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Spanish retail giant Inditex is making strategic moves in India, expanding beyond its successful Zara clothing stores to introduce Bershka, a youth apparel brand, and Zara Home, targeting the burgeoning home decor market. This expansion comes amid increasing consumer demand for trendy yet affordable clothing and stylish home furnishings in India, a market estimated to be worth over USD 20 billion. Inditex's decision reflects its recognition of India's evolving consumer landscape, driven by factors like rising disposable incomes and aspirations, especially in tier-2 and tier-3 cities with large populations. By offering diverse options ranging from budget-friendly collections by Zara Home to high-end offerings by Indian luxury brands, the Indian home decor market presents ample growth opportunities for both international and domestic players alike. Additionally, several Indian fashion designers and lifestyle brands, along with international players like Pottery Barn and West Elm, are also making their mark in the Indian home decor arena. This trend has implications for the real estate sector, as consumers seek homes with modern layouts and features to accommodate trendy home decor products.
• A residential flat spanning 2038 square feet sold in Delta Spark Plaza in Nagpur's Ajni for INR 1.55 crores</br> • A residential flat spanning 774 square feet sold in New Viraj Jagdamba Building No. 3,4,5 in Nagpur's Belgaon for INR 24 lakhs</br>
MahaRERA has received several complaints from homebuyers regarding issues with parking spaces sold by developers. To address this, MahaRERA has made it mandatory to include all parking details like lot numbers, dimensions and block location in sale agreements and allotment letters. This aims to provide upfront transparency and avoid future disputes. Developers must now clearly demarcate and label garage, covered and open parking spaces as per approved plans and must also tag these spaces to the allotted apartment. Open parking is considered a common area as per RERA and cannot be sold. The directives aim to protect buyer interests by resolving issues at the outset and ensuring allottees can use the parking facilities smoothly.
Shubhashish Homes, in collaboration with Gurnani Group, unveils a luxurious villa project on Main SEZ Road in Jaipur, set to redefine luxury living in Rajasthan. Spanning 10.6 acres, the project will offer approximately 7 lakh square feet of opulent living space, promising to be a landmark development. Targeting a launch later in the fiscal year pending approvals, Mohit Jajoo, CEO of Shubhashish Homes, emphasises its significance in Rajasthan. With four launches planned this year, Shubhashish Homes reaffirms confidence in Ajmer Road's micro-market potential, backed by their track record of quality projects. Positioned to meet the rising demand for premium housing, this project blends luxury with convenience, boasting a prime location near major commercial hubs and social infrastructure.
Amidst China's nationwide property market slowdown, smaller cities like Zhengzhou are facing challenges. To boost the local property sector, Zhengzhou is implementing a unique initiative encouraging residents to trade in their existing homes for new ones. Under this program, Zhengzhou Urban Development Group Co. will buy up to 500 second-hand homes from residents who then use the funds to purchase new properties within the city center. However, concerns linger regarding the effectiveness of such measures, given the persistent liquidity crisis and buyer hesitancy. Analysts are closely monitoring the program's outcome to gauge its impact on the broader property market and economic growth in China.
GST is applicable on the purchase of under-construction flats, apartments, bungalows, villas, etc in India. As of 1 April 2019, the GST applicable for such properties varies between 1% to 5%, depending upon the size and category of housing. Government led housing projects attract only 1% GST. GST is not applicable on ready-to-move flats that have received an OC certificate or on land deals where not further service is provided.
TARC Limited celebrated a remarkable year with record-breaking presales and collections in FY2023-24, marking a 200% increase to INR 1,612 crore in presales and achieving its highest annual collection of INR 415 crore. The success is attributed to the launch of TARC Kailasa in New Delhi, garnering exceptional sales. Construction has commenced with ACC as the EPC contractor. Anticipating further triumphs, TARC 63A's upcoming launch is highly anticipated, boasting prime location and market trends alignment. CEO Amar Sarin credits the achievement to TARC's commitment to excellence and innovation, projecting to surpass INR 5,000 crore pre sales target for FY2024-25 amid a promising real estate market outlook.
Trident Realty, a major real estate developer in North India, has undertaken a strategic shift in its business focus. Through the sale of non-core assets including Shipra Mall in Ghaziabad, it has managed to raise INR 1,200 crore. Trident will utilize the sale proceeds for planned residential launches over the next 2 years' worth INR 15,000 crore across major markets in NCR, Mumbai, Panchkula and Tri-City (Chandigarh). This strategic move will allow Trident Realty to concentrate its resources on residential developments, exit non-core holdings, and further cement its position as one of the leading residential real estate players in North India.
The Economic Offences Wing (EOW) of the city police has arrested Nasli alias Bunny Batliwala (49), a trustee of the HIMS Botawala Charitable Trust, for allegedly conspiring to defraud a developer of INR 21 crore in a property redevelopment scheme. Javed Hussain, the complainant and owner of Reliable Investment and Developers, had entered an agreement with the trust to jointly redevelop a property. However, the trust allegedly sold the property to another party without his consent. The arrest sheds light on the alleged fraud by the trustees, potentially undermining public trust in charitable organizations. The police aim to uncover the full extent of the conspiracy and ensure justice for the complaining developer.
NARCL has made a firm offer to acquire INR 988 crore of debt from lenders for Essel Infraprojects' road project in Ludhiana. NARCL's offer includes INR 270 crore for the debt, providing lenders with a recovery rate of 27%. The project involves constructing a 78-kilometer four-lane highway between Ludhiana and Talwandi Bhai, passing through Moga in Punjab. Lenders are also open to considering counter-offers from other asset reconstruction companies, as indicated in a notice from BoB Caps. The project has faced significant challenges, including changes in contractors and delays in obtaining necessary clearances from various authorities. These hurdles have delayed the completion of the project, which was initially aimed for a September 2014 finish.
The Bombay High Court upheld the Dahanu Taluka Environment Protection Authority's (DTEPA) order allowing the Jawaharlal Nehru Port Authority (JNPA) to develop a greenfield port at Vadhavan, Palghar district. It rejected petitions by Conservation Action Trust and National Fish-worker's Forum challenging the order. The court observed that DTEPA considered all relevant aspects and proposed mitigation measures. However, JNPA still needs clearances from various authorities. The court acknowledged DTEPA's earlier stance against a port in the 'ecologically fragile' Dahanu, but noted changes allowing ports in such areas. The INR 76,220 crore project, a JNPA-Maharashtra Maritime Board joint venture, spans 17,471 hectares.
The Yamuna Expressway Authority has relaunched its group housing scheme, offering six plots in sector 22D near Noida International Airport. Aimed at generating at least INR 450 crore in revenue, the scheme follows an unsuccessful tender in 2013. Plots vary in size, with prices ranging from INR 61.5 crore to INR 135.3 crore. Bidders must submit applications and earnest money by May 20, with an e-auction scheduled for June 10, 2024. Payment flexibility allows developers to pay in installments over five years. Proximity to key developments like the proposed film city and Eastern Peripheral Expressway enhances the scheme's appeal.
State-owned construction giant NBCC is considering establishing its own non-banking finance company (NBFC) to lower borrowing costs for critical infrastructure projects, a move unprecedented for an Indian public sector entity. Currently relying on external NBFCs with interest rates between 12% and 14%, NBCC anticipates potential savings of 1-2 percentage points with an in-house NBFC, translating to substantial savings. This initiative could save NBCC over USD 108 million in interest costs over two years. While awaiting approval from the new Indian administration and a license from the Reserve Bank of India (RBI), NBCC's proposed NBFC aims to streamline financing for its projects and potentially support redevelopment projects for other public sector entities. However, challenges such as expertise acquisition and regulatory compliance remain significant hurdles to overcome.
The Chateau d'Armainvilliers, situated in Seine-et-Marne, epitomizes luxury and grandeur. It was originally owned by the Rothschild banking dynasty and later renovated by King Hassan II of Morocco. The estate boasts 100 rooms, including opulent salons and themed suites, with additions such as a hammam spa and a medical facility. Despite its grandeur, its EUR 425 million listing price has sparked debate among real estate experts. Concerns persist about the adaptability of 1980s renovations and their marketability. Nevertheless, nestled amidst its natural surroundings, including majestic redwoods and a private lake, the chateau remains a timeless symbol of refinement and elegance.
Noida Authority's extensive crackdown targeted land mafias across various sectors and villages, particularly along the Noida Expressway, where encroachments on government land were rampant. Notorious for attempting to swindle unsuspecting buyers, these mafias had encroached upon areas like Sorkha Zahidabad, Salarpur, Asadullapur, Mohiyapur, Sadarpur, Mamura, Garhi Samastipur, Gulawali, and Salarpur Khadar. The authority's anti-encroachment drive aimed to reclaim control over these illegally occupied lands, freeing up approximately 18 acres valued at INR 308 crore.Encroachments were notably cleared from Sorkha Zahidabad and Salarpur, with a combined value exceeding INR 195 crore.
Prescon Group and House of Hiranandani have unveiled 'Belicia', a luxury residential project in Thane. This 48-storey tower promises elegant living and is slated for completion by June 2028. Located near Nitin Company Junction, it offers 2, 3 & 4 BHK apartments starting at INR 1.85 crore. Amenities include a clubhouse, swimming pools, and jogging tracks. The project benefits from its proximity to essential services, major transport hubs, and corporate parks. Thane's rapid infrastructure development and connectivity make it an attractive investment destination. 'Belicia' embodies modern luxury and represents a smart investment opportunity in the Mumbai Metropolitan Region.
Sales of homes valued at USD 10 million or more in Dubai surged by 6% in the first quarter compared to the previous year, driven by robust demand from international ultra-rich buyers. The market, dominated by cash purchases, saw Palm Jumeirah emerge as the top-selling area. Despite concerns about a potential downturn, Dubai remains a global leader in luxury home sales, offering relative affordability and attracting high-net-worth individuals seeking second homes.
SEBI is conducting an e-auction on May 20th for 22 properties owned by Rose Valley companies in West Bengal, with a combined reserve price of INR 8.6 crore. These properties, including flats and office spaces, are part of SEBI's efforts to recover investor dues exceeding INR 5,000 crore. Rose Valley Group faced accusations of running illegal investment schemes promising high returns. Despite SEBI's directive to refund investors in 2017, Rose Valley failed to comply, leading to further regulatory actions. The Enforcement Directorate also initiated investigations and attached assets worth INR 150 crore. The auction offers investors a chance to recover some losses, but it's crucial for interested buyers to conduct thorough inquiries into the properties' status before bidding.
Major tech companies like Amazon, Meta, and Google are scaling back on office space, a stark reversal from their pre-pandemic expansion. Remote work, accelerated by the pandemic, is driving this trend as employees successfully adapt. Coastal cities like Seattle and San Francisco are particularly affected, with Salesforce reducing its San Francisco office space by 700,000 square feet. Landlords face challenges due to oversupply, with office space values plummeting. Stanford University research suggests remote work boosts productivity and satisfaction, but concerns about collaboration persist. A hybrid model may emerge, necessitating new office designs prioritising collaboration for dispersed teams.
India's industrial and warehousing sector is witnessing unprecedented growth, driven by a surge in demand reaching nearly 7 million square feet in Q1 2024, the highest in two years. E-commerce, with its rapid expansion, is a primary catalyst, with leasing activity for online retail tripling compared to the previous year. Traditional retailers are also expanding their warehousing needs, reflecting evolving consumer habits. While 3PL companies remain dominant, the rise in demand from sectors like retail and engineering signifies a broader economic upturn. Chennai is emerging as a key market, with leasing activity doubling, underscoring its strategic advantages. However, meeting this demand requires substantial investment in infrastructure and modern warehousing facilities across India's key cities.
Homebuyers and residents in Noida and Greater Noida West are launching a "No Registry, No Vote" campaign ahead of the 2024 Lok Sabha elections to protest pending registries. Frustrated by years of unfulfilled promises, they refuse to cast votes or choose NOTA until their demands are met. With over 1.15 lakh stalled flats awaiting resolution, residents demand expedited action from authorities. Despite government directives, the situation remains unresolved, leaving buyers in limbo. The campaign serves as a powerful reminder of the importance of addressing systemic issues impacting citizens' lives, urging politicians to heed their voices and take meaningful action.
India's office space market is experiencing a surge in demand, driven by the practice of offshoring, wherein businesses relocate operations to foreign countries for cost savings or talent access. According to Knight Frank, India has become a top destination for offshoring, with companies leasing 46% (27.3 million sq. ft) of total office space in 2023. Gulf Cooperation Council (GCC) firms are major players, drawn by India's cost-effectiveness and skilled workforce, increasing their leasing share from 25% to 35% (20.8 million sq. ft) in 2023. While IT remains dominant, diversification into sectors like semiconductors and pharmaceuticals showcases India's appeal. This growth benefits both India's economy and global businesses, with projections indicating continued expansion.
Input tax credit (ITC) refers to a mechanism wherein credit can be claimed on account of GST paid on the purchase of goods and services used for the furtherance of business. This mechanism is available to businesses registered under the GST Act, including manufacturers, suppliers, e-commerce operations and others specified in the legislation. It aims to assist businesses in effectively reducing their tax liability while encouraging compliance and preventing double taxation.
SEBI is taking action against companies that illegally raised funds from the public, planning to auction 30 properties belonging to seven such companies on May 15th to recover over INR 100 crore. These companies operated across sectors like agriculture, solar power, and infrastructure, using tactics such as issuing unregistered securities and running unauthorized investment schemes. The auction, with properties primarily in West Bengal and Odisha, aims to compensate investors who lost money due to these illegal practices. Investors are urged to be vigilant and research companies before investing, with SEBI providing guidance and support to victims of illegal fundraising. This initiative reinforces SEBI's commitment to protecting investors and maintaining the integrity of India's securities market.
Pune's property market is experiencing significant growth, with a notable 52% year-on-year increase in property registrations in March 2024. The surge is primarily driven by demand for affordable housing, with properties priced between INR 25 lakh and INR 1 crore dominating transactions. Infrastructure development, a thriving economy, favorable interest rates, and government initiatives promoting affordability are cited as key factors fueling this trend. Young professionals aged 30 to 45 form the largest buyer segment, drawn to Pune's opportunities and lifestyle. With a focus on functionality and affordability, Pune's property market presents an enticing prospect for homebuyers.
The Punjab and Haryana High Court has ruled that paying maintenance to elderly parents does not prevent them from seeking eviction of their children from occupied property. In a case filed by 90-year-old Gurdev Kaur, the court ordered her son, a government employee, to vacate her house. Despite paying maintenance, he refused to relinquish possession. The court emphasized that accepting maintenance does not prevent eviction. The ruling underscores the Maintenance and Welfare of Parents and Senior Citizens Act's aim to protect elderly rights. It prevents the misuse of maintenance payments and ensures vulnerable senior citizens' welfare, setting a precedent for similar cases.
The National Highways Authority of India (NHAI) aims to raise INR 54,000 crores through project-based funding and asset monetization in the upcoming financial year. In the 2024 fiscal year, NHAI accrued INR 38,334 crores from project-based financing and its monetization program, including Toll Operate Transfer (ToT) and Infrastructure Investment Trust (InVIT). ToT allows private companies to operate select highways, while InVIT pools investments for infrastructure projects, generating returns for investors. NHAI plans to monetize 33 highways across India, totaling 2471 kms, generating INR 49,314 crores in the previous fiscal year. With asset monetization remaining a key financial strategy, NHAI has raised INR 1.08 trillion out of its INR 1.60 trillion target. The road sector, aided by initiatives like InVIT, has witnessed significant growth, attracting global investors and driving economic development while modernizing India's transport network.
Viman Nagar, Pune, stands out as a bustling residential and commercial hub, celebrated for its prime location near the Lohegaon Airport. Its robust infrastructure offers a mix of housing options, from high-rise apartments to independent bungalows, catering to diverse needs. March witnessed notable transactions with VNSVL Shubh Nirvana Phase 1 and Rohan Mithila leading sales. The market appeals to varied budgets, with prices ranging from INR 11.5 Lakhs to INR 3.17 crores. Apartment sizes vary, ensuring suitability for families and individuals alike. Average prices per square foot hover around INR 12,029, attracting buyers from different segments. Viman Nagar's allure lies in its balance of affordability, luxury, and convenience, solidifying its status as a sought-after real estate destination.
Anil Gupta, chairman of Wellknown Polyesters, alongside his wife and the company, purchased two sea-facing apartments in Mumbai's Lodha Malabar project for over INR 270 crore, marking one of India's priciest residential transactions at INR 1.41 lakh per square foot. The deal highlights the rising demand for luxury housing in Mumbai's upscale areas. The Lodha Malabar project, slated for completion by June 2026, has witnessed other record-breaking deals, indicating fierce competition for prime Mumbai real estate. Gupta's move signals a potential trend of large corporations investing in luxury real estate, potentially reshaping the sector's dynamics.
• A residential flat spanning 625 square feet sold in Mahalaxmi Heights in Thane's Badlapur for INR 19.92 lakhs</br> • A residential flat spanning 480 square feet sold in Maa Sherawadi Complex in Thane's Kalher for INR 16.9 lakhs</br>
The Senior Citizens Welfare Association of Signature View Apartments plans to file a plea in the Delhi High Court regarding the evacuation and rent payment promised by the Delhi Development Authority (DDA) for the structurally unsafe 336-unit Signature View Apartment housing complex in North Delhi. While over 100 families had already shifted after demolition orders were issued last year, full evacuation is still pending. The association will argue that DDA's clause to only pay rent after all apartments are vacated is unfair as most owners are still paying EMIs and cannot afford additional rent during the interim period.
After months of bureaucratic back-and-forth between the BMC and Aarey Milk Colony over clearing debris dumped along Mithi River's banks in Aarey, the National Green Tribunal (NGT) has intervened. The NGT has ordered for the formation of a committee, led by Maharashtra's chief secretary, to determine responsibility, relocation of debris, and funding. With BMC, MPCB, Aarey Milk Colony, and environmental experts onboard, the committee has a month to devise an action plan as monsoon approaches. The directive stems from Vanashakti's petition, highlighting environmental hazards. Urgent action is imperative before monsoon exacerbates the damage, underscoring the committee's crucial role in prioritizing ecological preservation.
As heat waves worsen water stress in major Indian cities, homebuyers are increasingly seeking homes built with sustainability in mind. Large developers recognize the need to proactively build climate resilience and water security into new projects. Established brands like Lodha, Prestige and Mahindra Lifespaces have implemented various water conservation measures like rainwater harvesting, greywater recycling, and passive design. These initiatives are differentiating projects and driving sales. Developers are also educating residents on water-saving habits and providing resources for sustainable living. By integrating climate resilience from the start, developers are helping prepare India's cities and real estate for water-related impacts of climate change.
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) rejected an additional INR 328 crore tax demand against DLF Urban Pvt Ltd. DLF Urban had acquired land development rights from its parent company. The transaction was valued at INR 925 crore by real estate firm Cushman & Wakefield. However, the tax authorities felt the valuation was too high compared to the circle rates and imposed the additional tax. The ITAT overruled this and accepted Cushman & Wakefield's independent market valuation as a fair assessment of the transaction between related parties.
MahaRERA has directed L&T Realty to refund the deposit amount paid by an NRI homebuyer from Abu Dhabi. The buyer had booked a flat in L&T's Emerald Isle - T10 project located at Kurla in Mumbai by paying INR 25 lakhs as 10.5% of the total cost of INR 2.29 crore. However, the transaction could not be completed after the bank subvention scheme was discontinued, leaving the buyer unable to pay further amounts. L&T cancelled the booking and offered to refund INR 17 lakhs after deducting over INR 8 lakhs. But MahaRERA ruled that L&T can only deduct 2% of the flats value from the deposit amount, maintaining consistency with its earlier order involving Godrej Properties.
Sunteck Realty Ltd, a real estate developer in India, reported a 20% annual growth in sale bookings, reaching INR 1,915 crore in the last fiscal year. This impressive achievement reflects the strong housing demand in the country. The company witnessed a 26% increase in sale bookings during the fourth quarter, amounting to INR 678 crore. Sunteck Realty expanded its portfolio by adding seven large projects in the Mumbai Metropolitan Region, with a combined Gross Development Value of over INR 30,000 crore. Additionally, the company diversified into the annuity income segment by acquiring two leased assets at Bandra-Kurla Complex, positioning itself for steady rental income.
"The Tower," a 685-foot (207-meter) skyscraper, has reached its full height in Detroit's Hudson's Detroit development, becoming the city's second-tallest building. Designed by New York's SHoP Architects, the building features a sleek glass facade with vertical terracotta fins and a pyramid-shaped front. It will house residences and a hotel, with a nearby structure for retail and offices. Local developer Bedrock funded the project as part of efforts to revitalise Detroit's downtown, adding an iconic element to the city skyline.
India's housing market thrives despite rising rates and property prices. Sales surpassed 74,000 units for the second straight quarter, driven by a robust economy and focus on mid-income homes (INR 50-75 lakh). Major cities like Mumbai and Bengaluru lead the surge. Luxury segment grows, but mid-tier remains dominant. Analysts predict continued growth in 2024, with sales potentially reaching 315,000 units. While unsold inventory rose slightly, the market remains healthy. However, potential buyers should remain cautious and research thoroughly before investing, prioritizing factors like location, affordability, and developer reputation. This ensures a sound investment for the long term.
India's warehousing sector is experiencing a significant boom due to the rapid growth of the e-commerce industry and the increasing demand for efficient logistics services, which are valued at billions of dollars. As India's e-commerce market grows rapidly, consumers expect faster delivery times, driving the need for specialised warehousing solutions. Both domestic and global investors are investing heavily in the sector, with big players like Blackstone and LOGOS planning significant expansions. This investment influx, totaling more than INR 8,000 crore, promises accelerated growth and a wider range of high-quality warehousing options. Modern warehouses, built using standardized construction methods and optimised operational practices, are well-positioned to meet the changing needs of businesses, thereby reshaping India's logistics landscape.
Luxury developer Baashyaam Constructions is in talks to buy a prime 4.6-acre plot in Chennai's central business district for a whopping USD 800 crore (INR 6,400 crore). This reflects the high demand and scarcity of centrally located land in the city. The existing buildings on the plot suggest Baashyaam might redevelop it into a luxury project, aligning with their focus on high-end residences. This potential deal highlights Chennai's booming real estate market. Office space leasing hit record highs in 2023, with new office space supply also reaching a 10-year peak. Developers are bullish on Chennai's commercial future. While unconfirmed, the deal signifies investor confidence in the city's central business district.
GST stands for Goods and Services Tax. It is an indirect tax levied on the supply of certain goods and services and is applicable across India. In real estate, GST is applicable on the procurement of construction material and the service of construction. Therefore, a buyer of an under-construction flat must pay GST, as the builder continues to provide a service until the flat is ready. GST is not applicable on ready flats which have received an OC certificate or land transactions as there is no additional service provided by the builder or seller post the transaction.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has raised concerns about 212 housing projects across the state that have not provided construction status updates as mandated. These projects, launched between January and April 2023, were required to submit Quarterly Progress Reports (QPRs) to MahaRERA, but failed to do so. Non-compliance has led to strict actions including project suspension and freezing of bank accounts. To caution homebuyers, MahaRERA has published a district-wise list of these projects, with Pune having the highest number at 47. MMR and Konkan areas combined have 76 non-compliant projects. MahaRERA emphasizes the importance of regular updates to protect homebuyers' investments and ensure project completion as promised.
CBRE's report forecasts a significant surge in India's senior living facilities, estimating approximately 1.5 million new units within the next decade, driven by the doubling of the elderly population. Currently, India only has 18,000 units, indicating a vast scope for growth compared to more developed markets. The southern states, with their favourable climate and robust healthcare infrastructure, lead in senior living supply, attracting developers' attention. The market size is projected to reach USD 17.99 billion by 2029, with a 10% CAGR. Major players like Antara Senior Care and Ashiana Housing are investing heavily, signalling a shift towards tailored housing and care options for India's aging population. As awareness grows and options multiply, senior living is poised to become a mainstream housing choice, potentially emerging as a significant asset class in India's real estate landscape.
The Brihanmumbai Municipal Corporation (BMC) has identified 74 vulnerable landslide-prone areas in Mumbai, out of a total of 160. These areas, mostly natural hillocks and elevated lands, pose significant risks, with 15 in Ghatkopar, 9 in Kurla, and 5 in various other locations. The eastern suburbs have the highest number of vulnerable sections. Following a tragic landslide in Pune in 2017, the Geological Survey of India provided recommendations, prompting BMC to take action. Landslide-prone areas are categorized into high, medium, and low-risk zones, with population estimates for each. BMC's disaster management cell is training locals on landslide warnings and evacuation procedures. Recent incidents have led to temporary resettlement efforts.
• A residential flat spanning 299 square feet sold in Astha Padmavati Pearl in Raigad's Astha Padmavati Pearl for INR 57 lakhs</br> • A residential flat spanning 357 square feet sold in Thakur Ubora in Raigad's Taloja for INR 26 lakhs</br>
Premium real estate developer Ashiana Housing sold out 224 luxury flats worth INR 440 crores within 15 minutes of launch. The project 'Ashiana Amarah Phase 3' located in Gurugram sector 93 saw registration begin at 11 am, with 800 cheques received by 11:15 am for the 224 units. Company JMD Ankur Gupta attributed the incredible response to their quality offerings and strong brand value over the years, as well as the kid-centric amenities appealing to buyers seeking better quality of life for their children. Going forward, Ashiana Housing aims to continue expanding its premium portfolio across India.
Canada plans to extend the mortgage payment period to 30 years for first-time home buyers of newly built homes, aiming to aid younger consumers and stimulate the housing supply. Finance Minister Chrystia Freeland announced the move, part of the upcoming federal budget, to make monthly payments more manageable. However, experts warn of potential consequences, including driving up home prices and wealth transfer implications. Despite intentions to address affordability, concerns remain regarding the policy's broader impact on the housing market.
Kolte-Patil Developers' annual sales in FY24 reached 3.92 million square feet, marking a significant 20% increase compared to the previous fiscal year's 3.27 million square feet. This surge underscores the company's robust performance and growing market presence. The uptick reflects strong demand for their real estate offerings. In Q4 FY24 alone, the company recorded quarterly pre-sales of INR 743 crore, indicating a 6% YoY growth. Kolte-Patil also launched projects worth INR 3,800 crore across Pune and Bengaluru during the fiscal year.
The National Company Law Tribunal (NCLT) bench in Mumbai resolved the corporate insolvency proceedings against Mumbai Metro One Private Limited, which operates Mumbai's busiest metro line. This resolution followed a one-time debt settlement between the company and its lenders led by State Bank of India and IDBI Bank. The resolution could enable the Maharashtra government to acquire Reliance Infrastructure's majority stake in MMOPL. The Maharashtra cabinet had recently cleared a sum of INR 4000 crore for purchasing this majority stake.
The Supreme Court will examine the validity of the Income Tax department's assessment of INR 33,000 crore in disputed taxes on Jaypee Infratech Ltd. (JIL). JIL has been going through insolvency proceedings since 2017 over its stalled housing projects that have left over 22,000 homebuyers without homes. In 2023, the National Company Law Tribunal approved a resolution plan by Suraksha Group to acquire JIL assets and complete projects. However, the Tax department notified the tax claim in August 2023, jeopardizing the resolution process. The Court will review the assessment order to help resolve issues stalling project completion for homebuyers even after years of litigation.
Wyndham Hotels is expanding aggressively into India's booming branded residences sector. By 2025, the hospitality giant aims to have at least five branded residential projects operational across major Indian cities like Bengaluru, Mumbai, and Delhi. According to Dimitris Manikis, President of Wyndham for Europe, Middle East and Africa, the company sees strong potential given rising demand from consumers who prioritize security, health, and unique experiences from trusted brands. With a robust pipeline, Wyndham is well-positioned to capitalize on the growing demand in the residential and hospitality market in India.
Century Real Estate Holdings has secured INR 450 crores in debt financing from Edelweiss Alternative Asset Advisors. Around 40% of the funds will be used to acquire a 72-acre land parcel near Devanahalli airport in Bengaluru to develop a plotted residential project. The rest will be used to repay existing debt and provide working capital for new and existing projects. Managing Director Ravindra Pai said Bengaluru's residential market has been robust, with Century achieving INR 1,000 crores in sales in FY24 and aiming for INR 2,000 crores in FY25. Property consultants note debt transactions in housing have increased due to sales momentum and need for working capital.
Canada aims to address its housing shortage by leasing public land for affordable housing construction, with plans to build 3.9 million homes by 2031. However, this falls short of the 1.2 million units needed between 2023 and 2030. Prime Minister Justin Trudeau announced measures to tackle the crisis, including changes to tax structures and combating mortgage fraud. Critics emphasize the substantial investment required, estimated at CAD 2 trillion. Housing responsibilities in Canada primarily rest with provinces and major municipalities, with Ottawa relying on policy measures and funding despite lacking direct involvement in construction.
PNB Housing Finance is transitioning to offer a wider range of mortgage solutions, focusing on affordable home loans and emerging markets. With a strategic shift towards retail lending, the company has improved its credit ratings and aims to reduce corporate loans. Despite potential short-term challenges in net interest margins, the company's focus on affordable housing and digital enhancements is expected to drive growth. Projections indicate strong growth in assets under management and profits, positioning the company for positive performance and potential re-rating in valuation.
IndiaLand, the Dubai-based arm of Americorp Group, led by COO Salai Kumaran, is poised to inject over INR 1,500 crore into India's real estate sector in the next three years. With an aim to increase its asset valuation to INR 7,000 crore within five years, the company plans extensive expansions in key cities like Chennai, Pune, and Coimbatore. Primarily focusing on office spaces and industrial estates, IndiaLand eyes Bengaluru for Grade A standalone office complexes while actively pursuing land acquisitions. Currently managing 6 million sq. ft. of office parks and industrial spaces, the company envisions adding 2.2 million sq. ft. in Pune's Hinjawadi and expanding its footprint in Coimbatore. Expansion plans also include doubling leased industrial space in Pune and initiating an industrial park near Chennai.
Reliance MET City in Haryana's Jhajjar district exemplifies India's prowess in creating futuristic urban centers. Led by Reliance Industries Limited (RIL), the project boasts over 540 companies across diverse sectors, with a surge in plot bookings to INR 1913 crore in the past financial year. Featuring essential amenities like hospitals and schools, MET City aims to accommodate a diverse workforce while promoting a vibrant social environment and work-life balance. With a focus on sustainability, community development, and collaboration with Reliance Foundation, MET City emerges as a model for integrated, eco-friendly urban development, poised to drive economic growth and innovation in North India.
Deepak Builders and Engineers, a leading construction company in India, has filed paperwork with market regulator SEBI to raise funds through an initial public offering. The company aims to issue 1.44 crore shares to strengthen its balance sheet and meet working capital needs. Funds raised will repay debt, support operations and explore opportunities. Deepak Builders specializes in various project types like buildings, hospitals and facilities. It has a proven track record of executing turnkey projects. Through the IPO, the company wants to enhance capabilities to sustain growth in the competitive engineering sector.
• A residential flat spanning 850 square feet sold in Ambika Hill Crest in Nashik's Govind Nagar for INR 40.7 lakhs</br> • A residential flat spanning 628 square feet sold in Sagar Sparsh E & F Wing in Nashik's Amrutdham for INR 21.58 lakhs</br>
Multi-Modal Logistics Park (MMLP) refers to a freight-handling facility encompassing a minimum area of 100 acres (40.5 hectares), with various modes of transport access. It comprises mechanized warehouses, specialized storage solutions such as cold storage, facilities for mechanized material handling and inter-modal transfer container terminals, and bulk and break-bulk cargo terminals. It is a type of Logistics Park where various value-added services are rendered in addition to rail/road-based transportation. The purpose of MMLP is to reduce coordination among different parties during transfer of cargo from one mode to another.
A faucet is a device used for controlling the flow of water from a tank, such as a drum or pipe. Faucets are usually made of brass, as it is a practically strong metal that does not corrode. The external surface of the faucet can be anything from chrome, gold plate, to a baked enamel or powder coat finish.
DevX, Gujarat's leading managed office space provider, launched a new coworking space in Udaipur, Jaipur, signaling its commitment to expanding nationally and globally. Founded in 2017, DevX seamlessly combines coworking spaces with an incubator's nurturing culture, fostering innovation and strategic alliances. Its initiatives cater to diverse entrepreneurial needs, aiming for collaborative growth. Co-Founder Umesh Uttamchandani highlighted Udaipur's launch as a strategic move to tap into North India's potential. Partner Kshitiji Patel lauded DevX's role in upholding service excellence. With plans for further expansion and consolidation, DevX aims to be the preferred partner for multinational firms, GCCs, and ODCs by 2024.
SC Lowy, a hedge fund based in Hong Kong, has made strategic investments in Indian infrastructure projects, including INR 275 crore in Pharande Township's bonds and INR 100 crore in the Srinagar-Banihal Expressway project. The bonds offer attractive interest rates, with Pharande Township's NCDs offering 14% until maturity and the expressway project offering 16%. Funds raised will support loan repayments and working capital. SBEL, the expressway project's subsidiary, recently settled outstanding obligations with ARCs, signaling financial restructuring progress. Despite challenges like NHAI deductions, these investments showcase confidence in India's infrastructure market, contributing to financial stability and growth.
The Pradhan Mantri Awas Yojana (PMAY) is reshaping homeownership in India, particularly in smart cities like Suraksha Smart City in Mumbai. These cities, driven by technology and sustainability, offer attractive affordable housing options. Suraksha Smart City near Vasai Railway Station exemplifies this, offering well-designed apartments starting from INR 19,99,999, leveraging PMAY subsidies. With lifestyle amenities and connectivity, it sets a benchmark. Other cities like Bhubaneswar and Ahmedabad also embrace PMAY, promoting affordability, sustainability, and connectivity. These projects not only empower residents but also contribute to inclusive urban growth nationwide.
India's real estate market is undergoing a significant shift, with developers increasingly focusing on Tier-II and Tier-III cities. Factors such as land scarcity and high property prices in major metros like Mumbai and Delhi are driving this trend. Lower land prices and rapid urbanization in smaller cities present developers with more attractive opportunities. Government investments in infrastructure, exceeding INR 3,195 crore, further enhance the appeal of these cities for businesses and residents. This shift benefits both developers and potential residents, offering lower costs and less crowded living environments. With a growing middle class and continued government support, Tier-II and Tier-III cities hold promising prospects for investment and growth, paving the way for more affordable living options for millions of Indians.
Delhi-RERA Chairman Anand Kumar urges real estate developers to report delinquent customers to regulatory authorities, cautioning against the risk of investors defaulting on payments. Kumar highlighted the detrimental impact on project cash flow and warned of potential project stalls. He advocates for proactive measures, advising developers to approach RERA at the first sign of payment issues to prevent disputes. Emphasizing the significance of RERA provisions, Kumar underscored the authority's role in resolving conflicts and facilitating project progression. Issues such as the shortage of skilled workers and the necessity for expansion into non-metro areas were also discussed, echoing industry experts' insights on the sector's growth trajectory.
DLF embarks on constructing the "Mall of India" in Gurugram, anticipated to span 26-27 lakh square feet and cost INR 2,200 crore. Sriram Khattar, DLF's Vice Chairman and MD of rental business, revealed these details at a CII real estate conference. With 42 lakh square feet of retail space across Delhi NCR, DLF aims for further expansion, including a premium mall in Goa and high-street shopping centres near residential projects. The "Mall of India" signifies DLF's commitment to India's retail sector growth and its strategic position as a leading retail property developer. This endeavor promises to elevate Gurugram's commercial landscape while enhancing DLF's market prominence.
The Kolkata Municipal Corporation (KMC) is looking to introduce amendments to the KMC Act to impose stricter penalties on unlawful property developers, including making certain offenses non-bailable and punishable by up to 10 years in jail and fines up to INR 50,000. The KMC Mayor recently met with municipal officials to discuss the amendments. Once approved by the KMC House, the amendments would be sent to the state government for final approval. The proposed changes aim to deter unscrupulous promoters by clarifying the ambit of legal construction activities and introducing longer jail terms.
The BMC has initiated the alignment of Gokhale and Barfiwala bridges in Mumbai, addressing a six-foot gap between them. Supervised by IIT-B and VJTI experts, the process began with removing the top layer of Barfiwala flyover. Due to election regulations, the existing contractor for Gokhale bridge reconstruction will be responsible for merging the structures. The deadline for completion is set for June 30, with an allocated budget of INR 3 crore. VJTI confirmed the feasibility of merging without demolishing Barfiwala flyover, prioritizing structural integrity and public safety.
The Thai retail giant Central Group has acquired the iconic KaDeWe department store property in central Berlin from the insolvent Austrian company Signa. This acquisition marks a significant step towards Central Group's goal of purchasing the entire KaDeWe Group, which includes luxury stores like Alsterhaus and Oberpollinger. Central Group, already holding a 50.1% stake in the KaDeWe Group, aims to restore and restructure the operating company. Signa, founded by Rene Benko, has been severely impacted by Europe's real estate crisis, with creditors filing claims worth billions of euros against the group.
The government has announced an ambitious plan to significantly reduce the debt of the National Highways Authority of India (NHAI) from the current level of INR 3.4 trillion over the next five years. This is aimed at allowing NHAI to focus more on expanding India's national highway network by freeing it from huge debt servicing obligations. Key elements of the plan include prepaying old high-interest debt, swapping it with cheaper loans, utilizing funds raised through InVITs, and retiring bonds maturing between 2025-2030 followed by those extending up to 2040. The move comes as NHAI's debt has increased 14-fold since 2015 and a major portion of its budget now goes towards debt repayment instead of new construction.
According to a report by ICRA, India's highway construction is projected to grow 5-8% in the current fiscal year to 12,500-13,000 km, supported by a strong project pipeline and government funding. However, awards declined 31% in FY24 due delays in project approvals. While the BOT toll model awards are expected to reach 10% of total awards, no projects were awarded through this model in FY24. Intense competition was witnessed in EPC and HAM bidding, with discounts of up to 46%. The report expects BOT projects to be awarded this year. NHAI has drawn up a list of 53 highways worth INR 2.1 trillion to be developed through this model.
Begur, once a serene village, has transformed into a thriving residential and commercial hub in Bengaluru. March witnessed a flurry of real estate activity in Begur, with Splendid Lake Dews leading the charge, followed by Windsor Troika, SNN Raj Serenity, and Splendid Lake Breez. The diverse offerings catered to varying budgets and preferences, from luxurious units to budget-friendly options, and from spacious homes to compact living spaces. With its strategic location, modern amenities, and excellent connectivity, Begur emerged as a real estate hotspot, offering a harmonious blend of affordability, luxury, and convenience.
• A residential flat spanning 768 square feet sold in Aman Akansha Heights in Mumbai's Worli for INR 2.05 crores</br> • A residential flat spanning 660 square feet sold in Mount Classic 1 in Mumbai's Mulund West for INR 1.1 crores</br>
The Kanodia Group has ventured into real estate with the acquisition of a prized 1.74-acre land parcel in Gurgaon, valued at INR 153 crore. Situated in Sector 46, Gurgaon, the location offers proximity to key amenities and landmarks. With a projected revenue of over INR 1,000 crore, the project is slated for completion within 48 to 60 months, blending exclusivity with contemporary living. Backed by a long-term vision, Kanodia Group eyes substantial investments exceeding INR 5,000 crore, aiming for a stronghold across multiple states while delivering innovative real estate solutions. Positioned to meet the burgeoning demand for luxury residences, the group aspires to become a leading name in the professionally managed real estate arena, promising unparalleled experiences for discerning clientele.
A logistics park is an industrial area specifically designed for storage, management, distribution and transportation of various goods. These parks are designed to be well connected to major roads and railway stations thereby reducing the cost of goods transport. They are also equipped to host facilities to execute all logistics tasks at significantly lower costs.
Godrej Properties reported its highest ever quarterly and annual booking sales in Q4 and FY24. Booking value in Q4 grew 135% to over INR 9,500 crore while FY24 bookings grew 84% to more than INR 22,500 crore. This was backed by strong demand for new project launches in NCR and Mumbai and an improved product mix. The company surpassed its booking target for FY24 and has gained market share over competitors. With continued growth planned in key markets and expansion to Hyderabad, Godrej Properties is well positioned for further sales growth under the leadership of MD Gaurav Pandey.
Piramal Enterprises has invested over INR 500 crores in various real estate projects of Puravankara Group. The strategic partnership encompasses commercial and residential developments in cities like Bengaluru, Goa, etc. Notable projects include 800,000 sq ft of commercial space in Bengaluru and 1.5 million sq ft of residential properties in Goa. Puravankara Group is a leading developer with a portfolio spanning major cities. The partnership signifies both companies' commitment to high-quality projects catering to evolving customer needs.
Blue Owl Capital is expanding its real estate financing business by acquiring Prima Capital Advisors for USD 170 million. The deal is expected to close in the second or third quarter of 2024 and follows Blue Owl's recent acquisition of Kuvare Asset Management for USD 750 million. While the Prima deal is smaller, TD Cowen analysts believe it will enhance Blue Owl's value. Blue Owl's stock has risen nearly 32% this year, outperforming major asset managers Blackstone and BlackRock, giving the firm flexibility for further acquisitions.
The National Company Law Appellate Tribunal (NCLAT) has rejected the insolvency plea filed by four homebuyers of Parsvnath Landmark Developers' project in Delhi called La Tropicana Khyber Pass. The plea was rejected on technical grounds as the number of petitioners was less than the threshold of 100 or 10% of total allottees, as required under the Insolvency and Bankruptcy Code. While the total allottees in the project were 488, only four had filed the plea. The homebuyers had obtained an order from RERA directing the developer to refund the amount but it was not complied with. However, NCLAT did not consider them a separate class of financial creditors and upheld their status as allottees.
Edelweiss Alternatives has made a significant move in the Indian infrastructure sector by acquiring 100% ownership of L&T Infrastructure Development Projects Limited (L&TIDPL). This strategic acquisition expands its portfolio, integrating seven operational roads and one power transmission asset across India. With assets spanning 4,400 lane kilometres of roads and 960 kilometres of power transmission lines, this acquisition bolsters Edelweiss Alternatives' infrastructure holdings to 26 projects. Their combined portfolio generates an estimated annual revenue of INR 3,000 crore, positioning them as a key player in the market. This move reflects their commitment to providing value for investors and underscores their expertise in infrastructure investment.
Phuket emerges as the world's largest leisure-branded residential market, surpassing USD 2.3 billion in branded properties. The shift from tourism to real estate is evident, with developers like Laguna Phuket focusing on branded real estate over hotels. Singaporean KP Ho's Banyan Group leads this trend with a USD 2 billion lifestyle-led real estate project. Despite lower Chinese tourism, Phuket's hotel market saw a 20-30% increase in room rates, boosting profits. Rising land prices necessitate mixed-use developments. Thai banks resumption of lending to greenfield projects, is driving the blend of hospitality and real estate.
A Cushman & Wakefield report revealed promising trends in India's retail sector for Q1 2024. The report indicated that Ahmedabad experienced strong leasing activity, with rental hikes of 20-30%. Bengaluru's prominent high streets saw a rental appreciation of around 10% per quarter, while Chennai witnessed a surge in high street leasing volume. Delhi-NCR's key high streets in Gurugram and South Delhi saw rental growth of up to 10% year-over-year. Hyderabad reported high demand for both malls and high streets, with rental increases of 15-25%. Kolkata saw modest growth in leasing activity, and Mumbai anticipated new mall openings in suburban areas. Pune experienced a significant increase in mall leasing and high street rentals. Overall, the retail market in India appears robust and poised for further growth in 2024.
The Savills India report highlights an increase in private equity (PE) investment in Indian real estate, totaling over USD 10.7 billion across nearly 100 deals from 2021 to 2023. This marks a significant increase of over 25% annually, with Asian investors, particularly from Singapore, Japan, and Hong Kong, driving much of the investment growth. The office sector has attracted the most significant share of funds, followed by industrial and warehousing sectors. Additionally, there's a notable trend of PE investors diversifying into land deals, particularly in Mumbai and Tier II cities. This influx of investment bodes well for the future growth and development of the Indian real estate market.
DevX, a managed office space provider, is set to double its footprint in the next two years, eyeing tier-2 and tier-3 cities amidst the rise of remote and hybrid work models. With centers in major cities like Mumbai and Delhi, DevX aims to cater to the demand for flexible office spaces in smaller cities like Udaipur, Raipur, and Jaipur. Additionally, international expansion into Dubai and Singapore aligns with the trend of global capability centers. Umesh Uttamchandani, DevX's co-founder, sees immense potential in India's smaller cities and aims to unlock it by providing flexible workspace solutions. With recent funding and innovative initiatives like partnering with Deakin University for an India campus in GIFT City, Gujarat, DevX is poised to meet the evolving needs of businesses and professionals beyond traditional metropolitan hubs.
The Brihanmumbai Municipal Corporation (BMC) has set a deadline of May 25th for property tax payments totaling INR 3,195 crore from the last fiscal year. Failure to meet this deadline may result in penalties, typically a percentage of the outstanding amount. To assist over 5 million property owners, BMC has launched an awareness campaign and extended office hours. Separately, businesses failing to display Marathi or Devanagari signage will face double property tax charges from May 1st. Timely tax payments are crucial for BMC to provide essential services to Mumbai's 20 million residents, ensuring a better city for all.
The newly opened NaMo Grand Central Park in Thane is one of India's largest urban parks, spread over 25 acres. Inspired by the iconic Central Park in New York and Hyde Park in London, it features four themed gardens, a lake, amphitheater, children's play areas, and walking/jogging trails. The park aims to provide city residents access to nature and green space while also hosting cultural events. In its first two months it has attracted large crowds despite some challenges in transportation access and addressing specific needs across all ages.
• A residential flat spanning 578 square feet sold in Om Satyam Tulip in Nagpur's Godhani for INR 25.37 lakhs</br> • A residential flat spanning 418 square feet sold in Sdpl Aashray Beltarodi in Nagpur's Beltarodi for INR 22.17 lakhs</br>
Bengaluru-based real estate major Brigade Group has announced plans to invest INR 400 crores to develop an office complex called Brigade Tech Boulevard in Chennai. Spread across two towers on Pallavaram-Thoraipakkam Radial Road, the project will have a leasable area of 8.36 lakh square feet. This is Brigade Group's next commercial launch in Chennai after the successful completion of World Trade Center on Old Mahabalipuram Road. Brigade Tech Boulevard will feature world-class specifications and sustainability features to cater to the growing demand from IT/ITeS, engineering, automotive and banking sectors in Chennai's diverse office market.
The Ministry of Finance has approved the release of additional funds for six months until September 2024 to complete around 3.5 million homes under the Pradhan Mantri Awaas Yojana-Gramin (PMAY-G) rural housing scheme. This move will enable the government to fulfil existing commitments under the program, which aims to provide housing for all rural citizens by 2024. No new approvals will be permitted beyond the original target of 29.5 million homes set for the scheme due to the model code of conduct currently in place for general elections.
Plywood is a form of engineered wood that is manufactured by binding or fixing resin and wood fibre sheets together. Thin layers or “plies” of wood veneer that are glued together with adjacent layers having their wood grain rotated up to 90 degrees to one another. Different tree species and glues are used to create different final products, and in all cases, they are finished with a bonding process that involves heat and pressure. Plywood has low moisture content, making it easy to use outdoors. It is also economic to procure, making it a popular material to use for interiors in India.
Ajmera Realty & Infra India Ltd. witnessed a 3.79% rise in its shares after its Q4 FY24 results announcement, boasting sales crossing the INR 1,000 crore milestone. The firm reported remarkable growth, with sales area up by 63% to 1,12,931 sq. ft. and sales value soaring by 104% to INR 287 crores year-on-year. Collections also soared by 91% to INR 197 crores. The company credited improved connectivity via Atal Setu, Wadala, for the sales boost. Ajmera Manhattan achieved a record INR 100 crore in sales in a single month, and Ajmera Greenfinity's next phase launch was equally impactful. With six new projects added, the launch pipeline expanded to 1.3 million sq. ft. and a GDV of INR 3,130 crore in FY24.
Gujarat's property market is flourishing, evident from the state government's remarkable 60% increase in revenue from stamp duty and registration fees in FY 2023-24, soaring to INR 13,731.63 crore. This increase is propelled by a 36% spike in property transactions, totaling 18.26 lakh documents. A recent doubling of Jantri rates in February 2023 also contributed to higher stamp duty. While this boom boosts government revenue, it raises affordability concerns for buyers. Nonetheless, sustained buyer interest, driven by economic optimism and low home loan rates, signals continued growth. Balancing revenue generation and affordability will be crucial for Gujarat's real estate sector's sustainable development.
Sobha Ltd., a real estate developer, has reported a significant uptick in sales bookings for the fiscal year 2023-24. Their sales surged by 28% year-on-year, totaling INR 6,644.1 crore (approximately USD 8.2 billion), marking their highest-ever performance across key metrics. This growth stems from both increased sales volumes, with 8% more residential space sold (6.08 million square feet), and a notable 19% rise in average selling prices to INR 10,922 per square foot. Sobha attributes this success to India's robust housing market, fuelled by factors like government spending, domestic consumption, and infrastructure development. With a diverse presence across regions like Bengaluru, Kerala, Tamil Nadu, Pune, and more, Sobha continues to cater to a broad spectrum of homebuyers nationwide.
Pune's property market is booming, with the Pune Municipal Corporation (PMC) registering 53,000 new properties in the 2023-24 fiscal year. This surge, driven by the city's expanded limits, is expected to generate an extra INR 170 crore in revenue. The PMC, actively pursuing property registration, formed ward-wise teams for the task. Surprisingly, the building permissions department outpaced the property tax department, collecting INR 2,400 crore. This anomaly is attributed to collaboration, ensuring property registration before issuing construction completion certificates. While Pune's growth presents opportunities, maintaining a fair property tax system amid expansion is crucial for sustained development.
SRE Group announced the sale of its 51% stake in Shanghai Jinxin Property to Zhongchong Investment Group for 3.41 billion yuan. Zhongchong gains total control over the project, aiding its expansion strategy. SRE Group expects to use the 3.374 billion yuan proceeds to repay loans, improving financial stability. With a projected net gain of 74.5 million yuan, this divestment streamlines SRE Group's portfolio, focusing on core operations while aligning with long-term growth objectives.
Housing redevelopment projects are booming in Ahmedabad, with around 50 projects finalized in the last eight months and 400 more in late stages of negotiation. Areas like Navrangpura, Naranpura, Paldi and Memnagar are seeing huge potential for redevelopment. Faster deals and recent High Court order mandating approval from only 75% residents, have prompted more societies to opt for redevelopment. This has also led to high demand for rental homes in these areas. Additionally, some homebuyers who previously sought new properties in the outskirts were now interested in redevelopment as they get additional amenities in prime locations.
The 217-room 5-star hotel located near Bengaluru's Kempegowda International Airport that is owned by Lulu Group's hospitality arm Twenty14 Holdings and is being developed to be operated by Marriott International is on the market for about INR 400 crore. While a private equity firm has bid INR 350 crore, an additional INR 40-50 crore is required to complete the project that is currently 75% finished. The sale is expected to close within two months and comes as the Lulu group looks to reduce debt from its rapid expansion in recent years which has caused delays in completing some hotel projects.
In Germany, a plunge in new housing construction threatens the country's economic recovery and risks deepening political divisions. Industry groups are calling for 23 billion euros in annual subsidies to build 100,000 social housing units and 60,000 affordable homes, accommodating workers and creating jobs. The real estate sector, once a cornerstone of the economy, is reeling from rising interest rates, with developers facing insolvency and prices falling. The DIW institute predicts a 5.4% decline in residential construction volume, resulting in a 5 billion euros tax revenue loss.
The Coastal Road, inaugurated partially on March 12, has witnessed heavy traffic, with almost 4.5 lakh vehicles taking the route, averaging 19,500 vehicles per day. Efforts are underway to bridge the gap between the southbound arm's Worli end and the Bandra-Worli Sea Link. It is currently operating from Monday to Friday, 8 a.m.- 8 p.m., with restricted entry from Worli after 5 p.m. Residents note its impact on traffic flow, with ongoing efforts to address bottlenecks. The road promises to enhance connectivity and alleviate congestion, representing a significant advancement in Mumbai's transportation infrastructure.
The industrial and logistics sector in India has shown significant momentum in Q1 2024, according to a report by Savills India. Absorption rates soared to 13.5 million sq. ft., marking a 22.7% year-on-year increase from Q1 2023. Tier I cities dominated with 78% of the absorption, while tier II and III cities contributed 22%. Notably, 3PL and manufacturing sectors sustained demand, with FMCG also witnessing a surge. The report indicates a 4% rise in supply compared to Q1 2023, primarily driven by tier I cities. Grade A spaces, meeting ESG standards, attracted significant demand.
The Noida Authority is addressing long-standing delays in flat registrations by directing developers to complete registrations within 15 days if they've paid 25% of their dues, totaling INR 11,175 crore. This initiative aims to expedite ownership rights for homebuyers. Positive progress has been made, with over 1,400 flat registrations approved across 15 projects, benefiting around 300 buyers so far. Encouraging remaining developers to settle dues could further alleviate the backlog, potentially benefiting over 1,100 flats. These steps signify a commitment to resolving delays and facilitating property ownership for Noida residents.
• A residential flat spanning 1121 square feet sold in Sowaparnika Columns in Bengaluru's Nadavatthi for INR 52.38 lakhs</br> • A residential flat spanning 1493 square feet sold in Sowparnika Life on the Green in Bengaluru's Bidara Guppe for INR 66.36 lakhs</br>
K Raheja Corp has acquired Sobo Central Mall located in Mumbai's Haji Ali area from Future Group promoter Kishore Biyani's Bansi Mall Management Company for INR 476 crore. Originally known as Crossroads Mall, Sobo Central Mall was one of the first malls in India opening in the late 1990s but lost prominence over the years. The mall was facing financial stress owing over INR 700 crore to lenders. Creditors had initiated insolvency proceedings and put the mall on sale to recover dues. After the sale, Kishore Biyani settled the debts of INR 571 crore owed by BMMCL through a one-time payment of INR 476 crore.
NCR-based real estate developer Migsun Group has acquired land in Lucknow to develop a mixed-use project called Migsun Lucknow Central. Spread over 20,239 sqm, the INR 426 crore project will have retail spaces, a food court, business suites, and studio apartments. Around 500 units will be launched in the first phase priced at INR 49 lakh each. This is Migsun Group's second commercial project in Lucknow, expanding their operations beyond Delhi-NCR to tier 2 cities like Lucknow.
The proposed merger between Bengaluru-based Embassy Group and Indiabulls Real Estate (IBREL) announced in 2020 has been stalled due to objections raised by the Income Tax department. The National Company Law Tribunal in Chandigarh withheld approval for the merger of certain assets based on these objections. While the decision has been challenged at the NCLAT, the prolonged delay in completing the merger is seen to be impacting Embassy Group's expansion plans. The merged entity would have had a large land bank and development potential to undertake new projects worth Rs. 11,000 crore, but this remains on hold until the legal issues are resolved.
SP Group's plans to refinance its INR 20,000 crore debt by pledging its remaining stake in Tata Sons is facing issues. Lenders have expressed concerns over technical difficulties in refinancing restricted shares and raising another round of funding through pledging. The group needs to repay debt in May but lenders say pledging shares already used as collateral once before may not be appropriate. Refinancing could also be rejected by Tata Sons as it requires board approval due to share transfer restrictions.
The finishing stage in the construction cycle is the process of completing the construction project. This includes painting, installing flooring, and completing any final touches. The finishing stage is critical as it ensures that the building is ready for occupancy. Finishing is a very labour intensive process which requires detailed project planning to ensure all activities are done in the right sequence to avoid any quality issues in the future.
Raymond Realty, Raymond Ltd's real estate arm, is leading the surge in Mumbai's property sector with projects set to yield INR 30,000 crore. A significant portion stems from developing 48 acres in Thane, part of their vast land holdings. Expanding into Mumbai, their Bandra project, valued at INR 2,000 crore, is witnessing robust sales. Two more launches are slated in Mahim and Sion, promising 5 lakh sq. ft. each, with a combined revenue potential of INR 6,000 crore. Adopting a phased approach in Thane over five years, Raymond Realty focuses on offering "affordable premium" homes, aiming to surpass their INR 2,000 crore booking target, projecting over INR 7,000 crore.
The latest report from PropTiger.com indicates a significant increase in home-buying activity during Q1 2024 across major Indian cities. Home sales surged by 68%, reaching a total value of nearly INR 1.11 lakh crore, with a 63% increase in sold area compared to the same period last year. Contributing factors include a robust economy, stable home loan rates, and growing interest in homeownership, bolstered by rising investor confidence, potentially driven by NRIs. Experts foresee this trend continuing due to sustained economic growth and demand, albeit with caution regarding potential price spikes in key business districts, where property prices have risen by 15-20%.
The National Company Law Appellate Tribunal (NCLAT) has upheld the insolvency resolution process initiated by the National Company Law Tribunal (NCLT) against Tulip Hotels for defaulting on corporate guarantees of INR 450 crore each provided to Cox & Kings and EzeeGo One Travel. Yes Bank, the financial creditor, had claimed a default of INR 900 crore against Tulip Hotels after invoking the guarantees when the principal borrowers failed to repay loans. While Tulip Hotels contended it had no relationship with the defaulters, NCLAT observed that as a corporate guarantor, Tulip Hotels became liable to repay the debt as soon as the principal borrowers defaulted. It dismissed the appeal by Tulip Hotels against the NCLT order.
ITC Hotels aims to expand its portfolio to 200 properties from the current 130 within five years, capitalizing on India's growing business and leisure travel market. With a focus on tier two and three cities, it plans to offer unique guest experiences across various brands, including Storii, Mementos, Welcomhotel, and Fortune. The introduction of Club ITC Master Key will provide immersive experiences for guests, enhancing their stay from arrival to departure. The international debut with ITC Ratnadipa in Colombo signifies the brand's global expansion. Additionally, upcoming openings include properties in Sri Lanka and various Indian cities, reinforcing ITC's position across luxury, upscale, and heritage segments.
The Bombay High Court overturned a tribunal order cancelling gift deeds of flats executed by a father in favour of his son. The HC held that the objective of the Senior Citizens Act is to ensure residence rights for elderly parents in gifted properties, not invalidate valid deeds. It observed that tribunals are often used to settle property disputes. In this case, the tribunal lacked jurisdiction and should have ensured the father's basic needs were met as the son was willing to care for him, before cancelling deeds. The HC directed the father to reside separately with monthly maintenance of INR 25000 from the son.
Arrivae, a design-to-manufacture home improvement company, has secured INR 21 crore in fresh funding led by Mithun Sacheti, founder of CaratLane. The investment will fuel Arrivae's expansion plans in existing markets like Mumbai, Hyderabad, Gurugram, and Bengaluru, focusing on enhancing supply chain efficiency and customer accessibility. Offering comprehensive solutions for home renovations, Arrivae plans to utilise its vast catalogue of over 1 million design elements to personalise spaces. With Sacheti joining the board of directors alongside other prominent investors, Arrivae is well-positioned to capitalise on the growing demand for customised home improvement solutions in India.
Indian cricketer Prithvi Shaw has purchased a luxurious 4-bedroom house located on the eighth floor of the high-end residential tower 81 Aureate in Mumbai's Bandra neighbourhood. Spread over 2,209 square feet, the INR 16.5 crore property also includes an additional 1,654 square foot terrace and boasts amenities like a terrace pool, floor-to-ceiling windows, and stylish interiors. The purchase is indicative of the real estate frenzy in Mumbai that has captured celebrities alike, with several other cricketers also investing in high-end residential and weekend properties in and around the city in recent times.
• A residential flat spanning 743 square feet sold in Lodha Splendora - Ignis in Bhayandarpada for INR 77 lakhs</br> • A residential flat spanning 385 square feet sold in Ratnasagar Society in Kalwa for INR 35 lakhs</br>
'The Line' mega-city, part of Saudi Arabia's Neom project, is undergoing revisions, scaling back its population target to fewer than 3,00,000 residents by 2030 from the original 1.5 million. Delays in budget approvals have led to adjustments, with only a fraction of the city's length expected to be completed by 2030. Despite ongoing construction, concerns over sustainability and human rights persist, shaping the project's future amidst both anticipation and scrutiny.
Godrej Properties Ltd. (GPL) celebrated a remarkable achievement with their project, Godrej Zenith in Gurugram's Sector 89, recording sales of over 1,050 homes valued at INR 3,000 crore (USD 370 million). This milestone underscores the increasing demand for quality housing in Gurugram. As GPL's largest residential development in the city, Godrej Zenith's success paves the way for future projects in Gurugram, with launches planned in Sector 103, Sector 43, and Sector 54 in FY25. GPL's strong sales performance extends nationwide, with significant sales figures in Gurugram, Mumbai, and Noida, indicating a positive outlook for the real estate market.
Prestige Group, a real estate company, reported record sales of INR 11,007 crore in the first half of FY24, a 69% increase from the previous year. The company's sales were driven by strong demand in Bengaluru, Mumbai, Hyderabad, and Chennai. Prestige Group is expanding its presence in the Delhi-NCR market and plans to have sales of INR 25,000 crore in FY25. The company's success is attributed to its focus on quality projects, customer service, and a diverse portfolio catering to mid-income and luxury segments.
Sobha Limited, a leading real estate developer, has launched Sobha Crystal Meadows, a collection of 290 English-inspired luxury row homes in Bengaluru. Located on a 26-acre property off Sarjapur Road, the development offers lavish 4-bedroom homes ranging from 4,237-4,815 sq ft with modern amenities. 68% of the area is reserved as open space. Priced over INR 10.5 crore, the homes are aimed at C-suite executives and provide a blend of contemporary design and traditional architectural elements for a serene living experience away from the city bustle.
Gypsum board, commonly known as drywall, prefers to a building material used for walls, ceilings and partition systems in residential and commercial units. It is a panel made of calcium sulphate dihydrate (gypsum), typically extruded between thick sheets of facer and backer paper. Gypsum boards are light weight, fire resistant, economic, offer sound insulation and can be used to create a monolithic surface for interiors.
The CBRE report forecasts continued growth and stability in the Indian retail sector for 2024, emphasizing a shift in retailer strategies towards strategic locations with high foot traffic. Completion of high-quality malls in Tier 1 cities is expected to add 5-6 million sq. ft. of mall space, offering a modern shopping experience. Home decor, fashion, and domestic jewellery are identified as growth categories. Entertainment options within malls are also expected to increase, enhancing visitor experiences. Retail demand has consistently grown, with 7.1 million sq. ft. absorbed in 2023, led by Bangalore, Delhi-NCR, and Mumbai. The report suggests a cautious approach by retailers, which could stabilize rental prices and benefit both businesses and consumers.
Housing Finance Companies (HFCs) are tightening lending for new construction due to a rise in defaults and stressed assets. With the builder loan mix shrinking to 6.7%, caution prevails among HFCs, who are dealing with high non-performing assets (NPAs) of up to 34%. While this cautious approach may slow down new construction, it could benefit homebuyers by ensuring timely project completion and reducing financial risks for developers. The wholesale GNPA ratio has improved to 10.3%, signaling recovery. As the situation improves, HFCs may resume lending, focusing on financially stable developers and viable projects, fostering a more stable real estate market.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) recently ruled that its August 2022 order limiting builders to retaining only 2% of the flat value from booking amounts in case of cancellations could be applied retrospectively. In a 2019 case, MahaRERA directed Godrej Greenview Housing to refund the buyer's INR 5 lakh deposit for a flat booked in 2019, deducting only 2% of the flat value as permitted in the 2022 order. The buyer had alleged violations under Sections 12 and 18 of the RERA Act for false promises by the builder and sought refund with interest. While dismissing allegations of violations, MahaRERA said the builder's forfeiture of the full deposit was impermissible under RERA, and applied the 2022 cancellation guidelines in its ruling.
The Enforcement Directorate has provisionally attached 1,807 acres of land located in Vijaydurg village of Maharashtra's Sindhudurg district in connection with the INR 6,117 crore PMC Bank fraud case allegedly involving HDIL promoters. The attached land parcels worth INR 52.90 crore were allegedly acquired using INR 82.30 crore from the fraud proceeds. Though the land was meant for port development, the project was not implemented. The ED probe found that between 2010-2013, HDIL promoters had diverted funds to buy the land by routing it through 39 farmers. The agency has filed chargesheets against HDIL promoters and others and has provisionally attached assets worth INR 719.11 crore in the case.
Noida's Sector 120 stands as a bustling nexus of residential and commercial vitality, centrally positioned within the city's core. Distinguished by modern infrastructure and meticulous planning, it offers towering residential towers, vibrant shopping centers, and corporate headquarters. Enhanced by seamless connectivity via the Noida-Greater Noida Expressway, it beckons both residents and businesses. In March, Amrapali Zodiac shines as the top-selling residential complex, followed by RG Residency and Prateek Laurel. Offering a spectrum of options, from lavish abodes to budget-friendly havens, Sector 120 caters to diverse preferences. With prices ranging from INR 33 Lakhs to INR 1.08 crores, it epitomizes inclusivity, accommodating various budgets and lifestyles.
• A residential flat spanning 417 square feet sold in Hiranandani Regent Hill A,B,C,D & E Wing in Powai for INR 1.51 crores</br> • A residential flat spanning 565 square feet sold in Ameya Eastern Heights CHS in Sion for INR 78.1 lakhs</br>
Sheikh Mohammed bin Zayed Al Nahyan, President of the UAE and Crown Prince of Abu Dhabi, has acquired one of London's most expensive residences, located on the former BT Earls Court telephone exchange site. Purchased for GBP 65 million, the Chelsea property ranks among London's priciest homes, alongside others like a Mayfair mansion bought by Indian billionaire Adar Poonawalla for GBP 138 million. London saw 52 residences exceeding USD 10 million sold in Q4 2023, indicating a rebound in the super-prime market projected for 2024. The acquisition adds to the Al Nahyan royal family's extensive real estate holdings in London, estimated at billions of pounds.
YEIDA allocates over INR 650 crore to acquire 244 hectares of land for Sector 10, near the upcoming Noida International Airport. This funding aims to expedite industrial development, including electric vehicles, plastic processing, footwear, handicrafts parks, and a transport hub. Social impact assessments have progressed, with an anticipated completion date of 2024. The district administration oversees land acquisition, including the Noida International Airport expansion. Upon completing formalities, the acquired land will be allotted for industrial parks. Sector 10's strategic location, near the greenfield airport and Yamuna Expressway, positions it as a prime destination for industrial ventures, attracting various enterprises.
Spain's Prime Minister, Pedro Sanchez, has announced the discontinuation of the country's "golden visa" program, which grants residency to non-EU citizens investing at least 500,000 euros in real estate. This decision aims to prioritize affordable housing over speculative investment. Despite issuing 5,000 permits since 2013, the scheme has had minimal impact on the property market. Critics argue that the housing shortage stems from inadequate supply, not the golden visa program. Portugal has similarly reformed its program, excluding real estate investment to address its housing crisis.
The Adani Group's acquisition of a prime 25-acre plot in Pune's Pimpri industrial zone for INR 471 crore signals a significant entry into India's data centre market. Leveraging Pune's strong industrial base and skilled workforce, this move positions Pune as a potential data centre hub, attracting investment and creating over 1,000 high-skilled jobs. Adani's subsidiary, Terravista Developers, will lead the project, aligning with AdaniConneX's goal to develop a network of data centres across India. With India's booming data demand and over USD 13.5 billion already committed to data centre development, Adani's investment promises to propel the country's digital economy forward, albeit with careful attention to environmental sustainability.
A double glazed unit refers to a sealed unit consisting of two panes of glass, a metal spacer that runs between the two panes on the periphery, and an inert gas or nitrogen-filled cavity between the two panes of glass. These units are most commonly used for windows. The cavity in the unit should filled with a gas that is completely moisture-free, as otherwise it can condense into droplets and obscure the view. The gap serves to provide both heat and sound insulation.
The National Consumer Disputes Redressal Commission (NCDRC) has ruled that obtaining an occupancy certificate is irrelevant for builders if possession of the property is delayed beyond the agreed timeline. This ruling came while ordering a full refund for a homebuyer in Bengaluru, even though possession was being offered. The homebuyer had booked an ultra-luxury apartment worth over Rs. 6.8 crore in 2015 with scheduled possession in October 2016. However, possession was only offered in 2020, over three and a half years later. Rejecting the builder's arguments, NCDRC stated the date of receiving occupancy certificate does not matter to homebuyers if possession is not given on time. It ordered the builder to fully refund the deposited amount along with interest, noting inordinate delay in possession of over three years.
In the fiscal year 2023-24, India made considerable progress in highway construction, with 12,349 kilometres completed, the second-highest achievement in history. A deliberate focus on lane augmentation projects drove the construction pace, which increased by 20% from the previous fiscal year. The National Highways Authority of India (NHAI) played an important part, contributing 6,644 kilometres to the whole effort. Despite narrowly missing the target 13,814 kilometres, the achievement highlights India's dedication to improving its infrastructure and transportation network, with a heavy emphasis on expressway expansion.
• A residential flat spanning 716 square feet sold in Inspira Phase 2 in Kondhwa for INR 49.5 lakhs</br> • A residential flat spanning 343 square feet sold in Xrbia Ambi - Phase 1 in Talegaon Dabhade for INR 33.61 lakhs</br>
Kering, the French luxury group, recently acquired an 18th-century building in Milan's prestigious Via Monte Napoleone for 1.3 billion euros. This strategic move, part of Kering's real estate strategy, aims to bolster its fashion houses' presence in prime locations. Despite a projected sales decline, Kering's commitment to key investments underscores its long-term vision in the luxury market. This acquisition signifies Kering's dedication to enhancing brand visibility and maintaining a strong foothold in global luxury retail.
Wyndham Hotels & Resorts is extending its position in India by building hotels near major highways and airports, capitalising on the country's rising infrastructure. Dimitris Manikis, President of Wyndham (EMEA region), discussed this strategy at the HICSA 2024 event. With over 9,200 hotels worldwide, Wyndham plans to replicate its European model in India, running hotels alongside EV charging stations and food plazas. The brand's recent opening of The Earth Hotel in Amritsar marks its foray into India's mid-scale category. Wyndham is bullish on India's hospitality business, forecasting strong growth driven by economic development and travel demand.
Blackstone Inc., a global alternative investment firm managing over USD 1 trillion in assets, is venturing into India's hotel market amid a strong rebound post-pandemic. With significant investments in Indian real estate, Blackstone is cautiously entering the hospitality sector, targeting independent hotels in South India valued between INR 300-400 crore. Blackstone's entry adds to growing investor interest in the sector, evidenced by recent acquisitions such as Chalet Hotels' purchase of Courtyard by Marriott Aravali Resort and Max Estates' acquisition of Accord Hotels and Resorts. Blackstone Inc., the world's largest alternative investment firm with over USD 1 trillion in assets under management (AUM) globally, is reportedly entering the Indian hotel market.
Aadhar Housing Finance Ltd. has received SEBI's approval for an INR 5,000 crore initial public offering (IPO) after filing initial papers in February 2023. The IPO comprises fresh equity issuance of INR 1,000 crore and an offer for sale (OFS) of existing shares worth INR 4,000 crore by Blackstone Group Inc.'s affiliate, BCP Topco VII Pte Ltd. Aadhar caters to low-to-middle-income housing needs, offering various mortgage products. With 471 branches nationwide as of September 30, 2023, and Blackstone's support, Aadhar aims to expand its reach and contribute to India's "Housing for All" initiative.
The recent tax tribunal ruling clarifies that married couples can claim tax benefits under Section 54F of the Income Tax Act when reinvesting the sale proceeds of an asset in a new home, even if they jointly own another flat. This ruling comes after confusion regarding eligibility arose due to conflicting interpretations. The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) clarified that joint ownership of a flat with a spouse does not disqualify individuals from claiming tax exemptions. Taxpayers should disclose all relevant information in their tax returns and consider seeking professional advice, as interpretations may vary across jurisdictions.
The Indian real estate market is improving, thanks to initiatives like the SWAMIH Fund, which completed over 28,000 homes by February 2024. This led to a decrease in unsold inventory and increased liquidity. Buyer demand is strong, with sales rising and construction activity surging. In 2022, completed units increased by 44%. With government support and growing industry recovery, the market offers promising opportunities for homebuyers. The positive trend in the Indian real estate market reflects renewed confidence among investors and developers, signaling a potential for sustained growth in the sector.
Mumbai's Keystone Realtors, recognized for its Rustomjee brand, saw a rise in sales bookings, reaching INR 2,266 crore in FY23-24, marking a 41% increase from the previous fiscal year. Moreover, the company sold 1.21 million square feet of space, up 17% from the previous year. Notably, the final quarter of FY23-24 witnessed a remarkable 78% surge in sales bookings, with INR 843 crore in bookings, and a 36% increase in area sold. Analysts credit this growth to the persistent demand for homeownership, favourable interest rates, and the reputation of developers like Rustomjee for quality and reliability. CEO Boman Irani expressed optimism, citing achievements across various metrics.
Tata Realty & Infrastructure Ltd. (TRIL) has achieved a remarkable feat by securing prestigious WELL Core certifications from the International WELL Building Institute (IWBI) for its commercial portfolio. The Ramanujan Intellion Park in Chennai has been awarded the highest Platinum level WELL Core Certification, making it the first in India and among the top 100 globally. TRIL is a global leader in WELL at scale, applying health-focused strategies across its entire portfolio. Intellion Parks in Mumbai and Gurugram have secured WELL Gold Precertification and WELL Health-Safety Rating. TRIL's commitment to occupant well-being through superior air quality, water quality, mold prevention, health promotion, movement encouragement, and optimized acoustics is exemplary.
The Haryana Real Estate Regulatory Authority (HRERA) has rejected an application by Godrej Developers and Properties LLP seeking extension of registration for their Godrej Air Phase 4 housing project in Sector 85, Gurugram. The original registration granted in 2018 was valid till 2023. However, deficiencies were observed in the extension application regarding project details and documents. Despite reminders by the authority, the deficiencies were not rectified. In February 2024, HRERA issued a final notice and has now rejected the application. It has also warned against third-party rights and advised caution for people to make any bookings. Godrej Developers said they are responding to queries and will make representations to set aside the order.
Grading is the process of reshaping land at a construction site. This can include raising or lowering ground levels, adding or removing slopes or levelling the ground surface. Grading is a critical step in the construction cycle, as it can impact the stability of the foundation as well as the overall appearance of the finished project.
With home prices and rents rising due to high inflation, interest rates, and a growing immigrant population outpacing housing supply, Prime Minister Justin Trudeau has announced a new CAD $6 billion Canada Housing Infrastructure Fund. The fund aims to accelerate home construction through initiatives like providing CAD 1 billion to municipalities for critical housing infrastructure and allocating CAD 5 billion to provinces and territories to build middle-income housing. It is part of Trudeau's efforts to address the country's housing affordability crisis.
Fashion house Dolce & Gabbana has partnered with New York architecture firm Studio Sofield and developer JDS Development Group to create 888 Brickell, a 90-storey luxury residential tower in Miami's Brickell neighborhood. At 1,049 feet tall, the tower will feature 259 Dolce & Gabbana-designed residences alongside amenities like pools, event spaces and restaurants/bars reflecting the brand's Italian craftsmanship. Renderings show a sleek, modernist design evoking mid-century Milan and utilizing materials like ivory travertine, black steel and bronze accents. Scheduled for completion in 2028, 888 Brickell aims to set a new standard for design-led ultra-luxury living in Miami.
IIFL has successfully sold INR 71,800 crore worth of real estate developer loans to Phoenix ARC, backed by Kotak Mahindra Bank, improving its financial health. The sale, fetching an estimated 83% recovery, involved cash (15%) and security receipts (85%). These loans, associated with projects in Noida and Jogeshwari, Mumbai, were auctioned exclusively to Phoenix ARC. This move helps IIFL reduce risky assets, reflected in lower gross and net non-performing assets (NPAs). Challenges persist, including a recent RBI directive limiting gold loan activities, impacting overall AUM. However, with Fairfax India's support and a focus on managing the loan portfolio, IIFL remains poised for growth.
Mumbai-based NBFC, Infinity Fincorp, secured a USD 26 million funding round led by Jungle Ventures to aid small businesses' access to formal credit. Targeting micro-entrepreneurs often neglected by traditional banks, Infinity specialises in lending to businesses like tea shops and small manufacturers. With a loan book exceeding INR 750 crore across 20,000 loans, the funding will expand their reach. Founder Shrikant Ravalkar plans to invest in distribution, accelerating their mission. With micro-enterprises forming over 95% of Indian businesses facing a credit gap exceeding USD 500 billion, Infinity's investment promises a more inclusive and prosperous economic future.
Gameskraft, an online gaming company, purchased an 8.61-acre plot of land in Gurugram, Haryana, for INR 90 crore. Documents revealed the transaction's completion on March 11, 2024, with Gameskraft Technologies Private Limited paying stamp duty of INR 6.3 crore and a registration fee of INR 50,005. The land, designated as agricultural, is situated in Balola village within Gurugram district's Wazirabad sub-tehsil. Despite legal challenges, Gameskraft reported a profit of INR 1,061.86 crore for the fiscal year 2022-23, marking a 14.1% increase. Additionally, the company contested a notice in the Karnataka High Court, resulting in its dismissal in May 2023.
Hilton has acquired a majority controlling interest in Sydell Group to expand its NoMad Hotels brand globally. Led by founder Andrew Zobler, Sydell Group has established innovative lifestyle brands like NoMad, The Line, and Freehand. NoMad properties will maintain their design and branding under Sydell Group while Hilton oversees expansion, aiming for 100 hotels worldwide. The partnership aligns with Hilton's strategy to enhance its luxury and lifestyle offerings, catering to evolving guest preferences. Each NoMad hotel will offer a unique luxury experience tailored to its locale, blending grandeur with intimacy and featuring local art collections. Hilton's venture into the luxury lifestyle sector solidifies its position as an industry leader, delivering exceptional experiences to travelers worldwide.
Signature Global reported a rise in sales bookings, reaching INR 4,140 crore in Q4 FY24, driven by strong demand for luxury projects in Gurugram. Full-year sales doubled to INR 7,270 crore. Notably, the company surpassed its FY24 guidance of INR 4,500 crore. Pre-sales and collections grew 112% and 62% respectively, with record quarterly and annual performances. Sales realisation rose by 49% to INR 11,762 per sq. ft. Despite a marginal increase, net debt stood at INR 11.6 billion. Pradeep Kumar Aggarwal, Chairman, attributed the success to execution capabilities and customer trust, anticipating strong growth in FY25.
From May 1st, businesses in Mumbai face double property tax penalties if they lack Marathi signage on storefronts. The Brihanmumbai Municipal Corporation has already inspected 87,000 shops, issued 3,000 legal notices, and fined 343 businesses a total of INR 32 lakh. Illuminated signs without Marathi will have licenses revoked, costing INR 25,000 to INR 1.5 lakh to renew. This enforcement follows a Supreme Court-granted two-month compliance window, which ended in November 2023. The Marathi signage requirement aims to promote linguistic diversity and inclusion, catering to the state's predominantly Marathi-speaking population. Businesses are urged to comply quickly to avoid disruptions and additional costs.
The Bombay High Court took issue with a demand of 24% interest on alleged ground rent arrears by MHADA as a condition for conveying land ownership to a cooperative society. MHADA also sought advance ground rent till 2026 totaling over INR 18 crore. The HC said the demand was unacceptable and directed MHADA to execute a land lease agreement and conveyance deed for the commercial building within three weeks. It asked MHADA to consider its observations while revising the demand legally within the next 10 weeks, failing which conveyance cannot be delayed.
The Brihanmumbai Municipal Corporation (BMC) gears up to launch a crucial 120-metre girder with a bowstring arch, connecting the southbound coastal road to the Bandra-Worli sea link on April 16-17. Overcoming challenges of the rocky seabed, the BMC devised a meticulous plan, assembling the bridge at Nhava village jetty before transporting it to Worli. Spanning 850 metres with 270 metres of steel, the project showcases engineering prowess, managed by AECOM, coordinating stakeholders and addressing design complexities. As the BMC works on the northbound arm, the launch signifies Mumbai's infrastructure progress, promising improved transportation and urban development.
Blackstone, with a massive USD 586 billion real estate portfolio, has announced a USD 10 billion all-cash acquisition of Apartment Income REIT (AIR Communities) in the US, echoing large tech deals like Microsoft's purchase of Activision Blizzard. This move signals confidence in the rental market's recovery amidst commercial real estate challenges. While the deal promises upgrades for tenants, concerns arise over potential rent hikes. Blackstone's past acquisitions, including Tricon Residential in Canada, suggest expertise in managing rental properties. However, the impact of this deal on competition and rental prices remains uncertain, varying by location. Overall, it reflects a significant shift in investor sentiment towards the US rental market.
<p>• A residential flat spanning 591 square feet sold in Rishikesh Tulasi Baug in Nashik Baug for INR 24.5 lakhs<br /> • A residential flat spanning 425 square feet sold in A C Arrpan Housing in Deolali for INR 23.45 lakhs<br /> </p>
Curing is the process of maintaining satisfactory temperature and moisture conditions in concrete to ensure sufficient hydration to develop the desired concrete properties. If curing is not done properly, the concrete may not gain full strength, or cracks could develop. Curing is usually done by placing a layer of thick cloth on the exposed surfaces of the concrete, and ensuring that this is kept wet for the duration of the setting process. It can also be done by spraying water through misting nozzles.
The City Council unanimously greenlit a zoning change for a mixed-use project in West Colfax, Denver. The development, led by The Blueprint Effect LLC, will replace a six-plex with a three-story building, offering 100% affordable housing units. While the existing zoning posed limitations, the approved change allows for up to 25 affordable units. This initiative, surpassing Denver's usual requirements, aims to tackle the city's significant affordable housing shortage. With a focus on affordability, this project sets a precedent for future developments, showcasing a commitment to addressing Denver's housing needs.
The Scottish government will provide GBP 90 million in funding to local authorities over the next year to support the Discretionary Housing Payment scheme, which helps individuals struggling to pay rent due to welfare benefit cuts or caps implemented by the UK government. The funding is intended to bridge gaps between housing costs and limited housing allowance. It comes as welfare reforms like benefit caps have impacted around 500,000 households in Scotland. Other organizations are working with affected families to apply for these discretionary housing benefits.
Singaporean hospitality brand Ascott is looking to enter the co-living segment in India and expand its serviced apartment business in the country. Currently operating seven properties through partnerships, Ascott plans to open 10 more by 2027. It also intends to launch a co-living brand in India, having started one in Singapore in 2019. Ascott tied up with Paras Buildtech to open a 94-room serviced apartment in Gurugram. The company aims to open another property in Gurugram and then explore tier-2 cities. Ascott covers various accommodation types and caters to the needs of living spaces in growing tech hubs.
Embassy Office Parks REIT (Embassy REIT) makes a significant expansion move by acquiring Embassy Splendid TechZone (ESTZ), a business park in Chennai, for INR 1,269 crore. This marks Embassy REIT's entry into the Chennai market and aims to raise INR 2,500 crore by selling units to investors, enhancing its financial position for future growth. ESTZ comprises 1.4 million sq. ft of office space, with 95% occupancy by global firms like Wells Fargo and BNY Mellon. The park also offers 1.6 million sq. ft under construction and 2 million sq. ft of development potential, positioning Embassy REIT for further growth in Chennai's thriving office market. Aravind Maiya, CEO of Embassy REIT, emphasizes the acquisition's value addition to their portfolio, expanding it to over 50 million sq. ft and diversifying its presence across India.
The Reserve Bank of India's decision to maintain the repo rate at 6.5% is welcomed by the real estate market, especially homebuyers, ensuring stability in home loan interest rates. Industry experts anticipate sustained momentum in home purchases, driven by robust sales in major cities like Mumbai, Delhi NCR, and Bengaluru. Stable interest rates are expected to boost demand in the affordable and mid-segment housing market. This decision reinforces investor confidence and supports future investment and development in the real estate sector, aligned with a projected GDP growth rate of 7% for FY2025.
Godrej Properties Limited (GPL) achieved a milestone in Mumbai with Godrej Reserve, Kandivali, selling INR 2,690 crore worth of inventory within 15 months of acquisition. This success highlighted the demand for premium residential properties in well-connected areas like Kandivali. The project benefits from Kandivali's developed infrastructure and excellent connectivity via the Western Express Highway and metro lines. With a potential revenue of INR 7,000 crore, Godrej Reserve strengthens GPL's foothold in Mumbai's suburbs. Additionally, GPL entered Hyderabad's market in February with a 12.5-acre acquisition in Rajendra Nagar, highlighting its commitment to providing quality living spaces across India.
The National Green Tribunal has issued notices to the UP government, Noida, Greater Noida authorities, and other bodies following a petition alleging illegal construction on farmland. The petition, filed by a former BJP councillor from Ghaziabad, highlights concerns over the encroachment of fertile farmland and unauthorised plotting in Noida and Greater Noida, prompting the NGT to schedule a hearing on July 8. The NGT's intervention underscores the need for strict enforcement of environmental regulations and urban planning to address environmental degradation and safeguard agricultural land in the region.
The Jaipur Development Authority (JDA) has introduced new regulations to deter builders from erecting high-rise buildings on narrow roads within colonies. These measures include raising completion certificate rates and earnest money required for construction work. Builders now face fees of INR 15 to INR 30 per square foot for buildings exceeding 15 metres in height. The move addresses safety concerns and road congestion arising from inadequate parking in such constructions. Additionally, rules now permit three-floor buildings on plots of 350 to 500 square metres on 60-metre-wide roads, but without ground floor parking. These changes signify the JDA's proactive approach to enhancing safety and functionality in Jaipur's residential areas.
Bengaluru's Brigade Group partners with United Oxygen Company Private Limited to develop a 3 lakh sq ft Grade A office space on ITPL Road, Whitefield, with a projected value of INR 340 crore. Joint Managing Director Nirupa Shankar highlights the prime location and sustainable design, anticipating it will meet the demand for top-tier work facilities. The group plans to focus on commercial development in Bengaluru, Hyderabad, and Chennai, while expanding into smaller cities like Thiruvananthapuram and Cochin. Additionally, they aim to double their retail portfolio, adding a destination mall in Hyderabad and two smaller malls in Bengaluru's under-development townships.
Jennifer Lopez and Ben Affleck have acquired a lavish mansion in Los Angeles for USD 61 million from Isha Ambani and Anand Piramal. The estate, situated in Beverly Hills on a sprawling 5-acre property, features 12 bedrooms, 24 bathrooms, a 12-car garage, an infinity pool, a gym with a boxing ring, and more. Isha Ambani spent time there during her pregnancy, and the property hosted Bollywood events. Meanwhile, Isha and Anand reside in the opulent "Guita" mansion in Mumbai, gifted by Anand's parents. Isha's real estate ventures extend beyond luxury, encompassing sustainability and innovative approaches to development, reflecting her diverse interests.
Varanasi Smart City is conducting a 3D survey using low-flying aircraft and ground vehicles equipped with LiDAR technology to create a digital twin map covering 160 square kilometres. Led by Genesis International Corporation, this initiative integrates more than 50 thematic layers detailing infrastructure elements like drains, water pipelines, and ward boundaries. The twin map will enhance the operational efficiency of various institutions through the Kashi Integrated Command and Control Centre, facilitating coordinated management of solid waste, fire, traffic, water distribution, and sewerage systems. Varanasi aims to become the first Indian city with a comprehensive digital twin, fostering harmonised civic agency collaboration.
• A residential flat spanning 538 square feet sold in Pankaj Creative Homes Greenview in Besa for INR 12 lakhs</br> • A residential flat spanning 608 square feet sold in Sandesh City in Jamtha for INR 22.5 lakhs</br>
A load-bearing wall in a building is one that fulfils the function of providing support for the building and other elements such as beams, vaults, lintels, pillars, columns, etc. The materials most often used to construct load-bearing walls in large buildings are concrete, stone, block, or brick. These walls are usually more than 30 centimetres wide. When carrying out renovations, it is important not to tamper with the structure of the load-bearing wall as doing so could damage the stability of the building.
WeWork, undergoing bankruptcy restructuring, anticipates exiting Chapter 11 by April's end. This follows drastic measures including shedding 150 locations and renegotiating leases on another 150, saving USD 8 billion in future rent. Co-founder Adam Neumann's bid to repurchase the company for over USD 500 million complicates the process. WeWork's journey underscores challenges of rapid expansion in co-working, emphasizing the need for sustainable growth strategies. As it nears emergence, WeWork faces an uncertain future, with a significantly reduced footprint and a cautious growth outlook, indicative of the evolving co-working landscape.
GFH Partners Ltd, a subsidiary of GFH Financial Group, has invested USD 450 million in the US real estate sector, focusing on student housing. The investment spans late 2023 to early 2024 and includes a lucrative portfolio valued at USD 300 million, comprising high-quality assets strategically located near leading public universities. With an impressive 97% occupancy rate and co-investments secured from institutional players, the portfolio is managed by GFH Partners' subsidiary, Student Quarters. GFH Partners' commitment to strategic sectors with strong fundamentals aligns with global investment standards, ensuring adherence to best practices and regulatory compliance across jurisdictions.
Bengaluru-based Ferns Estates acquires a luxury hotel in Goa for INR 175 crore, along with an adjacent 2-acre plot for additional suites. Securing a INR 150 crore project loan from Bajaj Finance, they plan to construct high-end suites to meet demand. Chairman Errol Fernandes highlights Goa's dense hotel landscape and Ferns Estates' expansion strategy to add 1,000 keys across diverse locations. This move aims to enhance profitability and market position. In 2023, Indian hotel investments surged to USD 401 million, with HNIs and financial institutions driving activity.
In FY24, Macrotech Developers surpassed expectations by revealing new projects across Mumbai Metropolitan Region (MMR), Pune, and Bengaluru, with a combined Gross Development Value (GDV) reaching INR 203 billion. This figure notably surpassed their initial guidance of INR 175 billion. The company attributed its success to operating cash flow generation and a recent raise in equity.The company's strategic expansion underscores its commitment to real estate development in key metropolitan areas, indicating strong growth prospects and market confidence in its offerings.
Over 3,300 farmers in Amaravati who gave up their agricultural lands for the proposed capital city development have been left stranded without clear ownership rights to the returnable plots promised to them as compensation. Although plots were allotted to farmers by the government which acquired lands as part of the capital city masterplan, the new state government halted all land acquisition proceedings and withdrew the previous notification. While most farmers received plot registration, around 3,300 find themselves in limbo without official ownership as the government did not transfer the lands to the Capital Region Development Authority responsible for allotment and registration. The unclear legal status of the plots has impacted the farmers who are still awaiting ownership documents years after sacrificing their livelihood lands for the capital project now stalled due to shifting political priorities.
MahaRERA has directed Godrej Greenview Housing Private Limited, part of Godrej Properties, to refund more money to a homebuyer, Ajit Dabhade, who cancelled his booking in the Godrej Emerald housing project in Thane. Dabhade had booked a flat worth INR 92.17 lakh in 2019 but cancelled due to issues securing a home loan. Godrej Properties forfeited the entire initial payment amount. MahaRERA ruled this was illegal under RERA and ordered Godrej to deduct only 2% of the flat value from the refund instead of the 5% allowed in the booking form. This ensures Dabhade receives more money back. MahaRERA also clarified its directives of a maximum 2% forfeiture in cancellation cases apply retrospectively to registered projects. Consequently, Godrej Greenview must refund Dabhade's payment within 45 days after deducting 2%.
Starting from April 1, 2024, Jaipur's circle rates surged by 10%, impacting property purchase costs. This increase, implemented by the Rajasthan government as part of its annual budget, aims to boost stamp duty revenue. Jaipur's diverse property market spans from premium areas like C-Scheme and MI Road, with rates ranging from INR 90,000 to INR 1,25,000 per sq. ft, to more affordable options in Amer-Jal Mahal, priced between INR 12,000 and INR 42,000 per sq. ft. While this hike may elevate registration and stamp duty fees, previous year's stamp duty rebates remain unchanged, potentially mitigating some additional costs. Despite the increase, Jaipur remains an appealing destination with various options catering to different budgets and preferences.
Indian investors are increasingly turning to Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) as avenues for stable returns and capital appreciation. Fundraising through these trusts saw a significant surge, reaching INR 17,116 crore (USD 2.7 billion) in the fiscal year 2023-24, an increase from the previous year's INR 1,166 crore (USD 18.2 million). SEBI's regulatory changes, such as reducing minimum lot sizes and allowing bank loans for purchases, have facilitated easier access to these investment options. Additionally, the government's focus on infrastructure development provides a steady pipeline of assets for InvITs, appealing to investors seeking stable returns. SEBI's amendments enabling fractional ownership through Small and Medium (SM) REITs further democratize real estate investment, potentially growing the market to over USD 5 billion by 2030.
The Bombay High Court rejected a petition filed by the resolution professional of Truly Creative Developers Pvt Ltd, which is facing insolvency proceedings, to stop the Slum Rehabilitation Authority from acquiring a land parcel in Mumbai. The builder had acquired the land in the 1990s for a slum rehabilitation project but failed to complete it for over 16 years. In 2021, the slum society terminated Truly Creative as the builder and appointed a new one. The High Court observed that the resolution professional failed to explain how the land could be used to rehouse slum dwellers and deemed the petition an abuse of the legal process.
• A residential flat spanning 1139 square feet sold in Candeur Signature in Gunjuru for INR 91.2 lakhs</br> • A residential flat spanning 1038 square feet sold in Anuraag Amogh in Varthur for INR 50 lakhs</br>
Indiabulls Real Estate Ltd. (IBREL) secured a substantial INR 3,911 crore (USD 61 million) investment from Blackstone Group and Embassy Group, enhancing its financial standing and growth prospects. The funds will support project completion, new developments, potential acquisitions, and working capital needs. Approval for INR 1,853 crore (USD 29 million) in asset acquisitions underscores strategic expansion efforts. Embassy Group's involvement includes contributing key assets at discounted rates and offering first access to their portfolio. This investment aligns with the Indian real estate sector's anticipated rebound, with IBREL focusing on high-growth markets and forging a strategic partnership for long-term growth.
Mrs. Rubal Prakhar Agarwal, IAS, was appointed as the new Managing Director of Maha Mumbai Metro Operation Corporation Ltd. (MMMOCL) on April 8, 2024. With extensive experience, including as Commissioner of the Integrated Child Development Services Scheme in Maharashtra, Mrs. Agarwal's leadership is expected to steer MMMOCL through its critical phase. The corporation, overseeing metro lines and the Mumbai Monorail, is vital as Mumbai expands its metro network by 337 kilometres. Mrs. Agarwal's appointment reflects MMMOCL's dedication to enhancing public transportation in the Mumbai Metropolitan Region, aligning with the Metropolitan Commissioner's vision for efficient operations and maintenance.
A window sill is a horizontal surface or structure at the bottom of a window or opening. Often made of stone, it serves as a base on which to fix the window. It must be constructed to prevent leakage of water into the building.
The loan agreement between Attestor Ltd. and Signa's Prime unit, facilitated by restructuring administrator Norbert Abel, offers a ray of hope for the struggling Austrian property company. With a potential injection of up to 100 million Euros, Signa's liquidity and stability could see a significant boost, potentially heralding a new chapter in its recovery efforts. Despite insolvency challenges stemming from its complex subsidiary network, including Signa Prime and Signa Development, the lifeline provided by Attestor funds offers a glimmer of optimism. As Signa navigates financial restructuring, support from strategic partners signals a potential path forward amidst turbulent times in Europe's real estate sector.
In Q1 2024, India's housing market saw a 14% increase in sales compared to the previous year, with over 130,170 units sold across the top seven cities. MMR and Pune led the sales rise, comprising 51% of total transactions. New launches remained stable, with MMR leading at 33,800 units, while Bengaluru saw a notable 22% increase. However, Delhi-NCR experienced a significant drop in new launches. Unsold inventory decreased by 7%, notably in NCR. Property prices surged by 10-32% annually, posing affordability concerns despite positive market momentum. The future trajectory of the housing market awaits observation in subsequent quarters.
In Gautam Budh Nagar district, homebuyers witnessed an 18% revenue increase in FY24, attributed to the resumption of flat registrations in stalled projects. Previously, builders owed INR 44,700 crore to development authorities, causing registration halts. Following the Uttar Pradesh government's adoption of the Amitabh Kant committee's recommendations in December 2023, registrations resumed, bringing relief to homebuyers and boosting revenue collection. Despite missing the FY24 target of INR 4,728 crore, the department collected INR 3,585 crore, with a target of INR 4,800 crore set for FY25. Positive developments, including registrations in over 13,000 apartments, signal a brighter future for homebuyers and the real estate market.
Homebuyers affected by stalled projects by Aliens Developers in Hyderabad received a lifeline as SWAMIH and Nisus Finance invested over INR 465 crore. Aliens HUB, a plotted development in Chennaram, received INR 145 crore from Nisus Finance, while SWAMIH invested INR 320 crore in Aliens Space Station, a mid-income housing project in Tellapur. These funds will cover existing loans, project expenses, and facilitate completion, benefiting over 2,000 homebuyers. SWAMIH, launched by the government to address stalled projects, has now provided substantial funding to revive projects and protect homebuyers' interests, offering hope for resolution in Hyderabad's real estate sector.
Radisson Hotel Group aims to sign 30 new hotel deals annually over the next five years as part of its aggressive expansion plans in India. Currently India's second largest international hotel operator with 115 hotels across its brands, Radisson sees continued strong growth in India's hospitality sector. The company plans to open 30 hotels each year to achieve its goal of having a property within a two-hour drive anywhere in India. This bullish outlook is driven by surging domestic demand and higher investments from hotel owners, positioning Radisson for further growth in India.
The Municipal Corporation of Gurugram (MCG) has enforced self-certification of property tax data for all property transactions, including sale, purchase, lease, and rental registrations at the revenue department office. This decision, made in a recent review meeting chaired by MCG Commissioner Narhari Singh Banger, aims to ensure accuracy in property owners' data such as names, plot size, and address, consequently leading to precise tax bill generation. Property owners can self-certify their data via the government portal property.ulbharyana.gov.in, provided they clear any outstanding dues and obtain a no-objection certificate (NOC).
Australian NBA star Ben Simmons, known for his time with the Brooklyn Nets and his relationship with Kendall Jenner, is auctioning his Los Angeles mansion with a USD 10 million price reduction. Initially listed for USD 22,999,000 in 2022, the seven-bedroom Hidden Hills property is now priced at USD 17,495,000. Bidding starts on April 18 through Concierge Auctions, with a range of USD 7 million to USD 12 million expected. Simmons cited his East Coast commitments for selling the home, stating it's underused. The Beverly Hills Estates agents are handling the sale.
Nivara Home Finance secured USD 10 million from Baring Private Equity India to fuel its expansion in affordable housing finance. Founded in 2015, Nivara targets micro-entrepreneurs and salaried individuals with housing loans ranging from INR 5 lakh to INR 7.5 lakh, focusing on underserved markets. With a presence in five states and 63 branches, the company boasts INR 500 crore in assets under management and a low GNPA of 0.58%. Co-founded by CV Rao, Sunil Rohokale, and Monik Koticha, Nivara initially self-funded with INR 100 crore. The deal, facilitated by EY, highlights Baring Private Equity India's confidence in Nivara's asset quality and growth potential.
<p>• A residential flat spanning 392 square feet sold in Paradigm Pushpanjali Residency Phase 3 in Owala for INR 44.82 lakhs<br /> • A residential flat spanning 250 square feet sold in Shubh Ashirwad in Sewri for INR 75 lakhs<br /> </p>
Prestige Group has acquired 21 acres of land in Bengaluru for INR 450 crore. The company intends to utilise the land for residential development, with plans spanning approximately four million square feet of developable area. This ambitious project is expected to yield around 1,800 apartments, catering to the growing demand for housing in the city. Venkat K Narayana, Group CEO, expressed plans to launch the project within three quarters and complete development in four years.The acquisition reflects Prestige Group's strategic expansion efforts and commitment to meeting the housing needs of Bengaluru's populace.
ANAROCK, a prominent property services group, expands its offerings with dedicated commercial office leasing services, complementing its ANAROCK Commercial division. Led by industry veterans, the move aligns with the group's growth strategy, targeting international collaborations and top talent acquisition. Chairman Anuj Puri emphasises strategic timing for the launch, tapping into India's resilient office leasing market poised to exceed 50 million square feet by 2024-end, driven by Global Capability Centers' (GCC) expansion. This surge, led by sectors like technology and BFSI, anticipates a demand surge of 80-100 million square feet.
Property tax collection varied significantly across major cities in India last year. Rajkot saw a record INR 365.49 crore collected, nearly 90% more than previous years thanks to online payment options like WhatsApp. Lucknow also achieved a record over INR 650 crore, with property taxes up 26% to INR 425 crore. Nashik collected INR 206 crore but fell short of its INR 210 crore target. It recovered an additional INR 35 crore by notifying over 200,000 non-payers. Visakhapatnam collected the most at INR 457 crore but was below its INR 630 crore goal. Pimpri Chinchwad saw steady growth, collecting a record INR 977 crore. Kolhapur struggled to reach its INR 568 crore target, collecting just INR 464 crore. Its building permits department earned the most at INR 91.8 crore. Property values and tax awareness impact collections. Cities are exploring innovations to boost revenues and support services.
Stilt parking refers to a type of parking arrangement commonly found in residential and commercial buildings. It involves the creation of one or more elevated platforms, supported by columns or pillars, beneath the residential / commercial floors of the building. Open parking spaces are created in these platforms which can be accessed through a ramp and or a lift. This type of parking is favourable as it protects vehicles from strong sunlight, torrential rains and other natural forces.
In March, Mahim witnessed robust real estate activity with 24 apartments sold across nine buildings, emphasizing its allure among Mumbai homebuyers. Developer-sold units comprised 42% of transactions, while resale deals made up 37.5%, highlighting Mahim's market dynamism. Rising Midtown Bay led sales, followed by Laxmi Niwas Mahim, solidifying Mahim's status as a coveted locale. The range of properties, from INR 19.8 Lakhs to INR 6.06 crores, caters to diverse budgets. Units varied from 185 to 2,909 square feet, meeting varied needs. With prices per square foot ranging from INR 4,400 to INR 43,300, Mahim offers options for all budget brackets, affirming its inclusivity and attractiveness in Mumbai's real estate scene.
• A residential flat spanning 444 square feet sold in Bussa Udyog Bhavan in Sewri for INR 90 lakhs</br> • A residential flat spanning 465 square feet sold in Ekta Parksville Phase 1 in Virar West for INR 30 lakhs</br>
Sunteck Realty Limited (SRL), a prominent luxury real estate developer in India, is expanding its annuity income business by leasing its second premium commercial building, Sunteck Icon, located at BKC Junction, to Bennett, Coleman & Co Ltd. This agreement, spanning 29 years, is expected to generate substantial revenue close to Rs 2,000 crore. The company plans to strategically position itself in Mumbai's key business districts, such as the Bandra-Kurla Complex (BKC) and Oshiwara District Centre (ODC), Goregaon (West). With a diversified pipeline of projects exceeding 50 million square feet and a doubling of its Gross Development Value (GDV) to INR 30,000 crores in FY '24, SRL is set for further growth and expansion.
Tata Realty & Infrastructure (TRIL), a wholly owned subsidiary of Tata Sons, aims to increase its commercial real estate portfolio under the brand "Intellion" to 70% of its total portfolio over the next three years from the current 50%. The company seeks to emerge as a major commercial developer across India in the next 3-4 years, leveraging the steady office space absorption expected in major cities. TRIL is diversifying from residential to focus on commercial realty which provides recurring rental income and better insulates from market fluctuations.
Noida Authority struggles as only 14 out of 57 projects sign up for UP government's rehabilitation package, despite much efforts. This package was initiated based on Amitabh Kant-led panel recommendations and it aims to address issues of pending dues and flat registrations. Of the identified projects, builders of 35 agreed to the deal and about 14 submitted 25% of recalculated dues, enabling registration of 4,000 flats. The Authority anticipates more registrations in April as builders consider deposits in the new financial year. The Stamps department has organised camps to expedite registries, registering 500 flats so far.
The state government has opted to keep land-ready reckoner (RR) rates unchanged for 2024-25, maintaining stability in property purchases for the fourth consecutive year. This decision, praised by industry experts, ensures affordability for homebuyers and prevents additional costs that could have arisen from rate increases. The strategy has proven effective, with a notable rise in property registrations in Mumbai city contributing significant revenue to the state. Predictable pricing fosters buyer confidence and investment planning, driving increased activity in the real estate market. This move by the Maharashtra government is anticipated to sustain market momentum, stimulate property sales, and surpass previous revenue collections, benefiting both homebuyers and the real estate sector.
Warburg Pincus and Bain Capital are leading the race to acquire Shriram Housing Finance Ltd (SHFL), valued at INR 6,500 crore. However, bids from both private equity giants reportedly fall below expectations, ranging from INR 5,300-5,500 crore. This sale represents Shriram Finance's strategic move to leverage SHFL's growth in affordable housing. With the housing finance sector witnessing positive trends and SHFL's potential for further expansion, investors are eyeing the company's scalable platform. The final outcome hinges on negotiations that balance price and growth strategy aligned with SHFL's strengths in affordable housing.
Flexible workspace providers like Table Space, Bhive, Indiqube, and EFC are adapting strategies to acquire properties in India instead of leasing, responding to increased demand post-pandemic. Forecasts project Indian flexible office market growth from 55 to 100-140 million square feet by 2030. Table Space recently raised USD 325 million to increase its operational capacity and acquire assets. Similarly, EFC aims to increase operational seats from 32,000 to 92,000 by 2026. However, experts caution that asset acquisition may only be viable for select players due to the high investment requirements. Additionally, specific markets limit real estate acquisition in India's flexible workspace sector.
SWAMIH Fund has invested INR 300 crore in Hubtown's Rising City project in Mumbai, with the goal of speeding up completion and providing assistance to over 550 homebuyers who are awaiting possession. Rising City, located on the Eastern Express Highway, consists of six buildings with over 700 units. Despite initial delays owing to regulatory problems, the project acquired all essential licences by 2023. Hubtown, the sole developer presently, is dedicated to ensuring prompt delivery. The investment demonstrates SWAMIH Funds commitment to revitalising stalled real estate projects, tackling difficulties in the affordable housing sector, and supporting growth in Mumbai's thriving property market.
The Dharavi Redevelopment Project (DRP) in Mumbai, tasked with rehabilitating over 1.2 million residents of Asia's largest slum, has acquired 27.6 acres of the required 45 acres of land from the Railway Land Development Authority. This will enable the construction of modern housing and recreational facilities for railway employees as well as rehabilitation apartments for Dharavi tenants. The complex will include over 820 apartments across four blocks designed by Hafeez Contractor and is expected to be completed within three years. The DRP paid INR 1000 crore for the land and will pay an additional INR 2800 crore over 17 years through revenue sharing.
The Pune Municipal Corporation (PMC) has announced plans to demolish 46 dilapidated wadas due to safety concerns ahead of the rainy season. Despite efforts to categorise the structures and encourage tenants to vacate through tenancy certificates, obstacles such as financial constraints and legal complexities have hindered progress, highlighting the challenges in ensuring public safety while addressing residents' housing security concerns. The initiative underscores the need for a comprehensive approach balancing safety measures, legal compliance, and residents' welfare in addressing hazardous structures within PMC's jurisdiction.
Rexford Industrial Realty has made a substantial acquisition, purchasing industrial properties worth USD 1 billion from Blackstone Real Estate. This deal includes 48 prime industrial properties primarily located in Southern California. The acquisition underscores Rexford's strategic expansion efforts in a competitive market. With a focus on high-demand areas, the company aims to capitalise on opportunities in the industrial sector. The transaction, funded through a combination of senior note offerings and available cash, signals Rexford's commitment to growth and market presence, positioning the company for continued success.
False ceilings are secondary ceilings that are hung below the main ceiling with the help of suspension cords or struts. These ceilings are created from a wide range of materials such as POP (Plaster of Paris), gypsum board, asbestos sheets, particle board, aluminium panel, wood etc. They are also known as dropped ceiling or suspended ceiling. False ceilings can be created to regulate temperature, install lights, conceal electrical cables and pipes or simply for aesthetic purposes.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) issued approved registration of 4,332 new real estate projects out of 5,471 total applications received in the financial year 2023-24. Pune had the highest number of newly registered projects at 1,172, followed by Thane, Mumbai Suburbs, Raigad, Nagpur, and Nashik. The Mumbai Metropolitan Region accounted for the most projects registered at 1,976, while Western Maharashtra including Pune had the second highest at 1,415. MahaRERA scrutinizes each project thoroughly for legal, financial and technical compliance before registration. This ensures timely completion and avoids buyer grievances.
<p>• A residential flat spanning 787 square feet sold in HDIL Premier Residencies in Kurla for INR 1.01 crores<br /> • A residential flat spanning 548 square feet sold in Trishul Residency in Alibag for INR 30 lakhs<br /> </p>
GOCL Corporation Limited (GOCL) has entered a joint development MoU with Squarespace Builders Private Limited to monetize 264.50 acres of land in Kukatpally for INR 3,402 crore. Additionally, they will jointly develop 32 acres of land in collaboration with Hinduja Healthcare Limited. The process will unfold over 18 months, with the immediate sale of 12.50 acres for INR 520 crore. Further disbursements of funds will occur through subsequent transactions. GOCL's real estate arm is actively involved in developing Ecopolis, a 40-acre IT and IT-enabled services special economic zone in Bengaluru, in partnership with Hinduja Realty Ventures.
Real estate developer Shriram Properties faces a penalty of INR 446.79 crore from the Income Tax Department for FY 2017-18 under Section 270A. The penalty, related to share sales in its subsidiary, was issued under Section 153C. Shriram Properties contests the penalty in the Madras High Court, citing a 'status quo' order. Section 270A allows penalties for concealed income or incorrect filings, ranging from 100% to 300% of evaded tax. The case highlights the intricacies of tax laws in India, emphasising the need for companies to maintain accurate records and seek professional guidance for compliance.
The BMC's assessment and collection department has issued notices to several Mumbai Metro contractors for over INR 370 crore in unpaid property tax. As metro construction works are ongoing across the city, contractors are liable to pay taxes on casting yard plots but some like HCC-MMC, CEC-ITD, Doga Soma and L&T have reported delays. Mumbai Metro One Pvt Ltd (MMOPL), which operates the city's first metro line, also owns two large land parcels in Andheri West but has not submitted taxes since 2013, leading the Andheri East and West wards to issue notices for INR 80 crore and INR 220 crore respectively. The BMC warns of cutting water supply or auctioning attached properties if dues remain unpaid by the fiscal year-end.
The National Company Law Appellate Tribunal (NCLAT) overturned a petition submitted by homebuyers of a project in Greater Noida, seeking insolvency proceedings against Ansal Hi-tech Township Ltd. The petition sought insolvency proceedings for a project in Greater Noida. NCLAT reiterated NCLT's ruling, stating the homebuyers didn't meet criteria for filing insolvency as they belong to various projects. The dispute centered on the definition of 'Sushant Megapolis' as a unified project. The tribunal's decision signifies a setback for the homebuyers' efforts to address their grievances through the insolvency route.
The Bombay High Court recently heard an appeal by a Pune developer challenging orders directing payment of interest to two homebuyers for delayed possession of their homes beyond the promised dates of August 2016 and September 2017. While dismissing the appeal, the High Court upheld the homebuyers' right to claim interest for delayed possession under Section 18 of RERA, even after taking possession. In its ruling, the Court clarified that homebuyers can take possession first before filing complaints with MahaRERA to avoid further losses, and that Section 18 applies to both homebuyers who have withdrawn or are continuing in delayed projects.
Prestige Estate Projects, a leading Indian real estate company, witnessed a remarkable surge in its stock price on Monday, soaring by nearly 9% and reaching a high of INR 21,272 per share on the Bombay Stock Exchange. This surge follows the announcement of significant funding received for future projects, including a INR 2,001 crore loan from Abu Dhabi Investment Authority (ADIA) and Kotak Alternative Investment Fund. The funds, totalling INR 18,000 crore, will fuel the development of new projects across four major Indian cities, with Prestige contributing 30-40% of the investment. Additionally, Prestige has expanded its ownership in Prestige Realty Ventures and streamlined its portfolio by transferring equity stakes. With projects in 13 major cities and a robust pipeline, Prestige Estate Projects solidifies its position as a key player in Indian real estate.
Embassy Office Parks, India's largest office space company (REIT), aims to raise up to USD 400 million amid record-high demand for office rentals. With investment banks Morgan Stanley and Kotak Mahindra Bank onboard, the deal targets completion by June 2024. Managing 45 million square feet across major cities like Bengaluru and Mumbai, Embassy plans to use funds to pay debts and expand into Chennai. Despite global trends favouring remote work, India's robust office space market thrives, driven by growing businesses. With solid financials and Fortune 500 tenants, Embassy's move reflects investor confidence in India's real estate potential.
PepsiCo India has announced plans to set up a new flavor manufacturing plant in Ujjain, Madhya Pradesh with an investment of INR 1,266 crore. Spread over 22 acres, the facility will boost PepsiCo's beverage production capabilities in India as part of its expansion plans. The company states the plant will be fully powered by renewable energy and implement zero liquid discharge technology to ensure 90% overall water efficiency and responsible water management. This investment marks PepsiCo's second major move in India since September 2023 and will be operational by early 2026.
In the financial year 2023-24, the National Highways Authority of India (NHAI) set a record with INR 2.07 lakh crore expenditure, constructing 6,644 km of highways, a 20% increase from the previous year. Monetization receipts reached INR 40,314 crore, with notable contributions from toll-operate-transfer bundles and Infrastructure Investment Trusts (InvITs). NHAI's capital expenditure rose by 20% to INR 2.07 trillion, surpassing the target of 6,544 km. Despite a slowdown initially, NHAI exceeded expectations. Other entities within the Ministry of Road Transport and Highways contributed to achieving the overall target of 13,814 km of highway construction. Awarding highway projects lagged, affecting future construction.
Japan experienced its most significant surge in land prices in 33 years in 2023, signalling a return to pre-pandemic levels and a positive economic trajectory. Nationwide, land prices increased by 2.3%, attributed to economic recovery and a resurgence in foreign visitors. Residential, commercial, and industrial land prices saw notable gains, reflecting solid housing demand, redevelopment projects, and increased tourism. This surge underscores Japan's promising economic outlook, with signs of recovery and sustained growth across various sectors and regions.
Bollywood actor Imran Khan and girlfriend Lekha Washington have leased a sea-facing apartment in Bandra from producer Karan Johar for three years, joining a trend among celebrities preferring luxury rentals in Mumbai. The Clefepete apartment costs INR 9 lakh per month with a INR 27 lakh security deposit. Similarly, stars like Kriti Sanon, Vicky Kaushal, and Katrina Kaif opt for leased accommodations rather than purchasing a property. Some actors, like Tiger Shroff and Ranbir Kapoor, have purchased real estate as an investment. With Mumbai's real estate prices high, renting offers flexibility and quality living spaces for celebrities, ensuring the continued popularity of luxury rentals in prime Mumbai locations like Bandra and Juhu among Bollywood stars.
<p>• A residential flat spanning 914 square feet sold in Sumit Atulyam in Matunga for INR 4.16 crores<br /> • A residential flat spanning 550 square feet sold in Vikas Finley Towers in Parel for INR 1.4 crores<br /> </p>
Sobha Developers Limited expands its footprint in Gurugram by acquiring Bengaluru-based BNB Builders for INR 29.5 crore. This strategic move aims to capitalize on Gurugram's growing real estate demand, particularly among businesses and young professionals. Sobha gains access to 2.03 acres of prime land in Sector 106, allowing potential development of luxury apartments or office spaces. Despite facing tax assessment orders totaling INR 45.8 crore, Sobha remains focused on project delivery and assures stakeholders of uninterrupted operations. Analysts view this acquisition as a diversification strategy to tap into Gurugram's market potential.
The Municipal Corporation of Delhi (MCD) has resolved to impose 1% monthly interest on pending property tax and service charges for government and railway properties, effective April 1. The decision follows a circular issued by MCD's assessment and collection department, stipulating interest charges if payments are made after the due date of June 30 each financial year. This measure aims to address outstanding dues totaling around INR 2,000 crore from government departments, PSUs, and railways. MCD's efforts to enhance tax collection include imposing interest on defaults, previously applied only to private properties, reflecting a broader strategy to ensure timely payments and boost revenue.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has made it mandatory for real estate developers to disclose their bank account details in recovery orders sent to the revenue department. This aims to improve the efficiency of recovering compensation owed to homebuyers by identifying developers' bank accounts so the revenue department can more easily attach properties and retrieve owed amounts. The decision comes as homebuyers nationwide raise concerns over non-compliance or delayed enforcement of recovery orders against defaulting developers.
The Uttar Pradesh Real Estate Regulatory Authority (UPRERA) established a conciliation forum in February 2019 to resolve disputes between property buyers and developers in an amicable manner before moving to formal arbitration. Between 2019-2023, the forum helped resolve over 1,400 complaints worth over INR 570 crore in assets involving delays, charges, and other issues. Over 70% of the resolved disputes were related to residential properties. The conciliation process allows both parties to present their perspectives to the RERA conciliator and representatives, who then facilitate a consensus-based solution. Officials credit the involvement of homebuyer and builder associations for the high success rate of the forum in avoiding litigation while streamlining the dispute redressal process.
Major developers Prateek Realtors (Delhi) and Suruchi Properties (Bengaluru) have secured substantial funding from the Edelweiss Special Situations Fund, totaling INR 8,775 crore, highlighting growing private investment in real estate. Edelweiss focused on completed projects, providing stability for investors despite high-interest rates of 18-20%. While this trend addresses financial challenges, it also underscores sectoral difficulties, as reflected in developers' credit ratings. While beneficial for project completion, high-interest financing may affect property prices, presenting both opportunities and challenges for homebuyers and developers alike. Strategic fund utilization will be critical for success in this evolving landscape.
In March 2024, Mumbai saw a surge in property registrations, with over 14,411 properties registered, indicating a strong real estate market. Most registrations were for residential units, especially in Central and Western suburbs, showing high demand for homes with modern amenities. Though stamp duty revenue dropped due to a high base effect from the previous year, monthly figures showed a 29% increase, reaching INR 1,143 crore. Homebuyers favoured mid-sized properties, but there's also a growing interest in larger homes, reflecting changing preferences. Overall, Mumbai's real estate market remains robust, driven by confident buyers and diverse housing options.
Accor, a global hospitality giant, is poised for substantial expansion in India, aiming to add 30 new hotels with around 5,500 rooms over the next three to five years. With a diverse portfolio spanning luxury to economy segments, including renowned brands like Raffles and Novotel, Accor targets India's burgeoning middle class and thriving events market. Anticipated openings in cities like New Delhi and Bhopal highlight its strategic growth trajectory. Bolstered by India's economic growth and tourism sector, Accor's commitment to annual growth reflects confidence in the market's potential. As hotel investment surges and interest spreads to Tier-2 cities, Accor's ambitious plans align with India's evolving hospitality landscape.
UrbanWrk's premium flexi space at Max House, Okhla, Delhi, signals a leap in the managed workspace industry, catering to the NCR's demand. With 275 seats, this sustainable, tech-driven workspace meets diverse company needs. Founder Anuj Munot's enthusiasm reflects UrbanWrk's ambitious expansion and confidence in NCR's potential. The flexi space sector, valued at USD 9 billion, is rapidly growing, with India's space set to double by 2028. UrbanWrk's collaboration with Max Estates aligns with NCR's rising prominence. Max House offers top-notch amenities, reflecting UrbanWrk's commitment to innovation and collaboration, creating an optimal environment for productivity and creativity.
The Brihanmumbai Municipal Corporation (BMC) aims to merge the Gopal Krishna Gokhale Bridge with the Barfiwala Flyover by seeking Election Commission of India (ECI) permission to expedite construction during the code of conduct period. Costing INR 8 crore, the merge involves lifting the last four spans of the flyover to align with the bridge. Veermata Jeejabai Technological Institute (VJTI) confirmed the feasibility in their report, estimating a 90-day process. The BMC awaits a second opinion from IIT-Bombay before floating tenders. The Gokhale Bridge's elevation, due to railway guidelines, caused misalignment with the flyover, constructed in 2008, prompting the merge for seamless connectivity.
Chinese developer Shimao Group, led by billionaire Hui Wing Mau, has put across a restructuring plan to settle its USD 11.7 billion offshore debt. The proposal includes converting shareholder loans into long-term notes and mandatory convertible bonds. This move follows discontent among creditors over previous terms. Shimao's default on a USD 1 billion offshore bond in July 2022 triggered the entire offshore debt to default. The company joins a wave of Chinese developers grappling with offshore bond defaults. Despite challenges, Shimao's restructuring efforts aim to address financial obligations and stabilize its position in the property market.
Mivan is a type of construction technology that involves the use of aluminium formworks for casting concrete. Unlike the traditional RCC method which relies on timber and plywood, Mivan employs lightweight high-strength aluminium panels. This method enables swift assembly, improves precision, is easy to handle and can be reused multiple times.
Macrotech Developers Ltd., known by its Lodha brand, is strategically expanding in India with a two-pronged approach. They are raising funds through INR 125 crore non-convertible debentures (NCDs) and acquiring a 50% stake in Siddhivinayak Realties Pvt Ltd. The successful INR 3,425 crore capital infusion, including INR 3,300 crore from a Qualified Institutional Placement (QIP), will fuel growth and development projects. Analysts view these moves positively, as Lodha secures resources for future projects and market expansion. This aligns with a broader trend of real estate players diversifying funding sources, showcasing industry adaptability. Lodha's strategic approach positions them for sustained success in India's real estate market.
• A residential flat spanning 268 square feet sold in Arvind Nagar in Kalina for INR 47 lakhs</br> • A residential flat spanning 407 square feet sold in Xrabia Warai / Neral Ph 2 in Neral for INR 18.7 lakhs
Manasum Senior Living, a leading senior living developer, has announced the launch of IKIGAI Goa in collaboration with Prescon Homes. Located 10 minutes from Panjim, Goa, IKIGAI Goa is a luxury retirement community spread over 7.5 acres with 240 1-BHK and 2-BHK homes priced between INR 65-87 lakhs. The community offers a 35,000 sq ft clubhouse, wellness center, pools, gym and other amenities. IKIGAI Goa aims to provide seniors aged 50+ a vibrant space to live meaningful lives through holistic experiences and community support, in line with the Japanese philosophy of 'Ikigai'.
Concorde is set to invest INR 250 crore to develop a residential project in North Bengaluru, acquiring 4.5 acres for INR 100 crore. The project will encompass six towers with 424 units, projecting a revenue potential of INR 400 crore. Previously, Concorde acquired a stressed project in October 2023, achieving 85-87% revenue recognition. Targeting INR 440 crore in pre-sales this fiscal year, with H1 FY24 sales at INR 200 crore, the company plans four launches in the next 12 months. Additionally, it's developing 36 luxury towers on two acres, foreseeing revenue of INR 1,400 crore.
In a significant judgment, the Bombay High Court has approved the redevelopment of a Mumbai housing society by Truearth Developers, rejecting an insolvent builder's claim over the project. The court emphasized that the Insolvency and Bankruptcy Code cannot be used to delay development or deny transit rent payments to displaced residents. It criticized the practice as "absurd" and "inequitable", underscoring that society members should not suffer due to a builder's insolvency. The ruling reaffirms residents' fundamental rights to redevelopment and compensation, setting an important precedent that prioritizes citizens' welfare over narrow corporate interests.
The state government approved CIDCO's redevelopment policy for dilapidated buildings in NAINA, granting a 30% extra area. Villagers demand 2.5 FSI for feasibility. The policy applies to 94 villages in NAINA, covering 225.59 sq km, particularly those with Town Planning Schemes ready. Residents of dilapidated or 30-year-old buildings will benefit, with either extra FSI or additional construction area without premium. NPBSUS opposes the policy, advocating for 2.5 FSI and implementation of Unified Development Control and Promotion Regulations (UDCPR). Panvel MLA Prashant Thakur supports the decision, citing safety concerns for residents. The debate continues between government initiatives and villagers' demands for sustainable redevelopment.
In a decisive move, the Bombay High Court has instructed the Navi Mumbai Municipal Corporation (NMMC) to dismantle an unauthorised structure situated on CIDCO land within the span of eight weeks. The court firmly dismissed any possibility of regularisation through fines or compensation, emphasising the paramount importance of private interests aligning with the public good. Identified as belonging to Ishwar Mavji Patel, the structure's illegal status underscores the necessity for strict adherence to legal regulations governing land usage and construction in the region.
DLF Ltd, India's largest real estate developer, is raising INR 600 crore through non-convertible debentures (NCDs) via its subsidiary DLF Home Developers Ltd. The funds will refinance existing debts. The allotment of 60,000 NCDs, each with a face value of INR 1 lakh, has been approved. While the specific utilization of funds was not disclosed, sources suggest DLF will refinance existing debts. DLF Group boasts a significant development potential of 215 million square feet across residential and commercial segments. Sales for the 2022-23 fiscal exceeded INR 15,000 crore. DLF plans to launch projects worth approximately INR 80,000 crore over the next 3-4 years to meet increasing demand for housing and commercial ventures.
Blackstone, a leading global investment firm, announces a significant bet on India, planning to invest an additional USD 25 billion in Indian businesses over the next five years. This substantial investment underscores growing confidence in the Indian economy among international investors. Blackstone aims to expand its operations in India by doubling its office space in Mumbai and hiring 20 more investment professionals. Focusing on sectors with high growth potential, such as data centers, renewable energy, and infrastructure, Blackstone aims to support India's ambitious goals while actively aiding Indian businesses' growth. Despite challenges like the depreciating rupee, Blackstone remains optimistic, buoyed by India's promising stock market and abundant available capital.
The Kanodia Group, an established business entity, ventures into the Indian real estate sector, diversifying from its cement, hygiene, and building solutions domains. Their expansion aims to deliver innovative residential and commercial projects, initially focusing on the National Capital Region (NCR) to address rising demand. With a commitment to sustainability and quality, Kanodia Group plans significant investments, exceeding INR 5,000 crore by 2028, to develop projects. Leveraging their expertise and experience, notably in cement production, Kanodia Group aims to set new standards in the Indian real estate market, poised to become a major player in the sector.
Kolkata-based Jain Group plans to invest INR 500 crore by 2030 for expanding its hospitality business. Teaming up with Sarovar Hotels Pvt Ltd, they will launch a new hotel in Rajarhat within four months, investing INR 120 crore initially. The upcoming hotel, Sarovar Portico Kolkata Rajarhat, will boast 128 rooms across various categories and is set to open this July. Jain Group aims to reach 1,000 hotel rooms by 2030, including upscale mid-market to luxury segments, with existing presence at Holiday Inn, Kolkata airport, and plans for three more hotels in Siliguri, Durgapur, and Joka.
Fashion icon Karl Lagerfeld's contemporary Paris apartment, located in a 17th-century structure on Quai Voltaire, sold at an auction for a whopping 10 million euros (USD 10.8 million), more than tripling its guide price. Lagerfeld's avant-garde makeover of the 260-square-meter room incorporates modern elements like concrete floors and sandblasted glass, which are enhanced by spectacular views of the Seine River and the Louvre Museum. The flat, where Lagerfeld lived for a decade before his death in 2019, now serves as a public bookshop and event space, giving guests a glimpse into his creative world.
3D printing in construction involves adding material layers via computer-controlled processes to create 3D structures. 3D printers are helpful for both on-site construction and off-site manufacturing of components that can be assembled later. The printer receives dimensions from a software program and builds the structure on a platform using materials such as cement, plastic, or liquid metals.
A new commercial real estate investment trust (REIT) is set to launch in India's FY25, potentially valued at over INR 4 trillion (USD 48 billion). Backed by global investment firm Blackstone Group in collaboration with Sattva Group and Panchshil Realty, it could become India's fourth commercial REIT, managing over 40 million square feet of commercial space. With the office real estate market showing signs of recovery and expected changes in interest rates, this new REIT could offer investors accessible opportunities in India's booming commercial property sector, alongside established players like Embassy, Brookfield India, and Mindspace REITs.
<p>• A residential flat spanning 685 square feet sold in Silver Spring CHS in Andheri West for INR 1.55 crores<br /> • A residential flat spanning 440 square feet sold in Bhoomi Acropolis 1 in Virar West for INR 27.5 lakhs<br /> </p>
Group Satellite launches the final phase of its affordable housing project, Aarambh, with Aarambh Avyaan in Malad East, setting new standards for luxury living. With meticulously crafted 1 BHK homes starting from INR 50 Lacs, Avyaan offers an exclusive subvention scheme for early bird buyers. The project offers international design finesse and over 25 lavish amenities, including a rooftop garden, meditation area, and plunge pool. Clever space utilisation, large windows, and excellent connectivity make Avyaan the epitome of intelligently designed living spaces in Mumbai, promising a significant lifestyle upgrade and attractive investment opportunities.
Ahmedabad's civic body, the AMC, has announced a significant policy change regarding temporary leases. Under the new regulations, revised jantri rates will be enforced by the AMC for these temporary leases. Notably, there will be a 25% concession on rent specifically for plots utilized for commercial purposes. Previous plots rented for various activities will now reflect updated jantri rates, signaling a significant policy shift. This move marks a shift in the city's land management strategy, aiming to streamline lease processes while also providing incentives for commercial activities within the region.
The Karnataka Real Estate Regulatory Authority (KRERA) issued a significant order against Provident Housing, a subsidiary of Puravankara Ltd, concerning delays in delivering the Provident Noera apartment complex in Yelahanka, north Bengaluru. The ruling addressed the challenges faced by homebuyers due to prolonged project delays, highlighting the plight of Dasari Naresh, who has been paying EMIs without possession since 2019. KRERA invoked Section 18 of the RERA Act, holding Provident Housing responsible for compensating Naresh for financial losses. Amidst high home loan interest rates, ranging between 8-15 percent, KRERA's intervention underscores regulatory oversight's crucial role in safeguarding homebuyers' interests and fostering transparency in India's real estate sector.
The Indian Association of REITs aims to reclassify Real Estate Investment Trusts (REITs) as equities, urging SEBI for the change. This move could revolutionize India's REIT market, currently limited to four trusts focused on office and retail space. SEBI Chairperson Madhabi Puri forecasts potential expansion into sectors like hotels and data centers, attracting more investors. Equity classification could bring advantages like inclusion in stock indices, enhancing liquidity and tax benefits. Despite regulatory hurdles, this push reflects industry commitment to growth, offering investors diverse real estate opportunities beyond traditional assets.
Google is set to acquire a vast 22.5-acre plot in Navi Mumbai for INR 850 crores, signaling its plan to establish its inaugural captive data centre in India. Unlike leased facilities, this centre would be wholly owned and operated by Google, ensuring enhanced data security and service reliability. Strategically located, Navi Mumbai offers robust connectivity to major global hubs, making it an ideal choice. With India's digital growth surging, driven by factors like 5G and e-commerce, Google's investment underscores its commitment to meet the nation's escalating data demands. This move aligns with industry trends as tech giants vie to tap into India's burgeoning market, cementing their position in the global data centre arena.
Indiabulls Housing Finance, a prominent Indian mortgage lender, has raised USD 350 million through its first overseas bond issuance in over four years. The bonds, with a 39-month maturity and a fixed interest rate of 9.70%, attracted strong investor demand, exceeding three times the offering size. Labelled as "social bonds," the funds will support affordable housing initiatives and small businesses, aligning with India's needs. With over 100 global investors, including major financial institutions, the successful issuance signifies Indiabulls' strategic shift towards diversifying funding sources and fueling growth, coinciding with its rebranding to Samman Capital. This move reflects renewed investor confidence in the company's strategy and its commitment to societal impact alongside financial stability.
Indian Hotels Company Ltd (IHCL) has signed 52 hotels during the fiscal year 2024, nearly tripling the number of signings compared to the previous year. This accelerated expansion reflects IHCL's goal of growing its portfolio to over 300 hotels as part of its 'Ahvaan 2025' strategy. IHCL also opened 34 hotels in FY24, achieving its target. Executives highlighted strategic growth through upscale full-service hotels and existing partnerships, with a diversified pipeline including international and airport locations that reinforces IHCL's domestic leadership while facilitating international expansion.
CRIB Property Solutions, a Bengaluru-based startup founded in 2021 by Sunny Garg, Shaifali Jain, and Archit Chauhan, has made significant strides in revolutionizing property management in India. Their app, utilized by over 1,000 landlords managing 2,500 properties with 150,000 beds nationally, generates a rental income of INR 2,500 crores. CRIB Plus, their premium version targeting the burgeoning student housing and co-living markets, received a USD 1 million investment to tap into India's projected real estate expansion. With a focus on Karnataka and Tamil Nadu, CRIB's user-friendly apps optimize tenant management, rent collection, and communication, offering cost-effective solutions at less than INR 100 per bed monthly.
Yamuna Expressway Authority has announced the development of five industrial parks adjacent to Noida International Airport. These parks will cater to various industries, including electric vehicles, plastic processing, footwear manufacturing, handicrafts, and transportation services. This strategic move aims to strengthen the economic growth in the region and attract investment opportunities.The proposed EV Park is expected to host units manufacturing electric vehicles and parts. The Uttar Pradesh government has initiated the land acquisition process, with the distribution of compensation anticipated upon completion of formalities, paving the way for industrial development in 2024.
Billionaire Amancio Ortega, founder of Inditex, expands his investment horizons with Pontegadea, acquiring a Luxembourg office building for EUR 175 million. The Royal Park complex, strategically leased to major firms, ensures steady income, marking Pontegadea's first foray into Luxembourg real estate. This follows their recent purchase of a Dutch logistics center, signaling a shift in investment strategy towards diversification. With a burgeoning portfolio now at USD 20.1 billion, Pontegadea eyes income-generating assets in prime locations, leveraging Luxembourg's stability and business-friendly environment. Analysts anticipate further investments in Luxembourg and similar European markets, bolstering Pontegadea's position for sustained growth and long-term returns.
Piling in construction involves the use of long, slender columns or piles to create a stable foundation for structures. Piling prepares the ground to carry heavy loads, such as buildings, skyscrapers, bridges, roads, etc. This method is usually used when traditional shallow foundations are inadequate due to weak or unstable soil. Piles are usually made of timber, steel or concrete. Its shape, circumference and weight may vary depending on the conditions of the soil and the demands of the project.
In India, Global Capability Centres (GCCs) - internal branches of multinational companies (MNCs) - are reshaping the office space landscape. Colliers reports record leasing by GCCs in 2023, marking a significant shift from pre-pandemic dominance by IT firms. GCC leasing dipped in 2021 but surged to 21.1 million sq. ft in 2023, comprising 37% of India's total office space. With over 1,600 GCCs in India, they're outpacing IT firms in job creation. Reports from Cushman & Wakefield and Knight Frank affirm GCCs as a driving force in commercial real estate growth, with a shift towards flexible workspaces anticipated.
The state government of Karnataka has assured that property taxes will not increase in the upcoming fiscal year 2024-25, dispelling concerns raised by earlier talks of a new tax calculation method. Deputy Chief Minister DK Shivakumar clarified that recent rumours about significant tax hikes starting April 1, 2024, are false. The current tax computation method, based on property zones' "guidance value" since 2016, will remain unchanged. Bengaluru's municipal corporation, BBMP, is updating its property tax management software, making stability crucial amidst these changes. To combat misinformation, BBMP chief commissioner Tushar Giri Nath stated that action will be taken against those spreading false news about tax increases, ensuring residents' financial peace of mind.
Oyo, the budget hotel chain, targets a substantial profit increase and continued revenue growth in FY24, indicating a potential turnaround. Its parent company, Oravel Stays, aims for a INR 100 crore profit after tax (PAT) in Q4, tripling from the previous quarter. Additionally, a 20% year-on-year revenue growth, exceeding INR 2,000 crore compared to FY23, is targeted. Oyo's recent profitability, driven by revenue growth and enhanced brand confidence, is complemented by strategies such as expanding its hotel portfolio, international expansion, and initiatives like the Oyo Accelerator Programme. Prioritising markets like India, Europe, Indonesia, and Malaysia, along with focusing on spiritual tourism, positions Oyo for a robust performance in 2024.
Aeria, a commercial real estate asset management platform, secured USD 1.8 million in pre-seed funding led by Kalaari Capital and Foundamental, with participation from AC Ventures, AL Trust, and angel investors. The investment aims to expand operations across Southeast Asia, the Middle East, and other Asian regions. Aeria utilises technology and AI to enhance office building experiences, targeting an estimated 52 billion square feet of commercial real estate in the Asia Pacific. By digitising operations and automating tasks, Aeria addresses fragmented infrastructure, offering a comprehensive solution for facility and tenant management. Proptech funding has surged, with Aeria's funding contributing to the sector's growth.
Chhatrapati Shivaji Maharaj Terminus (CSMT), a UNESCO World Heritage site, is set for a grand makeover. A recent high-level meeting chaired by Anil Kumar Khandelwal, member (infrastructure) of the Railway Board, discussed the INR 2,450-crore redevelopment plan. The project includes a common elevated deck stretching from D N Road to P D'Mello road and a 24x7 City Centre named 'Rail-O-Polis'. Offices housed in the administrative building on D N Road will likely be relocated as part of the modernization. The revamped CSMT will also feature improved amenities and connectivity, integrating with various modes of public transit.
Tritax Big Box proposes to acquire UK Commercial Property (UKCP) for GBP 924 million, aiming to become the UK�s fourth largest REIT. Each UKCP shareholder would receive 0.444 Tritax shares. Directors unanimously support the deal, anticipating asset management opportunities from UKCP�s GBP 475 million non-logistics assets. The merger forecasts GBP 4 million annual cost savings. Initial market response is positive, with Tritax and UKCP shares climbing by 1.5% and 1.7% respectively in early trading.
A data centre is a physical room, building or facility that houses IT infrastructure for building, running, and delivering applications and services, and for storing and managing the data associated with those applications and services. Data centres have evolved in recent years from privately-owned, tightly-controlled on-premises facilities housing traditional IT infrastructure for the exclusive use of one company, to remote facilities or networks of facilities owned by cloud service providers housing virtualized IT infrastructure for the shared use of multiple companies and customers.
Dombivli West is a neighborhood on the outskirts of Mumbai that's rapidly growing in popularity. It's gaining attention because it offers affordable housing options and has been seeing improvements in its infrastructure. Situated in the Thane district, it provides a quieter alternative to the bustling city life, with well-planned residential complexes, good schools, and healthcare facilities. In February, around 58 apartments were bought and sold across 9 buildings, with most of the transactions being handled by property developers. Swaminarayan City took the lead in terms of sales, followed closely by Amar Elegance. It's evident that Dombivli West is growing rapidly, and people are showing a lot of interest in living there. There's a wide range of apartment sizes and prices available, making it a suitable option for various budgets and preferences.
<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>
K Raheja Corp has signed an agreement to jointly develop a 2.5-acre land parcel in Mumbai's Worli, aiming for a luxury residential project with revenue potential exceeding INR 2,000 crore. The revenue share structure allocates 57% to K Raheja Corp and 43% to the landlord. The developer will handle planning, design, approvals, execution, branding, and sales, aiming to complete the project within five years. The development, covering around 3 lakh sq ft carpet area, includes an office building and commercial outlets. Mumbai's luxury housing market has seen significant growth, with a surge in sales value and transactions, particularly in upscale areas like South Mumbai and Worli-Prabhadevi.
The Gujarat High Court has intervened in the redevelopment saga of the Shilpalaya Co-operative Housing Society in Vasa, Ahmedabad. With buildings dating back to the mid-1980s and severely damaged, a majority decision for redevelopment was hindered by objections from just five of the 228 members. The High Court ruled in favor of progress, directing the dissenters to vacate their flats within eight weeks to pave the way for the proposed redevelopment plan. The court emphasized the urgent need for redevelopment and highlighted benefits including larger flats, financial incentives, and enhanced safety measures for residents.
The Kalyan Dombivali Municipal Corporation (KDMC) informed the Bombay High Court of 4,570 unlawful structures within its jurisdiction, prompting necessary action against occupants. Measures proposed by the Municipal Commissioner were deemed crucial, with the HC directing local police to address encroachments seriously. Additionally, authorities assigned electricity distribution firms the responsibility of collaborating to eliminate unauthorised construction and prevent future encroachments. Advocates presented affidavits detailing the survey's findings and outlined legal actions under relevant acts. The court scheduled further proceedings for July 8, awaiting responses from concerned parties.
Bank of America secures over 1 lakh sq ft office space in Mumbai's Mindspace, Malad. The facility, spanning 2.70 lakh sq ft, will accommodate 3,000 employees across operations and technology. Leased for 9 years, the deal amounts to INR 120 crore. Proximity to talent and access to metro lines drove the choice of location. The space, leased through BA Continuum India, expands the bank's Global Business Services Unit, operational since 2004 across five Indian cities. The move reflects sustained growth in India's office sector, evidenced by ICICI Prudential's recent lease of 252,000 sq ft in the same IT park.
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