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Global Capability Centres (GCCs), also known as global in-house centres or captives (GICs), are offshore centres established by firms to provide various services to their parent organisations. These centres operate as internal organisations within the global corporate structure, providing specialised capabilities such as IT services, research and development, customer support, and other business tasks. GCCs and GICs are critical in leveraging cost efficiencies, accessing talent pools, and encouraging collaboration between parent businesses and their offshore affiliates.
Bollywood actress Mrunal Thakur and her father have acquired two adjoining apartments in Oberoi Springs, Andheri West, Mumbai, for a total of INR 10 crore from Kangana Ranaut's family members. The spacious flats, spanning 1017 and 997 sq ft, are undergoing renovations to meet the actor's specifications. Known for its celebrity residents, Oberoi Springs offers luxurious amenities like pools and gyms. The purchase signifies the rising allure of Andheri as a prime residential locale, boasting upscale towers and convenient access to amenities. The move towards a jodi flat reflects a trend towards expansive living spaces in Mumbai's bustling entertainment hub.
<p>&bull; A residential flat spanning 3,111 square feet sold in Oberoi Elysian Tower C,D &amp; E in Goregaon East for INR 12.10 crores<br /><br /> &bull; A residential flat spanning 983 square feet sold in Hiranandani Fortune City - Helios in Rasayani for INR 97 lakhs</p>
Raagam Phase 1 by TATA Housing in Bengaluru was a remarkable success, selling out in less than a week after it opened and bringing in over INR 650 crores. Situated on 140 acres, the project, which is a part of the Tata Carnatica township, offers innovative planned developments. Raagam Phase 1, which has a total area of 9 lakh square feet and 576 sold plots, is a testament to Tata Housing's dedication to quality and innovation. The project's quick success is attributed to strategic marketing initiatives, a focus on customer happiness, and a variety of living options. These factors have raised the bar in Bengaluru's real estate market.
The Maharashtra Real Estate Appellate Tribunal (MREAT) directed the new developer of Mumbai's Palais Royale project to maintain status quo on a home buyer's flat, preventing third-party rights until the final appeal hearing against a MahaRERA order. The project, stalled due to legal issues, saw a change in ownership under the SARFAESI Act. MahaRERA initially dismissed the buyer's complaint regarding delayed possession. However, the MREAT granted interim relief, emphasising the validity of the buyer's agreement with the former developer and affirming RERA's applicability. The ruling ensures the buyer's rights amidst the project's tumultuous legal proceedings.
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has introduced stringent guidelines governing mutual settlements between homebuyers and developers, aiming to enhance transparency and accountability in the real estate sector. These guidelines, effective from this month, mandate settlements to be formalized on non-judicial stamp paper, notarized, and uploaded onto UP-RERA's web portal for verification. These measures seek to address issues of non-compliance and disputes, ensuring adherence to established norms and fostering an environment conducive to successful resolution of proceedings. By standardizing the settlement process and imposing strict compliance measures, UP-RERA aims to enhance trust and efficiency in the state's real estate market.
Scheduled for March 5th, the Delhi Development Authority (DDA) plans to auction Phase III of its Diwali Special Housing Scheme, featuring 257 flats located in Dwarka. This phase includes penthouses, high-income, and middle-income group residences, with tentative prices ranging from INR 1.44 crore to INR 5 crore. Registration for the e-auction and submission of earnest money deposits closes on February 28. Notably, the scheme provides parking spaces for purchasers, and previous phases offered over 2,000 flats across Dwarka. The DDA, established under the Delhi Development Act, is responsible for urban development and infrastructure projects in the National Capital Territory of Delhi.
ASK Property Fund announces a INR 120 crore investment in TREVOC's luxury housing project in Gurugram, enhancing its prime location and revenue prospects. TREVOC will contribute INR 80 crore to the venture, underlining their commitment to crafting a unique living space. The investment, drawn from ASK Real Estate Special Opportunities Fund IV, underscores ASK Property Fund's focus on high-potential micro markets in India's top 6 cities. With over 175 residential units spread across a two-acre plot, the project anticipates an aggregate revenue potential of INR 800 crore over five years, signaling confidence in Gurugram's real estate landscape and the luxury housing sector's growth.
The Brihanmumbai Municipal Corporation (BMC) has released property tax bills for 2023-24 without any hike in taxes, with a payment deadline of March 31st. The issuance of bills was delayed due to legal complexities and delayed government approval. The corporation has collected INR 708 crores so far out of the targeted INR 4,500 crores for this fiscal. The decision to not hike taxes provides relief to property owners, but the BMC faces revenue challenges due to exemptions and deferred revisions. The last property tax revision was in 2015, and the BMC will need to consider raising rates in the future to improve and maintain city infrastructure.
Amid prolonged delays in Gurugram's affordable housing projects, the Department of Town and Country Planning (DTCP) has stepped up its actions. Directives have been issued to developers of 50 projects to submit comprehensive status reports, emphasizing adherence to timelines. Concerns over sluggish progress have prompted DTCP to convene a review meeting with developers, aiming for compliance with licensing terms and project milestones. Escalation to higher authorities is planned for unresolved delays. Simultaneously, the Municipal Corporation of Gurugram (MCG) is cracking down on property tax defaulters, sealing properties and disconnecting utilities. Despite challenges, these proactive measures signal a concerted effort to address housing delays and boost revenue collection, fostering optimism among stakeholders.
Brigade Group collaborates with PVP Ventures Ltd for a major project in Chennai, constructing a sprawling 2.5 million sq ft residential complex in Perambur, expecting INR 2,000 crore revenue. Chennai's diverse industries make it an ideal market. Managing Director Pavitra Shankar emphasizes Chennai's significance alongside Bengaluru and Hyderabad. With over 12 million sq ft land bank, Chennai is their second-largest market. Brigade Group diversifies into hospitality, leasing a 250-room resort along East Coast Road. Plans include adding 1200 keys in four years. Additionally, they aim to expand commercial real estate, adding 3.15 million sq ft of office space by FY25, driving sustainable growth across key markets.
Leading private equity firm KKR & Co. is stepping up its attention to India's infrastructure market, hoping to commit a sizable chunk of its USD 6.4 billion Asia-Pacific fund to renewable energy, roads, and highway projects. With USD 3 billion in current investments, KKR views India as a critical area for expansion alongside other Asian economies. The company's approach demonstrates its faith in India's economic growth trend and reform-focused methodology. Partnerships with the Vedanta Group demonstrate KKR's dedication to accelerating the switch to renewable energy sources and bolster the company's standing in India's changing infrastructure market.
The luxury real estate market in Hong Kong faces significant challenges ahead, as indicated by data from Spacious.hk. Inquiries for homes priced at $10 million or more have dropped by 45% over the past year, reflecting a broader trend of declining interest in high-end properties. Meanwhile, inquiries for homes priced below $1.3 million and those between $1.3 million and $3.2 million also saw notable decreases. The price index for private homes hit a seven-year low by the end of 2023, underscoring the subdued state of the housing market in Hong Kong amidst economic uncertainties and shifting buyer preferences.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has released its Quarterly Progress Report (QPR) for June, showing a significant improvement in compliance with project reporting requirements. Out of 633 projects, 333 (52.6%) submitted all required forms before the due date, a significant increase from January's 0.03% compliance rate. However, since the start of the year, overall, 557 developers (62.86%) remain non-compliant, despite penalties and notices. MahaRERA remains concerned about this indifference and aims to continue to take strict action, including project suspensions and financial penalties, to enforce compliance. The QPR system provides homebuyers with up-to-date information on project progress, enabling them to make informed decisions, and is thus significant for the MahaRERA.
<p>&bull; A residential flat spanning 346 square feet sold in UVK Sai Akshi in Bhandup West for INR 63 lakhs<br /><br /> &bull; A residential flat spanning 150 square feet sold in Nina Fortune Rise in Bhuleshwar for INR 30 lakhs</p>
Asset Homes, a leading real estate developer in Kerala, has partnered with Columbia Pacific Communities to introduce luxury senior living projects, branded as 'Young @ Heart', across Kerala. This collaboration combines Asset Homes' local expertise with Columbia Pacific's global experience to set new standards in design, amenities, and services. With India's senior population expected to grow, Asset Homes plans to launch four projects initially in Thiruvananthapuram, Kottayam, Kochi, and Kozhikode, catering to diverse preferences. These projects, slated for Q1 2024-25, aim to provide retirees with a vibrant lifestyle. The partnership reflects a commitment to meet the evolving needs of seniors while promoting positive aging and community living.
State-owned NBCC received approval from the Greater Noida Authority to develop five Amrapali projects worth INR 10,000 crore. These projects include Centurian Park, Golf Homes, Leisure Park, Leisure Valley, and Dream Valley. In December 2023, NBCC announced sales of 5,000 units for INR 2,900 crore across several residential projects of Amrapali. As per Supreme Court direction, ASPIRE was formed to complete stalled projects through NBCC. NBCC is tasked with completing 38,159 units and pending common facilities across 25 housing projects, with an estimated cost of INR 8,266 crore. NBCC aims to complete all projects by March 2025, prioritizing home buyers' ownership dreams.
The Bombay High Court has delivered a decisive verdict in favour of developers Godrej Properties and Shelton Infrastructure, allowing them to retain plots in Sanpada, Navi Mumbai, originally allocated by CIDCO. The dispute arose when CIDCO sought to revoke the allotments, citing concerns over potential financial losses. However, the High Court deemed CIDCO's actions arbitrary and discriminatory, emphasizing the developers' right to equality before the law. Represented by seasoned legal counsels, the developers argued vehemently against the cancellations, leading to a landmark ruling reinforcing the importance of due process and legal diligence in matters of public land allocation and development.
The Jaipur Development Authority (JDA) is set to utilize the Land Pooling Scheme Act of 2016 for the first time, acquiring 164 hectares of land for the Shivdaspura township project. This marks a departure from previous land acquisition methods, such as the "land for land" policy introduced in 2018. Under the land pooling scheme, landowners contribute land for urban infrastructure development in exchange for developed parcels with amenities like roads and parks. Meetings with landowners are underway, targeting 166 hectares along Tonk Road for mixed-use development. This aligns with Jaipur's 2025 master plan, prioritizing satellite townships to ease population pressures and emphasizing sustainable urban growth.
Over the next two years, Global Capability Centres (GCCs) in India are set to secure leases for 45–50 million square feet of office space, driving 40% of office space demand across the nation's top six cities. Despite challenges like the pandemic and geopolitical issues, GCC expansion persists, supported by improving business sentiments. Colliers reports a 14% year-on-year increase in GCC leasing activity in 2023, highlighting their pivotal role in shaping India's commercial real estate landscape. With foreign companies drawn by cost-effectiveness and talent access, GCC demand is expected to remain robust. Sectoral diversification, particularly in engineering and healthcare, promises further growth, with Bengaluru and Hyderabad emerging as key GCC hubs. Sub- and near-dollar micro markets will continue to drive GCC space acquisition, reflecting a positive economic outlook for India's office market.
Motilal Oswal Alternates (MO Alts) achieves a milestone raising over INR 1,250 crore for its India Realty Excellence Fund VI (IREF VI), targeting INR 2,000 crore. Investing in mid-income and affordable housing across eight Indian cities, diverse investors show confidence in MO Alts' expertise and real estate prospects. With a track record of over 150 investments and INR 7,500 crore funding, MO Alts is strategically positioned amidst rising land acquisition demand and promising opportunities.
Jubilant FoodWorks Limited (JFL) introduces Popeyes to New Delhi's Chandni Chowk, marking its expansion into the national capital region after its initial entry into India in 2022. With plans to open stores in other key locations, including Jasola, Faridabad, and Gurugram, Popeyes aims to leverage its own delivery fleet and partnerships with food aggregator apps. JFL targets INR 1,000 crore in sales from Popeyes, capitalising on India's significant non-vegetarian market. The move reflects JFL's strategic expansion efforts and highlights the growing demand for fried chicken in India's quick service restaurant (QSR) sector.
Spyre PropTech Venture Fund, backed by Venture Catalysts and NeoVon, aims to raise INR 400 crore in the first phase of an INR 800 crore proptech sectoral fund, with support from CREDAI. The fund, granted approval by SEBI, plans to invest in over 30 Indian proptech startups at various stages of development. Venture Catalysts, India's first multi-stage venture capital firm, is the seed investor and co-sponsor of Spyre, bringing significant expertise and experience to the fund, which is set to play a crucial role in fostering technological innovation in the Indian real estate sector.
Mumbai is set to bid farewell to the 112-year-old Sion Road Over Bridge as it closes on February 29 to make way for a new, modern structure. Set to undergo demolition due to its deteriorated condition, the bridge's reconstruction aims to facilitate railway expansion and is expected to last 18-24 months. The project will extend the bridge's span to accommodate additional railway lines, enhancing urban mobility. Traffic congestion is anticipated on alternative routes, with measures like no-parking zones being implemented to mitigate the impact. This marks a significant step in Mumbai's infrastructure development, promising improved connectivity upon completion.
Saudi Arabia's economic transformation under Prince Mohammed's leadership is marked by ambitious initiatives like the $48 billion property development and global airline establishment. However, cash reserves have dropped significantly, prompting plans for a substantial Saudi Aramco stock sale. Social liberalization measures, including integrating women into the workforce, accompany assertive foreign policies. Gigaprojects like Diriyah and Neom showcase futuristic city planning. The Public Investment Fund's assets surged to $2 trillion, but the government faces a $21 billion budget deficit and increasing debt, necessitating additional fiscal risk. Despite economic challenges, Riyadh aims to raise funds through Aramco stock sales and bond offerings to sustain its transformative vision.
Alternate Investment Funds (AIFs) is a privately pooled investment vehicle that collects funds from India and abroad for investing into asset classes with a defined policy. The concept was first introduced in India in 2012. Under AIF regulations issued by SEBI, funds can be classified into three categories. Real estate AIFs fall under category II.
Cricketer Yashasvi Jaiswal invests INR 5.38 crore in a Mumbai apartment at Ten BKC, Bandra East. Developed by Adani Realty, the project offers luxury living with great connectivity. The project is slated for completion this year. Bandra East has gained popularity due to its proximity to Bandra Kurla Complex and upscale gated communities, attracting developers like Rustomjee and Kalpataru. Jaiswal's move echoes the trend of cricketers investing in prime real estate, joining the likes of Kapil Dev and Virat Kohli, who've acquired properties in Mumbai and Alibaug. This underscores the allure of Mumbai's real estate market for both celebrities and investors alike.
<p>&bull; A residential flat spanning 814 square feet sold in Romell Diva Phase 1 in Malad West for INR 1.48 crores<br /><br /> &bull; A residential flat spanning 1736 square feet sold in Ellora Apartment in Kalina for INR 8.15 crores</p>
Raymond Realty, the real estate arm of Raymond Group, ventures into Mumbai's real estate market with 'The Address by GS, Bandra', a luxury residential project spanning 2.74 acres. Formed through joint development agreements (JDAs), it offers 2, 3, and 4 BHK apartments alongside a 16,000 sq ft clubhouse and high-street retail spaces. Strategically located in Bandra East, it ensures connectivity to prime locales like Bandra-Kurla Complex and Bandra-Worli Sea-Link. With a RERA carpet area of 0.7 million sq ft and a revenue projection exceeding INR 2,000 crore, it's poised to redefine luxury living. Raymond Realty's expansion beyond Thane signifies a strategic move towards maximizing Mumbai's real estate potential.
Mahindra Lifespaces Developers Limited (MLDL) launched its second plotted development project for FY-24, 'Green Estates by Mahindra,' at Mahindra World City in Chennai. Spanning 27 acres, the development offers plots ranging from 750 sq. ft. to 2400 sq. ft., emphasizing customized living amidst lush green open spaces. Situated against the scenic Paranur Hills backdrop and adjacent to three lakes, the project integrates seamlessly with nature. With a captivating 1.2-acre central park and nature-inspired amenities, it aims to foster community living.
The Yamuna Expressway Industrial Development Authority (YEIDA) is contemplating the reinstatement of a land parcel to Jaiprakash Associates Ltd (JAL) on the condition that the developer clears INR 200 crore in dues upfront. This is part of a potential rehabilitation package for JAL's 14 stalled residential complexes and aligns with the state government's relief measures introduced in December 2023. The proposed reinstatement involves a 1,000-hectare land allotment originally designated for Jaypee International Sports, a subsidiary of JAL, in 2009-10, under a Special Development Zone (SDZ) scheme.
Smiti Agarwal, director at Wesbok Lifestyle Pvt Ltd and spouse of V Bazaar CMD Hemant Agarwal, secures a sprawling apartment at The Camellias by DLF, Gurugram, for Rs 95 crore. The opulent 10,813 sq. ft space comes with five parking spots. The transaction, completed on January 18, 2024, underscores the allure of prime properties in the region while the recent surge in property values at The Camellias echoes a broader trend across DLF's Golf Links projects. With 15% of buyers upgrading from nearby complexes. It marks a milestone in Delhi-NCR's upscale real estate market, reshaping luxury living standards in Gurugram.
GIFT City, India's first smart city, is witnessing a remarkable real estate upsurge with a record bid of INR 3,870 per sq feet for a residential project against the base price of INR 1600 per sq feet. Prices for residential apartments have risen steeply by 30% to 35% in recent months. Despite the increase, developers report selling 70% to 80% of their inventory prior to project completion. Majority of the buyers currently are investors, especially NRIs, who anticipate higher rental income from these properties. With its world-class infrastructure and growing interest from global banks and tech giants, GIFT City is emerging as a thriving hub of residential and commercial activity.
In 2023, India's entertainment sector saw a staggering 179% year-on-year surge in retail space leasing, doubling its uptake to 660,000 square feet. This trend, encompassing movie theatres, gaming arcades, and play areas, reflects a shift in consumer behaviour towards shared experiences and leisure activities. CBRE data reveals the entertainment segment's share of overall retail leasing increased from 5% to 9%, with Bengaluru leading the charge at 330,000 square feet, followed by Chennai and Delhi-NCR. Other cities also contributed significantly, marking substantial growth compared to 2022 figures. This surge underscores the rising importance of entertainment experiences in retail spaces, driven by technological advancements and evolving consumer preferences.
Adani Realty emerges as the highest bidder for MSRDC's 24-acre Bandra Reclamation land, outbidding Larsen & Toubro. With a potential development area of 45 lakh square feet, valued at around INR 30,000 crore, the project aims to blend commercial and residential spaces. Adani Realty's win, amidst stiff competition from industry giants, underscores their prominence in Mumbai's real estate. The revenue-sharing model ensures mutual benefits, with Adani Realty obligated to pay INR 8,000 crore or 22.79% of gross revenue to MSRDC. This collaborative effort, akin to the Dharavi Redevelopment Project, promises to reshape Mumbai's skyline while fostering sustainable and efficient urban development.
TDR certificate/ Development Rights Certificate (DRC) is a certificate issued by the competent authority to an owner or a lessee of the land on surrender of the gross ‘area’ of the land which is required for public purpose. Such ‘area’ of land must be free of cost and free from all encumbrances. The certificate comprises of the details such as FSI/FAR credit in square meters of the built-up area to which the owner or lessee is entitled, the place from where it is generated and the rate of that plot as prescribed in the Annual Statement of Rates issued by the Registration Department or other concerned department for the concerned year.
The Bombay High Court has raised concern over the handling of eviction notices by the Slum Rehabilitation Authority (SRA), stressing the need for a more compassionate approach towards slum dwellers' welfare. Amidst concerns over short eviction notices issued after two decades of promises for "permanent alternate accommodation," the court directed the Apex Grievance Redressal Committee to promptly review and potentially stay the eviction orders. The case, concerning slum dwellers near Worli Dairy in Mumbai, reiterated the importance of the Slum Act's welfare intent. The court's rebuke extended to the AGRC's conduct, emphasizing the importance of humanity over monetary concerns in such matters. The intervention underscores the court's commitment to protecting vulnerable communities' rights and well-being.
CREDAI-MCHI, in collaboration with CIDCO, organized a workshop on an amnesty scheme for Navi Mumbai residents, addressing Maveja and Additional Lease Premium (ALP) issues. Chief Minister Eknath Shinde's directive to delink CIDCO permissions from pending dues is expected to benefit over 1,000 housing societies. Five key concerns were identified, leading to a committee chaired by Ex-chief secretary Shri Sanjay Kumar to address challenges. The government accepted most recommendations, separating Maveja/ALP recovery from occupancy certificates issuance. A 50% amnesty on payable amounts until March 31, 2023, under the Abhay Yojana, aids projects facing delays. These efforts align with CREDAI-MCHI's commitment to fostering sustainable development in the Mumbai Metropolitan Region.
<p>&bull; A residential flat spanning 760 square feet sold in Samata CHS in Goregaon West for INR 1.25 crores<br /><br /> &bull; A residential flat spanning 539 square feet sold in Zen Gardens in Dahisar West for INR 1.05 crores</p>
Brigade Group, a real estate developer headquartered in Bengaluru, is unveiling an extensive strategy to fortify its presence across South India's commercial, retail, and hospitality sectors. Spearheaded by Nirupa Shankar, the joint managing director, the company aims to significantly augment its office space, retail portfolio, and hospitality offerings. By focusing on tailored expansions in key cities such as Bengaluru, Chennai, and Hyderabad, Brigade Group seeks to solidify its position as a premier player in the region's dynamic real estate landscape.
Tamil Nadu's DMK government recently unveiled a seven 'grand Tamil dreams' in its 2024–25 budget, highlighting social justice and fiscal prudence. Central to the budget was "Kalaignarin Kanavu Illam," a housing scheme aimed at constructing 0.8 million concrete houses by 2030, with a budget of INR 3,500 crore. Despite revenue constraints, the state plans to reduce its deficit marginally and maintain fiscal discipline. Following the Fifteenth Finance Commission's recommendations, Tamil Nadu will adopt a fiscal consolidation strategy, gradually reducing the deficit. Despite challenges, the state anticipates revenue growth and increased expenditures, with debt projected to remain stable relative to GSDP. Overall, Tamil Nadu's budget underscores its commitment to inclusive growth and citizen well-being.
Luxury housing in India experienced a remarkable surge in 2023, with sales soaring by 75% year-on-year, according to CBRE South Asia Pvt. Ltd. The luxury segment, encompassing units priced at INR 4 crore and above, witnessed a substantial 45% increase in unit launches. Notably, the luxury sector's share of overall residential unit sales doubled from 2% in 2022 to 4% in 2023. Delhi-NCR led the growth with a staggering 197% year-on-year surge, followed by Pune, Hyderabad, and Mumbai. The market's resilience was further evident in the balanced sales and launches during the last quarter of 2023.
Sundaram Alternates Assets (SAA), a subsidiary of Sundaram Finance Group, is spearheading a fundraising campaign to secure around INR 1,000 crore from international investors for green real estate ventures in India. With a focus on high-yield credit funds and a robust Environmental, Social, and Governance (ESG) framework, SAA aims to attract capital from diverse global sources, including NRIs in the Gulf region. The company anticipates the Series IV fund's closure within the INR 1,000-1,200 crore range, reflecting strong investor interest from regions like the GCC, North America, and Southeast Asia. SAA's proven track record and broad investor base highlight its potential to drive sustainable real estate initiatives in India.
Oberoi Realty teams up with Marriott International to redefine luxury living in Mumbai, unveiling plans for two prestigious properties: JW Marriott Hotel Thane Garden City and Mumbai Marriott Hotel Sky City in Borivali. Expected by 2027-2028, these projects promise unparalleled urban experiences. Chairman Vikas Oberoi underscores the integrated developments' grandeur, showcasing Oberoi Garden City and Sky City as prime locations. Leveraging Thane's allure and Borivali's vibrancy, Oberoi Realty emphasizes lifestyle enhancement through luxury residences, expansive malls, and seamless connectivity. This partnership cements Oberoi Realty's commitment to pioneering upscale urban communities, blending opulence with community well-being and sustainability, reshaping Mumbai's real estate landscape.
India's hospitality sector is poised for substantial growth, with Crisil Ratings projecting an 11-13% revenue increase in 2024-25, buoyed by robust recovery post-Covid-19. Domestic demand and rising overseas visitors are expected to drive growth to 15-17% this fiscal year. Strong operating performance and minimal capital spending will bolster profitability and credit profiles. Domestic travel demand, supported by economic activity, will sustain industry development, albeit at a slower pace due to a high base effect. While foreign tourist numbers remain below pre-pandemic levels, their gradual increase will boost hotel demand, especially in the MICE category. Favourable supply dynamics will further fuel industry resilience, with brands favouring management contracts to minimize upfront capital costs amidst sector challenges.
Crib, a property management app founded in 2021 recently introduced Crib Plus, a premium version aimed at the burgeoning student housing and co-living markets in India. With an investment exceeding USD 1 million, Crib Plus intends to target the burgeoning rental market that is expected to surpass USD 20 billion by 2024. Offering streamlined operations and cost reduction benefits, Crib Plus aims to empower operators with comprehensive management tools and enhance brand presence. With over USD 2 million in funding from esteemed investors, including Vijay Shekhar Sharma and Kunal Shah, Crib is poised for continued growth and innovation in the real estate tech sector.
The Maharashtra Industrial Development Corporation (MIDC) is nearing the completion of land acquisition for new industrial estates near Nashik. Covering 348 hectares across Maparwadi and Rajur Bahula, MIDC aims to finalise the process by April's end, enabling infrastructure development. Local farmer cooperation indicates a smooth settlement process. Land rates are set at Rs 94 lakh per acre for Rajur Bahula and Rs 52 lakh per acre for Maparwadi. Industry experts, like Manish Rawal, commend the move, envisioning Nashik's growth as a manufacturing hub. The state government's commitment to industrial expansion is evident, poised to fuel economic development and job opportunities.
Japan has pledged a significant 232.21-billion-yen loan (about USD 1.55 billion) to bolster infrastructure and development across India, spanning crucial sectors like road construction, climate change mitigation, and agriculture. The agreement, signed by officials from both nations, strengthens their long standing bilateral cooperation dating back to 1958. Key projects include enhancing road connectivity in India's North-east, constructing the Dhubri-Phulbari bridge, and upgrading the Phulbari-Goeragre highway. Additionally, investments are allocated for the Chennai peripheral ring road, dedicated freight corridor, start-up promotion in Telangana, sustainable horticulture in Haryana, climate change response in Rajasthan, a teaching hospital in Nagaland, and urban water supply improvement in Uttarakhand.
China has implemented a significant reduction in its benchmark mortgage reference rate to stimulate economic activity and rejuvenate the property market. The five-year loan prime rate (LPR) was cut by 25 basis points, signalling policymakers' commitment to providing stimulus support. While impacting financial markets and boosting property stocks, the move aims to stabilise confidence, promote investment, and support real estate market development. Despite challenges, China remains focused on fostering stability and growth in the sector.
The Maharashtra Housing and Area Development Authority (MHADA) is a flagship housing scheme established under the Maharashtra Housing and Area Development Act, 1976. It came into existence in the year 1977. It is a lottery system under which certain housing units are allotted in some specified areas each year, especially for the people who fall under lower and middle-income groups. Currently, it provides affordable housing options under the Pradhan Mantri Awas Yojana (PMAY).
Bandhan Bank expands its footprint in Mumbai's commercial heart, BKC, securing 12 office spaces in INS Tower for INR 135.64 crore. This strategic move aims to elevate its Mumbai corporate office, replacing the current Platina tower location. Real estate experts note a slight premium due to high demand for Grade A spaces in the BFSI hub, with monthly rentals exceeding INR 50 per sq ft. The acquisition involves four sellers and grants exclusive access to 31 car parking slots. This expansion aligns with Bandhan Bank's growth strategy, evidenced by its robust financial performance and workforce expansion, reaffirming its commitment to key financial sectors.
<p>&bull; A residential flat spanning 401 square feet sold in Shivam Galaxy in Psivali for INR 36.5 lakhs<br /><br /> &bull; A residential flat spanning 417 square feet sold in Raj Urbania in Ambarnath for INR 22.55 lakhs<br /><br /> &nbsp;</p>
Godrej Properties Ltd (GPL), a prominent Indian real estate developer, has taken a proactive and customer friendly approach in tackling the problems concerning the Godrej Summit project in Gurugram. Following concerns over construction quality, over 100 homeowners recently opted for a buyback offer extended by the company. In addition, GPL is said to have earmarked INR 155 crore for repairs, addressing chloride-related corrosion in concrete. The company has extended repair deadlines to ensure a thorough completion by December 2024 under the guidance of IIT Delhi. GPL has vowed to prioritize resident satisfaction, engaging with residents and collaborating with experts to ensure project quality and safety.
DRA Homes, a prominent real estate developer in Chennai, unveils a strategic investment plan of INR 2000 crore for FY 2024-25, with a INR 500 crore commitment for Chennai's development. Funding will be sourced from equity, internal accruals, family offices, and structured debt. Targeting the mid-segment market, the company plans to introduce commercial developments, villas, and layout stocks. Over the next 3-4 months, projects spanning 1.2 million sq ft will be launched, projecting a turnover of INR 750 crore. Ranjeeth Rathod, MD of DRA Homes, emphasises confidence in Chennai's real estate potential amid robust commercial and residential demand, supported by accolades for excellence and innovation.
The Uttar Pradesh State Government, guided by recommendations from a committee led by former Niti Aayog member Amitabh Kant, is streamlining flat registration in projects where developers accept recalculated dues under a rehabilitation plan. Special Sunday camps aim to hasten registration, aiding about 40 projects in Noida and Greater Noida. The deal offers a two-year interest and fine waiver on COVID-related dues upon 25% upfront payment. Officials anticipate a boost in revenue collection, aiming for INR 4,728 crore from Noida alone. However, only 13 of 57 developers have responded positively, prompting a deadline extension. Proactive measures aim to enhance developer participation and revenue, aligning with rehabilitation goals.
Under Chief Minister Siddaramaiah's leadership, the Karnataka Government has unveiled a holistic plan to revamp Bengaluru, positioning it as a premier urban centre. Key initiatives include digitizing property tax records for all 20 lakh properties, aiming for a 'record' tax collection of INR 4,300 crore in the current fiscal year. To plug tax leaks, strategies have been devised, while additional revenue streams are to be targeted through revised advertisement policies and a premium Floor Area Ratio (FAR) policy. Infrastructure enhancements focus on road development, traffic decongestion, and the transformation of the Peripheral Ring Road (PRR) into the Bengaluru Business Corridor under a PPP model. Sustainability efforts include establishing captive solar parks, reinforcing Bengaluru's image as an eco-conscious metropolis.
 witness rapid growth in fiscal year 2023.png)
Affordable Housing Finance Companies (AHFCs) witnessed a remarkable resurgence in growth during FY23, expanding by 27% year-over-year, as per a CareEdge Rating report. Forecasts suggest a sustained growth trajectory, with a projected 29% growth in FY24 and a further 30% in FY25 for AHFCs. Despite elevated costs and margin pressures, asset quality remains stable with a GNPA ratio around 1.2%. The report also anticipates a rise in the non-housing segment share to 27% by March 31, 2024, amidst high competition.
Walmart, the global retail giant, plans to triple its sourcing from India, targeting USD 10 billion per year by 2027. At the Walmart Growth Summit, the company emphasized supporting Indian MSMEs and entrepreneurs, already training 50,000 individuals under its Walmart Vriddhi initiative. CEO Doug McMillon and President Kathryn McLay highlighted India's potential, aiming to contribute to its USD 4 trillion economy. The summit facilitates global market access for Indian manufacturers, focusing on diverse categories. Walmart's partnerships in India, including Flipkart and initiatives like Flipkart Wholesale, PhonePe, and Walmart Global Tech India, showcase a holistic approach to fostering growth and innovation.
OYO properties & Homes is branching out into the sports hospitality market, choosing 100 properties in 12 locations, including Bangalore, Chennai, and Delhi. The change is intended to accommodate major sporting events by offering players, referees, and spectators end-to-end solutions. OYO provides a variety of lodging alternatives, customised packages, and group booking choices with an emphasis on quality and creativity. The company also intends to offer transportation, catering, and round-the-clock support via control rooms at event locations. This strategic growth, which demonstrates OYO's dedication to seamless and inclusive hospitality, comes after successful participation in significant sporting events in 2023.
The Maharashtra Government has allocated INR 145 crore from the district planning committee to develop infrastructure in rural towns of Nashik like Sinnar, Manmad, Bhagur, and others. An additional comprehensive plan of INR 813 crore for the district's development has been approved for fiscal year 2024-25. This funding aims to address critical infrastructure needs and promote balanced development across urban and rural areas, reflecting the government's commitment to enhancing the region's overall growth and prosperity.
America's office market is experiencing notable changes, with Morgan Stanley analysts predicting further price declines due to ongoing challenges, primarily driven by remote work trends. Office property prices have already dropped by about 20% from their peak, with vacancies reaching record highs. Concerns also arise from the impending debt refinancing in the commercial real estate sector, posing additional hurdles. As distress mounts, stakeholders must adapt to evolving dynamics and seek innovative solutions to navigate the challenges ahead.
NTT Ltd., a leading IT infrastructure company, announces its inaugural data centre campus in Paris, spanning 14.4 hectares with a capacity of 84 MW across three centres. Located strategically near digital infrastructure, the site in Le Coudray-Montceaux and Corbeil-Essonnes signifies Paris's importance in NTT's global expansion. CEO Doug Adams highlights collaboration with local entities and the site's significance in meeting rising data demands. Logistics Capital Partners facilitated site acquisition and will aid in development. This move aligns with global expansion plans amid growing data needs, complementing recent ventures in the US and India, showcasing NTT's substantial investment exceeding USD 10 billion.
Affordable Rental Housing Complexes( ARHCs) is a sub-scheme under the Pradhan Mantri Awas Yojana – Urban (PMAY-U) scheme, initiated by the Ministry of Housing & Urban Affairs. It aims to provide affordable rental housing to urban migrants and poor. The ARHCs will comprise of a mix of single bedrooms and dormitory style units along with common facilities and amenities. These spaces will be leased for a minimum period of 25 years. Under the ARHC scheme, government funded vacant houses will be converted to ARHCs and new structures will be erected on available vacant land for this purpose which will managed through Public Private Partnership or Public Agencies.
Ramabai Ambedkar Nagar, one of the oldest slums in Mumbai, is set for redevelopment by the Mumbai Metropolitan Region Development Authority (MMRDA). Covering a vast area of 75 acres, the redevelopment project aims to transform a significant portion of the land into a mixed residential-commercial zone. Through the project, the MMRDA plans to extend the Eastern Freeway to Thane, thereby making the redeveloped area to be seen as a very strategic location. The project envisions creating 81 lakh sq ft of rehabilitation area for 15,000 tenements and generating 75 lakh sq ft of commercial space, targeting an overall estimated revenue of INR 10,000 crore.
• A residential flat spanning 900 square feet sold in Kabra Primera in Vikhroli East for INR 3.62 crores<br /> • A residential flat spanning 938 square feet sold in Kalpataru Srishti - Wing F CHS in Mira Road for INR 1.7 crores
Awfis, a prominent provider of flexible workspaces in India, achieves a significant milestone, surpassing 100,000 seats across its nationwide centres. From its inception in 2015 with one centre in New Delhi, Awfis now spans 16 cities, ranking among the top 5 players in the sector as per CBRE. With a presence in over 150 centres across Tier-I and Tier-II cities, Awfis holds the largest share in Tier-II cities among top operators. Serving diverse industries, including IT and finance, notable clients include Lenovo and Capgemini. Awfis' journey continues to redefine office dynamics, empowering businesses in an evolving work landscape.
Kolte-Patil Developers had revealed a INR 9,000 crore project launch plan over 14 months, bolstering its presence in Pune, Mumbai, and Bengaluru. Pune's growth, driven by infrastructure and economic activities, will witness unveiling of projects worth INR 6,400 crore. Strategic micro-market positioning includes Kiwale, Pimple Nilakh, Baner, Kharadi, Hinjewadi, and NIBM Road. The company intends of investment INR 2,500 crore by FY25 in Mumbai. The company is aiming for a sales target of INR 3,500 crore in FY25 and INR 4,500 crore in FY26, backed by partnerships like Marubeni Corporation. With 26 million sq. ft developed and ongoing projects spanning 33.5 million sq. ft, Kolte-Patil eyes a Gross Development Value of INR 25,000 crore, emphasizing technology-driven growth across key markets.
Haryana's Real Estate Regulatory Authority (H-Rera) has issued a stern warning to banks in Gurugram against allowing developers to withdraw funds from the regulator's accounts in violation of prescribed norms. In a letter dated Feb 12, H-Rera emphasised non-compliance with the Real Estate (Regulation and Development) Act 2016, where developers must deposit 70% of collected funds into separate accounts for specified project expenses. The authority stressed the importance of banks ensuring compliance and notified developers of potential penalties, including up to 5% of the project's cost, for violations.
The Housing and Urban Development Department is launching a web-based House Allotment System (HAS) to ensure transparency in allotting houses to the urban poor. Under Model I of the Housing for All Scheme, private developers must reserve 10% of housing units for Economically Weaker Sections (EWS). The system's standardized procedure outlines eligibility criteria, registration steps, and roles of stakeholders. Beneficiaries register on HAS to apply for EWS house allotment. Development authorities monitor the process, ensuring compliance. With 1,500 EWS housing units in Bhubaneswar set for allocation, the HAS promises a transparent and accountable approach to housing distribution.
HDFC Bank's home loan book reached INR 6.84 lakh crore in December, nearing SBI's INR 6.94 lakh crore. SBI had surpassed HDFC in February 2021 with a market share of 23.5% to HDFC's 17%. Despite HDFC Bank's rapid growth post-merger, it lost market share. However, HDFC Bank's sequential growth outpaced competitors at 3.6%. SBI aims for a INR 10 lakh crore home loan book in five years. HDFC Bank focuses on reducing loan processing time and increasing cross-selling opportunities. They plan to introduce home refurbishment loans and a home saver product to enhance customer offerings and digital connectivity.
Despite economic uncertainty and decreased investment, the warehousing and logistics industry demonstrated resilience in 2023, with warehouse space usage increasing by 21% to 37.8 million sq ft, surpassing pre-pandemic levels. Institutional investment decreased by 65%, totalling USD 646 million, as investors adopted a cautious approach. Third-party logistics (3PL) firms played a crucial role, representing 44% of total absorption. Mumbai led in absorption, while Kolkata experienced a decline due to warehouse shortages. NCR saw a 21% rise in absorption, driven by its strategic location and e-commerce growth. Southern cities remained significant players despite challenges. While 2024 poses uncertainties, long-term growth prospects remain optimistic, with a predicted CAGR of 10%-13% driven by e-commerce expansion and infrastructure development.
Udhayam theatre, a historic cinema hall in Chennai, is scheduled for demolition to pave way for a residential complex on its 1.31-acre property in Ashok Nagar, Chennai. Established in 1983 as one of the city's initial multiplexes, the theatre complex, housing Udhayam, Mini Udhayam, Suriyan, and Chandran theatres, will be replaced by a residential development. The decision to replace the iconic structure with a residential complex comes in light of low profitability and financial constraints. The closure has stirred nostalgia among cinema enthusiasts, reflecting a broader trend of traditional theatres facing challenges and closures amid the growing popularity of online streaming platforms.
The Brihanmumbai Municipal Corporation (BMC) engaged Manori residents in discussions about the Marve-Manori flyover, part of a broader initiative to improve connectivity in Mumbai's western suburbs. Local fishermen and farmers raised objections over potential ecological damage and threats to traditional livelihoods. Concerns heightened due to the lack of basic amenities in nearby villages, questioning the infrastructure's prioritization over essential services. Deputy Municipal Commissioner Vishwas Shankarwar noted diverse opinions among stakeholders during the consultation, where feedback was solicited. The BMC aims to ease congestion on key routes like SV Road and the Western Express Highway with six major bridges, despite Maharashtra Coastal Zone Management Authority's concerns about mangrove impact.
NBCC Ltd has secured a INR 262 crore project to redevelop the Ministry of External Affairs Housing in Delhi. The project, inaugurated on February 14, 2024, includes constructing 54 Type-VI Quarters, 18 Type-IV Quarters, and 18 Transit Quarters. Key attendees included Y K Sailas Thangal, Nidhi Anand, and K P Mahadevaswamy. This initiative aims to enhance infrastructure and create a conducive living environment for residents, underscoring the commitment of both MEA and NBCC. NBCC, engaged in Project Management Consultancy and real estate, continues to spearhead transformative endeavours in infrastructure development.
The United Kingdom has set a historic precedent by enforcing mandatory biodiversity net gain (BNG) rules for housing developers. Effective immediately, all new major housing projects must deliver a minimum 10% benefit for nature. Smaller developments will follow suit in April, while rules for national infrastructure projects are expected in 2025. The move reflects the UK's commitment to halt species decline by 2030. Investors, including Gresham House, foresee substantial opportunities in the emerging market for nature, estimated to be worth hundreds of millions annually. The initiative aims to harmonise development with nature conservation, transforming communities sustainably.
The Slum Rehabilitation Authority (SRA) is a planning authority formed under the Slum Rehabilitation Act in December 1995. It was established to serve as a planning authority for all slum areas in the jurisdiction of Municipal Corporation of Greater Mumbai. The SRA authority undertakes activities such as assisting slum dwellers in forming co-operative societies, assisting in certification of eligibility of slum-dwellers, taking punitive action on non-participating slum-dwellers obstructing the scheme, survey, and measurement on slum lands grant of building permissions, leasing of rehabilitation plots and free-sale plots and updating of property cards (PR cards) and more.
Godrej Properties has entered the Hyderabad real estate market by acquiring 12.5 acres in Rajendra Nagar. The development on this land parcel is expected to yield a 4 million sq. ft. saleable area, focusing on premium residential apartments with an estimated revenue potential of INR 3,500 crore. The Rajendra Nagar area offers robust infrastructure, schools, hospitals, and connectivity to key hubs. Godrej Properties aims to cater to discerning homebuyers in Hyderabad, following its recent acquisition of land parcels in Bengaluru. With a target of multiple land acquisitions, the company aims to generate around INR 15,000 crore in revenue post-development this fiscal year.
<p>&bull; A residential flat spanning 348 square feet sold in JSB Nakshatra Primus in Naigaon for INR 26 lakhs<br /><br /> &bull; A residential flat spanning 1031 square feet sold in CIDCO Celebration CHS in Kharghar for INR 1 crore<br /><br /> &nbsp;</p>
Pushpam Group, renowned for its upscale resort homes, has unveiled 14 exquisite Bali-themed studio suites at Balibaug in Alibaug. Priced at INR 59 lakh and above, these meticulously crafted suites offer residents a tropical retreat with panoramic views from their verandas. Dr. Sachin Chopda, Managing Director of Pushpam Group, emphasised the suites' addition to their luxury villa offerings, highlighting the project's appeal for investors seeking monthly rental income. Balibaug, situated along Alibaug's scenic coastline, promises a serene escape reminiscent of 'Mini Goa', just a short drive from Mumbai and the forthcoming Navi Mumbai International Airport.
County Group plans to invest INR 5,000 crore over five years in Ivory County, an ultra-luxury housing project in Noida's Sector 115. With 2,372 units spread across 28 acres, the project includes 'Ivory County' and 'Ivory County Gold' segments. Phase one's 1,500 units are already sold out. Offering 3, 4, and 5-BHK apartments ranging from 2,034 to 6,939 sq ft, prices start at INR 14,000 per sqft for Ivory County and INR 16,000 per sqft for Ivory County Gold. With a revenue potential of INR 7,500 crore, the project targets buyers from within County Group's existing projects for a lifestyle upgrade.
In a recent ruling, the Lucknow bench of the Allahabad High Court addressed a key issue regarding eligibility under the state's slum policy. The court highlighted that those with commercial establishments in slum areas cannot be equated with traditional 'slum dwellers,' sparking debate. The case, focusing on the Akbarnagar demolition, saw the court directing authorities to provide details of slum dwellers filing GST and Income Tax returns. This underscores the court's intent to assess each case individually. The outcome of this legal battle will likely influence future urban development strategies and legal interpretations concerning slum rehabilitation policies.
The state cabinet approved the redevelopment of 25 buildings in Sion Koliwada, Mumbai, housing Sindhi, Sikh, and Punjabi families displaced during Partition. The redevelopment, costing INR 3,000 crore, will be overseen by MHADA, providing 1,200 families with larger homes free of cost. A high-powered committee will monitor the project, ensuring at least 51% tenant consent. The buildings, erected in the 1950s and '60s for refugees, faced demolition notices from BMC in 2011. The initiative, long overdue, aims to address housing needs and marks MHADA's role as a special planning authority. Residents welcome the decision after years of efforts and displacement.
The National Housing Bank (NHB) of India has launched an initiative to bolster the housing finance market, focusing on Residential Mortgage-Backed Securities (RMBS) in collaboration with the Reserve Bank of India. The plan includes forming the RMBS Development Company Limited (RDCL), with NHB as the major shareholder and significant investments from insurance companies, private banks, and Housing Finance Companies (HFCs) like Grihum Housing Finance Ltd (Grihum). With India's housing finance market expected to double soon, especially in catering to economically weaker sections, lower-income, and middle-income groups, this initiative aims to drive economic growth, financial inclusion, and affordability while diversifying funding sources for HFCs.
The Indian commercial office sector is experiencing a substantial surge, as per the latest findings from ICRA, a leading credit rating agency. Their report indicates a remarkable potential for Real Estate Investment Trusts (REITs) within the office market. The report reveals that the REIT-ready office supply market could boost the office REIT market size by 6.0-6.5 times, with Bengaluru leading the way at 31% of the supply. Presently, three listed office REITs in India represent about 9% of the total office supply. Despite challenges like high vacancies in SEZ space, office REITs maintain a healthy 84% occupancy rate. ICRA projects a revival in SEZ attractiveness, supporting a stable outlook for India’s commercial office sector due to its appeal to global capability centers.
Private equity giants Bain Capital, Advent International, and CVC Capital, along with Warburg Pincus, vie for Shriram Housing Finance Ltd (SHFL), a subsidiary of Chennai's Shriram Finance. Initial offers fell short of Shriram's INR 6,500 crore valuation, prompting renewed talks after last year's unsuccessful stake sale. SHFL's impressive growth has driven the need for capital infusion, aiming to reach INR 20,000 crore assets under management by FY25. The company's focus on affordable housing attracted investor interest amidst India's booming market. The potential acquisition signals a transformative shift in India's housing finance landscape, offering promising opportunities for growth and innovation.
Bengaluru-based Prestige Group plans to develop 9 million sq ft of retail space across Mumbai and Delhi-NCR, expanding its mall business. In 2021, they sold 4.4 million sq ft of retail space valued at Rs 9,000 crore. Rebranding their malls aims to attract international brands and enhance customer experiences. Ali emphasised the rarity of malls generating Rs 100 crore monthly revenue, highlighting their Forum mall's success. Upcoming malls will feature destination retail, live music, cinemas, and technology-enabled experiences. With strong retail portfolio growth, including 102% YoY sales increase in Q2FY24, Prestige Group aims to join India's elite mall league.
The Brihanmumbai Municipal Corporation (BMC) is concreting roads in Mumbai's eastern suburbs, with a tender worth INR 1,224 crore covering 261 roads, augmenting ongoing work on 182 roads. Chief Minister Eknath Shinde's directive aims to eliminate potholes and enhance road quality within two years. Initially, tenders worth INR 5,800 crore for 400 kilometers were floated, later cancelled due to a lacklustre response. Fresh tenders of INR 6,080 crore for 397 kilometers were issued, but challenges persisted, leading to cancelled contracts and new tenders. Concerns about pace and quality remain, underscoring the need for addressing contractor performance and project execution issues.
Houston's ultra-luxury home market witnessed a remarkable 75% surge in sales for properties priced over USD 10 million, totaling USD 78 million in 2023, according to Compass' Ultra-Luxury Report 2023. While sales of homes over USD 1 million dipped 8.4% in 2022, effective marketing strategies, including private jet and yacht promotions, contributed to the present success. Experts predict sustained demand for large properties in prime locations, emphasizing health-focused features in the properties. Areas like Dallas-Fort Worth exhibited significant growth, with a 125% increase in sales, reaching a total volume of USD 104 million, driven by rising demand and new luxury constructions.
Base FSI is the basic FSI permitted by the competent authority as a matter of right without any cost. Chargeable or Premium FSI is the FSI available by additional payment to the competent authority as per the applicable rules. Maximum permissible FSI is the FSI that includes the base and chargeable FSI.
Former Indian cricket team captain, Kapil Dev, expands his real estate portfolio with the acquisition of a 16-acre land in Mograj village, Karjat taluka, marking his second significant purchase in the area. Secured from farmer Mohan Gaikar, the transaction, valued at INR 8 crore, was facilitated smoothly by a sub-registrar from Panvel. This acquisition, kept confidential until registration, underscores Karjat's growing appeal for property investors, fuelled by its proximity to tourist spots like Solanpada dam. Kapil Dev's continued interest in the region, alongside Bollywood actor Suniel Shetty's luxury villa project, further cements Karjat's status as a premier destination for second homes, stimulating local real estate development and interest.
<p>&bull; A residential flat spanning 424 square feet sold in East Syde in Ghatkopar East for INR 82.67 lakhs<br /><br /> &bull; A residential flat spanning 1025 square feet sold in Lodha Bellissimo Mulund Project Tower T2 in Mulund East for INR 2.69 crores</p>
Squarefeet Group launched India's first Millennial Housing Project in Thane, strategically situated opposite the expansive Grand Central Park. The project, unveiled by Maharashtra Chief Minister Eknath Shinde, is a pioneering venture aimed at redefining urban living for millennials. The Grand Central Park, spanning 20.5 acres, offers a diverse range of cultural themes and lush landscapes. The housing project promises a five-star hotel-like living experience with tailored amenities including culinary delights, housekeeping, and automated laundry services. Innovative features such as dedicated health experts and hybrid gyms ensure holistic well-being.
Ashiana Housing, based in Delhi, reported a robust Q3 FY23-24, with a net profit of INR 27.80 crore, surging 207.18% year-on-year. Total income rose to INR 189.25 crore, a significant 39.86% increase. The company's success lies in tailored residential developments across key cities like Gurugram and Jaipur, catering to evolving buyer needs. Additionally, its focus on the senior living segment has strategically positioned it amidst rising demand. With a debt-equity ratio of 0.18 and current liability ratio of 0.88, Ashiana is well-equipped for sustained growth, driven by customer-centric strategies and a commitment to excellence.
Starting April 1, property developers with a minimum of 50 housing units can register properties with MahaRERA at their own offices. Rajagopal Devara, the additional secretary of revenue, shared the Maharashtra state government's target to increase annual stamp duty registration revenue from INR 50,000 crore to INR 75,000 crore within two years. The decision on maintaining or changing ready reckoner rates, which impact stamp duty fees and property values, will be taken following a review. The government has also allowed property registration from any office in Pune and Mumbai, with this facility to be extended to buyers in Kolhapur district as well.
The National Company Law Tribunal (NCLT) in New Delhi has issued a verdict on a legal dispute between Supertech Realtors and Indiabulls Housing Finance. The case concerns Supertech Realtors' accusation that Indiabulls Housing Finance improperly deducted INR 6,150 crore from its loan account, exceeding the legitimate amount owed of INR 5,873 crore. Supertech alleges that this financial discrepancy not only breaches their contract but also has broader implications for public interest, potentially affecting their ability to deliver properties to customers. However, Indiabulls Housing Finance presented a Reserve Bank of India (RBI) order characterizing the dispute as a bilateral matter, to be resolved through contractual obligations. The NCLT ruling favoured Indiabulls Housing Finance, highlighting the complexities of corporate disputes, particularly in the real estate sector.
Property registrations in Pune surged by 46% year-on-year in January 2024, totaling 17,700 units compared to 12,166 in January 2023, according to the Maharashtra government’s Department of Registrations and Stamps. Stamp duty collections for the same period also witnessed substantial growth, reaching INR 589 crore compared to INR 441 crore in January 2023. Notably, residential units priced between INR 50 lakh and INR 1 crore dominated transactions with a 32% market share, followed closely by units priced between INR 25 lakh and INR 50 lakh at 31%. The data reflects a thriving real estate sector in Pune across various price ranges, apartment sizes, and buyer demographics.
In a noteworthy decision, the Income-tax Appellate Tribunal (ITAT), Delhi bench, ruled in favor of a non-resident taxpayer regarding the taxation of the variance between the stamp duty value and the agreement value of a property in Mumbai. The case of Shyamkumar Madhavdas Chugh highlighted the discrepancy between the agreement and registration dates, leading to differing values. The ITAT held that this difference cannot be deemed 'Income from other sources,' citing Section 56(2)(vi)(b) and emphasizing the importance of considering the stamp duty value on the agreement date. This ruling sets a significant precedent in clarifying tax treatment for property transactions, especially concerning timing disparities.
Phoenix Mills, a retail-led mixed-use asset developer, reported a 69% year-on-year rise in Q3 FY24. Consolidated net profit rose to INR 297 crore, with operating profit reaching INR 552 crore. Retail collections surged 30% to INR 700 crore, and rental income from retail grew 33% to INR 447 crore. The malls owned by the developers are operating at lifetime high lease occupancy and trading levels. The company also recorded robust leasing in commercial offices and maintains strong Average Room Rates (ARR) in hotels. Consolidated net debt stands at INR 2,230 crores. Residential sales show improvement, with gross sales of INR 515 crores in the first nine months of FY24.
The Adani Group has unveiled plans to invest INR 60,000 crore in a diverse array of infrastructure projects, spanning green hydrogen, copper smelting, power, transmission, and roads over a five-year period. With funds secured from Indian public and private sector banks, including the State Bank of India, the consortium includes five public sector banks and three private sector banks, with PSBs contributing 56% of total loans. Interest rates range from 9% to 11%, with the majority of funds to be allocated towards the green hydrogen project, showcasing the Group's commitment to sustainable energy. Additional investments target copper projects, transport, logistics, power assets, and coal-to-PVC ventures, reflecting the Adani Group's strategic vision to foster domestic finance and propel India's infrastructure agenda forward for sustainable growth.
The Ministry of Road Transport and Highways (MoRTH) is contemplating an extension of the defect-liability period within engineering-procurement-construction (EPC) contracts to 10 years, aiming to reduce road maintenance costs for the government and incentivize contractors to enhance construction quality. The initiative is part of efforts to curtail road accidents by ensuring improved road durability. While the proposal is under consideration, concerns have been raised about potential risks for contractors, who could face claims beyond their control during an extended defect-liability period.
Owens Corning has agreed to acquire Masonite International Corp. for USD 3.9 billion, aiming to diversify its residential building product offerings amidst challenges in the US real estate market. The deal is expected to yield USD 12.6 billion in revenue with USD 125 million in annual cost savings. Masonite, with 64 facilities primarily in North America, will operate as a separate segment post-acquisition, maintaining its brand and presence in Tampa, Florida. The announcement led to a surge in Masonite's stock by 34.2%, while Owens Corning's shares fell 8.5%.
TDR is a technique of land development, which separates the development potential of a piece of land from the land and allows the development rights to be used elsewhere in the city as permissible by the state law. Under this method, the owner of the land can sell the development rights of his land to another entity or individual. The receiving plot can use this TDR over and above the usual FSI available to it in accordance with the prevailing laws and regulations. This is generally used for redevelopment of inner-city zones and re‐development projects.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has partnered with the Advertising Standards Council of India (ASCI) to crack down on developers advertising projects without registration numbers and QR codes. The collaboration involves using Artificial Intelligence to identify such advertisements across various media platforms. MahaRERA Chairman, Mr. Ajoy Mehta, emphasized the importance of having a MahaRERA registration number and QR code in advertisements to ensure transparency and protect homebuyers' interests. This move aims to curb misleading advertisements and uphold RERA guidelines, which mandate registration for projects exceeding certain size thresholds. Homebuyers are encouraged to verify the presence of a registration number and QR code before investing in any real estate project.
<p>&bull; A residential flat spanning 362 square feet sold in Chhotalal Bhuvan in Fort for INR 54.58 lakhs<br /><br /> &bull; A residential flat spanning 496 square feet sold in Lodha Quality Home Tower 7 in Majiwade for INR 84.71 lakhs</p>
Casagrand, a leading real estate developer in South India, has launched Casagrand Medora, a premium residential project in Chennai's Korattur area, offering 155 luxurious apartments with 40+ amenities. Strategically located near Anna Nagar, the project stands out with an attractive price of INR 6999 per sq.ft., providing a holistic living experience in the heart of the city. Casagrand Medora emphasizes convenience, elegance, and functionality, featuring architectural finesse, world-class amenities, and meticulously crafted residences, demonstrating the developer's commitment to upscale urban living in Chennai.
Sobha Limited's Q3-FY24 financial results demonstrate strong sales and operational growth, with record-breaking collection, realization, and sales values. Quarterly sales hit INR 19.52 billion, up 37.0% YoY and 13.2% from Q2-FY24, driven by Bengaluru's highest-ever quarterly sales of 1.25 million sq ft., valued at INR 14.99 billion. Two new projects totaling 3.84 million sq ft. were launched, contributing to the highest-ever quarterly real estate collection of INR 12.93 billion, up 11.8% YoY. With positive cash flow, net debt/equity ratio reduced to 0.54. 9-month FY24 revenue rose to INR 24.26 billion, and Q3-FY24 profits reached INR 153 million, reflecting growth strategies focused on new launches and effective execution.
In response to public outcry, the Brihanmumbai Municipal Corporation (BMC) has scrapped a controversial draft policy concerning open spaces, confirmed by BMC Commissioner Iqbal Chahal. The policy, introduced in September 2023, aimed to lease playgrounds and recreation grounds to private entities and NGOs for up to five years, sparking widespread opposition. With concerns raised over potential exploitation and loss of control, the BMC has opted to maintain the existing adoption policy, allowing leases for eleven months. Chahal highlighted citizen concerns and stressed the importance of elected representatives shaping city policies. The decision, applauded by activists, signifies a victory for citizen engagement and the preservation of Mumbai's public spaces.
The Greater Noida Industrial Development Authority (GNIDA) has initiated an e-auction for eight group housing plots, spanning 3.5 to 10 acres each, in various sectors of Greater Noida. Developers have a 90-day window to complete payment for the land and are required to adhere to the approved layout plan, obtaining an occupancy certificate within seven years. Sector Mu offers a 4.5-acre plot, Omicron 1A a 7.5-acre plot, and Eta 2 a 7-acre plot, among others. Interested parties must apply by Feb 27 and submit documents by March 1. Land rates range from INR 36,500 to INR 48,300 per sqm, with a total reserved price exceeding INR 970 crore. Allotments are on a leasehold basis for 90 years, with restrictions on amalgamation or subdivision. Consortiums are allowed, with a designated lead member responsible for project completion. Previous transactions, like Prasu Infrabuild's acquisition of a 6-acre plot in Sector Zeta 1, reflect investor confidence in Greater Noida's real estate market.
The Magicbricks Rental Update for October-December 2023 highlights a robust 17.4% YoY surge in rents across 13 major Indian cities, led by Gurugram (31.3% YoY), Greater Noida (30.4% YoY), and Bengaluru (23.1% YoY). Rental demand modestly increased by 1.6% YoY, with Greater Noida, Ahmedabad, and Chennai witnessing the highest growth. However, rental supply decreased by 16.9% YoY, particularly in Noida, Hyderabad, and Greater Noida. Economic expansion, job markets, rising incomes, and migration to Tier 1 cities drove rental demand, while interest rates surpassing rental yields deterred investors. Millennials constituted 67% of rental demand, with 2 BHK units dominating the market at 41%.
India Shelter Finance Corp Ltd. demonstrates robust performance in Q3 FY24, with a 42% year-over-year increase in Asset Under Management (AUM) and a notable 55% surge in Profit After Tax (PAT) to INR 62 Crores. As of December 31, 2023, Gross and Net Stage 3 NPAs improved to 1.2% and 0.9%, respectively, from 2.3% and 1.8% in December 2022. The company's Net Worth reached INR 2,209 crore with a liquidity reserve of INR 1,488 crore. Despite market challenges, the company maintains a stable cost of funds and enhances Return on Assets (RoA) and Return on Equity (RoE). Significant reductions in Non-Performing Assets (NPAs) underscore resilience and growth potential in the housing finance sector.
Apeejay Surrendra Park Hotels, popularly known as 'The Park' Hotels, recently filed for an Initial Public Offering (IPO) amounting to a staggering INR 920 crores. The IPO comprised INR 600 crores in fresh shares and an Offer for Sale (OFS) of INR 300 crores, with a significant portion allocated to repay borrowings, bolstering the company's financial standing. The IPO, open from February 5th to February 7th, witnessed exceptional demand, with oversubscriptions of 75.14 times from Qualified Institutional Buyers (QIBs), 52.41 times from Non-Institutional Investors (NIIs), and 30.35 times from retail investors. The gray market indicated a premium of 20-25%, and upon listing on February 12th, the stock soared by over 31%, affirming investor confidence and signaling a bright future for Apeejay Surrendra Park Hotels in the luxury hospitality sector.
Landeed, a leading prop-tech startup, has unveiled India's premier AI Property Analyzer feature, a tool set to revolutionize property title analysis in the country. This technology provides a detailed ownership history of properties, simplifying title flow and enhancing accessibility for brokers, landlords, and landowners. By automating document analysis and retrieval, including Encumbrance Certificates and 7/12 records, Landeed's AI analyzer empowers users to navigate complex property documents effortlessly, saving time and minimizing errors. With overwhelming traction and positive reviews since its launch, Landeed is poised for further success in reshaping the Indian real estate landscape.
The Indian government has committed INR 6,000 crore to construct the Frontier Highway in Arunachal Pradesh, enhancing connectivity along the India-Tibet-China-Myanmar border. This strategic infrastructure, covering 1,748 kilometres just 20 km from the international border, is set to begin construction by April. Aimed at bolstering border security and regional economic growth, the project will be developed in collaboration with multiple agencies and is expected to generate significant local employment. Road Transport Minister Nitin Gadkari highlighted the project's role in facilitating economic development and supporting strategic defence initiatives, marking a significant step towards national security and prosperity.
Germany's commercial property sector faces unprecedented challenges, with data from the VDP banking association revealing a historic 12.1% drop in prices in Q4 2023, marking the largest decline ever recorded. This crisis, exacerbated by setbacks in recent years, saw prices plummet by 10.2% throughout 2023. The downturn stems from rapid expansion fuelled by declining interest rates, abruptly halted by rising rates and building costs, leading to insolvencies and stalled transactions. Amidst a global trend of property market challenges, Germany's plight underscores economic uncertainty, prompting calls for emergency aid and highlighting the need for proactive measures to navigate towards recovery.
Capital assets are significant pieces of property such as homes, cars, investment properties, stocks, bonds, and even collectibles or art. Any profit arising from the sale of a ‘capital asset’ is referred to as a capital gain. This gain or profit is considered as ‘income’ and therefore applicable to be taxed. Capital gains tax can be short-term or long term and must be paid within the same year as the transfer of asset. In India, assets received as gifts or by way of a will or inheritance is exempt from taxation. However, if the individual inheriting the asset choses to sell it, capital gain tax will be applicable.
Zomato CEO Deepinder Goyal has acquired two separate land parcels totaling 5 acres in Mehrauli Tehsil, New Delhi, for a combined sum of INR 79 crore. The first 2.5-acre plot was purchased for INR 29 crore in March 2023, followed by the second 2.5-acre parcel acquired for INR 50 crore in September 2023. The plots in the Dera Mandi village, Chhatarpur area, are attracting affluent buyers interested in farmhouses. A surge in demand for such properties post-COVID has seen prominent figures like JC Chaudhary and Jaguar investing in Delhi's farmhouse areas.
<p>&bull; A residential flat spanning 1291 square feet sold in Raheja Gardens Delphi in Naupada for INR 2.66 crores<br /><br /> &bull; A residential flat spanning 675 square feet sold in RK Royal City in Mankoli for INR 18.90 lakhs</p>
Arkade Developers Ltd., a burgeoning real estate entity in Mumbai, unveiled Phase 1 of Arkade Nest, an upscale residential enclave in Mulund West's Sarvodaya Nagar, spanning a generous 2-acre expanse with six wings, three already operational. Concurrently, Arkade secured redevelopment contracts for Arunachal Co-op HSG Society in Goregaon East's Jay Prakash Nagar and Nutan Ayojan Co-op HSG Society in Malad West's Liberty Garden. These initiatives underscore Arkade's stature in Mumbai's real estate landscape, blending luxury, affordability, and quality craftsmanship while addressing market demands effectively.
In June 2015, the Slum Redevelopment Authority (SRA) issued a circular aiming to regulate transit rent increases for slum dwellers affected by redevelopment projects. However, this directive has remained dormant, causing distress for occupants stuck in temporary accommodations. The Bombay High Court recently intervened following a representation by Wadala slum dwellers, urging the SRA to enforce the circular mandating a 5% transit rent increase. A division bench of justices instructed the SRA to expedite a decision, responding to a petition filed by 78 eligible slum dwellers from Wadala Village Welfare CHSL. Represented by senior advocate Ranjeet Thorat and advocate Yashodeep Deshmukh, concerns were raised regarding the fairness of developers' rent offers, contrasting market rates, and the SRA's inaction, highlighting the need for prompt resolution.
Prime Minister Narendra Modi is scheduled to virtually inaugurate and oversee the ceremony for 131,454 housing units in Gujarat this Saturday, with Chief Minister Bhupendra Patel and State BJP President C R Paatil attending in Deesa, North Gujarat. Beneficiaries from all 182 assembly constituencies will participate virtually, highlighting Gujarat's prominent role in implementing the Pradhan Mantri Awas Yojana (PMAY) and the national objective of housing for all by 2047. The state has already built 13.42 lakh PMAY units, with plans for an additional 65,000 units in urban areas during the 2024-25 fiscal year, reflecting its steadfast commitment to addressing housing needs.
Adani Realty and L&T Realty lead the race for a 24-acre development in Mumbai's Bandra Reclamation, following a stringent tender process by Maharashtra State Road Development Corporation (MSRDC). Originally attracting interest from major players like Godrej Properties and Mahindra Lifespaces, strict eligibility standards narrowed submissions to three contenders: L&T Realty, Adani Realty, and Mayfair Housing. Positioned near the Bandra-Worli Sea Link toll booth, the project holds significant commercial value, estimated at over INR 30,000 crore, with plans for a 45 lakh sq. ft. mini-township and an INR 8,000 crore payment obligation to MSRDC over the next decade-plus. Supervised by JLL, the tender imposed strict criteria, triggering opposition from locals citing environmental concerns and past agreements, potentially leading to legal challenges from groups like BRAVO.
Amber, a prominent student accommodation platform, has secured USD 21 million in its debut institutional funding round, led by Mumbai-based private equity firm Gaja Capital. Of this, USD 18.5 million is fresh equity, while the remainder comes as venture debt from Lighthouse Canton and Stride Ventures. Operating in seven countries and 250+ cities, Amber aims to add 100-200 more cities in the next two years, leveraging its Indian base for efficient resource utilization. This funding milestone positions Amber for further expansion and innovation in the competitive student housing market.
The Telangana High Court's ruling dismissing a real estate developer's challenge against GST imposition on development rights transfers within joint development agreements is set to reshape property markets nationwide. The 18% GST levy on development rights value, upheld by the court, particularly affects major markets like Mumbai, Pune, Bengaluru, Hyderabad, and Kolkata, potentially rendering projects financially unviable. The dispute, originating from a 2019 GST notification, raises concerns about the taxability of joint development agreements and the timing of tax payments. With unresolved issues likely to escalate to the Supreme Court, stakeholders await clarity on the contentious taxation of development rights transfers, crucial for the feasibility of redevelopment projects nationwide.
Zomato has secured a 7-year lease for 3.08 lakh sq. ft. of warehousing space at Sumadhura Logistics Park near Bengaluru. This deal, marking one of Zomato's largest warehousing transactions, comes as the company reported a net profit of INR 138 crore for the October-December period. Sumadhura Logistics Park, with an initial investment of INR 600 crore, spans 100 acres and offers 2.5 million sq. ft. of commercial warehouse space. The park aims to expand to 6 million sq. ft. in the next phase. Warehouses play a crucial role in buffering against disruptions, with retail being a key driver of warehousing demand in India.
D B Realty's board greenlights the demerger of its hospitality arm, aiming to boost shareholder value. By segregating hotel assets, the Mumbai-based firm seeks to attract specialized investors and talent, fostering expansion. The move, detailed in regulatory filings, tailors strategies to India's hospitality sector dynamics, enhancing operational focus and agility. The resulting entity targets superior returns and governance transparency, with equity shares to be listed post-demerger. Amidst a promising growth landscape in India's hospitality sector, D B Realty's proactive portfolio optimization aligns with its vision and growth objectives, prioritizing stakeholder interests throughout the process.
The Brihanmumbai Municipal Corporation (BMC) has gained Coastal Regulation Zone (CRZ) clearance for three vital bridge projects in Mumbai's western suburbs. These include a cable-stayed bridge connecting Versova to Madh Island, which will significantly reduce travel time from 1.5 hours to 10 minutes. Despite CRZ clearance, further approvals from the forest department and Bombay High Court are required due to mangrove impact. The proposed bridges aim to improve connectivity and alleviate congestion, with the Madh-Versova bridge being the most crucial. Opposition from fishing communities necessitates consultations and temporary measures to minimise disruption. Progress varies across the six planned bridges, with some awaiting MCZMA clearance.
The Maharashtra State Road Development Corporation (MSRDC) has embarked on a feasibility study for a 136km metro rail project from Virar to Alibaug, marking its inaugural venture into metro infrastructure. Part of the INR 355,000 crore Virar-Alibaug Multimodal Corridor, designed for 14-lane expressway functionality, the metro line aims to enhance Mumbai's transportation network. Scheduled for completion by 2030, the project will be executed in two phases, covering vital suburbs with approximately 40 stations. A detailed project report is anticipated within 6-8 months, with considerations for optimal cost and route adjustments.
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Ready Reckoner Rate, also known as circle rate, is the minimum selling price of a property, set by the State Government. It is the minimum value of an asset, at which it must be registered at the time of its transfer. It is used for the calculation of stamp duty, property tax and various other registration fees. The Ready Reckoner Rate is updated periodically by the State Government to reflect the current market conditions. Individuals selling or buying properties at a rate less than the prevailing Ready Reckoner Rate can be penalised by authorities.
IHCL, in collaboration with GMR Goa International Airport Limited, is set to unveil a 300-room Ginger hotel at Manohar International Airport, Goa, under a 60-year sub-license agreement. Scheduled for launch in 2027, this initiative aligns with IHCL's strategic plan to expand its presence in key transit hubs. The upcoming hotel, under IHCL's third large-format 'Ginger' property at an international airport, aims to meet the escalating demand from travelers while enhancing Goa's appeal as a premier tourist destination.
The Mumbai-Ahmedabad bullet train project has achieved a significant milestone with the completion of the Vikhroli shaft, a key component in constructing the 21-kilometre-long tunnel, which includes India's first undersea passage. This development marks a crucial step forward in the project, enabling the commencement of tunnelling work towards Bandra Kurla Complex and Ghansoli. The National High Speed Rail Corporation Ltd (NHSRCL) officials confirmed the project's progress, highlighting the meticulous planning and execution to minimise environmental and community impact. This ambitious project promises to revolutionise high-speed rail connectivity between Mumbai and Ahmedabad, enhancing economic and social integration.
During his visit to Margao, Goa, Prime Minister Narendra Modi unveiled projects worth over INR 13,000 crore, highlighting the government's focus on inclusive welfare and development. Addressing 40,000 people, Modi stressed the administration's commitment to eliminating discrimination and ensuring equitable distribution of benefits, echoing the philosophy of "sabka saath, sabka vikas" (together with all, development for all). He lauded Goa's social harmony and diversity, praising its achievements in achieving "100% saturation" in key central government schemes. The projects across education, health, and tourism sectors signify a significant stride in Goa's development journey, reflecting Modi's vision for inclusive growth and progress as India approaches the Lok Sabha elections.
The Pradhan Mantri Awas Yojana is a housing initiative by the central government launched in 2015 with the aim to provide “Housing for All” by 2022. It is divided into two parts; PMAY- Urban and PMAY-Gramin catering to urban and rural housing respectively. PMAY-U aims to construct 20 million houses for EWS and LIG groups in urban areas via promotion of in-situ slum redevelopment, subsidies to private companies for construction of affordable housing projects and a Credit Linked Subsidy Scheme (CLSS) for home loans availed by EWS, LIG and MIG groups. PMAY – G aims to provide a ‘pucca’ house, with basic amenities like piped drinking water, electricity connection, and Liquefied Petroleum Gas (LPG) connection through various state run schemes.
Strata, a real estate investment platform, has acquired Bangalore's iconic 11-storey Cafe Coffee Day Square on Vittal Mallya Road for INR 150 crore, expanding its Karnataka asset transactions to over INR 410 crore. The property boasts a total built-up area exceeding 100,000 sq. ft., with each floor averaging around 9,000 sq. ft. Strata, currently has over INR 1500 crore in AUM. The company has 34 assets spanning 3.7 million sq. ft. across India, attracting over 100,000 members and backed by major investors like Kotak and Mayfield India.
<p>&bull; A residential flat spanning 858 square feet sold in Sheth Avante - A,B &amp; C in Kanjurmarg West for INR 2.02 crores<br /><br /> &bull; A residential flat spanning 449 square feet sold in Lifespaces Nilay in Kalbadevi for INR 82 lakhs<br /><br /> &nbsp;</p>
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Signature Global, a leading real estate developer in India, reported robust financial results for Q3 FY24, with pre-sales increasing by 47.38% to INR 12,627.34 million and collections rising by 45.9% to INR 7,690.52 million year-over-year. The company sold 1,179 units and 1.31 million sq. ft, showcasing its ability to seize market opportunities. For the first nine months of FY24, pre-sales expanded by 41.38% to INR 31,241.29 million, with revenue from operations reaching INR 2,818.05 million. Despite a slight decline in margins, Signature Global reported a profit of INR 21.79 million in Q3 FY24, signalling a turnaround. Moreover, the acquisition of GCPL strengthens its land bank and market position, positioning Signature Global for sustained growth and leadership in the real estate sector.
Bengaluru-based real estate developer Puravankara plans to deliver 2,000 units and develop over 2 million sq ft by Q4FY24 across Bengaluru, Pune, Chennai, and Mumbai. The company anticipates Provident Housing and Purva Land to lead sales. Notably, it aims to complete plotted developments spanning 1.8 msf in Bengaluru and Chennai. Puravankara reported a profit of INR 78 crore in Q3FY24, with a net debt of INR 1,741 crore. The company aims to maintain momentum in FY25 and is actively engaged in redevelopment projects in Mumbai while expecting occupancy certificates for four projects in Q4.
The West Bengal government's plan to re-evaluate the Urban Land Ceiling Act (ULCA) signals a significant shift with potential to rejuvenate the real estate market. Minister Chandrima Bhattacharya's announcement during the fiscal year 2024-25 Budget presentation reflects a strategic intent to scrutinize existing land regulations, aiming to attract substantial investments, including foreign capital. Industry leaders applaud the decision, foreseeing it as a crucial move to eliminate investment hurdles and unlock vast revenue and job creation opportunities. The proposed revisions, coupled with initiatives to simplify land ownership and enhance infrastructure, promise to enhance business ease and instil investor confidence, ultimately fostering growth in the housing and related sectors.
DevX, Gujarat's premier managed office space provider, has secured USD 7 million in funding, split evenly between equity and debt. Notable investors include Urmin, Gala, Bidiwala family offices, and individuals like Ajay Patel, Mitesh Patel, and Soham Mehta. Founded in 2017, DevX operates as a co-working space and accelerator, supporting start-ups with strategic partnerships. DevX plans to add inventory, improve governance, and develop a Proptech solution. With a focus on hackathons and events, DevX aims for nationwide growth by 2024, solidifying its status in the managed office space sector.
Actis, a UK-based infrastructure investor, has acquired a portfolio of operational and under-construction road assets from Patel Infrastructure in India's Hybrid Annuity Model (HAM). Valued at approximately USD 180 million, the deal includes two operational assets and two under-construction projects, adding stability to Actis' investment strategy. These assets, awarded by NHAI, offer stable revenues tied to interest rates, appealing to investors. Actis views India's road sector as promising and plans further transactions. The recent acquisition follows Actis' successful purchase of six road assets from Welspun Enterprises in 2022. With this move, Actis aims to consolidate its position in India's infrastructure market, contributing to the country's development agenda.
The Ahmedabad Municipal Corporation's tax department sealed 2,950 properties, including commercial establishments, for failing to pay property tax. The West Zone had the most sealed properties, totaling 1,686. During the drive, officials managed to recover pending taxes amounting to INR 5.81 crore. This action underscores the municipality's efforts to enforce tax compliance and ensure revenue collection. The move sends a strong message to property owners regarding the importance of fulfilling their tax obligations promptly.
Metro Brands Ltd secures its largest warehousing space, a 3.25 lakh sq ft facility in Bhiwandi near Mumbai, for a five-year term. With over 826 stores nationwide, the move supports the company's expansion strategy. Facilitated by Colliers India, the transaction underscores the resurgence of the retail industry and rapid advancements in warehousing. RK Builders Group, the lessor, brings a strong track record to the deal. Reflecting broader trends, the industrial and warehousing sector witnessed steady growth, with Mumbai's Bhiwandi emerging as a preferred market. This strategic move aligns with Metro Brands' vision for aggressive growth and commitment to operational efficiency.
An easement refers to a party's right to use or improve portions of another party's property, or to prevent the owner from using or improving the property in certain ways. The first type is referred to as affirmative easement, e.g. A utility company may have the right to run a gas line through a person's property or pedestrians may have the right to use a footpath that passes through that property. A negative easement restricts the title-holder from doing something, e.g. An owner may not be allowed to build a structure in his garden that would block his neighbour's light.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has witnessed a significant surge in website traffic, indicating improved access to reliable information. With a seven-fold increase in the last six months, MahaRERA prepares to launch its new portal, MahaRERA-CRITI, aiming to streamline home buying processes and enhance transparency. The website's redesign and added features, including simplified complaint filing and comprehensive project information, have contributed to increased user engagement. Chairman Ajoy Mehta emphasizes the importance of maintaining an updated and user-centric website to instil trust and credibility in the real estate sector, aligning with MahaRERA's goal of maximizing transparency and protecting consumer investments.
<p>&bull; A residential flat spanning 769 square feet sold in Hiranandani Estate - Villa Rica in Kavesar for INR 1.50 crores<br /><br /> &bull; A residential flat spanning 507 square feet sold in Dynamic Crest Phase 1 in Nilje for INR 59 lakhs<br /><br /> &nbsp;</p>
In Q3 FY24, Brigade Group achieved remarkable milestones, booking 1.7 million square feet valued at INR 1,524 crores, with collections totalling INR 1,394 crores. The residential sector saw robust growth, while the office segment experienced its best leasing quarter post-COVID. Positive momentum was evident in retail leasing and hospitality sectors as well. The company plans to launch 10.8 million square feet of residential projects, 5 million square feet of office and retail projects, and commence construction on 1,000 hotel rooms in the next year. With a revenue increase of 50% and an EBITDA of INR 73 crores, Brigade Group demonstrates resilience and strategic foresight for sustained growth.
In a significant development, private companies in Delhi can now purchase DDA flats in bulk, thanks to amendments made to the DDA (Management and Disposal of Housing Estate) Regulations, 1968. The Delhi Development Authority (DDA) has expanded its eligibility criteria, allowing non-governmental legal entities to acquire built-up properties for various purposes, including staff quarters and hostels. This move is anticipated to foster growth across private industrial and educational sectors, particularly in emerging areas like Narela. Additionally, DDA announced enticing discounts of up to 25% and 15% on MIG and LIG flats respectively.
The Uttar Pradesh government has allocated INR 2,441 crore for the PMAY-Rural scheme, following the Union Budget's INR 32,000 crore earmark to construct 2 crore housing units in rural areas. In 2022-23, UP built over 28 lakh units, 96 percent of the set target. Subsequently, INR 9,000 crore was allocated in 2023-24. This allocation aligns with the government’s rural sector focus ahead of the upcoming Lok Sabha elections. UP, along with other states, is pivotal for housing unit construction. Additionally, the state allocated INR 1,140 crore for Mukhyamantri Awas Yojana (rural) and doubled funds for toilet construction under Swachh Bharat Mission.
GMR Airports (GAL), managing aviation hubs in Delhi, Hyderabad, and North Goa, has secured INR 2,250 crore from finance firms and private credit investors at a 13 percent interest rate. Notable investors include JP Morgan, Tata Capital, Navi Finserv, HSBC, Aditya Birla Capital and Varde Partners GAL aims to address its high-cost debt and finance equity investments. The borrowed amount is part of a larger INR 5,000 crore borrowing plan. GAL plans to use the funds to refinance debt and invest in subsidiaries. Despite high debt, GAL's interest expenses are expected to decrease gradually, reflecting a positive outlook for its airport assets, including those under development.
The Abu Dhabi Investment Authority (ADIA) is launching a USD 4-5 billion fund to invest in India through Gujarat's GIFT City. ADIA has received in-principle approval from the regulatory authorities. This move, announced in a joint statement by India and the UAE, positions ADIA as the first sovereign wealth fund to invest in India via GIFT City. The approval comes ahead of Prime Minister Modi's visit to Abu Dhabi. GIFT City, offering a 10-year tax holiday and proximity to Indian markets, aims to become a global financial gateway. The fund is expected to start investing by mid-2024, marking a significant development in India-UAE economic relations.
The Nagpur Municipal Corporation's amnesty scheme yielded INR 18.63 crore as 25,879 property owners availed of the initiative, effective until March 31. The Urban Development Department revised the rebate scheme, reducing multiple penal interests for defaulters. Deputy Chief Minister Devendra Fadnavis announced the revamped scheme after a District Planning Committee meeting. With an 80% penalty waiver for tax defaulters paying dues in full, the NMC pardoned INR 4.63 crore for 25,879 defaulters. The initiative covers outstanding property taxes, water charges, and shop rents, allowing citizens to pay at NMC headquarters, zonal offices, or online platforms.
After seven years, the iconic Eros Cinema in Mumbai has reopened as a cutting-edge 305-seater IMAX theatre. The cinema, which was originally commissioned in 1935 and created by architect Sohrabji Bhedwar, was meticulously restored under the supervision of conservation architect Kirtida Unwalla. The renovated cinema preserves its famous Art Deco facade and interior aesthetics while combining old-world charm with modern facilities. PVR Inox will manage the facility. The reopening symbolises an important cultural comeback for Mumbai by providing moviegoers with a one-of-a-kind film experience in a beloved architectural jewel.
Thane recently unveiled its latest urban marvel, the Grand Central Park under the auspices of Chief Minister Eknath Shinde. Spanning 20.5 acres in Kolshet, this green sanctuary mirrors the splendor of New York's Grand Central and London's Hyde Park. Developed by the Thane Municipal Corporation and private developer Kalpataru, the park features over 3,500 tree species, themed gardens, the country's largest skating yard, and diverse recreational facilities. The Grand Central Park aims to become a cornerstone of community and environmental well-being, offering a serene escape and a hub for cultural and fitness activities in Thane.
Commuters traveling between Chhatrapati Shivaji Maharaj International Airport and South Mumbai can expect smoother journeys soon. A new flyover linking Terminal 2 (T2) of the airport to the Sahar Elevated Road over the Western Express Highway is set to open by February 15, easing traffic congestion at the Vile Parle signal. An official from the Mumbai Metropolitan Region Development Authority (MMRDA) confirmed the near-completion of the 790-meter-long flyover, initiated in June 2021 at a cost of 248.43 crore. Prime Minister Narendra Modi may inaugurate this and other infrastructure projects during his Mumbai visit later this month.
Aldar Properties, a leading UAE real estate developer, has invested AED 407 million with Carlyle in European logistics and storage assets. The partnership includes a majority stake in a UK warehouse portfolio and investments in self-storage facilities across Western Europe. Leveraging expertise, Aldar aims to shape and expand these assets while diversifying its revenue streams. This move aligns with Aldar's broader strategy to tap into high-growth real estate sectors and expand internationally, marking significant steps beyond the MENA region.
Housing units in metropolitan cities such as Delhi-National Capital Region, Bengaluru, Chennai, Hyderabad, Mumbai-Mumbai Metropolitan Region, and Kolkata, that are worth up to 45lac rupees and measure up to 60 sq. m of carpet area are considered as affordable housing units. A housing unit in any Indian city other than the ones listed above qualifies as an affordable house if it costs up to 45lac rupees and has up to 90 sq. m of carpet area.
Axis Bank has secured a notable lease deal for office space in Mumbai's esteemed Parle Product Factory Compound, occupying over 81,300 square feet. The agreement encompasses three floors plus the base floor, with a monthly rental of INR 85.37 lakh and a five-year term starting February 1, 2024. A security deposit of around INR 5.12 crore was made, ensuring access to ample parking facilities for employees and clients. This deal reflects Mumbai's robust commercial real estate market, demonstrated further by recent agreements by Barclays Bank PLC, HDFC Bank, and the International Finance Corporation, underlining the city's pivotal role in India's economic growth.
<p>&bull; A residential flat spanning 586 square feet sold in Ajmera Regalia in Borivali West for INR 1.45 crores<br /><br /> &bull; A residential flat spanning 898 square feet sold in Osia Sugan in Kalina for INR 1.45 crores</p>
Godrej Properties has showcased robust financial performance in Q3 FY23-24, with a 6% YoY rise in consolidated net profit to INR 62.3 crore and a remarkable 68.4% surge in revenue to INR 330.4 crore. Despite sequential declines in profit and revenue, the company achieved a substantial 76% YoY increase in booking value to INR 5720 crore and a 43% rise in collections to INR 2411 crore. While facing challenges in areas like collections and deliveries, Godrej Properties remains optimistic about meeting its sales guidance. With eight new projects launched and brisk sales observed in NCR and Mumbai, the company is strategically positioned for sustained growth and market leadership in India's real estate sector.
Embassy Group has finalized a joint development agreement for 3.75 acres of land in Whitefield, Bengaluru, aiming to introduce a premium residential project with an estimated revenue potential of INR 550 crore. The project will offer approximately 400 apartments across various configurations, with modern amenities and timeless aesthetics catering to millennials. Envisioned for Q4 FY24 launch, the development spans 5.4 lakh sq ft of saleable area and targets the growing demand from young professionals in the IT sector. Additionally, Embassy Group plans to launch INR 5,000 crore worth of inventory in the upcoming year to meet the demand for luxury living spaces.
The Maharashtra government has extended the lease of Mumbai's iconic Wankhede Stadium for 30 years, following its expiration in 2018, valuing the 44,000 square meter plot at approximately INR 1,304 crore. The Mumbai Cricket Association (MCA) is mandated to pay an annual rent of INR 1.52 crore, plus an additional INR 8.58 crore covering the period from 2018 to 2023, a decision contested by the MCA due to what they perceive as excessive charges. Despite objections, the stadium remains a pivotal hub for cricket administration in India, with its history dating back to 1968 and hosting numerous prestigious events over the years.
The Delhi Development Authority (DDA) has greenlit several crucial projects aimed at bolstering public infrastructure and advancing the housing sector. Chaired by Delhi Lieutenant Governor V K Saxena, the DDA approved changes in land use to promote green energy and efficient public transportation in Ghazipur, Auchandi village, and Jangpura. This facilitates vital facilities like RFID setups, electrical sub-stations, and RRTS facilities. Housing schemes like the Diwali Special Housing Scheme 2023 and e-auctions for leftover flats in Dwarka are underway, offering discounts to incentivize buyers, including government employees. Moreover, non-governmental legal entities can now purchase built-up properties in bulk, fostering residential staff quarters and hostels. These initiatives, endorsed by the DDA, aim to address infrastructure needs and foster sustainable urban development in Delhi.
Foxconn's India arm intends to invest INR 1,200 crore in a factory construction project on its own land, emphasizing operational necessities, as per a recent stock exchange filing. The investment will flow through its subsidiary, Hon Hai Technology India Mega Development, aligning with its broader strategy of expanding operations in the country. This move follows an earlier announcement of a substantial USD 1.5 billion investment in an Indian construction venture. Foxconn's initiatives coincide with India's drive to attract global semiconductor firms, aiming to bolster domestic manufacturing and reduce dependency on China. With the Indian semiconductor industry poised to hit USD 55 billion by 2026, the sector holds significant growth potential, driven by various consumer electronics segments.
Nexus Select Trust, India's first retail space-backed Real Estate Investment Trust (REIT), recently shared its impressive financial results for the December quarter. They made a profit of INR 106.85 crore and distributed INR 303 crore to unit holders as interest and dividends. Their total income for the quarter was INR 588.4 crore. Compared to the same period last year, they saw a significant 14% increase in net operating income, reaching INR 418.5 crore. The CEO, Dalip Sehgal, highlighted their achievements, including high retail occupancy rates and growth in tenant sales. They're also progressing in acquiring three Grade A consumption centres. The board declared a distribution of INR 303 crore for the quarter. Nexus Select Trust owns 17 Grade-A urban consumption centres, two hotels, and three office assets, with a tenant base of over 1,000 brands.
The Bruhat Bengaluru Mahanagara Palike (BBMP) plans to implement an Integrated Voice Response System (IVRS) to remind its six lakh property tax defaulters of their dues. Munish Moudgil, Special Commissioner (Revenue), confirmed the initiative, likening it to reminders sent by banks. The BBMP aims to streamline revenue collection and reduce the burden on officials by outsourcing IVRS services. The system targets 20 lakh properties registered for property tax, with over 6 lakh in default. IVRS will handle reminders, feedback collection, and citizen queries through Sahaya 2.0, with an AI-based system expected to manage up to 70,000 calls daily.
Lemon Tree Hotels, led by Chairman and MD Patanjali Keswani, plans to open 30 new properties in India and abroad, adding over 2,000 rooms. The expansion includes a resort in Bhutan and 3 to 4 hotels in Nepal. Last year, they launched 14 hotels, including India's largest. With a focus on tier-1 to tier-3 cities and leisure destinations, they aim to expand their Aurika Hotels & Resorts brand. With strong financial performance, revenue of INR 289 crore and a profit of INR 44 crore, Lemon Tree eyes further growth through conversions, targeting 10,000 rooms.
The Mumbai Metropolitan Region Development Authority (MMRDA) has announced a groundbreaking plan to convert Bandra Kurla Complex (BKC), Mumbai's bustling commercial hub, into a pedestrian-friendly area. Drawing inspiration from international models like Canary Wharf and Marina Bay, the initiative involves removing compound walls to enhance walkability and connectivity. MMRDA Commissioner Sanjay Mukherjee emphasised the need for seamless integration within BKC, promoting a more inclusive urban environment. The proposal, awaiting review, seeks to foster a vibrant, accessible public space, balancing modern aesthetics with practical urban planning.
The State Cabinet approved acquiring 283 acres of Mumbai's salt pan land from the Union Government for the Dharavi Redevelopment Project (DRP), to be managed by Adani Realty. This move aims to provide rental housing for ineligible slum dwellers. A separate proposal will be submitted for utilising salt pan lands in Dharavi residents' rehabilitation. The market value will be recovered from the project's special purpose vehicle. Previously contested for a Metro car depot, the land transfer will facilitate Dharavi's redevelopment, benefiting around 3.5-4 lakh people with rental and affordable housing solutions.
The CREDAI-MCHI Thane's 'Home Utsav: Property 2024-Thane' expo, scheduled from February 16 to 19, 2024, aims to turn dreams into reality for home seekers in the Mumbai Metropolitan Region. Set at Raymond Ground, Pokhran Road No 1, Thane West, the expo will connect investors and home-buyers with Thane's leading real estate developers. Jitendra Mehta, President of CREDAI MCHI Thane, emphasized Thane's growth potential, showcasing it as a well-planned, green, and self-sustaining city offering diverse real estate options. The expo aims to demonstrate Thane's evolution into a global city, highlighting its excellent residential and commercial offerings.
DLF, a major real estate player, is set to make its mark in Mumbai's property market with its first project in Andheri. The company, in collaboration with the Trident Group, is embarking on a Slum Rehabilitation Authority project with tentative pricing for apartments ranging from INR 5.5 crore to INR 7.5 crore. With a planned investment of INR 400 crore, DLF aims to achieve a saleable area of 3 million to 3.5 million square feet in the first phase, anticipating substantial demand across various segments.
Thane-based real estate brand Vihang Group has achieved a remarkable feat by selling 200 apartments in its newly launched ‘Capital of Thane’ project within just 10 days, generating a revenue exceeding INR 150 crores. The success underscores the strong demand for residential properties along Thane's Ghodbunder Road. With an ambitious investment plan of INR 850 crores this year, Vihang Group aims to launch three more projects in the same micro-market. It is projecting an estimated sales potential of INR 2000 crores and anticipating a steady increase in expenditures over the next five years.
The Bombay High Court has asserted the protection of fundamental rights for senior citizens facing housing redevelopment delays. The court's comments were made during a plea filed by a 65-year-old woman, Jayashree Dholi, who claimed to be "homeless" due to a stalled redevelopment project in Mulund. The court emphasised that seniors in their "twilight years" should not suffer due to redevelopment delays and issued notices to authorities, including the Maharashtra Government and Brihanmumbai Municipal Corporation, seeking responses to address the petitioner's fundamental rights violation.
The Bombay High Court has dismissed a plea by the Air India Colony staff association to maintain the status quo for two weeks until the Supreme Court addresses the matter on February 13. The association sought to preserve the current state pending further judicial review. However, the court rejected their request, indicating a swift decision on the issue of demolition of vacant buildings. This development points to the legal proceedings progressing quickly, potentially leading to imminent action regarding the disputed buildings.
Adivasi communities residing in Aarey's Film City, Mumbai, are facing uncertainty following the BMC's dismissal of their land claims under the Forest Rights Act. The Adivasi Habale Pada Mandal has expressed discontent through a formal letter to the civic authority, challenging the decision and requesting compensation. The municipal corporation, however, has rebuffed these claims, asserting that a forest rights committee must be established before reaching a resolution. Meanwhile, surveys for the planned Goregaon Mulund Link Road (GMLR) are underway to evaluate its potential impact on Adivasi-held lands.
Anarock, a leading real estate consultant, secures a INR 200 crore investment from 360 ONE Asset Management, aimed at accelerating business expansion and enhancing Proptech platforms. Anarock, with a solid presence in 19 locations, is well-positioned to benefit from the momentum in the industry. By introducing novel ideas and strengthening technology infrastructure, the investment will solidify its position as the industry leader. The collaboration demonstrates investor faith in the future of the real estate industry. Anarock is set to revolutionise the business because to its distinct strategy and emphasis on innovation. Stakeholders should anticipate unmatched value from Anarock as it maintains its current growth trajectory in the dynamic real estate market.
SEBI has greenlit initial public offerings (IPOs) for Arkade Developers, Juniper Hotels, and CJ Darcl Logistics, marking a significant milestone for these firms to raise capital from the capital markets. Juniper Hotels intends to raise INR 1,800 crore primarily for debt repayment, underscoring financial stability. Arkade Developers, with an IPO valued at INR 430 crore, aims to fuel real estate projects and bolster its portfolio. CJ Darcl Logistics plans to utilize funds from its IPO, including a new equity issue and Offer For Sale (OFS), to finance capital expenditure for electric vehicles (EVs), debt repayment, and general business needs.
The Maharashtra cabinet's decision not to raise property tax in Mumbai offers relief to residents amid upcoming civic polls. Led by Chief Minister Eknath Shinde, the cabinet also approved job fairs across the state, aiming to generate 2 lakh jobs. Additionally, the 'Chief Minister Vayoshri Scheme' for senior citizens was cleared, focusing on mental well-being and yoga therapy. Despite property tax being a significant revenue source for BMC, collections have declined, raising concerns over the delayed distribution of revised tax bills. This decision underscores the importance of stable revenue streams for sustaining civic amenities amidst evolving urban landscapes.
JSW Infrastructure Ltd., a major player in India's port sector, has earmarked a staggering INR 6,000 crore for strategic asset acquisitions, aiming to bolster its presence in a domain dominated by the Adani Group. With a near-zero net debt to EBITDA ratio, JSW's solid financial position allows it to actively pursue expansion opportunities, including potential stake acquisitions in government-owned ports undergoing privatization. The company eyes projects like the trans-shipment port at Galathea Bay, Great Nicobar Island, showcasing India's pivot towards public-private partnerships to drive port infrastructure growth. JSW Infrastructure's ambitious plans and government support signal promising prospects for industry competition and growth.
Prime Minister Narendra Modi has launched a series of infrastructure projects worth over INR 11,600 crore in Assam, aimed at enhancing the state's development. Key projects include the Kamakhya temple corridor, a six-lane road connecting the new airport terminal in Guwahati, and the upgradation of Nehru Stadium to FIFA standards. The 'Asom Mala' roads project's second phase was also initiated, along with significant investments in healthcare with the Gauhati and Karimganj Medical College and Hospitals. These initiatives are expected to boost Assam's infrastructure, healthcare, and tourism, marking a significant step towards its comprehensive development.
A restrictive covenant is an agreement that a seller writes into a buyer’s deed of property that restricts how the buyer may use that property. For example, the seller may want the buyer to leave a building’s original façade intact. As long as they don’t break the law, restrictive covenants can be as specific and arbitrary as the parties are willing to agree to.
Rikant Pittie, co-founder of EaseMyTrip, made headlines with his purchase of a INR 99.34 crore commercial property in Gurugram's Sector 32. The property spans 4,050 square meters near Rajiv Chowk and boasts a built-up area of 1,00,429 square feet. Pittie, known for transforming his teenage travel agency into EaseMyTrip.com, has become a major player in online travel. EaseMyTrip has seen remarkable growth and remains profitable since its inception in 2008. Pittie's latest acquisition reflects his commitment to expanding his business empire.
<p>&bull; A residential flat spanning 446 square feet sold in UCC Adityraj Star in Ghatkopar East for INR 69 lakhs<br /><br /> &bull; A residential flat spanning 900 square feet sold in Westminster in Sion for INR 1.77 crores</p>
The Runwal Group has launched 'Runwal Garden City,' a 250+ acre mega township project in Dombivli (E), featuring 250+ amenities including gardens, clubhouses, parks, and cricket grounds. Strategically located near key infrastructural developments like the Airoli-Katai Tunnel and Navi Mumbai Airport, the project offers seamless connectivity. Managing Director Subodh Runwal highlights the project's focus on lifestyle, with amenities catering to all age groups, extensive green spaces, and community-centric design. The township includes schools, retail spaces, and office areas, aiming to elevate Dombivli as a sought-after destination. The project reflects Runwal Group's commitment to holistic urban living and sustainability.
B&B Infra and Xanadu Realty unveil B&B Opulent Spire in Bengaluru's prestigious 9 Jayanagar, offering luxurious 4 BHK residences starting at INR 4.99 crores. Positioned as a pinnacle of luxury living, this collaboration signifies a commitment to excellence and innovation in real estate. Aditya B. Raju of B&B Infra highlights their dedication to exceptional living experiences, while Vikas Chaturvedi of Xanadu Group emphasizes setting industry benchmarks. B&B Opulent Spire promises unparalleled luxury and sophistication, showcasing the expertise and commitment of both companies. With its prime location and innovative design, it redefines luxury living in Bengaluru, offering residents an unmatched lifestyle experience.
The Bombay High Court has approved the reconstruction of the seven-storeyed Govinda Tower in Kherwadi, Bandra (E), which tragically collapsed over 25 years ago. Justices Gautam Patel and Kamal Khata highlighted the severity of the incident, which resulted in numerous injuries and fatalities. Originally built on a MHADA-leased plot, the building's reconstruction efforts by previous developers failed. Following residents' pleas, the court permitted the appointment of a new developer in August 2023. Despite opposition from the resolution professional involved in insolvency proceedings against the previous developer, the court directed BMC and MHADA to process the society's development proposal, marking a crucial step towards reconstruction and bringing hope to the residents of Kherwadi.
The government unveiled a new housing initiative in the Union interim budget for 2024–25, aiding the middle class in owning homes. Finance Minister Nirmala Sitharaman revealed the plan, aiming to assist those renting or in slums to buy or build homes. While specifics are pending, PM Narendra Modi hinted at it, focusing on interest relief and bank loans. The Ministry of Housing's budget sees a 12% increase, drawing industry praise. However, concerns linger about fund utilization. Amidst reductions in certain schemes, the focus on affordable housing and rural initiatives remains strong, reflecting the government's commitment to inclusive development.
In January, Mumbai's property market witnessed a 21% surge in registrations compared to the previous year, driven by heightened housing demand. Despite a slight dip from December 2023, this marked the highest January tally in 12 years. Residential units constituted 80% of registrations, contributing to a revenue collection of INR 746 crore in stamp duty, up 8% year-on-year. Rising income levels and a positive sentiment towards homeownership fueled this growth, with properties priced above INR 1 crore showing resilience against market headwinds. While smaller properties saw a shift in demand, central and western suburbs remained hotspot areas, reflecting the market's enduring appeal.
CapitaLand India Trust (CLINT) plans to acquire three industrial facilities at OneHub Chennai, India, in a deal valued at approximately INR 268 crore (USD 43.2 million). The forward purchase agreement with Casa Grande Group includes funding for project land lease and development. CLINT will fund in three phases, acquiring upon completion, with Phase 1 expected by the first half of 2025. This expands CLINT's industrial presence in Chennai amid growing demand. The move aligns with CLINT's strategy to diversify and capitalize on India's industrial growth. Notably, CLINT's portfolio includes two business parks, three industrial facilities, and a data center in Chennai.
Afcons Infrastructure, the construction arm of the Shapoorji Pallonji Group, plans to launch a INR 1,000-1,500 crore IPO to boost visibility and growth. The IPO's focus is on expansion rather than capital needs. Investment bankers include Axis Capital Markets, IIFL Securities, and SBI Capital Markets. The move aligns with government emphasis on infrastructure and favourable market conditions. Afcons' order book exceeds INR 30,000 crore, with domestic and international projects. Its FY23 net profit was INR 411 crore, and it anticipates 13-15% revenue growth in FY24. Notable projects include the Chenab Bridge and tunnelling for the Mumbai-Ahmedabad high-speed rail link. Vision 2027 outlines growth plans.
LIC Housing Finance reports exceptional third-quarter financial performance, with net profit more than doubling from INR 480 crore to INR 1,163 crore year-on-year. Total revenues surged to INR 6,792 crore, mainly driven by increased interest income. Despite the strong showing, the company prudently provisioned INR 50.32 crore for investments in Alternate Investment Funds (AIFs) in compliance with RBI guidelines. Notably, the Capital Adequacy Ratio improved to 19.77%, indicating strengthened financial resilience. LIC Housing Finance's strategic decisions and adaptability underscore its resilience and promise a positive outlook. These results cement its stature as a key player in the mortgage lending sector, fostering investor trust and ensuring steady growth.
The Indian Hotels Company Limited (IHCL) is poised to exceed its target of 300 hotels in its portfolio ahead of schedule, with plans to achieve this milestone within the next three to four months. Bolstered by a robust financial performance for the quarter ending December 31, 2023, IHCL reported an 18% increase in operating revenue and profit after taxes, attributed to effective asset management and business model innovation. With 85 hotels in development and strong cash reserves, IHCL anticipates sustained growth, particularly in domestic tourism, with a strategic focus on spiritual destinations. Market response to IHCL's Q3FY24 results has been overwhelmingly positive, reflected in a surge in stock price and optimistic outlook for double-digit revenue growth in FY25, underpinned by portfolio expansion and management contracts.
The Brihanmumbai Municipal Corporation (BMC) has terminated a INR 1,600 crore contract with Roadway Solutions India Infrastructure Ltd (RSIIL) for the concretization of 97 km of roads in Mumbai's island city due to the contractor's failure to initiate work. BMC has introduced a fresh tender, valued at INR 1,363 crore, for the concretization of 235 roads in the island city. Despite RSIIL contesting the termination in court, BMC reiterated its decision and mandated a penalty of INR 64.6 crore, along with the forfeiture of deposits. The project aligns with BMC's goals of enhancing Mumbai's infrastructure.
The ‘Saat-Baara-Utara’ is the regional term for 7/12 Extract Document in Maharashtra. The document is maintained by the Revenue Department of the state for the purpose of tax collection. It is issued by the Tehsildar or the concerned land authority. It is an important indicator of the legal status and includes information pertaining to the ancestral history of the land, i.e., past disputes, litigations, court orders, etc. For agricultural land, this extracts also records the types of crop grown on the land in the past.
MahaRERA is leading the way to make better housing for retirees, proposing India's first regulations for retirement projects. These guidelines ensure seniors' access to necessary facilities and require developers to comply during construction. Concerns about misleading advertisements prompted this move, with many projects failing basic standards. MahaRERA's draft addresses this, echoing earlier Ministry guidelines. Builders like Tata Housing and Paranjape Schemes are already targeting affluent retirees. MahaRERA's draft emphasizes various aspects such as building design, safety, and accessibility. The initiative reflects a concerted effort to meet seniors' needs while preventing fraud, highlighting the evolving dynamics of society.
<p>&bull; A residential flat spanning 806 square feet sold in Gauri Excellency in Kandivali West for INR 1 crore<br /><br /> &bull; A residential flat spanning 491 square feet sold in Northern Supremus in Dahisar East for INR 1.27 crores</p>
Vamsiram Builders, a prominent real estate firm based in Hyderabad, has lodged a complaint with the registrar of companies (ROC) and the ministry of corporate affairs, alleging misconduct in two Mumbai redevelopment projects worth INR 3,000 crore. The complaint accuses a Mumbai-based entity of fraudulently exploiting Vamsiram Builders' identity, including its name, logo, and project details, to execute these ventures in affluent areas like Khar West and Prabhadevi. Specifically naming Vamsiram Realty Pvt Ltd and its directors, the complaint cites instances of identity theft, urging swift regulatory action to rectify the breach and protect the company's reputation and interests.
Raymond reported a significant 91.92% increase in net consolidated profit for Q3 FY24, reaching INR 185.39 crore compared to INR 96.60 crore in the previous year. Consolidated total income rose to INR 2,450.32 crore, a growth of 11.40%. Raymond Realty's sales surged from INR 292 crore to INR 439 crore. Real estate segment revenue hits INR 435.98 crore, with a profit before tax of INR 94.18 crore. It has signed joint development agreements (JDA) exceeding INR 3,000 crore, contributing to a pipeline of projects worth over INR 5,000 crore. With INR 9,000 crore worth running projects and others potentially generating INR 16,000 crore, the revenue from Thane land is estimated to be INR 25,000 crore.
A Bombay High Court Bench comprising Chief Justice Devendra Kumar Upadhyay and Justice Arif S Doctor have instructed the BMC to submit details of the inquiry into construction lapses concerning the Lalbaug flyover within six weeks. The directive is related to disclosing the findings of the enquiry conducted by the Statutory Technical Advisory Committee (STAC) regarding any lapses or breaches by the contractor in the construction of the flyover. The High Court's decision underscores the importance of transparency and accountability in construction projects, emphasizing the need for thorough investigations into potential shortcomings in the infrastructure development process.
In a recent announcement, Chief Minister Eknath Shinde has delivered long-awaited relief for thousands of families, Project-Affected Persons (PAPs), and developers in the city's housing societies. Based on committee recommendations, CIDCO will disconnect pending dues from the grant of Occupation Certificates, conveyance, society formation, and flat transfer NOCs. The newly introduced "Abhay Yojana" amnesty scheme offers a 50% concession to payees for outstanding dues recovery. This move is expected to benefit over 1,000 housing societies and more than 10,000 families, addressing delays caused by demands for Maveja and Additional Lease Premium (ALP) from CIDCO. The directive ensures the issuance of necessary documents without tying them to Maveja/ALP recovery, providing significant relief to stakeholders and marking a crucial step towards easing financial burdens.
Bain Capital, a major global investment firm, has announced plans to significantly increase its investments in India, committing USD 7 billion over the next three to five years. This strategic move is influenced by India's political stability and economic growth, making it an attractive destination for international investors. The firm also aims to expand its team by up to 20% to support this growth. Bain's focus will include a variety of sectors such as IT, financial services, and consumer retail, aligning with India's booming demand and infrastructure development initiatives under Prime Minister Narendra Modi's administration.
MMRDA is seeking a INR 4,000 crore loan for the redevelopment of Ramabai Ambedkar Nagar, a 75-acre slum in Ghatkopar. With an "expression of interest" published, the authority aims to address every aspect of rehabilitation. Terms will be disclosed this week, with a 15-year repayment plan expected. The project targets 16,575 slum-dwellers and acquisition of 5,000 tenements, overseen by the Slum Rehabilitation Authority (SRA). This marks MMRDA's inaugural venture into slum redevelopment, aiming to generate revenues of INR 1,073 crore if managed internally, or INR 2,918 crore if outsourced. Amid financial constraints, MMRDA seeks assistance from the Union Government and BMC, affirming its commitment to broader infrastructure projects.
Adani Ports and Special Economic Zone (APSEZ) is strategically expanding their logistics business, with a focus on increasing warehousing capacity, rakes, industrial parks, and agri silos. The logistics segment contributed 8% of the company's total revenue in Q3FY24, and Adani Ports aims to triple its rake capacity and commission two new multimodal logistics parks in the next 3-4 years. With plans to expand warehousing capacity to over 60 million square feet, Adani Ports is positioning itself to play a significant role in the growing demand for efficient logistics solutions.
The Royal Western India Turf Club (RWITC) members have approved the Brihanmumbai Municipal Corporation's (BMC) proposal to transform part of the Mahalaxmi Racecourse into a theme park. Out of 708 members who voted, 540 supported the proposal, while 168 opposed it. The BMC's plan involves extending the lease of the racecourse, with the condition that 120 acres of the 211-acre property be handed over to the BMC for creating an open green space. The proposal includes pathways, walkways, sitting areas, and an underground subway connecting to the Mumbai Coastal Road Project's green open space.
CIDCO is embarking on two vital road projects, the Ulwe Coastal Road (UCR) and Kharghar Coastal Road (KCR), to ensure seamless connectivity to the upcoming Navi Mumbai International Airport (NMIA) and regional developments. The UCR, spanning 5.8 kilometers, will link the Mumbai Trans Harbour Link (MTHL) to NMIA, featuring a railway overbridge and an elevated link road crucial for efficient transportation. Despite initial estimates, the project's cost is now expected to reach INR 1,400 crore. Simultaneously, the KCR will connect Kharghar to CBD Belapur, enhancing traffic flow across Navi Mumbai. Both projects, slated for completion by early 2026, signify CIDCO's commitment to bolstering regional infrastructure and fostering economic growth.
According to Nationwide Building Society data, UK housing prices rose by 0.7% in January, exceeding the 0.1% predicted by economists. Chief economist Robert Gardner highlighted lower mortgage rates as a positive for homebuyers. In January, prices were 0.2% lower compared to a year ago, the smallest annual decline since January 2023. The Bank of England is expected to keep its Bank Rate at 5.25%, with speculations of interest rate reductions later in the year. When viewed against pre-pandemic benchmarks, the current prices reflect a complex interplay of economic factors, hinting at evolving patterns in real estate investment and homeowner aspirations amid ongoing global uncertainties.
Encroachment occurs when a individual that is not the property owner intrudes on or interferes with the property, e.g. trespassing by way of building something that lays partially on the adjoining property or even by planting a tree with branches that hang over onto the adjoining property. An encroachment creates an encumbrance on both properties until the issue is resolved.
Ambika Chauhan Aibara, of Parle Products fame, recently acquired two lavish sea-view apartments in Mahalaxmi, Mumbai. Valued at over Rs 47.3 crore, these expansive units, spanning a combined 6,180 sq ft on the 24th and 25th floors of Raheja Modern Vivarea, reflect her confidence in the city's property market. This landmark development, covering a staggering 1 million sq ft and priced at approximately Rs 90,000 per sq ft, promises a top-tier living experience. The development, situated on reclaimed textile mill land, caters to Mumbai's affluent circles, adjacent to the renowned Raheja Vivarea.
<p>&bull; A residential flat spanning 512 square feet sold in Shankeshwar Platina in Kalyan for INR 60.93 lakhs<br /><br /> &bull; A residential flat spanning 645 square feet sold in Kishor Kunj in Virar West for INR 30 lakhs</p>
Arvind SmartSpaces Limited (ASL) ventures into Surat with a sprawling golf-themed development project spanning 300 acres, valued at INR 1,100 crore. Positioned along NH 48, it marks ASL's 19th project in Gujarat, following Ahmedabad and Gandhinagar. The joint development model ensures low capital intensity and higher returns (55% revenue share). Surat's strategic location as a business hub, coupled with its emerging demand for plotted development and weekend homes, enhances the project's appeal. Noteworthy features include a golf course, expansive clubhouse, orchards with thousands of trees, and a private lake. For future growth, ASL's expansion strategy targets Bengaluru, Pune, and MMR regions.
The Brihanmumbai Municipal Corporation (BMC) has raised objections to the Maharashtra government's proposal that 40% of all Transfer of Development Rights (TDR) used in construction projects in Mumbai must come from the Dharavi redevelopment project (DRP). The BMC expressed concerns about the feasibility of implementing the Development Plan (DP-2034) and potential challenges in acquiring reserved land if conditions on Dharavi TDR utilization are imposed. The BMC emphasized that the imposition of utilizing Dharavi TDR first could result in no takers for its TDR allocated for land acquired for roads and public amenities. Additionally, the BMC opposed the proposal to eliminate indexation for DRP TDR, urging the government to consider the unique circumstances and challenges associated with the Dharavi redevelopment project.
In the ongoing survey by Pimpri Chinchwad Municipal Corporation, the civic body has examined 43,925 commercial properties. Among them, 2,423 establishments have been identified for violating safety norms, with 718 of them classified as industrial units in the Talawade red zone. Officials emphasize the urgency of immediate intervention to avert potential major fire mishaps. This comprehensive assessment reflects the civic body's commitment to enhancing safety measures and underscores the critical need for prompt corrective actions to mitigate risks and safeguard both property and lives within the specified zone.
The Lucknow Development Authority (LDA) achieved a significant milestone in real estate with a highly successful e-auction, garnering over INR 675 crore for commercial plots. Various plots, including those for group housing, schools, health centres/nursing homes, and mixed-use purposes, attracted enthusiastic buyers. Noteworthy transactions included the sale of a Central Business District Scheme plot for INR 180 crore and a health-centric space in Gomti Nagar Extension Scheme for over INR 50 crore. The LDA's proactive embrace of e-auctions, with another round valued at INR 2,500 crore, underscores its commitment to a dynamic and thriving real estate market in Lucknow.
In a meticulously executed three-day online auction series from January 29 to 31, the Ahmedabad Municipal Corporation (AMC) achieved a remarkable revenue of INR 298.65 crore by selling prime plots across the city, surpassing the previous record set in May 2021. The highlight was the Bodakdev plot opposite the Rajpath Club, fetching a record-breaking INR 148 crore and setting a new per-square-meter rate record at INR 3.20 lakh. The success continued with prime plots in Vatva and Makarba on the first day, followed by commercial plots in Makarba Town Planning Scheme 26 and Saipur Bogha Town Planning Scheme 48 on the second day. The AMC's adaptive strategy positions it favorably for future developments in Ahmedabad.
Tata Capital Housing Finance plans to raise INR 8,000 crore through debt, focusing on subordinated debentures, to fortify its position in the evolving housing finance market. The average home loan size has surged by 22% as the industry shifts from affordable to larger residences. The Tata Group eyes financial services growth, intending to list Tata Capital Financial Services by 2025. Agratas Energy Storage Solutions, another Tata entity, contemplates a $500 million green loan. Tata Group entities have successfully raised $660 million in international debt, aligning with increased product demand. The group's strategic financial moves anticipate market opportunities.
The Karnataka government has partnered with Wistron, a Taiwan-based ICT Service Management Solutions company, to establish a laptop manufacturing plant near Bengaluru. With an investment of Rs 1,500 crore, the fully automated facility is set to create 3,000 jobs and become operational by January 2026. This first-of-its-kind unit in Karnataka will manufacture laptops for various brands, exporting more than 50% of its production. The plant's focus on Industry 4.0 standards extends to producing IoT components and Electric Vehicle (EV)-related parts. This is aimed at positioning Karnataka as a leader in electronics manufacturing and fostering innovation.
The Mumbai Metropolitan Region Development Authority (MMRDA) has invited bids for constructing a depot for Metro 9 in Dongri village, Bhayander, on a 59.7-hectare government-owned plot. Costing around INR 626 crore, the depot will take 52 months to complete with 40 stabling lines and will serve Metro 7A as well. Challenges in acquiring land led to relocating the depot from Morva, Raimurdhe, and Murdhe villages. Dongri's government-owned land eliminates acquisition costs but requires an additional expense of INR 250-300 crore to extend Metro 9 and add stations. Despite challenges, MMRDA is fast-tracking depot construction amid space constraints in the Mumbai Metropolitan Region.
The Mumbai Urban Transport Projects (MUTP) secures a substantial allocation of INR 1,600 crores for rail initiatives in the interim budget, part of the INR 15,500 crore for Maharashtra by Indian Railways. Executed by the Mumbai Rail Vikas Corporation, the funds cover projects in various phases, including new rail lines and station upgrades. Additionally, Western and Central Railways receive significant allocations for speed enhancement, bridge restructuring, and customer amenities. The National High Speed Rail Corporation is granted INR 25,000 crore for India's first Mumbai-Ahmedabad bullet train corridor, demonstrating a commitment to advancing rail infrastructure in the region.
Chinese property developer Country Garden is selling its £450 million East London project amid asset disposals following a default on its USD 570 million offshore debt. Knight Frank, appointed by Country Garden’s UK subsidiary Risland, is marketing the 1,000-home Calico Wharf development. With planning approval, the project includes a 23-story tower and commercial space. Country Garden aims to raise USD 530 million from property sales in Guangzhou and has agreed to sell its stake in its last Australian venture. The company’s offshore debt restructuring follows an USD 11 billion default. Market attention has intensified on Chinese developers after China Evergrande Group faced liquidation over failed restructuring talks.
A sale is a complete out-and-out transfer of ownership of a property (with all its rights and liabilities) from one person (or more) to another (or more) in exchange for a consideration, i.e. money. As per Section (17) of the Registration Act 1908 registration of a sale is mandatory when the value of the immoveable property exceeds INR 100/-. If a property is transferred for something other than money, the transaction is referred to as an exchange and not a sale.
Boney Kapoor's Bayview Projects LLP and Bhutani Group have won the bid to jointly develop the Film City project near Noida Airport. The project aims to create an integrated media infrastructure for the movie business value chain. Bayview secured the win with an 18% revenue-sharing offer to the UP government, beating competitors like T-Series, Akshay Kumar-backed Super Technobuild, and KC Bokadia's 4 Lions Films. With a moratorium of eight years, the developer will start paying 18% of gross revenue from the ninth year. The Film City, planned on 1000 acres, will include commercial and industrial zones, linked to Jewar Airport for enhanced connectivity. The project, valued at INR 1,510 crore, is expected to be completed in eight years, with a focus on incorporating advanced technologies for contemporary cinema.
<p>&bull; A residential flat spanning 120 square feet sold in Om Namo Sujalam Sufalam CHS in Santacruz East for INR 21 lakhs<br /><br /> &bull; A residential flat spanning 744 square feet sold in Nirban Bismillah Heights in Byculla for INR 1.23 crores</p>
Prestige Group celebrates the early completion of The Prestige Tranquil, a luxury residential project in Hyderabad, showcasing the company's commitment to exceptional living spaces. Spanning 7.85 acres in Kokapet, the project offers seamless connectivity near the Outer Ring Road, Airport, and Financial District. The high-rise boasts panoramic views, lavish amenities, and contemporary design, setting a new standard in Hyderabad's real estate. The clubhouse features a pool, café, banquet halls, and sports facilities, while landscaped spaces promote outdoor activities.
Forbes Global Properties has made its foray into the Indian real estate market with 'India Forbes Global Properties,' initially focusing on Mumbai, Delhi, and Goa. The venture will provide brokerage services for luxury residences, collaborating with local developers on ambitious projects covering 10 million square feet in Mumbai and Delhi. A mixed-use project in Navi Mumbai and an upscale retail, club, and hotel space in Delhi are in the works. The company explores opportunities in Ayodhya and plans to acquire equity stakes in two consultancy firms. Operating under the Forbes brand, it targets the luxury real estate segment, aiming to tap into India's growing demand for ultra-luxurious homes in 2024.
The Economic Offences Wing (EOW) of Mumbai has arrested prominent builder Lalit Tekchandani over allegations of cheating and forgery in connection with Supreme Constructions' Taloja project. The case involves accusations that Tekchandani and other directors accepted payments from homebuyers but failed to deliver on promises, leading to an FIR with charges of cheating and forgery. The FIR mentions an estimated cheating amount of INR 73 lakh. A lookout circular was issued, and the case was transferred to EOW for further investigation. Homebuyers, including Hera Jadhwani, disclosed promises unfulfilled since 2016, prompting authorities to uncover the extent of the alleged fraud.
In the ongoing insolvency proceedings with the NCLT, J Kumar Infraprojects has submitted a proposal to acquire Pranav Construction for INR 45 crore. This move has been approved by the bankruptcy court. The acquisition involves taking over the real estate company, with J Kumar Infraprojects addressing admitted liabilities amounting to approximately INR 212 crore. This strategic step comes within the framework of the insolvency process, signalling a significant development in the financial restructuring and resolution of Pranav Construction's assets and liabilities. The National Company Law Tribunal's approval binds all stakeholders involved in the resolution plan.
Bengaluru-based Bagmane Developers Pvt Ltd has leased 2.23 lakh sq ft of office space at Bagmane Tech Park in Lake View, to semiconductor manufacturer Texas Instrument Pvt Ltd for a monthly rent of INR 1.4 crore. The five-year lease agreement, effective from January 1, 2024, includes a deposit of INR 12.8 crore and entails a yearly rental escalation of 5%. This follows Bagmane Developers' previous strategic leasing deals, including transactions with Qualcomm India and Amazon Development Centre, underscoring the company's prominent role in meeting the demand for commercial real estate in Bengaluru.
The Indian arm of Barclays Bank has finalized a lease deal with K Raheja Corp for a sea-view office space in Mumbai's Worli area, encompassing 64,000 sq ft across two floors in the Altimus tower. The lease spans over 10 years, with an upfront deposit equivalent to six months' rent. The monthly rent, set at INR 320 per sq ft for the first year, will escalate by 4.5% annually. Barclays secured exclusive access to 51 parking slots. The lessor, Whispering Heights Real Estate, cannot terminate the lease, while Barclays has a two-year lock-in period. Mumbai's robust office property market witnessed increased demand, reflecting the country's economic strength.
Nexus Select Trust, Blackstone's retail division, is set to acquire a portfolio of three malls spanning 1 million sq ft in Hyderabad from L&T Metro for an estimated value exceeding INR 1,000 crore. The potential deal includes E Galleria, L&T Metro Mall, and Next Galleria Mall. This move follows Nexus Select Trust's strategic expansion in India, having added the Select City Walk mall in New Delhi last year. The retail sector's robust performance in India, marked by a 47% YoY increase in leasing in 2023, aligns with Nexus Select Trust's growth strategy.
The Yamuna Expressway Industrial Development Authority (YEIDA) aims to boost economic development in Noida, anticipating the launch of the Noida International Airport in October. The board approved the creation of four integrated Special Economic Zones (SEZs) covering 10,500 hectares near Agra. These zones will host electronics, electric vehicle manufacturing clusters, and data centers, functioning as self-sustained townships. With a focus on environmental sensitivity, the SEZs will incorporate substantial green spaces and accommodate non-polluting industries. Additionally, an aviation hub near the upcoming airport and a semiconductor park were approved. The board also addressed environmental concerns with measures like air quality monitoring systems and land allocation reforms for institutions.
Following a strategic collaboration with Marriott International last November, WOW Resorts, a renowned resort and residential developer, has officially launched the JW Marriott Residences & JW Marriott Al Marjan Island Resort in Ras Al Khaimah. Priced at AED 4.8 billion (USD 1.3 billion), this visionary project, designed by Beverly Hills architect Tony Ashai in collaboration with ADU, features 474 residences, including one- to four-bedroom units and luxurious penthouses, alongside 264 guest rooms. Scheduled for handover by 2026, the development aims to redefine coastal living in the UAE and establish Al Marjan Island as a distinguished destination for luxury waterfront living, contributing to the region's flourishing real estate landscape.
As per Section 55 of the Registration Act 1908, four types of indexes are to be made and maintained by the registering officers. Index I & II – these are prepared for the transfer of immovable properties with the use of instruments such as conveyance deed, sale deed, gift deed, leave and license agreement, etc, Index III is prepared for the execution of a Will and Index IV is prepared for other miscellaneous instruments such as documents related to moveable properties.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken Suo Moto action against developers selling non-agricultural plots without registering projects. 41 promoters received show cause notices for advertising projects without MahaRERA registration. Of these, 21 are in Pune, 13 in Konkan, and 7 in Nagpur. The majority of violations have occurred in semi-urban or rural areas. MahaRERA treats plot projects just like residential buildings and therefore, all financial, legal, and technical aspects of the plots are scrutinized. Promoters must obtain approvals and adhere to civic standards for registration. MahaRERA Chairman Ajoy Mehta emphasized the importance of obtaining MahaRERA registration to safeguard real estate investments, urging caution against unregistered plot purchases.
<p>&bull; A residential flat spanning 673 square feet sold in Chandak 34 Park Estate in Goregaon West for INR 1.88 crores<br /><br /> &bull; A residential flat spanning 798 square feet sold in Saiasar Kasturi Solitaire in Bhayandar West for INR 90 lakhs</p>
Sunteck Realty Ltd unveils ambitious plans for upscale housing projects in Mumbai's exclusive Nepean Sea Road and Bandstand in Bandra West. Projected to generate around INR 3,000 crore, these ventures signify Sunteck's strategic expansion into prime Mumbai locations, showcasing its commitment to redefine the city's real estate landscape. With a debut in South Mumbai at Nepean Sea Road, Sunteck aims to deliver ultra-luxurious residential apartments, capitalizing on the market's demand for high-end living spaces. The move aligns with Sunteck's impressive growth trajectory, doubling its Gross Development Value from INR 12,500 crore in FY2022 to INR 30,100 crore in FY2024. The projects underscore Sunteck's proactive approach to market trends and evolving consumer preferences in Mumbai's thriving property market.
Ashwin Sheth Group launches "FERN'' at Sheth Vasant Lawns in Thane, the ninth tower of the esteemed project spanning 7 acres. Featuring 2, 3, and 4 BHK residences, including Jodi apartments, FERN offers apartments starting from 840 sq. ft at INR 1.57 crore onwards. With only four apartments per floor, Vastu Compliance, and scenic views of Yeoor Hills, FERN epitomizes luxury living. Thane has emerged as a sought-after location for homebuyers, boasting connectivity to Mumbai and witnessing a rise in property demand. With 25+ amenities, proximity to Viviana Mall, Jupiter Hospital, and esteemed educational institutions, FERN promises an unparalleled urban lifestyle in Thane's Platinum Belt.
Vijay Jeswani Builders & Developers present 'Parivaramm,' an upscale residential project in Vavandhal near Panvel. Parivaramm offers luxury and affordability with amenities like a clubhouse and premium elevations. Strategically located at Chowk Junction, Vavandhal, near the National Highway, the project benefits from Panvel's infrastructure development and connectivity, promising good returns. Parivaramm provides a range of housing options from Studio Apartments to 2BHK residences, with prices starting attractively. Exclusive booking deals, including incentives like scooters and modular kitchens, add to its appeal. Possession is scheduled for March 2024.
CIDCO has announced a significant INR 6 lakh reduction in the prices of tenements in its Bamandongri project, focusing on economically weaker sections under the Mass Housing Scheme Diwali-2022. The move aims to lower the original flat price from INR 35.30 lakh to INR 29.50 lakh, with additional reductions to INR 27 lakh for successful applicants from the economically weaker sections category. Chief Minister Eknath Shinde commended CIDCO for addressing financial challenges and facilitating affordable housing, emphasizing the government's commitment to inclusive urban development in Navi Mumbai.
BSNL plans to monetise 7.5 acres of prime land in Lucknow via e-auction, setting a reserve price of INR 226 crore. The land is part of a larger parcel which hosts a telephone exchange and customer service center across 0.63 acres while the rest is vacant. NLMC appointed CBRE South Asia to manage the sale. Eligible bidders include individuals, companies, LLPs, trusts, and funds. Bidders must upload documents from February 15-22, with the e-auction date to be announced later. This move aligns with BSNL's contribution to the National Monetisation Pipeline, aiming to monetise non-core assets like tower businesses and other properties.
The Enforcement Directorate (ED) has secured a INR 362 crore plot in Mumbai's Bandra-Kurla Complex (BKC) to set up a dedicated office. The Mumbai Metropolitan Region Development Authority (MMRDA) will charge INR 3.4 lakh per sq m for the 10,500 sq m built-up area on the half-acre plot. Currently spread across three buildings in Ballard Estate and Worli, ED's offices face challenges in monitoring visitors due to shared spaces. The MMRDA approved the request for a dedicated office in May 2023, extending the payment deadline to April 2024. The agreement requires a 30% upfront payment by April 2024, with a leasing duration of 80 years.
Backed by Blackstone, Aadhar Housing Finance is actively pursuing a USD 600-650 million IPO in India. This marks Aadhar's second attempt, with a USD 1 billion plan in 2022 which was shelved due to market volatility. The filing is anticipated within two weeks, aligning with private equity trends amidst India's booming stock markets. Aadhar's USD 2 billion loan portfolio, expanding branches, and robust financial performance enhance its market presence. Blackstone seeks to capitalize on market conditions, gradually divesting its stake in the entity.
TVS Industrial and Logistical Parks (TVS ILP) has entered a strategic partnership with the Goa Investment Promotion & Facilitation Board (Goa-IPB) to establish a cutting-edge Grade A Logistics & Warehousing Park in Verna Industrial Estate. The INR 125 crore investment aims to redefine logistics standards across 15-20 acres, fostering economic growth and creating employment for 250 individuals with indirect opportunities for up to 1000 people. TVS ILP's ambitious plans include developing 20 million square feet of infrastructure nationwide in the next three to four years.
Mumbai is set for a significant transformation as the Brihanmumbai Municipal Corporation (BMC) gears up to launch a huge infrastructure project, earmarking INR 7,000 crore to overhaul 400 km of Mumbai's roads. This ambitious initiative aims to transition approximately 40% of Mumbai's roads from asphalt to concrete roads. As the city braces for this massive undertaking, traffic patterns are expected to witness substantial disruptions.
Nashik Municipal Corporation (NMC) is set to enhance the city's appeal with a INR 2.5 crore project for beautifying traffic islands and dividers under the National Clean Air Programme (NCAP). This initiative, aimed at revitalizing neglected areas between New Nashik and Nashik East, is awaiting approval from the Standing Committee. The project reflects Nashik's commitment to urban aesthetics and will see a transformation of these spaces over the next three years. This would play a key role in reinforcing the city's reputation as a garden city and improving its overall urban environment.
Title is a legal term that refers to the ownership right to a property. Every property has a title which is created in accordance with the laws relating to immovable property such as Transfer of Properties Act, India Registration Act and Indian Stamp Act. Titles can depict ownership of both personal and real property. Personal Property is anything that does not include real estate such as appliances, furniture, antiques, artwork, etc whereas Real Property includes the physical property of real estate as well as bundle of ownership and usage rights.
CREDAI-MCHI's 31st property Expo, held at Jio World Convention Centre, showcased the resilience of India's real estate industry. President Dominic Romell and Ajmera Realty's Dhaval Ajmera expressed enthusiasm over the event's success. With a theme of "Zero is our Hero," offering a 6 percent discount through stamp duty and registration charge waivers, the Expo attracted over 24,000 homebuyers. Despite a recent interest rate hike, Romell noted stable demand. Ajmera highlighted the positive impact of government incentives and subsidies, citing the Expo's impressive INR 350 crores in sales. The event emphasized the robust demand for affordable housing and the pivotal role of government initiatives in shaping the real estate sector.
<p>&bull; A residential flat spanning 1104 square feet sold in Rustomjee Seasons - Wing D in Bandra East for INR 5.56 crores<br /><br /> &bull; A residential flat spanning 679 square feet sold Lodha Splendor - River View in Bhayandarpada for INR 1 crore</p>
Shapoorji Pallonji Real Estate (SPRE) unveils 'The Odyssey,' an uber-luxury project off Marine Drive, marking their historic return to South Mumbai. Strategically located near Girgaon Chowpatty, it offers seamless connectivity to business hubs and essential amenities. Designed by Architect Hafeez Contractor, The Odyssey boasts breathtaking views, grand double-height lobby, and 20 parking floors. With close to 60 apartments for sale, revenues are expected to exceed INR . 1000 crores. Priced from INR 15 crores, the meticulously designed 3 BHK apartments redefine luxury living. SPRE's Director, Venkatesh Gopalakrishnan, emphasizes their commitment to crafting luxurious environments, setting new standards in South Mumbai's uber-luxury segment.
DLF has reported a robust 26.60% increase in its net consolidated profit for Q3 FY24, reaching INR 655.71 crore, up from INR 517.94 crore in the same quarter of the previous fiscal year. The net consolidated total income for the quarter stood at INR 1,643.51 crore, reflecting a commendable 5.38% increase from the same quarter last year. The company achieved a substantial quarterly sales booking of INR 9,047 crore, one of the highest ever, driven by premium and high-margin project launches. DLF Cyber City Developers (DCCDL) reported consolidated revenue of INR 1,476 crore, with a YoY growth of 8%. The board has approved the acquisition of shares in three real estate development companies, and the sale of DLF Centre to DCCDL for INR 825 crore, showcasing DLF's proactive portfolio optimization strategy.
The Government of India is gearing up to unveil a new affordable housing scheme, on the lines of the credit-linked subsidy model of the Pradhan Mantri Awas Yojana-Urban (PMAY-U) announced in 2015. Targeting low- and middle-income households in urban areas, the initiative is set to extend subsidies for dwelling units. Sources suggest the announcement might precede the upcoming Lok Sabha elections in April-May. The Ministry of Housing and Urban Affairs (MoHUA) is said to have engaged in discussions with top lenders to design the proposed credit-linked subsidy scheme (CLSS). The scheme aims to generate employment through the construction of affordable homes in over 20,000 locations.
At least five real estate developers in Noida have received permission to execute registries for 1084 apartments, with two more expected to follow suit soon. The Noida Authority granted these permissions after developers paid 25% of their total dues, benefiting from a UP government-approved policy. The waiver of penal interest during the Covid-19 period and construction disruptions due to court orders is part of this policy. The move aims to address homebuyer concerns and streamline the registry process. Other developers in talks with the Noida Authority are expected to follow suit, potentially leading to permissions for around 3,000 ready apartments across 31 stalled housing projects.
According to a recently released report by Anarock India, in response to a rising demand for larger homes in India's major cities, real estate builders have increased the average size of flats by 11% across seven key cities. The analysis of 2023's housing supply showed a notable surge from 1,175 to 1,300 square feet. While Mumbai and Kolkata experienced declines, other cities like Delhi-NCR, Bengaluru, Hyderabad, Pune, and Chennai saw significant increases. The luxury home sector, particularly in Delhi-NCR, witnessed a 37% rise in average size. The data reflects a dynamic shift in homebuyer preferences, emphasizing the real estate sector's adaptability to evolving demands in India's urban landscape.
Indiabulls Housing Finance has revealed plans to strengthen its financial position through a INR 3,693 crore rights issue. The board approved the initiative on January 17 which involved the issuance of 24.62 crore equity shares at INR 150 each, providing a 24.6% discount to the recent closing price. Shareholders can apply at INR 50 per equity share, with the outstanding amount due within a year of allotment. The record date is February 1, 2024, and the rights issue is open from February 7 to February 13, 2024, with an on-market renunciation period from February 7 to February 8.
The National Company Law Tribunal's Kolkata bench has approved a resolution plan of INR 301 crore, which will allow Shri Ram Multicom to purchase Sarga Hotels. The resolution plan was approved with assistance from main creditors, JC Flowers Asset Reconstruction Company and Rare ARC, despite claims from creditors totaling INR 816 crore. Sarga Hotels, a division of Shristi Infrastructure Development Corporation, had to navigate legal obstacles twice before facing insolvency. For JC Flowers ARC and Rare ARC, the recovery is at 39%. This case emphasizes how complex the creditor relationships, court rulings, and bankruptcy procedures are within the IBC framework.
Strata, a leading player in India's tech-driven commercial real estate sector, has introduced a cutting-edge investment opportunity – fractional ownership of a Grade-A office space in Pune. Targeting INR 78 crore, the venture gained remarkable traction, securing over INR 38 crore within the first 48 hours. The 53,000 sq. ft. property in Viman Nagar, Pune's IT hub, features a strategic location with a five-year lock-in lease agreement, offering a 9.1% gross entry yield and a total Internal Rate of Return (IRR) of 13.1%. With a tenant commitment from India's largest flex working space provider, Strata continues to democratize high-end commercial real estate investment through fractional ownership, backed by notable institutional investors. This move highlights a growing trend in making commercial real estate accessible to a broader investor base.
NBCC (India) Limited, the government's construction arm, is set to embark on a INR 2000 crore mixed-use project in Kochi, Kerala, for developing a 17.9-acre land parcel owned by the Kerala State Housing Board. The project, planned in two phases, will include a mixed-use commercial-cum-residential complex, showcasing a total built-up area of 3,92,600 sq m. Designed as a mini smart city with sustainable features, including solar power and rain harvesting, the development aims to enhance Kochi's urban landscape and contribute to economic and social growth.
Facing financial challenges, China Evergrande has announced the sale of its entire stake in Shantou Hengmeng Property Development for 137.6 million yuan (USD 19.20 million). The move aims to generate funds for settling a 376 million yuan debt owed to Shantou Hengyao Property Development and to resume work on existing projects. Evergrande, the world's most indebted developer with over USD 300 billion in liabilities, has been grappling with defaults and potential liquidation. A Hong Kong court had previously ordered the liquidation, citing prolonged inefficiency in Evergrande's communication. The liquidation poses a significant challenge for China, struggling with a weak economy and a downturn in the property market.
An encumbrance is a claim made against a property by someone other than the current title holder. The term encumbrance covers a wide variety of financial and non-financial claims that may or may not affect the value of the property. It is important, from a buyer’s perspective, to be aware of any encumbrances on a property, as these will often transfer to them along with the ownership of the property.
Moraj Group, a leading player in Navi Mumbai real estate, has partnered with Xanadu Realty for a new venture in South Mumbai's sought-after Shivaji Park. Valued at over 300+ Cr., their luxury project offers lavish 3 BHKs boasting Arabian Sea views. Fusing their expertise, the collaboration aims to redefine luxury living, creating a masterpiece. Moraj Group's Founder and Chairman, Mohan Gurnani, expressed enthusiasm for the transformative collaboration, citing it as a commitment to futuristic architecture. Vikas Chaturvedi, CEO of Xanadu Realty, emphasized the dedication to unrivalled luxury living, creating a lasting legacy in Mumbai's evolving skyline. The joint venture promises an iconic chapter in Mumbai's real estate narrative, showcasing excellence and innovation.
Kolte-Patil Developers, a prominent Pune-based real estate player, expands its footprint in Mumbai with two society redevelopment projects in Dahisar and Versova. These strategic acquisitions, totalling 3.06 lakh square feet, project a top-line potential of around Rs 545 Crore. Aligning with growth objectives, this move strengthens Kolte-Patil's position in Mumbai, the country's largest real estate market. With a growing portfolio of fifteen projects in the Mumbai Metropolitan Region, including successful ventures like Vaayu in Dahisar, the company taps into the city's diverse real estate demands. In FY24, Kolte-Patil secured eight projects with a combined development potential of 3.3 million square feet, reinforcing its commitment to expansion and innovation in targeted markets.
The Supreme Court has clarified that the protection under the Insolvency and Bankruptcy Code (IBC) does not extend to promoters and directors of insolvent firms, offering relief to homebuyers. The decision follows a plea by Ansal Crown Heights homebuyers, initially denied by the National Consumer Disputes Redressal Commission (NCDRC) citing the company's IBC involvement. The Supreme Court ruled that the moratorium under Section 14 of the IBC, shielding against suits and judgments, does not protect directors and officers. This precedent establishes that these individuals can be held accountable despite the moratorium, providing hope for homebuyers navigating real estate insolvency complexities.
Gujarat's Real Estate Regulatory Authority (RERA) is initiating the construction of RERA Bhavan, a new office complex in Gandhinagar, consolidating the RERA authority and tribunal under one roof. The 3,500 square meter plot for the Bhavan has been acquired from the Gandhinagar Urban Development Authority (GUDA). This signifies the authority's commitment to streamlining operations and enhancing regulatory efficiency in the state's real estate sector. The move comes after a two-year planning phase and reflects GujRERA's dedication to fostering transparency and improving access for services for stakeholders in the evolving real estate landscape.
The Kolhapur Municipal Corporation (KMC) has introduced a relief measure for property tax defaulters by offering a 30-50% waiver on fines for the current and previous years. Civic chief K Manjulekshmi announced the waiver, with a 50% reduction for payments before February 15, gradually decreasing to 30% until March 15. The civic body imposed a 2% monthly fine on defaulters, who collectively owe around INR 100 crore. The initiative aims to boost compliance. Failure to make the overdue payments would lead to property seals and restrictions on property transactions and loans. Last year, a similar scheme had significantly increased revenue collection.
Mahindra Logistics Limited (MLL) is constructing a state-of-the-art warehousing facility in Phaltan, near Pune, covering 6.5 lakh sq. ft. Designed in two phases, the first phase of 3.5 lakh sq. ft. is set to commence operations by end-2024. Strategically positioned near key customers in the auto OEM and components sectors, the facility will integrate with MLL's national network, supporting logistics operations for diverse clients. Committed to sustainability, the warehouse will adhere to green standards and contribute to community development. The first phase, contracted to a manufacturing customer, aims for operational status by Q3 2024-25. The project reflects MLL's commitment to efficient and sustainable logistics.
The Ministry of Statistics and Programme Implementation (MOSPI) recently released a report discussing insights into 431 infrastructure projects in India as of December 2023. All projects included in the report exceeded investments of INR 150 crore and suffered a cost overrun surpassing INR 4.82 lakh crore. The total initial cost of INR 25.87 lakh crore has now jumped up to an anticipated INR 30.69 lakh crore, marking an 18.65% hike. Although 53 percent of the projected cost was spent by December 2023, 848 projects continued to face delays. Reasons included issues with land acquisition, environmental clearances, infrastructure gaps, and pandemic-related lockdowns.
The Brihanmumbai Municipal Corporation (BMC) has issued a fresh tender for a 5.6 km elevated road connecting the Eastern Freeway to Grant Road in Mumbai. The project, costing INR 1,100 crore, involves a change in design to a steel structure and features a cable-stayed bridge. The initial tender was cancelled due to technical issues raised by Central Railway and Mumbai Port Trust. The proposed flyover aims to reduce travel time between northern and southern Mumbai from 30-50 minutes to seven minutes, benefiting areas like Grant Road, Nana Chowk, and Tardeo. The project is expected to be completed in three-and-a-half years.
Jeff Bezos' historic three-bedroom residence, where he co-founded Amazon in the mid-1990s, is now on sale for just under $2.3 million. The Seattle-area home, reconstructed in 2001, holds significance as the birthplace of Amazon's online retail journey. Despite transformations, the garage showcases a recreation of the original "amazon.com" banner, offering a nostalgic glimpse into the company's humble beginnings. The sale provides a unique opportunity for buyers to own a symbolic piece of internet history, linked to the evolution of Amazon into a global retail and technology giant.
Collector’s Land refers to land belonging to the government that falls under the control of the revenue department and is therefore owned by the City Collector. Collector’s Land is leased out to individuals and / or entities for the purpose of development. Prior permission must be sought from the state to rent, gift, transfer and / or sell properties built on Collector’s Land.
CREDAI-MCHI, the leading real estate industry body in the Mumbai Metropolitan Region (MMR), successfully organized the 31st edition of India's Largest Property Expo from January 26th to 28th, 2024. The prestigious event, held at the Jio World Convention Centre, attracted over 24,000 serious homebuyers and resulted in the sale of 185+ housing units, totalling INR 350 crores in transactions over three days. The Expo's theme, "Zero is our Hero," symbolized a 6 percent discount achieved by excluding stamp duty and registration charges. The Expo featured renowned builders, financial institutions, and offered a luxurious viewing experience with quick and easy registration. Entertainment and informative elements, including lucky draws, interactive AI, and government bodies' presence, enriched the overall experience for attendees.
<p>&bull; A residential flat spanning 1431 square feet sold in Fortune Florence in Borivali East for INR 2.19 crores<br /><br /> &bull; A residential flat spanning 417 square feet sold Windsor in Andheri West for INR 1.15 crores<br /><br /> &nbsp;</p>
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