Dedicated locality research platform
Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
Fractional ownership platform hBits has acquired the 44,328 square foot campus in CyberCity Magarpatta, Pune. The agreement duration for Tenant 1 is 60 months and Tenant 2 is 108 months with a lock-in period of 36 months for both. Located in the prestigious Magarpatta City township, the campus will provide a INR 55 crore investment opportunity for investors and increase hBits' assets under management to INR 365 crores. The acquisition price and rental income of the asset offers a gross entry yield of 9% and expected internal rate of return of 15.15%. This expansion underscores Pune's attractiveness as a commercial real estate market.
Indian Hotels Company Limited (IHCL) reported a 27.43% YoY rise in Q4 net profit to INR 418 crore, though net profit fell 8% QoQ. Revenue rose 18% YoY to INR 1,951 crore. For FY24, net profit grew 26% to INR 1,259 crore on a 17% revenue increase to INR 6,952 crore. IHCL achieved its 'Ahvaan 2025' goals ahead of schedule and will also launch upscale hotels under the re-imagined Gateway brand, expand internationally, and invest INR 3,500 crore over 5 years. IHCL is well positioned for continued growth, having already exceeded its strategic goals.
Zeassetz, India's largest co-living rental investing platform, has partnered with real estate developer Bramhacorp to introduce a new co-living standard called "Isle of Life" in Hinjewadi Phase II, Pune. The project consists of 484 fully furnished studio apartments across two sizes priced from INR 22.9 lakhs. Each unit is designed to offer premium amenities and managed living. This expands Zeassetz's buy-to-rent portfolio and provides investors with a straightforward way to earn rental income through tenant management. Emphasizing affordability, convenience and easy rentals, the project is suitable for modern investors seeking high returns.
Chennai emerges as a top destination for offshore multinational companies (MNCs) establishing Global Capability Centers (GCCs), surpassing traditional leaders Bengaluru and Hyderabad. Lower commercial rental rates, ample Grade A office space, and robust city infrastructure make Chennai an attractive choice. Its strong manufacturing sector, particularly in electronics and automobiles, complements offshore businesses. Bengaluru faces challenges with a global IT slowdown and layoffs, impacting office space leasing. Chennai's GCC market expands beyond IT sectors, attracting diverse industries like banking and R&D. This trend reflects a broader regional shift, with India and other Asian countries emerging as key hubs for cost-effective offshoring solutions.
NBCC Ltd., a prominent state-owned construction company in India, achieved remarkable success in project acquisition during the 2023-24 fiscal year. With a consolidated project value of INR 23,500 crore, marking 250% increase from the previous year, NBCC demonstrated its prowess in construction and infrastructure. Chairman K P Mahadevaswamy attributed this success to the company's robust order book and emphasized their focus on redevelopment and land monetization projects. Notable wins include securing significant FAR works in Amrapali and venturing into new sectors like agri-infrastructure. With a strong order book and diversification strategy, NBCC is poised for continued growth and impact on India's construction landscape.
India Ratings and Research (Ind-Ra) forecasts stability in the residential real estate market for FY25, focusing on affordability. Despite price increases, the market is expected to grow steadily, although at a slower pace compared to previous years. Stable interest rates will support affordability and spur home-buying activity. While sales growth is projected to moderate to 8%-10% year-on-year, demand for mid-income and upper mid-income housing segments remains strong. Price hikes are expected to slow to around 5% year-on-year, maintaining affordability. However, high unsold inventory levels in premium segments pose challenges. Overall, FY25 presents a cautiously optimistic outlook for the residential real estate market.
Macrotech Developers, renowned for its Lodha brand, reported a Q4 FY24 net profit decline of 10.61% to INR 667 crore, yet full-year FY24 profit tripled to INR 1,554 crore compared to FY23. They've raised pre-sales guidance by 20% to INR 17,500 crore for FY25, banking on strong demand, especially in the middle-income segment. With record pre-sales of INR 14,520 crore in FY24, they solidify their position among India's top real estate developers. Financially, they reduced net debt by over INR 4,000 crore in FY24, reaching a manageable INR 3,010 crore, and improved their net worth. Total income rose, with Q4 FY24 seeing a significant increase to INR 4,083.9 crore. Lodha plans to launch seven new projects in Mumbai and Pune, totaling 3.4 million square feet, and expand into Bengaluru after successful ventures.
Actor Matt Damon expands his real estate holdings with an USD 8.6 million condominium purchase at the prestigious 8899 Beverly building in West Hollywood. This 2,850-square-foot unit boasts two bedrooms, two and a half bathrooms, and panoramic views of the Hollywood Hills. Developed by Olson Kundig, 8899 Beverly offers luxurious amenities, including a 24-hour concierge, fitness center, and resort-style pool. Notably, the building promotes social equity by allocating its first floor to 15 affordable housing units. Damon's investment highlights the appeal of ultra-luxury high-rises in Los Angeles, positioning 8899 Beverly as a coveted address blending luxury, inclusivity, and convenience for high-profile residents.
Ghatkopar West, located in Mumbai's eastern suburbs, is a vibrant neighborhood known for its excellent connectivity and diverse housing options. In March, Wadhwa The Address Boulevard emerged as the top-selling building, with the closing of 7 deals. The Ghatkopar West area offers a mix of high-end luxury apartments and budget-friendly options, appealing to a wide range of homebuyers. Apartment sizes vary, from spacious units in Wadhwa The Address Boulevard to compact spaces in Hilton Enclave. With prices per square foot ranging from INR 3,667 to INR 43,911, Ghatkopar West caters to different budgets. Close to 50% of apartments sold were within the INR 1 crore range, showcasing its appeal to various segments of buyers.
Real estate developer Puravankara Group announced plans to redevelop a prestigious residential society in Mumbai's upscale Pali Hill neighbourhood. The large-scale project is estimated to have a gross development value of over INR 2,000 crore. The Bandra West area, particularly Pali Hill, has become the focal point of Mumbai's real estate scene in recent years. Along with this flagship redevelopment, Puravankara is exploring opportunities to redevelop several other housing complexes in Mumbai. The company aims to deliver over 2,000 units across major Indian cities in the current financial year through new launches and ongoing projects.
• A residential flat spanning 929 square feet sold in Sobha Lifestyle in Bengaluru's Devanahalli for INR 5 crores</br> • A residential flat spanning 3785 square feet sold in Mantri Espana in Bengaluru's Bellandur for INR 4.3 crores</br>
The Ludhiana Improvement Trust (LIT) was ordered by the District Consumer Disputes Redressal Commission to pay INR 1 lakh in compensation to a complainant for failing to provide possession of a flat for 14 years. Despite multiple attempts by the complainant to acquire possession and reschedule installment payments, the LIT did not respond, leading to the complainant seeking legal intervention for possession, rescheduled payments, and compensation. This case underscores the importance of timely delivery and communication in real estate transactions to prevent consumer grievances and legal disputes.
The Karnataka Real Estate Regulatory Authority (KRERA) has ordered a developer to return a plot to the initial homebuyer, reversing its earlier sale to a second buyer after an eight-year delay in delivering the property. The case is regarding a plotted development by Vega Spaces called Bella Palms in Belgaum. The homebuyer had invested INR 16 lakh in 2014 but the sale deed was not signed despite him paying INR 9 lakh by 2017. After submitting a revised plan, the developer cancelled the previous allotment and sold all the plots to a third party. However, KRERA ruled in favour of the initial homebuyer, citing the contractual agreement and substantial initial payment received by the developer.
Dubai announced the commencement of construction for a new terminal at Al Maktoum International Airport, slated to become the world's largest aviation hub. The ruler of Dubai emphasised its global preeminence, surpassing its counterparts with a capacity five times greater than Dubai International Airport. Sheikh Ahmed bin Saeed Al Maktoum outlined the phased trajectory of the project, aiming to accommodate 150 million passengers annually within a decade. Despite spatial constraints hindering expansion, authorities are resolute in their ambition to supplant the existing airport and establish a modern, thriving transportation hub at the heart of the city.
Under the present GST regime, landlords are not liable to pay GST against their real estate rental income, provided the premises is let out for residential purposes. Rent arising out of a residential property being used for business is however applicable for GST as services are being supplied. In addition, if the rental proceeds of a residential property exceed 20 lac rupees per annum, GST is applicable at the rate of 18%.
Gurugram based Experion Developers is set to invest approximately INR 1,500 crores in developing a luxury housing project named 'Experion Elements' in Noida. The project, registered with the Real Estate Regulatory Authority (RERA), will feature around 320 housing units on a 4.7-acre site, with the first phase offering about 160 units for sale. The project, boasting a total developable area exceeding 10 lakh sq ft, will offer modern amenities including electric vehicle charging infrastructure, a clubhouse, fitness centre, swimming pool, and landscaped gardens. The investment will be covered through internal accruals and advance collections from customers.
Gujarat's real estate market saw a slowdown in new project launches during FY 2023-24, with 1,721 registrations, down 7.7% from the previous year. Factors like rising land, construction, and labor costs, coupled with ongoing projects, contributed to the decline. Investor interest shifted towards other avenues like the stock market, impacting demand. However, office space demand surged as businesses normalized. Vadodara faces land scarcity, while Rajkot experiences mid-segment property slowdown. Ahmedabad sees a rise in redevelopment projects. Despite challenges, Gujarat's real estate outlook remains positive, driven by infrastructure development and employment growth. The affordable housing segment also declined, attributed to project completions and changing buyer preferences. Overall, developers are optimistic amid economic growth and evolving market dynamics.
The Guardians Real Estate Advisory celebrated a significant achievement on Gudi Padwa, generating a record-breaking INR 262 crore revenue through 181 real estate deals. Saurabh Phull, COO of The Guardians, attributed this milestone to the resilience of India's real estate market amid global economic challenges, exceeding INR 5,000 crore. Gudi Padwa's significance as a festival of new beginnings accentuated the success, as purchases made on this day are believed to bring good fortune. The Guardians' role in facilitating these transactions underscores their commitment to empowering homeownership aspirations and shaping the future of Indian real estate through innovation, customer satisfaction, and community engagement.
India's household debt has risen to 39.1% of GDP, surpassing the previous record of 38.6%. Motilal Oswal's report attributes this increase to a 16.5% rise in non-housing debt, outpacing corporate borrowings, which only grew by 6.1%. The pandemic aggravated this trend, especially impacting low-income families. While GDP has rebounded to 8.4% growth, household debt remains high. Non-housing debt increased by 18.3% in December 2023, surpassing housing loans' 12.2% rise. The household sector contributed 70% to non-government, non-financial debt growth. Low household savings, at 5.1% of GDP, highlight economic challenges post-pandemic, necessitating careful management of household debt for sustainable growth.
WeWork India, the leading flexible workspace provider in India, has announced plans to expand operations by signing lease agreements for two new buildings - HQ27 in Gurugram and Amanora Crest in Pune. HQ27 is located in Gurugram's MG Road market with over 96,000 sq ft across three floors and 1,480 desks. Amanora Crest is situated within Pune's largest mall complex, Amanora Mall, with over 87,000 sq ft and 1,700 desks. Scheduled to open in the next couple of months, both buildings offer strategically located, contemporary workspaces with amenities and will reinvent the workspace experience. WeWork India's continued expansion across cities exemplifies its reliability as a brand and is a reflection of its strong relationships with all stakeholders, including landlords, IPCs and members.
The Gurugram Home Developers Association has strongly opposed the Haryana government's February 2023 ban on constructing a fourth floor plus stilt on residential plots. They have demanded the moratorium be lifted as developers have suffered significant losses. In October 2023, the association had suggested reinstating zoning plans requiring adequate open space. The association highlighted how housing supply and many property owners and contractors now face issues as they had taken loans or invested to construct the fourth floor before the restriction was announced.
IHG Hotels & Resorts aims to double its operating hotels in India to 100 properties over the next five years. Currently, it operates 46 hotels with nearly 50 more in the pipeline. In 2023, IHG recorded strong growth across brands in cities like Gurgaon, Mumbai and Amritsar. It is targeting tier 2/3 cities and focusing on mid-scale brands which reflect 70% of new deals. The expansion plan features brands like InterContinental, Crowne Plaza, Voco, Holiday Inn and more to meet India's demand for branded accommodations.
Private equity firm KKR has agreed to purchase a portfolio of 19 student housing properties from Blackstone Real Estate Income Trust (BREIT) for USD 1.64 billion. The portfolio consists of over 10,000 beds across 19 communities near top universities in 10 states. Upon closing, KKR's student housing platform University Partners will take over management as it expands its owned and managed portfolio to over 25,000 beds worth USD 4 billion. Blackstone, through its company American Campus Communities (ACC), is the largest owner of student housing in the U.S., with more than 190 properties, representing approximately 140,000 beds.
Mahindra Logistics Ltd. (MLL) recently disclosed its financial results for the quarter and year ending March 31, 2024, indicating a mixed performance. Standalone revenue slightly rose for both periods, while profitability dipped marginally. However, on a consolidated basis, MLL reported net losses for both Q4 FY24 and FY24, despite a modest revenue increase. Positive strides were observed in segments like 3PL supply chain services, with notable growth in the automotive, engineering, and consumer goods sectors. MLL emphasized its commitment to expansion through strategic acquisitions, exemplified by the recent investment in Zip Zap Logistics. While short-term challenges persist, MLL's focus on growth segments and strategic investments bode well for future prospects.
The National Real Estate Development Council (NAREDCO) Maharashtra and the Practicing Engineers, Architects and Town Planners Association (PEATA) hosted a knowledge session bringing together leaders from the real estate sector to examine recent regulatory changes and their effects on real estate in Mumbai. Industry icons like Niranjan Hiranandani, Rajan Bandelkar, Kamlesh Thakur, Manoj Dubal and Manoj Daisaria engaged in a panel discussion moderated by Aarti Harbhajanka. They debated issues such as the need for further government support given the substantial tax revenue from real estate. Presentations also evaluated Sections 33(11), 33(20)B of regulations and their implications for projects. Architects Karan and Devansh Daisaria shared insights into evolving design and construction trends.
The Enforcement Directorate (ED) provisionally attached properties worth INR 97.79 crore belonging to businessman and actor Shilpa Shetty's husband Raj Kundra under the Prevention of Money Laundering Act (PMLA) in connection with a Bitcoin investment fraud case. These include a residential flat in Mumbai's upscale Juhu area, a residential bungalow in Pune, and equity shares. The investigation is part of multiple FIRs registered by the Maharashtra and Delhi Police. Raj Kundra allegedly received 285 Bitcoins from the key accused to set up a Bitcoin mining farm in Ukraine. This is the second attachment in the case, with previous properties worth INR 69 crores attached. However, in India, real estate transactions in cryptocurrencies like Bitcoin are unlikely in the near future due to regulatory and banking system constraints.
• A residential flat spanning 372 square feet sold in Qualitas Gardens in Raigad's Panvel for INR 30 lakhs</br> • A residential flat spanning 229 square feet sold in Prakash Residency in Raigad's Kalamboli for INR 30 lakhs</br>
The Calcutta High Court, led by Chief Justice TS Sivagnanam and Justice Hiranmay Bhattacharyya, issued a crucial directive prohibiting the registration of buildings without approved plans. This decision was prompted by the collapse of an under-construction building in the Garden Reach locality, revealing its lack of a sanctioned plan. The court emphasised the necessity of adhering to sanctioned building plans to ensure structural integrity and safety. This ruling signifies a significant step towards regulating construction practices and preventing future mishaps in the region.
IRB Infrastructure Developers has committed most of its planned investments for 2024-25 towards expanding road capacity through the Build-Operate-Transfer (BOT) model of public-private partnership. The company plans to invest INR 10,000-12,000 crore, with around INR 8,000 crore expected from BOT projects. It is also targeting INR 4,000 crore from acquiring highway assets through Toll-Operate-Transfer deals. This focus on BOT comes as the government pushes greater private participation in developing highways. IRB currently owns and operates 15,000 lane km of roads across 12 states through various PPP models including BOT, HAM and TOT.
In the case of plotted developments, the developer, landowner, or authority undertaking the project must pay GST charges on the sale of developed land within the project. The GST is to be charged on super built-up basis and not the actual measure of the developed plot. Also, any lease, tenancy or right to occupy created for a plot of land is considered to be a provision of services and therefore liable for GST.
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
