing units at Kopri village, Powai, within the airport's 4km radius. The court upheld the reduced height of 96.68m AMSL, rejecting MHADA's challenge and emphasizing universal civil aviation safety standards. The decision sets a precedent for responsible urban development near airports.
Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) have become the favored choice for investors, experiencing a remarkable 10-fold rise in fundraising to Rs 11,474 crore in 2023. With 23 registered InvITs and 5 REITs managing assets over Rs 30,000 crore, these investment vehicles gained traction with lower interest rates, government support, and promises of steady returns. Driven by expected rate cuts and investment-friendly policies, investors are anticipating a promising 2024. SEBI's governance enhancements and the government's infrastructure focus further make REITs and InvITs attractive for assured returns and financial visibility.
The tax department of Pimpri Chinchwad Municipal Corporation (PCMC) has taken decisive action against delinquent property taxes, seizing 200 properties from non-compliant owners and cutting water connections to 17 properties between April and December of the current fiscal year. With substantial accumulated tax liabilities, owners will receive a final notification, offering a chance to settle dues. Failure to comply prompts auction proceedings. Of 33,241 notified property owners, only 7,080 settled Rs 73.2 crore, leaving an outstanding liability of Rs 584.4 crore. Phugewadi leads non-compliance with 38 properties. PCMC plans to auction 500 confiscated properties, collaborating with legal experts for a streamlined, legally sound process.
The Reserve Bank of India (RBI) has proposed a meticulous plan, outlined in a draft circular, to bolster regulatory frameworks for housing finance companies (HFCs). The initiative aims to align HFCs more rigorously with non-banking financial companies (NBFCs). The proposal suggests gradually increasing liquid assets for deposit-taking HFCs, raising the target from 13% to 15% of public deposits by March 2025. The RBI recommends a phased approach, starting with a 14% minimum threshold by September 2024. Effective immediately, the revised regulations also shorten the repayment window for public deposits to 60 months. These measures signify the RBI's strategic effort to fortify HFCs' regulatory framework. Stakeholder comments are invited until February 29.
Hyundai Motor India (HMI) is injecting Rs 7,000 crore into a new manufacturing plant in Talegaon, Pune, signalling a strategic shift beyond Tamil Nadu. This move, Hyundai's first outside Tamil Nadu, aligns with Maharashtra's emerging status as an automotive hub. Mercedes-Benz is doubling its Pune production capacity, underscoring its commitment to India's luxury car market. Maharashtra's automotive landscape gains momentum with major investments in Talegaon and Pune. Mahindra & Mahindra's recent Rs 10,000 crore investment in a Pune-based electric vehicle (EV) manufacturing plant positions the city at the forefront of India's EV shift. Pune's robust supply chain, government support, skilled workforce, and tech focus ensure substantial growth in its automotive sector, shaping India's future mobility.
India's real estate and construction sector is evolving with Larsen & Toubro and Tata Realty & Infrastructure spearheading the adoption of advanced building methods, particularly prefabrication and precast technology. Despite challenges like design limitations and high logistics costs, clients favour prefab construction for its speed and efficiency. Government initiatives like 'Housing for All' utilize precast technology for residential units. While only a small percentage of the over USD 100-billion real estate market in India currently employs prefab methods, the sector is gaining traction, especially with an evolving homebuyer perception. Challenges, including initial investments and the demand for skilled labour, persist, but experts believe experience will overcome these hurdles, fostering widespread prefab acceptance.
The Mumbai Trans Harbour Link (MTHL), a 21-kilometer sea bridge, recently opened after six years, enhancing city connectivity. However, the Brihanmumbai Municipal Corporation (BMC) is struggling to complete two smaller road overbridges, comprising only three percent of MTHL's size. The Vikhroli overbridge, initiated in May 2018, faced delays due to design changes, encroachments, and utility shifts, increasing costs from Rs 47.75 to Rs 97.37 crore. Similarly, the Vidyavihar overbridge, started in March 2018, faced setbacks, escalating costs from Rs 99.98 to Rs 178.93 crore. Activists cite coordination issues among government agencies, emphasizing the urgency of efficient project management for timely infrastructure completion in Mumbai's growing landscape.
Zoning is a type of planning control tool used to regulate the use of land in a particular area. It is used when creating Development Plans for a region. This tool allows authorities to stimulate or slow down development in specific areas, regulate property markets and ensure complementary use of land. It also helps in defining density by way of FSI / FAR. Each state may have its own method of zoning.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has introduced the "One Stand-alone Project: One MahaRERA Number" policy to combat developers obtaining multiple registration numbers for the same project, causing project delays. These multiple registrations led to difficulties in obtaining occupancy certificates and basic civic facilities for homebuyers. Ajoy Mehta, MahaRERA Chairman, emphasized the policy's aim to prevent delays and aid homebuyers. The order mandates promoters to submit a Declaration-cum-Undertaking, ensuring no existing registrations for the proposed project or any part of it. The policy seeks to streamline processes, avoid disputes, and protect stakeholders' interests and is to become effective immediately.
<p>• A residential flat spanning 888 square feet sold in Sheth Beaumonte in Sion West on the 29th floor for INR 3.3 crores<br /> • A residential flat spanning 825 square feet sold in L&T Seawoods Residences in Seawoods on the 15th floor for INR 2.13 crores</p>
Mahindra World City Developers has committed over Rs 1,000 crores in a five-year investment, signing an MoU with the Government of Tamil Nadu. The initiative, coinciding with the launch of the second phase of "Origins by Mahindra'' in Chennai, aims to drive economic growth and create over 2,000 jobs. "Origins by Mahindra" has been awarded the IGBC Green Cities' 'Platinum' rating and hosts companies like Yanmar Engine Manufacturing, Mitsubishi Electric, and OMRON Healthcare. Mahindra emphasizes sustainable development and aligns with the 'Make in India' initiative. The expansion reflects confidence in Tamil Nadu's business environment, fostering a vibrant industrial ecosystem for economic prosperity and innovation.
In response to a Bombay High Court directive, Romell Real Estate Private Limited, the owner of Castelino Building in Vile Parle Gaothan, has committed to offering alternative accommodation to its four tenants before proceeding with the structure's demolition for redevelopment. The Brihanmumbai Municipal Corporation had earlier disconnected water and electricity services to the building due to safety concerns. The court emphasized the responsibility of property owners to rebuild dangerous structures and ordered the tenants' evacuation from the C1-categorized building by February 5. Romell Real Estate pledged equal carpet area alternatives and potential ownership of flats to the tenants in the redevelopment project.
The Bombay High Court has overturned a 1995 ruling, allowing construction above seven feet on a historic Altamount Road property in Malabar Hill. The property, initially a 38,000-square-yard plot conveyed in 1890, had restrictions imposed by Dady Manekji Limji, preventing structures above seven feet on the land. Despite subsequent conveyances and divisions in 1957, a 1995 city civil court order mandated the demolition of constructed columns above the said height. The recent High Court decision, citing evidence of high-rises in the vicinity, deems the restriction as outdated, paving the way for the property's long-delayed development.
The Indian government has initiated the sale of over 2.91 lakh shares in 84 companies categorized as "enemy property" to individuals and corporations, marking a significant step in its asset disposal efforts. In the first tranche, about 1.88 lakh shares in 20 selected companies are open for bids from a diverse range of buyers until February 8, including individuals, NRIs, corporations, trusts, and more. The move aligns with the government's broader strategy to divest assets associated with individuals who migrated to Pakistan and China between 1947 and 1962, emphasizing wider participation and strategic financial planning.
Blackstone-backed Nexus Select Trust is set to acquire three 'Hyderabad Next Galleria Malls' from Larsen & Toubro for $300-350 million, strengthening its retail portfolio. The malls are strategically located near metro stations which cover 1 million sq ft with an 84% occupancy rate. The deal includes e-Galleria, Next Galleria Mall, and Premia. This acquisition will boost Nexus' retail portfolio to 11 million sq ft. Blackstone previously acquired Seawoods mall from L&T in 2017. Nexus Select Trust's retail portfolio's gross asset value was Rs 21,924 crore in September 2023, with a 97% occupancy rate.
The recent surge in home loan interest rates has resulted in a sluggish quarter-on-quarter growth of 2.7%, the slowest since September 2021, with outstanding home loans reaching Rs 19.9 trillion by June 2023. Experts attribute this slowdown to relentless interest rate hikes, pushing the weighted average lending rate on home loans to 9.12%, a five-year peak. Sensitivity to interest rate fluctuations has led borrowers to curb demand, impacting the sector. Banks attribute these hikes to the Reserve Bank of India's repo rate increments, totaling 250 basis points since May 2022. Experts foresee a continued rise in interest rates, with a potential decline in the second half of the current calendar year expected to boost home loan demand.
Yotta Data Services has launched the Yotta G1 Data Centre in GIFT City, Gandhinagar, marking its entry into Gujarat. The state-of-the-art facility, the fifth in Yotta's network, is set within the International Financial Services Center zone, offering over 350 high-density racks and scalable power. G1 uniquely serves as a 'data embassy,' allowing international firms to store data under their home country's laws. This launch follows Yotta's introduction of Shakti and Yntraa Cloud services, strengthening its position as a leading digital transformation and cloud service provider in India.
Airbnb has entered a partnership with Uttarakhand Tourism Development Board (UTDB) to promote responsible tourism in lesser-known destinations. Through a Memorandum of Understanding (MoU), Airbnb will conduct capacity-building workshops, onboard homestays onto its platform, and contribute to creating a robust homestay ecosystem in pilot locations. The collaboration aims to preserve Uttarakhand's cultural heritage and natural beauty while empowering local hosts. UTDB's CEO, Sachin Kurve, sees this partnership as a means to promote homestay culture and responsible hosting, providing unique experiences for travellers.
Mumbai's M East ward is set to transform its streets with a Rs 6.15 crore project under the Pedestrian First policy. The initiative, focusing on the Ghatkopar Mankhurd Link Road junction, involves constructing new footpaths along 22 roads. The project aims to prioritize pedestrian safety and accessibility, featuring tactile indicators for the visually impaired and a new clock tower at the Indian Oil Junction. This move marks a significant shift in urban design, prioritizing pedestrian needs and setting a new standard for city planning in India.
China is intensifying efforts to rejuvenate its struggling housing market by establishing a coordinated financing mechanism. This strategy, devised by the Ministry of Housing and Urban-Rural Development and the National Financial Regulatory Administration, aims to precisely address the financial needs of real estate projects. Facing a liquidity crisis since 2021, this initiative encourages local governments and financial institutions to collaborate in supporting eligible real estate projects. The move is pivotal in stabilizing the housing sector and stimulating growth in the world's second-largest economy, marking a significant shift towards a more resilient real estate market.
Agricultural land is land that is used for the purpose of agriculture which includes the cultivation of crops, fruits, vegetables, grass, trees, horticulture, poultry farming, breeding of livestock, breeding of fish, bee keeping, etc. It also includes land used for any purpose which is ancillary to its cultivation, e.g. land used for grazing cattle.
Bollywood icon Amitabh Bachchan has made a real estate investment by acquiring a 10,000-square-foot plot in The Sarayu, a luxurious 7-star mixed-use development in Ayodhya. Valued at Rs 14.5 crore, the move aligns with the development's official launch on January 22, coinciding with the inauguration of the Shri Ram Janmabhoomi Temple. Scheduled for completion by March 2028, The Sarayu, crafted by The House of Abhinandan Lodha, symbolizes Bachchan's confidence in Ayodhya's economic potential. Additionally, Bachchan has leased commercial units in Mumbai and generously gifted his Juhu bungalow to his daughter. These strategic real estate moves highlight a transformative period in India's cultural and economic landscape.
<p>&bull; A residential flat spanning 547 square feet sold in Emgee Greens in Wadala for INR 1.22 crores<br /><br /> &bull; A residential flat spanning 575 square feet sold in Kaul Kingston Tower in Vasai West for INR 41.4 lakhs<br /><br /> &nbsp;</p>
Ajmera Realty & Infra India Ltd reports a great Q3 FY24, witnessing a 98% YoY rise in sales at Rs 253 crores. The sales growth is attributed to sustained interest in key projects like Ajmera Manhattan and Ajmera Eden in Mumbai, along with projects in Bengaluru. Despite limited inventory, the company demonstrates a strong 63% YoY increase in sales area at 1,03,573 sq.ft. Director Dhaval Ajmera expresses confidence in achieving the annual sales goal of Rs 1,000 crores, driven by elevated demand for mid-segment and premium homes. The recent acquisition of a Versova redevelopment project adds to their portfolio strength and diversification goals.
Approximately 100 residents of the Indiabulls Greens complex near Panvel staged a protest, demanding essential amenities promised by the developer. In 18 towering buildings with 3,200 flats, residents displayed placards with slogans against Indiabulls' management. Alleging non-compliance with agreements made during possession in 2017, residents paid Rs 2 lakh each for basic amenities like water supply, clubhouse, and indoor games. Threatening a criminal case for cheating, they gave the developer a week to address concerns. The Indiabulls Sangharsh Samiti initiated protests since May 2023, with residents expressing resolve to continue until basic amenities are provided. Tensions rise amid water issues and unfulfilled promises.
The Nagpur Municipal Corporation (NMC) has demolished 15 illegal constructions obstructing a drain in Gopal Nagar. Hindered by a lack of police protection, the NMC faced multiple unsuccessful attempts before a High Court petition by locals led to a December 2023 directive for police assistance. The demolitions aimed to address recurrent flooding and health hazards caused by unchecked encroachments. The operation, conducted under heavy police presence, successfully removed all unauthorized structures impeding the drain's flow, marking the resolution of a longstanding issue affecting residents in the Laxmi Nagar zone.
The Andhra Pradesh state government has informed the High Court that it has not yet appointed land titling officers and appellate authorities as required for the implementation of the AP Land Titling Act. This revelation came during a hearing on multiple petitions challenging the constitutional validity of the Act. The state government has sought the High Court's directions to lower courts, urging them not to reject land dispute petitions due to the delayed enforcement of the new legislation. The Act has faced opposition from various bar associations, with concerns about its impact on the judiciary's powers and potential issues such as corruption and political influence.
In 2023, Delhi-NCR's real estate market experienced a remarkable turnaround, witnessing a 23% YoY decline in unsold housing inventory, reaching a decade-low of approximately 94,803 units. This reduction, the highest among the top 7 cities, was attributed to robust sales (65,625 units) and a strategic slowdown in new supply (36,735 units launched). The region's unsold stock dropped below one lakh units for the first time in ten years, surpassing other major cities like Pune and Hyderabad. Gurugram led with 37,575 units, reflecting a 27% YoY decline. The trend signifies a focus on project completions and market resilience.
SEBI plans to auction 16 properties from eight companies, including Vibgyor Group and Pailan Group, on January 30 to recover funds collected illegally from investors. The other firms involved are Kolkata Weir Industries, Tower Infotech, GBC Industrial Corp, Teachers' Welfare Credit and Holding, Hahnemann Herbal, and Annex Infrastructure India Ltd. SEBI initiated the asset sale process following orders from the Calcutta High Court. Justice Sailendra Prasad Talukdar will oversee the liquidation. The auction, with a reserve price of Rs 47.75 crore, will be facilitated by Quikr Realty. The move aims to fulfill SEBI's commitment to recovering investors' money from companies that violated regulatory norms.
The revision of circle rates in Gurugram, initially slated for January 1, is now expected to be implemented from February 1, with a proposed 30-80% increase across property categories. The Haryana government's draft proposal, released for public review in December, outlines significant hikes in circle rates for various areas, including Golf Course Road and Farrukhnagar. Deputy Commissioner Nishant Yadav emphasized that the rate adjustments aim to bridge the gap between circle rates and market prices, with the final rates based on property registry amounts in 2023.
In 2023, the Indian hospitality industry witnessed a remarkable surge, with major chains like IHCL, Marriott, and Lemon Tree contributing significantly to the record hotel room additions. IHCL added 18 hotels and 1800 rooms in 2023 and plans to add 2400 rooms across 24 hotels in 2024. Marriott aims to launch 14 hotels with 1,842 rooms, introducing the Moxy brand to India. JLL notes a 25% YoY increase in hotel supply in 2023. Expectations for 2024 include a continued momentum, fueled by revived developments and optimistic market conditions, projecting 20,000 to 25,000 new standardized rooms.
Under the guidance of Union Minister Nitin Gadkari, the central government has allocated Rs 1,782 crore for a strategic road project in Arunachal Pradesh. The 82-kilometer greenfield road from Pango to Jorging in the Upper Siang district aims to ensure year-round connectivity, fostering socio-economic development in the region. Chief Minister Pema Khandu has lauded this initiative, emphasizing the government's commitment to enhancing connectivity in Arunachal Pradesh. The strategic road is crucial for security forces, reducing travel time to border areas. The project aligns with the government's vision for comprehensive development and strengthened infrastructure in the northeastern state.
The Maharashtra Government has allocated Rs 239.60 crore for a 'Maharashtra Pavilion' at the National Maritime Heritage Complex in Lothal, Gujarat. The pavilion is set to showcase the state's rich maritime legacy with a spotlight on historical ports and Chhatrapati Shivaji Maharaj's strategic navy. The move aligns with the broader NMHC project initiated by PM Narendra Modi in 2019, reflecting a commitment to preserving India's maritime history. The complex, slated to complete by March 2024, will offer a comprehensive exploration of India's maritime heritage with museums, amusement parks, and recreations of ancient cities.
Due to persistently weak market sentiment and high vacancy rates, the Hong Kong Government announced a surprising decision of not selling any residential or commercial land in Q1 2024. Secretary for Development Bernadette Linn attributed the decision to the weak market sentiment, but she reassured that land supply from various sources would still accommodate the construction of 11,530 apartments. The commercial property sector faces challenges with soaring vacancy rates, declining rental prices, and a significant drop in investment deals, prompting cautious optimism for recovery in 2024.
Appreciation refers to an increase in the value of an asset over time, such as a stock, bond, currency, or real estate. For example, the term capital appreciation refers to an increase in the value of a property which can occur for several reasons including increasing demand or weakening supply, or as a result of changes in inflation or interest rates. Appreciation is the opposite of depreciation, which refers to a decrease in value of an asset over time.
Nuvama Asset Management, the alternatives-focused arm of Nuvama Wealth Management Ltd., and global commercial real estate services firm Cushman & Wakefield have teamed up to launch a Category-II Alternative Investment Fund (AIF) with a target size of Rs 3,000 crore. The fund, named PRIME Offices Fund, is expected to have a tenure of six years and will invest in Grade-A office spaces across key micro markets in six major Indian cities, including Bengaluru, NCR, Pune, Mumbai, Chennai, and Hyderabad. The partnership aims to provide domestic investors with attractive opportunities in the commercial real estate market, focusing on Grade-A offices.
<p>• A residential flat spanning 688 square feet sold in City Maker Aman Griha in Bhuleshwar for INR 1.60 crores<br /><br /> • A residential flat spanning 586 square feet sold in Build Square Domain in Govandi for INR 97 lakhs<br /><br /> </p>
Arihant Superstructures Limited has revealed plans for a new Low-rise township project covering 118 acres near Panvel, Navi Mumbai. The project, acquired through outright purchase and Joint-Venture transactions, holds a development potential of 2 million sq. ft. Situated close to Chowk Railway Station, integral to the Panvel-Karjat Railway Corridor, it expands the company's land bank to over 335 acres. The strategic location aligns with Navi Mumbai International Airport & MTHL developments, totaling a gross potential of 12 million sq. ft. The due diligence process is underway, targeting completion within six months, as the company reports substantial revenue growth in FY23.
Thane Municipal Corporation, led by Commissioner Abhijit Bangar, announced a stringent month-long demolition drive against illegal constructions starting January 10. This action, backed by Chief Minister Eknath Shinde's directive, targets notorious areas like Kalwa, Mumbra, and Diva. The operation, under the Maharashtra Prevention of Dangerous Activities Act, includes demolishing unauthorized structures and penalizing landlords for reconstruction. The drive aims to dismantle illegal buildings completely, with significant police and civic force deployment. This initiative, amid past corruption concerns, marks a determined effort to eradicate the city's long standing illegal construction issues.
The Enforcement Directorate (ED) has provisionally attached properties totaling Rs 6.93 crore belonging to builder Shailesh Savla in connection with a money laundering case linked to the rehabilitation of slum dwellers at the Juhu Taj Slum Society. The ED recently filed a chargesheet against Savla and his companies for selling flats intended for slum dwellers to influential individuals. The case involves irregularities in the allotment of residential accommodation and shops under the Juhu Taj Slum Rehabilitation Scheme, with Savla allegedly selling "slum flats" to prominent figures under fraudulent circumstances. The provisional attachments include a residential flat and fixed deposits.
In a highly successful e-auction, the Delhi Development Authority (DDA) witnessed remarkable demand, with 274 apartments, including penthouses and super HIG flats, swiftly booked under the prestigious 'Diwali Special Housing Scheme - 2023.' Offering diverse options, especially in Dwarka, the scheme caters to discerning homeowners. Marked by intense bidding and premiums reaching 80%, this event reflects a robust market appetite for DDA properties. The resounding success of this e-auction, coupled with the ongoing 'first come, first serve' scheme, signifies the DDA's steadfast commitment to providing accessible and premium housing solutions in Delhi.
SEBI (Securities and Exchange Board of India) has proposed measures to enhance transparency and fairness in the Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) sector. The proposals include limiting the number of subordinate units issued by REITs and InvITs, ensuring uniformity in the rights granted to these units, and imposing a ceiling on the extent of subordinate units that can be issued. SEBI aims to foster a more balanced and standardized market environment by introducing these measures. The regulator has invited insights and feedback from market participants and stakeholders on these proposals until January 31.
The Haryana sports department in Panchkula showcased proactive measures, clearing dues of Rs 2.2 crore to secure key sports facilities and capitalise on property tax rebates. Mayor Kulbhushan Goyal hailed a record-breaking property tax collection of Rs 17.05 crore, attributing success to a well-executed campaign. Despite outstanding dues, the MC emphasised resident participation, extending operational hours and urging timely tax payments for ongoing city development. Initiatives targeting defaulters reflect an ongoing commitment to streamline tax collection, ensuring sustained city growth.
The legal dispute over Hotel Wildflower Hall in Himachal Pradesh has concluded with the High Court mandating East India Hotels (EIH) to cede control to Himachal Pradesh Tourism Development Corporation (HPTDC) within two months. The court's order, following EIH's unsuccessful plea for review, upholds HPTDC's "warrant of possession" filed on December 15, 2023. Originating from a 1993 fire, EIH managed the property via a joint venture until disputes led to the state terminating the agreement in 2002. The court's decision recognizes the contractual intricacies, affirming legal integrity and concluding the protracted legal battle over Hotel Wildflower Hall.
During his recent visit to Tamil Nadu, Prime Minister Modi inaugurated projects worth over Rs 20,000 crores across various sectors, emphasizing their role in the state's progress, job creation, and improved transportation. He paid tribute to late Captain Vijayakanth, praising his impact in cinema and politics, and commended Dr. M.S. Swaminathan, the 'Father of India's Green Revolution.' Modi spoke at Bharathidasan University, lauding Indian youth for patent filing growth and quoting Tamil verses for a courageous world. The visit highlighted developmental initiatives and celebrated Tamil Nadu's cultural and intellectual contributions.
Signature Global, the Delhi NCR based real estate developer, reports a robust 47% surge in Q3 FY 2023-24 sales bookings, reaching Rs 1,262.73 crore. Sales of 1,179 units, up from 1,089 in 2022, contributed to this growth. In the first nine months, a 41% increase in sales bookings was recorded, totalling Rs 3,124.12 crore. The successful IPO in September 2023, raising Rs 730 crore, showcases investor confidence. CEO Rajat Khaturia outlined ambitious plans for residential projects spanning 21 million square feet in the next six to seven years.
Force majeure is a French term that literally means “greater force.” It is related to the concept of an act of God; an event for which no party can be held accountable. A builder usually includes this clause in the sale agreement to give each party more time to fulfil any obligation in case such an event occurs.
In 2023, Maharashtra Real Estate Regulatory Authority (MahaRERA) achieved a record-breaking completion of 3,927 housing projects. For three years from 2019 to 2021, each year has seen over two thousand housing projects being completed across Maharashtra, but 2022 was considerably lower at 1,749 projects, due to Covid-19 pandemic. The Konkan region led with 1,552 projects, followed by Pune Division (1,372), Nashik Division (500), Nagpur Division (318), Sambhaji Nagar (123), Amravati Division (56), and 6 projects in Daman Division. Chairman Ajoy Mehta emphasized MahaRERA's commitment to safeguard homebuyers' investments through measures like Micro Monitoring Cell, Quarterly Progress Reports, and three-level pre-registration scrutiny, which have played major roles in ensuring timely project completion.
<p>• A residential flat spanning 917 square feet sold in Runwal Pinnacle in Bhandup West for INR 1.87 Crores<br /><br /> • A residential flat spanning 398 square feet sold in Kalpataru Srishti Tower G in Mira Road for INR 62.85 Lakhs</p>
Tribeca Developers, known for Trump-branded projects, has partnered with Tejukaya Group to develop a luxury residential project in Mumbai’s Parel, marking its entry into Mumbai's prime real estate market. Backed by HDFC Capital, the 2.5-acre project under the Cluster Redevelopment Policy will feature over 400 luxury residences with an estimated Rs 1,800 crore sale value. Tribeca's founder, Kalpesh Mehta, highlighted the strategic move after 10 years of landmark projects across India. The project has secured necessary approvals and is expected to launch in Q1 2024-25, offering 2-3 bedroom apartments priced between Rs 3.5 crore and Rs 6 crore.
Siddha Group has teamed up with Sejal Group for an attractive Makar Sankranti offer on their Siddha Sky affordable luxury building in Sion NX, Mumbai. The deal includes 0% stamp duty, no registration cost, and a 25:75 Builder Subvention Scheme. Celebrating new beginnings, Mr. Samyak Jain, the Director, is excited to help buyers start a new chapter. Siddha Sky boasts five 40-storey towers with a unique Rooftop Skywalk featuring a 22,000 sqft Club, Sky Lounge, and more. Strategically located near major transportation links, this offer aims to make dream homes more accessible, showcasing Siddha Group's commitment to redefining living spaces.
The Bombay High Court has upheld the termination of developer Surjit Singh Arora's appointment in a prolonged legal battle over the Murugan Chawl slum rehabilitation scheme in Khar West. The court emphasized the correctness of the Slum Rehabilitation Authority (SRA) CEO and Apex Grievance Redressal Committee orders, dismissing Arora's petition and imposing a cost of Rs 50,000. The judgment underscores the devastating impact of the over two-decade delay on the slum rehabilitation scheme, labeling Arora as disinterested, negligent, and lethargic in project implementation and highlighting the need for adherence to timelines in such crucial initiatives.
Maruti Suzuki and Tata Group are set to make significant investments in Gujarat, boosting the region's stature in business and technology. These announcements were made at the Vibrant Gujarat Global Summit. Maruti Suzuki is planning to double its output by 2031, investing Rs 38,200 crore to establish a new plant for 1 million units annually, with an additional Rs 3,200 crore for electric vehicle production. Tata Group plans for a semiconductor plant and a 20-gigawatt lithium-ion battery factory. These ventures are expected to create jobs and stimulate the economy, solidifying Gujarat as a hub for innovation and reinforcing India's global leadership in automotive and electronics.
Dilip Bhikhalal Desai, Chairman of DHC Advisory LLP, bought a luxurious sea-view duplex in Peninsula Bishopsgate, Breach Candy for a whopping Rs 85 crore. He chose the 10th and 11th floor of the tower. This 5,874 sq ft home sets a new standard with rates at nearly Rs 1.45 lakh per sq ft. The deal includes five parking slots, with stamp duty alone at Rs 5.10 crore. The Peninsula Bishopsgate project is a luxury project that adds to the prominence of Breach Candy. This deal shows soaring demand for premium real estate in Mumbai.
In a six-day Income Tax (I-T) raid on six real estate companies in Delhi-NCR, officials uncovered cash transactions exceeding Rs 600 crore, allegedly conducted to evade taxes. The companies are accused of selling units in residential and commercial projects in cash. I-T teams seized cash and jewelry worth over Rs 16 crore during the operations. Authorities are examining company documents and financial transactions to trace the money trail, with ongoing investigations aiming to reveal deeper irregularities and undisclosed financial dealings.
LogiMAT India 2024, scheduled for February 28 to March 1, 2024, at India Expo Mart in Delhi NCR, is poised to be a transformative event in India's logistics sector. Aligned with the National Logistics Policy and Gati Shakti initiatives, the exhibition will feature industry leaders showcasing cutting-edge technologies and innovations. With the logistics sector contributing significantly to India's GDP and employment, LogiMAT India 2024 is a catalyst for industry transformation, exploring concepts like AGV, AMR, and autonomous vehicles. Supported by key government initiatives, the event provides networking opportunities and recognizes excellence in logistics through the LogiVerse Innovation and Excellence Awards.
Lakshadweep has gained a lot of attention following Prime Minister Modi's visit. Captivating visuals on social media alongside a diplomatic row with Maldives has led to a rise in interest. Riding on the wave, the Taj Group plans to enhance the experience with two resorts by 2026. The flights to Lakshadweep have been fully booked until March 2024. The anticipation of a new airport line promises enhanced accessibility, bringing positive prospects for Lakshadweep's tourism. As Indians discover its untouched beauty, maintaining the delicate equilibrium with the environment becomes crucial for Lakshadweep's identity among tropical paradises.
The Maharashtra State Road Corporation (MSRDC) plans to develop its prime 28-acre land parcel in Bandra Reclamation and is looking for a construction company for the big project. With a minimum expected windfall of Rs 8000 crores, MSRDC intends to implement a revenue-sharing scheme. The mixed-use site will combine commercial and residential areas, and the hired firm will create the complicated master plan. MSRDC intends to retain ownership while leasing for 60 years, with an option to extend the lease for another 30 years.
A structural audit by Veermata Jijabai Technological Institute (VJTI) revealed the need for urgent repair for 44 structures, including flyovers and subways, along Mumbai's Western Express Highway (WEH). The Brihanmumbai Municipal Corporation (BMC) will now address maintenance previously overseen by the MMRDA. The repairs will need a significant investment of Rs 200 crore. Key projects include the Andheri flyover and Parsi Panchayet underpass. The BMC's commitment to enhancing urban infrastructure safety marks a significant step in ensuring reliable and safe commutes for Mumbai's residents.
Galeria Karstadt Kaufhof, Germany’s major department store chain, has filed for insolvency for the third time, attributing the crisis to its owner, Signa, facing broader real estate challenges in Europe. Signa, a conglomerate with a portfolio of 1,000 companies, is facing financial turmoil. The founder, Rene Benko, lost billionaire status, and various Signa businesses are experiencing insolvency. Galeria seeks new ownership amidst talks with potential investors. The struggles highlight the broader impact of rising rates and costs, leading developers to insolvency as financing dwindles, marking a significant downturn in the real estate sector.
Escrow is a legal concept describing a financial agreement whereby an asset or money is held by a third party on behalf of two other parties that are in the process of completing a transaction.
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The Maharashtra Coastal Zone Management Authority (MCZMA) has approved Salma Khan's proposal for a hotel construction in Bandra West, Mumbai, clearing a plan to demolish a deserted eight-storey building on a 990 sq-m plot owned by the Khans. The hotel, with a clear sea view, will consist of 19 floors, including a cafe, restaurant, gym, swimming pool, office, convention center and guest rooms. The proposed FSI area is 5933.77 sq meters, totaling 10,208.00 square meters of construction. Despite opposition due to the plot's location in CRZ-IA and CRZ II areas, the MCZMA cited 2019 CRZ regulations, municipal approvals, and NOCs for height restrictions as grounds for clearance. Presently, no construction has commenced on the plot.
<p>• A residential flat spanning 529 square feet sold in Star Ismail Heights in Malad East for INR 72.52 Lakhs<br /><br /> • A residential flat spanning 210 square feet sold in Shreeji Plaza in Girgaon for INR 55 Lakhs</p>
Bengaluru-based Prestige Estates Projects Ltd. reports a remarkable rise in sales bookings, reaching Rs 5,326.1 crore in Q3, reflecting a 111% YoY increase. The success is driven by strong demand for residential properties, with 5.46 million sq ft sold at an average realization of Rs 9,762 per sq ft. Sales for April to December FY24 show an annual rise of 81%, totaling Rs 16,333.4 crore. Notable Q3 projects include the Prestige City in Hyderabad, Prestige Ocean Towers in Mumbai and Prestige Glenbrook in Bengaluru. The company, having completed 12 million sq ft, plans key projects in Bengaluru, Mumbai and Chennai for further sales growth.
The Maharashtra Housing and Area Development Authority (MHADA) has received approval from the state housing department to take over the stalled redevelopment project of R. K. Building 1 and 2 at Ranade Road, Dadar West. The redevelopment of the Swami Samarth Krupa Building project spread across 946 square metres, was halted on the 9th floor in 2014, leaving tenants without rent for a decade. Following government authorization in August 2023, MHADA can intervene in projects inactive for over two years. Based on this, the Mumbai Building Repair and Reconstruction Board proposed MHADA's takeover, which includes scrutiny for third-party rights and loans, blacklisting the owner and developer, and filing a complaint with the BMC.
The Defence Estates Office (DEO) in Pune circle has found out that its historic properties are being used illegally. Issues such as the improper utilisation of residential properties for commercial purposes, unauthorised constructions, and in certain instances, the sale of bungalows to builders are in direct violation of explicit directives by the competent authority. Concerns have been raised concerning officials, builders and politicians working together to acquire old grant bungalows (OGBs). These issues raise concerns about adherence to regulations. Authorities emphasise the need for strict checks to prevent unauthorised transactions involving defence properties.
The Bombay High Court has emphasised that an Occupancy Certificate (OC) cannot be granted to individual flats but is intended for the entire building. The court has temporarily halted an OC issued by the Brihanmumbai Municipal Corporation (BMC) for two flats in Quettawalla Residency, Agripada. The decision underscores the legal distinction between certifications for individual units and those applicable to the overall building structure. The ruling aims to maintain regulatory compliance and uphold the intended purpose of OCs, ensuring that certifications accurately reflect the safety and adherence to building regulations for the entire premises.
Private equity (PE) investments in Indian real estate faced a 26% decline to USD 2.65 billion in the first nine months of fiscal year 2023-24, reveals ANAROCK Capital’s FLUX report. This dip is attributed to a lack of activity from both foreign and domestic investors due to global uncertainties and a high-interest rate environment. The report emphasizes the durability of the commercial office space, a rise in luxury and premium residential project interest, and the warehousing sector's consistent performance. Despite challenges, the residential real estate sector maintained a high performance, with notable demographic shifts and increased demand for spacious living.
The CREDAI and Liases Foras report unveiled at the New India Summit predicts that India's housing demand will surge to 93 million units by 2036. Fueled by population growth, robust macro-economic indicators and government initiatives like Smart Cities, Tier II and III cities will drive both demand and supply. In 2023, over 19,050 RERA registrations occurred, with 45% in the residential sector. Housing inventory stands at 10,42,195 units, decreasing 3% QoQ but rising 2% YoY. Tier II cities, experiencing high demand, show a 20-month inventory value. The report notes a 6% CAGR in apartment prices, with NCR leading at 22%.
The Gujarat government anticipates a substantial increase in stamp duty and registration fee revenue, exceeding the fiscal year 2023-24 budget estimates by over Rs 1,000 crore. This increase is attributed to the implementation of a revised jantri (annual statement of rates) and the digitisation of property registration processes. The government, having earned Rs 11,702.19 crore in the first nine months, expects collections to exceed Rs 15,000 crore by the end of the fiscal year. The jantri revision, doubling rates after 12 years, and simplified online services from sub-registrar offices contribute to this positive outlook for increased revenue.
CapitaLand Investment Limited (CLI) plans to spend more than USD 750 million in Chennai's real estate over the next five years, with a concentration on business parks, data centers, and logistics. The expansion follows three MoUs inked at the Tamil Nadu Global Investors Meet 2024. CLI's wide portfolio, which includes the International Tech Park Chennai, demonstrates its commitment to India's progress. CLI's strategic efforts, such as the introduction of CapitaLand India Growth Fund 2 and plans for new data centers, demonstrate the company's confidence in Chennai's market potential as well as its overall commitment to innovative and sustainable real estate development.
The NCLAT reversed insolvency proceedings against Asian Hotels (West), Mumbai's Hyatt Regency, approving the former promoters' proposal dismissed by lenders, citing it as arbitrary. Criticising UVARCL's claim differences, the tribunal favoured the promoters' plan for full creditor repayment. The hotel, affected by COVID-19, faced financial strains despite YES Bank's loans. The ruling highlights complexities in insolvency amid economic uncertainties like the pandemic.
GIFT City in Gujarat has experienced an incredible transformation, evolving into a thriving business hub. Initially facing low demand, it now faces with a shortage of commercial space as companies race to establish themselves. The city is positioning itself not only as a financial hub but also as an innovation center for various industries. Factors like the establishment of bullion and currency exchanges, along with the recent permission for liquor sales, have fueled this growth. As the availability of space is limited, GIFT City is trying to overcome the challenges through innovative solutions like co-working and temporary dome structures for immediate space needs.
Goa envisions a transformative project with a proposed ring road, backed by the Ministry of Road Transport and Highways. Minister Nitin Gadkari's suggestion to explore a township along the scenic route aims to boost tourism and provide diverse facilities. However, officials await a consultant's report to address challenges like the rugged ghat terrain, potential tree loss, and land availability. The project not only promises traffic relief but also holds the key to unlocking Goa's economic and tourism potential.
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The term landlord refers to a property owner who rents or leases that property to another party in exchange for a monetary compensation.
Blackstone-backed Nexus Select Trust, the only mall focused REIT in India, is planning to add the R City Mall owned by Runwal Developers in Mumbai to its REIT portfolio. Runwal recently made a Rs 1000 crore buyout of Singapore's GIC stake and acquired full ownership of the mall. Nexus Seawoods in Navi Mumbai stands as Nexus Trust's only Mumbai asset and is thus seeking investment in premium malls like R City and enhancing their amenities, aligning with its strategy of strengthening Grade-A mall acquisitions across MMR. Anarock Retail's 2023 report ranks MMR Grade-A mall rentals, averaging Rs 358 – 396 per sq ft, as the highest among major cities.
<p>• A residential flat spanning 1374 square feet sold in Neelam Senroofs Phase 3 in Mulund East for INR 2.27 Crores<br /><br /> • A residential flat spanning 2951 square feet sold in Neo Residency in Khopoli for INR 1.5 Crores<br /><br /> </p>
Real estate giant DLF reported a remarkable achievement, selling over 1,000 luxury housing units in its pre-launch phase for the Privana South project in Gurugram. The sales, totaling Rs 7,200 crore, were completed within three days, showcasing high demand. Covering 25 acres in Sectors 76 and 77 of Gurugram, the upscale community offers 1,113 well-thought-out premium homes. DLF emphasized its commitment to high-rise luxury developments and strategic positioning near Southern Peripheral Road, NH-48, Dwarka Expressway, and Central Peripheral Road. This success follows DLF's similar feat in March 2023, underscoring sustained demand for its upscale offerings.
Thane-based Vihang Group is set to invest over Rs 850 crore in four real estate projects spanning 5 million sq ft to meet the housing demands of Thane. Emphasizing a revenue potential exceeding Rs 2,000 crore, the developments aim to offer aspirational living for millennials. Vihang Group, committed to sustainability, plans to fund the projects through a mix of equity, working capital, and customer advances, targeting completion by 2027. With 80% focused on residential spaces and 20% on lifestyle, hospitality, and education, the initiative aligns with the evolving preferences of Thane's housing market, marking a strategic expansion.
Saffron Co-operative Housing Society, a developer based in Mumbai, filed a petition to ease aviation height restrictions, but the Bombay High Court rejected it, citing the indisputable nature of aviation safety regulations. In response to a petition submitted by a society member, the Brihanmumbai Municipal Corporation (BMC) withheld the occupancy certificate owing to non-compliance. Justices Gautam Patel and Kamal Khata delivered the court's verdict. The ruling mandates the developer and the housing society to reduce the building's height by 11.06 meters within six months to align with aviation safety requirements and other planning regulations.
Investcorp, a Bahrain-based investment firm, aims to revolutionize India's warehousing industry with an upcoming India-focused fund. Gaurav Sharma, head of India Investments, highlights plans to boost investments through partnerships with developers, mirroring their success with NDR Warehousing. With Rs 1,000 crores already invested, an additional $100 million investment has been planned to double its warehousing allocation in 12-18 months. Beyond warehousing, Investcorp is eyeing the residential segment and educational infrastructure to expand its influence in these sectors. The firm's strategic expansion into warehousing signals a transformative shift in India's logistical infrastructure.
Chief Commissioner Tushar Giri Nath of Bruhat Bengaluru Mahanagara Palike (BBMP) outlined an extensive tax collection strategy. This approach includes identifying commercial properties via the Bescom database, tax recovery from businesses, strict review of self-assessment affidavits, and sealing non-compliant properties. The efficacy of these measures is evident in the notable increase in tax collections, surpassing the previous fiscal period. The BBMP is optimistic about reaching the targeted Rs 4,500 crore in property tax collections by March, attributing this projection to dedicated efforts and initiatives aimed at addressing tax defaulters and ensuring compliance.
Life Insurance Corporation of India (LIC) has received approval from its board to invest in a new company, promoted by the National Housing Bank (NHB), focusing on residential mortgage-backed securities (RMBS). LIC plans to acquire up to 10% equity stake in the NHB-promoted entity through equity contributions in one or more tranches. RMBS considered a safer investment, involves debt-based assets backed by interest from residential loans. Additionally, LIC increased its stake in Asian Paints on January 1, 2024. The board also approved a revised policy on auditor selection. The move highlights LIC's strategic involvement in the housing finance sector.
Abhinandan Lodha Group and Leela Palaces join forces to build Rs 2000 crore hotel in India's historic and cultural cities containing Ayodhya, Amritsar, Benares, Shimla, and Vrindavan, kickstarting a plan for luxury hotels in culturally significant Indian cities. The Ayodhya Hotel, situated near the Shri Ram Janmabhoomi Temple, will cover five acres by the Sarayu River. Leela Palace has collaborated in designing and co-owning the property, marking their first joint luxury project. This initiative aligns with the boost for tourism anticipated in Ayodhya. The partnership signals a redefinition of luxury hospitality, aiming to offer an exceptional experience while honoring Ayodhya's heritage.
Mumbai Trans Harbour Link (MTHL), a 21.8 km bridge connecting Sewri in Mumbai to Navi Mumbai's Chirle is set to open soon. It is hailed as a game-changer because the travelling time is set to cut down from 2 hours to just 20 minutes. With smarter technology like Orthotropic Steel Decks being used, MTHL will be accommodating 70,000 cars/day at 100 km/h. Beyond speed, it's also a real estate game-changer as Navi Mumbai property values are projected to rise by 35-45%. At Rs 250 for a one-way trip, it's a steal for Mumbai-Navi Mumbai travellers. MTHL isn't just a bridge—it's Mumbai's next real estate bestseller, redefining living and investment opportunities.
A committee advised repairing Mumbai's aging Malabar Hill Reservoir, crucial for the city's water supply, in an interim report presented to BMC Commissioner Iqbal Singh Chahal. The recommendations suggest targeted fixes rather than costly reconstruction, pending the final report. Chahal emphasised making wise decisions that strike a balance between finances and infrastructure needs. The final report will outline repair specifics, guiding budget allocations and setting precedents for future projects. Locals welcomed the repair approach, foreseeing minimized disruptions. This strategy ensures structural integrity, demonstrating Mumbai's commitment to sustainable urban development.
Chief Minister Yogi Adityanath has suggested a revolutionary plan for Bundelkhand, based on the remarkable economic recovery of Noida. The newly formed Bundelkhand Industrial Development Authority (BIDA) will lead an ambitious plan, backed by substantial investments and strategic projects. Land acquisition in Jhansi, coupled with the Bundelkhand Expressway and UP Defence Corridor, sets the stage for a transformative industrial hub. Yogi's vision positions Bundelkhand on a path similar to Noida's triumph, marking a defining moment in the region's economic landscape.
Under the provisions of section 21 to 31 of the Maharashtra Regional and Town Planning Act, 1966, local governing bodies must prepare a draft development plan showing the proposed land use and public facilities as per future population for areas covered under their jurisdiction. These plans are then approved by the Urban Development Department of the Government and referred to as Development Plans for the region.
MahaRERA has introduced comprehensive reforms in the Real Estate project registration process to address common issues in applications. The new system involves scrutiny by three independent teams - Finance, Legal, and Technical - to ensure the completeness of registration applications. Legal responsibilities include verifying ownership disputes, encumbrance certificates, court cases, and detailed developer information. Financial responsibilities require developers to disclose overall financial details and provide an up-to-date mortgage certificate. Technical inspection involves submitting the approved project plan, project Commencement Certificate, and various self-declarations. MahaRERA conducted a workshop to guide developers through the process, emphasizing the importance of consistency and complete documentation for a smooth registration process, prioritizing customer protection.
<p>• A residential flat spanning 439 square feet sold in Sanskruti Splendour in Dahisar East for INR 95 Lakhs<br /><br /> • A residential flat spanning 289 square feet sold in Bhavani Plaza in Dadar for INR 75 Lakhs</p>
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has granted a one-year extension to the under-construction Palais Royale tower in Worli, Mumbai. The developer, Honest Shelters Pvt Ltd, sought the extension due to pending litigation. Despite observations by MahaRERA chairperson Ajoy Mehta about the lack of a two-thirds majority consent from homebuyers and outdated Quarterly Progress Reports, the extension was approved to ensure project completion under RERA provisions. The order mandated obtaining an Occupancy Certificate by December 30, 2024, and updating all reports. Palais Royale, initially promoted by Shreeram Urban Infrastructure Ltd, faced delays and legal challenges before its clearance in 2019.
Tridhaatu Realty recently received the Occupancy Certificate for the first phase of Tridhaatu Morya, a high-end residential project in Chembur, Mumbai. The development of this project will unfold in two phases; phase 1 will feature 1 & 2 BHK units and phase 2 will have larger 2 & 3 BHK configurations, including provisions for Jodi flats. Amenities include a grand entrance lobby, clubhouse, landscaped gardens, and eco-friendly features like solar panels. Situated strategically in Chembur, the project ensures seamless connectivity and access to essential services, solidifying its appeal.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has dismissed a complaint against Macrotech Developers (Lodha) for allegedly initiating construction on open space without obtaining the required consent from two-thirds of homebuyers. MahaRERA clarified its jurisdiction, stating that it does not oversee construction beyond the boundaries of a registered project. MahaRERA emphasized that its mandate is limited to monitoring construction within registered project boundaries and highlighted the complainant's failure to provide evidence of a violation of RERA provisions.
The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has issued a directive mandating housing developers to strictly adhere to selling units based on carpet area, in accordance with the Real Estate (Regulation and Development) Act, 2016. The UP RERA emphasized that selling based on 'super area' is illegal and against RERA provisions. The authority also issued an advisory on payment modules, prohibiting advances exceeding 10% before the sale agreement is executed. These measures aim to enhance transparency, ethical practices, and consumer trust in the real estate sector.
Residents of Bharat Nagar and Maharashtra Nagar in Bandra East have filed complaints alleging forgery and fraud in a redevelopment deal involving HDIL. They claim HDIL forged documents in 2006 to take over the slum's redevelopment rights, including creating fake sale deeds and affidavits. The complainants allege they were given temporary housing by HDIL from 2006 to 2011 but were denied rent from 2012. During a 2018 hearing, it was discovered that their documents were falsified, transferring ownership to others. FIRs were filed against HDIL's promoter and others citing criminal charges. The police are investigating to uncover the truth behind these serious allegations in the slum redevelopment scheme.
Eros Investments and the Gujarat government joined hands to establish Immerso AI Park in GIFT City, backed by a substantial Rs 16,000 crore investment. Set to open by mid-2025, the park’s Phase 1 will feature the AI University and an initial AI cloud, emphasising ethical AI practices. Positioned as a global hub, it fosters collaboration across academia, startups, and technology giants, while also creating a dedicated zone for international startups specialising in deep technology. The initiative signals a significant leap forward in shaping Gujarat as a prominent player in the field of artificial intelligence.
Mumbai witnessed a historic surge in real estate, marking the highest property registrations in 11 years. With 127,139 registrations in 2023, Mumbai surpassed the previous year by 4%, generating Rs 10,889 crore in stamp duty. December alone saw 12,487 units registered, a 33% increase from past year. Industry experts credit this growth to positive market sentiments, rising aspirations, and increased incomes. The western suburbs, propelled by improved connectivity and convenience, emerge as a real estate hotspot. Infrastructure upgrades and tailored offerings are contributing to Mumbai's suburbs becoming an attractive choice for diverse homebuyers, shaping a resilient and evolving real estate landscape.
Navi Mumbai Municipal Corporation (NMMC) excelled in property tax collection by collecting Rs 465.70 crore in the first nine months of the fiscal year 2023–24, a significant rise from the previous year. This success is credited to strategic planning and the dedicated efforts of officials, notably Additional Commissioner Sujata Dhole. The NMMC aims to collect Rs 800 crore by the end of this fiscal year. Chief Rajesh Narvekar emphasizes the recovery of arrears, leveraging data, and conducting a LiDAR survey. The achievement reflects sound financial management, affirming the NMMC's commitment to fiscal responsibility and sustaining economic growth in Navi Mumbai's industrial sector.
In Q4 2023, India's top eight cities witnessed a retail space surge of 5.9 million sq ft, led by Bengaluru and Hyderabad, as reported by Cushman and Wakefield. Bengaluru and Hyderabad added 1.2 million sq ft and 1.02 million sq ft of Grade A malls, while Mumbai saw no increase, Delhi added 0.22 million sq ft, and Pune noted 1.43 million sq ft. High streets in Bengaluru and Pune experienced up to 20% YoY rental appreciation, surpassing pre-pandemic levels. Eperts have attributed the rental growth to demand-supply mismatch, shorter lease terms, and rising store sizes. In Bengaluru's HSR Layout, rentals witnessed an 18% YoY growth, anticipating further expansion in 2024.
The Union environment ministry has authorized the construction of residential homes up to 250 square meters in private forests of Goa and Uttarakhand. It would be applicable to homes constructed up to February 11, 2011. This decision is aimed at mitigating the housing challenges faced by landowners while preventing forest fragmentation. The policy strictly limits construction to residential purposes and requires adherence to environmental guidelines, including minimal tree-felling and soil conservation. This move seeks to balance the need for residential development with environmental conservation in these ecologically sensitive regions.
The Securities and Exchange Commission (SEC) in the U.S. has charged Indian-origin real estate developer Rishi Kapoor and associated entities for an alleged $93 million fraud scheme. Kapoor, accused of deceptive practices from 2018 to 2023, faces allegations of misusing investor funds, misrepresenting returns, and diverting millions for personal use, including purchasing a yacht and leasing a sports car. The SEC seeks injunctions, penalties, and the retrieval of wrongfully acquired gains, aiming to address alleged fraud in real estate investments and restore confidence in regulatory oversight.
An asset that cannot be moved from one place to the other is considered to be an immoveable property. In India, real estate is considered to be an immoveable property.
Macrotech Developers, commonly known as Lodha, is set to acquire a 100% equity stake in Pune-based Goel Ganga Ventures India, solidifying its presence in key Indian cities. The transaction, expected by January 15, will make Goel Ganga Ventures India a wholly-owned subsidiary. Macrotech recently completed the sale of its London projects, exiting the UK market to focus on Indian opportunities. Recently, Macrotech celebrated a successful pre-sales performance with a 12% YoY growth, reaching Rs 3,410 crore. With steady demand for quality homes, the company remains on track to meet its fiscal year sales target of Rs 14,500 crore.
Realty developer BPTP, via its subsidiary Countrywide Promoters Pvt Ltd, has acquired a 5.24-acre land parcel near Gurugram's Dwarka Expressway for Rs 87.27 crore. The strategic move aligns with BPTP's expansion efforts in Gurugram and Faridabad, where it holds over 600 acres. Following a recent sale of a 10-acre land parcel to Central Park for Rs 100 crore, BPTP reinforces its regional commitment. The acquired plot in Gurugram's Sector 113, near the operational Dwarka Expressway, adds to BPTP's extensive portfolio of completed residential and commercial projects. The real estate landscape, marked by active land acquisitions in 2023, reflects the sector's dynamic growth.
According to a recent regulatory filing, HDIL has received interest from 25 entities, including prominent names like Sheth Developers and Sunteck Realty, in its bankruptcy resolution process. The entities expressing interest, which include individuals and corporate entities, have been confirmed as eligible by the corporate insolvency resolution professional. HDIL faced insolvency troubles in 2019 when a petition by Bank of India citing a debt of Rs 520 crore was accepted by the National Company Law Tribunal (NCLT). The resolution process has attracted attention from established entities, indicating industry interest in reviving HDIL's fortunes. The next steps involve evaluating submissions and selecting a resolution applicant.
The Bombay High Court has directed the Maharashtra Housing and Area Development Authority (MHADA) to proceed with the self-development proposal for 500 dilapidated buildings in Kannamwar Nagar without requiring a No Objection Certificate (NOC) from the original developer. The court's decision provides relief to residents who have waited for 18 years for the redevelopment of their buildings. The Kannamwar Nagar Nagarpalika Bhadekaru Co-operative Housing Society must submit an affidavit-cum-indemnity to MHADA and ratify its April 8, 2021, resolution for self-redevelopment to fulfill the court's conditions.
Mumbai's office space demand surged to a six-year high in 2023, hitting 8.5 million square feet. Tech giants led the way by embracing smaller offices, surpassing expectations. Nationally, key Indian cities absorbed 61.6 million square feet, marking a 7% rise. Sustainability was key, with half of new constructions going green. Industries like BFSI, IT, and manufacturing drove demand, mainly in Bengaluru, Hyderabad, and Chennai. Smaller deals dominated, making up 84% of transactions, and domestic firms led the way in shaping the evolving office scene in India.
In 2023, the Indore-Ujjain real estate market thrived with a 9% YoY surge in revenue, totalling Rs 4,083.48 crore from 5.44 lakh property registrations. Indore contributed 50% with Rs 2,273 crore from 1.68 lakh registrations, marking a 10% increase. Districts like Agar-Malwa, Shajapur, Khargone, Ujjain, and Alirajpur strengthened revenue, adding Rs 250 crore for a 6.5% rise. Agar-Malwa claimed the top spot with a 26.29% surge, followed by Shajapur (25.49%) and Khargone (24.47%). Government initiatives, including smart city projects, enhanced infrastructure, and Indore's booming IT sector, have fuelled demand by attracting professionals, families, and investors, establishing the region as a diverse real estate hub.
Ujjivan Small Finance Bank has reported its highest-ever quarterly disbursements in the affordable housing loan segment, emphasizing its focus on expanding the secured portfolio. The bank, known for its legacy in unsecured microfinance, has seen a gradual increase in its secured book, reaching 28.5%. Other secured businesses, including loans to micro and small enterprises and micro mortgage loans, have also contributed to this growth. The bank's overall advances have experienced substantial growth, with a 27% year-on-year increase to Rs. 27,791 crores. The strategic focus on fortifying the secured portfolio aligns with Ujjivan's commitment to sustainable growth and prudent risk management.
The Chandigarh Municipal Corporation (MC) is set to conduct auctions for commercial properties to recover pending property tax dues. Around 50 properties, including shop-cum-offices (SCOs), have been identified for auction after being sealed and attached by the civic body due to unpaid tax obligations. This marks the first instance of the MC proceeding with property auctions to reclaim outstanding tax dues. The civic body has intensified its efforts in the recovery drive, issuing notices and taking legal action against defaulters. The MC remains committed to bringing financial discipline and compliance among property owners regarding tax obligations.
Colliers India recently orchestrated the sale of a 175-room boutique hotel in Bengaluru for Rs 150 crore. The hotel was transferred to JC Flowers Asset Reconstruction Company (ARC) as part of Yes Bank’s stressed assets in 2022. Colliers engaged with the ARC, Trustee, and the Bank, and facilitated a strategic exit for promoters, meeting both buyer and seller aspirations. This move into the hospitality sector aligns with Colliers' forward-thinking approach. The sale of the hotel reflects India's booming hospitality sector. With 59 hotels signed in Q3 2023, the industry's resilience post-pandemic is evident, portraying a promising future amid increasing tourism and business travel.
In a targeted move against unauthorized colonies, the enforcement wing of the town and country planning department (DTCP) demolished six such colonies spanning 15 acres in Hayatpur and Sadrana in Gurgaon. The demolition, aimed at curtailing the illegal use of prime agricultural land, included structures, boundary walls, and entire road networks associated with the unauthorized colonies. The crackdown, in line with the Haryana Development and Regulation of Urban Areas Act, involved stringent legal measures, underscoring the government's commitment to combating illegal land development and preserving urban planning integrity.
The Yamuna Authority has initiated a survey for acquiring approximately 3,778 acres near Noida International Airport, earmarked for residential, industrial, and mixed-use development. Over 2,000 residential plots in Sector 5 and an industrial focus in Sector 6 are planned. Sectors 7 and 8 will have varied land uses, blending residential, commercial, and industrial facilities. This move is expected to boost the region's economy, especially near the airport. The 15-day survey marks a significant step in the region's development, promising a balanced and sustainable urban environment.
<p>• A residential flat spanning 400 square feet sold in Sanghvi Aaditya Pearl in Bhuleshwar for INR 78 Lakhs<br /> • A residential flat spanning 822 square feet sold in Today Global Anandam in Kharghar for INR 1.15 Crores </p>
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Fair Market Value or FMV refers to the price set for selling or purchasing an asset in the open market. Financial institutions like NBFCs and Government organisations use Fair Market Value while assessing the valuation of collateralised or taxed assets.
In 2023, Gurugram's housing market experienced a notable 13% surge in sales, contrasting with neighbouring areas like Noida, Greater Noida, Faridabad, and Delhi, which saw a 7-8% decline in property sales. Gurugram's residential property market flourished, reaching 36,970 units, a significant increase from the previous year's 32,615 units. In contrast, Noida, Greater Noida, Ghaziabad, Faridabad, and Delhi collectively faced a downturn. Gurugram's success is attributed to robust consumer sentiment, ongoing infrastructure projects, and hotspots like New Gurugram, Dwarka Expressway, and the Southern Peripheral Road. Industry experts highlight Gurugram's renaissance within the NCR region, driven by demand and infrastructure growth.
The Kerala state government is progressing with plans for a tourism township in either Vagamon or Munnar, potentially involving the UAE government. The proposal raises concerns about ecological sensitivity, as both locations are in environmentally fragile areas. While details about the UAE government's role remain uncertain, questions have been raised about potential ecological damage, considering recommendations against such initiatives in ecologically sensitive regions. Transparency and adherence to environmental guidelines are crucial for the project's success. The Kerala government's commitment to sustainable development, as seen in establishing guidelines for the Munnar Hill Area Authority, emphasizes the delicate balance between economic potential and ecological preservation.
An agreement between the government and the Royal Western India Turf Club (RWITC) for a proposed theme park on the Mahalaxmi racecourse awaits approval from 75% of the club's 2,000+ members. An extraordinary general meeting in January will be decided, with CM Eknath Shinde and BMC chief I S Chahal explaining the plan. The racecourse spans 226 acres, with 70% under the state and 30% under BMC. The government assures racing activities' would be uninterrupted during the proposed development. Ongoing debates include the racecourse's transformation into a theme park, has drawn criticism from the opposition and walkers who deem it detrimental to the city's open space.
<p>• A residential flat spanning 966 square feet sold in Kamla Habitat in Kalina for INR 1.75 Crores<br /><br /> • A residential flat spanning 381 square feet sold in Praman Heights in Kalbadevi for INR 61 Lakhs<br /><br /> </p>
In a recent case, the Santacruz police in Mumbai filed a fresh case of cheating against Ahuja Developers, their directors, and Chinese partners. Accused individuals, including Jagdish Ahuja, Gautam Ahuja, Chandras Kotian, Ashok Gacheria, and Chinese company officials from Jia Vei, Liyank Shaung, Ya Wang, Snehanjali SB Developers, and Hive Carbon Zero Developers Private Limited, are alleged to have cheated a flat buyer of Rs 1.33 crore. The complainant, Prashant Bhat, claimed discrepancies in the allotment process. This follows a previous arrest of Jagdish Ahuja in January for a Rs 27-crore cheating case, adding to the legal troubles faced by Ahuja Developers and their associates. The police are actively investigating to ensure justice for the affected parties.
Godrej Properties' subsidiary, Oasis Landmarks LLP, faces a GST demand order of Rs 10.45 crore, along with interest and penalty, totalling Rs 22.54 crore. The order, dated December 31, 2023, alleges non-payment of GST related to turnover in the pre-GST regime, citing denial of input tax credit. Oasis Landmarks LLP plans to contest the order while asserting that the order has no significant impact on the company's finances or operations. Despite the challenge, the subsidiary expects a favourable outcome based on its assessment and current legal positions. Meanwhile, Godrej Properties recently acquired a four-acre land parcel in Yeshwanthpur, Bengaluru, with significant development potential and an estimated revenue of Rs 1,000 crore.
The Mumbai Metro Rail Corporation Limited (MMRCL) has taken a proactive step to protect water pipelines by designating a 50-meter radius around the Metro 3 project as an 'influence zone.' This measure aims to prevent potential damage to pipelines caused by unauthorized development and digging activities. Property owners, societies, and entities within this zone must obtain prior approval from MMRCL before initiating certain activities. This move follows incidents of unauthorized digging causing water pipeline leaks. MMRCL's proactive approach underscores a commitment to infrastructure protection and sustainable urban development in Mumbai.
The Bombay High Court has criticized the Maharashtra Housing and Development Authority (MHADA) for hastily declaring several properties in Tardeo as dangerous without proper due process. The court's bench expressed disapproval of MHADA's reliance on visual inspections and emphasized that structurally sound buildings should not be prematurely deemed unsafe. The property owners filed petitions challenging MHADA's classification and proposed redevelopment under Section 79A of the MHADA Act. The court directed MHADA to inform all concerned parties about the structural conditions, allowing owners an opportunity to present their case. This highlights the importance of proper legal procedures in such matters.
Vile Parle, situated in Mumbai's western suburbs, is a lively locality renowned for its cultural heritage and educational institutions like Mithibai College and NMIMS University. In November 2023, Vile Parle witnessed 27 apartment transactions across 22 buildings, with resale transactions dominating the market. Moss Adhira, Anand Bhuvan Apartment, Sumit Gurukrishna, Nutan Jeevan CHSL, and Hetali Shivam CHS each closed 2 deals. Irene Building recorded the most expensive transaction at Rs. 11 Crores for 1612 sq ft. The most affordable option was in Aangan Apartment at Rs. 49 Lakhs. The average rate per sq ft in Vile Parle ranged from Rs. 16,000 to Rs. 68,300, with a weighted average of Rs. 30,000. Over 50% of flats sold were in the 501-1000 sq ft range, and approximately 80% were priced between Rs. 1 Crore and Rs. 5 Crores.
Mumbai's office space demand surged to a six-year high in 2023, hitting 8.5 million square feet. Tech giants led the way by embracing smaller offices, surpassing expectations. Nationally, key Indian cities absorbed 61.6 million square feet, marking a 7% rise. Sustainability was key, with half of new constructions going green. Industries like BFSI, IT, and manufacturing drove demand, mainly in Bengaluru, Hyderabad, and Chennai. Smaller deals dominated, making up 84% of transactions, and domestic firms led the way in shaping the evolving office scene in India.
Embassy Office Parks Management Services, manager of Embassy Office Parks Real Estate Investment Trust (Embassy REIT), has received board approval to raise debt up to Rs 2,000 crore. The move, aimed at optimizing the existing debt structure, involves the issuance of 1,00,000 secured non-convertible debentures valued at Rs one lakh each, generating an anticipated Rs 1,000 crore. Additionally, the REIT plans commercial paper issuances totalling Rs 1,000 crore, in a phase-wise manner. By diversifying financial instruments, and emphasizing long-term stability in its real estate investment portfolio, Embassy REIT is aiming for a sustainable future.
Dusit Princess Phatthalung, the 15th Dusit-branded property in Thailand, opens in the southern city. It promises to offer a ‘resort-in-the-city’ experience with 132 spacious rooms. Inspired by local culture, it features a sculptured pool, yoga classes, and a state-of-the-art ballroom. The hotel emphasizes locally sourced ingredients, including organic Sangyo brown rice. Phatthalung’s rich cultural heritage, renowned markets, and natural landmarks add to the allure. Gilles Cretallaz, COO of Dusit International, highlights the brand’s commitment to supporting local growth. To celebrate the opening, a special room package is available until January 31, 2024. Dusit’s extensive global portfolio continues to expand.
A homeowners association (HOA) is an organization in a subdivision, planned community, or condominium building that makes and enforces rules for the properties and residents.
"Real estate stocks surged, fuelling the Nifty Realty index to a 15-year high with a 6.76% jump. The BSE Realty index also rose 5.63%, outperforming broader market indices. Leading the charge, Sobha developers recorded a 15.82% increase. Other firms, including Macrotech Developers, Godrej Properties, DLF, Oberoi Realty, Kolte Patil, Prestige Estates, and Brigade Enterprises, also saw significant gains. Analysts project sustained growth, highlighting Sobha's potential, given its focus on unlocking land reserves. Despite RBI rate hikes and rising residential prices, India's real estate demand reached a decade-high, with 2023 sales at 329,097 units, setting an optimistic tone for the sector in 2024. "
In 2023, the luxury real estate market witnessed a surge with high-net-worth individuals making big acquisitions in Mumbai, Delhi-NCR, and Bengaluru. Radhakrishna Damani and associates acquired 28 housing units in Mumbai's Worli valued at Rs 1,238 crore. The Taparia family secured sea-facing properties, while Niraj Bajaj purchased a triplex apartment for Rs 252.5 crore. BK Goenka acquired a penthouse in Worli for Rs 230 crore. In Delhi, Vasudha Rohatgi and Bhanu Chopra made significant purchases, while Gurugram saw a groundbreaking sale at The Camellias. Bengaluru's deals included Dilip Surana, TVS Motors, and Nandan Nilekani's NRJN Family Trust. These high-profile transactions underscored the allure of luxury properties, setting a benchmark for 2024.
<p>• A residential flat spanning 828 square feet sold in Raheja Exotica in Madh on the 6th floor for INR 1.41 Crores<br /><br /> • A residential flat spanning 812 square feet sold in Continental Heights in Mazgaon on the 23rd floor for INR 1.72 Crores</p>
MICL Group has introduced a new chapter in urban living with its upcoming project in Pali Hill, Bandra West. This exclusive development, marked by meticulous attention to detail, signifies luxury as a lifestyle. Man Infraconstruction Ltd, a significant player in real estate, plans to redevelop the Virgo Co-operative Housing Society Limited property. MICL holds a substantial 34% stake in this venture and anticipates an impressive revenue of Rs. 500 Crores from this landmark 50,000 sq. ft. venture. Positioned in the heart of Bandra West, it offers limited residential units, emphasizing a unique living experience.
The Enforcement Directorate (ED) has attached properties worth Rs 54 lakh belonging to Jarnail Singh Bajwa, owner of Bajwa Developers, under the Prevention of Money Laundering Act. Following Mohali police fraud cases, investigations revealed that Bajwa, as Managing Director, allegedly defrauded individuals of Rs 3.17 crore by promising residential plots through his firm. Earlier arrested in March 2022, he was rearrested in September. The ED's action signals a crackdown on financial wrongdoing and underscores the need for stringent measures to address corruption in the real estate sector, safeguarding public interests.
In a recent ruling, the National Consumer Disputes Redressal Commission (NCDRC) has shifted responsibility to landowners, often joint venture partners, for compensating homebuyers in cases of project delays. This ruling is expected to enhance the prospects of recovery and compensation for homebuyers, particularly in situations where developers are absent or insolvent. The NCDRC's order mandates landowners to complete construction within three months, obtain occupancy certificates, and pay 6 percent annual delayed interest from the possession date. The decision departs from the norm, establishing joint development partners' responsibility for project delays, providing homebuyers with additional avenues for recovery.
The Goa government, led by Chief Minister Pramod Sawant, has unveiled significant policy amendments aimed at fostering industrial growth and attracting investments. The key initiatives include the introduction of a single-window clearance system for land allotment and construction, simplified auction routes for commercial plots, and the granting of industry status to logistics warehouses and IT companies. Additionally, the government plans to liberalize transfer and sublease processes, offer incentives for women entrepreneurs, intellectual property holders, and start-ups, and organize the Invest Goa 2024 Summit on January 29. These reforms aim to simplify processes and create a more attractive environment for businesses in the state.
Authorities are set to auction four agricultural properties in Khed taluka, Ratnagiri, connected to Dawood Ibrahim's mother, Amina Bi, under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 (SAFEMA). Located in Mumbake village, Khed, where Dawood and his siblings spent part of their childhood, the properties have a collective reserve price of Rs 19.2 lakh. The auction, employing e-auction, public auction, and tender in sealed envelopes, reflects the government's proactive stance in managing assets connected to individuals involved in criminal activities. SAFEMA has auctioned 11 properties associated with Dawood or his kin over the past nine years.
A plot on Navi Mumbai's Palm Beach Road sets a record with a bid of Rs.6.46 lakh per sqm, mirroring the intense demand for land in the area. However, 18 CIDCO plots received no bids, attributed to high base prices and market conditions. The record bid highlights the scarcity of land in the prime location, leading to the substantial price surge. CIDCO earned Rs.1,170.80 crore from the sale, but the lack of interest in other plots raises concerns. Industry experts criticise CIDCO for escalating base prices and suggest adjustments to encourage a more balanced and competitive market.
Bengaluru's VRO Hospitality secures USD 10 million in bridge funding led by Axis Bank and Gruhas, backed by investor Nikhil Kamath, propelling its expansion plans. VRO’s CEO Dawn Thomas emphasises innovation and excellence, envisioning 55 restaurants by this fiscal year-end and 250 in the next four years, targeting annual revenues of USD 250 million. The majority of funding for property acquisitions and tech bolstering illustrates a strategic push for growth. With significant investors and strategic acquisitions, VRO Hospitality emerges as a pioneering force reshaping India's dining landscape.
Settl, a prominent co-living operator, has secured Rs 10 crore in its pre-Series A funding round, led by Gruhas and We Founder Circle, among others. The investment boosts Settl's total funding to Rs 15 crore. Founded in 2020, Settl operates 60 co-living centers across major cities, offering 4,000 beds catering majorly to working professionals. With rental prices ranging from Rs 12,500 to Rs 18,000 per bed, Settl addresses the expanding premium co-living market. The fresh capital infusion will help strengthen working capital, expand the team, and enhance technology infrastructure, supporting the company's growth and expansion plans in India's thriving co-living sector.
The state government has expanded Aarey Milk Colony's 'green zone' by 132 hectares, providing the entire 445-hectare area with the highest environmental protection. This landmark decision, three years in the making, secures Aarey's position as one of Mumbai's last green lungs. The move addresses concerns of potential commercial exploitation, emphasizing a commitment to preserving the city's diminishing green spaces and marking a significant victory for environmental advocates.
Deputy Chief Minister Devendra Fadnavis urges rapid implementation of the District Planning Committee's (DPC) Rs. 668.72 crore plan for 2024-25 before the model code of conduct for upcoming elections. The DPC greenlighted the budget, including an additional demand of Rs. 1,431 crore, totalling Rs.2,100 crore for the district. Changes in financial criteria for rural gymnasiums and concerns over sports-related project materials are noted. A significant budget adjustment reduces funds for a self-help group mall, while Fadnavis enhanced emergency capabilities by providing 5 fire tenders and 11 SUVs through DPC funds.
Foreclosure is a legal process that allows lenders to recover the amount owed on a defaulted loan by taking ownership of and selling the mortgaged property.
<p>• A residential flat spanning 1037 square feet sold in Shreeji Platunum Park in Andheri West for INR 2.54 Crores<br /><br /> • A residential flat spanning 824 square feet sold in Jyoti Sadan in Mahim for INR 2.45 Crores<br /><br /> </p>
Godrej Properties has acquired a 4-acre land parcel in Yeshwanthpur, Bengaluru, with plans to develop premium residential apartments totaling 0.7 million sq ft. The project, estimated to yield Rs 1,000 crore, could reach Rs 1,250 crore with an additional 1-acre land acquisition, making it a 5-acre parcel. Gaurav Pandey, MD & CEO, stated this move strengthens their presence in Bengaluru. The company aims to capitalize on housing demand, targeting multiple land acquisitions this fiscal to generate around Rs 15,000 crore in revenue post-development. Godrej Properties achieved a 48% sales booking growth, reaching Rs 7,288 crore during April-September 2023-24.
The Enforcement Directorate (ED) has provisionally attached properties worth Rs 6.93 crore belonging to builder Shailesh Savla in connection with a money laundering case linked to the rehabilitation of slum dwellers at the Juhu Taj Slum Society. The ED recently filed a chargesheet against Savla and his companies for allegedly selling flats intended for slum dwellers to influential individuals, including Bollywood celebrities. The case involves irregularities in the allotment of residential accommodation and shops under the Juhu Taj Slum Rehabilitation Scheme, with Savla accused of cheating the government and a construction firm. The attached properties include a residential flat and fixed deposits.
The Maharashtra state government recently announced plans to establish a dedicated monitoring authority for redevelopment projects, aimed at ensuring their timely completion. The proposed regulatory authority, similar to MahaRERA overseeing new constructions, is expected to play a crucial role in monitoring redevelopment initiatives in key urban centres like Mumbai, Pune, and Thane. The initiative is a response to the increasing number of redevelopment projects and aims to address citizen concerns. Housing Minister Atul Save emphasized the need for efficient monitoring to expedite these projects, aligning the new authority with the successful MahaRERA model. The move reflects a proactive approach to enhance accountability and adherence to timelines in redevelopment projects across the state.
The Brihanmumbai Municipal Corporation (BMC) has taken decisive action against air pollution in Mumbai by issuing stop-work notices to 859 construction sites in the last two months. Two construction firms in the Grant Road area were fined Rs 2 lakh each for violating pollution control norms, and 603 sites received show-cause notices during this period. The BMC's stringent measures come in response to the deteriorating Air Quality Index (AQI) in Mumbai, prompting the issuance of guidelines on October 25 to mitigate air pollution, with a focus on using sprinklers and fogging machines at construction sites to suppress dust.
After a 20-year legal battle, Doreen Fernandes, a widow living in Santacruz, has secured victory in her dispute against Chhagan Bhujbal and his family over her rightful share following the sale of her ancestral bungalow. The Bhujbals, accused of land grabbing, settled by agreeing to pay Rs.8.41 crore as a final resolution. Doreen, the sole caregiver to her three autistic sons, gained public attention through activist Anjali Damania's expose. The financial settlement brings relief to Doreen and she plans to invest it wisely and establish a trust for her sons' future. She has expressed gratitude towards Chief Minister Eknath Shinde and Deputy Chief Minister Devendra Fadnavis for their intervention.
In 2023, Mumbai witnessed a 4% YoY surge in property registrations, hitting a record high of 1,26,907 units, surpassing the previous year's peak at 1,22,035 units, as per data from real estate consultant Knight Frank India. The state government collected Rs 10,869 crore in stamp duty, marking a 22% increase from the previous year. December alone saw a 31% YoY rise in registrations, reaching 12,255 units in Mumbai city. Knight Frank's data, sourced from the Department of Registrations and Stamps, Maharashtra government, indicates a robust market with residential units constituting 80% of the registered properties.
In 2023, the Indian real estate sector exhibited resilience and growth with institutional investments totaling USD 5.4 billion, marking a significant 10% YoY increase. However, the sector faced a 37% decline in institutional investments in Q4 2023, amounting to USD 822.3 million, attributed to reduced fund inflows. A granular look shows a 23% drop in office segment investments and a substantial 79% decline in housing investments in Q4 2023. Despite these challenges, the sector remains optimistic with alternate asset classes diversifying the portfolio for institutional investments in real estate.
Between April 1 and December 31, 2023, the BMC generated Rs 638 crore, constituting 10% of the property tax target for 2023–24. Legal complexities in retrospective tax assessment led to delayed bill distribution, making the Rs. 6,000 crore targets by March 31 challenging. The BMC faced revenue declines due to property tax exemptions and pandemic-induced deferrals. In 2022–23, the revised target of Rs 4,800 crore was surpassed with a collection of Rs 5,575 crore. Property tax bills for 2023–24, recently distributed with objections, involve provisional bills to be settled by taxpayers in two installments, concluding on March 25, 2024.
In a significant development, the Gautam Adani-led joint venture for transforming Mumbai's Dharavi, one of Asia's largest slums, has enlisted a team of global experts. The team, including renowned architect Hafeez Contractor and international firms like Sasaki and Buro Happold, faces challenges amid public scrutiny and protests. This ambitious $619 million project, backed by Maharashtra government, seeks to revitalize the densely populated area, lacking basic amenities like clean water and toilets. The initiative promises not just physical reconstruction but a socio-economic upliftment, marking a pivotal moment in urban renewal and community development.
The Malabar Hill micro-market in Mumbai has experienced a 10% appreciation in premium housing, reaching an average weighted carpet area price of Rs.1.01 lakh per sq ft in Q3 2023-24, according to a study by Liases Foras. This growth is attributed to ongoing infrastructure developments in South Mumbai, including the Cuffe Parade to Seepz underground Aqua Metro Line and the Coastal Road project. Sales increased from 17 units in Q3 2019 to 52 in Q3 2023, with decreased unsold inventory and a rise in new housing supply, marking a positive shift in market dynamics. The average price per sq ft surpassed Rs.1 lakh for the first time in five years.
The National Highways Authority of India (NHAI) is intensifying its asset monetization efforts, inviting bids for three highway stretches covering 375 kilometers in Telangana and Tamil Nadu through the Toll Operate Transfer (TOT) model. This move aligns with NHAI's strategic goal of raising funds for its extensive highway construction program, reducing dependence on the general budget. With successful previous rounds, NHAI's proactive approach to infrastructure financing showcases the appeal of India's projects to private investors, fostering innovation and efficient execution in the transportation sector.
In 2023, the UK housing market witnessed a notable downturn, marked by a 1.8% annual decline in house prices—the most significant drop since 2008. This dip, reported by Nationwide, is attributed to the Bank of England's efforts to combat inflation through interest rate hikes, resulting in elevated borrowing costs. Despite a flat December compared to November, indicating potential stabilization, the overall trend suggests a subdued market. Nationwide's chief economist, Robert Gardner, anticipates a continued stable or slightly declining housing market in 2024 due to factors such as low consumer confidence and ongoing inflationary pressures affecting interest rates.
The Quarterly Progress Report (QPR) update on the MahaRERA for the month of April reveals improved compliance, with 46.25% of developers submitting forms. This contrasts with previous months, with only 0.02% compliance in January, 19% in February, and 34% in March and indicates the impact of stringent measures by MahaRERA against non-compliance. The report highlights that out of 480 projects, 222 adhered to deadlines and if the additional 50 projects that have updated information on the website but are yet to submit the forms to MahaRERA also comply, the ratio would increase to 57%. MahaRERA suspended 741 projects, with 195 resuming after penalty payments. MahaRERA aims for 100% compliance, reinforcing transparency and accountability in the real estate sector.
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A condominium is an individually owned residential or commercial unit existing in a complex or building of units.
Bollywood actor John Abraham has made a significant real estate acquisition with the purchase of a prestigious bungalow on Linking Road, Khar, Mumbai, for a whopping amount of Rs 75 crore. The property, named 372 Nirmal Bhavan, was previously owned by Pravin Nathalal Shah and his family. The transaction, officially signed on December 27, amounted to Rs 70.8 crore, with an additional Rs 4.25 crore paid as stamp duty. The prime location on Linking Road is known for high commercial property rates, making it a strategic investment for Abraham. The move aligns with the trend of Bollywood celebrities actively engaging in Mumbai's real estate market.
<p>• A residential flat spanning 1603 square feet sold in Lodha Bellvue in Mumbai Central for INR 7.18 Crores<br /><br /> • A residential flat spanning 418 square feet sold in Ashapura Sigma Pearl in Khar for INR 1.23 Crores<br /><br /> </p>
Kolte-Patil Developers has divested a 3% stake for Rs 111 crore. Promoters Rajesh Anirudha Patil, Sunita Rajesh Patil, and Sunita Milind Kolte led the move, reflecting a reshuffling of ownership dynamics within the Pune-based realty firm. The National Stock Exchange reported the sale of over 22.80 lakh equity shares at prices ranging from Rs 486 to Rs 486.01 each. Despite undisclosed buyer details, Kolte-Patil's stock surged by 5.08%, reflecting investor confidence amid a robust Q2 performance with a 72% increase in sales bookings, totalling Rs 632 crore.
MICL Group has introduced a new chapter in urban living with its upcoming project in Pali Hill, Bandra West. This exclusive development, marked by meticulous attention to detail, signifies luxury as a lifestyle. Man Infraconstruction Ltd, a significant player in real estate, plans to redevelop the Virgo Co-operative Housing Society Limited property. MICL holds a substantial 34% stake in this venture and anticipates an impressive revenue of Rs. 500 Crores from this landmark 50,000 sq. ft. venture. Positioned in the heart of Bandra West, it offers limited residential units, emphasizing a unique living experience.
Mumbai's Housing and Area Development Authority (MHADA) conducted its first online lottery for the Master List scheme, granting larger homes to 265 tenants residing in transit homes, as part of a redevelopment initiative. The scheme addresses housing needs for those displaced due to dilapidation or road widening projects, with lottery winners receiving residences that are 100 square feet larger than initially allocated. This marks a significant step in addressing housing challenges in Mumbai, while ensuring transparency in distribution and fulfilling the aspirations of residents awaiting their own homes.
In a significant move, the Maharashtra state has revoked affordable housing projects in No-Development Zones (NDZs) under the Special Development Zone (SDZ) label. But the notification reintroduces a low floor space index of 0.025 on NDZs, enabling tourism development and IT parks. The notification has initiated public input on Excluded Parts (EPs) under the Development Plan 2034. Formerly opposed for ecological reasons, the elimination of SDZs' except in high-density slum areas has sparked reactions. Experts say this move will curtail construction in NDZs, but the shifting away from affordable housing is of concern. They emphasize the need for critical civic infrastructure development in these areas.
In November 2023, Kolkata's real estate market experienced a notable upswing with 3,656 apartments registered, marking a substantial 20% year-on-year growth compared to the same period in 2022. This positive momentum is attributed to the current stamp duty rebate, incentivizing apartment registrations. Despite an 18% month-on-month decline from October 2023, the cumulative registrations for the year stand at an impressive 39,123 units in Kolkata Metropolitan Area (KMA). The stability in RBI policy rates, consistent home loan rates, and positive macro-economic sentiment are contributing factors, with ongoing new project launches expected to sustain the upward trend in the coming year.
The BMC's online property tax bills, issued with an apparent hike, led to confusion and concerns among citizens. A footnote in the bills referred to invalidated rules and ad hoc issuance, sparking questions. Municipal Commissioner Chahal clarified the online terms emphasizing no tax increase this year. He further said that they would generate actual property tax bills, mentioning only the payable amount. The BMC is navigating challenges in property tax regulations after a Supreme Court Order. Former corporator Asif Zakaria raised queries on the apparent increase, emphasizing the importance of clear communication and legal consistency in municipal tax processes.
The Dehuroad Cantonment Board (DCB) in Pune utilised drone technology for a successful property tax reassessment, resulting in a fourfold revenue increase. Amit Mane, the defence estate officer, initiated the first-of-its-kind drone survey spanning nine villages and 11 slums. Recognizing the innovation, the Ministry of Defence awarded the DCB for its public service contributions. The collaboration with the College of Military Engineering’s dedicated team and the use of accurate drone images facilitated a smooth transition to the updated property assessments. Despite objections from 7,000 citizens, the cantonment authorities conducted 3,000 hearings, explaining the new assessment method to citizens and effectively addressing their concerns.
The Cabinet Committee on Economic Affairs (CCEA) has approved infrastructure projects worth Rs 5000 Crore, including the construction of a 4,556-meter, six-lane cable-stayed bridge across the Ganga in Bihar and the widening of a 134.9 km road in Tripura. The Bihar project, estimated at Rs 3,064.45 crore, aims to improve connectivity between north and south Bihar. The decisions underscore the government's focus on infrastructure fostering socio-economic growth. The Cabinet's comprehensive approach aligns with the broader vision of economic development, improved connectivity, and strategic partnerships, reflecting a commitment to holistic progress.
Assam's Chief Minister Himanta Biswa Sarma is set to inaugurate the country's largest Pradhan Mantri Awas Yojana (PMAY) colony in Naharkatia, Dibrugarh district, featuring 113 housing units with comprehensive amenities at an estimated cost of Rs 4 crore. The integrated settlement, situated near the Assam-Arunachal border, emphasises sustainable living, including provisions for animal rearing, poultry, and beekeeping. Additionally, Naharkatia MLA Taranga Gogoi envisions transforming the banks of the Burhi Dihing river into a thriving tourist destination, with plans for eco-friendly resorts, adventure sports facilities, and collaborations with private investors to enhance the area's tourism potential.
Signa, a leading European property company, faces a significant setback as two of its major divisions, Signa Prime Selection and Signa Development Selection, filed for insolvency. This development marks a critical point in the decline of Rene Benko's real estate empire. With the sector suffering from rising interest rates and decreasing demand, Signa's restructuring reflects the broader crisis impacting Europe's property market. The company, holding prestigious assets and grappling with billions in debt, exemplifies the challenges facing the real estate industry in the current economic climate.
Eviction is the civil process wherein a landlord legally removes a tenant from their rental property. This usually occurs when the terms of the rental agreement have been breached or in other situations as permitted by law.
Bollywood icon Amitabh Bachchan has leased four commercial units totalling 10,800 sq. ft. in Mumbai's Oshiwara area to Warner Music India Limited for an annual rent of Rs 2.07 crore. The five-year lease, beginning March 2024, will get Bachchan a revenue totalling over Rs 11 crore for the entire tenure. Bachchan had purchased these units in August 2023 for a total of Rs 29 crore. Bollywood stars, including Kartik Aryan, Manoj Bajpayee and Ajay Devgn, investing in commercial spaces for higher rental yields reflects a growing trend. Commercial properties offer 6-10% gross yields, outperforming residential real estate, making them attractive investments for high-net-worth individuals like Bollywood celebrities.
• A residential flat spanning 770 square feet sold in Sangam Emporio Towers in Kandivali West on the 7th floor for INR 1.19 Crores<br /> • A residential flat spanning 763 square feet sold in Ajmera Aeon in Wadala East on the 7th floor for INR 3 Crores
Starting January 1, 2024, Maharashtra Real Estate Regulatory Authority (MahaRERA) has mandated property agents to obtain a 'Real Estate Agent Certificate of Competency' by passing the MahaRERA exam, affecting fresh registrations and renewals. Introduced in January 2023, the initiative aims to enhance estate agents' knowledge of property laws and regulations, fostering transparency in real estate transactions. While estate agents appreciate the move, some suggest a more encouraging approach and extended timelines for compliance to accommodate the industry's transition.
The state government of Gujarat has signed MoUs worth Rs 24,707 crore with various companies ahead of the Vibrant Gujarat Global Summit, anticipating substantial economic development. The agreements, spanning diverse sectors, aim to generate over 38,000 employment opportunities and underscore the state's commitment to fostering economic growth. Notably, the Central PSU Housing & Urban Development Corporation Ltd (HUDCO) has partnered with the Gujarat government, committing to invest up to Rs 14,500 crore in housing and urban infrastructure projects, reflecting a comprehensive approach to development in the region.
The Ahmedabad Municipal Corporation (AMC) has announced the auction schedule for eight plots, including a prominent Bodakdev plot valued at Rs 333.14 crore. After an unsuccessful February auction, the re-auction includes six commercial and two residential plots with a collective reserve price of Rs 835.77 crore. Bidders must register by January 17, with the online auction scheduled for January 29–31. The AMC expects to raise about Rs 1,000 crore from these plots, showcasing a strategic effort to leverage real estate potential, attract diverse investors, and contribute to Ahmedabad's overall growth.
Over the past three years, 70% of India's urban local bodies (ULBs) witnessed a surge in property tax collections, aligning with their state's five-year Gross State Domestic Product (GSDP) growth rate. This reform, crucial for accessing Central funding, follows the 15th Finance Commission's recommendations. Of the allocated Rs 1,21,055 crore, Rs 5,705 crore has been disbursed. Cities like Mumbai, Chennai, and Hyderabad, including 40 out of 50 million-plus population cities, reported increased collections. The move, initiated by the Ministry of Housing and Urban Affairs and Jaanagraha, aims for ULBs' financial sustainability, emphasizing property tax as a key revenue source.
In 2023, India's industrial and logistics sector experienced significant growth. Absorption increased by 6.7% to 49.4 million sq. ft., predominantly in Tier I cities. Major developers responded with a supply of 62 million sq. ft., focusing on Grade A spaces. The 3PL sector led with 39% absorption, while e-commerce expanded into Tier II & III cities. The manufacturing sector saw notable growth, contributing 27% to absorption. The increased demand for Grade A spaces hinted at the evolving preferences towards ESG standards. Rental values are expected to marginally rise by 2-6% in 2024, marking a transformative year for the industry.
Saya Group, a renowned real estate player, announces a strategic collaboration with global multiplex giant Cinepolis to introduce cutting-edge 5-screen multiplexes in its flagship commercial projects, Saya Status and Saya South X. Saya Status, India's tallest mall, spans 1.4 million sq. ft., offering a futuristic design and possession in early 2025. Meanwhile, Saya South X in Greater Noida West is nearing completion and poised to become the retail hub of the region. This partnership aims to elevate the entertainment and commercial potential of both projects, aligning with Saya Group's commitment to quality and comprehensive space development.
Terra Grande Sirmaur, nestled in Himachal Pradesh's hills, epitomises luxury and tranquillity for those seeking upscale holiday homes in the Himalayas. The project, a part of Eldeco Group, offers exclusive villas in a serene hillside locale, blending modern living with natural beauty. With low-density, secure designs and a host of amenities, it promises a harmonious second home experience. Amidst a growing trend for holiday residences, Terra Grande redefines luxury hillside living, hinting at a future of sophisticated dwellings in sync with nature's abundance.
Strata, India's leading proptech platform for fractional investments in commercial real estate (CRE), aims to surpass Rs. 2000 crores in assets under management (AUM) by the end of fiscal year 2023-24. Already crossing Rs. 1300 crores and 3.5 million sq. ft. in assets, Strata achieved remarkable 50% growth in AUM over eight months. With a 100% surge in its investor base, exceeding 3000, and 80,000 active users, the platform plans to expand its presence in western India. Strata's CEO, Sudarshan Lodha, highlights commitment to SEBI's regulatory changes, emphasizing transparency, risk mitigation, and unlocking opportunities in emerging markets like Pune and Jaipur.
The Mumbai Metropolitan Region Development Authority (MMRDA) has been assigned 1,387 hectares of prime coastal land for development in Malad, Mumbai. The decision, made in a meeting chaired by Maharashtra CM Eknath Shinde and DCM Devendra Fadnavis, aims to capitalize on the area's commercial potential with connectivity through Metro 2A and the proposed Coastal road. The Development Plan 2034 had initially earmarked the land for affordable housing, open spaces, IT, and tourism. However, activists and residents express concerns about environmental impact, advocating for preserving the coastal area's natural beauty.
Larsen & Toubro (L&T) has secured a substantial Engineering, Procurement, and Construction (EPC) contract exceeding Rs 5,000 crore for the Amaala project in Saudi Arabia. Positioned as the turnkey contractor for this ultra-luxury resort destination, L&T will implement renewable energy and power systems across the expansive 4,155 square kilometres along the Red Sea. This transformative project, valued between Rs 5,000 crore and Rs 10,000 crore, aligns with Saudi Arabia's Vision 2030 initiative, emphasizing economic diversification and sustainability. L&T's integral role in Amaala underscores its global expertise, contributing to the company's significant international order book and reinforcing its position as a leader in executing complex, large-scale projects in the Middle East.
An Earnest Money Deposit, also known as good faith deposit, is a sum of money a buyer pays to the seller to express his genuine interest and commitment. It is usually made shortly after both parties are in agreement on the terms of sale.
Bollywood celebrities are making waves in the real estate market in 2023, transcending from residential to commercial properties. Icons like Amitabh Bachchan, Ajay Devgn, Sara Ali Khan, Kartik Aaryan, Manoj Bajpayee, and others have invested in office spaces in the 28-storey Signature Tower in Andheri. These high-profile acquisitions, marked by significant investments, reflect a growing trend among celebrities to diversify their real estate portfolios. The commercial real estate surge is driven by annual rental yields that outperform residential properties, making it an attractive and lucrative investment option for Bollywood stars.
• A residential flat spanning 700 square feet sold in Phool Bai Manor in Bandra West on the 5th floor for INR 3.75 Crores<br /> • A residential flat spanning 977 square feet sold in Lodha Divino in Matunga on the 18th floor for INR 2.47 Crores
Godrej Construction, a flagship of the Godrej Group, has achieved a milestone with the completion of 'The Cocoon,' a 500 sq. ft. office at its Greenfield campus in Khalapur. Utilizing 3D Construction Printing (3DCP) Technology and prefabricated modules, the office showcases innovative design with a curvilinear elliptical structure. The absence of columns maximizes usable space, and the sustainable approach incorporates up to 20% Recycled Concrete Aggregates (RCA), sourced from Godrej & Boyce's recycling facility. Notably, the entire project, including civil work, electrical tasks, plumbing, and landscaping, was completed in a swift 40 hours. 'The Cocoon' stands as a symbol of innovation, efficiency, and a commitment to sustainable practices in the construction industry.
Experion Developers, the Indian subsidiary of Singapore's Experion Holdings, is set for an ambitious year ahead, with plans to launch projects exceeding Rs 10,000 crore in cumulative sales value. The company's strategic land acquisitions, totalling Rs 2,100 crore, have positioned it for expansion in the National Capital Region (NCR) and other urban centres. Experion Developers intends to diversifying its geographical footprint, earmarking land in Amritsar, Goa, and Panipat for future development. With a diverse project portfolio, the company anticipates substantial growth in FY24, aligning with broader industry trends and reinforcing its position as a key player in India's competitive real estate landscape.
Noida and Greater Noida authorities have approved recommendations by a committee led by former NITI Aayog chairman Amitabh Kant, opening the door for the revival of 200,000 stalled residential units. The decision, with benefits like a zero period and extended payment timelines, aims to aid 117 projects and 75,000 buyers in Greater Noida. Notably, builders opting for benefits cannot impose extra charges on buyers. The relief package includes an independent assessment of dues and a three-year extension for project completion. Dues settlement timelines are outlined based on amounts. Exclusions apply to sports city and certain development categories, ensuring momentum in real estate while protecting stakeholders.
Bank of America (BofA) has secured a landmark office space deal in 2023, leasing 1.1 million sq ft in Chennai, marking a significant expansion of its offshore operations. The property, located at DLF Downtown in Taramani, will house the bank's back office operations in India. The first phase, covering 710,000 sq ft, is set to commence operations in Q2 2024, with an expansion option of 390,000 sq ft. DLF Downtown, a joint venture between DCCDL and TIDCO, is a sought-after commercial space with notable tenants, reflecting Chennai's growing significance in corporate real estate. Bank of America's strategic move underscores its commitment to expanding operations in India, contributing to the robust demand for premium office spaces in Chennai's evolving commercial real estate landscape.
Kansai Nerolac Paints recently approved a sale of a land parcel in Lower Parel, Mumbai, along with its building, to Aethon Developers, a subsidiary of Runwal Developers, for Rs 726 crore. This decision aligns with the company's aim to monetize idle land parcels, turning them into valuable assets through strategic partnerships. Despite robust financial performance, with a 57.79% growth in net consolidated profit for Q2 FY24, the move reflects a broader industry trend of companies unlocking the value of unused real estate assets to enhance liquidity and reinvest in core operations or growth opportunities.
India's debt markets are undergoing a notable evolution as companies with repayment defaults manage to attract investors and raise funds. Mumbai-based Damji Shamji Realty, rated as 'D' after defaulting on HDFC Bank's loan, successfully raised Rs 95 crore from the private placement bond market. This rare instance of a rated, secured, and listed bond by a D-rated company indicates a shift in the perception of junk bonds. The move, facilitated by ASK Real Estate Special Opportunities Fund IV, highlights the potential development of the bond market in India and offers distressed companies an avenue for fundraising, emphasizing the role of cash flow stability over traditional credit ratings.
The New Delhi Municipal Council (NDMC) unveiled its budget plan for the fiscal year 2024–25, projecting a surplus of Rs 240.2 crore and anticipated revenues of Rs 5,069.6 crore. Chairman Amit Yadav envisions transforming NDMC into a global-standard city, emphasizing financial prudence. The budget aims to exceed the current fiscal year's revised estimates, focusing on revenue collection from property tax and license fees. The introduction of geo-tagging for all properties and initiatives like electric vehicles, green bonds, and the 'One Day, One Road' campaign underscore NDMC's commitment to environmental sustainability and operational efficiency. The budget also allocates funds for education, local initiatives, and beautification projects, signalling a comprehensive approach to urban development and a positive trajectory for New Delhi's future.
In 2023, IHG Hotels and Resorts, a global hospitality leader, experienced a remarkable rebound, surpassing pre-pandemic levels and witnessing extraordinary growth in the tourism industry. The company, managing renowned brands like Holiday Inn, Intercontinental, and Six Senses, marked the launch of its premium lifestyle brand Voco and secured 15 new deals during the year. Sudeep Jain, IHG Hotels & Resorts Southwest Asia managing director, highlighted the industry's expansion as a key factor behind the success, citing increased occupancy rates and room rates. With plans to add 45 hotels in the next three to five years, including luxury brands Regent and Kimpton, IHG anticipates continued growth in the Indian market.
The Ministry of Statistics and Programme Implementation (MoSPI) recently reported that as of November 2023, 421 major Indian infrastructure projects, each exceeding Rs 150 crore, faced cost overruns amounting to Rs 4.40 lakh crore. Monitored among 1,831 projects, these overruns represent nearly 17.54% of the initial cost. Despite spending Rs 15,58,038.07 crore, equivalent to 52.80% of the expected costs, delays persist in 845 projects, averaging 36.64 months. Issues such as land acquisition, environmental clearances, and insufficient infrastructure support contribute to setbacks, compounded by factors like project financing delays and pandemic-related disruptions. These challenges underscore the urgent need for comprehensive reforms and effective project management strategies to address the persistent hurdles in India's infrastructure development landscape.
In the first half of 2023, Dubai experienced a remarkable 23% surge in annual rental prices, with projections indicating an anticipated 30% growth by year-end and a continued upward trajectory in 2024. Long-term rentals increased by almost 27%, while short-term rentals spiked by 30% in October. Despite a milder summer, rental demand remained high. The surge in rental costs is linked to a 15% rise in apartment prices from mid-2022 to mid-2023, driving increased transactions. Forecasts for 2024 predict a 20% increase in short-term rentals and a 15% rise in long-term rentals, sustaining organic growth in the real estate market. The influx of global professionals and Dubai's population growth to 5.8 million by 2040 contribute to the city's status as a thriving real estate hub, with rising rental prices expected to persist in 2024.
A Construction-linked Plan (CLP) is a flexible payment method for under construction flats. The buyer initially pays a pre-determined down payment, after which all subsequent pre-determined payments are made in instalments that are linked to the progress of construction.
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