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HVAC stands for the heating, cooling, and ventilation system within a building. The goal of an HVAC system is to make sure that the temperature inside any building is comfortable for those who are in it. This means warming the building up during the cooler months of the year and cooling it down when it gets hot outside. For heat, an HVAC system uses gas, oil, coal, or electricity to provide heat, while the cooler air is provided by a chiller, gas or electric air conditioner, and an electric heat pump.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has recovered a record amount of INR 125 crores in compensation payments for homebuyers across the state over just 14 months. This makes MahaRERA the most effective real estate regulator in India in recovering amounts owed to homebuyers in a short time period. To further strengthen its recovery efforts, MahaRERA will now include developers' bank account details in warrants issued to the Revenue Department, allowing them to directly debit owed compensation amounts. These focused efforts have led to MahaRERA recovering amounts related to 237 complaints in 117 projects, with INR 125 crores recovered just in 2023. MahaRERA aims to further strengthen its recovery system to better serve homebuyers.
<p>• A residential flat spanning 599 square feet sold in Shree Shakti Koyna in Waghle Estate for INR 34 lakhs<br /> • A residential flat spanning 373 square feet sold in Bachraj Landmark in Virar West for INR 34 lakhs<br /> </p>
Union Living, a leading co-living startup, announced the launch of 500 bed co-living properties in Mumbai and Pune. These build-to-suit properties include 'Southside' in Mahalakshmi with 200 beds, 'Terra' in Juhu with 150 beds, and 150 studio apartments in Koregaon Park, Pune. Co-founded by Rishab Soni and Parth Soni, Union Living aims to enhance the co-living experience for students and young professionals. With a focus on modern, secure, and customised accommodations, the company's expansion will increase operational beds to 1,500 by June 2024. Pioneering the build-to-suit concept, Union Living's properties prioritise functionality, efficiency, and tenant satisfaction, reflecting their commitment to redefining co-living standards.
The Uttar Pradesh Real Estate Regulatory Authority (UPRERA) introduces new directives to bolster transparency and safeguard home buyers' interests in the real estate sector. Promoters are now mandated to prove clear title to project land upon registration, requiring written consent and registered joint development agreements (JDAs) if land is owned by someone other than the promoter. Additionally, an affidavit must affirm the land's freedom from encumbrances or disclose existing ones. Another directive demands consistency in project names across sanctioned maps, RERA registrations, and marketing materials to address discrepancies causing confusion among buyers. These measures aim to enhance consumer protection, streamline conveyance deed processes, and foster a more transparent and reliable real estate market in Uttar Pradesh.
The Supreme Court has upheld MIDC's decision to terminate the land lease granted to Vedanta in 1992 for a proposed copper smelter plant in Ratnagiri district, Maharashtra. Vedanta argued that the termination was arbitrary as it could not begin construction because of a state stay order and protests. It said that it had already invested INR 80-100 crore with all approvals in place. While MIDC said that it has issued termination notices in 2014, over 20 years after the project deadline. The judgment highlights the need for transparent mechanisms balancing development, corporate rights and responsibilities, especially in Maharashtra, which is seeking to attract more investments and industrialization.
Twenty-Five Downtown Realty secured INR 250 crore from Oaktree amid a dispute involving DLF and Shapoorji Group, alleging collusion to gain control. Denying allegations, Hubtown, PNB Housing, and Omkara ARC are embroiled in a legal battle. The funds, raised through secured non-convertible debentures, aim for general corporate use and project costs. Bonds are backed by Hubtown promoters. The controversy centers on ownership, with Twenty-Five Downtown allegedly controlled by Hubtown. It won a significant slum rehabilitation project but defaulted on loans, leading to Omkara ARC acquiring shares. Despite objections, shares were transferred to Twenty-Five South Realty, with ongoing court proceedings.
The Indore Municipal Corporation (IMC) is aggressively tackling property tax defaulters by auctioning off a sizable plot of land to recover overdue dues, aiming to fill an INR 100 crore revenue gap before the fiscal year's end. The 18,000 square meter plot, owned by Sahara City Homes, owes INR 22.94 crore in unpaid taxes. IMC's auction, with a minimum bid of INR 31.80 crore, has garnered interest from multiple parties, potentially aiding revenue targets. IMC is also contacting other defaulters and reviewing records for additional dues, showcasing a commitment to fiscal responsibility and essential service investment for Indore residents.
Kritunga Restaurants has partnered with 91Squarefeet, a well-known commercial fit-out services company, to renovate its stores throughout South India. The alliance intends to improve the dining experience by optimising layout, combining cultural themes, and emphasising sustainability. The alliance, which focuses on operational efficiency and customer happiness, promises to raise the bar for restaurant design and ambiance. Kritunga and 91Squarefeet want to create immersive eating spaces that honour South Indian heritage while also providing great service and culinary quality.
The Mumbai Metropolitan Region Development Authority (MMRDA) is said to receive INR 500 crore from Shivshahi Punarvasan Prakalp Ltd. (SSPL) for rental payments in the Ramabai Amebedkar Nagar redevelopment project at Ghatkopar. MMRDA aims to smoothly execute the slum redevelopment, although the specific rent amounts for households are pending. This marks MMRDA's first slum redevelopment endeavor. Additionally, MMRDA will collaborate with the slum rehabilitation authority for the Ramabai Ambedkar redevelopment project and for clearing land for the Eastern Freeway extension to Thane. The project, covering 33.15 hectares with 16,575 slum dwellers, will cost approximately INR 3,200 crore.
Adani Ports and Special Economic Zone (APSEZ), India's largest port operator, has acquired a 95% stake in Odisha's Gopalpur Port for INR 3,350 crore, expanding its presence on the eastern coastline. With a capacity of 20 million tonnes per annum (MTPA), Gopalpur Port offers strategic access to key mining hubs, enabling Adani Ports to handle diverse cargo like iron ore, coal, and alumina. APSEZ plans to leverage its expertise to enhance operational efficiency and explore infrastructure upgrades to unlock the port's growth potential. This acquisition strengthens Adani Ports' position and underscores ongoing consolidation in India's port sector, promising greater efficiency and competitiveness.
Ontario Teachers' Pension Plan Board has increased its investment in India's infrastructure, acquiring a 25% stake in the National Highways Infra Trust (NHIT) for INR 18.2 billion. Including previous investments, their total investment in NHIT now stands at INR 36.8 billion. NHAI sponsors NHIT, and the additional funds will facilitate the acquisition of seven more road concessions in central, eastern, and southern India, expanding NHIT's portfolio to 15 toll roads covering 1,525 km.
Real estate developer Square Feet Group has announced that it will invest INR 300 crore to construct 1,000 flats spread over 3 acres in Thane under their new project 'Yuva Rajya'. Targeting millennials, the project is located opposite Grand Central Park. In the first phase launch, 300 flats were released, of which 100 were sold within 6 hours of the launch. The total cost is estimated at INR 250-300 crore with expected sales of INR 750 crore. The group owns over 20 acres in the area and plans to complete four major projects in Thane by 2027 worth INR 1,500 crore and INR 3,500 crore in revenue, catering to various housing segments and commercial areas.
Indian Green Building Council (IGBC) Green Homes is a rating programme developed in India, exclusively for the residential sector. The objective is to facilitate the effective use of site resources, water conservation, energy efficiency, handling of household waste, optimum material utilization and design for healthy, comfortable & environmentally friendly homes. The certification levels awarded are Silver, Gold, and Platinum based on the extent of sustainable practices followed.
WeWork, an office-sharing company, faces a twist as ousted co-founder Adam Neumann bids over USD 500 million to reclaim it amid bankruptcy proceedings. Neumann's past leadership style and unclear funding raise doubts, while WeWork strives to emerge from bankruptcy by mid-2024. Founded in 2010, WeWork soared but faltered in 2019 due to Neumann's aggressive expansion and the pandemic's impact. Neumann's return sparks intrigue, raising questions about WeWork's future in a remote-work era. Adaptation and innovation will determine success, with WeWork's fate resting on navigating evolving workspace demands rather than Neumann's comeback narrative.
<p>• A residential flat spanning 945 square feet sold in Ganga Tower in Chembur for INR 2.33 crores<br /> • A residential flat spanning 690 square feet sold in Raj Spectrum in Dharavi for INR 2.3 crores<br /> </p>
Mahindra Lifespace Developers Limited (MLDL) plans to invest INR 6,000 crore in its residential business over four years, aiming for a fivefold increase in business growth by FY28. Focused on Mumbai, Pune, and Bengaluru, the company aims to achieve a gross development value (GDV) of INR 45,000 crore through new projects and joint developments, alongside housing society redevelopments and land acquisitions, as part of its expansion strategy. Recent initiatives include the launch of Green Estates in Chennai and the successful sell-out of Lakefront Estates, reflecting MLDL's commitment to strategic growth and market presence.
Birla Estates released a show apartment at Birla Niyaara in Worli, Mumbai, including Silas, the New Signature Tower. The event featured a magnificent aerial act and an immersive customer experience developed in collaboration with specialised partners from the United Kingdom and the United States. K.T. Jithendran, Birla Estates' MD and CEO, stressed the tower's iconic status and invitation to experience uber-luxury living. The celebrity-attended launch praised the location's character. Silas boasts spectacular views and LifeDesigned residences in one of Mumbai's greatest integrated complexes, carrying on the Aditya Birla Group's tradition.
Starting May 1, 2024, Chandigarh will enforce a new energy efficiency code targeting commercial buildings. The initiative aims to enhance energy efficiency in these structures, with projections suggesting it could lead to annual electricity savings of 20-30%. By implementing this code, authorities hope to reduce energy consumption, minimize environmental impact, and promote sustainable practices in urban development. This move reflects the city's commitment to fostering a greener and more sustainable future while addressing energy challenges in the built environment.
A dispute over land acquisition for a major sports complex project in Noida has reached the Allahabad High Court. ATS Homes, the project's developer, accuses the Noida Authority of not providing the necessary 25 acres of land for the project's initial phase, despite plans for a 125-acre "Sports City" in Sector 152, Noida. The court has raised concerns about the delay and directed the Noida Authority to respond by April 3. The project, featuring an international cricket stadium and other sports facilities, could enhance Noida's infrastructure and promote a healthy lifestyle, pending resolution of the land allotment issue.
Knight Frank India's Prime Global Cities Index Q4 2023 unveils significant shifts in real estate dynamics. Mumbai soars to third globally, with prime residential prices surging 10% year-on-year, driven by affluent buyers seeking upscale living amid economic strength. Conversely, Bengaluru slips to 27th place despite a 2.2% price growth, prompting scrutiny of its competitiveness. Meanwhile, the National Capital Region rises to 16th, reflecting resilience and investor appeal. Globally, the index records a robust 3.7% uptick, with Manila leading at 26.3%, Dubai at 15.1%, and Shanghai at 8.6%. As a crucial benchmark, the index guides stakeholders in navigating dynamic real estate landscapes worldwide.
The Shapoorji Pallonji Group (SP Group) is actively seeking a substantial fund infusion of around INR 20,000 crore, engaging with entities like Power Finance Corporation and global investment firms Davidson Kempner Capital Management and Cerberus Capital Management. This initiative, expected to launch within the next seven to ten days, aims to address impending debt repayments, leveraging SP Group's stake in Tata Sons. Sterling and Wilson, an SP Group subsidiary, are also exploring divesting stakes in its data center business, aiming to raise INR 700 crore by carving out the division into a separate entity. With negotiations underway and interest from various lenders, including state-run Power Finance Corporation, SP Group maneuvers to alleviate debt pressures and streamline its financial portfolio.`
Omkara ARC, led by Manish Lalwani, bought Park Hyatt Hyderabad's non-performing loans (NPLs) at a 34% discount from lenders BlackRock and JM Financial. The luxury hotel, famed for its luxurious facilities and ideal location, secured its INR 450 crore main outstanding debt through a INR 300 crore all-cash transaction. This strategic decision shows Omkara ARC's experience in distressed asset sales and broadens its presence in the hospitality industry. The acquisition is consistent with Omkara ARC's overall strategy of discovering value-driven investments, which positions it as a prominent participant in the industry.
VJTI Mumbai's report to BMC suggests lifting and merging the last four sections of Andheri's Gokhale bridge with CD Barfiwala flyover to address misalignment. Both structures are deemed structurally sound, with no need for Barfiwala's demolition. The merging process, estimated to take 90 days, involves lifting spans and adjusting pedestals. BMC's insistence on a solution without demolishing either bridge prompted the report. Barfiwala flyover, built in 2008, connects Juhu to Gokhale Bridge. The latter, rebuilt in 2022, faces alignment issues due to elevated railway track guidelines. The merging solution aims to streamline traffic flow between the two structures.
The BMC has allocated INR 1,000 crore from its fixed deposits to MMRDA for Metro projects, despite no provision in the 2023-24 budget. This contribution is part of the BMC's obligation to cover 25% of the project costs, as decided in a 2016 meeting. The total contribution to MMRDA is INR 5,000 crore, with INR 1,000 crore disbursed now and the remainder in the next fiscal year. The initiative aligns with a broader funding policy where municipal corporations cover 25%, state government 25%, and the rest through loans. Improved infrastructure, including metro lines, is expected to boost property tax revenue for the BMC.
The recent amendments to Vietnam's Land Law, set to be enforced from January 1, 2025, promise substantial opportunities for overseas Vietnamese (Viet Kieu) to invest in real estate. These changes include expanded land-use rights for Viet Kieu, fostering increased engagement in the property market. Analysts predict heightened transparency under the new laws which are likely to attract greater foreign direct investment (FDI) into the real estate sector. The government anticipates a positive impact on Vietnam's economy and further integration of Viet Kieu into the nation's development trajectory, signaling a promising outlook for both investors and the real estate industry.
An adjustable-rate mortgage (ARM) refers to a home loan with a variable interest rate. With such loans, an initial interest rate is fixed for a stipulated period of time, after which the interest rate applicable on the outstanding balance varies. The rate is reset periodically, at yearly or even monthly intervals and is based on a benchmark or index, plus an additional spread called an ARM margin. ARMs are also called variable-rate mortgages or floating mortgages. ARMs generally have caps that limit how much the interest rate and/or payments can rise per year or over the lifetime of the loan.
Renowned investor Rekha Jhunjhunwala recently bought a luxury apartment in South Mumbai's Walkeshwar area for INR 11.76 crore. The apartment, spanning 1,666 sq ft, comes with a parking slot. This adds to her previous investment in commercial spaces worth INR 739 crore. The Jhunjhunwala family's long-term investment strategy emphasizes secure assets with high yields. Despite market shifts, premium properties like this remain in demand. Rekha's extensive portfolio, valued at over INR 39,333.2 crore, solidifies her standing in the investment community, akin to her late husband. Their ownership of Ridgeway Apartments in Malabar Hills further underlines their influence in Mumbai's real estate.
<ul> <li> A residential flat spanning 676 square feet sold in Susharda Edifice Celestial in Bhandup West for INR 75.3 lakhs</li> <li> A residential flat spanning 498 square feet sold in Shubh Vastu Wing B &amp; C in Badlapur for INR 38.5 lakhs</li> </ul>
Prestige Estates Projects has announced the acquisition of 62.5 acres of prime land in Indirapuram Extension, NCR for INR 468 crore to develop a large mixed-use township project spanning over 10 million square feet with a projected value of over INR 10,000 crore. The project will include residential, retail, education and recreational spaces under the Prestige Group's vision of integrated communities. This strategic land buy demonstrates the company's commitment to the NCR market and expanding its national footprint.
The incorporation of 23 areas into Pune's civic limits in 2021 is anticipated to stimulate real estate development with the impending implementation of the Unified Development Control and Promotion Rules (UDCPR). These rules are meant to offer benefits to developers and landowners by relaxing regulations and fostering high-rise constructions, especially in the city's outskirts. Local residents and leaders have long advocated for the UDCPR's implementation to ensure uniformity in construction regulations across all areas under the Pune Municipal Corporation, marking a significant step towards streamlined development.
MahaRERA recently cancelled agreements for four homebuyers in Pune who defaulted on payments totaling INR 4 crore to Gera Developments. Despite reminders, some buyers failed to meet installments deadlines, prompting the developer's appeal to MahaRERA. Five buyers settled dues, but four didn't comply, leading to cancellation. This underscores the importance of timely payments. The ruling emphasizes MahaRERA's role in ensuring fairness and compliance in real estate. It's a wake-up call for both developers and buyers to uphold their obligations. Effective communication and financial planning are vital to avoid such situations and maintain transparency in property transactions.
Lucknow plans to merge water and house taxes, simplifying payments with distinct identification numbers. Early house tax payments by March 31st offer a 15% discount, promoting timely contributions. The executive committee approved audits of sewer lines and procured stainless steel tankers for summer water supply. Infrastructure dedications, like renaming a flyover and railway station, honour the city's heritage. These decisions reflect Lucknow's commitment to efficient tax collection and community involvement.
The Indian REITs Association (IRA), established under SEBI and the Ministry of Finance, is actively pursuing Reserve Bank of India (RBI) approval for bank borrowing, aiming to broaden funding avenues for growth. Aravind Maiya, CEO of Embassy Office Parks REIT and IRA chairman, revealed discussions with the RBI but awaits a response. Currently, REITs access capital markets via bonds and equities but lack direct bank borrowing, unlike Infrastructure Investment Trusts (InvITs). Maiya stresses the necessity of bank loans for REITs' asset-heavy nature, emphasizing a balanced funding mix. With assets exceeding INR 1.3 lakh crore, REITs eye RBI approval to diversify funding and propel sustained real estate investment growth in India.
Signpost India Limited, a prominent media and advertising company, makes waves with two groundbreaking announcements. Firstly, it secures a prime commercial property near Mumbai Airport valued at INR 54 crore, bolstering its infrastructure and connectivity. Secondly, it merges with Pressman Advertising Ltd., expanding its service offerings to include advertising, digital marketing, and public relations solutions. Led by Chairman Shripad Ashtekar, the company aims to enhance operational capabilities and solidify its industry standing. With over 150 global awards and a vision for the future, Signpost India Limited pioneers creative and sustainable advertising solutions, shaping the media and advertising landscape in India and beyond.
Prestige Estates Projects and Marriott International have joined forces for six hotel projects, marking a substantial investment in India's tourism sector. Spread across scenic locales in Goa and Karnataka, these projects will offer 801 keys, including brands like Marriott, Moxy, and Autograph Collection. With an estimated investment of INR 1000 crore, this collaboration signifies a commitment to luxury and innovation, promising to redefine hospitality standards and drive industry growth in the region.
Aster DM Healthcare plans a USD 108 million expansion in India while divesting its Gulf business. With ambitions to rank among India's top three hospital chains, Aster aims to add 1,500 beds by 2027. Despite India contributing only a quarter of its revenue, growth in the region outpaces the Gulf. Aster agreed to sell a majority stake in its Gulf business to a consortium led by Fajr Capital, distributing the proceeds to shareholders. Since the announcement, Aster's shares have surged by 32%, reflecting investor optimism. These strategic moves signal Aster's commitment to evolving in the healthcare sector while maintaining excellence in patient care.
Haworth, a global leader in workspace solutions, has announced plans for its second manufacturing plant in Sriperumbudur, India, with an investment of USD 8-10 million. Doubling the current space to 113,000 sq ft, the new facility will produce key products like Zody, Fern, and Aloha, catering to domestic and international markets. With a focus on premium seating and expanding into emerging Tier-II cities, Haworth aims to meet the growing demand while reducing import dependency. The move underscores the company's commitment to India and the broader Asia-Pacific region, enhancing its position as a preferred workspace solutions provider globally, employing over 8,000 professionals across 150+ countries.
Builders in the U.S. express heightened confidence as lower mortgage rates prompt a surge in buyer demand. With fewer builders slashing prices and over 50% offering incentives, the market outlook remains optimistic. Analysts predict an increase in single-family home starts throughout 2024, buoyed by these factors. Meanwhile, the U.S. government is set to unveil housing starts and building permits data for February, which is expected to show a rebound from January's decline. Additionally, new home sales are anticipated to have risen for the third consecutive month in February, according to Reuters polls, with the data set for release next week.
Fixed-rate mortgage refers to a home loan that has a fixed interest rate for the entire term of the loan. Once locked in, the interest rate does not fluctuate with market conditions. Borrowers who want predictability and/or who tend to hold property for the long term tend to prefer fixed-rate mortgages. Fixed-rate mortgages may be open or closed with specific terms or may run for a length of time agreed upon by the lender and borrower.
Tata Projects, the construction arm of Tata Group, has inked a lease for 120,000 square feet of office space in Mumbai's Powai suburb, signaling its expansion plans. The deal, spread over two floors in Cignus Powai tower, accommodates around 1,000 employees, with potential for further growth. With a five-year lease term and lock-in period, Tata Projects is set to pay INR 86 crores in rentals. Developed by K Raheja Corp, Cignus Powai is adjacent to luxury hotels, enhancing its appeal. Powai's emergence as a commercial hub, fueled by connectivity and diverse amenities, reflects broader trends reshaping India's commercial real estate landscape.
Tusker Workspace Pvt Ltd, operating BHIVE coworking spaces, leased seven commercial units totaling over 62,000 sq ft in Adani Realty's Inspire BKC complex in Mumbai's Bandra Kurla Complex (BKC). The lease, at INR 1.39 crore per month for five years, includes stamp duty and registration charges. The agreement, signed on March 2, 2024, includes a 15% escalation clause after three years. Inspire BKC offers unique features like 4.2 mt floor to ceiling height and a triple layer fa�ade system, catering to evolving tenant preferences in commercial real estate. This deal signifies a shift in traditional office spaces to adapt to changing needs.
The Delhi government has initiated data collection to develop unauthorized colonies, focusing on solid waste management, road conditions, borewells, and sewer conditions. Multiplicity of agencies has been a hurdle, prompting data collection by agencies across Vidhan Sabha-wise jurisdictions. With over 30% of Delhi's population residing in illegal colonies, the government aims to regularize and redevelop 1,731 of them. Additionally, the Delhi Development Authority's PM Uday Yojana has received 4.75 lakh applications for ownership rights, though challenges like high fees and limited benefits persist. Efforts include simplifying procedures and enhancing infrastructure, with INR 900 crore allocated for upgrades in 2024-25.
In Kolkata, the KMC buildings department has cracked down on six illegal buildings near a collapsed site in Azhar Molla Bagan. One dangerously tilting structure faces imminent demolition, while efforts are on to locate three others showing signs of instability. Promoters will face hearings at the civic headquarters, with potential demolition orders for unsafe portions. Residents face uncertainty over the fate of their homes, especially those tilting towards neighbouring buildings. Mayor Firhad Hakim reaffirms zero tolerance for illegal constructions, highlighting the urgent need to address the proliferation of such buildings to prevent future tragedies.
The Bengaluru consumer court reprimanded Sri Lakshmi Constructions for breaching contract terms in a Vasantha Vallabha Nagar apartment purchase. The builder, accused of failing to provide covered car parking, sewage treatment, BWSSB connection, and rainwater harvesting, was ordered to rectify these deficiencies and compensate the complainant with INR 20,000 for mental distress, plus litigation costs. The complaint arose from purchasing a 2 BHK flat in 2021, with subsequent dissatisfaction over inadequate amenities. Despite the builder's argument against the complainant's consumer status, the court held them accountable, emphasizing their failure to fulfill obligations, particularly regarding parking arrangements.
The auction of RINL (Vizag Steel Plant) land plots in the port city by the National Land Monetization Commission (NLMC) garnered keen interest from bidders, including NRIs. Held on March 14 and 15, the auction attracted 220 participants, resulting in the sale of 72 land plots or blocks totaling 29,270 square yards for INR 243 crore. While 63 plots and 9 blocks were sold, the remaining properties will be auctioned in Phase II. The plots, ranging from 129 to 5350 square yards, fetched prices between INR 70,200 and INR 85,800 per square yard, reflecting the demand for well-located properties in Visakhapatnam.
Mukesh Harilal Mehta faced a tax ordeal over his IT return for 2014-15, seeking a deduction under Section 54 for reinvesting long-term capital gains in property. Despite initial denial by the assessing officer due to a builder's error in flat allocation, the Income-tax Appellate Tribunal (ITAT) deemed Mehta eligible for exemption. Section 54 encourages property investment by offering tax breaks. The ITAT's ruling underscores fair consideration of taxpayers' claims amid external factors like builder mistakes. This landmark decision not only sets a precedent but also clarifies Section 54 deductions amidst builder errors, ensuring equitable treatment for taxpayers.
WeWork India enters Chennai, leasing 1.3 lakh square feet in Olympia Cyberspace, set to open in June 2024. This reflects the rising demand for flexible workspaces nationwide. With 54 locations and over 90,000 desks across seven cities, including a strong presence in southern India, WeWork is strategically strengthening its footprint. Olympia Cyberspace's prime location meets Chennai's growing real estate demand. Partnering with Olympia Group, this venture blends modern architecture with Chennai's dynamic energy. Since 2017, WeWork India has led the flexible workspace trend, spanning 8 million square feet across 54 locations nationwide.
CIDCO has launched a scheme to sell 243 shops in Navi Mumbai's Ulwe node, aiming to bolster economic activity and provide opportunities for small and medium businesses. With Ulwe's rapid urbanization and strategic location near transit networks and the Mumbai Trans Harbour Link, the area presents promising prospects for business growth. CIDCO's Vice Chairman emphasized the scheme's significance for local entrepreneurs, urging them to seize the opportunity to stimulate economic growth and job creation. Interested parties can register for the auction until April 13, showcasing CIDCO's dedication to fostering business growth and economic development in Navi Mumbai.
Developers are rushing to meet soaring demand for warehouse space in India, driven by economic growth and supply chain diversification away from China. Projects like the Greenbase industrial park, backed by Blackstone, are expanding to accommodate companies shifting base from China. With India's infrastructure improvements and favorable market conditions, developers like Panattoni and Prologis are investing heavily. However, land acquisition complexities pose challenges, with surging prices and ownership disputes delaying projects. Despite hurdles, India's warehouse leasing market is thriving, attracting global players and signaling a significant shift in the country's industrial landscape.
Swiss Life, following a trend observed by German insurer Allianz, reduced its property portfolio value by 1 billion francs in 2023. Despite this adjustment, the company achieved a net profit of 1.11 billion francs for the year, largely driven by its insurance business. However, Swiss Life Asset Managers faced challenges, experiencing declines in both fee revenue and operating results. This mirrors a broader trend in the industry, where companies are reassessing their property portfolios amidst market fluctuations.
<p>• A residential flat spanning 472 square feet sold in Ekveera Darshan in Asalpha for INR 61 lakhs<br /> • A residential flat spanning 600 square feet sold in Gajra Bhoomi Tower Goregaon in Kharghar for INR 91 lakhs<br /> </p>
According to the RERA Act 2016, any person or entity that constructs or converts a building into apartments, develops land for sale, sells residential apartments or plots shall be considered the promoter of a project. If more than one entity or individual is responsible for development, both shall be held jointly liable to fulfil the functions and responsibilities as specified under the Act and the rules and regulations made there under.
In February, Prabhadevi witnessed a bustling real estate scene with 20 apartments changing hands across 10 buildings. Developer sales dominated the market, comprising the majority of transactions, while 40% of the sales were resale transactions, indicating a healthy mix of new and existing properties. Rustomjee Crown emerged as the frontrunner with the highest number of transactions recorded across all buildings, followed closely by Hub town 25 South, which secured 3 deals. The real estate landscape exhibited a wide range of prices, with transactions ranging from INR 67 lakhs to INR 29.22 crores, reflecting the varied preferences of buyers. The rate per square foot ranged from INR 22,000 to INR 86,000, with the majority of transactions occurring in the 1500-2000 square feet category.
Maestro Realtek, a key player in real estate, joins forces with Vascon for two projects in Pune: a residential project in Talegaon and a commercial venture in Kharadi. The Talegaon project, spanning 3 lakh sq ft, offers premium homes with 5 acres of open space, while the Kharadi commercial space boasts strategic location and amenities. The residential project offers scenic views and lifestyle amenities, while the commercial space guarantees ultra-luxury features and connectivity. With expertise and innovation, Maestro Realtek reaffirms its commitment to transforming real estate landscapes through strategic partnerships like Vascon.
The State Government of Maharashtra has introduced a policy initiative to address delays in building redevelopment, especially concerning senior citizens, presenting it to the Bombay High Court. The government's circular, discussed during a session led by Justices Girish Kulkarni and Firdosh Pooniwalla, outlines measures to address delays impacting senior citizens, stressing adherence to statutory directives. The court, in its subsequent order, emphasized the need for proactive measures to prevent such delays, expressing satisfaction with the government's actions to protect seniors' housing rights. Stemming from a petition by Jayashree Dholi, the court mandated the maintenance of a registry for such projects and proposed a specialized oversight cell. It urged for swift resolution of disputes and highlighted the importance of addressing senior citizens' complaints promptly.
To address the financial impasse of the Chandigarh Municipal Corporation (MC), the UT administration has approved an interim budget of INR 300 crore for the next three months in the new fiscal year. This interim measure aims to tackle various committed liabilities, including employee salaries, garbage processing expenses, and infrastructural works, amidst uncertainties surrounding the approval of the budget passed by the MC general house. The budget meeting, conducted despite legal challenges, led to the passage of the budget, now under scrutiny by the administration and challenged by BJP councilors. While the interim budget provides temporary relief, swift administrative action is needed to ensure smooth municipal operations in Chandigarh.
The Greater Noida Industrial Development Authority (GNIDA) oversaw 1,000 flat registrations across 30 group housing societies as part of a state government rehabilitation package for stalled projects. Plans are set for an additional 10,000 registrations, with the majority in Greater Noida West. Developers owe INR 1,800 crore, with relief options available. Consent obtained from 75 out of 96 defaulter projects may lead to 15,000 flat registrations. Similar initiatives in Noida and Yamuna aim to streamline processes, fostering trust and development.
YEIDA's recent e-auction of eight institutional plots on March 14, 2024, surpassed expectations, generating INR 37.12 crore, exceeding the initial bid value by INR 5.65 crore. The auction attracted bids for nursing homes, a corporate office, and a senior secondary school, totaling an estimated investment of INR 86 crore. This is anticipated to create job opportunities for approximately 600 individuals, contributing to regional growth. YEIDA's efficient e-auction process underscores its appeal as an investment hub, aligning with ongoing projects like Jewar Airport and Film City, promising a dynamic business landscape.
Guwahati Municipal Corporation (GMC) Mayor Mrigen Sarania announced a 10% rebate on property taxes for those who pay within the first two months of the next fiscal year, aiming to boost timely payments and city development. This incentive, revealed during the inauguration of a new bus queue shelter in Dispur, Guwahati, applies to property owners settling taxes between April 1st and May 31st. Last year's similar initiative aimed to prompt residents to fulfill their obligations promptly. GMC recently issued over 50 warrants against tax defaulters, totaling over INR 2 crore, resulting in settlements and legal actions. Additionally, GMC is enhancing public transportation by installing 45 new bus queue shelters with amenities such as Wi-Fi and CCTV cameras, costing approximately Rs 3.15 crore.
The Panvel Municipal Corporation has amassed INR 283 crore in property taxes this fiscal year, with a total of INR 569 crore collected till March 2nd week. With the fiscal year concluding in two weeks, further increments are anticipated. This achievement accompanies the corporation's record-breaking single-day collection of over INR 2.25 crore. Proactive measures, including issuing pre-seizure notices to property owners and establishing nine recovery units, underscore the corporation's dedication to effective governance and financial integrity.
French sporting goods retailer Decathlon is increasing investments in India to accelerate retail expansion and local manufacturing. It operates 129 stores in India and sees the market growing twice as fast as global rates. The company exports 65% of Indian-made products worldwide. Decathlon plans to expand local sourcing and production in India while opening 10 new stores annually. Its app has over 29 million Indian downloads, showing India�s digital affinity. The upcoming investments aim to strengthen Decathlon's position in India's fast-growing sports and athleisure market.
The third Thane Creek Bridge, connecting Mumbai and Navi Mumbai, nears completion and is set to alleviate traffic congestion. Scheduled for completion in November, with the Mumbai-Navi Mumbai arm expected by June, the project boasts a total of six additional lanes. L&T Limited oversees the construction and the project is planned on a INR 559-crore budget. The 1.84 km main span includes approach roads and a toll plaza. Delays, including environmental permissions and the pandemic, pushed the start to October 2020. Once operational, the bridge promises relief for the daily two-lakh vehicles and ensures improved connectivity for the region.
Nobu Residences Abu Dhabi, the first Nobu-branded residences in the Middle East, promises a sophisticated lifestyle blending Japanese design with modern luxuries. Located near Saadiyat Grove and Mamsha Al Saadiyat, residents enjoy access to premium shopping and dining. Penthouse and sky villa residents overlook Saadiyat Beach, with personalized services and top-tier amenities. Interior design by Studio PCH incorporates Emirati and Japanese influences. Private elevators, pools, and wellness retreats characterize the lavish living experience. CEO Talal Al Dhiyebi sees this as setting a new standard for Abu Dhabi real estate, driven by government initiatives. ADREC's Q Al Omaira highlights Abu Dhabi's resilience and commitment to exceptional residential projects, solidifying its status as a global real estate hub.
<p>• A residential flat spanning 926 square feet sold in Sheth Beaumonte - Tower A in Sion for INR 4 crores<br /> • A residential flat spanning 434 square feet sold in Jaliyan Heights Goregaon in Goregaon East for INR 87 lakhs<br /> </p>
According to Section 2 (d) of the RERA Act 2016, an “allottee” refers to an individual to whom a plot of land, apartment or building has been sold, allotted or transferred by a promoter. It includes anybody that may subsequently acquire the said allotment through a sale but does not include those renting the property.
Bollywood actor Tiger Shroff purchased a INR 7.5 crore home in Pune's premium Yoo project developed by Panchshil Realty. The 4,248 sq ft 4.5 BHK apartment is located in the developing township of Hadapsar. Documents show that Shroff immediately leased the property for INR 3.5 lakh monthly rent to a beverage company. He also owns a INR 35 crore apartment in Mumbai's Khar. Many Bollywood actors like Akshay Kumar, Ajay Devgn and Mrunal Thakur are actively investing in the booming real estate market through purchases, sales and leases to capitalize on opportunities.
<p>• A residential flat spanning 635 square feet sold in KK Residency in Ghatkopar West for INR 50 lakhs<br /> • A residential flat spanning 743 square feet sold in Classic Apartment kurar in Malad East for INR 75 lakhs<br /> </p>
White Lotus Group announced luxury villa projects in North Bangalore, projecting a revenue potential of INR 1200 crore. These projects, spanning 1 million sq. ft., introduce the "Personal Sanctuary" concept, offering bespoke living experiences. The group emphasises catering to elite clientele's unique tastes, leveraging their asset-light model for joint developments. Recent funding of INR 150 crore from Luxe Port Group aims to help fuel growth and expansion into Hyderabad, Pune, and Chennai. With a new-age team, White Lotus plans 1.5 million sq. ft. developments in North Bangalore by 2025, prioritising collaboration for future milestones and sustainability.
Shriram Properties has achieved remarkable success with its newly launched project "Codename Ultimate" near Electronic City, Bengaluru. It has sold nearly 70% of its inventory in its opening weekend. The project features a Balinese-themed design and prioritizes open spaces, reflecting the company's commitment to providing tranquil living environments. With a strong track record in the micro-market and a history of delivering quality homes, Shriram Properties continues to garner customer trust and satisfaction through its compelling value proposition.
The Delhi Development Authority is offering discounted flats and new inventory under their Diwali Special Housing Scheme 2023. Over 600 flats in Narela and Ramgarh Colony are discounted 15-25% for LIG and MIG categories, making them affordable for first-time buyers. Additionally, 7,931 new EWS and LIG flats in Narela are available. Existing flats in established areas like Jasola, Rohini and others are also being offered, including 8 HIG flats priced between INR. 2-2.1 crore. With options for all income groups and budgets across various locations, this scheme provides a great opportunity for Delhi residents to purchase affordable homes.
Housing and Urban Affairs Minister Hardeep Singh Puri, speaking at a CREDAI youth wing event, stressed the crucial role of a mature and developed real estate sector in India's vision of achieving developed nation status by 2047. Highlighting the necessity of reaching a market size of USD 1 trillion by 2030, Minister Puri praised the transformative impact of the RERA Act in regulating the sector and resolving consumer complaints. He emphasized the sector's significance as the second-largest employer and projected its contribution to GDP to reach 15% by 2030. Minister Puri urged for an additional 25 million units of affordable housing by 2030 and commended CREDAI's commitment to sustainability goals. Despite acknowledging potential risks such as bubbles, Minister Puri reiterated the importance of nurturing a robust real estate sector for India's developmental aspirations.
The coworking sector in India, particularly in Mumbai and Gurugram, has experienced significant growth, with rental rates increasing by 27% and 19% respectively since FY20. Cities like Delhi, Bengaluru, and Noida also witnessed notable growth in flexible workspace rentals. Coworking spaces now contribute 18% to total office supply in major cities, with predictions indicating aggressive expansion to 100-140 million square feet by 2030. Despite pandemic challenges, funding in coworking remained high, and with 70% of companies adopting hybrid work models, demand is projected to surpass traditional offices by 2030. The trend extends to hotels and F&B outlets, indicating a promising future for India's coworking culture.
Maharashtra extends its Stamp Duty Amnesty Scheme until June 30, 2024, offering relief to homeowners facing penalties for underpaid or unpaid stamp duty. The scheme allows rectifying past mistakes and reducing penalties, which can accumulate at a steep 2% per month, reaching up to 400% of the unpaid amount. Divided into two schedules based on document signing dates, it covers a wide range of property transactions. Homeowners can apply online or offline, consulting a property lawyer for guidance. Seize this opportunity to save money and avoid higher penalties later.
Kishore Biyani's daughters, Avni Biyani Jhunjhunwala and Ashni Biyani, are reentering the food retail arena with Food Stories, akin to their previous venture Foodhall. Their new gourmet food and experiential retail concept will debut at Ambience Mall in New Delhi, offering artisanal foods including cheeses, condiments, fresh produce, and packaged items. With support from the Narottam Sekhsaria family office, they aim to tap into rising demand for specialized foods and wellness products. This comeback follows the closure of Foodhall due to parent company Future Retail's insolvency issues. Additionally, the sisters plan to introduce Broadway, housing digital-first brands, and have launched Think9 Consumer Technologies to promote digitally native brands across multiple consumption categories. Despite growing competition, their move aligns with the expanding premium food market in India, projected to reach USD 1,230 billion by 2023.
The Delhi Development Authority (DDA) will undertake an in-situ slum rehabilitation project named 'Jahan Jhuggi Wahin Makan' in three jhuggi clusters in East Delhi: Kalandar Colony, Deepak Colony, and Dilshad Vihar Colony, accommodating nearly 4,000 households. It marks the first such project in the trans-Yamuna Area and the fourth in the city. Delhi Lieutenant Governor VK Saxena directed expedited completion after witnessing dire living conditions during a visit. The project aims to provide modern amenities through multi-storeyed buildings on seven hectares of land. Despite criticism from the Delhi government regarding previous demolitions, the focus remains on timely execution ahead of elections.
NHAI concluded its largest InvIT monetization, raising over INR 16,000 crore in 'Round 3', marking a significant milestone in India's road sector. National Highways Infra Trust (NHIT) secured INR 7,272 crore from investors and INR 9,000 crore in debt to acquire 889 km of national highways. Strong demand came from domestic and international investors, including pension funds and insurance companies. The total realized value of all three rounds of InvIT stands at INR 26,125 crore, comprising fifteen toll roads across nine states. The government also revised concession terms for BOT projects to attract private investment, aiming to invite bids for INR 2.1 trillion of highway projects.
Janu, a new luxury hotel brand spun off from the exclusive Aman Resorts, adopts a different strategy, aiming to attract a younger crowd with more affordable pricing while maintaining high-end offerings. Its first hotel in central Tokyo offers 122 rooms at rates about half that of Aman, yet remains one of the city's most expensive accommodations. Janu boasts extensive dining options and a spacious wellness area, challenging Tokyo's renowned culinary scene. Despite its familiar aesthetic reminiscent of Aman, Janu faces the challenge of attracting a diverse local clientele. However, its opening marks a new era where luxury meets accessibility in Tokyo's hospitality landscape.
Construction and demolition (C&D) waste refers to waste generated from construction, renovation, repair, and demolition of houses, large building structures, roads, bridges and dams. It also includes any surplus and damaged products and material arising through the course of construction work or used temporarily during the course of on-site activities. Materials found in C&D waste can be but are not limited to wood, steel, concrete, gypsum, masonry, plaster, metal, and asphalt. C&D waste can contain hazardous materials such as asbestos and lead.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has proposed draft guidelines mandating the maintenance of three bank accounts for housing projects to ensure financial discipline and protect homebuyers' interests. The accounts - Collection, Separate, and Transaction - serve distinct purposes, aiming for transparency and accountability in fund management. Developers must adhere to strict regulations, including disclosing account details to homebuyers and obtaining approval for fund withdrawals. Banks are also obligated to comply with MahaRERA's directives, ensuring account security and transparent transactions. The proposed guidelines, subject to stakeholder feedback, signify MahaRERA's commitment to enhancing credibility and customer satisfaction in the real estate sector, potentially addressing past financial irregularities.
<p>• A residential flat spanning 529 square feet sold in New Bhagwan Bhuwan in Masjid Bandar for INR 72 lakhs<br /> • A residential flat spanning 317 square feet sold in Rusttagi Aarambha Phase 3 in Titwala-Ambivli for INR 17.18 lakhs<br /> </p>
IWG launches HQ in Bengaluru, redefining workspace with dynamic, adaptable environments spanning 10,000 sq. ft. in two locations. Aimed at meeting evolving needs, HQ offers co-working spaces, private offices, and creative zones. Positioned in key business hubs, it supports the '15-minute city' concept, reducing commute times. The move reflects IWG's commitment to flexible working amid rising demand. Bangalore's status as a tech hub influenced the launch, aligning with the city's surge in workspace demand. IWG's global presence, tech investment, and multi-brand strategy position it for exponential growth in the hybrid working era.
Following a recommendation from the Haryana Real Estate Regulatory Authority (HARERA), the Department of Financial Services (DFS) is set to mandate banks to enforce RERA norms for withdrawals from real estate accounts. The directive aims to ensure compliance by promoters of real estate projects. HARERA's proposal prompted the DFS Secretary to instruct all banks accordingly. This move points to efforts to improve regulations within the real estate sector, aligning with the broader objectives of promoting transparency and accountability in the real estate industry.
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has redesigned project registration certificates to now include digital signatures and QR codes. This provides easy access to key details like project name, promoter, and timelines via scanning the QR code on certificates prominently displayed at project sites and offices. The certificates also highlight conditions like escrow account usage. UP-RERA aims to increase transparency and empower home buyers by making all registration information readily available through the accessible QR scanning technology on certificates and promoter platforms.
Residential real estate platform NEOLIV, led by former Godrej Properties' CEO Mohit Malhotra, aims to raise USD 150 million for its inaugural fund within 12 months. The fund, Inliv Real Estate Fund, targets middle-income residential properties in Mumbai and Delhi regions, along with plotted opportunities in tier-II cities. NEOLIV has secured INR 300 crore for the fund's first phase, with plans to swiftly deploy capital into 3-4 projects initially, and 8-10 projects overall. Backed by 360 ONE, the company envisions timely deployment of funds, emphasising partnerships with ultra-high net worth individuals and family offices for sustained growth and quality housing development.
An exciting opportunity has emerged to own a property adjacent to Amitabh Bachchan's iconic residence, Jalsa, in Mumbai's upscale Juhu area. Deutsche Bank is auctioning a bungalow with a starting price of INR 25 crore (approximately USD 3 million), offering over 3,000 square feet of indoor and outdoor space. Despite its allure, prospective buyers must heed caution as the property is being auctioned under the SARFAESI Act due to loan default. Thorough due diligence is advised as buyers must navigate existing legal issues. The auction, attracting HNIs and MSME directors, is slated for March 27, 2024, promising a potentially lucrative investment opportunity with careful consideration.
The Mysore Urban Development Authority (Muda) faces a financial hurdle in funding new development projects, prompting an ambitious plan to auction 200 premium sites and houses, aiming to generate INR 400 crore. Criticism from the Mysore Realtors' Association suggests Muda's reliance on selling existing plots reflects its financial strain. Muda clarifies that cancelled allotments to private developers are now up for auction, some of which have seen staggering value increases. The auction process awaits encumbrance certificates, and Muda seeks clarity on conducting it during elections. With limited land for new layouts and challenges in joint ventures, Muda views auctions as a crucial revenue source but faces concerns over long-term development sustainability.
Soho House, renowned for its vibrant creative ambiance, targets India with digital membership expansion and two new physical locations. Their CWH membership program, available in six Indian cities, offers exclusive events and global access to creative individuals. Annual membership costs INR 72,950, making it more accessible. New Delhi and South Mumbai will host upcoming physical houses, promising amenities like rooftop pools and gyms. Despite recent financial concerns, Soho House boasts growing membership and emphasizes service quality. Their Indian expansion reflects the country's burgeoning creative landscape, competing with similar clubs like The Indus Club and The Quorum Club for a sophisticated networking space.
The Union Cabinet in New Delhi has approved Delhi Metro's INR 8,399 crore expansion plan, introducing two new rail corridors to bolster public transport. Set for completion by March 2026, the project aims to alleviate traffic congestion and enhance connectivity. With funding from various sources, the expansion will significantly amplify Delhi's metro network. Additionally, deals to improve cooperation with Bhutan in energy efficiency and trade have been approved.
Maharashtra emerged as the first state to acquire 2.5 acres in Jammu and Kashmir for a tourist and official facility, the Maharashtra Bhawan, sanctioned by the Maharashtra Cabinet. The land purchase, totaling INR 8.16 crore, near Srinagar Airport, signifies a significant move post the abrogation of Jammu and Kashmir's special status. Maharashtra Deputy Chief Minister Ajit Pawar allocated INR 77 crore for this and another Bhawan in Ayodhya, emphasizing superior facilities for tourists and devotees. The initiative aims to offer comfortable accommodations, signaling a departure from previous land ownership regulations in the region, and highlighting Maharashtra's commitment to development beyond its borders.
British housebuilder Vistry announces plans to increase homebuilding efforts, driven by demand for affordable housing units in the private rental sector. Despite market stabilisation, tempered by Bank of England rate delays, Vistry aims to surpass previous homebuilding targets and initiate a GBP 100 million share buyback program. With a focus on affordable homes, Vistry's strategic shift strengthens its position in the housing market, paving the way for sustained growth and success.
ICICI Prudential Life Insurance Company secures its largest back-office facility with a lease of over 252,000 square feet at Mumbai's Mindspace IT park in Malad West. The deal, spanning four floors for five years, marks one of India's largest office lease transactions of 2022. Monthly rent of INR 2.3 crore, escalating annually by 4%, is agreed upon. This expansion from their decade-long Malad East office will occur in two phases. Additionally, they gain access to 231 parking slots. Mindspace, managed by K Raheja Corporation, offers diverse commercial and industrial spaces across India. Amidst growing IT demand, Mindspace's robust performance cements its status in India's commercial rental market.
<p>• A residential flat spanning 805 square feet sold in Mahavir Sheetal Dhara in Kamothe for INR 65.20 lakhs<br /> • A residential flat spanning 661 square feet sold in Thakur Galaxy in Boisar for INR 34.25 lakhs<br /> </p>
Godrej Properties secured a three-acre land parcel in Hyderabad's Kokapet, enhancing its total booking value to INR 4,800 crore. The acquisition offers a potential of 1.2 million sq. ft., primarily for premium residential apartments. Positioned strategically near Kokapet's Outer Ring Road junction, the location provides easy access to key areas and amenities. Earlier, the company acquired 12.5 acres in Rajendra Nagar, anticipating revenues of INR 3,500 crore. It recently also secured a Noida land parcel with a projected revenue potential of INR 3,000 crore.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has revealed that approximately 35-50% of conciliations between homebuyers and developers have been successful, out of over 1,200 cases handled since 2018. Chairman Ajoy Mehta commended the process for its efficiency and low appeal rates, with around 50% of cases resolved through conciliation. Out of 1,231 cases, 1,061 have concluded, with ongoing success rates within the 35-50% range. While complaints are addressed by MahaRERA, the conciliation forum encourages cooperation for improved success rates, emphasizing dialogue and mutual understanding. Effective dispute resolution mechanisms like MahaRERA's Conciliation Forum enhance trust and confidence in the real estate sector, benefiting all stakeholders and fostering industry growth.
The Tamil Nadu Real Estate Regulatory Authority (TN RERA) Appellate Tribunal has directed House of Hiranandani to register its multi-tower township project as a unified real estate entity, emphasizing compliance with RERA regulations. This decision, prompted by the ongoing nature of the project despite its initiation before the enactment of RERA, aims to ensure transparency and accountability in large-scale residential developments. By mandating the registration of the entire township as a single project, the tribunal seeks to streamline administrative processes and protect the interests of homebuyers. This reflects a commitment to regulatory compliance and fairness in the real estate sector.
Luxury retail in India is booming, with a surge in high-end brand leasing activity nationwide. CBRE and PHD Chamber of Commerce report a doubling of leasing activity on high streets in 2023, reaching over 0.3 million sq. ft., while malls saw tripled activity, leasing over 0.24 million sq. ft. Standalone stores also flourished, leasing over 0.1 million sq. ft., reflecting a 200% year-over-year growth. Fuelled by a burgeoning middle and upper class, luxury retail is expanding beyond major metros like Delhi and Mumbai, reaching new cities like Chandigarh and Ahmedabad. Despite the rise of online shopping, physical flagship stores remain crucial, leveraging technology to enhance customer experiences.
DLF Ltd, a prominent real estate developer, sold a 4.67-acre plot in Chennai's Guindy area to Cholamandalam Investment and Finance Company Ltd for INR 735 crore. This strategic move suggests a surge in demand for office space in the city. DLF's decision to monetize the landholding aligns with its ambitious plans to launch projects worth nearly INR 80,000 crore. For Cholamandalam Investment and Finance, a subsidiary of the Murugappa Group, this acquisition presents an opportunity for expansion, potentially leading to the development of a new corporate office in the prime Guindy location. This deal underscores Chennai's growing importance as a commercial hub, promising further growth in the real estate sector.
Tata Motors, India's leading manufacturer of commercial and passenger vehicles, has signed a Memorandum of Understanding with the Government of Tamil Nadu to explore establishing a new vehicle manufacturing facility in the state. The proposed investment of INR 9,000 crore could generate up to 5,000 jobs. If established, it would be Tata Motors' first plant in Tamil Nadu and second in South India. The MoU signing was witnessed by Chief Minister M.K. Stalin and aims to further attract investment to Tamil Nadu's thriving automobile industry centered in Chennai.
Hyatt Hotels plans to open seven new hotels across India by 2024, adding over 1,100 rooms. This is part of Hyatt's goal to grow its portfolio in Southwest Asia to more than 55 hotels by 2024. Hyatt has seen strong growth in India recently and aims to capitalize on the rising domestic tourism market. The expansion will feature new Hyatt Regency, Hyatt Place and Hyatt Centric properties. Hyatt also plans to introduce its Unbound Collection brand in India after renovating the Noor-Us-Sabah Palace in Bhopal.
The Maharashtra state cabinet approved acquiring a 9,420.55 sq meter plot in Ayodhya for Maharashtra Bhavan at INR 67 crore. This aims to provide devotees comfortable accommodation near the Ram Temple. Additionally, INR 67.14 crore was sanctioned for a state guesthouse in Ayodhya. The proposed plot is strategically located near NH 27 and the airport and is 7.5 km away from the Ram Janmabhoomi Temple. This move, coinciding with the Ram Temple's opening, signifies a political endeavor by the state to capitalize on the temple's significance.
The state cabinet approved a proposal of INR 24,000 crore for unconditional government guarantees for Mumbai Metropolitan Region Development Authority (MMRDA). This facilitates loans from Rural Electrification Corporation (REC) and Power Finance Corporation (PFC) for various MMR infrastructure projects. REC offers INR 30,593 crore for Metro Line 8, with the government guaranteeing INR 12,000 crore. PFC's INR 50,301 crore loan covers projects like the Orange Gate Freeway-Marine Drive tunnel, with an INR 12,000 crore guarantee. Additionally, MMRDA secured a INR 850 crore loan and INR 19 crore grant from Germany's KFW for Mumbai's Regional Urban Infrastructure Improvement Programme.
Greystar, a prominent U.S. property firm, is ramping up its European real estate investment to over 1.4 billion euros this year. At the MIPIM event in Cannes, Executive Director Mark Allnutt highlighted shifting investor behavior, noting increased willingness to divest assets amidst market repricing. Greystar eyes opportunities in France and Germany following recent price drops, with deals already secured in Paris and Berlin. With 16 billion euros in European assets, the company aims to exceed prior investment figures, focusing on apartments and student housing to meet rising rental demand. Analysts watch closely as Greystar navigates dynamic market conditions, poised for strategic expansion.
A façade refers to the front or exteriors of a building. A facade can serve many purposes such as adding to the aesthetics of the property, establishing a theme, protecting or supporting the building structure, and conserving energy.
The iconic Air India building in Mumbai is set to be sold to the Maharashtra government for INR 1,601 crore, approved by the Centre. Facing space constraints at Mantralaya, the state plans to utilize the 23-story sea-facing building to relocate offices, with nine floors currently vacant. The landmark Nariman Point building was excluded from Air India's privatization and held by AIAHL. Designed by architect John Burgee, it was constructed in 1974 and put up for sale in 2018. Talks resumed last year, culminating in Maharashtra's increased offer. The acquisition addresses long-standing administrative space issues, preserving Mumbai's heritage while meeting practical needs.
<p>• A residential flat spanning 530 square feet sold in Crown Hiranadani Estate Mulund Project Tower 1 in Kavesar for INR 85.51 lakhs<br /> • A residential flat spanning 439 square feet sold in Reputed Horizon Heights in Kasavadavli for INR 49.50 lakhs<br /> </p>
Mahindra Lifespace Developers, the real estate development arm of the Mahindra Group, has acquired a 9.4 acre land parcel in Bengaluru's Whitefield area to develop a mid-premium housing project. The project will have a development potential of 1.2 million square feet with an estimated gross development value of Rs. 1,700 crore. Mahindra Lifespaces plans to launch the first phase of the project within the next twelve months. This acquisition is in line with the company's plans to grow its development portfolio and achieve a five-fold increase in pre-sales over the next five years.
Shriram Properties introduces Codename Ultimate, a tranquil residential project near Bengaluru's Electronic City, drawing inspiration from Bali, Indonesia. With over 70% dedicated to open spaces, the development blends modern living with Balinese architecture. Close to IT hubs and upcoming metro stations, it offers two and three-bedroom apartments. Featuring a 14,000 sq. ft. clubhouse with 40+ amenities, it fosters community living. Shriram Properties, known for its quality and value appreciation, aims to meet the high demand for housing in Electronic City.
Deputy Chief Minister DK Shivakumar announced the implementation of a decentralised automated online approval process named 'Nambike Nakshe' for building plans in Bengaluru, specifically targeting residential constructions. Under this new scheme, residential constructions of up to four units on a plot measuring up to 50 x 80 feet can obtain online building plan approvals from authorised architects or engineers, eliminating the need for physical visits to BBMP offices. Additionally, a new property tax system has been introduced, categorising the city into six zones based on asset classes, and a 10% increase in property taxes has been decided, with efforts to bring 18 lakh property owners into the tax bracket.
The Talati Bungalow, a historic relic in Versova, Mumbai, faces potential demolition following a BMC notice citing structural concerns. Dating back to 1900 AD, the bungalow holds significant historical value as one of the last original Seven Bungalows in Versova. Owners, Shaloo Rahul Barar and her sons, allege a conspiracy by developers and contest the BMC's assessment, citing contradictory audit reports. MLAs and Intach have raised concerns over the misclassification of sturdy structures as dilapidated, advocating for fair evaluations and conservation efforts. The controversy highlights the delicate balance between urban development and preserving cultural heritage, emphasizing the need for transparent and equitable processes.
Under the leadership of Ashish Khandelia, Certus Capital intends to invest INR 1,000 crore in India's real estate sector over the next year, with a focus on its secured bond platform, Earnnest.me. With INR 400 crore already invested, the firm aims to exceed INR 500 crore by year-end. They advocate for the development of India's bond markets and aim to become a market maker for real estate debt capital markets. Recent investments include INR 130 crore in commercial projects in Pune. Certus aims to achieve fixed returns of approximately 15%, with robust principal coverage backing them. They emphasise democratising access to institutional-quality investments.
Global investors are turning to India's thriving real estate market, fuelled by its projected 5.7% GDP growth in 2024 and investor-friendly policies like Real Estate Investment Trusts (REITs). With demand for office, residential, and industrial spaces exceeding 3.6 billion sq. ft., India presents lucrative opportunities. Compared to other Asia Pacific markets, Indian real estate offers attractive pricing, better valuations, and higher yields, attracting a diverse range of investors. Foreign investment surged 20% in 2023, reaching USD 3.6 billion, with growing interest from countries like Singapore and South Korea. With a focus on sustainability, India's real estate sector anticipates continued growth in 2024, offering dynamic investment prospects.
Nexus Select Trust, India's sole listed retail REIT partnered with Blackstone, aims to double its 10 million sq ft portfolio to 20 million sq ft in 5 years, capitalizing on India's retail boom. Unlike developers, Nexus focuses on acquiring malls, boasting a low debt ratio of 14%. A successful IPO raised INR 3,200 crore in 2023, funding expansion. Their strategy involves acquiring established malls and revitalizing them, as seen with a 2021 acquisition. With India's retail sector thriving post-pandemic, Nexus' growth aligns with rising consumption and favorable market conditions, promising a modern retail experience and benefits for consumers and global brands.
Bhubaneswar's development projects, led by the Bhubaneswar Development Authority (BDA), cater to diverse needs. Nilamadhab Niwas provides 1,200 affordable units under the "Housing for All" policy, benefiting residents like those in Nilamadhab Basti. Ekamra Residency offers 704 modern units, alongside 300 affordable units, ensuring inclusivity for various income groups. The city's largest urban forest, Ananda Bana, spans 90 acres, providing a serene escape for dwellers seeking nature's solace. With a focus on housing and green spaces, Bhubaneswar's development promises a better quality of life for all its residents.
BMC embarked on a groundbreaking project, allocating INR. 1329 crore, to link the Eastern Freeway and Grant Road, slashing travel time to a mere 6 minutes in South Mumbai. Spearheaded by J Kumar Infraprojects Limited and RPS Infraprojects (P) Limited, this 42-month endeavour promises smoother journeys with an elevated road spanning 5.6 kilometres. Despite initial setbacks, this joint venture showcases a commitment to innovation, with features like a cable-stayed bridge, signalling a transformative shift in urban mobility solutions.
South Korea's land minister, Park Sang-woo, recently acknowledged the challenges posed by the country's aging population and slowing economy, which have dampened real estate demand. To address this, the government aims to make housing more affordable by introducing measures such as cheap mortgages for newlyweds and developing a high-speed underground rail network to connect cheaper housing markets on the outskirts of Seoul with employment hubs. Additionally, Park emphasized the importance of assisting young people in diversifying their investments beyond real estate and supported financial authorities efforts to restructure unprofitable property projects. These initiatives seek to mitigate the impact of high housing costs and promote economic stability.
A Completion Certificate (CC) is given to a project when it has been developed according to the sanctioned plans and has met all other building standards as prescribed by the local governing authority. In Maharashtra, in order to procure a CC, the builder’s architect must submit a formal letter stating that the construction has been completed according to the standards set forth in the IOD and CC. A completion certificate (CC) can be procured for a particular building (BCC) and for a project as a whole.
An Occupancy Certificate (OC) is a document that certifies that a building has been constructed and developed as per the approved plans and complies with all the necessary safety norms and regulations. The certificate is issued by the local municipal authority after construction is completed, and serves as proof that the building is ready for occupancy. It is illegal to occupy a flat in a building which has not received an Occupancy Certificate.
DB Realty, now Valor Estate Limited, struck a significant land lease deal with the BMC, providing 186.52 acres near Mira Road Railway Station for the coastal road project. The BMC will pay an annual rent of INR 248 crore for three years, extendable up to five. Beyond supporting the project, the land holds vast development potential of over 50 million sq. ft. Its strategic location near the railway station and the upcoming coastal road makes it prime for future integrated township development, potentially reshaping Mira Road's real estate landscape. This win-win agreement sets the stage for transformative urban development in Mumbai's outskirts.
<p>&bull; A residential flat spanning 750 square feet sold in Lodha Bellissimo Mulund Project Tower 1 in Mulund East for INR 1.91 crores<br /><br /> &bull; A residential flat spanning 270 square feet sold in Lokhandwala Laxmi Niwas CHS in Byculla for INR 38 lakhs</p>
Ajmera Realty & Infra India Ltd recently secured credit facilities of INR 500 crore from Standard Chartered Bank and ICICI Bank, earmarked for their Ajmera Manhattan project in Mumbai's Wadala area. A notable portion of INR 200 crore will be used to partially prepay a loan from HDFC Bank. The deal, achieved on favourable terms due to Ajmera Manhattan's strong performance, underscores the company's financial reliability and commitment to a 5x growth vision. With a focus on reducing corporate debt by 90 percent within three years, the company aims to leverage internal accruals for this purpose. Ajmera Manhattan's high booking reflects the robust demand along the Sewri-Wadala belt, boosted by infrastructure developments like the Mumbai Trans-Harbour Link.
The Sri Kurumba Educational and Charitable Trust, founded by PNC Menon and Sobha Menon, is making substantial contributions to philanthropy through its Sobha Community Home Project, "Griha Sobha 2024." This initiative aims to provide free housing to 220 women-led underprivileged families in Palakkad district, addressing the widespread issue of inadequate housing in India. The recent inauguration event marked a significant milestone, with the handover of keys for the first set of 100 homes, and the foundation stone laid for an additional 120 homes as part of the commitment to offer a total of 1000 homes to women from resource-limited families.
According to Odisha Real Estate Regulatory Authority (ORERA), promoters seeking registration for real estate projects must now furnish a comprehensive self-declaration. This declaration necessitates the inclusion of detailed information regarding their past and ongoing housing ventures, among other projects. ORERA's directive underscores the importance of transparency in the real estate sector, aiming to enhance accountability and protect consumer interests. The move aligns with broader efforts to regulate the industry and ensure fair practices, marking a significant step towards promoting trust and confidence among stakeholders
In a recent operation, Mumbai police arrested 12 individuals and charged 53 others for unlawfully trading homes designated for those affected by the city's airport expansion project. The crackdown followed reports of illegal activities during a housing distribution event in Andheri, where over 400 people had gathered. Authorities uncovered fake documents and apprehended individuals involved in the unlawful sale of flats. The incident sheds light on challenges in properly distributing housing for displaced residents, highlighting the need for stringent enforcement measures.
Dadar, a vibrant locality in Mumbai, witnessed a bustling real estate market in January, with 26 apartments sold across 17 buildings. Resale transactions dominated, comprising over half of the sales, while developer sales accounted for nearly one-third. Ruparel Luminare and Bombay Realty Island City Center (ICC) led sales, each closing three deals. The most expensive apartment, sold in ICC, fetched INR 8.35 crores, while the most affordable option was in Mohan Naik CHS at INR 32.5 lakhs. Apartments ranged from 160 to 2,072 square feet, with rates per square foot varying from INR 12,000 to INR 52,200. Approximately 46% of flats sold were in the 1-500 square feet range, with significant sales in other size categories. One-third of sales were below INR 1 crore, 42% fell between INR 1 crore and INR 5 crore, and 23% were in the 5 crores to 10 crores range.
Zolo Stays, India's leading co-living space, has introduced 'Zolo Diya,' a female-only co-living property in Bengaluru, coinciding with International Women's Day this year. Supported by prominent investors, the initiative aims to empower women through safe, inclusive living spaces. With half of the property already occupied, Zolo Diya prioritizes safety, comfort, and community for its residents. Featuring meticulously crafted amenities and dedicated female staff, it offers a nurturing environment for women to thrive. The official launch event included empowering speeches from female leaders, emphasizing the transformative impact of Zolo Diya on communal living for women.
The Andhra Pradesh government plans to withdraw the 2016 land acquisition notification for 4,300 acres in Amaravati due to litigation issues. The move, promised by the YSRCP before the last elections, aims to address farmer opposition and fulfil campaign pledges. CRDA and Guntur district administrations are tasked with completing the withdrawal process before election notifications. However, this decision sparks controversy as it affects the Amaravati master plan and recent high court rulings. Despite initial notifications, only 180 acres were acquired by 2019, with most farmers obtaining stay orders against acquisition.
The Bombay High Court has directed the Department of Dairy Development to promptly repair and reconstruct internal roads in the Aarey Milk Colony area, covering approximately 37 kilometres within the eco-sensitive zone of Sanjay Gandhi National Park. Urged by petitions from residents and NGOs, the court emphasized balancing infrastructure needs with wildlife preservation. A court-appointed committee recommended urgent repairs, focusing on a critical 1.5-kilometer stretch. The BMC was instructed to provide updates on previously handed-over road segments. The court stressed compliance with environmental regulations and allocated funds, urging swift action and streamlined procurement processes. This collaborative effort underscores a commitment to sustainable development in Aarey Milk Colony.
The Nagpur Municipal Corporation (NMC) has completed trials for its first construction and demolition (C&D) waste recycling plant at Bhandewadi dumping yard, set to process 150 metric tonnes daily. Operated by Hyderabad C&D Waste Pvt Ltd, the plant will produce five bio-products from C&D waste. It aims to cater to government agencies, individuals, and private organisations. The NMC has approached various government departments for using the by-products in development projects. The plant, operational for 20 years, will charge INR 414 per metric tonne, with fines for illegal dumping. Its inception aligns with NMC's policy to curb pollution and promote resource reuse, benefiting both public and private sectors.
Abu Dhabi Investment Authority's (ADIA) subsidiary has invested in Cheyne Capital's ninth round of fundraising for its European real estate debt fund, called Cheyne Real Estate Credit Holdings. The size of ADIA's latest investment was undisclosed but this brings its total commitment in the fund to 650 million pounds. Cheyne Capital focuses on lending against commercial real estate in Europe through senior loans, subordinated debt, and commercial mortgage backed securities (CMBS). Rising interest rates are negatively impacting property values and loan renewals, attracting Gulf sovereign investors to higher return private credit deals. ADIA and other Gulf funds are increasing allocations to private credit as an alternative asset class.
Reinforced Cement Concrete (RCC) is a composite building material that consists of structural concrete and a reinforcing material such as steel. The tensile strength of steel and the compressive strength of concrete work together to sustain stresses over considerable spans. The reinforcing steel can be in the form of rods, bars, or mesh. The invention of reinforced concrete in the 19th century revolutionized the construction industry, and concrete became one of the world’s most common building materials.
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has decided to implement three important policy decisions taken by the Maharashtra Real Estate Regulatory Authority (MahaRERA). These include making QR code display, real estate agent certification, and option for deregistration of non-viable projects. MahaRERA's success in benefiting homebuyers through transparent governance prompted other states to emulate its initiatives. UP-RERA's adoption of these policies aims to increase transparency and protect homebuyers, just as MahaRERA has done successfully.
<p>• A residential flat spanning 670 square feet sold in Heritage Saniya City in Vasai East for INR 22.08 lakhs<br /> • A residential flat spanning 723 square feet sold in Balaji Angan in Kharghar for INR 80 lakhs<br /> </p>
Runwal Group introduces Skydeck residences in Runwal Pinnacle, offering panoramic city views and luxury amenities. With towers among the tallest in Mumbai's eastern suburbs, the project features meticulously designed 1, 2, and 3 BHK apartments. Private decks are available above the 40th floor, redefining high-rise luxury living. Residents enjoy top-notch recreational facilities, including a 2-level clubhouse and a Jain temple. The project's prime location and excellent connectivity make it a desirable address in Mumbai.
The Maharashtra Cabinet has given its approval to a INR 5,000 crore plan to construct housing complexes for around 80,000 workers left without homes after the closure of 58 textile mills in Mumbai in the 1980s. The government will provide INR 3,000 crore as subsidy while the BMC will contribute INR 1,500 crore. Most housing will be built in the Mumbai Metropolitan Region but those wanting homes elsewhere can also apply. The cabinet's decision was crucial to implement the long-pending plan to fulfill the government's promise of free housing for all displaced former mill workers.
Pune Municipal Corporation (PMC) has announced initiatives aimed at addressing the city's housing needs, especially for its transient population. With a focus on affordability, PMC will introduce rental housing projects, starting with Baner. Additionally, plans include affordable housing and slum rehabilitation in Gultekdi. The administration is also revising charges for approval of Gunthewari projects to encourage participation. Notably, PMC targets a significant revenue increase from building permissions, signaling a proactive approach to urban development.
Chennai's office market is booming, with global firms leasing over half of its 87 million sq. ft office space. STEM talent and competitive rates drive its appeal, with E&M sector leaders like American semiconductor firms and European oil companies. BFSI leasing, mainly by American firms, is on the rise. Modern developments and strong public transport facilitate even office distribution, notably in OMR Zones. 2023 saw record leasing of 10 million sq. ft, with 6.4 million sq. ft new supply, 38% green-certified. Top developers like DLF and Xander Group drive large-scale developments exceeding 1 million sq. ft, bolstering Chennai's position in India's office market.
Prime Minister Narendra Modi recently inaugurated the 29-kilometer Dwarka Expressway, focusing on the Gurugram section to ease Delhi-Gurugram traffic. The eight-lane elevated expressway connects Dwarka in Delhi to Gurugram's Kherki Daula toll plaza, promising reduced travel time. Analysts foresee a 10-15% property price surge along the corridor, attracting developers and buyers. Well-connected to key areas, the expressway is anticipated to spur economic growth with over 51,500 units launched between 2013 and Q1 2023. With its potential to alleviate congestion and boost connectivity, the Dwarka Expressway signifies a significant infrastructural leap for Delhi-NCR.
Welspun One, a prominent industrial real estate developer, recently sealed the sale of a substantial warehousing project in Gurugram for INR 900 million (approximately USD 11 million). This transaction underscores the escalating interest of both domestic and global investors in India's logistics sector. The project, spanning a vast 2.9 lakh sq. ft., strategically located near major highways, enjoyed full occupancy leased to a leading third-party logistics (3PL) player, showcasing Welspun One's proficiency. The company's innovative warehousing Alternative Investment Fund (AIF), amassing over INR 900 million, regulated by SEBI, facilitates local investor engagement in the burgeoning warehouse market.
Reliance Brands Limited has bought LensCrafters' India business from DLF Brands, adding to its eyewear portfolio ahead of its IPO. LensCrafters, which is recognized for its prescription eyewear, entered India in 2020 and operates largely in the United States of America. This is Reliance's second relationship with Luxottica-owned eyewear businesses, following the acquisition of Sunglass Hut in 2022. With a focus on increasing its retail services, Reliance hopes to capitalise on India's booming consumer market and improve its position as a retail industry leader, paving the way for further growth and innovation.
The Brihanmumbai Municipal Corporation (BMC) is in the final stages of launching girders to connect the Coastal Road with the Bandra Worli Sea Link (BWSL) as part of the Mumbai Coastal Road Project (MCRP). The girder launching process, utilising barges from Abu Dhabi, faces challenges due to shallow waters and bedrock density at Worli. The design includes 'bow-string' bridges to accommodate the fishing community's navigation needs. Eight girders, each 120 metres long, will bridge the 850-metre gap, with assembly happening onsite. The project's completion timeline remains uncertain due to ongoing logistical and environmental considerations.
The Uttar Pradesh Government is spearheading the development of a new city, the New Agra Urban Centre, near Agra off the Yamuna Expressway. Spanning 10,500 hectares, this ambitious project aims to accommodate the region's growing urbanization and population rise. The Yamuna Expressway Authority (YXPA) has initiated the master planning process, focusing on transportation connectivity, environmental impact assessments, and sustainable development. Strategically located near the upcoming Noida International Airport, projected to boost tourism, the New Agra Urban Centre seeks to complement this growth by enhancing tourism facilities and promoting economic development. The project underscores a commitment to green industries and holistic development, promising transformative growth and economic prosperity for the region.
The Economic and Social Research Institute (ESRI) warns the Oireachtas Committee on Budgetary Oversight that Ireland's housing prices are on an upward trajectory due to insufficient investment and rapid population growth, resulting in a demand-supply imbalance. Owner-occupied houses have decreased from 79% in 1991 to 66% presently, while average rents in Dublin have soared to EUR 2,102. Ireland's low housing investment, ranked among the lowest in the EU in 2022, exacerbates the crisis. The ESRI calls for increased housing supply targets in light of population growth trends. The crisis disproportionately affects low and moderate-income individuals, escalating homelessness and rent/mortgage burdens. Business and productivity sectors are impacted, with businesses considering relocation due to housing costs, potentially undermining Ireland's competitiveness in attracting foreign investment.
CREDAI-MCHI Thane’s Property 2024 expo, 'Home Utsav: Property 2024-Thane,' successfully transitioned into a digital format following its brick-and-mortar event at Raymond Ground in Thane West. Honorable Maharashtra Chief Minister Shri Eknathji Shinde inaugurated the digital expo, lauding President Jitendra Mehta's foresight in facilitating home seekers' dreams in Thane. The physical expo witnessed 31,217 registrations and 217 bookings, with banks sanctioning Rs 1250 crores in home loans. Mehta described the event as immensely gratifying, underscoring Thane's pivotal role in the MMR real estate market. The expo not only showcased homes but also fostered community engagement, setting a new standard for real estate expos in the region. The digital expo, timely launched post-event, aims to capitalize on increased homebuyer interest, providing a platform for those who missed the physical event to realize their dream homes in Thane.
<p>&bull; A residential flat spanning 636 square feet sold in JSR Jade Residencies in Chembur for INR 1.04 crores<br /><br /> &bull; A residential flat spanning 659 square feet sold in Rutu Madhuvan CHS in Borivali West for INR 1.75 crores<br /><br /> &nbsp;</p>
Prestige Group, renowned for its upscale developments, unveiled "Prestige Somerville" in Whitefield, Bangalore. With 306 apartments spread across 6.5 acres, this low-density project offers an abundance of green spaces. Positioned near key IT hubs and amenities, it promises convenience and tranquillity. Featuring 3 and 4-bedroom luxury apartments, the project boasts a clubhouse, pool, and lush landscapes. Expected to be completed by March 2026, Prestige Somerville aims to redefine opulent living in Bangalore. With prices estimated at around INR 1.5 Crore for 3-bedroom and INR 2.0 Crore for 4-bedroom units, it's poised to captivate discerning buyers seeking elegance and comfort.
DLF, India's largest real estate developer, is in discussions with Bharti Realty to acquire phases of Aerocity in Delhi, totaling 17 million square feet. The project includes 5 million square feet of retail space and is anticipated to generate INR 5,000 crore in annual rental income. Bharti Realty initially developed the project, and later, Brookfield acquired a majority stake. DLF aims to strengthen its rental portfolio through this acquisition. The development involves creating an SPV, which DLF Cyber City Developers will manage. Bharti Realty has already initiated development expansion, investing over INR 6,595 crore. This expansion aims to enlarge a commercial district with new assets, expanding the existing Worldmark properties.
MahaRERA, the regulatory authority for real estate in Maharashtra, has announced its decision to introduce a grading system for real estate projects, effective from April. This system will be based on four key parameters selected by MahaRERA. Developers will be required to upload information encompassing technical, financial, and legal details, along with an overview of the project. This data will then be made accessible to potential homebuyers, empowering them to make informed decisions regarding their property investments. This move aims to enhance transparency and accountability within the real estate sector in Maharashtra.
The Greater Noida Industrial Development Authority (GNIDA) has reclaimed 60,000 square meters of land, estimated at INR 120 crore, from encroachers by demolishing illegal structures in Kheda Chauganpur and Bisrakh areas. The CEO issued a cautionary statement urging the public to be vigilant against fraudulent developers and emphasised the importance of verifying land legality before making purchases. This action underscores GNIDA's unwavering dedication to upholding legal regulations and ensuring transparency in land transactions within Greater Noida.
Jaiprakash Associates Limited (JAL), burdened with INR 17,700 crore debt, saw potential relief as the National Asset Reconstruction Company of India (NARCL) proposes acquiring INR 10,000 crore of its debt from banks. This could lead to NARCL taking over JAL's core businesses. With the State Bank of India (SBI) as the largest lender, the resolution could streamline the ongoing legal process, including pending insolvency proceedings. However, success hinges on the lender and Jaypee Group's cooperation. If accomplished, it could restore operations, set a precedent for NARCL, and accelerate the banking sector's cleanup, bringing hope for JAL's stability.
The Central Government has directed banks to compile and share details of stalled housing projects eligible for the SWAMIH fund. Procedural delays were identified as a key reason for lower exposure of public sector bank projects in the fund. Lenders will share feasibility reports with the fund, which aims to complete stressed projects by providing finance. Over 25% of capital has been returned and more than 26,000 homes completed so far. Banks have also approached RBI seeking exemption from 2023 guidelines which restricted regulated entities' investments in funds like SWAMIH, to ensure its continued operations.
Oravel Stays, the parent company of hospitality unicorn OYO, plans to launch the first Palette hotel in Morbi, Gujarat - the ceramic hub of India. The 48-room hotel aims to cater to the business travelers needs in the region that is home to 90% of India's tile production with an annual turnover of about INR 50,000 crore. Oravel Stays had first piloted 10 Palette hotels in cities like Jaipur, Hyderabad, Digha, Mumbai, Chennai, Manesar and Bengaluru last year and now plans to take direct operational control of select properties in high-growth locations. Once completed, it will have 23 Palette hotels in total, operating on a self-managed model similar to OYO hotels. This marks the restart of OYO's self-operated business that was discontinued in 2020.
The Mumbai Metropolitan Region Development Authority (MMRDA) has allocated INR 41,955.34 crore for infrastructure projects in its 2024-25 budget, with a deficit of INR 7,468.25 crore. The budget includes funding for new Metro lines, Thane-Borivali Twin Tube Tunnel Road, Versova-Virar Sea Link, and more. The Maharashtra government approved loans of up to INR 60,000 crore, with additional loans approved for infrastructure projects across the region. Chief Minister Eknath Shinde and MMRDA Commissioner Sanjay Mukherjee emphasize the importance of these projects in catalyzing growth and ensuring sustainable urban development in the Mumbai Metropolitan Region.
Prime Minister Narendra Modi inaugurated metro projects worth INR 15,400 crore, including Kolkata's underwater metro tunnel, marking a significant enhancement to the city's metro network. The Kolkata Metro's Esplanade-Howrah Maidan section, featuring India's first underwater transportation tunnel beneath the Hooghly river, was inaugurated at a cost of INR 4,960 crore. Modi interacted with students during a metro ride through the tunnel and also inaugurated other metro sections and connectivity projects in Kolkata. Additionally, he laid the foundation stone for various metro projects in Pune, Kochi, and Agra, emphasising the government's focus on modernising public transportation across the country.
London's debut 'Investment Prospectus' unveils GBP 9.6 billion in investment opportunities, reaffirming its status as a leading global real estate market. Spearheaded by Opportunity London, a new public-private partnership, the initiative aims to streamline investment processes and bolster business growth. Supported by the UK government and the Mayor of London, the partnership targets sectors like low-carbon real estate and infrastructure. With backing from various stakeholders, including government and private entities, nearly GBP 10 billion in opportunities are already available, set to expand further. Opportunity London plans global roadshows to highlight London's stable investment environment. While eyeing markets like India, current focus remains on London's 30-year development plan, aligning with infrastructure revitalization and a net-zero agenda.
Plain Cement Concrete (PCC) in construction refers to a type of concrete that consists of cement, fine aggregates (such as sand), coarse aggregates (such as gravel or crushed stone), and water. PCC is a simple and commonly used form of concrete that does not contain any reinforcing materials like steel bars. It is primarily used for non-structural components or applications where structural strength is not a critical factor.
The Maharashtra state cabinet has approved a proposal to redevelop over 120 acres of the historic Mahalaxmi Racecourse land in Mumbai into a new Central Park, similar to parks in major cities like New York and London. The land will be handed over to the BMC who will develop a public park of international standards, incorporating 175 acres from a new coastal road project. The cabinet also renewed the lease for the Royal Western India Turf Club to continue operations on the remaining 91 acres for 30 more years. This marks a significant shift to prioritize open green spaces in Mumbai's busy urban landscape, transforming the exclusive race course into a vibrant new hub for recreation accessible to all.
• A residential flat spanning 744 square feet sold in Godrej City - Woods in Rasayani for INR 84.70 lakhs<br /> • A residential flat spanning 361 square feet sold in Skyline Riverside Wing - F in Karjat for INR 19.26 lakhs
In the last quarter of 2023, Bengaluru's real estate market witnessed a surge in sales, revealing notable shifts in property preferences and investment trends. Larsen & Toubro (L&T) emerged as the top seller, recording sales worth INR 1,004 crore, followed by Prestige Group and Sobha Group. Affordable segment properties below INR 50 lakh constituted 48% of total transactions, reflecting a clear trend towards budget-friendly housing. Mid-segment homes valued between INR 50 lakh to 1 crore saw a slight uptick, while the luxury segment also experienced growth. North Bengaluru led in sales, propelled by projects like L&T Raintree Boulevard, while South Bengaluru remained a top choice due to its robust infrastructure and connectivity. Central and East Bengaluru also saw significant success, reflecting the city's vibrant real estate landscape and evolving aspirations of its residents.
Signature Global has planned to revolutionise Gurugram's real estate with upcoming projects spanning 8-10 million sq. ft. Strategically located in key sectors like 71, 84, and along Sohna Road, the company emphasizes affordability, pricing mid-income homes at INR 1-1.5 crore and upper mid-income at INR 4-5 crore. Despite a reported loss last fiscal year, they target INR 11,000-12,000 crore worth of projects by 2026, investing INR 1,000-1,200 crore annually for land acquisition. With strong sales performance and a robust pipeline, Signature Global has aimed to reshape Gurugram's real estate landscape, focusing on mid-income and upper mid-income segments.
Maharashtra Legislative Assembly Speaker Rahul Narwekar has urged Chief Minister Eknath Shinde and Deputy Chief Minister Devendra Fadnavis to issue an ordinance amending the Maharashtra Rent Control Act. The proposed amendment aims to include residential and commercial tenants in approximately 4,000 buildings on Mumbai Port Authority (MPA) land, extending protections against eviction and arbitrary rent hikes. The move addresses the regulatory gap that leaves MPA tenants without coverage under the current rent control regulations, emphasizing the need for prompt legislative intervention.
In a significant move, Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has implemented new guidelines regarding document submission timelines. Parties involved in hearings must now upload documents, objections, or counter-objections at least 48 hours before the scheduled hearing. This decision, endorsed by UP-RERA Chairman Sanjay Bhoosreddy, aims to streamline proceedings and ensure adequate time for RERA benches to review case files. Late submissions have previously hindered the process, leading to adjournments and delays in justice delivery. By enforcing stricter deadlines, UP-RERA seeks to expedite case resolutions and uphold the principles of fairness and efficiency in the regulatory process.
The National Company Law Appellate Tribunal (NCLAT) has set a deadline, warning that if the disputes between the Yamuna Expressway Industrial Development Authority (YEIDA) and Suraksha Group over Jaypee Infratech are not settled by the second week of April, the tribunal will proceed with the case. Suraksha Group's resolution plan for Jaypee Infratech was approved by the National Company Law Tribunal (NCLT) last year, but progress has been hindered by challenges from YEIDA and Jaiprakash Associates. The NCLAT has directed the Monitoring Committee overseeing the insolvency process to file a status report within two weeks, indicating potential relief for over 20,000 homebuyers invested in Jaypee Infratech projects.
SEBI introduced new regulations for Small and Medium REITs, making real estate investment more accessible. With a lower minimum asset value of INR 50 crore, these trusts offer diverse property investment opportunities. Investors can participate with smaller initial investments, enjoy fractional ownership, and benefit from professional management. While SM REITs aim to generate income through rents, investors should conduct thorough research and consider risks such as limited track records and minimum investment amounts. Overall, SEBI's move expands the real estate investment landscape, offering potential benefits and requiring careful consideration before investing.
Property Share, India's largest commercial real estate investment platform, has launched its first warehousing asset on the platform. The asset is a 9.1% yielding Grade A+ warehouse located in Jaipur totaling 528,631 square feet and rented to Flipkart, India's largest e-commerce player. The INR 191 crore warehouse is Flipkart's largest distribution and fulfillment center in Western India, processing 200,000 orders daily. The asset offers state-of-the-art infrastructure and amenities and is strategically located providing access to over 40% of India's e-commerce suppliers. This marks Property Share's entry into the fast-growing Indian warehousing sector driven by demand from e-commerce companies.
The NCLT rejects Express Group's revival plan for Neesa Leisure Ltd, dismissing the proposal due to flaws in transparency and fairness. Despite creditor approval, the plan favored secured over unsecured creditors, overlooking claims on disputed assets. Now, creditors must regroup to devise a revised strategy. The decision reflects broader trends in the hospitality sector, where strategic buyers and investors are eyeing distressed assets. With over 7,000 companies undergoing resolution, including 146 from hospitality, the sector faces challenges and opportunities for restructuring amidst economic uncertainties.
Mumbai's Urban Development Department plans to develop "Third Mumbai" around the Mumbai Trans-Harbour Link. The project includes 124 villages, aiming to address the low usage of the MTHL. The first notification allocates land to the NTDA for development, while the second removes CIDCO's authority over certain villages, transferring it to the NTDA. The goal is to create a sustainable, business-friendly region with mixed-use areas and amenities. The project is expected to boost economic growth and development in the Mumbai Metropolitan Region.
Abu Dhabi's residential sector witnessed an exceptional surge in 2023, with 11,200 units sold, marking an 83% year-on-year increase, driven by government initiatives, economic growth, and new projects. Expatriates and digital nomads have contributed to the city's appeal, as reflected in its inclusion in the Savills Executive Nomad Index. New project launches soared, reaching over 8,000 units, while improved market transparency attracted diverse investors. High-end villas and townhouses became sought-after, constituting 43% of sales, with off-plan transactions dominating. Saadiyat, Yas, and Al Reem Islands were favored locations. Capital values for villas rose by 6%, reaching 11,800 AED/sq m, while apartments accounted for 57% of sales, with an average capital value of 14,800 AED/sq m. With stable rental values and promising growth, Abu Dhabi's residential sector promises continued resilience and development.
The carpet area of a flat refers to the actual useable space within a property. It represents the area on which one can place a carpet. The Real Estate (Regulation and Development) Act, 2016 describes carpet area as the net useable floor area of an apartment, excluding the area covered by external walls, areas under service shafts, exclusive balcony or verandah area and open terrace area, but includes the area covered by the internal partition walls of the apartment.
Precast concrete, also known as prefabricated concrete is an alternative to cast-in-situ concrete. It is produced at an off-site controlled factory environment where moulds are used to cast elements such as slabs, walls, columns, beams, etc which are then transported to the construction site for assembly. This method eliminates the need for time-consuming on-site casting and curing, allowing for faster project completion.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has found that over 13,000 real estate agents in the state have let their mandatory registrations lapse. This includes many agents in major real estate markets like Mumbai, Pune, and Nagpur. MahaRERA is urging homebuyers to be cautious of these unregistered agents. To improve professional standards, the authority has also introduced competency exams for agents and over 10,000 have obtained certification so far. However, deregistered agents must re-train and certify to renew their licenses, as regulators tighten compliance requirements for the real estate sector.
<p>• A residential flat spanning 924 square feet sold in Pride Panaroma - Wing A,B & C in Andheri East for INR 1.53 crores<br /> • A residential flat spanning 518 square feet sold in I S The Palazzo in Kalina for INR 1.09 crores</p>
Godrej Properties has announced plans to develop a large township project in North Bengaluru under a profit-sharing model. The project, spanning 62 acres, will offer approximately 56 lakh sq ft of saleable area, primarily comprising residential apartments. With an estimated booking value of INR 5,000 crore, the project is expected to launch in the upcoming financial year. Godrej Properties has achieved strong financial performance, with sale bookings rising 59% and net profit increasing 11% in the December quarter. The company has acquired land parcels with a revenue potential of over INR 32,000 crore in FY23 and plans to add more land parcels in the coming months.
The Bombay High Court has broadened the definition of 'promoter' under the Real Estate (Regulatory and Development) Act (RERA), now including co-promoters. This groundbreaking ruling holds co-promoters jointly liable for refunds, alongside primary promoters, in cases of project delays, even if they haven't directly received funds from flat buyers. The verdict, delivered on February 26, has stirred the real estate industry, particularly impacting redevelopment projects in Mumbai. Stemming from an appeal filed by Wadhwa Group Housing Pvt Ltd, the decision clarifies the obligations of co-developers and investors, marking a significant legal precedent in RERA enforcement.
The Yamuna Expressway Industrial Development Authority (YEIDA) has issued an occupation certificate to Oasis Grandstand in Noida's Sector 22D, easing registry anxieties for 1,235 homebuyers. This milestone resolves long-standing issues in the real estate sector. Furthermore, YEIDA's approval for approximately 600 plots in SDS Infracon's Sector 26A township signals progress in resolving financial disputes, enabling plot owners to initiate construction. CEO Arun Vir Singh highlighted these decisions' significance, emphasizing the forthcoming board meeting's potential to extend Covid 'zero period' benefits, potentially exempting homebuyers from interest or penalty charges. This move aims to alleviate financial burdens and expedite registry processes, ensuring relief for homeowners across various residential projects.
The board of directors at Macrotech Developers has approved the issue price for equity shares designated for qualified institutional buyers, with a floor price set at INR 1,129.48 per share. The company's robust performance, highlighted by a total consolidated income of INR 6,385.60 crore and a net profit of INR 887.20 crore for the nine months ending December 31, 2023, enhances investor confidence. Strategic allocation of bonus equity shares and a dividend payout of INR 2 per share reflect the company's commitment to optimizing capital structure and enhancing shareholder value. As Macrotech Developers moves forward with its strategic initiatives, the approval of the issue price marks a crucial milestone, positioning the company favorably in the real estate sector.
In Mumbai's Chembur, the revival of the Sky Annex slum rehabilitation project by Stans Buildtech Homes brings relief to homebuyers after years of delays. With SWAMIH Fund's INR 160 crore injection, construction is set to resume, addressing tenant, approval, and financing hurdles. Colliers India facilitated negotiations among stakeholders, ensuring a win-win solution. Launched in 2019, SWAMIH Fund tackles stalled housing projects nationwide, backed by a INR 15,530 crore corpus, showcasing government commitment. This investment not only aids homebuyers but also boosts the real estate market and economy. Yet, streamlining approval processes remains crucial for sustained progress.
Blackstone, a leading asset manager, is gearing up for substantial growth in India's real estate market, with plans to ramp up investments in warehouses to over 100 million square feet in the next two to three years. Additionally, the company eyes potential public offerings for its logistics business to capitalize on India's thriving market. Despite investor caution globally, Blackstone remains bullish on real estate in India and aims to leverage opportunities in hospitality, data centers, and office spaces, driven by the country's robust economic growth and demand dynamics.
Accor, a French hospitality giant operating brands like Ibis and Pullman, aims to open a hotel weekly in Asia this year due to rising demand. The company, focusing on core brands like Novotel, Pullman, and Ibis, plans significant expansion, including notable signings like the Fairmont Agra and Novotel Bengaluru Airport. With India's aviation sector booming, Accor remains optimistic despite high room rates. Accor, encouraged by hospitality growth, particularly in emerging markets like India and Indonesia, observes increased developer interest in hotel construction. Last year, it signed 65 hotels in Asia, with plans for further expansion, reflecting the region's promising hospitality industry outlook.
Reloy, a proptech startup, has set a key milestone by exceeding INR 1,200 crore in referral sales in fiscal year 23. Reloy is based on a unique, RERA-compliant strategy that stresses customer satisfaction and incentivizes builders through satisfied homeowners. Reloy manages a large portfolio of 1.5 lakh units valued at more than INR 1.30 lakh crore and has nationwide collaborations with industry giants such as Godrej Properties and DLF. Founder Akhil Saraf attributes success to innovative reward programs and a network of 30,000 channel partners. Reloy's emphasis on creating excellent homeowner experiences strengthens its position as a reliable partner in the real estate industry.
The first phase of the Mumbai Coastal Road project was inaugurated by Maharashtra Chief Minister Eknath Shinde on March 11, 2024. Stretching 10.58 km from Worli to Marine Drive, the coastal road aims to ease traffic congestion in south Mumbai. Only southbound traffic is allowed initially on the INR 12,721 crore project. A key feature is the upcoming bow-string bridge connecting to the Bandra Worli Sea Link. The coastal road project's next phase will extend the road 20.75 km from Versova to Dahisar in Mumbai's western suburbs. Once completed, the Mumbai Coastal Road promises to transform the city's transportation infrastructure and quality of life for its residents.
The Singapore government has announced a significant revision to the Staggered Downpayment Scheme (SDS) aimed at supporting young couples. The update reduces the initial downpayment for uncompleted HDB flats, making homeownership more achievable for full-time students, recent graduates, or national servicemen under 30. This adjustment is expected to encourage more young couples to enter the housing market earlier. It reflects the government's commitment to addressing housing affordability issues and fostering a supportive environment for aspiring homeowners. Such initiatives ensure that the dream of homeownership remains accessible to all Singaporeans, regardless of their life stage or financial situation, strengthening the nation's future.
Cricketer Virat Kohli has leased out 12 office spaces in Gurugram to Mynd Integrated Solutions for an annual rental of around INR 1 crore. Kohli's lease agreement includes 37 parking slots and a nine-year lease term with a 5% annual rent escalation. The deal, executed through Kohli's brother Vikas, marks the latest in a growing trend of Bollywood stars and celebrities investing in commercial real estate. Experts attribute this trend to the high rental yields offered by commercial properties compared to residential ones. In recent years, other celebrities such as Salman Khan, Amitabh Bachchan, and Ajay Devgn have also acquired commercial properties.
<p>&bull; A residential flat spanning 409 square feet sold in Satra Centrio in Govandi for INR 1.06 crores<br /><br /> &bull; A residential flat spanning 393 square feet sold in Shanti Sagar in Khar for INR 1.32 crores<br /><br /> &nbsp;</p>
Mahindra Lifespace Developers, the real estate arm of the Mahindra Group, plans to build a project pipeline worth over INR 45,000 crore as part of its growth strategy. The target is nearly 10 times its current size, focusing on joint developments, housing society redevelopments, and land acquisitions in Mumbai, Pune, and Bengaluru. The company will invest INR 7,500 crore through internal accruals, parent company capital, and external financing. The growth will primarily drive through residential projects, while the industrial segment remains stable. Mahindra Lifespace has recently launched Mahindra Codename Crown in Pune and plans to capitalize on the redevelopment boom in Mumbai. The company's current development footprint spans 35.06 million sq ft across seven Indian cities, with ongoing projects totaling 14.48 million square feet.
Awfis, a leading name in flexible workspace solutions, expands its footprint in Bhubaneshwar with the inauguration of its third and largest centre, covering nearly 1 lakh square feet at the Odisha Technology Centre, Anand Bazar. The esteemed Chief Minister of Odisha, Shri Naveen Patnaik, officially opened the facility, tailored to accommodate the needs of two Fortune 500 companies in Information Technology services and Consulting. With a comprehensive range of amenities and interiors inspired by Odisha's rich heritage, the centre reflects Awfis's commitment to innovation and modern infrastructure. This strategic move underscores the growing trend towards flexible working and caters to the increasing demand for coworking spaces in Tier II cities.
Maharashtra Industrial Development Corporation (MIDC) has ordered Indiabulls Real Estate and Indiabulls Industrial Infrastructure (IIIL) to vacate 512 hectares of land in the Special Economic Zone (SEZ) at Sinnar, Nashik district. IIIL, which leased the land in 2007, claims the eviction order is unlawful and said that it has already paid INR 67.7 crores in premium. The company has developed infrastructure and rehabilitated Project Affected Persons (PAPs). MIDC alleges that the company failed to complete development and rehabilitate PAPs within the stipulated timelines. The resolution of this conflict is crucial for the economic growth of Sinnar, a key manufacturing and industrial hub.
The Kolkata Municipal Corporation (KMC) has mandated online applications for building design clearance, except for renovations or insecure building reconstructions. Mayor Firhad Hakim emphasized the efficiency and transparency of the online system, which now reduces approval time from 45 days to a mere fortnight. With approximately 250 plans processed monthly, the KMC anticipates a surge in applications, particularly in key construction areas. To manage this, executive engineers have been alerted, and network infrastructure enhancements and specialized software have been implemented. Workshops will educate professionals on the new system. This digital shift underscores KMC's commitment to modernizing civic services and enhancing citizen convenience.
The Gujarat Assembly unanimously passed an amendment bill, empowering the state government to regulate transfer fees collected by cooperative housing societies during property transactions. Minister of State for Cooperation Jagdish Vishwakarma emphasized the necessity of this change due to the lack of clarity in the current Act, leading to arbitrary fee collections. The amendment aims to prevent excessive fees and ensure transparency, particularly as approximately 1,500 new housing societies register annually. Additionally, the bill proposes reducing the minimum membership requirement for cooperative housing society registration from 10 to 8, aligning with RERA regulations. Separately, the Assembly approved a bill elevating DAIICT into Dhirubhai Ambani University, expanding its academic scope.
The Pune Municipal Corporation (PMC) is revolutionizing property tax collection through specialized software, aiming to expedite real-time data entry and curb revenue losses. Integration of departments like building permissions, property tax, and IGR ensures seamless inclusion of properties into the tax system post issuance of occupancy certificates (OC) or registration. Automation streamlines assessment and collection processes, eradicating historical delays caused by manual data sharing. Utilizing assessment software and auto-DCR, coupled with API integration, enhances operational efficiency and data accuracy. With an estimated 11.6 lakh properties eligible for taxation, PMC targets INR 115 crore in holding taxes this fiscal, affirming its commitment to revenue enhancement through technological advancement and streamlined processes.
The FICCI-ANAROCK Consumer Sentiment Survey (H2 2023) indicates Indian homebuyers are increasingly favouring larger apartments, especially 3 BHKs, with a preference for suburban living in major cities. Despite rising costs, interest in luxury homes has doubled, while the INR 45-90 lakh budget range remains popular. Priorities have shifted towards spacious living, improved construction quality, and open spaces. While real estate remains a top investment choice, fixed deposits are gaining traction. Rising interest rates haven't significantly deterred buyers, signaling a dynamic market with evolving preferences and investment patterns.
Real estate developers are facing challenges due to new GST rules impacting project costs. Authorities are demanding 18% GST on royalty payments for brand usage in SPVs and on corporate guarantees. Developers argue SPVs are crucial for project financing and transparency, warning that GST charges will hike costs and reduce profits. The Finance Ministry is reviewing concerns and will possibly discuss the matter in the next GST Council meeting. DGGI sees brand usage as a taxable service, estimating potential tax evasion of INR 3,500 crore. This conflict underscores the struggle between tax compliance and industry needs, with implications for homebuyers. A resolution awaits the upcoming GST Council meeting.
Cushman & Wakefield will lead a 350-acre fintech hub near Noida International Airport, starting with 100 acres dedicated to core financial activities. The project aims to foster innovation and growth in the financial services sector. Renowned firms like Jones Lang LaSalle and CBRE South Asia are interested parties. Cushman & Wakefield will deliver the project report within 45 days, considering various development approaches like public-private partnerships. Leveraging India's booming fintech landscape and academic expertise, the hub stands to catalyse India's fintech revolution and propel economic prosperity.
SEDRA, ROSHN Group’s pioneering community, integrates sustainability and harmony with nature. Developed over eight phases, it will introduce 30,000 residences to Riyadh across 35 million square meters. ROSHN prioritizes energy and water efficiency, exceeding Saudi Building Code standards. SEDRA’s design seamlessly blends with its environment, integrating natural features into communal spaces and amenities. As ROSHN’s flagship project, SEDRA exemplifies the group’s commitment to sustainable development and innovative urban planning. It stands as a testament to modern living while honoring Saudi Arabia’s rich architectural heritage, setting new standards for environmentally conscious community development in the region.
Aluminium formwork system is a building system used to form cast-in-place concrete structures of buildings. This formwork is made of aluminium alloy, which is very strong and has high tensile strength. Unlike steel, aluminium can be used several times. Lightweight aluminium is also easy to handle and quick to operate making it highly adaptable and cost-effective.
Townships are self-sustaining communities built on large land parcels that offer several amenities and services. Built to create the feeling of a mini city within a city, mixed townships generally comprise of residential complexes, office buildings, medical care, education institutes, restaurants, malls and retail units. Residents of townships enjoy common amenities that may include but are not limited to parks, gymkhanas, clubhouses, recreation centres and more. Townships aim to foster a sense of community living while providing convenience. Initially built on the outskirts, townships are now becoming increasing common within major metro cities.
CapitaLand India Trust (CLINT), a Singapore-based real estate investment trust, has completed the acquisition of BlueRidge 3 Phase 1, a 1.4 million square feet multi-tenanted IT Special Economic Zone (SEZ) project in Pune's Hinjawadi, for approximately INR 773 crore. This strategic move bolsters CLINT's presence in Pune's thriving IT market, complementing their existing aVance Hinjewadi SEZ acquired in 2017. BlueRidge 3 Phase 1, already leased to prominent multinational companies, offers a work-live-play environment with proximity to key infrastructure developments like the upcoming metro and Navi Mumbai's international airport. With this acquisition, CLINT expands its portfolio to approximately 21 million square feet, positioning itself to capitalize on Pune's burgeoning IT sector and India's economic growth trajectory.
<p>&bull; A residential flat spanning 301 square feet sold in Saraf Chaudhary Nagar CHS in Kandivali East for INR 45 lakhs<br /><br /> &bull; A residential flat spanning 321 square feet sold in Lodha Crown Dombivli 2 in Umbharli for INR 32 lakhs<br /><br /> &nbsp;</p>
Signature Global, a prominent real estate developer, has achieved remarkable success with the sale of over 1,000 luxury flats in its latest project near Dwarka Expressway, Gurugram, fetching over INR 3,600 crore. The 'DE LUXE-DXP' project, offering diverse units, witnessed overwhelming demand, reflecting growing affluence and aspirations among consumers. With a commitment to quality and customer satisfaction, Signature Global's strong market positioning and successful sales highlight the robust demand for premium residential properties in Gurugram.
In a significant move, the Department of Town and Country Planning (DTCP) has initiated the issuance of NOC for illegal colonies. The DTCP had issued a notification on October 4, 2023, to regularise 21 colonies spanning approximately 186 acres of prime land across various villages including Gurgaon, Manesar, Sohna, Pataudi, and Farrukhnagar. The regularisation aims to bring these previously unauthorised colonies under legal purview, offering residents formal recognition and access to essential services. This initiative signifies a step towards better urban planning and governance in Haryana, addressing long-standing concerns regarding informal settlements and land regularisation.
In a recent office directive, promoters have been instructed to submit project-related documents, including registration, extensions, and modifications, to the UP-RERA Head Office in Lucknow. This order outlines that the delivery can be made either in person or via postal service. The move aims to centralize project documentation processes and ensure compliance with regulatory standards. To expedite matters, documents for complainants in NCR regions will be handled at the Regional Office in Greater Noida. Sanjay Bhoosreddy, chairman of UP-RERA, emphasizes the importance of timely document delivery for efficient resolution of matters.
Sion East, nestled in Mumbai, epitomizes a vibrant blend of residential and commercial spaces, boasting dynamic markets and cultural diversity. Renowned for its amenities and accessibility, the locality is a prime living destination. January witnessed 18 apartment transactions across 10 buildings, split between developer sales and resale. Dosti Mezzo 22 and Kings My Home led the sales, with Vaibhav Pinnacle showcasing the highest-priced apartment at INR 7.5 crores. Prices ranged from INR 11,000 to INR 39,000 per square foot, with a weighted average of INR 24,267. Most transactions occurred within the INR 1-5 crore range, while some fell below INR 1 crore, with one notable sale exceeding INR 10 crores.
Chhatrapati Sambhajinagar Municipal Corporation (CSMC) recently introduced an innovative seven-star rating policy to promote eco-friendly practices and women’s empowerment while easing residents' tax burden. Starting from the upcoming financial year, residents can enjoy up to a 10% concession in property tax by adhering to sustainable actions such as using e-vehicles, segregating garbage, planting trees, registering properties under female family members' names, using solar power, implementing rainwater harvesting, and paying taxes online. Beyond tax benefits, the initiative aims to foster environmental consciousness, technological advancement, and gender equality. This policy showcases the municipality's commitment to a greener, more equitable future, setting an example for urban centres worldwide.
Santoni, the renowned Italian bespoke shoe company, is set to expand its presence in India with two new luxury boutiques planned for Mumbai and Hyderabad by 2026. Spearheaded by Luxerati Retail Pvt. Ltd, Santoni's partner in India, this expansion initiative involves an investment of approximately 15 crore. With a growing luxury market in India, Santoni's strategic move reflects confidence in the country's potential and aligns with the increasing demand for high-end footwear.
CIDCO has been appointed as a special planning authority for coastal districts along Maharashtra's west coast. Former BMC commissioner Subodh Kumar will lead a high-level advisory board to develop a plan for sustainable development, employment, and eco-friendly tourism in the Konkan region. CIDCO must ensure environmental protection, non-conventional energy generation, and inclusive development. Offices will be set up in each district for plan approval. The advisory board will create a vision document, engage stakeholders, and propose provisions for development. CIDCO will collaborate with an international agency for execution. The focus is on economic growth, tourism promotion, and employment generation while conserving the environment and wildlife.
Nagpur aims to achieve net-zero emissions by 2050 through India's first Zero Carbon Buildings Action Plan (ZCBAP), contributing to India's net-zero emission goal by 2070. The plan covers public, commercial, and residential buildings, focusing on reducing greenhouse gas emissions through building material choices, design, construction, management, and deconstruction strategies. Nagpur's buildings accounted for a significant portion of the city's energy consumption and greenhouse gas emissions. Developed by Nagpur Smart and Sustainable City Development Corporation Ltd (NSSCDCL) and Nagpur Municipal Corporation (NMC), in collaboration with various organizations, the plan emphasizes stakeholder engagement for a comprehensive and effective approach to sustainability.
In 2023, Germany witnessed a significant 27% decline in building permits for apartments, signalling challenges in the construction and real estate industry. Factors such as high building costs and financing difficulties contributed to this downturn. Previously a key driver of the economy, the sector now faces uncertainties, with declining demand impacting employment and economic output. Moving forward, concerted efforts are required to address these challenges and stimulate growth in the German real estate market
China has started “Project Whitelist”, which allows city governments in China to recommend residential projects to banks for financial support. Launched recently, the initiative has been embraced by 276 cities across 31 provinces, proposing about 6,000 real estate projects for consideration. By February 28, commercial banks had approved loans exceeding 200 billion yuan ($27.81 billion) for eligible ventures. The mechanism aims to coordinate financing efforts between city authorities and financial institutions to meet project requirements and boost the housing market. It signifies a concerted effort to stabilize and support China’s property sector amid economic challenges.
A Resident Welfare Association (RWAs) are non-government entity responsible for overseeing the upkeep and interest of a residential society in a colony or city. RWAs also organise events, collect monthly maintenance from members and safeguard the interest and rights of its members. The Societies Registration Act 1860 governs RWAs in India. A minimum of seven adult individuals are needed to form and register an RWA.
Edelweiss, an investment firm, bought a 1.2 million sq ft office complex in Bengaluru for over INR 1,475 crore, marking the city's biggest office tower buyout this year. The fully leased building, located in a prime area, reflects growing investor confidence in the Indian office market, especially Bengaluru, which saw record-breaking office space absorption in 2023. Edelweiss plans to improve the property and build a strong commercial real estate portfolio across major Indian cities. This acquisition aligns with the growing trend of companies acquiring entire office buildings, as seen in recent purchases by Embassy Office Parks and various REITs.
<p>&bull; A residential flat spanning 312 square feet sold in Swastik Plaza in Pokhran Road for INR 70 lakhs<br /><br /> &bull; A residential flat spanning 585 square feet sold in Neelkanth Vishwa in Panvel for INR 49.5 lakhs<br /><br /> &nbsp;</p>
Nisus Finance, in partnership with BCD Group, has invested over INR 105 crore in Shapoorji Pallonji Real Estate's subsidiary, Suvita Real Estate, through senior secured listed non-convertible debentures (NCD). The investment aims to facilitate the acquisition of a 12.16-acre land parcel in Manjari-Budruk, Pune, with potential for a mixed-use township exceeding 2.1 million sq ft. The project aligns with Shapoorji Pallonji's focus on mid-income affordable housing. Nisus Finance's Real Estate Special Opportunities Fund, with a corpus of INR 700 crore, underscores its commitment to opportunistic investments in the real estate sector. This collaboration highlights strategic synergy for growth in Pune's real estate market.
The Bombay High Court declined to halt the creation of additional tenements for project-affected persons (PAP) in Mumbai, amidst a PIL seeking to cancel BMC's scheme procuring housing from the open market. Justices Gautam Patel and Kamal Khata emphasised the wider public interest in providing housing for PAPs affected by infrastructure projects. The court heard three PILs alleging a scheme benefiting certain developers. BMC began purchasing housing units at market rates from developers in 2021, prompting scrutiny over the PAP policy's validity.
The Supreme Court, in a recent hearing on the demolition of structures in Lucknow's Akbar Nagar, highlighted flaws in urbanization policies and the government's failure to provide affordable housing, citing it as a key driver for unauthorized constructions. Justices Sanjiv Khanna and Dipankar Datta noted challenges in urbanization policies, particularly in cities like Delhi, where unauthorized colonies proliferate due to inadequate land information. Concerns were raised over demolitions affecting both commercial and residential spaces, prompting a reevaluation of existing policies to address housing needs, especially for economically weaker sections. The court issued an interim stay on demolitions, emphasizing the necessity for comprehensive urbanization policy reviews to ensure housing for all.
NBCC saw a rise in stock value after executing an e-auction, selling 61,000 sqft of commercial space in New Delhi's Ayurvigyan Nagar for INR 272.68 crore. Grid Controller of India Ltd secured the deal. The proceeds will fund housing construction for AIIMS Delhi faculty/staff. The project, "Grande Rue," features three levels of basement parking for 150 cars and four storeys of commercial space. NBCC's subsidiary, HSCC (India), secured a INR 459.70 crore contract for a hospital project in Maharashtra. In December 2023, NBCC reported a 60% rise in net profit. They also obtained approval for developing unused FAR in Amrapali projects worth INR 10,000 crore and won three contracts worth INR 369.05 crore.
Bhubaneswar Municipal Corporation (BMC) faces a significant loss in tax revenue as around 5,000 residential properties are being used for commercial purposes in violation of tax norms. BMC conducted a recent survey that uncovered these violations, prompting the authorities to reassess taxes for such properties. Additionally, the state government has empowered BMC to collect holding taxes from establishments on Odisha Industrial Infrastructure Development Corporation (IDCO) land, with the aim of increasing tax collection to INR 115 crore by the end of the fiscal year.
HSVP conducted a e-auction earlier this week, offering 18 group housing plots across Haryana, valued at INR 1,700 crore. Gurugram dominated with plots exceeding INR 1,100 crore, boasting prime locations near metro services and expressways. Favorable FAR provisions and TOD Zones in key sectors enhanced their appeal. The auction attracted robust participation, reflecting the strategic approach aligned with urban development needs. With 11 plots spread across Panchkula, Pinjore, Hisar, and Rohtak, totalling INR 584.9 crore, HSVP's initiative promotes real estate growth, offering lucrative opportunities for developers and stakeholders while addressing the increasing demand for residential properties in the region.
Mahindra Logistics Limited announces the opening of a new 1.1 lakh sq. ft. fulfilment centre in Malda, West Bengal, enhancing its logistics network for grocery and e-commerce sectors. This strategic expansion aims to improve fulfilment and last-mile delivery services, serving Northern West Bengal, Eastern Bihar, and parts of the Northeast. The facility will create over 750 job opportunities and is part of Mahindra Logistics' commitment to diversifying its workforce. With this addition, the company's warehousing capacity in West Bengal increases to 3.3 lakh sq. ft., significantly boosting its logistics capabilities and support for nearly 2000 regional pin codes.
7-Eleven achieves a significant milestone with 50 stores in India and ambitious plans for further expansion into diverse urban centres, aiming to double its store count within the next couple of years. The recent inauguration of its 50th store in Pune signifies a pivotal moment in 7-Eleven India's journey. With a diverse array of products appealing to India's youthful demographic, including daily essentials and fresh food items, 7-Eleven aims to become the preferred convenience destination. Despite local competition, the modern convenience store format is gaining traction in India. Originating in Dallas in 1927, 7-Eleven entered the Indian market in 2019 and continues its expansion through strategic partnerships. This expansion reflects 7-Eleven's commitment to providing unparalleled convenience and value to consumers while contributing to the evolving landscape of convenience retail in India.
The Brihanmumbai Municipal Corporation (BMC) is spearheading transformative infrastructure projects in Mumbai's Western Suburbs. A tender for a Madh-Versova Bridge, spanning 600 meters with a cable-stayed segment, aims to alleviate reliance on ferry services, costing INR 1800 crores. Another crucial venture, an elevated road over the Khar subway, projected at INR 1300 crores, will enhance east-west connectivity in Bandra. Despite environmental and community concerns, BMC's proactive approach, including stakeholder consultations and mangrove preservation efforts, reflects a commitment to holistic urban development. These initiatives promise improved mobility, signaling a strategic leap towards a more efficient and sustainable urban transportation network in Mumbai.
Despite a minor January uptick, U.S. new single-family home sales rose, hindered by a Southern region decline. Ongoing demand stems from existing home shortages. Commerce Department data showed a 1.5% increase to 661,000 units, adjusted from December's 651,000. Economists projected a higher rise to 680,000, but freezing weather may have deterred buyers. While Northeast, West, and Midwest sales surged, Southern sales fell. Future sales indicators were positive, but rising mortgage rates could slow momentum. Expectations of declining rates suggest growth potential, especially with homeowners securing low rates. Median home price dropped to $420,700, with fewer price reductions. Inventory increased slightly to 456,000 homes, sustaining an 8.3-month supply.
Deemed conveyance is a legal remedy provided to cooperative housing societies in Maharashtra that have failed to secure a conveyance deed from the developer. Under the deemed conveyance scheme, introduced in 2008, if a developer fails to transfer the ownership of land to a co-operative housing society within a specified period, the society can apply to the competent authority for deemed conveyance. A deemed conveyance order has the same effect as a conveyance deed.
The Mumbai real estate industry welcomes recent efforts by Maharashtra Real Estate Regulatory Authority (MahaRERA) and CREDAI-MCHI to clarify staircase and lift well calculations in building projects. New regulations ensure only the first staircase is included in carpet area calculation (Regulation 48(5)(A) of the Development Control and Promotion-Exchange Rules, 2034), benefiting developers and homebuyers by bringing transparency and fair practices. These clear guidelines remove ambiguity, aiding efficient project planning, reducing costs, and fostering trust in the market. Collaboration between regulatory bodies and industry players promises a more organized, transparent, and thriving real estate sector in Mumbai.
<p>&bull; A residential flat spanning 655 square feet sold in Godrej Exquisite in Kavesar for INR 1.42 crores<br /><br /> &bull; A residential flat spanning 821 square feet sold in Ajmera Manhattan in Wadala for INR 2.22 crores</p>
Ashiana Housing commits INR 400 crore to Ashiana Vatsalya, a specialized residential project catering exclusively to Chennai's elderly population. Situated within the vibrant Mahindra World City, the project offers a tranquil lifestyle with 66% of flats enjoying three-sided openness and 55% boasting breathtaking lake views. With holistic amenities including cultural, recreational, and wellness spaces, the project aims to redefine elderly living. Over eight years, it will meticulously develop 258 residential units in its first phase, promising tailored comfort and convenience for Chennai's seniors.
DLF, a major player in India's real estate sector, is planning to launch 10 million square feet of properties in the fiscal year 2025, targeting revenues of approximately INR 24,200 crore. The ambitious expansion includes projects in Chennai, Goa, and Mumbai, in addition to the company's primary markets of Gurugram and Panchkula. With a strategic focus on the super luxury segment and a robust financial performance in the December quarter, where net profit rose by 26% to INR 648 crore and sales bookings reached INR 9,047 crore, DLF aims to capitalise on evolving market dynamics and changing preferences, particularly among individuals aged 30 and above shifting towards homeownership.
The Maharashtra Housing and Area Development Authority (MHADA) in Chhatrapati Sambhajinagar opens registration for the sale of 941 flats and 361 plots. The online application process, utilising the Integrated Housing Lottery Management System (IHLMS) 2.0, allows applicants to participate remotely. Lottery draw results will prompt immediate notification letters to winners. Applications began on February 28 and will end on March 27. The draft list of eligible applications will be released on April 4, with objections accepted until April 7. Final eligible application list will be announced on April 12, with draw details to follow. The process emphasises transparency and warns against third-party involvement.
The Noida Authority is taking significant strides to address the protracted issue of stalled real estate projects by facilitating the registration of more than 13,000 flats across various developments. With 35 developers committing to settle outstanding dues under Uttar Pradesh's rehabilitation package, aimed at resolving stalled projects, officials emphasize their dedication to prioritizing homebuyers' interests. Initial payments from developers, recalculated to reflect package benefits, are anticipated to exceed INR 500 crore, with 12 developers already settling dues, enabling registration of approximately 1,200 flats. Amidst an estimated INR 44,700 crore in outstanding dues, initiatives including special registration camps aim to expedite processes and alleviate burdens on homebuyers, underscoring efforts to revive the region's real estate sector.
Nagpur's real estate market is exceeding national trends with a rise in home sales, indicating a shift in housing preferences. The primary market has seen a significant uptick, with residential unit sales rising from 1,383 in 2019-20 to 2,211 in 2023-24. However, unsold inventory is also on the rise, expected to reach 14,300 units by January 2024, valued at Rs 6,605 crore. Factors like infrastructure development and an influx of young professionals are driving this growth, with larger units like 3 and 4 BHK apartments gaining popularity. Southern localities like Manish Nagar and MIHAN are top choices for homebuyers, signaling a promising future for Nagpur's real estate sector.
In a recent development, UP exempted DMRC and NCRTC from municipal taxes, resolving a dispute with Ghaziabad Municipal Corporation over INR 56 crore in accrued taxes. While GMC argued for service charges on government installations, DMRC cited a 2014 MoU with GDA for tax exemption. This decision contrasts with outstanding taxes owed by 19 central and 18 state government buildings, totaling over INR 135 crore. The exemption raises broader questions about tax equity and compliance among government institutions, highlighting the complexities of municipal finance and fiscal governance.
The Noida Authority has launched a scheme offering 25 commercial plots in 11 sectors of the city, with a cumulative reserve price of Rs 105.5 crore. The plots, ranging from 18 sqm to 316 sqm, will be allotted through e-auction, with registration closing on March 7. These plots are strategically located near markets, Metro stations, and office areas. The reserve prices vary from Rs 49.11 lakh to Rs 6.60 crore, with an earnest money deposit (EMD) of 10% of the plot cost. The scheme aims to attract buyers looking for prime investment opportunities in Noida's commercial real estate sector.
Allcargo Group's subsidiary, Transindia Real Estate (TREL), is set to sell its logistics park in Jhajjar, Haryana, for INR 636.71 crore, aiming to eliminate debt. The divestment includes a 10% stake in various logistics and industrial parks, yielding INR 433.37 crore in cash proceeds. The move aligns with TREL's strategy to focus on infrastructure development and expand operations, evidenced by ongoing projects in Karnataka and potential ventures in Tamil Nadu and Uttar Pradesh. TREL's commitment to quality, innovation, and sustainability is underscored by its track record in managing 5.05 million sq ft of industrial and logistics parks across India.
Following the withdrawal of international hospitality brands from Russia due to the Ukrainian conflict, top luxury hotels in the country are seeking partnerships with leading Indian hospitality firms. Russian officials have approached Indian Hotels Co. Ltd (IHCL) and East India Hotels (EIH) to operate these properties, which were once managed by renowned international brands like Ritz Carlton and Four Seasons. With Western chains leaving Russia, there's a void in management expertise, prompting the need for new operators. Lemon Tree Hotels and Sarovar Hotels & Resorts have shown interest, while Moscow continues to promote tourism to Indian travelers. This collaboration presents an opportunity for Indian companies to expand into the Russian hospitality market, offering mutual benefits for both parties.
Metropolitan Premium Properties (MPP) forecasts a robust 25% increase in Ras Al Khaimah's (RAK) real estate prices following a staggering 50% rise in 2023, attributed to a growing deficit in residential and hotel accommodations. To capitalize on this surge, MPP is inaugurating a new office in RAK's Mina Al Arab to cater to soaring demand from diverse investors. The scarcity of residential units and hotel rooms is driving property prices upwards, particularly for luxury properties. MPP's expansion aims to tap into a global investor base, positioning RAK as a prime real estate destination amid transformative developments, such as the opening of the Wynn gaming resort. As RAK enters a new era of prosperity, MPP's strategic move underscores the emirate's bright real estate future.
A Conveyance Deed is a legal document that records the transfer of ownership from the builder-promoter to the co-operative housing society upon formation of the later. According to the Maharashtra Ownership Flats Act (MOFA) 1963, the builder must transfer the ownership of land and building to the co-operative housing society within four months of formation of the society. It is a critical document that establishes the rightful ownership of the co-operative housing society for redevelopment projects.
MahaRERA ensured homebuyer protection by permitting deadline extensions for housing projects, maintaining buyer rights intact. Developers should secure 51% consent for further extensions, with all grievances addressed promptly. MahaRERA made sure any grievances lodged by flat purchasers are properly resolved, regardless of the project's extension status. In circumstances where developers are unable to obtain the necessary approval from homebuyers, MahaRERA has the power to give conditional extensions to projects that have been stalled for more than a year. Ajoy Mehta, Chairman of MahaRERA, emphasised their commitment to completing stalled projects while safeguarding homebuyer interests.
<p>&bull; A residential flat spanning 2342 square feet sold in Hiranandani Eagleton in Brahmand for INR 3.51 crores<br /><br /> &bull; A residential flat spanning 575 square feet sold in Pariwar CHS in Kanjurmarg East for INR 86.31 lakhs</p>
Shapoorji Pallonji Real Estate has introduced ‘Sequoia’, a premium residential development in Bengaluru's Parkwest 2.0 project. The project encompasses 180 luxury apartments, spanning 4.3 lakh square feet with a potential revenue of INR 500 crore. Sequoia completes the 46-acre Parkwest 2.0 complex, offering 3 and 4 BHK apartments. The project boasts excellent connectivity and proximity to key amenities. Shapoorji Pallonji Real Estate's recent launches in Pune and South Mumbai underscore its commitment to the luxury real estate segment in major Indian cities.
Spain-based IndiaLand Group has collaborated with four leading MNCs to facilitate their expansion in India's tech parks in Pune and Coimbatore. In Pune's IndiaLand Global Tech Park, US-based Regal Rexnord and Atlas Copco secure grade-one office spaces, while in Coimbatore's IndiaLand Tech Park, German multinational Bosch and US-based Cotiviti secure floor spaces. The eco-friendly properties align with green real estate practices and are set to become hubs for innovation. Expected to be operational by mid-2024, these developments highlight India's potential as a global business hub and contributor to economic growth. IndiaLand Group aims to set benchmarks in commercial real estate with sustainable infrastructure.
The Supreme Court recently ruled in favor of a homebuyer, Venkataraman Krishnamurthy, directing the prominent real estate developer Lodha Group to refund INR 2.25 crore with a 12% per annum interest. This decision stems from alleged delays in delivering possession of a Mumbai apartment purchased in 2013. Despite the National Consumer Disputes Redressal Commission's earlier order for possession within three months and a 6% per annum interest compensation, the Supreme Court overturned this ruling, emphasizing contractual obligations. The verdict highlights the significance of adhering to legal frameworks in resolving disputes, reinforcing consumer protection and contractual integrity in real estate transactions.
A dispute has arisen over the ownership and subleasing rights of 47.5 acres of railway land designated for Mumbai's Dharavi Redevelopment Project. The Railway Land Development Authority (RLDA) refuses to permit subleasing to the Dharavi Redevelopment Project/Slum Redevelopment Authority (DRP/SRA). DRPPL contends that DRP/SRA, as state government bodies, have the right to sub-lease the land. RLDA prioritises railway staff quarters' redevelopment and scrapyard relocation, while DRPPL advocates for simultaneous redevelopment. Alongside, DRPPL recently said that eligible industrial and commercial units redeveloped as part of DRP will enjoy benefits, such as a refund of SGST.
The National Company Law Tribunal (NCLT) has initiated corporate insolvency proceedings against Sankalp Siddhi Developers, a special purpose vehicle (SPV) promoted by Ahuja Hive, now known as Hive Carbon-Zero Developers, controlled by Chinese group Fosun since 2022. The petition was filed by operational creditor Lekha Enterprises due to payment default. Ahuja's alleged fraud led to disputes, with the SPV claiming inability to pay creditors. NCLT appointed Rajkumar Jaiswal as interim resolution professional. This action reflects a broader trend, with 21% of companies admitted for resolution under the Insolvency & Bankruptcy Code since 2016 belonging to the real estate sector.
Property e-auctions, facilitated through online platforms, revolutionize real estate sales by allowing sellers, like banks or government agencies, to list properties for bidding. Buyers participate electronically, placing bids over a set timeframe, starting with a reserve price. UCO Bank's upcoming e-auction on March 15, 2024, features 30 properties across states like Bihar, Tamil Nadu, and Uttar Pradesh, aimed at recovering outstanding debts. Properties may involve symbolic or physical possession, following SARFAESI Act guidelines. Earnest Money Deposit, a percentage of the Reserve Price, is crucial, ranging from 5% to 10%. E-auctions provide convenience, transparency, and broad buyer outreach, albeit demanding thorough due diligence from potential bidders.
Struggling non-banking finance company IL&FS is selling commercial properties in GIFT City to address its debt crisis. With over 540,000 sq ft in GIFT TWO, the sale includes 58 offices, with four already leased to Tata Consultancy Services. IL&FS, facing a liquidity crisis since 2018, aims to resolve debts exceeding INR 56,000 crore. Recent updates show progress, including the sale of its Mumbai headquarters to Brookfield Asset Management. GIFT City's growth, buoyed by government initiatives and private interest, attracts over 500 entities, including fintech firms and banks, signalling its emergence as a prominent financial hub.
The latest report by JLL, reveals a significant surge in India's warehousing sector, with total stock reaching 371 million sq. ft by 2023, a 15% YoY growth. Major cities like Delhi NCR, Mumbai, and Bengaluru contribute over half of this stock. The demand for Grade A spaces, driven by hygiene concerns amid COVID-19, led to a net absorption of 40 million sq. ft in 2023. Pune led in absorption with 8 million sq. ft. Overall vacancy rates declined to 15% in 2023 and are expected to further reduce to 8% by 2027, with Grade A vacancy rates projected to remain below 5%. The industry is poised for robust growth, with a projected CAGR of 12% in total warehouse stock and 16% in Grade A stock by 2027.
IKEA, the Swedish furniture giant, is shutting down its Ghatkopar store in Mumbai's R City mall due to concerns over its small-format viability, aiming to enhance its Mumbai operations centered at the Worli store. This marks IKEA's first closure in India, reflecting its pursuit of a leaner retail model. Despite the closure, IKEA reaffirms its commitment to Mumbai and Maharashtra, eyeing expansion in Pune and bolstering online presence. The decision coincides with plans for renewed investments in India. Though IKEA India reported substantial sales growth, net losses widened. Globally, IKEA operates in 63 markets, with the Philippines hosting its largest store.
The Pune outer ring road, overseen by Maharashtra State Road Development Corporation (MSRDC), secures INR 10,519 crore for land acquisition in the state's interim budget. MSRDC officials confirm the allocation and anticipate completing land acquisition by June, aiming for a June deadline set in a recent review meeting. The project involves two phases, with 90% land acquired for the western phase and commencement planned for the eastern phase. Additionally, the budget allocates INR 22,225 crore for land acquisition for the Virar-Alibaug multimodal corridor. The 136.80 km-long outer ring road aims to alleviate traffic congestion in Pune by redirecting through-traffic.
A co-operative housing society is a legal entity that can own one or more residential buildings. Membership is granted by way of a share purchase and share-holders are given the legal right to occupy a housing unit within the society. The Maharashtra Co-operative Societies Act 1960 provides a comprehensive framework for registration, membership, incorporation of duties and privileges of cooperative societies throughout Maharashtra.
Promoters of Macleods Pharmaceuticals, Girdharilal and Banwarilal Bawri along with Rajendra Agarwal, through Agarwal Holdings, recently acquired a 3,600 sq ft bungalow in Vile Parle, Mumbai for INR 101 crore. With stamp duty and registration fees, the total cost reached INR 106 crore. This adds to their extensive property portfolio in Juhu, amounting to over INR 518 crore in the last three years. Macleods Pharma, established in 1989, operates globally in various therapeutic areas. Their real estate ventures indicate strategic diversification beyond pharmaceuticals. This mirrors a broader trend in Mumbai's luxury housing market, attracting both domestic and international investors seeking lucrative opportunities beyond traditional sectors.
<p>&bull; A residential flat spanning 682 square feet sold in Ecohomes La Grace in Andheri East for INR 1.64 crores<br /><br /> &bull; A residential flat spanning 699 square feet sold in Rustomjee Athena in Majiwade for INR 1.3 crores<br /><br /> &nbsp;</p>
LTI Mindtree is doubling its presence in Chennai's L&T Innovation Campus, adding 600,000 sq. ft to accommodate 10,000 IT professionals. Amidst Chennai's booming office market, characterized by record-breaking leasing activity, the expansion reflects the growing demand from the tech and BFSI sectors. With vacancy rates dropping by 3.7 percentage points year-on-year to 16.3% by the end of 2023, Chennai's office market becomes even more attractive for expansion-seeking businesses. Such expansions not only signal business growth but also contribute to the city's evolving economic landscape amidst rising demand for office space.
In Mumbai, housing societies are bypassing legal transfer fee caps of INR 25,000 by demanding up to INR 30 lakh as 'voluntary donations' for flat transfers in affluent areas like South Mumbai. This widespread practice, criticized as 'arm-twisting' by experts, aims to bolster societies' infrastructure funds, despite legal constraints. Advocates highlight the adverse impact on sellers, who often pay hefty sums to expedite transactions, amidst calls for regulatory adherence and fairness in the property market. Critics argue for transparency and equitable contributions from all members to address maintenance costs without overburdening individual transactions.
The Bombay High Court has directed questions at the Anjuna-Caisua panchayat concerning the delay in sealing 175 illegal structures situated in no-development and coastal regulatory zones. The panchayat has cited challenges in locating and sealing these structures and has requested assistance in addressing the issue. The court's scrutiny comes amid increasing concerns over illegal constructions in environmentally sensitive areas. Authorities are urged to take swift action to ensure compliance with regulations and preserve the integrity of these zones.Criticizing the panchayat's delays and excuses, the court has demanded a status report.
The Jammu & Kashmir government has mandated the registration of all real estate projects with the newly established Real Estate Regulatory Authority (RERA) before commencement of work, following the J&K Real Estate (Regulation and Development) Rules, 2020. J&K RERA commenced operations on January 18, 2024, under the leadership of Satish Chandra. This initiative aims to enhance transparency and accountability in the real estate sector, aligning with the national framework of the Real Estate (Regulation and Development) Act, 2016, and bolstering consumer confidence in the region's real estate market.
hBits, a fractional ownership platform, ventures into Bengaluru's tech hub with the acquisition of Vaswani Centropolis, a commercial building in the Central Business District. The property, valued at INR 54.72 crore, offers a gross entry yield of 9% and an anticipated internal rate of return of 15.6%. With a lease duration of 30 + 30 months and a tenant lock-in period of 24 months, the acquisition expands hBits' assets under management to INR 310 crore. This move aligns with hBits' goal of catering to the increasing demand for real estate investments, particularly from non-resident Indians, targeting an AUM of INR 1000 crore by FY25.
In Gurgaon, a hotbed of real estate activity, developers eagerly acquired prime land parcels through high-profile auctions led by HSIIDC. Recent transactions totaling INR 500 crore underscore the robust demand for residential properties in Haryana. Sector 80 emerged as a key development area, attracting significant land acquisitions. Prominent developers like Eldeco and Trehan Iris have announced plans for luxury projects, reflecting the city's growing allure. The surge in acquisitions and upcoming launches in Gurgaon and Delhi-NCR point to a promising outlook for the real estate sector in the area.
Jogeshwari West continues to assert its status as a bustling and thriving locality within Mumbai's western suburbs. January witnessed a flurry of real estate activity, underscoring the area's popularity among homebuyers and investors alike. With an equal mix of developer sales and resale transactions, the neighborhood demonstrates its appeal to a diverse range of buyers. From Vision Heights to Hill Park Tower and beyond, the variety of residential options cater to different preferences and budgets. As Jogeshwari West evolves with modern developments while retaining its traditional charm, it remains a dynamic and sought-after destination for those seeking convenience, accessibility, and a vibrant living environment in the city of Mumbai.
Indore's property market faces potential shifts as the district evaluation committee proposed adjustments to property rate guidelines for the upcoming fiscal year. With possible increases of up to 100% across 49 localities and an average rise of 17.7% in over 2000 locations, the revisions aim to reflect changing market dynamics. Stakeholder feedback is invited before finalizing the guidelines, emphasizing transparency. The inclusion of new developments shows a proactive approach towards urban expansion. While the changes could impact stamp duty costs and buyer interest, they're subject to revision based on public input.
Based on the recent draft notification issued by the Bruhat Bengaluru Mahanagara Palike (BBMP), property tax in Bengaluru is proposed to be calculated based on the guidance value of the property per square foot per year. However, there are concerns raised by stakeholders, particularly the Karnataka Home Buyers' Forum, regarding the fairness and accuracy of this method. They argue that relying solely on the guidance value may not accurately reflect the true value of properties or consider individual circumstances, such as the actual usage of the property and its amenities. Thus, the proposed method suggests a departure from previous tax assessment practices in Bengaluru.
Prime Minister Narendra Modi inaugurated mega infrastructure projects in Gujarat, including the Sudarshan Setu Bridge, connecting Okha mainland to Beyt Dwarka island, the longest of its kind in India. He virtually launched medical facilities in 23 states, emphasising his government's development pace, inaugurating 200 health infrastructure projects worth INR 11,500 crore, and five AIIMS across various states. Modi highlighted India's swift progress, inaugurating seven AIIMS in 10 days, contrasting past delays. He emphasised his commitment to stop corruption and propel India to the fifth-largest economy, promoting both spiritual heritage and modern development, amidst opposition and historical challenges.
The Smart Home project in Al Ghala Heights, Oman, signifies a groundbreaking venture in real estate, offering innovative smart residential apartments and offices. Led by Al Faiha Development Company, the project promises a unique living experience with comprehensive smart features and amenities. Spanning 13,000 square metres, it integrates cutting-edge technology and luxury, aligning with Oman's vision for economic diversification. Upon completion, it will serve as a testament to modern living and contribute to the country's tourism and real estate sectors.
Central Business District (CBD) is a commonly used term in commercial real estate to describe an area in the city that contains a high density of commercial, retail and business establishments, as well as government offices. CBDs usually coincide with the city centre and tend to be the central hub for the city’s transportation networks. Nowadays, CBDs have also begun to include entertainment hubs, restaurants, hotels, medical care and residential complexes.
Actress Suhana Khan, daughter of Bollywood icon Shahrukh Khan, made headlines with her recent purchase of a lavish home in Alibaug, a favored coastal retreat among Mumbai's elite. The transaction, exceeding INR 10 crore with stamp duty charges, marked her second significant investment in the area within 8 months. The property spans 1.8 acres, featuring three distinct structures. Suhana's stamp duty payment of INR 57 lakh underscores the financial weight of such transactions. Her ventures extend beyond real estate, with roles as a cosmetic brand ambassador and in the film 'The Archies'. This move echoes similar investments by Bollywood peers, highlighting Alibaug's allure amidst infrastructure enhancements bridging Mumbai and the coastal town.
<p>&bull; A residential flat spanning 854 square feet sold in Dattani Gram in Kandivali West for INR 1.21 crores<br /><br /> &bull; A residential flat spanning 1234 square feet sold in Shreepati Castle in Girgaon for INR 3 crores</p>
Godrej Properties secured a prime 6.45-acre housing plot in Noida with a bid of INR 506 crore, strengthening its presence in the vibrant real estate market. Beating competitors in the e-auction held by the Noida Authority, the Mumbai-based developer aims to craft modern living spaces tailored to evolving lifestyles. This acquisition aligns with Godrej's expansion strategy, signaling confidence in Noida's growth prospects. Meanwhile, the company's foray into Hyderabad and Bengaluru markets underscores its commitment to delivering premium residential projects, further solidifying its position as a key player in India's real estate landscape.
DLF, a major real estate player in India, plans to launch properties worth INR 80,000 crore over 3-4 years, focusing on luxury homes in key cities. With sales doubling annually, reaching INR 13,316 crore in the current fiscal year, the company aims to tap into post-pandemic housing demand. DLF's strategy targets markets like Delhi-NCR, Mumbai, Goa, and Chennai. They're leveraging their strong track record to meet soaring demand for quality projects. With a vast development potential of 215 million square feet, including a significant annuity portfolio, DLF's expansion signals confidence amidst evolving market dynamics.
Mumbai's Slum Rehabilitation Authority (SRA) has extended the defect liability period for rehab buildings from three to ten years, following a panel's recommendations post a fatal Goregaon fire last October. In a recent circular, SRA mandated the issuance of revised letters of intent reflecting the longer liability period. Professionals and construction entities involved in projects exceeding 7,500 sqft will be accountable for structural flaws over the extended term. Meanwhile, the state's urban development department has designated BMC as the planning authority for slum rehab schemes, aiming to relocate slum dwellers affected by infrastructure projects.
The Uttar Pradesh Housing Board has taken a proactive step to boost the real estate market by reducing the prices of 4,720 flats in Siddharth Vihar, Mandola, and Vasundhara by up to 42%. Originally priced between INR 69.4 lakh and INR 1.1 crore, these residential units have faced challenges in attracting buyers over the last decade. The price adjustment is part of the board's strategy to address subdued demand and stimulate interest among potential homebuyers.
Tata Consultancy Services (TCS), India's top IT firm, secured 400,000 sq ft office space in Noida, a major move amidst return-to-office trends. Demand for Grade A properties rose with corporate policies shifting. Assotech Business Cresterra project in Noida sees significant development. Despite economic uncertainties, the Delhi-NCR region witnesses increased leasing volume, driven by fresh space uptake. The flex space sector surpassed the IT-BPM sector in space consumption. The region experienced 2.9 million sq. ft. of new space influx, leading to a slight rise in vacancy rates. TCS's move reflected evolving workspace preferences in the corporate world.
Singapore-based Cube Highways & Infrastructure, an investment arm of I Squared Capital, plans to sell seven highway projects totaling 516 kilometres to monetise its road assets, including one BOT and six hybrid annuity model assets, with a combined revenue of INR 860 crore in FY23. Ambit Capital has been hired to facilitate the sale process. These assets span Andhra Pradesh, Maharashtra, Telangana, and Tamil Nadu, with notable projects like the Narketpally Addanki Medarametla Expressway. Cube Highways aims to divest these assets despite initial plans for inclusion in its private infrastructure investment trust.
Smartworks, a New Delhi-based co-working firm, secures 100,000 square feet of office space in Gurugram's RK Four Square Complex, accommodating up to 1,000 desks. Priced at INR 20,000 per month per desk, this move caters to rising demand for flexible office solutions. The expansion aligns with Smartworks' mission to provide innovative workspace solutions across India, supported by recent funding boosts. The co-working sector, as projected by Vestian, anticipates substantial growth, reaching 81 million square feet by 2025.
The GST Council is poised to exempt the Real Estate Regulatory Authority (RERA) from Goods and Services Tax (GST), recognizing its pivotal role in promoting transparency and safeguarding consumer interests in the real estate sector. Recent deliberations underscore RERA's alignment with governmental functions, akin to Article 243G of the Constitution. This proposed exemption arises amidst the removal of GST waivers on services offered by key regulatory bodies like RBI and SEBI since July 2022. With implications extending to both developers and homebuyers, this move promises regulatory relief and economic stimulation, potentially invigorating the real estate market. Anticipation mounts for the formal announcement preceding the general elections, signalling hope for streamlined processes and renewed investor confidence.
Prime Minister Narendra Modi launched over 2,000 railway infrastructure projects valued at approximately INR 41,000 crore, marking a significant investment in India's transportation sector. In his address, Modi hailed these initiatives as emblematic of the "New India" work ethos, emphasising the nation's shift towards ambitious goals and rapid realisation. He laid the foundation stone for the redevelopment of 553 railway stations and highlighted achievements like the Vande Bharat trains and electrification efforts.Modi also emphasised fiscal responsibility, warning against revenue leaks and advocating for the promotion of local culture through renovated stations.
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